Subsequent Events	6 Months Ended
Jun. 30, 2021
Subsequent Event
Subsequent Events	12. Subsequent Events On July 2, 2021, the Company amended its Unsecured Debt Agreements, which removed certain restrictions in place during the covenant waiver period ending March 31, 2022. The restrictions removed include the limitation on the aggregate value of unencumbered hotel acquisitions the Company can complete and, provided that an event of default has not occurred, the requirement to prepay the Company’s unsecured debt using net proceeds received from asset sales or equity issuances. On July 16, 2021, the Company issued 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock (“Series I preferred stock”) with a liquidation preference of $25.00. On or after July 16, 2026, the Series I 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. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series I preferred stock, holders of the Series I preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock. On July 13, 2021, the Company provided a notice of redemption to the holders of its Series F preferred stock. On August 12, 2021, proceeds received from the Company’s issuance of the Series I preferred stock will be used to redeem all 3,000,000 shares of the Series F preferred stock for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends of $0.183646 per share, for a total payment of $25.183646 per share. After the redemption date, the Series F preferred stock will no longer be deemed outstanding and all the rights of the holders of the Series F preferred stock will terminate, except the right to receive the redemption price. In addition, because all issued and outstanding shares of the Series F preferred stock will be redeemed, the Series F preferred stock will no longer trade on the New York Stock Exchange after the redemption date. The Company is under contract to acquire a West Coast hotel for a gross purchase price of less than $200 million. The acquisition of the hotel is subject to standard due diligence, and as of the date hereof, the Company can cancel the contract without penalty. The Company would expect to finance the acquisition with cash on hand and borrowings under its revolving credit facility. The Company can give no assurances that the acquisition will be completed.

Subsequent Events

6 Months Ended

Jun. 30, 2021

12. Subsequent Events

On July 2, 2021, the Company amended its Unsecured Debt Agreements, which removed certain restrictions in place during the covenant waiver period ending March 31, 2022. The restrictions removed include the limitation on the aggregate value of unencumbered hotel acquisitions the Company can complete and, provided that an event of default has not occurred, the requirement to prepay the Company’s unsecured debt using net proceeds received from asset sales or equity issuances.

On July 16, 2021, the Company issued 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock (“Series I preferred stock”) with a liquidation preference of $25.00. On or after July 16, 2026, the Series I 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. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series I preferred stock, holders of the Series I preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock.

On July 13, 2021, the Company provided a notice of redemption to the holders of its Series F preferred stock. On August 12, 2021, proceeds received from the Company’s issuance of the Series I preferred stock will be used to redeem all 3,000,000 shares of the Series F preferred stock for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends of $0.183646 per share, for a total payment of $25.183646 per share. After the redemption date, the Series F preferred stock will no longer be deemed outstanding and all the rights of the holders of the Series F preferred stock will terminate, except the right to receive the redemption price. In addition, because all issued and outstanding shares of the Series F preferred stock will be redeemed, the Series F preferred stock will no longer trade on the New York Stock Exchange after the redemption date.

The Company is under contract to acquire a West Coast hotel for a gross purchase price of less than $200 million. The acquisition of the hotel is subject to standard due diligence, and as of the date hereof, the Company can cancel the contract without penalty. The Company would expect to finance the acquisition with cash on hand and borrowings under its revolving credit facility. The Company can give no assurances that the acquisition will be completed.