0001298946-22-000052 | 10-Q | XBRL Viewer | Diamondrock Hospitality Co

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 06, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		210,861,105
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Property and equipment, net	$ 2,659,123	$ 2,651,444
Right-of-use assets	97,067	100,212
Restricted cash	38,882	36,887
Due from hotel managers	154,199	120,671
Prepaid and other assets	98,375	17,472
Cash and cash equivalents	41,581	38,620
Total assets	3,089,227	2,965,306
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	574,909	578,651
Unsecured term loans, net of unamortized debt issuance costs	398,668	398,572
Senior unsecured credit facility	200,000	90,000
Total debt	1,173,577	1,067,223
Lease liabilities	109,149	108,605
Deferred rent	61,955	60,800
Due to hotel managers	102,879	85,493
Unfavorable contract liabilities, net	62,313	62,780
Accounts payable and accrued expenses	41,331	51,238
Deferred income related to key money, net	9,103	8,203
Total liabilities	1,560,307	1,444,342
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; 210,861,105 and 210,746,895 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2,109	2,107
Additional paid-in capital	2,294,129	2,293,990
Accumulated deficit	(773,357)	(780,931)
Total stockholders’ equity	1,522,929	1,515,214
Noncontrolling interests	5,991	5,750
Total equity	1,528,920	1,520,964
Total liabilities and equity	$ 3,089,227	$ 2,965,306

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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)	210,861,105	210,746,895
Common stock, shares outstanding (in shares)	210,861,105	210,746,895

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 196,833	$ 72,937
Operating Expenses:
Depreciation and amortization	26,655	26,962
Impairment losses	2,843	122,552
Corporate expenses	6,033	7,159
Business interruption insurance income	(499)	0
Total operating expenses, net	182,422	234,563
Interest and other expense (income), net	286	(156)
Interest expense	4,119	8,484
Total other expenses, net	4,405	8,328
Income (loss) before income taxes	10,006	(169,954)
Income tax benefit (expense)	54	(1,613)
Net income (loss)	10,060	(171,567)
Less: Net (income) loss attributable to noncontrolling interests	(32)	720
Net income (loss) attributable to the Company	10,028	(170,847)
Distributions to preferred stockholders	(2,454)	(2,454)
Net income (loss) attributable to common stockholders	$ 7,574	$ (173,301)
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.04	$ (0.82)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.04	$ (0.82)
Rooms
Revenues:
Total revenues	$ 132,170	$ 50,412
Operating Expenses:
Operating expenses	33,830	13,828
Food and beverage
Revenues:
Total revenues	45,748	13,925
Operating Expenses:
Operating expenses	33,221	11,561
Other
Revenues:
Total revenues	18,915	8,600
Operating Expenses:
Operating expenses	70,509	48,935
Management fees
Operating Expenses:
Operating expenses	4,020	1,119
Franchise fees
Operating Expenses:
Operating expenses	$ 5,810	$ 2,447

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, 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 income	(171,567)			0	(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, 2021		4,760,000	210,746,895
Beginning Balance at Dec. 31, 2021	1,520,964	$ 48	$ 2,107	2,293,990	(780,931)	1,515,214	5,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(2,454)				(2,454)	(2,454)
Share-based compensation (in shares)			114,210
Share-based compensation	350		$ 2	139		141	209
Net income	10,060				10,028	10,028	32
Ending balance (in shares) at Mar. 31, 2022		4,760,000	210,861,105
Ending Balance at Mar. 31, 2022	$ 1,528,920	$ 48	$ 2,109	$ 2,294,129	$ (773,357)	$ 1,522,929	$ 5,991

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions per preferred share (in dollars per share)	$ 0.5156	$ 0.5156

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 10,060	$ (171,567)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,655	26,962
Corporate asset depreciation as corporate expenses	59	56
Non-cash lease expense and other amortization	1,568	1,672
Non-cash interest rate swap fair value adjustment	(7,502)	2,731
Amortization of debt issuance costs	653	611
Impairment losses	2,843	122,552
Amortization of deferred income related to key money	(99)	(99)
Share-based compensation	1,160	1,783
Changes in assets and liabilities:
Prepaid expenses and other assets	248	4,299
Due to/from hotel managers	(16,934)	(15,188)
Accounts payable and accrued expenses	(5,557)	(8,756)
Net cash provided by (used in) operating activities	13,154	(34,944)
Cash flows from investing activities:
Capital expenditures	(11,628)	(11,956)
Property acquisitions	(64,061)	0
Purchase deposits	(36,180)	0
Receipt of deferred key money	1,000	0
Net cash used in investing activities	(110,869)	(11,956)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(3,935)	(3,797)
Draws on senior unsecured credit facility	110,000	45,000
Payment of debt financing costs	(120)	(1,149)
Distributions on common stock and units	(10)	(117)
Distributions on preferred stock	(2,454)	(2,454)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(810)	(1,482)
Net cash provided by financing activities	102,671	36,001
Net increase (decrease) in cash, cash equivalents, and restricted cash	4,956	(10,899)
Cash, cash equivalents, and restricted cash at beginning of period	75,507	134,846	$ 134,846
Cash, cash equivalents, and restricted cash at end of period	80,463	123,947	75,507
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	10,549	10,476
Cash paid (refunded) for income taxes, net	1	(330)
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	9	21
Accrued capital expenditures	10,422	2,526	7,300
Cash and cash equivalents	41,581		38,620
Restricted cash	38,882		36,887
Total cash, cash equivalents and restricted cash	$ 80,463	$ 123,947	$ 75,507

Organization	3 Months Ended
Organization	Mar. 31, 2022
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 major urban markets 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 March 31, 2022, we owned 33 hotels with 9,454 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 (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); Marathon, Florida; 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 March 31, 2022, we acquired the Tranquility Bay Beachfront Resort located in Marathon, Florida. See Note 9 for further discussion of the acquisition. On April 1, 2022, we acquired the Kimpton Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida. See Note 12 for further discussion of the acquisition. 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 March 31, 2022. 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.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
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, 2021, included in our Annual Report on Form 10-K filed on February 22, 2022. 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 relates to the COVID-19 pandemic. The COVID-19 pandemic has adversely affected the hospitality industry in general and our business in particular. 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 potential emergence of a new variant strain of COVID-19 and the actions of governments and individuals to contain COVID-19 and its variants or mitigate its impact. To the extent that certain travel activity in the U.S. is 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. 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. If present, 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. 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 March 31, 2022 and December 31, 2021, we had a valuation allowance of $18.7 million and $14.9 million, respectively, on our deferred tax assets. We have elected to be treated as a real estate investment trust, or 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 wholly owned taxable REIT subsidiaries. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no accruals for tax uncertainties as of March 31, 2022 and December 31, 2021. Intangible Assets and Liabilities Intangible assets and liabilities recorded may include management or franchise agreement intangibles and in-place lease intangibles 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 an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. 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. In connection with our acquisition of Tranquility Bay Beachfront Resort, we recognized a $45.2 million right-to-manage intangible asset related to the rental management agreements with third-party unit owners. See Note 9 for more information, including information about the impairment recognized during the three months ended March 31, 2022. We currently have no other intangible assets. The remaining useful life of this intangible asset as of March 31, 2022 is approximately 39.8 years. The intangible asset, net of accumulated amortization of $0.3 million, was $42.1 million as of March 31, 2022. Amortization expense for the three months ended March 31, 2022 totaled $0.3 million. Amortization expense is expected to be $1.1 million annually for the remaining useful life of the asset. 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. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interest in either cash or delivery of shares of our common stock. See Note 5 for additional details. 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 cash held in reserve 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. Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. We have not entered into any contract modifications yet as it directly relates to reference rate reform, but we anticipate undertaking such modifications in the future related to our variable rate debt and interest rate swaps indexed to LIBOR. The adoption of ASU 2020-04 is not expected to have a material impact on our consolidated financial statements.

Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of March 31, 2022 and December 31, 2021 consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Land	$	548,443	$	546,800
Land improvements	7,994		7,994
Buildings and site improvements	2,694,128		2,667,024
Furniture, fixtures and equipment	506,264		501,505
Construction in progress	15,372		14,485
	3,772,201		3,737,808
Less: accumulated depreciation	(1,113,078)		(1,086,364)
	$	2,659,123	$	2,651,444

As of March 31, 2022 and December 31, 2021, we had accrued capital expenditures of $10.4 million and $7.3 million, respectively.

Leases

3 Months Ended

Mar. 31, 2022

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 March 31, 2022. 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 March 31, 2022, our operating leases have a weighted-average remaining lease term of 65 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 March 31,
	2022		2021
Operating lease cost	$	2,786	$	2,760
Variable lease payments	$	230	$	41
Cash paid for amounts included in the measurement of operating lease liabilities	$	985	$	866

Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	2,991
2023	4,033
2024	4,012
2025	4,072
2026	4,640
Thereafter	759,838
Total lease payments	779,586
Less imputed interest	(670,437)
Total lease liabilities	$	109,149

Equity

3 Months Ended

Mar. 31, 2022

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, we implemented an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200.0 million. We have not sold any shares under the ATM Program.

Preferred Shares

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

As of March 31, 2022 and December 31, 2021, 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 748,044 and 639,622 common OP units held by unaffiliated third parties and executive officers of the Company as of March 31, 2022 and December 31, 2021, respectively. There were 26,966 and 135,388 LTIP units outstanding as of March 31, 2022 and December 31, 2021, 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 resumption in quarterly common dividends will be determined by our board of directors after considering our projected taxable income, obligations under our financing agreements, expected capital requirements, and risks affecting our business.

We have paid the following dividends to holders of our Series A Preferred Stock during 2022:

Payment Date

Record Date

Dividend
per Share

March 31, 2022

March 18, 2022

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock Incentive Plans

3 Months Ended

Mar. 31, 2022

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 4,965,407 shares as of March 31, 2022. 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 to five year period from the date of 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, 2022 to March 31, 2022 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	1,443,295	$	9.46
Granted	425,731	9.56
Vested	(260,680)	9.54
Forfeited	(211,543)	9.45
Unvested balance at March 31, 2022	1,396,803	$	9.47

The total unvested share awards as of March 31, 2022 are expected to vest as follows: 8,202 shares during 2022, 395,532 shares during 2023, 461,677 shares during 2024, 260,114 shares during 2025, and 271,278 shares during 2026. As of March 31, 2022, the unrecognized compensation cost related to restricted stock awards was $11.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 34 months. We recorded $0.8 million of compensation expense related to restricted stock awards for each of the three months ended March 31, 2022 and 2021. The compensation expense recorded for the three months ended March 31, 2022 includes the reversal of $0.2 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President and Chief Operating Officer.

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%.

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

On February 22, 2022, our board of directors granted 337,702 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $9.84 using the assumptions of volatility of 71.4% and a risk-free rate of 1.74%. The grant date fair value of the portion of the PSUs based on hotel market share was $9.56, which was the closing stock price of our common stock on such date.

A summary of our PSUs from January 1, 2022 to March 31, 2022 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	969,240	$	9.45
Granted	337,702	9.70

Vested (1)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at March 31, 2022	877,185	$	11.06

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2022 was equal to 100.0% of the PSU Target Award.

The total unvested PSUs as of March 31, 2022 are expected to vest as follows: 296,596 units during 2023, 294,445 units during 2024 and 286,144 units during 2025. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of March 31, 2022, the unrecognized compensation cost related to the PSUs was $5.3 million and is expected to be recognized on a straight-line basis over a weighted average period of 27 months. We recorded $0.2 million and $0.7 million of compensation expense related to the PSUs for the three months ended March 31, 2022 and 2021, respectively. The compensation expense recorded for the three months ended March 31, 2022 includes the reversal of $0.5 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President and Chief Operating Officer.

LTIP Units

LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while potentially 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, 2022 to March 31, 2022 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	135,388	$	10.22

Vested (1)	(108,422)	10.38

Unvested balance at March 31, 2022	26,966	$	9.58

______________________

(1)As of March 31, 2022, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

The total remaining unvested LTIP units as of March 31, 2022 of 26,966 are expected to vest in 2023.

As of March 31, 2022, the unrecognized compensation cost related to LTIP unit awards was $0.2 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 11 months. We recorded $0.2 million and $0.3 million of compensation expense related to LTIP unit awards for the three months ended March 31, 2022 and 2021, respectively.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Numerator:
Net income (loss) attributable to common stockholders	$	7,574	$	(173,301)
Dividends declared on unvested share-based compensation	—		—
Net income (loss) available to common stockholders	$	7,574	$	(173,301)
Denominator:
Weighted-average number of common shares outstanding—basic	212,491,561		211,671,581
Effect of dilutive securities:
Unvested restricted common stock	229,682		—

Shares related to unvested PSUs	429,575		—
Weighted-average number of common shares outstanding—diluted	213,150,818		211,671,581
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic	$	0.04	$	(0.82)
Earnings (loss) per share available to common stockholders—diluted	$	0.04	$	(0.82)

For the three months ended March 31, 2021, 757,591 of unvested restricted common shares and 695,654 of unvested PSUs were excluded from the diluted weighted-average common shares outstanding, as their effect would be anti-dilutive.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

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt as of March 31, 2022 and December 31, 2021 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of March 31, 2022	Maturity Date	March 31, 2022		December 31, 2021
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2023	$	43,120	$	43,570
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	55,299		55,913
The Lodge at Sonoma Resort mortgage loan	3.96%	April 2023	25,413		25,542
Westin San Diego Bayview mortgage loan	3.94%	April 2023	58,166		58,600
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	77,445		77,882
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	76,992		77,453
Hotel Clio mortgage loan	4.33%	July 2025	58,456		58,789
Westin Boston Seaport District mortgage loan	4.36%	November 2025	181,679		182,755
Unamortized debt issuance costs			(1,661)		(1,853)
Total mortgage debt, net of unamortized debt issuance costs			574,909		578,651



Unsecured term loan	LIBOR + 2.40% (2) (4)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.40% (3) (4)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,332)		(1,428)
Unsecured term loans, net of unamortized debt issuance costs			398,668		398,572

Senior unsecured credit facility	LIBOR + 2.55% (4)	July 2023 (5)	200,000		90,000

Total debt, net of unamortized debt issuance costs			$	1,173,577	$	1,067,223
Weighted-Average Interest Rate	3.78%

_______________________

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

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

(3)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%.

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

(5)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 March 31, 2022, eight of our 33 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 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 March 31, 2022, the debt service coverage ratios or debt yields for all of our mortgage loans, except for the mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek, were below the minimum thresholds such that the cash trap provision of each respective loan was triggered. As of March 31, 2022, we had $3.1 million held in cash traps, which is included within the restricted cash on the accompanying balance sheet. 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 and unsecured term loans 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%.

On each of June 9, 2020, August 14, 2020, January 20, 2021 and February 4, 2022, we executed amendments (the “Amendments”) to the Credit Agreements (as amended, the “Amended Credit Agreements”) for the Revolving Credit Facility and term loans. These Amendments provided for a waiver of the quarterly tested financial covenants beginning with the second quarter of 2020 through the first quarter of 2022 (the “Covenant Relief Period”) and allow for certain other modifications to the covenants thereafter through the second quarter of 2023 (the “Ratio Adjustment 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 Amendments (i) 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) 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 $125.0 million, (iii) 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, and (iv) permit the payment of dividends on the Company's preferred stock, up to $25.0 million annually.

A summary of the most significant covenants is as follows:

Modified

Actual at

Covenant

Covenant (1)

March 31, 2022

Maximum leverage ratio (2)

60%

65%

50.0%

Minimum fixed charge coverage ratio (3)

1.50x

1.00x to 1.50x

1.68x

Secured recourse indebtedness

Less than 45% of Total Asset Value

27.7%

Unencumbered leverage ratio

60.0%

65.0%

35.6%

Unencumbered implied debt service coverage ratio

1.20x

1.00x to 1.20x

1.86x

_____________________________

(1)Covenant requirements during the Ratio Adjustment Period.

(3)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Credit Agreements as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Credit Agreements as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.

During the Covenant Relief Period and the Ratio Adjustment Period, the Amendments also set the applicable interest rate to LIBOR plus a margin of 2.55% for the Revolving Credit Facility and LIBOR plus a margin of 2.40% for the Facility Term Loan and 2023 Term Loan. The Amendments also add a LIBOR floor of 0.25% to the variable interest rate calculation.

As of March 31, 2022, we had $200.0 million of borrowings outstanding under the Revolving Credit Facility. We incurred interest and unused fees on the Revolving Credit Facility of $1.3 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively. We incurred interest on the unsecured term loans of $3.6 million for each of the three months ended March 31, 2022 and 2021.

- 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

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-Topic 470
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+ Details

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On January 6, 2022, we acquired the 103-room Tranquility Bay Beachfront Resort located in Marathon, Florida, for $63.0 million, excluding prorations and transaction costs. The acquisition was funded with corporate cash. The acquisition includes income from 84 units owned by third parties that currently participate in the hotel's rental management program and the majority of the intervals in three units that are structured as vacation ownership. We own the remaining 16 rooms in fee simple. We recognized a $45.2 million right-to-manage intangible asset related to the long-term rental agreements (“RMAs”) that were purchased as part of the acquisition. The intangible asset is recorded within prepaid and other assets on the accompanying consolidated balance sheet as of March 31, 2022. The intangible asset will be amortized over a period of 40 years, which is our estimate of its useful life, inclusive of expected renewal periods. In March 2022, we entered into agreements to purchase four of the third-party owned units for $4.1 million in aggregate. In connection with the purchase agreements, we evaluated the recoverability of the right-to-manage intangible asset related to the RMAs, and as a result, we recorded an impairment loss of $2.8 million. On March 23, 2022, we closed on the purchase of two of the four third-party owned units for $1.7 million.

Fair Value Measurements and Interest Rate Swaps

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Interest Rate Swaps

The fair value of certain financial assets and liabilities and other financial instruments as of March 31, 2022 and December 31, 2021, in thousands, is as follows:


	March 31, 2022				December 31, 2021
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,173,577	$	1,146,622	$	1,067,223	$	1,066,139

_______________

(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 March 31, 2022 and December 31, 2021, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		March 31, 2022		December 31, 2021
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(232)	$	(1,565)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	2,807		(3,362)
									$	2,575	$	(4,927)

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 March 31, 2022 and December 31, 2021. 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 1, 2022, we acquired the 96-room Kimpton Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for $35.3 million, excluding prorations and transaction costs. On April 7, 2022, we closed on the purchase of two third-party owned units at Tranquility Bay Beachfront Resort for $2.5 million. In connection with entering into purchase agreements to acquire the units, we recorded an impairment loss in the first quarter of 2022. See Note 9 for additional information about the impairment.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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, 2021, included in our Annual Report on Form 10-K filed on February 22, 2022.
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 UncertaintiesThe 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 relates to the COVID-19 pandemic. The COVID-19 pandemic has adversely affected the hospitality industry in general and our business in particular. 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 potential emergence of a new variant strain of COVID-19 and the actions of governments and individuals to contain COVID-19 and its variants or mitigate its impact. To the extent that certain travel activity in the U.S. is 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.
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. If present, 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.
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 March 31, 2022 and December 31, 2021, we had a valuation allowance of $18.7 million and $14.9 million, respectively, on our deferred tax assets. We have elected to be treated as a real estate investment trust, or 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 wholly owned taxable REIT subsidiaries. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no accruals for tax uncertainties as of March 31, 2022 and December 31, 2021.
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIntangible assets and liabilities recorded may include management or franchise agreement intangibles and in-place lease intangibles 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 an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. 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. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interest in either cash or delivery of shares of our common stock. See Note 5 for additional details. 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 cash held in reserve 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. We have not entered into any contract modifications yet as it directly relates to reference rate reform, but we anticipate undertaking such modifications in the future related to our variable rate debt and interest rate swaps indexed to LIBOR. The adoption of ASU 2020-04 is not expected to have a material impact on our consolidated financial statements.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment as of March 31, 2022 and December 31, 2021 consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Land	$	548,443	$	546,800
Land improvements	7,994		7,994
Buildings and site improvements	2,694,128		2,667,024
Furniture, fixtures and equipment	506,264		501,505
Construction in progress	15,372		14,485
	3,772,201		3,737,808
Less: accumulated depreciation	(1,113,078)		(1,086,364)
	$	2,659,123	$	2,651,444

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of Lease Expense and Other Information


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	2,786	$	2,760
Variable lease payments	$	230	$	41
Cash paid for amounts included in the measurement of operating lease liabilities	$	985	$	866

Summary of Operating Lease Maturities

Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	2,991
2023	4,033
2024	4,012
2025	4,072
2026	4,640
Thereafter	759,838
Total lease payments	779,586
Less imputed interest	(670,437)
Total lease liabilities	$	109,149

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Dividends Payable

We have paid the following dividends to holders of our Series A Preferred Stock during 2022:

Payment Date

Record Date

Dividend
per Share

March 31, 2022

March 18, 2022

0.515625

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2022 to March 31, 2022 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	1,443,295	$	9.46
Granted	425,731	9.56
Vested	(260,680)	9.54
Forfeited	(211,543)	9.45
Unvested balance at March 31, 2022	1,396,803	$	9.47

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2022 to March 31, 2022 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	969,240	$	9.45
Granted	337,702	9.70

Vested (1)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at March 31, 2022	877,185	$	11.06

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2022 was equal to 100.0% of the PSU Target Award.

Summary of LTIP Units

A summary of our LTIP units from January 1, 2022 to March 31, 2022 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	135,388	$	10.22

Vested (1)	(108,422)	10.38

Unvested balance at March 31, 2022	26,966	$	9.58

______________________

(1)As of March 31, 2022, 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)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Numerator:
Net income (loss) attributable to common stockholders	$	7,574	$	(173,301)
Dividends declared on unvested share-based compensation	—		—
Net income (loss) available to common stockholders	$	7,574	$	(173,301)
Denominator:
Weighted-average number of common shares outstanding—basic	212,491,561		211,671,581
Effect of dilutive securities:
Unvested restricted common stock	229,682		—

Shares related to unvested PSUs	429,575		—
Weighted-average number of common shares outstanding—diluted	213,150,818		211,671,581
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic	$	0.04	$	(0.82)
Earnings (loss) per share available to common stockholders—diluted	$	0.04	$	(0.82)

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Long Term Debt

The following table sets forth information regarding the Company’s debt as of March 31, 2022 and December 31, 2021 (dollars in thousands):


			Principal Balance as of
Loan	Interest Rate as of March 31, 2022	Maturity Date	March 31, 2022		December 31, 2021
Salt Lake City Marriott Downtown at City Creek mortgage loan	LIBOR + 3.25% (1)	January 2023	$	43,120	$	43,570
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	55,299		55,913
The Lodge at Sonoma Resort mortgage loan	3.96%	April 2023	25,413		25,542
Westin San Diego Bayview mortgage loan	3.94%	April 2023	58,166		58,600
Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	77,445		77,882
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	76,992		77,453
Hotel Clio mortgage loan	4.33%	July 2025	58,456		58,789
Westin Boston Seaport District mortgage loan	4.36%	November 2025	181,679		182,755
Unamortized debt issuance costs			(1,661)		(1,853)
Total mortgage debt, net of unamortized debt issuance costs			574,909		578,651



Unsecured term loan	LIBOR + 2.40% (2) (4)	October 2023	50,000		50,000
Unsecured term loan	LIBOR + 2.40% (3) (4)	July 2024	350,000		350,000
Unamortized debt issuance costs			(1,332)		(1,428)
Unsecured term loans, net of unamortized debt issuance costs			398,668		398,572

Senior unsecured credit facility	LIBOR + 2.55% (4)	July 2023 (5)	200,000		90,000

Total debt, net of unamortized debt issuance costs			$	1,173,577	$	1,067,223
Weighted-Average Interest Rate	3.78%

_______________________

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

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

(3)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%.

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

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

Summary of the Most Significant Covenants

A summary of the most significant covenants is as follows:

Modified

Actual at

Covenant

Covenant (1)

March 31, 2022

Maximum leverage ratio (2)

60%

65%

50.0%

Minimum fixed charge coverage ratio (3)

1.50x

1.00x to 1.50x

1.68x

Secured recourse indebtedness

Less than 45% of Total Asset Value

27.7%

Unencumbered leverage ratio

60.0%

65.0%

35.6%

Unencumbered implied debt service coverage ratio

1.20x

1.00x to 1.20x

1.86x

_____________________________

(1)Covenant requirements during the Ratio Adjustment Period.

(2)Leverage ratio is net indebtedness, as defined in the Credit Agreements, divided by total asset value, defined in the Credit Agreements as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. (3)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Credit Agreements as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Credit Agreements as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Fair Value Measurements and Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021, in thousands, is as follows:


	March 31, 2022				December 31, 2021
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,173,577	$	1,146,622	$	1,067,223	$	1,066,139

_______________

(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 March 31, 2022 and December 31, 2021, in thousands:


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		March 31, 2022		December 31, 2021
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(232)	$	(1,565)
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	2,807		(3,362)
									$	2,575	$	(4,927)

Organization (Details)	3 Months Ended
Organization (Details)	Mar. 31, 2022 hotel room
Real Estate Properties [Line Items]
Number of hotels	33
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	9,454
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	2
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
Marathon, Florida
Real Estate Properties [Line Items]
Number of hotels	1
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	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Valuation allowance	$ 18.7	$ 14.9
Accrual for tax uncertainties	0.0	$ 0.0
Amortization expense expected annually for remaining useful life	1.1
Tranquility Bay Beachfront Resort \| Rental Management Agreements
Property, Plant and Equipment [Line Items]
Intangible assets, gross	$ 45.2
Intangible asset useful life (in years)	39 years 9 months 18 days
Intangible asset, accumulated amortization	$ 0.3
Intangible assets, net	42.1
Amortization expense	$ 0.3
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	Mar. 31, 2022	Dec. 31, 2021
Property and Equipment
Property and equipment, at cost	$ 3,772,201	$ 3,737,808
Less: accumulated depreciation	(1,113,078)	(1,086,364)
Property and equipment, net	2,659,123	2,651,444
Land
Property and Equipment
Property and equipment, at cost	548,443	546,800
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	2,694,128	2,667,024
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	506,264	501,505
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 15,372	$ 14,485

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 10,422	$ 2,526	$ 7,300

Leases - Narrative (Details)	Mar. 31, 2022 ground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	65 years
Weighted-average discount rate	5.77%
Hotel
Lessee, Lease, Description [Line Items]
Number of operating leases	8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases	2

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,786	$ 2,760
Variable lease payments	230	41
Cash paid for amounts included in the measurement of operating lease liabilities	$ 985	$ 866

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 2,991
2023	4,033
2024	4,012
2025	4,072
2026	4,640
Thereafter	759,838
Total lease payments	779,586
Less imputed interest	(670,437)
Total lease liabilities	$ 109,149	$ 108,605

Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 31, 2021 USD ($) shares	Dec. 31, 2018 $ / shares shares	Mar. 31, 2022 vote $ / shares shares	Dec. 31, 2021 $ / 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)			26,966	135,388
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares)		796,684
Operating partnerships units held (in shares)			748,044	639,622
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) \| $	$ 200.0
Shares sold (in shares)	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)	3 Months Ended
Equity - Schedule of Dividends Payable (Details)	Mar. 31, 2022 $ / shares
Equity [Abstract]
Dividend per share (in dollars per share)	$ 0.515625

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 22, 2022	Mar. 31, 2022	Mar. 31, 2021
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]
Awards expected to vest in 2022 (in shares)		8,202
Awards expected to vest in 2023 (in shares)		395,532
Awards expected to vest in 2024 (in shares)		461,677
Awards expected to vest in 2025 (in shares)		260,114
Awards expected to vest in 2026 (in shares)		271,278
Unrecognized compensation cost		$ 11.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)		34 months
Compensation expense (reversal)		$ 0.8	$ 0.8
Number of shares, granted (in shares)		425,731
Unvested restricted common stock \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)		$ (0.2)
Unvested restricted common stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Unvested restricted common stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Shares related to unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Awards expected to vest in 2022 (in shares)		296,596
Awards expected to vest in 2023 (in shares)		294,445
Awards expected to vest in 2024 (in shares)		286,144
Unrecognized compensation cost		$ 5.3
Unrecognized compensation expense related to compensation awards, period for recognition (in months)		27 months
Compensation expense (reversal)		$ 0.2	0.7
Performance period (in years)		3 years
Percentage of target award of maximum possible payout to executives		150.00%
Number of units earned if total stockholder return is negative		100.00%
Number of shares, granted (in shares)		337,702
Fair value at grant date (in dollars per share)	$ 9.84
Volatility	71.40%
Risk-free rate	1.74%
Fair value at grant date based on hotel market share (in dollars per share)	$ 9.56
Shares related to unvested PSUs \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)		$ 0.5
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%
Number of shares, granted (in shares)	337,702
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%
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%
Long-term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2023 (in shares)		26,966
Unrecognized compensation cost		$ 0.2
Unrecognized compensation expense related to compensation awards, period for recognition (in months)		11 months
Compensation expense (reversal)		$ 0.2	$ 0.3
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
Number of shares issued or committed to issue (in shares)		4,965,407

Stock Incentive Plans - Stock Awards Activity (Details)	3 Months Ended
Stock Incentive Plans - Stock Awards Activity (Details)	Mar. 31, 2022 $ / shares shares
Unvested restricted common stock
Number of Shares
Beginning Balance (in shares) \| shares	1,443,295
Granted (in shares) \| shares	425,731
Vested (in shares) \| shares	(260,680)
Forfeited (in shares) \| shares	(211,543)
Ending Balance (in shares) \| shares	1,396,803
Weighted- Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 9.46
Granted (in dollars per share) \| $ / shares	9.56
Vested (in dollars per share) \| $ / shares	9.54
Forfeited (in dollars per share) \| $ / shares	9.45
Ending balance (in dollars per share) \| $ / shares	$ 9.47
Shares related to unvested PSUs
Number of Shares
Beginning Balance (in shares) \| shares	969,240
Granted (in shares) \| shares	337,702
Vested (in shares) \| shares	(269,224)
Forfeited (in shares) \| shares	(160,533)
Ending Balance (in shares) \| shares	877,185
Weighted- Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 9.45
Granted (in dollars per share) \| $ / shares	9.70
Vested (in dollars per share) \| $ / shares	10.14
Forfeited (in dollars per share) \| $ / shares	9.34
Ending balance (in dollars per share) \| $ / shares	$ 11.06
Vesting percentage	100.00%
Long-term Incentive Plan Unit
Number of Shares
Beginning Balance (in shares) \| shares	135,388
Vested (in shares) \| shares	(108,422)
Ending Balance (in shares) \| shares	26,966
Weighted- Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 10.22
Vested (in dollars per share) \| $ / shares	10.38
Ending balance (in dollars per share) \| $ / shares	$ 9.58

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable to common stockholders	$ 7,574	$ (173,301)
Dividends declared on unvested share-based compensation	0	0
Net income (loss) available to common stockholders	$ 7,574	$ (173,301)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	212,491,561	211,671,581
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	213,150,818	211,671,581
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.04	$ (0.82)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.04	$ (0.82)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	229,682	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	429,575	0

Earnings (Loss) Per Share - Narrative (Details)	3 Months Ended
Earnings (Loss) Per Share - Narrative (Details)	Mar. 31, 2022 shares
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	757,591
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	695,654

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)	3.78%
Total mortgage debt, net of unamortized debt issuance costs	$ 574,909	$ 578,651
Total debt	1,173,577	1,067,223
Senior unsecured credit facility	200,000	90,000
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs	(1,661)	(1,853)
Total mortgage debt, net of unamortized debt issuance costs	574,909	578,651
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	(1,332)	(1,428)
Total debt	398,668	398,572
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%
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	$ 200,000	90,000
Revolving Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%
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	$ 43,120	43,570
Westin Washington, D.C. City Center mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	3.99%
Principal balance	$ 55,299	55,913
The Lodge at Sonoma Resort mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	3.96%
Principal balance	$ 25,413	25,542
Westin San Diego Bayview mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	3.94%
Principal balance	$ 58,166	58,600
Courtyard New York Manhattan/Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%
Principal balance	$ 77,445	77,882
Worthington Renaissance Fort Worth Hotel mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	3.66%
Principal balance	$ 76,992	77,453
Hotel Clio mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	4.33%
Principal balance	$ 58,456	58,789
Westin Boston Seaport District mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	4.36%
Principal balance	$ 181,679	$ 182,755
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) $ in Thousands	Mar. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of hotels \| hotel	33
Restricted cash \| $	$ 38,882	$ 36,887
Mortgages
Debt Instrument [Line Items]
Number of hotels \| hotel	8
Mortgages \| Salt Lake City Marriott Downtown at City Creek mortgage loan
Debt Instrument [Line Items]
Restricted cash \| $	$ 3,100

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 04, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 14, 2020
Line of Credit Facility [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)		50.00%
Minimum liquidity covenant	$ 125,000
Maximum annual preferred dividends					$ 25,000
Senior unsecured credit facility		$ 200,000		$ 90,000
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)		0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)		0.30%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 400,000
Senior unsecured credit facility		200,000		90,000
Interest and unused credit facility fees		1,300	$ 700
Interest incurred on the facility		$ 3,600	$ 3,600
Revolving Credit Facility \| Line of Credit \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.55%
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
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
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.40%

Debt - Schedule of Debt Covenants (Details) - Senior Unsecured Credit Facility And Unsecured Term Loans	3 Months Ended
	Mar. 31, 2022
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	60.00%
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45.00%
Unencumbered leverage ratio	60.00%
Unencumbered implied debt service coverage ratio	1.20
Modified Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	65.00%
Secured recourse indebtedness	45.00%
Unencumbered leverage ratio	65.00%
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	50.00%
Minimum fixed charge coverage ratio	1.68
Secured recourse indebtedness	27.70%
Unencumbered leverage ratio	35.60%
Unencumbered implied debt service coverage ratio	1.86
Minimum \| Modified Covenant
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio	1.00
Unencumbered implied debt service coverage ratio	1.00
Maximum \| Modified Covenant
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio	1.50
Unencumbered implied debt service coverage ratio	1.20

Acquisitions (Details) $ in Thousands			1 Months Ended
Acquisitions (Details) $ in Thousands	Mar. 23, 2022 USD ($) unit	Jan. 06, 2022 USD ($) hotel room unit	Mar. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Right-of-use assets			$ 97,067	$ 100,212
Tranquility Bay Beachfront Resort
Asset Acquisition [Line Items]
Number of hotel rooms acquired \| room		103
Payments to acquire productive assets		$ 63,000
Number of units owned \| hotel		16
Tranquility Bay Beachfront Resort \| Third Parties
Asset Acquisition [Line Items]
Payments to acquire productive assets	$ 1,700		$ 4,100
Number of units owned \| unit		84
Right-of-use assets		$ 45,200
Intangible asset useful life (in years)		40 years
Number of units to be acquired \| unit			4
Impairment loss			$ 2,800
Number of units acquired \| unit	2
Tranquility Bay Beachfront Resort \| Vacation Ownership Intervals
Asset Acquisition [Line Items]
Number of units owned \| unit		3

Fair Value Measurements and Interest Rate Swaps - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 1,173,577	$ 1,067,223
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	1,173,577	1,067,223
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,146,622	$ 1,066,139

- 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	Mar. 31, 2022	Dec. 31, 2021
Interest Rate Swap
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ 2,575	$ (4,927)
Interest Rate Swap \| $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000
Fair Value of Assets (Liabilities)	$ (232)	(1,565)
Interest Rate Swap \| $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000
Fair Value of Assets (Liabilities)	2,807	(3,362)
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

Subsequent Events (Details) $ in Millions					1 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 07, 2022 USD ($) unit	Apr. 01, 2022 USD ($) hotel	Mar. 23, 2022 USD ($) unit	Jan. 06, 2022 USD ($) room	Mar. 31, 2022 USD ($)
Tranquility Bay Beachfront Resort
Subsequent Event [Line Items]
Number of hotel rooms acquired \| room				103
Payments to acquire productive assets				$ 63.0
Tranquility Bay Beachfront Resort \| Third Parties
Subsequent Event [Line Items]
Payments to acquire productive assets			$ 1.7		$ 4.1
Number of units acquired \| unit			2
Subsequent Event \| Kimpton Fort Lauderdale Beach Resort \| Fort Lauderdale, Florida
Subsequent Event [Line Items]
Number of hotel rooms acquired \| hotel		96
Payments to acquire productive assets		$ 35.3
Subsequent Event \| Tranquility Bay Beachfront Resort \| Third Parties
Subsequent Event [Line Items]
Payments to acquire productive assets	$ 2.5
Number of units acquired \| unit	2