0001298946-21-000104 | 10-Q | XBRL Viewer | Diamondrock Hospitality Co

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 05, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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		210,619,840
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 2,544,486	$ 2,817,356
Right-of-use assets	100,499	96,673
Restricted cash	31,333	23,050
Due from hotel managers	109,500	69,495
Prepaid and other assets	19,335	28,403
Cash and cash equivalents	66,499	111,796
Total assets	2,871,652	3,146,773
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	584,365	595,149
Unsecured term loans, net of unamortized debt issuance costs	398,423	398,550
Senior unsecured credit facility	0	55,000
Total debt	982,788	1,048,699
Lease liabilities	107,939	104,973
Deferred rent	58,770	56,344
Due to hotel managers	84,464	95,548
Unfavorable contract liabilities, net	63,340	64,796
Accounts payable and accrued expenses	42,324	46,542
Deferred income related to key money, net	7,753	10,946
Total liabilities	1,347,378	1,427,848
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at June 30, 2021 and December 31, 2020	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,619,840 and 210,073,514 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	2,106	2,101
Additional paid-in capital	2,292,180	2,285,491
Accumulated deficit	(775,537)	(576,531)
Total stockholders’ equity	1,518,797	1,711,109
Noncontrolling interests	5,477	7,816
Total equity	1,524,274	1,718,925
Total liabilities and equity	$ 2,871,652	$ 3,146,773

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate	8.25%	8.25%
Liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, shares issued (in shares)	4,760,000	4,760,000
Preferred stock, shares outstanding (in shares)	4,760,000	4,760,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	210,619,840	210,073,514
Common stock, shares outstanding (in shares)	210,619,840	210,073,514

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Total revenues	$ 179,472	$ 50,067	$ 377,200	$ 240,441
Operating Expenses:
Depreciation and amortization	25,555	28,514	77,209	87,397
Impairment losses	0	0	126,697	0
Corporate expenses	8,341	7,267	23,790	19,650
Total operating expenses, net	168,809	111,870	539,438	390,285
Interest and other expense (income), net	11	(191)	(460)	58
Interest expense	10,052	10,818	29,246	43,665
Total other expenses, net	10,063	10,627	28,786	43,723
Income (loss) before income taxes	600	(72,430)	(191,024)	(193,567)
Income tax (expense) benefit	(2,371)	(7,205)	(1,433)	5,853
Net loss	(1,771)	(79,635)	(192,457)	(187,714)
Less: Net loss attributable to noncontrolling interests	6	43	812	781
Net loss attributable to the Company	(1,765)	(79,592)	(191,645)	(186,933)
Distributions to preferred stockholders	(2,454)	(845)	(7,362)	(845)
Net loss attributable to common stockholders	$ (4,219)	$ (80,437)	$ (199,007)	$ (187,778)
Loss per share:
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.02)	$ (0.40)	$ (0.94)	$ (0.93)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.02)	$ (0.40)	$ (0.94)	$ (0.93)
Rooms
Revenues:
Total revenues	$ 128,743	$ 33,166	$ 266,051	$ 158,066
Operating Expenses:
Operating expenses	32,442	11,792	67,736	54,588
Food and beverage
Revenues:
Total revenues	36,513	9,586	76,052	56,529
Operating Expenses:
Operating expenses	26,957	10,043	58,091	45,845
Other
Revenues:
Total revenues	14,216	7,315	35,097	25,846
Operating Expenses:
Operating expenses	66,399	53,196	167,208	171,759
Management fees
Operating Expenses:
Operating expenses	3,104	(755)	6,514	2,644
Franchise fees
Operating Expenses:
Operating expenses	$ 6,011	$ 1,813	$ 12,193	$ 8,402

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interests
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)
Common stock repurchased and retired	(10,000)		$ (11)	(9,989)		(10,000)
Net 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 loss	(187,714)
Ending balance (in shares) at Sep. 30, 2020		4,760,000	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
Sale of common stock in follow-on offerings, net of placement fees and expenses (in shares)			135,481
Sale of common stock in follow-on offerings, net of placement fees and expenses	1,014		$ 1	1,013		1,014
Net loss	(73,387)				(72,782)	(72,782)	(605)
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]
Distributions on preferred stock	(845)				(845)	(845)	0
Share-based compensation (in shares)			2,445
Share-based compensation	1,633			1,352		1,352	281
Sale of common stock in follow-on offerings, net of placement fees and expenses (in shares)		4,760,000
Sale of common stock in follow-on offerings, net of placement fees and expenses	114,471	$ 48		114,423		114,471
Net loss	(79,635)				(79,592)	(79,592)	(43)
Ending balance (in shares) at Sep. 30, 2020		4,760,000	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 Dec. 31, 2020		4,760,000	210,073,514
Beginning Balance at Dec. 31, 2020	1,718,925	$ 48	$ 2,101	2,285,491	(576,531)	1,711,109	7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			170,251
Share-based compensation	301		$ 2	18		20	281
Net loss	(171,567)				(170,847)	(170,847)	(720)
Ending balance (in shares) at Mar. 31, 2021		4,760,000	210,243,765
Ending Balance at Mar. 31, 2021	1,545,205	$ 48	$ 2,103	2,285,509	(749,832)	1,537,828	7,377
Beginning balance (in shares) at Dec. 31, 2020		4,760,000	210,073,514
Beginning Balance at Dec. 31, 2020	1,718,925	$ 48	$ 2,101	2,285,491	(576,531)	1,711,109	7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(192,457)
Ending balance (in shares) at Sep. 30, 2021		4,760,000	210,619,840
Ending Balance at Sep. 30, 2021	1,524,274	$ 48	$ 2,106	2,292,180	(775,537)	1,518,797	5,477
Beginning balance (in shares) at Mar. 31, 2021		4,760,000	210,243,765
Beginning Balance at Mar. 31, 2021	1,545,205	$ 48	$ 2,103	2,285,509	(749,832)	1,537,828	7,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			52,085
Share-based compensation	2,783			2,502	1	2,503	280
Redemption of Operating Partnership units (in shares)			8,000
Redemption of Operating Partnership units	0			59		59	(59)
Net loss	(19,119)				(19,033)	(19,033)	(86)
Ending balance (in shares) at Jun. 30, 2021		4,760,000	210,303,850
Ending Balance at Jun. 30, 2021	1,526,415	$ 48	$ 2,103	2,288,070	(771,318)	1,518,903	7,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			0
Share-based compensation	2,084			1,802		1,802	282
Redemption of Operating Partnership units (in shares)			315,990
Redemption of Operating Partnership units	0		$ 3	2,308		2,311	(2,311)
Net loss	(1,771)				(1,765)	(1,765)	(6)
Ending balance (in shares) at Sep. 30, 2021		4,760,000	210,619,840
Ending Balance at Sep. 30, 2021	$ 1,524,274	$ 48	$ 2,106	$ 2,292,180	$ (775,537)	$ 1,518,797	$ 5,477

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Distributions per preferred share (in dollars per share)	$ 515.6000	$ 0.5156	$ 0.5156	$ 0.5156
Placement fees and expenses				$ 4,529	$ 10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,771)	$ (171,567)	$ (79,635)	$ (34,692)	$ (192,457)	$ (187,714)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	25,555		28,514		77,209	87,397
Corporate asset depreciation as corporate expenses					169	174
Non-cash lease expense and other amortization					5,007	3,744
Non-cash interest rate swap fair value adjustment					4,488	11,329
Amortization of debt issuance costs					1,902	1,480
Impairment losses					126,697	0
Amortization of deferred income related to key money					(255)	(297)
Share-based compensation					6,652	5,536
Changes in assets and liabilities:
Prepaid expenses and other assets					3,461	(13,927)
Due to/from hotel managers					(49,952)	45,084
Accounts payable and accrued expenses					(5,258)	(7,509)
Net cash used in operating activities					(22,337)	(54,703)
Cash flows from investing activities:
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort					0	(1,585)
Extension of the Salt Lake City Marriott Downtown ground lease					(2,781)	0
Hotel acquisitions					(116,490)	0
Net proceeds from sale of hotel properties					213,817	0
Proceeds from property insurance					0	10,663
Net cash provided by (used in) investing activities					61,797	(69,150)
Cash flows from financing activities:
Scheduled mortgage debt principal payments					(11,361)	(10,594)
Proceeds from sale of common stock, net					0	1,015
Proceeds from sale of preferred stock, net					0	114,471
Proceeds from mortgage debt					0	48,000
Repayments of mortgage debt					0	(52,517)
Draws on senior unsecured credit facility					115,500	400,000
Repayments of senior unsecured credit facility					(170,500)	(375,015)
Payment of debt financing costs					(1,150)	(1,410)
Distributions on common stock and units					(119)	(25,557)
Distributions on preferred stock					(7,362)	(845)
Repurchase of common stock					0	(10,000)
Redemption of Operating Partnership units					0	(201)
Shares redeemed to satisfy tax withholdings on vested share-based compensation					(1,482)	(1,253)
Net cash (used in) provided by financing activities					(76,474)	86,094
Net decrease in cash, cash equivalents, and restricted cash					(37,014)	(37,759)
Cash, cash equivalents, and restricted cash at beginning of period		$ 134,846		$ 179,792	134,846	179,792	$ 179,792
Cash, cash equivalents, and restricted cash at end of period	97,832		142,033		97,832	142,033	134,846
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest					32,214	33,017
Cash paid for income taxes, net					1,169	32
Capitalized interest					0	2,136
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	19		138		19	138
Accrued capital expenditures					2,075	8,941	3,900
Transfer of land interest in consideration for extension of ground lease					855	0
Redemption of Operating Partnership units for common stock					2,370	0
Cash and cash equivalents	66,499				66,499		111,796
Restricted cash	31,333				31,333		23,050
Total cash, cash equivalents and restricted cash	$ 97,832		$ 142,033		97,832	142,033	$ 134,846
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures					(2,673)	(38,312)
Operating Hotels
Cash flows from investing activities:
Capital expenditures					$ (30,076)	$ (39,916)

Organization	9 Months Ended
Organization	Sep. 30, 2021
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. or Hilton Worldwide). 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 and hotel brands, which are based on the revenues and profitability of the hotels. As of September 30, 2021, we owned 31 hotels with 9,133 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Destin, Florida; Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New Orleans, Louisiana; New York, New York (3); 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) and Vail, Colorado. During the three months ended June 30, 2021, we sold the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, and The Lexington Hotel, located in New York, New York. See Note 9 for further discussion of these sales. During the three months ended September 30, 2021, we acquired the Bourbon Orleans Hotel, located in New Orleans, Louisiana, and the Henderson Park Inn, located in Destin, Florida. See Note 10 for further discussion of these acquisitions. 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 99.7% of the limited partnership units (“common OP units”) of our operating partnership as of September 30, 2021. The remaining 0.3% 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. Impact of COVID-19 Pandemic In March 2020, the World Health Organization declared the novel coronavirus, or COVID-19, a global pandemic. The virus spread throughout the United States and globally. As a result of the pandemic, government mandates and health official recommendations, the overall demand for lodging materially decreased. We suspended operations at 20 of our 30 previously operating hotels for a portion of 2020. For a portion of the nine months ended September 30, 2021, four of our previously operating hotels were closed. As of September 30, 2021, and for the three months then ended, all of our owned hotels were open. We have taken aggressive steps to mitigate the COVID-19 pandemic's operational and financial impacts on our business, as described in our consolidated financial statements contained within our Annual Report on Form 10-K filed on March 1, 2021. 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, 2021. The COVID-19 pandemic showed signs of moderating in the first half of 2021; however, given the emergence of variant strains, case counts increased in the third quarter of 2021. Currently, case counts are declining; however, the severity and duration of the pandemic cannot be reasonably estimated at this time. We expect the COVID-19 pandemic will continue to have a material adverse impact on our results of operations, financial position and cash flow in the fourth quarter of 2021. Demand at our leisure-focused hotels improved in the latter part of 2020 and into the third quarter of 2021. Demand at our other hotels, however, remains at historically low levels. Several markets throughout the country experienced a resurgence of COVID-19 case counts during certain periods in 2021 and reimplemented or strengthened closures, quarantines, and social distancing requirements. The effectiveness and wide distribution of COVID-19 vaccines, as well as other public health and geopolitical factors, have generally reduced COVID-19 case counts. We believe that these factors, coupled with improved global distribution of the vaccine and the potential approval of vaccines for children and booster shots for the general population, are likely to positively impact the timing, pace, and extent of a lodging demand recovery. The emergence of new variant strains of COVID-19, however, has the potential to slow or reverse these positive trends in the fourth quarter of 2021 and beyond.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
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, the results of our operations, the statements of equity, and cash flows. 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, 2020, included in our Annual Report on Form 10-K filed on March 1, 2021. 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 may 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, 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 or its variant strains 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, our 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 12 months 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. We determined that there is not substantial doubt about our ability to continue as a going concern for the next 12 months as of November 5, 2021. 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 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 amount 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 amount. 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. 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. As discussed in Note 9, we recorded impairment losses on The Lexington Hotel and Frenchman's Reef during the nine months ended September 30, 2021. 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 hotel operations 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 agent, revenue is recognized based upon the commission earned from the third party. 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. 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. As of September 30, 2021 and December 31, 2020, we had a valuation allowance of $13.5 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is is primarily due to the sale of Frenchman's Reef, along with a commensurate decrease in the associated deferred tax assets. 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 existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which, prior to its sale, was owned by a Virgin Islands corporation, which we had 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, 2021 and December 31, 2020. Intangible Assets and Liabilities Intangible assets and liabilities are recorded out-of-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. 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. 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. 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.

Property and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of September 30, 2021 and December 31, 2020 consists of the following (in thousands):


	September 30, 2021		December 31, 2020
Land	$	536,682	$	618,210
Land improvements	7,994		7,994
Buildings and site improvements	2,559,791		2,724,277
Furniture, fixtures and equipment	484,763		539,729
Construction in progress	15,809		37,481
	3,605,039		3,927,691
Less: accumulated depreciation	(1,060,553)		(1,110,335)
	$	2,544,486	$	2,817,356

As of September 30, 2021 and December 31, 2020, we had accrued capital expenditures of $2.1 million and $3.9 million, respectively.

Leases

9 Months Ended

Sep. 30, 2021

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 two parking garages as of September 30, 2021. 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, 2021, 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,
	2021		2020		2021		2020
Operating lease cost	$	2,781	$	2,760	$	8,315	$	8,331
Variable lease payments	$	251	$	17	$	416	$	256
Cash paid for amounts included in the measurement of operating lease liabilities	$	884	$	802	$	2,628	$	2,412

Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands):


Year Ending December 31,
2021 (excluding the nine months ended September 30, 2021)	$	887
2022	3,976
2023	4,033
2024	4,012
2025	4,072
Thereafter	764,477
Total lease payments	781,457
Less imputed interest	(673,518)
Total lease liabilities	$	107,939

The Salt Lake City Marriott Downtown at City Creek is subject to a ground lease. On April 1, 2021, we completed a transaction to extend the lease term by 50 years to December 31, 2106. In consideration for the extension, we transferred our 21.25% interest in the land to the majority ground lessors and provided a cash payment of $2.8 million.

Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

Common 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.

In August 2021, our board of directors approved an “at-the-market” equity offering program (the “Current 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 $200.0 million. We have not sold any shares under the Current ATM Program. Prior to the implementation of the Current ATM Program, we had a $200.0 million ATM program (the “Prior ATM Program”), which is no longer active. No shares under the Prior ATM Program were sold during the three and nine months ended September 30, 2021.

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.

As of September 30, 2021 and December 31, 2020, there were 4,760,000 shares of Series A Preferred Stock issued and outstanding with a liquidation preference each of $25.00 per share. 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 639,622 and 855,191 common OP units held by unaffiliated third parties and executive officers of the Company as of September 30, 2021 and December 31, 2020, respectively. There were 135,388 and 243,809 LTIP units outstanding as of September 30, 2021 and December 31, 2020, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units.

Dividends and Distributions

Our board of directors suspended our quarterly common dividend commencing with the first quarter dividend that would have been paid in April 2020. The payment of future dividends, including a quarterly common dividend, 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 2021:


Payment Date	Record Date	Dividend per Share
March 31, 2021	March 18, 2021	$	0.515625
June 30, 2021	June 18, 2021	$	0.515625
September 30, 2021	September 17, 2021	$	0.515625

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Incentive Plans

9 Months Ended

Sep. 30, 2021

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 4,409,225 shares as of September 30, 2021. In addition to these shares, additional shares of common stock may be issued from time to time in connection with the performance stock unit awards as further described below.

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, 2021 to September 30, 2021 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	557,273	$	9.83
Granted	1,177,537	9.32
Vested	(236,288)	9.93
Forfeited	(47,025)	9.21
Unvested balance at September 30, 2021	1,451,497	$	9.46

In March 2021, our board of directors granted 691,490 restricted shares of common stock as special retention awards (the “Special Retention Awards”) for certain executives, including our named executive officers. The Special Retention Awards generally vest over a five-year period from the date of their grant based on continued employment. Vesting occurs on the following schedule:

•0% for the first three years,

•25% on the third anniversary of the grant,

•25% on the fourth anniversary of the grant, and

•50% on the fifth anniversary of the grant.

The total unvested share awards as of September 30, 2021 are expected to vest as follows: 8,202 shares during 2021, 268,882 shares during 2022, 306,183 shares during 2023, 381,527 shares during 2024, 162,234 shares during 2025 and 324,469 shares during 2026. As of September 30, 2021, the unrecognized compensation cost related to restricted stock awards was $11.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 39 months. We recorded $1.0 million and $0.7 million of compensation expense related to restricted stock awards for the three months ended September 30, 2021 and 2020, respectively. We recorded $2.8 million and $2.0 million of compensation expense related to restricted stock awards for the nine months ended September 30, 2021 and 2020, 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. Under this framework, 50% 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 benchmarking service for the hospitality industry. There is no payout of shares of our common stock if the percentage of our hotels with market share improvements is less than 30%. 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 the percentage of our hotels with market share improvements is greater than or equal to 75%. For the PSUs granted on March 2, 2021, the improvement in market share for each of our hotels will be measured over a two-year performance period starting on January 1, 2022, which is when we anticipate most major hotels will be open within our competitive sets.

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 March 2, 2021, our board of directors granted 347,981 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $9.28 using the assumptions of volatility of 68.8% and a risk-free rate of 0.26%. The grant date fair value of the portion of the PSUs based on hotel market share was $9.40, which was the closing stock price of our common stock on such date.

A summary of our PSUs from January 1, 2021 to September 30, 2021 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	912,186	$	9.63
Granted	347,981	9.34

Vested (1)	(290,927)	9.90

Unvested balance at September 30, 2021	969,240	$	9.45

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.0% of the PSU Target Award.

The total unvested PSUs as of September 30, 2021 are expected to vest as follows: 269,224 units during 2022, 352,035 units during 2023 and 347,981 units during 2024. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of September 30, 2021, the unrecognized compensation cost related to the PSUs was $4.5 million and is expected to be recognized on a straight-line basis over a weighted average period of 23 months. We recorded $0.8 million and $0.7 million of compensation expense related to the PSUs for the three months ended September 30, 2021 and 2020, respectively. We recorded $2.2 million and $2.0 million of compensation expense related to the PSUs for the nine months ended September 30, 2021 and 2020, 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.

A summary of our LTIP units from January 1, 2021 to September 30, 2021 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	243,809	$	10.29

Vested (1)	(108,421)	10.38

Unvested balance at September 30, 2021	135,388	$	10.22

______________________

(1)As of September 30, 2021, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

The total unvested LTIP units as of September 30, 2021 are expected to vest as follows: 108,422 units during 2022 and 26,966 units during 2023. As of September 30, 2021, of the 325,264 LTIP units granted, 189,876 LTIP units have vested.

As of September 30, 2021, the unrecognized compensation cost related to LTIP unit awards was $0.7 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 14 months. We recorded $0.3 million of compensation expense related to LTIP unit awards for each of the three months ended September 30, 2021 and 2020, respectively. We recorded $0.8 million of compensation expense related to LTIP unit awards for each of the nine months ended September 30, 2021 and 2020.

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Numerator:
Net loss attributable to common stockholders	(4,219)		$	(80,437)	(199,007)		$	(187,778)
Dividends declared on unvested share-based compensation	—		—		—		—
Net loss available to common stockholders	$	(4,219)	$	(80,437)	$	(199,007)	$	(187,778)
Denominator:
Weighted-average number of common shares outstanding—basic	212,256,590		200,978,327		211,966,969		200,994,434
Effect of dilutive securities:
Unvested restricted common stock	—		—		—		—

Shares related to unvested PSUs	—		—		—		—
Weighted-average number of common shares outstanding—diluted	212,256,590		200,978,327		211,966,969		200,994,434
Earnings (loss) per share:
Net loss per share available to common stockholders—basic	$	(0.02)	$	(0.40)	$	(0.94)	$	(0.93)
Net loss per share available to common stockholders—diluted	$	(0.02)	$	(0.40)	$	(0.94)	$	(0.93)

For the three and nine months ended September 30, 2021, 190,554 and 399,605 unvested restricted common shares, respectively, were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the three and nine months ended September 30, 2021, 254,684 and 279,755 unvested PSUs, respectively, were excluded from the diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the three and nine months ended September 30, 2020, there were no unvested restricted common shares or unvested PSUs excluded from the 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, 2021

Debt Disclosure [Abstract]

Debt

DebtThe following table sets forth information regarding the Company’s debt as of September 30, 2021 and December 31, 2020 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of September 30, 2021	Maturity Date	September 30, 2021		December 31, 2020
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2022 (2)	$	45,900	$	47,250
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	56,516		58,282
The Lodge at Sonoma Resort mortgage loan	3.96%	April 2023	25,786		26,268
Westin San Diego Downtown mortgage loan	3.94%	April 2023	59,023		60,261
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	78,305		79,535
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	77,901		79,214
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	59,112		60,052
Westin Boston Seaport District mortgage loan	4.36%	November 2025	183,799		186,840
Unamortized debt issuance costs			(1,977)		(2,553)
Total mortgage debt, net of unamortized debt issuance costs			584,365		595,149



Unsecured term loan	LIBOR + 2.40% (3)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.40% (4)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,577)		(1,450)
Unsecured term loans, net of unamortized debt issuance costs			398,423		398,550

Senior unsecured credit facility	LIBOR + 2.55% (5)	July 2023 (6)	—		55,000

Total debt, net of unamortized debt issuance costs			$	982,788	$	1,048,699
Weighted-Average Interest Rate	3.97%

_______________________

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

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

(5)LIBOR is subject to a floor of 0.25%.

(6)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, 2021, eight of our 31 hotels were secured by mortgage debt.

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 cash trap 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, 2021, the debt service coverage ratios or debt yields for all of our mortgage loans with cash trap provisions were below the minimum thresholds such that the cash trap provision of each

respective loan was triggered. We do not expect that such cash traps will 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, 2021, we had no borrowings outstanding under the Revolving Credit Facility.

We incurred interest and unused fees on the Revolving Credit Facility of $0.3 million and $1.1 million for the three months ended September 30, 2021 and 2020, respectively. We incurred interest and unused fees on the Revolving Credit Facility of $2.0 million and $3.6 million for the nine months ended September 30, 2021 and 2020, respectively. We incurred interest on the unsecured term loans of $3.8 million and $3.7 million for the three months ended September 30, 2021 and 2020, respectively. We incurred interest on the unsecured term loans of $11.1 million and $9.8 million for the nine months ended September 30, 2021 and 2020, respectively.

On June 9, 2020, we entered into amendments to the Credit Agreements (the “Amended Credit Agreements”). The Amended Credit Agreements waived the quarterly tested financial covenants from June 9, 2020 through 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 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.

On January 20, 2021, we entered into third amendments to the Amended Credit Agreements that provide for the following modifications:

•Extends the Covenant Relief Period through the fourth quarter of 2021, unless we elect to terminate the period on an earlier date;

•Extends the Ratio Adjustment Period until April 1, 2023, unless we elect to terminate the period on an earlier date, and further modifies certain financial covenants, 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

•Increases the applicable interest rate as follows: (i) for all revolving loans outstanding, LIBOR plus a margin of 2.55% per annum, and (ii) for all term loans outstanding, LIBOR plus a margin of 2.40% per annum;

•Increases the minimum liquidity covenant to $125.0 million; and

•Increases our ability to pay dividends on preferred stock up to $25.0 million annually.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Hotel Dispositions	9 Months Ended
Hotel Dispositions	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions	Hotel Dispositions On April 30, 2021, we sold a wholly owned subsidiary of the Company that owns Frenchman's Reef to an unaffiliated third party pursuant to a share purchase agreement (the “Purchase Agreement”) dated April 27, 2021. Pursuant to the Purchase Agreement, the Company received $35.0 million in cash upon closing, as well as a participation right in the future profits of the hotel once certain return metrics are achieved. Although we expect the profit participation could be meaningful, there can be no assurance that the property will satisfy such return metrics. The Purchase Agreement was a recognized subsequent event to the first quarter of 2021 in accordance with FASB ASC 855, Subsequent Events. As a result, we recorded an impairment loss of $10.8 million during the first quarter of 2021 to adjust the hotel's carrying amount to the contractual consideration. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying Frenchman's Reef as held for sale, we recognized an additional impairment loss of approximately $0.7 million in the second quarter of 2021. On June 30, 2021, we sold The Lexington Hotel to an unaffiliated third party for $185.3 million. During the first quarter of 2021, we evaluated the recoverability of the carrying amount of The Lexington Hotel as a result of our assessment in the first quarter of 2021 that it was more likely than not that the hotel would be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $111.7 million during the first quarter of 2021 to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying The Lexington Hotel as held for sale, we recognized an additional impairment loss of approximately $3.5 million in the second quarter of 2021.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On July 29, 2021, we acquired the 218-room Bourbon Orleans Hotel located in New Orleans, Louisiana, for net consideration of $90.1 million, including prorations. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a five-year management agreement with Evolution Hospitality. The management agreement provides for a base management fee of 2.5% of gross revenues for the first year of the agreement and 2.0% of gross revenues thereafter. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year. On July 30, 2021, we acquired the 37-room Henderson Park Inn located in Destin, Florida, for net consideration of $26.4 million, including prorations. The acquisition was funded with corporate cash. Upon acquisition of the hotel, we entered into a five-year management agreement with Aimbridge Hospitality. The management agreement provides for a base management fee of 2.5% of gross revenues. The management agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority, determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year.

Fair Value Measurements and Interest Rate Swaps

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Interest Rate Swaps

Fair Value Measurements and Interest Rate SwapsThe fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2021 and December 31, 2020, in thousands, is as follows:


	September 30, 2021				December 31, 2020
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	982,788	$	986,850	$	1,048,699	$	1,078,900

_______________

(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 Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of September 30, 2021 and December 31, 2020, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2021		December 31, 2020
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(2,219)	$	(3,231)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(5,910)		(9,386)
									$	(8,129)	$	(12,617)

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, 2021 and December 31, 2020. 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 amount of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

- 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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
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, 2021
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, the results of our operations, the statements of equity, and cash flows. 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, 2020, included in our Annual Report on Form 10-K filed on March 1, 2021.
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 may 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, 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 or its variant strains 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, our 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 12 months 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. We determined that there is not substantial doubt about our ability to continue as a going concern for the next 12 months as of November 5, 2021.
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
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 amount 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 amount. 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. 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. As discussed in Note 9, we recorded impairment losses on The Lexington Hotel and Frenchman's Reef during the nine months ended September 30, 2021.
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 hotel operations 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 agent, revenue is recognized based upon the commission earned from the third party. 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.
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. As of September 30, 2021 and December 31, 2020, we had a valuation allowance of $13.5 million and $25.6 million, respectively, on our deferred tax assets. The decrease in the valuation allowance is is primarily due to the sale of Frenchman's Reef, along with a commensurate decrease in the associated deferred tax assets. 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 existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which, prior to its sale, was owned by a Virgin Islands corporation, which we had 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.
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIntangible assets and liabilities are recorded out-of-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.
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.
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. 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.

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment as of September 30, 2021 and December 31, 2020 consists of the following (in thousands):


	September 30, 2021		December 31, 2020
Land	$	536,682	$	618,210
Land improvements	7,994		7,994
Buildings and site improvements	2,559,791		2,724,277
Furniture, fixtures and equipment	484,763		539,729
Construction in progress	15,809		37,481
	3,605,039		3,927,691
Less: accumulated depreciation	(1,060,553)		(1,110,335)
	$	2,544,486	$	2,817,356

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Components of Lease Expense and Other Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	2,781	$	2,760	$	8,315	$	8,331
Variable lease payments	$	251	$	17	$	416	$	256
Cash paid for amounts included in the measurement of operating lease liabilities	$	884	$	802	$	2,628	$	2,412

Summary of Operating Lease Maturities

Maturities of lease liabilities as of September 30, 2021 are as follows (in thousands):


Year Ending December 31,
2021 (excluding the nine months ended September 30, 2021)	$	887
2022	3,976
2023	4,033
2024	4,012
2025	4,072
Thereafter	764,477
Total lease payments	781,457
Less imputed interest	(673,518)
Total lease liabilities	$	107,939

Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Dividends Payable

We have paid the following dividends to holders of our Series A Preferred Stock during 2021:


Payment Date	Record Date	Dividend per Share
March 31, 2021	March 18, 2021	$	0.515625
June 30, 2021	June 18, 2021	$	0.515625
September 30, 2021	September 17, 2021	$	0.515625

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2021 to September 30, 2021 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	557,273	$	9.83
Granted	1,177,537	9.32
Vested	(236,288)	9.93
Forfeited	(47,025)	9.21
Unvested balance at September 30, 2021	1,451,497	$	9.46

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2021 to September 30, 2021 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	912,186	$	9.63
Granted	347,981	9.34

Vested (1)	(290,927)	9.90

Unvested balance at September 30, 2021	969,240	$	9.45

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.0% of the PSU Target Award.

Summary of LTIP Units

A summary of our LTIP units from January 1, 2021 to September 30, 2021 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	243,809	$	10.29

Vested (1)	(108,421)	10.38

Unvested balance at September 30, 2021	135,388	$	10.22

______________________

(1)As of September 30, 2021, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Numerator:
Net loss attributable to common stockholders	(4,219)		$	(80,437)	(199,007)		$	(187,778)
Dividends declared on unvested share-based compensation	—		—		—		—
Net loss available to common stockholders	$	(4,219)	$	(80,437)	$	(199,007)	$	(187,778)
Denominator:
Weighted-average number of common shares outstanding—basic	212,256,590		200,978,327		211,966,969		200,994,434
Effect of dilutive securities:
Unvested restricted common stock	—		—		—		—

Shares related to unvested PSUs	—		—		—		—
Weighted-average number of common shares outstanding—diluted	212,256,590		200,978,327		211,966,969		200,994,434
Earnings (loss) per share:
Net loss per share available to common stockholders—basic	$	(0.02)	$	(0.40)	$	(0.94)	$	(0.93)
Net loss per share available to common stockholders—diluted	$	(0.02)	$	(0.40)	$	(0.94)	$	(0.93)

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Long Term Debt

The following table sets forth information regarding the Company’s debt as of September 30, 2021 and December 31, 2020 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of September 30, 2021	Maturity Date	September 30, 2021		December 31, 2020
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2022 (2)	$	45,900	$	47,250
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	56,516		58,282
The Lodge at Sonoma Resort mortgage loan	3.96%	April 2023	25,786		26,268
Westin San Diego Downtown mortgage loan	3.94%	April 2023	59,023		60,261
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	78,305		79,535
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	77,901		79,214
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	59,112		60,052
Westin Boston Seaport District mortgage loan	4.36%	November 2025	183,799		186,840
Unamortized debt issuance costs			(1,977)		(2,553)
Total mortgage debt, net of unamortized debt issuance costs			584,365		595,149



Unsecured term loan	LIBOR + 2.40% (3)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.40% (4)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,577)		(1,450)
Unsecured term loans, net of unamortized debt issuance costs			398,423		398,550

Senior unsecured credit facility	LIBOR + 2.55% (5)	July 2023 (6)	—		55,000

Total debt, net of unamortized debt issuance costs			$	982,788	$	1,048,699
Weighted-Average Interest Rate	3.97%

_______________________

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

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

(5)LIBOR is subject to a floor of 0.25%.

(6)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, 2021

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, 2021 and December 31, 2020, in thousands, is as follows:


	September 30, 2021				December 31, 2020
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	982,788	$	986,850	$	1,048,699	$	1,078,900

_______________

(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, 2021 and December 31, 2020, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2021		December 31, 2020
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(2,219)	$	(3,231)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(5,910)		(9,386)
									$	(8,129)	$	(12,617)

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2021 hotel room	Dec. 31, 2020 hotel
Real Estate Properties [Line Items]
Number of hotels	31	30
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	9,133
Suspended Operations, COVID-19
Real Estate Properties [Line Items]
Number of hotels	4	20
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest	99.70%
Limited partners, ownership interest	0.30%
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels	1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels	2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels	1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels	1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels	2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels	2
Destin, Florida
Real Estate Properties [Line Items]
Number of hotels	1
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels	1
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels	1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels	1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels	2
New Orleans, Louisiana
Real Estate Properties [Line Items]
Number of hotels	1
New York, New York
Real Estate Properties [Line Items]
Number of hotels	3
Phoenix, Arizona
Real Estate Properties [Line Items]
Number of hotels	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels	2
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels	2
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels	1
South Lake Tahoe, California
Real Estate Properties [Line Items]
Number of hotels	1
Washington D.C
Real Estate Properties [Line Items]
Number of hotels	2
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels	1

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Valuation allowance	$ 13.5	$ 25.6
Accrual for tax uncertainties	$ 0.0	$ 0.0
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, 2021	Dec. 31, 2020
Property and Equipment
Property and equipment, at cost	$ 3,605,039	$ 3,927,691
Less: accumulated depreciation	(1,060,553)	(1,110,335)
Property and equipment, net	2,544,486	2,817,356
Land
Property and Equipment
Property and equipment, at cost	536,682	618,210
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	2,559,791	2,724,277
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	484,763	539,729
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 15,809	$ 37,481

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 2,075	$ 8,941	$ 3,900

Leases - Narrative (Details) $ in Millions	Apr. 01, 2021 USD ($)	Sep. 30, 2021 ground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term		66 years
Weighted-average discount rate		5.77%
Salt Lake City Marriott Downtown At City Creek
Lessee, Lease, Description [Line Items]
Remaining lease term	50 years
Ownership interest transferred, percent	21.25%
Payment for transfer of ownership \| $	$ 2.8
Hotel
Lessee, Lease, Description [Line Items]
Number of operating leases		8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases		2

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,781	$ 2,760	$ 8,315	$ 8,331
Variable lease payments	251	17	416	256
Cash paid for amounts included in the measurement of operating lease liabilities	$ 884	$ 802	$ 2,628	$ 2,412

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 887
2022	3,976
2023	4,033
2024	4,012
2025	4,072
Thereafter	764,477
Total lease payments	781,457
Less imputed interest	(673,518)
Total lease liabilities	$ 107,939	$ 104,973

Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended	12 Months Ended
	Aug. 31, 2021 USD ($) shares	Dec. 31, 2018 $ / shares shares	Sep. 30, 2021 vote $ / shares shares	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Votes per common share \| vote			1
Preferred stock, shares authorized (up to) (in shares)			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00
Limited partnership, price per unit (in dollars per unit) \| $ / shares		$ 11.76
Option to redeem for common stock ratio		1
Long-Term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares)			135,388	243,809
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares)		796,684
Operating partnerships units held (in shares)			639,622	855,191
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) \| $	$ 200.0
Shares sold (in shares)	0
Amount remaining under offering program \| $	$ 200.0
Series A Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)			4,760,000	4,760,000
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00
Redemption price per share (in dollars per share) \| $ / shares			$ 25.00

Equity - Schedule of Dividends Payable (Details) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Dividend per share (in dollars per share)	$ 0.515625	$ 0.515625	$ 0.515625

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 02, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio					1
Unvested restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Number of shares, granted (in shares)					1,177,537
Awards expected to vest in 2021 (in shares)			8,202		8,202
Awards expected to vest in 2022 (in shares)			268,882		268,882
Awards expected to vest in 2023 (in shares)			306,183		306,183
Awards expected to vest in 2024 (in shares)			381,527		381,527
Awards expected to vest in 2025 (in shares)			162,234		162,234
Awards expected to vest in 2026 (in shares)			324,469		324,469
Unrecognized compensation cost			$ 11.0		$ 11.0
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					39 months
Compensation expense			$ 1.0	$ 0.7	$ 2.8	$ 2.0
Shares related to unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Number of shares, granted (in shares)					347,981
Vesting percentage					100.00%
Awards expected to vest in 2021 (in shares)			269,224		269,224
Awards expected to vest in 2022 (in shares)			352,035		352,035
Awards expected to vest in 2023 (in shares)			347,981		347,981
Unrecognized compensation cost			$ 4.5		$ 4.5
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					23 months
Compensation expense			$ 0.8	0.7	$ 2.2	$ 2.0
Performance period (in years)	2 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%
Fair value at grant date (in dollars per share)	$ 9.28
Volatility	68.80%
Risk-free rate	0.26%
Fair value at grant date based on hotel market share (in dollars per share)	$ 9.40
Shares related to unvested PSUs \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	347,981
Total shareholder return					50.00%
Hotel market share					50.00%
Percentage of total stockholder return for payout of shares					30.00%
Maximum possible payout to executive officer as percentage of the target award					150.00%
Shares related to unvested PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares					30.00%
Shares related to unvested PSUs \| Minimum \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares					75.00%
Percentage of total stockholder return for payout of shares					75.00%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2021 (in shares)			108,422		108,422
Awards expected to vest in 2022 (in shares)			26,966		26,966
Unrecognized compensation cost			$ 0.7		$ 0.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					14 months
Compensation expense			$ 0.3	$ 0.3	$ 0.8
Units granted (in shares)			325,264		325,264
Units vested (in shares)			189,876		189,876
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)			4,409,225		4,409,225
Special Retention Awards \| Unvested restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Number of shares, granted (in shares)		691,490
Special Retention Awards \| Unvested restricted common stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Special Retention Awards \| Unvested restricted common stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Special Retention Awards \| Unvested restricted common stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25.00%
Special Retention Awards \| Unvested restricted common stock \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%

Stock Incentive Plans - Stock Awards Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Unvested restricted common stock
Number of Shares
Beginning Balance (in shares)	557,273
Granted (in shares)	1,177,537
Vested (in shares)	(236,288)
Forfeited (in shares)	(47,025)
Ending Balance (in shares)	1,451,497
Weighted- Average Grant Date Fair Value
Balance (in dollars per share)	$ 9.46	$ 9.83
Granted (in dollars per share)	9.32
Vested (in dollars per share)	9.93
Forfeited (in dollars per share)	$ 9.21
Shares related to unvested PSUs
Number of Shares
Beginning Balance (in shares)	912,186
Granted (in shares)	347,981
Vested (in shares)	(290,927)
Ending Balance (in shares)	969,240
Weighted- Average Grant Date Fair Value
Balance (in dollars per share)	$ 9.45	9.63
Granted (in dollars per share)	9.34
Vested (in dollars per share)	$ 9.90
Vesting percentage	100.00%
Long-Term Incentive Plan Unit
Number of Shares
Beginning Balance (in shares)	243,809
Vested (in shares)	(108,421)
Ending Balance (in shares)	135,388
Weighted- Average Grant Date Fair Value
Balance (in dollars per share)	$ 10.22	$ 10.29
Vested (in dollars per share)	$ 10.38

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss attributable to common stockholders	$ (4,219)	$ (80,437)	$ (199,007)	$ (187,778)
Dividends declared on unvested share-based compensation	0	0	0	0
Net loss available to common stockholders	$ (4,219)	$ (80,437)	$ (199,007)	$ (187,778)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	212,256,590	200,978,327	211,966,969	200,994,434
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	212,256,590	200,978,327	211,966,969	200,994,434
Earnings (loss) per share:
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.02)	$ (0.40)	$ (0.94)	$ (0.93)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.02)	$ (0.40)	$ (0.94)	$ (0.93)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	0	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	0	0	0	0

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	190,554	0	399,605	0
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	254,684		279,755

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands		9 Months Ended	10 Months Ended
	Jan. 20, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%
Weighted-average interest rate (as a percent)		3.97%
Total mortgage debt, net of unamortized debt issuance costs		$ 584,365		$ 595,149
Total debt		982,788		1,048,699
Senior unsecured credit facility		0		55,000
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs		(1,977)		(2,553)
Total mortgage debt, net of unamortized debt issuance costs		584,365		595,149
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs		(1,577)		(1,450)
Total debt		398,423		398,550
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		2.40%	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		2.40%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior unsecured credit facility		$ 0		55,000
Revolving Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.40%	2.55%	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 at City Creek mortgage loan \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Principal balance		$ 45,900		47,250
Westin Washington, D.C. City Center mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		3.99%
Principal balance		$ 56,516		58,282
The Lodge at Sonoma Resort mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		3.96%
Principal balance		$ 25,786		26,268
Westin San Diego Downtown mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		3.94%
Principal balance		$ 59,023		60,261
Courtyard New York Manhattan/Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		4.40%
Principal balance		$ 78,305		79,535
Worthington Renaissance Fort Worth Hotel mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		3.66%
Principal balance		$ 77,901		79,214
JW Marriott Denver at Cherry Creek mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		4.33%
Principal balance		$ 59,112		60,052
Westin Boston Seaport District mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage		4.36%
Principal balance		$ 183,799		$ 186,840
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 at City Creek mortgage loan \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Debt - Mortgage and Other Debt (Details) - hotel	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Number of hotels	31	30
Mortgages
Debt Instrument [Line Items]
Number of hotels	8

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands		3 Months Ended		9 Months Ended			10 Months Ended
	Jan. 20, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2021	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Apr. 01, 2021	Dec. 31, 2020 USD ($)	Aug. 14, 2020 USD ($)
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		$ 0			$ 0				$ 55,000
Minimum liquidity covenant	$ 125,000						$ 100,000
Covenant, acquisition limitation							$ 300,000
Maximum leverage ratio (as a percent)							0.60	0.65
Unencumbered leverage ratio							60.00%	65.00%
Basis spread on variable rate	2.55%
Maximum annual preferred dividends	$ 25,000									$ 17,500
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)					0.20%
Minimum \| Testing Period One \| Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.00
Minimum \| Testing Period Two \| Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.00
Minimum \| Testing Period Three \| Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.10
Minimum \| Testing Periods Thereafter \| Forecast
Line of Credit Facility [Line Items]
Unencumbered implied debt service coverage ratio				1.20
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			$ 400,000
Senior unsecured credit facility		0			0				55,000
Interest and unused credit facility fees		300	$ 1,100		2,000	$ 3,600
Interest incurred on the facility		3,800	$ 3,700		$ 11,100	$ 9,800
Revolving Credit Facility \| Line of Credit \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.40%				2.55%		2.40%
Revolving Credit Facility \| Line of Credit \| Minimum \| LIBOR
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			$ 350,000				350,000
Unsecured Term Loan due July 2024 \| Unsecured Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.40%
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance		$ 50,000			$ 50,000				$ 50,000
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.40%		2.35%

Hotel Dispositions (Details) - USD ($) $ in Thousands			3 Months Ended				9 Months Ended
Hotel Dispositions (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses			$ 0			$ 0	$ 126,697	$ 0
Frenchman's Reef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 35,000
Impairment losses				$ 700
The Lexington Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 185,300
Impairment losses				$ 3,500
Frenchman's Reef \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses					$ 10,800
The Lexington Hotel \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses					$ 111,700

Acquisitions (Details) $ in Millions	Jul. 30, 2021 USD ($) room	Jul. 29, 2021 USD ($) room
Bourbon Orleans Hotel
Asset Acquisition [Line Items]
Number of hotel rooms acquired \| room		218
Payments to acquire productive assets \| $		$ 90.1
Bourbon Orleans Hotel \| Evolution Hospitality
Asset Acquisition [Line Items]
Asset acquisition term		5 years
Management fee of gross revenues for first year, percentage		2.50%
Management fee of gross revenues thereafter, percentage		2.00%
incentive management fee, percentage		15.00%
incentive management fee of gross revenues, percentage		1.00%
Henderson Park Inn
Asset Acquisition [Line Items]
Number of hotel rooms acquired \| room	37
Payments to acquire productive assets \| $	$ 26.4
Henderson Park Inn \| Aimbridge Hospitality
Asset Acquisition [Line Items]
Asset acquisition term	5 years
Management fee of gross revenues thereafter, percentage	2.50%
incentive management fee, percentage	15.00%
incentive management fee of gross revenues, percentage	1.00%

Fair Value Measurements and Interest Rate Swaps - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 982,788	$ 1,048,699
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	982,788	1,048,699
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 986,850	$ 1,078,900

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Fair Value Measurements and Interest Rate Swaps - Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ (8,129)	$ (12,617)
Interest Rate Swap \| $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000
Fair Value of Assets (Liabilities)	$ (2,219)	(3,231)
Interest Rate Swap \| $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000
Fair Value of Assets (Liabilities)	(5,910)	(9,386)
Unsecured Term Loan \| $50 million term loan
Derivative [Line Items]
Hedged Debt	50,000	50,000
Unsecured Term Loan \| $350 million term loan
Derivative [Line Items]
Hedged Debt	$ 350,000	$ 350,000