10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2023

or

☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-37389

APPLE HOSPITALITY REIT, INC.

(Exact name of registrant as specified in its charter)

Virginia	26-1379210
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
814 East Main Street Richmond, Virginia	23219
(Address of principal executive offices)	(Zip Code)

(804) 344-8121

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, no par value	APLE	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the common shares held by non-affiliates of the registrant (based on the closing sale price on the New York Stock Exchange) was approximately $3,218,891,710 as of June 30, 2023.

The number of common shares outstanding on February 12, 2024 was 241,525,568.

Documents Incorporated by Reference

The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the Company’s annual meeting of shareholders to be held on May 23, 2024.

APPLE HOSPITALITY REIT, INC.

FORM 10-K

Index

			Page
Part I
	Item 1.	Business	4
	Item 1A.	Risk Factors	11
	Item 1B.	Unresolved Staff Comments	24
	Item 1C.	Cybersecurity	24
	Item 2.	Properties	26
	Item 3.	Legal Proceedings	32
	Item 4.	Mine Safety Disclosures	32
Part II
	Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	33
	Item 6.	Reserved	35
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
	Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	48
	Item 8.	Financial Statements and Supplementary Data	49
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	79
	Item 9A.	Controls and Procedures	79
	Item 9B.	Other Information	79
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	79
Part III
	Item 10.	Directors, Executive Officers and Corporate Governance	80
	Item 11.	Executive Compensation	80
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	80
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	80
	Item 14.	Principal Accounting Fees and Services	80
Part IV
	Item 15.	Exhibits, Financial Statement Schedules	81
	Item 16.	Form 10-K Summary	82
Signatures			90

This Form 10-K includes references to certain trademarks or service marks. The AC Hotels by Marriott®, Aloft Hotels®, Courtyard by Marriott®, Fairfield by Marriott®, Marriott® Hotels, Residence Inn by Marriott®, SpringHill Suites by Marriott® and TownePlace Suites by Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates. The Embassy Suites by Hilton®, Hampton by Hilton®, Hilton Garden Inn®, Home2 Suites by Hilton®, Homewood Suites by Hilton® and Motto by Hilton® trademarks are the property of Hilton Worldwide Holdings Inc. or one of its affiliates. The Hyatt®, Hyatt House® and Hyatt Place® trademarks are the property of Hyatt Hotels Corporation or one of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.

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PART I

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are typically identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality REIT, Inc. and its wholly-owned subsidiaries (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties and redeploy proceeds; the anticipated timing and frequency of shareholder distributions; the ability of the Company to fund capital obligations; the ability of the Company to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions (including the potential effects of inflation or a recessionary environment); reduced business and leisure travel due to geopolitical uncertainty, including terrorism and acts of war; travel-related health concerns, including widespread outbreaks of infectious or contagious diseases in the U.S.; inclement weather conditions, including natural disasters such as hurricanes, earthquakes and wildfires; government shutdowns, airline strikes or equipment failures, or other disruptions; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a real estate investment trust (“REIT”). Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this Annual Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Readers should carefully review the risk factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to those discussed in the section titled “Risk Factors” in Item 1A in this Annual Report on Form 10-K. Any forward-looking statement that the Company makes speaks only as of the date of this Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

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Item 1. Business

The Company, formed in November 2007 as a Virginia corporation, is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the U.S. The Company has elected to be treated as a REIT for U.S. federal income tax purposes. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in urban, high-end suburban and developing markets throughout 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. The Company also owns one property leased to third parties. As of December 31, 2023, substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 16 hotel management companies, none of which are affiliated with the Company. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” The Company has no foreign operations or assets and its operating structure includes only one reportable segment. Refer to Part II, Item 8, for the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K.

Business Objectives

The Company is one of the largest hospitality REITs in the U.S., in both the number of hotels and guest rooms, with significant geographic and brand diversity. The Company’s primary business objective is to maximize shareholder value by achieving long-term growth in cash available for distributions to its shareholders. The Company has pursued and will continue to pursue this objective through the following investment strategies:

•pursuing thoughtful capital allocation with selective acquisitions and dispositions of primarily rooms-focused hotels in the upscale sector of the lodging industry;

•employing broad geographic diversification of its investments;

•franchising and collaborating with leading brands in the sector;

•utilizing strong experienced operators for its hotels and enhancing their performance with proactive asset management;

•reinvesting in the Company’s hotels to maintain their competitive advantage; and

•maintaining low leverage providing the Company with financial flexibility.

The Company has generally acquired fee simple ownership of its properties, with a focus on hotels that have or have the potential to have diverse demand generators, strong brand recognition, high levels of customer satisfaction and strong operating margins. Due to their efficient operating model and strong consumer preference, the Company concentrates on the acquisition of rooms-focused hotels. The Company’s acquisitions have been in broadly diversified markets across the U.S. to limit dependence on any one geographic area or demand generator. With an emphasis on upscale rooms-focused hotels, the Company utilizes its asset management experience and expertise to improve the quality and performance of its hotels by working with its property managers to aggressively manage revenue and expenses by benchmarking with internal and external data, using the Company’s scale to help negotiate favorable vendor contracts, engaging industry leaders in hotel management, and franchising the hotels with leading brands and actively participating with the franchisors to strengthen the brands. To maintain its competitive advantage in each market, the Company continually reinvests in its hotels. With its depth of ownership in many upscale and upper midscale rooms-focused brands and extensive experience with the Hilton and Marriott rooms-focused brands, the Company has been able to enhance its reinvestment approach. By maintaining a flexible balance sheet, with a total debt, net of cash, to total capitalization (total debt outstanding, net of cash, plus equity market capitalization based on the Company’s December 29, 2023 closing share price) ratio at December 31, 2023 of 25.4%, the Company is not only positioned to opportunistically consider investments that further improve shareholder value, but management believes it is equipped to address developments caused by adverse economic environments.

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Hotel Operating Performance

As of December 31, 2023, the Company owned 225 hotels, including two properties classified as held for sale, with a total of 29,900 rooms as compared to 220 hotels with a total of 28,983 rooms as of December 31, 2022. Operating performance is included only for the period of ownership for hotels acquired or disposed of during 2023 and 2022. During 2023, the Company acquired six hotels and did not dispose of any properties. In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms (“non-hotel property”). Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 through the end of the lease term. Results of the hotel operations for the Company’s independent boutique hotel in New York, New York are included only for the period prior to the lease agreement becoming effective in May 2023. During 2022, the Company acquired two hotels and sold one hotel. The following table reflects certain operating statistics for the Company’s hotels for their respective periods of ownership by the Company. Average Daily Rate (“ADR”) is calculated as room revenue divided by the number of rooms sold, and revenue per available room (“RevPAR”) is calculated as occupancy multiplied by ADR.

	Years Ended December 31,
	2023			2022			Percent Change
ADR	$	155.76		$	149.36			4.3	%
Occupancy		74.2	%		72.6	%		2.2	%
RevPAR	$	115.60		$	108.45			6.6	%

Comparable Hotels Operating Performance

The following table reflects certain operating statistics for the Company’s 223 hotels owned and held for use as of December 31, 2023 (“Comparable Hotels”). The Company defines metrics from Comparable Hotels as results generated by the 223 hotels owned and held for use as of the end of the reporting period. For the hotels acquired during the reporting periods shown, the Company has included, as applicable, results of those hotels for periods prior to the Company’s ownership using information provided by the properties’ prior owners at the time of acquisition and not adjusted by the Company. This information has not been audited, either for the periods owned or prior to ownership by the Company. For dispositions and assets held for sale, results have been excluded for the Company’s period of ownership.

	Years Ended December 31,
	2023			2022			Percent Change
ADR	$	156.55		$	149.62			4.6	%
Occupancy		74.2	%		72.6	%		2.2	%
RevPAR	$	116.23		$	108.67			7.0	%

Hotel performance is impacted by many factors, including the economic conditions in the U.S. and in each individual locality. The Company’s revenue and operating results improved during the year ended December 31, 2023 compared to the year ended December 31, 2022, which is consistent with the overall lodging industry. Hotel occupancy was negatively impacted in many markets by the Omicron variant of COVID-19 during the first quarter of 2022, contributing to an increase of the Company’s Comparable Hotels RevPAR of approximately 7.0% for the year ended December 31, 2023, compared to the year ended December 31, 2022. There is no way to predict future economic conditions, and there continue to be additional factors that could negatively affect the lodging industry and the Company, including but not limited to, historical seasonal trends, travel-related health concerns, deterioration of consumer sentiment, labor shortages, supply chain disruptions, a recessionary macroeconomic environment or inflationary pressures. The Company is forecasting low-to-mid single digit RevPAR growth and a slight increase in operating results for its Comparable Hotels for 2024 as compared to 2023, which is comparable to broader industry expectations. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, appearing elsewhere in this Annual Report on Form 10-K for more information on the Company’s results of operations.

Recent Investing Activities

Acquisitions and Contracts for Potential Acquisitions

The Company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value over the long term. Consistent with this strategy and the Company’s focus on investing in rooms-focused hotels, in 2023, the Company acquired six existing hotels and one free-standing parking garage for an aggregate

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purchase price of approximately $289.8 million: a 154-room Courtyard in Cleveland, Ohio, a 175-room Courtyard in Salt Lake City, Utah, a 159-room Hyatt House in Salt Lake City, Utah, a free-standing parking garage which serves both of the Salt Lake City, Utah hotels and the surrounding area, a 146-room Residence Inn in Renton, Washington, a 192-room Embassy Suites in South Jordan, Utah and a 299-room SpringHill Suites in Las Vegas, Nevada. To fund the acquisitions, the Company utilized its available cash on hand, net proceeds from sale of shares under the ATM program (as defined below) and borrowings under its $650 million revolving credit facility with an initial maturity date of July 25, 2026 (the “Revolving Credit Facility”). The Company plans to utilize its available cash, net proceeds from sale of shares under the ATM program or borrowings under its unsecured credit facilities for any future hotel acquisitions. See Note 4 title “Debt” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, appearing elsewhere in this Annual Report on Form 10-K, for a description of the Company’s unsecured credit facilities.

As of December 31, 2023, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the Nashville, Tennessee hotel currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. The Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the properties under contract if closings occur.

Dispositions and Contracts for Potential Dispositions

For its existing portfolio, the Company monitors each property’s profitability, market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided from the sale of the property. The Company did not dispose of any properties in the year ended December 31, 2023. As of December 31, 2023, the Company had an outstanding contract to sell two of its hotels, which were both sold to an unrelated third party, for a gross sales price of approximately $33.5 million in February 2024. The net proceeds from the sale of both hotels were used for general corporate purposes.

New York Independent Boutique Hotel Lease

In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term.

See Note 2 titled “Investment in Real Estate” and Note 3 titled “Assets Held for Sale and Dispositions” in Part II, Item 8, of the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K for additional information concerning these transactions.

Share Repurchases

In addition to continually considering opportunities to invest in rooms-focused hotels, the Company also monitors the trading price of its common shares and repurchases its common shares when it believes there is an opportunity to increase shareholder value. In May 2023, the Company’s Board of Directors approved a one-year extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $338.7 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $14.34 per common share for an aggregate purchase price, including commissions, of approximately $6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $335.4 million remained available for purchase under the Share Repurchase Program.

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Hotel Industry and Competition

The hotel industry is highly competitive. Each of the Company’s hotels competes for guests primarily with other hotels in its immediate vicinity and secondarily with other hotels or lodging facilities in its geographic market. An increase in the number of competitive hotels or other lodging facilities in a particular area could have a material adverse effect on the occupancy, ADR and RevPAR of the Company’s hotels in that area. The Company believes that brand recognition, location, price and quality (of both the hotel and the services provided) are the principal competitive factors affecting the Company’s hotels. Additionally, general economic conditions, both in a particular market and nationally, impact the performance of the hotel industry.

Management and Franchise Agreements

Substantially all of the Company’s hotels operate under Marriott or Hilton brands, and as of December 31, 2023, consisted of the following:

Number of Hotels and Guest Rooms by Brand
	Number of		Number of
Brand	Hotels		Rooms
Hilton Garden Inn		40		5,593
Hampton		37		4,953
Courtyard		35		4,982
Residence Inn		30		3,694
Homewood Suites		30		3,417
SpringHill Suites		10		1,544
Fairfield		10		1,213
Home2 Suites		10		1,146
TownePlace Suites		9		931
Embassy Suites		3		508
AC Hotels		3		468
Hyatt Place		3		411
Marriott		2		619
Hyatt House		2		264
Aloft		1		157
Total		225		29,900

Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under separate management agreements with 16 hotel management companies, none of which are affiliated with the Company. The management agreements generally provide for initial terms of one to 30 years and are terminable by the Company for either failure to achieve performance thresholds, upon sale of the property, or without cause. As of December 31, 2023, approximately 85% of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure, as described below, which is more common throughout the industry. Under the variable fee structure, the management fee earned for each hotel is generally within a range of 2.5% to 3.5% of gross revenues. The performance measures are based on various financial and quality performance metrics. The Company’s remaining hotels operate under a management fee structure which generally includes the payment of base management fees and an opportunity for incentive management fees. Under this structure, base management fees are calculated as a percentage of gross revenues and the incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. In addition to the above, management fees for all of the Company’s hotels generally include accounting fees and other fees for centralized services, which are allocated among all of the hotels that receive the benefit of such services.

Thirteen of the Company’s hotels are managed by affiliates of Marriott. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The franchise agreements generally provide for initial terms of approximately 10 to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. The Company pays various fees under these agreements, including the payment of royalty fees, marketing fees, reservation fees, a communications support fee, brand loyalty program fees and other similar fees based on room revenues.

The franchise and/or management agreements provide a variety of benefits for the Company, which include national advertising, publicity, and other marketing programs designed to increase brand awareness, training of personnel, continuous review of quality standards, centralized reservation systems and best practices within the industry.

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Hotel Maintenance and Renovation

Management routinely monitors the condition and operations of its hotels and plans renovations and other improvements as it deems prudent. The Company’s hotels have an ongoing need for renovation and refurbishment. To maintain and enhance each property’s competitive position in its market, the Company has invested in and plans to continue to reinvest in its hotels. During 2023, 2022 and 2021, the Company’s capital improvements for its hotels were approximately $76.8 million, $61.7 million and $25.8 million, respectively. Expenditures for 2023 were higher than 2022 and 2021 due to an increased number of capital improvement projects in 2023 compared to 2022 and 2021, as the number of projects in 2022 and 2021 were limited as a result of COVID-19. During 2024, the Company anticipates investing approximately $75 million to $85 million in capital improvements, which includes comprehensive renovation projects for approximately 20 properties.

Financing

The Company’s principal short-term sources of liquidity are the operating cash flows generated from the Company’s properties and availability under its Revolving Credit Facility. Depending on market conditions, over the long term, the Company may also receive proceeds from strategic additional secured and unsecured debt financing, dispositions of its hotel properties or issuance of common shares through equity offerings, such as the Company’s at-the-market offering program described below. The Company anticipates that funds from these sources will be adequate to meet its anticipated liquidity requirements, including required distributions to shareholders, share repurchases, capital improvements, debt service, hotel acquisitions, lease commitments, and cash management activities.

On July 19, 2023, the Company entered into an amendment of its unsecured $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

As of December 31, 2023, the Company had approximately $1.4 billion of total outstanding debt with a combined weighted-average interest rate, including the effect of interest rate swaps, of approximately 4.26%, consisting of approximately $283.0 million in outstanding mortgage debt secured by 15 properties, with maturity dates ranging from August 2024 to May 2038 and stated interest rates ranging from 3.40% to 4.46%, and approximately $1.1 billion in outstanding debt under its unsecured credit facilities with maturity dates ranging from July 2024 to March 2030 and effective interest rates, including the effect of interest rate swaps, ranging from 2.61% to 7.15%.

The Company’s unused borrowing capacity under its Revolving Credit Facility as of December 31, 2023 was $650 million, which is available for acquisitions, hotel renovations, share repurchases, working capital and other general corporate funding purposes, including the payment of distributions to shareholders. The Company has historically maintained and plans in the future to maintain relatively low leverage as compared to the real estate industry as a whole and the lodging sector in particular. The Company’s ratio of total debt, net of cash, to total capitalization (total debt outstanding, net of cash, plus equity market capitalization based on the Company's December 29, 2023 closing share price) ratio as of December 31, 2023 was 25.4%. The Company intends to maintain staggered maturities of its debt, utilize unsecured debt when available and fix the rate on a portion of its debt. All of these strategies reduce shareholder risk related to the Company’s financing structure.

See Note 4 title “Debt” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, appearing elsewhere in this Annual Report on Form 10-K, for a description of the Company’s debt instruments as of December 31, 2023 and a summary of the financial and restrictive covenants as defined in the credit agreements.

The Company has a universal shelf registration statement on Form S-3 (No. 333-262915) that was automatically effective upon filing on February 23, 2022. The Company may offer an indeterminate number or amount, as the case may be, of (1) common shares, no par value per share; (2) preferred shares, no par value per share; (3) depository shares representing the Company’s preferred shares; (4) warrants exercisable for the Company’s common shares, preferred shares or depository shares representing preferred shares; (5) rights to purchase common shares; and (6) unsecured senior or subordinate debt securities, all of which may be issued from time to time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act.

On August 12, 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”) under the Company’s prior shelf registration statement and the current shelf registration statement described above. During the year ended December 31, 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately $17.05 per common share and received aggregate gross proceeds of approximately $218.6 million and proceeds net of offering costs, which included $2.6 million of commissions, of approximately $216.0 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under the Revolving Credit Facility, acquisitions of hotel properties and for general corporate purposes. No shares were sold under the Company’s ATM Program during the year ended December 31, 2022. As of December 31, 2023, approximately $5.3 million remained available for issuance under the ATM Program.

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The Company plans to use future net proceeds from the sale of shares under the ATM Program, or under a similar successor program, for general corporate purposes which may include, among other things, acquisitions of hotel properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties.

Distribution Policy

The Company plans to continue to pay distributions on a monthly basis, with distributions based on anticipated cash generated from operations. The Company attempts to set a rate that can be consistent over a period of time as it forecasts its cash available from operations. The Company’s annualized distribution rate was $0.96 per common share at December 31, 2023. In addition to the regular monthly cash distribution of $0.08 per common share approved by the Board of Directors in December 2023, the Board of Directors approved a special cash distribution of $0.05 per common share for a combined distribution of $0.13 per common share, paid in January 2024, to shareholders of record as of December 29, 2023. While management expects monthly cash distributions to continue, each distribution is subject to approval by the Company’s Board of Directors and there can be no assurance of the classification, timing or duration of distributions at the current distribution rate. The Company’s Board of Directors, in consultation with management, will continue to monitor hotel operations and the timing and level of distributions in relation to the Company’s other cash requirements or in order to maintain its REIT status for U.S. federal income tax purposes. If cash flows from operations and the Revolving Credit Facility are not adequate to meet liquidity requirements, the Company may utilize additional financing sources to make distributions as necessary to maintain its REIT status. As it has done historically, due to seasonality, the Company may use its Revolving Credit Facility to maintain consistency of the distribution rate, taking into consideration any acquisitions, dispositions, capital improvements and economic cycles. Although the Company has relatively low levels of debt, there can be no assurance it will be successful with this strategy and may need to reduce its distributions to required levels to maintain its REIT status. If the Company were unable to extend its maturing debt in future periods or if it were to default on its debt, it may be unable to make distributions.

Insurance

The Company maintains insurance coverage for general liability, property, business interruption, cyber threats and other risks with respect to all of its hotels. These policies offer coverage features and insured limits that the Company believes are customary for similar types of properties in similar locations. However, various types of catastrophic losses, like earthquakes, hurricanes, or certain types of terrorism, may not be insurable or may not be economically insurable.

Corporate Responsibility

The Company’s environmental, social and governance strategy aims to enhance long-term value for its shareholders through responsible investment in sustainable and equitable practices at the corporate and property levels that: strengthen the resilience of the Company and its hotels while minimizing its overall environmental impact and enhancing the value of its assets; encourage stakeholder engagement and advance human capital; and make positive contributions throughout the Company, the hotel industry, its local community and the many communities its hotels serve.

The Company’s Corporate Responsibility Report, issued in December 2023, provides further detail of the Company’s environmental, social and governance progress, and can be found on the Company’s website at www.applehospitalityreit.com. The contents of the Company’s Corporate Responsibility Report are not incorporated by reference into this Annual Report on Form 10-K and do not form a part of this Form 10-K.

Environmental Stewardship and Sustainability

The environment is a key consideration in the operations of the Company’s hotels. The Company actively monitors key performance indicators of energy, water and waste at its properties, utilizing historical, market and industry data to identify properties where improvements can be made, and works with its management companies to address the opportunities. The Company is committed to enhancing and incorporating sustainability opportunities into its investment and asset management strategies, with a focus on minimizing its environmental impact.

To enhance its commitment to sustainable operations, the Company established a formal energy management program in 2018 to ensure that energy, water and waste management are a priority not only within the Company, but also with the Company's third-party management companies and brands. Developed jointly with the Company’s third-party energy consultants, this program provides its hotels and management companies with operating guidelines designed to consistently use energy and water responsibly across the entire portfolio. The Company seeks to invest in proven sustainability practices when renovating its hotels and in portfolio-wide capital projects that can enhance asset value while also improving environmental performance. The Company targets specific environmental efficiency enhancements, including equipment upgrades and replacements, that reduce energy and water usage and

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improve waste management. As part of its acquisition due diligence, the Company performs sustainability assessments to identify areas of opportunity that will improve the property’s environmental performance.

Social Responsibility

The Company is firmly committed to strengthening communities through charitable giving and by volunteering time and talents. The Company is dedicated to making a positive impact throughout its organization, the hotel industry, its local community and the many communities its hotels serve. In 2017, the Company formed Apple Gives, an employee-led charitable initiative, to expand its impact and further advance the achievement of its corporate philanthropic goals. Apple Gives collaborates with organizations that are important to the Company’s employees, its third-party management companies, its hotels and numerous industry organizations, including the American Hotel & Lodging Association (“AHLA”), and works to make a positive impact across the Company’s community and the communities its hotels serve. More specifically, Apple Gives organizes company-wide community events with charitable organizations, deploys aid to markets and associates affected by natural disasters, and allocates funds and other resources to a variety of causes.

Human Capital

The Company believes that each of its 63 team members (as of December 31, 2023) plays a vital role in the success of the organization. The Company believes the physical and mental health, safety and well-being of its employees, the associates at its hotels and its hotel guests are critical to the continued success of its business. The Company aims to provide an inspiring, diverse, equitable and inclusive work environment where employees feel valued, empowered and encouraged to make positive differences within the Company and throughout their communities, with a belief that the most successful management provides clear leadership while empowering the team to make timely and responsible decisions and to take actions necessary to achieve exceptional operating results. The Company is committed to diversity, equity and inclusion and does not tolerate discrimination or harassment in the workplace.

The Company offers competitive compensation and benefits, a flexible leave policy, fully paid parental leave for up to 12 weeks for primary caregivers and three weeks for secondary caregivers for the birth or adoption of a new child, financial assistance for adoption of a new child, a tuition reimbursement program, and a culture that encourages balance of work and personal life. The Company provides its employees with two days paid leave each year for volunteer work and donation matching to support non-profit organizations. The Company emphasizes an open-door policy for communications and conducts regular employee satisfaction surveys and annual performance reviews, which provide the opportunity for continuous improvement.

The Company is committed to working safely and maintaining a safe workplace in compliance with cleanliness guidelines set forth by the Centers for Disease Control and Prevention (CDC), and in compliance with applicable Occupational Safety and Health Act (OSHA) standards.

The Company has implemented various initiatives to ensure the Company remains inclusive, equitable and supportive for all, including a formal online training program that all employees of the Company are required to complete annually for the prevention of discrimination and harassment in the workplace, including unconscious bias.

During 2023, all employees involved in the day-to-day operation of the Company’s hotels were employed by one of 16 third-party management companies engaged pursuant to the hotel management agreements.

Seasonality

The hotel industry historically has been seasonal in nature. Seasonal variations in occupancy at the Company’s hotels may cause quarterly fluctuations in its revenues. Generally, occupancy rates and hotel revenues for the Company’s hotels are greater in the second and third quarters than in the first and fourth quarters. However, due to the effects of COVID-19, these typical seasonal patterns were disrupted until 2023. In the first quarter of 2022, the Company experienced lower than expected operating results due to the Omicron variant of COVID-19 along with the typical seasonal decrease associated with the first quarter. Since that time, the seasonal variability has recovered to its pre-COVID-19 trend. To the extent that cash flow from operations is insufficient during any quarter due to temporary or seasonal fluctuations in revenue, the Company expects to utilize cash on hand or available financing sources to meet cash requirements.

Related Parties

The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions were conducted with non-related parties. Certain employees of the Company also provide support services to Apple Realty Group,

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Inc. (“ARG”), which is wholly owned by Glade M. Knight, Executive Chairman of the Company. ARG reimburses the Company for the support services that it receives.

See Note 6 titled “Related Parties” in Part II, Item 8, of the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K for additional information concerning the Company’s related party transactions.

Website Access

The address of the Company’s website is www.applehospitalityreit.com. The Company makes available free of charge through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the SEC. Information contained on the Company’s website is not incorporated by reference into this report. The Company’s website also is a key source of important information about the Company. The Company routinely posts to the Investor Information section of its website important information about its business, operating results and financial condition and prospects, including, for example, information about material acquisitions and dispositions, earnings releases and the Company’s Corporate Responsibility Report. The Company also posts to its website copies of investor presentations, which contain important information about the Company, and it updates those presentations periodically. The website has a Corporate Governance page in the Investor Information section that includes, among other things, copies of the Company’s Code of Business Conduct and Ethics, Corporate Governance Guidelines and the charters for each standing committee of the Company’s Board of Directors. Please note that the information contained on the Company’s website is not incorporated by reference in, or considered to be a part of, this report or any other document, unless expressly incorporated by reference therein.

Item 1A. Risk Factors

The Company has identified the following significant risk factors which may affect, among other things, the Company’s business, financial position, results of operations, operating cash flows, market value, and ability to service its debt obligations and make distributions to its shareholders. You should carefully consider the risks described below and the risks disclosed by the Company in other filings with the SEC, in addition to the other information contained in this Annual Report on Form 10-K.

Risks Related to the Company’s Business and Operations

The Company is subject to various risks which are common to the hotel industry on a national, regional and local market basis that are beyond its control and could adversely affect its business.

The success of the Company’s hotels depends largely on the hotel operators’ ability to adapt to dominant trends and risks in the hotel industry, both nationally and in individual local markets. These risks could adversely affect hotel occupancy and the rates that can be charged for hotel rooms as well as hotel operating expenses. The following is a summary of risks that may affect the hotel industry in general and as a result may affect the Company:

•over-building of hotels in the markets in which the Company operates, resulting in an increase in supply of hotel rooms that exceeds increases in demand;

•competition from other hotels and lodging alternatives in the markets in which the Company operates;

•a downturn in the hospitality industry;

•dependence on business and leisure travel;

•increases in energy costs and other travel expenses, which may affect travel patterns and reduce business and leisure travel;

•reduced business and leisure travel due to geo-political uncertainty, including terrorism and acts of war, travel-related health concerns, including widespread outbreaks of infectious or contagious diseases in the U.S., inclement weather conditions, including natural disasters such as hurricanes, earthquakes and wildfires, and government shutdowns, airline strikes or equipment failures, or other disruptions;

•reduced travel due to adverse national, regional or local economic and market conditions;

•seasonality of the hotel industry may cause quarterly fluctuations in operating results;

•changes in marketing and distribution for the hospitality industry, including the cost and the ability of third-party internet and other travel intermediaries to attract and retain customers;

•changes in hotel room demand generators in a local market;

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•ability of a hotel franchise to fulfill its obligations to franchisees;

•brand expansion;

•the performance of third-party managers of the Company’s hotels;

•increases in operating costs, including ground lease payments, renovation projects, property and casualty insurance, utilities and real estate and personal property taxes, due to inflation, climate change and other factors that may not be offset by increases in room rates or room revenue;

•inflation which could adversely affect consumer confidence thereby reducing consumer purchasing power and demand for lodging;

•labor shortages and other increases in the cost of labor due to low unemployment rates or to government regulations surrounding work rules, wage rates, health care coverage, immigration policies and other benefits;

•supply chain disruptions and broader inflationary pressures throughout the overall economy and global tensions driving shortages and cost increases for materials and supplies such as food and equipment;

•changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with applicable laws and regulations;

•claims, litigation and threatened litigation from guests, visitors to the Company’s hotel properties, contractors, sub-contractors, government agencies and others;

•business interruptions, regulatory costs and equipment loss due to cyber-attacks and other technological events;

•requirements for periodic capital reinvestment to repair and upgrade hotels;

•limited alternative uses for hotel buildings; and

•condemnation or uninsured losses.

Any of these factors, among others, may reduce the Company’s operating results, the value of the properties that the Company owns, and the availability of capital to the Company.

Economic conditions in the U.S. and individual markets may adversely affect the Company’s business operations and financial performance.

The performance of the lodging industry has historically been highly cyclical and closely linked to the performance of the general economy both nationally and within local markets in the U.S. The lodging industry is also sensitive to government, business and personal discretionary spending levels. Declines in government and corporate budgets and consumer demand due to adverse general economic conditions, risks affecting or reducing travel patterns, lower consumer confidence or adverse political conditions may lower the revenue and profitability of the Company’s hotels and therefore the net operating profits of its investments. An economic downturn or prolonged economic recession, including lower GDP growth, corporate earnings, consumer confidence, employment rates, income levels and personal wealth, may lead to a significant decline in demand for products and services provided by the lodging industry, lower occupancy levels, significantly reduced room rates, and declines in RevPAR. The Company cannot predict the pace or duration of an economic recession or cycle or the cycles of the lodging industry. In the event conditions in the industry deteriorate or do not continue to see sustained improvement, or there is an extended period of economic weakness, the Company’s revenue and profitability could be adversely affected. Furthermore, even if the economy in the U.S. improves, the Company cannot provide any assurances that demand for hotels will increase from current levels, nationally or more specifically, where the Company’s properties are located.

In addition, many of the expenses associated with the Company’s business, including certain personnel costs, interest expense, ground leases, property taxes, insurance and utilities, are relatively fixed. These hotel operating expenses may not decrease when hotel revenues decrease, and some expenses, such as wages, utilities and insurance, may also increase due to factors unrelated to hotel operating performance, such as inflation rates. During a period of overall economic weakness, if the Company is unable to meaningfully decrease these costs as demand for its hotels decreases, or increase room rates to account for higher than expected costs, the Company’s business operations and financial performance may be adversely affected.

The Company is affected by restrictions in, and compliance with, its franchise and license agreements.

The Company’s wholly-owned taxable REIT subsidiaries (“TRSs”) (or subsidiaries thereof) operate substantially all of its hotels pursuant to franchise or license agreements with nationally recognized hotel brands. These franchise and license agreements contain specific standards for, and restrictions and limitations on, the operation and maintenance of the Company’s hotels in order to maintain

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uniformity within the franchisor system. The Company may be required to incur costs to comply with these standards and these standards could potentially conflict with the Company’s ability to create specific business plans tailored to each property and to each market. Failure to comply with these brand standards may result in termination of the applicable franchise or license agreement. In addition, as the Company’s franchise and license agreements expire, the Company may not be able to renew them on favorable terms, or at all. If the Company were to lose or was unable to renew a franchise or license agreement, the Company would be required to re-brand the hotel, which could result in a decline in the value of the hotel, the loss of marketing support and participation in guest loyalty programs, and harm to the Company’s relationship with the franchisor, impeding the Company’s ability to operate other hotels under the same brand. Additionally, the franchise and license agreements have provisions that could limit the Company’s ability to sell or finance a hotel which could further affect the Company.

Substantially all of the Company’s hotels operate under Marriott or Hilton brands; therefore, the Company is subject to risks associated with concentrating its portfolio in these brand families.

Substantially all of the Company’s hotels operate under brands owned by Marriott or Hilton. As a result, the Company’s success is dependent in part on the continued success of Marriott and Hilton and their respective brands. The Company believes that building brand value is critical to increase demand and strengthen customer loyalty. Consequently, if market recognition or the positive perception of any of these brands is reduced or compromised, the goodwill associated with the Marriott or Hilton branded hotels in the Company’s portfolio may be adversely affected. Also, if Marriott or Hilton alter certain policies, including their respective guest loyalty programs, this could reduce the Company’s future revenues. Furthermore, if the Company’s relationship with Marriott or Hilton were to deteriorate or terminate as a result of disputes regarding the Company’s hotels or for other reasons, the franchisors could, under certain circumstances, terminate the Company’s current franchise licenses with them or decline to provide franchise licenses for hotels that the Company may acquire in the future. If any of the foregoing were to occur, it could have a material adverse effect on the Company.

Although substantially all of the Company’s hotels operate under the brands noted above, the Company may from time to time acquire independent hotels or hotels affiliated with other brands, and/or may choose to operate hotels independently of a brand if the Company believes that these properties will operate most effectively as independent hotels. However, without the support and recognition of a large established brand, the capability of these independent or less recognized branded hotels to market the hotel, maintain guest loyalty, attract new guests, and operate in a cost-effective manner may be difficult, which could adversely affect the Company’s overall operating results.

Competition in the markets where the Company owns hotels may adversely affect the Company’s results of operations.

The hotel industry is highly competitive. Each of the Company’s hotels competes for guests primarily with other hotels in its immediate vicinity and secondarily with other hotels in its geographic market. The Company also competes with numerous owners and operators of vacation ownership resorts, as well as alternative lodging companies, including third-party providers of short-term rental properties and serviced apartments that can be rented on a nightly, weekly or monthly basis. An increase in the number of competitive hotels, vacation ownership resorts and alternative lodging arrangements in a particular area could have a material adverse effect on the occupancy, ADR and RevPAR of the Company’s hotels in that area and lower the Company’s revenue and profitability.

The Company is dependent on third-party hotel managers to operate its hotels and could be adversely affected if such management companies do not manage the hotels successfully.

To maintain its status as a REIT, the Company is not permitted to operate any of its hotels. As a result, the Company has entered into management agreements with third-party managers to operate its hotels. For this reason, the Company’s ability to direct and control how its hotels are operated is less than if the Company were able to manage its hotels directly. Under the terms of the hotel management agreements, the Company’s ability to participate in operating decisions regarding its hotels is limited to certain matters, and it does not have the authority to require any hotel to be operated in a particular manner (for instance, setting room rates). The Company does not supervise any of the hotel managers or their respective personnel on a day-to-day basis. The Company cannot be assured that the hotel managers will manage its hotels in a manner that is consistent with their respective obligations under the applicable management agreement or the Company’s obligations under its hotel franchise agreements. The Company could be materially and adversely affected if any of its third-party managers fail to effectively manage revenues and expenses, provide quality services and amenities, or otherwise fail to manage its hotels in its best interest, and may be financially responsible for the actions and inactions of the managers. In certain situations, based on the terms of the applicable management agreement, the Company or manager may terminate the agreement. In the event that any of the Company’s management agreements are terminated, the Company can provide no assurance that it could identify a replacement manager, that the franchisor will consent to the replacement manager in a timely manner, or at all, or that the replacement manager will manage the hotel successfully. A failure by the Company’s hotel managers to successfully manage its hotels could lead to an increase in its operating expenses, a decrease in its revenues, or both.

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Furthermore, if one of the Company’s third-party managers is financially unable or unwilling to perform its obligations pursuant to its management agreements with the Company, the Company’s ability to find a replacement manager or managers for those properties could be costly and time-consuming for the Company and disrupt hotel operations which could materially and adversely affect the Company. In addition, at any given time, the Company may become engaged in disputes or litigation with one or more of its third-party managers or franchisors arising from contractual and other disagreements that could make the Company liable to them or result in litigation costs or other expenses.

Labor shortages and increased labor costs could cause significant increases to the Company’s operating costs and decreases to the Company’s operating revenues.

The Company’s third-party hotel managers are responsible for hiring and maintaining the labor force at each of the Company’s hotels. Although the Company does not directly employ or manage employees at its hotels, the Company is still subject to many of the costs and risks generally associated with the hotel labor force. Labor costs can increase due to many factors, including but not limited to, a shortage of hospitality workers, increased dependence on contract workers, increased wages and employee benefit costs, changes in laws and regulations, increased labor turnover and increases in a unionized labor force. Significant labor shortages could prohibit the Company from operating its hotels at full capacity which could result in a decrease in operating revenues. An increased exposure to a unionized labor force could lead to labor disputes, causing higher labor costs, either by increases in wages or benefits or by changes in local labor regulations that raise hotel operating costs.

The growing use of non-franchisor lodging distribution channels could adversely affect the Company’s business and profitability.

Although a majority of rooms sold are sold through the hotel franchisors’ distribution channels, many are sold through other channels or intermediaries. Rooms sold through non-franchisors’ channels are generally less profitable (after associated fees) than rooms sold through franchisors’ channels. Although the Company’s franchisors may have established agreements with many of these alternative channels or intermediaries that limit transaction fees for hotels, there can be no assurance that the Company’s franchisors will be able to renegotiate such agreements upon their expiration with terms as favorable as the provisions that exist today. Moreover, alternative channels or intermediaries may employ aggressive marketing strategies, including expending significant resources for online and television advertising campaigns to drive consumers to their websites. As a result, consumers may develop brand loyalties to the intermediaries’ offered brands, websites and reservations systems rather than to those of the Company’s franchisors. If this happens, the Company’s business and profitability may be materially and adversely affected.

Renovations and capital improvements at the Company’s existing hotels or new hotel developments may reduce the Company’s profitability.

The Company has ongoing needs for hotel renovations and capital improvements, including maintenance requirements and updates to brand standards under all of its hotel franchise and management agreements and certain loan agreements. In addition, from time to time, the Company will need to make renovations and capital improvements to comply with applicable laws and regulations, to remain competitive with other hotels and to maintain the economic value of its hotels. As properties increase in age, the frequency and cost of renovations needed to maintain appealing facilities for hotel guests may increase. The Company may also need to make significant capital improvements to hotels that it acquires, or may be involved in the development of new hotels. Construction delays and cost overruns, including increases in the cost of labor, goods and materials and delays and cost increases caused by supply chain disruptions, have increased and may continue to increase renovation or development costs for the Company and have delayed and may in the future delay the acquisition or opening of hotels or the length of time that rooms are out of service. Occupancy and ADR are often affected during periods of renovations and capital improvements at a hotel, especially if the Company encounters delays, or if the improvements require significant disruption at the hotel. The costs of renovations and capital improvements the Company needs or chooses to make at the Company’s existing hotels, or the costs related to the development of new hotels, could reduce the funds available for other purposes and may reduce the Company’s profitability.

Certain hotels are subject to ground leases that may affect the Company’s ability to use the hotel or restrict its ability to sell the hotel.

As of December 31, 2023, 14 of the Company’s hotels were subject to ground leases. Accordingly, the Company effectively only owns a long-term leasehold interest in these hotels. If the Company is found to be in breach of a ground lease, it could lose the right to use the hotel. In addition, unless the Company can purchase a fee interest in the underlying land or renew the terms of these leases before their expiration, as to which no assurance can be given, the Company will lose its right to operate these properties and its interest in the property, including any investment that it made in the property. The Company’s ability to exercise any extension options relating to its ground leases is subject to the condition that the Company is not in default under the terms of the ground lease at the time that it exercises such options, and the Company can provide no assurances that it will be able to exercise any available options at such time. If the Company were to lose the right to use a hotel due to a breach or non-renewal of a ground lease, it would be

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unable to derive income from such hotel. Finally, the Company may not be permitted to sell or finance a hotel subject to a ground lease without the consent of the lessor.

The Company may not be able to complete hotel dispositions when and as anticipated.

The Company continually monitors the profitability, market conditions, and capital requirements of its hotels and attempts to maximize shareholder value by timely disposal of its hotels. Real estate investments are, in general, relatively difficult to sell due to, among other factors, the size of the required investment and the volatility in availability of adequate financing for a potential buyer. This illiquidity will tend to limit the Company’s ability to promptly vary its portfolio in response to changes in economic or other conditions. Additionally, factors specific to an individual property, such as its specific market and operating performance, restrictions in franchise and management agreements, debt secured by the property, a ground lease, or capital expenditure needs may further increase the difficulty in selling a property. Therefore, the Company cannot predict whether it will be able to sell any hotels on acceptable terms, or at all. In addition, provisions of the Code relating to REITs have certain limits on the Company’s ability to sell hotels.

Real estate impairment losses may adversely affect the Company’s financial condition and results of operations.

As a result of changes in an individual hotel’s operating results or to the Company’s planned hold period for a hotel, the Company may be required to record an impairment loss for a property. The Company analyzes its hotel properties individually for indicators of impairment throughout the year. The Company records an impairment loss on a hotel property if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective property over its estimated remaining useful life, based on historical and industry data, is less than the property’s carrying amount. Indicators of impairment include, but are not limited to, a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable.

The Company’s failure to identify and complete accretive acquisitions may adversely affect the profitability of the Company.

The Company’s business strategy includes identifying and completing accretive hotel acquisitions. The Company competes with other investors who are engaged in the acquisition of hotels, and these competitors may affect the supply and demand dynamics and, accordingly, increase the price the Company must pay for hotels it seeks to acquire, or these competitors may succeed in acquiring those hotels. Any delay or failure on the Company’s part to identify, negotiate, finance on favorable terms, consummate and integrate such acquisitions could materially impede the Company’s growth. The Company may also incur costs that it cannot recover if it abandons a potential acquisition. Also, if the Company does not reinvest proceeds received from hotel dispositions into new properties in a timely manner, the Company’s profitability could be negatively impacted. The Company’s profitability may also suffer because future acquisitions of hotels may not yield the returns the Company expects and the integration of such acquisitions may disrupt the Company’s business or may take longer than projected. Furthermore, the Company may be subject to unknown or contingent liabilities related to hotels it acquires.

The Company’s inability to obtain financing on favorable terms or pay amounts due on its financing may adversely affect the Company’s operating results.

Although the Company anticipates maintaining relatively low levels of debt, it may periodically use financing to acquire properties, perform renovations to its properties, or make shareholder distributions or share repurchases in periods of fluctuating income from its properties. The credit markets have historically been volatile and subject to increased regulation, and as a result, the Company may not be able to obtain debt financing to meet its cash requirements, including refinancing any scheduled debt maturities, which may adversely affect its ability to execute its business strategy. If the Company refinances debt, such refinancing may not be in the same amount or on terms as favorable as the terms of the existing debt being refinanced. If the Company is unable to refinance its debt, it may be forced to dispose of hotels or issue equity at inopportune times or on disadvantageous terms, which could result in higher costs of capital.

The Company is also subject to risks associated with increases in interest rates with respect to the Company’s variable-rate debt which could reduce cash from operations and adversely affect its ability to make distributions to shareholders. In addition, the Company has used interest rate swaps to manage its interest rate risks on a portion of its variable-rate debt, and in the future, it may use hedging arrangements, such as interest rate swaps, to manage its exposure to interest rate volatility. The Company’s actual hedging decisions are determined in light of the facts and circumstances existing at the time of the hedge. There is no assurance that the Company’s hedging strategy will achieve its objectives, and the Company may be subject to costs, such as transaction fees or breakage costs, if it terminates these hedging arrangements.

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Loans under the Company’s Revolving Credit Facility and term loan agreements may bear interest based on SOFR, but experience with SOFR based loans is limited.

The Company’s Revolving Credit Facility and term loan agreements currently bear interest at rates based on the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (“SOFR”) plus prescribed margins. The use of SOFR based rates replaced rates based on the London Interbank Offered Rate (“LIBOR”), and reflects the cessation of the publication of LIBOR rates previously announced by regulators in the United Kingdom and the discontinuation of the use of LIBOR in the financial markets. The use of SOFR based rates may result in interest rates and/or payments that are higher or lower than the rates and payments that the Company experienced under its prior credit facilities or term loan agreements where interest rates were based on LIBOR. Also, the use of SOFR based rates is relatively new, and there could be unanticipated difficulties or disruptions with the calculation and publication of SOFR based rates.

Compliance with financial and other covenants in the Company’s existing or future debt agreements may reduce operational flexibility and create default risk.

The Company’s existing indebtedness, whether secured by mortgages on certain properties or unsecured, contains, and indebtedness that the Company may enter into in the future likely will contain, customary covenants that may restrict the Company’s operations and limit its ability to enter into future indebtedness. In addition, the Company’s ability to borrow under its unsecured credit facilities is subject to compliance with its financial and other covenants, including, among others, a minimum tangible net worth, maximum debt limits, minimum interest and fixed charge coverage ratios, and restrictions on certain investments. The Company’s failure to comply with the covenants in its existing or future indebtedness, or its inability to make required principal and interest payments, could cause a default under the applicable debt agreement, which could result in the acceleration of the debt, requiring the Company to repay such debt with capital obtained from other sources, which may not be available to the Company or may only be available on unfavorable terms.

If the Company defaults on its secured debt, lenders may take possession of the property or properties securing such debt. As a general policy, the Company seeks to obtain mortgages securing indebtedness which encumber only the particular property to which the indebtedness relates, but recourse on these loans may include all of its assets. If recourse on any loan incurred by the Company to acquire or refinance any particular property includes all of its assets, the equity in other properties could be reduced or eliminated through foreclosure on that loan. If a loan is secured by a mortgage on a single property, the Company could lose that property through foreclosure if it defaults on that loan. If the Company defaults under a loan, it is possible that it could become involved in litigation related to matters concerning the loan, and such litigation could result in significant costs for the Company. Additionally, defaulting under a loan may damage the Company’s reputation as a borrower and may limit its ability to secure financing in the future.

Pandemics and other health crises could negatively impact the Company’s business, financial performance and condition, operating results and cash flows.

Pandemics, such as COVID-19, as well as both future widespread and localized outbreaks of infectious diseases and other health concerns, and the measures taken to prevent the spread or lessen the impact, could cause a material disruption to the hotel industry or the economy as a whole. COVID-19 disrupted the industry and dramatically reduced business and impacted leisure travel from March 2020 into 2022, which disrupted the Company’s business and had a significant adverse effect, and a similar outbreak could, in the future, significantly adversely impact and disrupt its business, financial performance and condition, operating results and cash flows. Additional factors that may negatively impact the Company’s ability to operate successfully as a result of a pandemic, include, among others:

•sustained negative consumer or business sentiment or corporate travel policy restrictions, which could further adversely impact demand for lodging;

•postponement and cancellation of events, including sporting events, conferences and meetings;

•hotel closures and the Company’s ability to reopen hotels that are temporarily closed in a timely manner, and its ability to attract customers to its hotels when they are able to reopen;

•a severe disruption or instability in the global financial markets or deterioration in credit and financing conditions;

•increased costs and potential difficulty accessing supplies related to personal protective equipment, increased sanitation, social distancing and other mitigation measures at hotels; and

•increased labor costs to attract employees due to perceived risk of exposure to an infectious disease or virus, as well as potential for increased workers’ compensation claims if hotel employees are exposed to such diseases or viruses in the workplace.

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Moreover, many risk factors set forth in this Annual Report on Form 10-K would be heightened as a result of another potential pandemic. The full extent of the impact of a pandemic on the Company’s business is largely uncertain and dependent on a number of factors beyond its control, and the Company is not able to estimate with any degree of certainty the effect a pandemic or measures intended to curb its spread could have on the Company’s business, results of operations, financial condition, and cash flows.

Technology is used in operations, and any material failure, inadequacy, interruption or security failure of that technology from cyber-attacks or other events could harm the Company’s business.

The Company and its hotel managers and franchisors rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, personally identifiable information, reservations, billing and operating data. The Company and its hotel managers and franchisors rely on commercially available and internally developed systems, software, tools and monitoring to provide security for processing, transmission and storage of confidential operator and customer information, such as personally identifiable information, including information relating to financial accounts. A number of hotels, hotel management companies, and brands have been subject to successful cyber-attacks, including those seeking guest credit card information. Moreover, the risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, nation-state affiliated actors and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. It is possible that the safety and security measures taken by the Company and its hotel managers and franchisors will not be able to prevent damage to the systems, the systems’ improper functioning, or the improper access or disclosure of personally identifiable information.

Security breaches, whether through physical or electronic break-ins, cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to emails, social engineering or phishing schemes, can create system disruptions, shutdowns, deployment of ransomware, theft of the Company’s data, or unauthorized disclosure of confidential information. Any failure to maintain proper function, security and availability of information systems could interrupt operations, interfere with the Company’s ability to comply with financial reporting requirements, damage the reputations of the Company, the Company’s hotel managers or franchisors, and subject the Company to liability claims or regulatory penalties that may not be fully covered by insurance, all of which could have a material adverse effect on the business, financial condition and results of operations of the Company.

Potential losses not covered by insurance may adversely affect the Company’s financial condition.

The Company maintains comprehensive insurance coverage for general liability, property, business interruption and other risks with respect to all of its hotels. These policies offer coverage features and insured limits that the Company believes are customary for similar types of properties. There are no assurances that coverage will be available or at reasonable rates in the future. Also, various types of catastrophic losses, like earthquakes, hurricanes and other storms, wildfires, or certain types of terrorism, may not be insurable or may not be economically insurable for all or certain locations. Even when insurable, these policies may have high deductibles and/or high premiums. Additionally, although the Company may be insured for a particular loss, the Company is not insured against the impact a catastrophic event may have on the hospitality industry as a whole. There also can be risks such as certain environmental hazards that may be deemed to fall outside of the coverage. In the event of a substantial loss, the Company’s insurance coverage may not be sufficient to cover the full current market value or replacement cost of its lost investment. Should an uninsured loss or a loss in excess of insured limits occur, the Company could lose all or a portion of the capital it has invested in a hotel, as well as the anticipated future revenue from the hotel. In that event, the Company might nevertheless remain obligated for any mortgage debt or other financial obligations related to the hotel. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also prevent the Company from using insurance proceeds to replace or renovate a hotel after it has been damaged or destroyed. The Company also may encounter challenges with an insurance provider regarding whether it will pay a particular claim that the Company believes to be covered under the relevant policy. Under those circumstances, the insurance proceeds the Company receives might be inadequate to restore its economic position in the damaged or destroyed hotel. Additionally, as a result of substantial claims, insurance carriers may reduce insured limits and/or increase premiums, if insurance coverage is provided at all, in the future. Any of these or similar events could have a material adverse effect on the Company’s financial condition and results of operations.

The Company faces possible risks associated with the physical effects of, and laws and regulations related to, climate change.

The Company is subject to the risks associated with the physical effects of climate change, which could include more frequent or severe storms, droughts, wildfires, hurricanes, flooding, and utility outages, any of which could have a material adverse effect on the Company’s properties, operations and business. To the extent climate change causes changes in weather patterns, the markets in which the Company operates could experience increases in storm intensity and rising sea levels causing damage to the Company’s properties. Over time, these conditions could result in declining hotel demand or the Company’s inability to operate the affected hotels at all. Climate change also may have indirect effects on the Company’s business by increasing the cost of (or making unavailable) property insurance on terms the Company finds acceptable, as well as increasing the cost of renovations, energy and water at its

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properties. The federal government and some of the states and localities in which the Company operates have enacted certain climate change laws and regulations and/or have begun regulating carbon footprints and greenhouse gas emissions and may enact new laws in the future. Although these laws and regulations have not had any known material adverse effect on the Company to date, they could impact companies with which the Company does business or result in substantial costs to the Company, including compliance costs, construction costs, monitoring and reporting costs, and capital expenditures for environmental control facilities and other new equipment. Climate change, and any future laws and regulations, or future interpretations of current laws and regulations, could have a material adverse effect on the Company.

The Company could incur significant, material costs related to government regulation and litigation with respect to environmental matters, which could have a material adverse effect on the Company.

The Company’s hotels are subject to various U.S. federal, state and local environmental laws that impose liability for contamination. Under these laws, governmental entities have the authority to require the Company, as the current owner of a hotel, to perform or pay for the cleanup of contamination (including hazardous substances, asbestos and asbestos-containing materials, waste, petroleum products or mold) at, on, under or emanating from the hotel and to pay for natural resource damages arising from such contamination. Such laws often impose liability without regard to whether the owner or operator or other responsible party knew of, or caused such contamination, and the liability may be joint and several. Because these laws also impose liability on persons who owned or operated a property at the time it became contaminated, it is possible the Company could incur cleanup costs or other environmental liabilities even after it sells or no longer operates hotels. Contamination at, on, under or emanating from the Company’s hotels also may expose it to liability to private parties for the costs of remediation, personal injury and/or property damage. In addition, environmental laws may create liens on contaminated sites in favor of the government for damages and costs required to address such contamination. If contamination is discovered on the Company’s properties, environmental laws also may impose restrictions on the manner in which the properties may be used or businesses may be operated, and these restrictions may require substantial expenditures. Moreover, environmental contamination can affect the value of a property and, therefore, an owner’s ability to borrow funds using the property as collateral or to sell the property on favorable terms, or at all. Furthermore, if, as part of the remediation of a contaminated property, the Company were to dispose of certain waste products at a waste disposal facility, such as a landfill or an incinerator, the Company may be liable for costs associated with the cleanup of that facility.

In addition, the Company’s hotels are subject to various U.S. federal, state, and local environmental, health and safety laws and regulations that address a wide variety of issues, including, but not limited to, storage tanks, air emissions from emergency generators, storm water and wastewater discharges, lead-based paint, mold and mildew, and waste management. Some of the Company’s hotels routinely handle and use hazardous or regulated substances and wastes as part of their operations, which are subject to regulation (e.g., swimming pool chemicals and cleaning supplies). The Company’s hotels incur costs to comply with these environmental, health and safety laws and regulations, and could be subject to fines and penalties for non-compliance with applicable requirements.

Liabilities and costs associated with environmental contamination at or emanating from the Company’s hotel properties, defending against claims related to alleged or actual environmental issues, or complying with environmental, health and safety laws and regulations could be material and could materially and adversely affect the Company. The Company can make no assurances that changes in current laws or regulations, or future laws or regulations will not impose additional or new material environmental liabilities or that the current environmental condition of its hotels will not be affected by its operations, the condition of the properties in the vicinity of its hotels, or by third parties unrelated to the Company. The discovery of material environmental liabilities at its properties could subject the Company to unanticipated significant costs, which could significantly reduce or eliminate its profitability.

The Company may incur significant costs complying with various regulatory requirements, which could materially and adversely affect the Company.

The Company and its hotels are subject to various U.S. federal, state and local regulatory requirements. These requirements are wide-ranging and include among others, state and local fire and life safety requirements, federal laws such as the Americans with Disabilities Act of 1990 and the Accessibility Guidelines promulgated thereunder (“ADA”) and the Sarbanes-Oxley Act of 2002. Liabilities and costs associated with complying with these requirements are and could be material. If the Company fails to comply with these various requirements, it could incur governmental fines or private damage awards. In addition, existing requirements could change, and future requirements might require the Company to make significant unanticipated expenditures, which could have material and adverse effects on the Company.

In addition, as a result of these significant regulations, the Company could become subject to regulatory investigations and lawsuits. Regulatory investigations and lawsuits could result in significant costs to respond and costs of fines or settlements, or changes in the Company’s business practices, any of which could have a material adverse effect on the financial condition, results of operations, liquidity and capital resources, and cash flows of the Company. The ability of the Company to access capital markets, including commercial debt markets, could also be negatively impacted by unfavorable, or the possibility of unfavorable, outcomes from adverse regulatory actions or lawsuits.

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Heightened focus on corporate responsibility, specifically related to ESG practices, may impose additional costs and expose the Company to new risks.

Companies across industries face increasing scrutiny from various stakeholders on how they address a variety of Environmental, Social and Governance (“ESG”) matters. Potential and current employees, hotel brands, hotel management companies and vendors may consider these factors when establishing and extending business relationships and hotel guests may consider these factors when choosing a hotel. With this increased focus, public reporting regarding ESG practices is becoming more broadly expected. The Company summarizes its existing ESG programs in its annual Corporate Responsibility Report, which is available on its website. The focus on and activism around ESG and related matters may constrain business operations or cause the Company to incur additional costs. The Company may face reputational damage in the event the Company’s corporate responsibility initiatives do not meet the standards set by various constituencies, including those of third-party providers of corporate responsibility ratings and reports. Furthermore, if competitors outperform the Company in such metrics, potential or current investors may elect to invest with the Company’s competitors, and employees, hotel brands, hotel management companies, vendors and guests may choose not to do business with the Company, which could have a material and adverse impact on the Company’s financial condition, the market price of its common shares and ability to raise capital. Moreover, while the Company makes voluntary disclosures in its Corporate Responsibility Report regarding its ESG practices, certain disclosures are based on hypothetical expectations and assumptions that may differ from actual results. In addition, the SEC is currently evaluating potential new ESG disclosure and other requirements that would impact the Company.

As the Company continues to invest and focus on ESG practices that the Company believes are appropriate for its business, the Company could also be criticized by ESG detractors for the scope or nature of its initiatives or goals. The Company could be subjected to negative responses of governmental actors (such as anti-ESG legislation or retaliatory legislative treatment), hotel brands, hotel management companies and hotel guests, that could have a material adverse effect on the Company’s reputation, financial condition and results of operations.

Risks Related to the Company’s Organization and Structure

The Company’s ownership limitations may restrict or prevent certain acquisitions and transfers of its shares.

In order for the Company to maintain its qualification as a REIT under the Code, not more than 50% in value of its outstanding shares may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last half of each taxable year following the Company’s first year (the “5/50 Test”). Additionally, at least 100 persons must beneficially own the Company’s shares during at least 335 days of each taxable year (the “100 Shareholder Test”). The Company’s amended and restated articles of incorporation (the “Charter”), with certain exceptions, authorizes the Company’s Board of Directors to take the actions that are necessary and desirable to preserve its qualification as a REIT. In addition to the 5/50 Test and the 100 Shareholder Test, the Company’s Charter provides that no person or entity may directly or indirectly, beneficially or constructively, own more than 9.8% of the aggregate of its outstanding common shares or 9.8% of the aggregate of the outstanding preferred shares of any class or series (“share ownership limits”). The Company’s Board of Directors may, in its sole discretion, grant an exemption to the share ownership limits, subject to certain conditions and the receipt by the Board of Directors of certain representations and undertakings. In addition, the Board of Directors may change the share ownership limits. The share ownership limits contained in the Charter key off the ownership at any time by any “person,” which term includes entities, and take into account direct and indirect ownership as determined under various ownership attribution rules in the Code. The share ownership limits might delay or prevent a transaction or a change in the Company’s control that might involve a premium price for the Company’s common shares or otherwise be in the best interests of its shareholders.

The Company’s future issuances of preferred shares or debt securities may adversely affect the voting power or ownership interest of the holders of common shares or may limit the ability of a third party to acquire control of the Company.

The Company’s Charter allows the Board of Directors to issue up to 30 million “blank check” preferred shares, without action by shareholders. Preferred shares may be issued on terms determined by the Board of Directors, and may have rights, privileges and preferences superior to those of common shares. Without limiting the foregoing, (i) such preferred shares could have liquidation rights that are senior to the liquidation preference applicable to common shares, (ii) such preferred shares could have voting or conversion rights, which could adversely affect the voting power of the holders of common shares, and (iii) the ownership interest of holders of common shares will be diluted following the issuance of any such preferred shares. In addition, the issuance of blank check preferred shares could have the effect of discouraging, delaying or preventing a change of control of the Company. Additionally, the Company may issue debt securities which would have distribution rights that are senior to common shares and liquidation rights that are senior to the liquidation preference applicable to common shares. Common shareholders bear the risk that the Company’s future issuances of preferred shares or debt securities will negatively affect the market price of the Company’s common shares.

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Provisions of the Company’s third amended and restated bylaws could inhibit changes in control.

Provisions in the Company’s third amended and restated bylaws may make it difficult for another company to acquire it and for shareholders to receive any related takeover premium for its common shares. Pursuant to the Company’s third amended and restated bylaws, directors are elected by the plurality of votes cast and entitled to vote in the election of directors. However, the Company’s corporate governance guidelines require that if an incumbent director fails to receive at least a majority of the votes cast, such director will tender his or her resignation from the Board of Directors. The Nominating and Corporate Governance Committee of the Board of Directors will consider, and determine whether to accept, such resignation. Additionally, the third amended and restated bylaws of the Company have various advance notice provisions that require shareholders to meet certain requirements and deadlines for proposals at an annual meeting of shareholders. These provisions may have the effect of delaying, deferring or preventing a transaction or a change in control of the Company that might involve a premium to the price of the Company’s common shares or otherwise be in the shareholders’ best interests.

The Company’s Executive Chairman has interests that may conflict with the interests of the Company and that may detract from the time devoted to the Company.

Glade M. Knight, the Company’s Executive Chairman, is and will be a principal in other real estate investment transactions or programs that may compete with the Company, and he is and may be a principal in other business ventures. Mr. Knight’s management and economic interests in these other transactions or programs may conflict with the interests of the Company. Mr. Knight is not required to devote a fixed amount of time and attention to the Company’s business affairs as opposed to the other companies, which could detract from time devoted to the Company.

Tax-Related Risks and Risks Related to the Company’s Status as a REIT

Qualifying as a REIT involves highly technical and complex provisions of the Code and failure of the Company to qualify as a REIT would have adverse consequences to the Company and its shareholders.

The Company’s qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Even a technical or inadvertent violation could jeopardize the Company’s REIT qualification. Moreover, new legislation, court decisions or administrative guidance, in each case possibly with retroactive effect, may make it more difficult or impossible for the Company to qualify as a REIT. Maintaining the Company’s qualification as a REIT depends on the Company’s satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis. The Company’s ability to satisfy the REIT income and asset tests depends upon the Company’s analysis of the characterization and fair market values of the Company’s assets, some of which are not susceptible to a precise determination and for which the Company will not obtain independent appraisals, and upon the Company’s ability to successfully manage the composition of its income and assets on an ongoing basis. In addition, the Company’s ability to satisfy the requirements to maintain its qualification as a REIT depends in part on the actions of third parties over which the Company has no control or only limited influence.

If the Company does not qualify as a REIT or if the Company fails to remain qualified as a REIT, the Company will be subject to U.S. federal corporate income tax and potentially state and local taxes, which would reduce the Company’s earnings and the amount of cash available for distribution to its shareholders.

If the Company failed to qualify as a REIT in any taxable year and any available relief provisions did not apply, the Company would be subject to U.S. federal and state corporate income tax on its taxable income at the regular corporate rate (including any applicable corporate minimum tax), and dividends paid to its shareholders would not be deductible by the Company in computing its taxable income. Unless the Company was entitled to statutory relief under certain Code provisions, the Company also would be disqualified from taxation as a REIT for the four taxable years following the year in which it failed to qualify as a REIT.

Any determination that the Company does not qualify as a REIT would have a material adverse effect on the Company’s results of operations and could materially reduce the market price of its common shares. The Company’s additional tax liability could be substantial and would reduce its net earnings available for investment, debt service or distributions to shareholders. Furthermore, the Company would no longer be required to make any distributions to shareholders as a condition to REIT qualification and all of its distributions to shareholders would be taxable as ordinary C corporation dividends to the extent of its current and accumulated earnings and profits. The Company’s failure to qualify as a REIT also could cause an event of default under loan documents governing its debt.

Even if the Company qualifies as a REIT, it may face other tax liabilities that reduce its cash flow.

Even if the Company qualifies for taxation as a REIT, it may be subject to certain U.S. federal, state and local taxes, including payroll taxes, taxes on any undistributed income, taxes on income from some activities conducted as a result of a foreclosure, a 100%

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excise tax on any transactions with a TRS that are not conducted on an arm’s-length basis, and state or local income, franchise, property and transfer taxes. Moreover, if the Company has net income from the sale of properties that are “dealer” properties (a “prohibited transaction” under the Code), that income will be subject to a 100% tax. The Company could, in certain circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to utilize one or more relief provisions under the Code to maintain its qualification as a REIT. In addition, the Company’s TRSs will be subject to U.S. federal, state and local corporate income taxes on their net taxable income, if any. Any of these taxes would decrease cash available for other uses, such as the payment of the Company’s debt obligations and distributions to shareholders.

REIT distribution requirements could adversely affect the Company’s ability to execute its business plan or cause it to increase debt levels or issue additional equity during unfavorable market conditions.

The Company generally must distribute annually at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal corporate income tax not to apply to earnings that it distributes. To the extent that the Company satisfies this distribution requirement but distributes less than 100% of its taxable income, the Company will be subject to U.S. federal corporate income tax on its undistributed taxable income. In addition, the Company will be subject to a 4% nondeductible excise tax if the actual amount that the Company pays out to its shareholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. If there is an adjustment to any of the Company’s taxable income or dividends-paid deductions, the Company could elect to use the deficiency dividend procedure in order to maintain the Company’s REIT status. That deficiency dividend procedure could require the Company to make significant distributions to its shareholders and to pay significant interest to the IRS.

From time to time, the Company may generate taxable income greater than its income for financial reporting purposes prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). In addition, differences in timing between the recognition of taxable income and the actual receipt of cash may occur. As a result, the Company may find it difficult or impossible to meet distribution requirements in certain circumstances. In particular, where the Company experiences differences in timing between the recognition of taxable income and the actual receipt of cash, the requirement to distribute a substantial portion of its taxable income could cause it to: (1) sell assets in unfavorable market conditions; (2) incur debt or issue additional equity on disadvantageous terms; (3) distribute amounts that would otherwise be invested in future acquisitions or capital expenditures or used for the repayment of debt; or (4) make a taxable distribution of its common shares as part of a distribution in which shareholders may elect to receive the Company’s common shares or (subject to a limit measured as a percentage of the total distribution) cash, in order to comply with REIT requirements. These alternatives could increase the Company’s costs or dilute its equity. In addition, because the REIT distribution requirement prevents the Company from retaining earnings, the Company generally will be required to refinance debt at its maturity with additional debt or equity. Thus, compliance with the REIT requirements may hinder the Company’s ability to grow, which could adversely affect the market price of its common shares.

The Company may in the future choose to pay dividends in the form of common shares, in which case shareholders may be required to pay income taxes in excess of the cash dividends they receive.

The Company may seek in the future to distribute taxable dividends that are payable in cash and common shares, at the election of each shareholder. Taxable shareholders receiving such dividends will be required to include the full amount of the dividend as ordinary income to the extent of the Company’s current and accumulated earnings and profits for U.S. federal income tax purposes, however, generally a shareholder will receive a taxable income deduction for 20% of all ordinary dividends received from a REIT. As a result, shareholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. If a U.S. shareholder sells the common shares that it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of common shares at the time of the sale. In addition, in such case, a U.S. shareholder could have a capital loss with respect to the common shares sold that could not be used to offset such dividend income. Furthermore, with respect to certain non-U.S. shareholders, the Company may be required to withhold U.S. federal income tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in common shares. In addition, such a taxable share dividend could be viewed as equivalent to a reduction in the Company’s cash distributions, and that factor, as well as the possibility that a significant number of the Company’s shareholders could determine to sell the common shares in order to pay taxes owed on dividends, may put downward pressure on the market price of the Company’s common shares.

If the Company’s leases are not respected as true leases for U.S. federal income tax purposes, the Company would likely fail to qualify as a REIT.

To qualify as a REIT, the Company must satisfy two gross income tests, pursuant to which specified percentages of the Company’s gross income must be passive income, such as rent. For the rent paid pursuant to the hotel leases with the Company’s TRSs, which the Company currently expects will continue to constitute substantially all of the REIT’s gross income, to qualify for purposes of the gross income tests, the leases must be respected as true leases for U.S. federal income tax purposes and must not be

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treated as service contracts, joint ventures or some other type of arrangement. The Company believes that the leases have been and will continue to be respected as true leases for U.S. federal income tax purposes. There can be no assurance, however, that the IRS will agree with this characterization. If the leases were not respected as true leases for U.S. federal income tax purposes, the Company may not be able to satisfy either of the two gross income tests applicable to REITs and may lose its REIT status. Additionally, the Company could be subject to a 100% excise tax for any adjustment to its leases.

If any of the hotel management companies that the Company’s TRSs engage do not qualify as “eligible independent contractors,” or if the Company’s hotels are not “qualified lodging facilities,” the Company would likely fail to qualify as a REIT.

Rent paid by a lessee that is a “related party tenant” of the Company generally will not be qualifying income for purposes of the two gross income tests applicable to REITs. An exception is provided, however, for leases of “qualified lodging facilities” to a TRS so long as the hotels are managed by an “eligible independent contractor” and certain other requirements are satisfied. The Company intends to continue to take advantage of this exception. A “qualified lodging facility” is a hotel, motel, or other establishment more than one-half of the dwelling units in which are used on a transient basis, including customary amenities and facilities, provided that no wagering activities are conducted at or in connection with such facility by any person who is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with such facility. Although the Company intends to monitor future acquisitions and improvements of hotels, the REIT provisions of the Code provide only limited guidance for making determinations under the requirements for “qualified lodging facilities,” and there can be no assurance that these requirements will be satisfied in all cases.

In addition, the Company’s TRS lessees have engaged hotel management companies that are intended to qualify as “eligible independent contractors.” Among other requirements, in order to qualify as an “eligible independent contractor,” the hotel management company must not own, directly or through its shareholders, more than 35% of the Company’s outstanding shares, and no person or group of persons can own more than 35% of the Company’s outstanding shares and the shares (or ownership interest) of the hotel management company (taking into account certain ownership attribution rules). The ownership attribution rules that apply for purposes of these 35% thresholds are complex, and monitoring actual and constructive ownership of the Company’s shares by the hotel management companies and their owners may not be practical. Accordingly, there can be no assurance that these ownership levels will not be exceeded. In addition, for a hotel management company to qualify as an “eligible independent contractor,” such company or a related person must be actively engaged in the trade or business of operating “qualified lodging facilities” (as defined above) for one or more persons not related to the REIT or its TRSs at each time that such company enters into a hotel management contract with a TRS. As of the date hereof, the Company believes the hotel management companies operate “qualified lodging facilities” for certain persons who are not related to the Company or its TRSs. However, no assurances can be provided that this will continue to be the case or that any other hotel management companies that the Company may engage in the future will in fact comply with this requirement in the future.

The Company’s ownership of TRSs is limited, and the Company’s transactions with its TRSs will cause it to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.

A REIT may own up to 100% of the stock of one or more TRSs. A TRS may hold assets and earn income that would not be qualifying assets or income if held or earned directly by a REIT. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will automatically be treated as a TRS. Overall, no more than 20% of the value of a REIT’s assets may consist of stock or securities of one or more TRSs. The rules also impose a 100% excise tax on certain transactions, including the leases, between the TRS and the REIT that are not conducted on an arm’s-length basis.

The Company’s TRSs will pay U.S. federal, state and local income taxes on their net taxable income, and their after-tax net income will be available for distribution to the REIT, but is not required to be distributed. The Company has monitored and will continue to monitor the value of its respective investments in its TRSs for the purpose of ensuring compliance with the ownership limitations applicable to TRSs. In addition, the Company will continue to scrutinize all of its transactions with its TRSs to ensure that they are entered into on arm’s-length terms to avoid incurring the 100% excise tax. There can be no assurance, however, that the Company will be able to comply with the rules regarding TRSs or avoid application of the 100% excise tax. The most significant transactions between the Company and its TRSs are the hotel leases from the Company to its TRSs. While the Company believes its leases have customary terms and reflect normal business practices and that the rents paid thereto reflect market terms, there can be no assurance that the IRS will agree.

Complying with REIT requirements may force the Company to forgo and/or liquidate otherwise attractive investment opportunities.

To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the sources of its income, the nature and diversification of its assets, the amount it distributes to its shareholders and the ownership of its common shares. In order to

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meet these tests, the Company may be required to liquidate from its portfolio, or contribute to a TRS, otherwise attractive investments in order to maintain its qualification as a REIT. These actions could have the effect of reducing the Company’s income and amounts available for distribution to its shareholders. In addition, the Company may be required to make distributions to shareholders at disadvantageous times or when the Company does not have funds readily available for distribution, and may be unable to pursue investments that would otherwise be advantageous to it in order to satisfy the source of income or asset diversification requirements for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder the Company’s ability to make, and, in certain cases, maintain ownership of, certain attractive investments.

The Company may be subject to adverse legislative or regulatory tax changes.

The IRS, the U.S. Treasury Department and Congress frequently review U.S. federal income tax legislation, regulations and other guidance. At any time, the U.S. federal income tax laws governing REITs or the administrative interpretations of those laws may be amended or modified. The Company cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted or modified. Changes to the tax laws, including the possibility of major tax legislation, possibly with retroactive application, may adversely affect taxation of the Company or the Company’s shareholders. The Company urges shareholders and prospective shareholders to consult with their tax advisors with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in the Company’s shares. Although REITs generally receive certain tax advantages compared to entities taxed as C corporations, it is possible that future legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be treated as a C corporation for U.S. federal income tax purposes.

General Risk Factors

The Company may change its distribution policy or may not have funds available to make distributions to shareholders.

The Board of Directors will continue to evaluate the Company’s distribution policy in conjunction with the impact of the economy on its operations, actual and projected financial condition and results of operations, capital expenditure requirements and other factors, including those discussed in this Annual Report on Form 10-K. There can be no assurance that the Company will continue to make distributions at any particular time or rate, or at all. Further, there is no assurance that a distribution rate achieved for a particular period will be maintained in the future. For example, distributions may be suspended or distribution rates may be adjusted from time to time to a level determined to be prudent in relation to the Company’s other cash requirements. The Board of Directors evaluates the distribution rate on an ongoing basis and may make changes at any time if it believes the rate is not appropriate based on REIT taxable income, limitations under financing arrangements, or other cash needs. A suspension of distributions or a reduction in the Company’s distribution rate could have a material adverse effect on the market price of the Company’s common shares.

Further, while the Company generally seeks to make distributions from its operating cash flows, distributions may be made (although there is no obligation to do so) in certain circumstances, in part, from financing proceeds or other sources. While distributions made from such sources would result in the shareholder receiving cash, the consequences to the shareholders would differ from a distribution made from the Company’s operating cash flows. For example, if debt financing is the source of a distribution, that financing would not be available for other opportunities, would have to be repaid and interest would accrue on the financing.

The market price and trading volume of the Company’s common shares may fluctuate widely and could decline substantially in the future.

The Company’s common shares are listed on the NYSE under the ticker symbol “APLE.” The market price and trading volume of the Company’s common shares may fluctuate widely, depending on many factors, some of which may be beyond the Company’s control, including:

•actual versus anticipated differences in the Company’s operating results, liquidity, or financial condition;

•publication of research reports about the Company and the accuracy of information published in these reports, regarding its hotels or the lodging or overall real estate industry;

•changes in and/or failure to meet analysts’ revenue or earnings estimates;

•the reputation of REITs and real estate investments generally, and the attractiveness of REIT equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income instruments;

•changes in accounting principles or other laws and regulations that may adversely affect the Company or its industry;

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•strategic actions by the Company or its competitors, such as acquisitions or dispositions, and announcements by franchisors, operators or REITs and other owners in the hospitality industry;

•fluctuations in the stock price and operating results of the Company’s competitors; and

•the realization of any of the other risk factors presented in this Annual Report on Form 10-K.

Stock markets in general have historically experienced volatility that has often been unrelated to the operating performance of a particular company or industry. Similar broad market fluctuations may adversely affect the trading price and volume of the Company’s common shares.

Future offerings or the perception that future offerings could occur may adversely affect the market price of the Company’s common shares and future offerings may be dilutive to existing shareholders.

The Company has in the past issued and may in the future issue additional common shares. Proceeds from any issuance may be used to finance hotel acquisitions, fund capital expenditures, pay down outstanding debt, or for other corporate purposes. A large volume of sales of the Company’s common shares could decrease the market price of the Company’s common shares and could impair the Company’s ability to raise additional capital through the sale of equity securities in the future. Also, a perception of the possibility of a substantial sale of common shares could depress the market price of the Company’s common shares and have a negative effect on the Company’s ability to raise capital in the future. In addition, anticipated downward pressure on the price of the Company’s common shares due to actual or anticipated sales of common shares could cause some institutions or individuals to engage in short sales of the common shares, which may itself cause the price of the common shares to decline. Because the Company’s decision to issue equity securities in any future offering will depend on market conditions and other factors beyond its control, the Company cannot predict or estimate the amount, timing or nature of its future offerings. Therefore, the Company’s shareholders bear the risk of the Company’s future offerings reducing the market price of its common shares and diluting shareholders’ equity interests in the Company.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

To effectively identify, assess and manage risks from cybersecurity threats, the Company maintains a cybersecurity and cyber risk management program which is comprised of the Company-wide cybersecurity strategy and its supporting policies, processes and architecture. This program is part of the Company’s enterprise risk management program.

Risk Management Strategy

The Director of Information Technology, who reports to the Chief Financial Officer, has extensive information technology (“IT”) and cybersecurity knowledge and skills gained from over 15 years of relevant work experience at the Company, and is responsible for leading the Company’s cybersecurity and cyber risk management program which includes certain cybersecurity processes covering the Company’s corporate systems. These processes include, among other items, the Company’s information technology and risk management departments’ use of an internal set of applications and control activities to actively monitor potential threats to its corporate IT environment and regularly conduct internal testing to identify potential vulnerabilities to the Company’s corporate information technology infrastructure and systems. These activities include, but are not limited to, continuous monitoring of network and infrastructure vulnerabilities, automated patching and software updates, redundancy and back-up systems, and incident response planning and handling. The Company’s employees are required to report cybersecurity events, including suspicious activity or emails, to the Company’s information technology department. Should a cybersecurity event occur within its corporate systems, the Company is positioned to coordinate a swift response to mitigate impacts to its information technology infrastructure and systems. The Company has in place an incident response plan which provides guidance for leadership and employees to swiftly evaluate and respond to cybersecurity incidents. The Company also carries cybersecurity insurance to further mitigate certain potential losses from a cybersecurity incident affecting its corporate IT equipment and systems.

The Company’s cybersecurity processes also include self-assessments using industry benchmarks as well as input from external industry consultants and ongoing communication with third-party business partners to identify cybersecurity incidents and threats that could potentially impact the Company. The Company has relationships with a number of third-party business partners to assist with cybersecurity incident containment and recovery efforts and assesses the processes and tools used by its third-party business partners to manage their cybersecurity risks. The Company uses a risk-based approach with respect to its use and oversight of third-party service providers, tailoring processes according to the nature and sensitivity of network connectivity or of data accessed, processed, or stored by such third-party service provider.

24

The Company’s corporate IT systems are not used to process business transactions with its guests and those systems currently have no connectivity to hotel and/or third-party management and brand technology platforms. The Company’s information technology and risk management departments regularly engage with its third-party management companies and brands to understand and benchmark their execution and alignment with applicable policies and industry practices for data protection and cybersecurity.

Management and Board Oversight

The Company’s Board of Directors administers cybersecurity risk oversight primarily through its Audit Committee. The Board’s Audit Committee is tasked with oversight responsibility for the Company’s enterprise risk management program, including those related to cybersecurity and cyber risks. The Audit Committee receives regular reports from the Chief Financial Officer on, among other things: the Company’s cybersecurity risks and threats; the status of projects to strengthen the Company’s information security systems; internal and third-party assessments of the Company’s cybersecurity program; and the emerging threat landscape. The Audit Committee also receives updates on any cybersecurity incidents experienced by third-party business partners that may pose significant risk to the Company. The Audit Committee provides periodic reporting to the Board of Directors on cybersecurity matters. The Company’s IT and risk management departments report directly to the Chief Financial Officer and are directed to immediately report any incidents to the Chief Financial Officer. The Chief Financial Officer also apprises the Audit Committee of cybersecurity incidents consistent with the Company’s incident response procedures for more significant incidents and in the aggregate for less significant incidents.

Cybersecurity Risks

The Company faces a number of cybersecurity risks in connection with its business, although such risks have not materially affected the Company, including its business strategy, results of operations or financial condition, to date. The Company has not experienced any material cybersecurity incidents to date. Notwithstanding the extensive approach the Company takes to address cybersecurity, it may not be successful in preventing or mitigating all cybersecurity incidents or threats. For more information about the cybersecurity risks the Company faces, see the risk factor entitled “Technology is used in operations, and any material failure, inadequacy, interruption or security failure of that technology from cyber-attacks or other events could harm the Company’s business” in Item 1A- Risk Factors.

25

Item 2. Properties

As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. Substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 16 hotel management companies, none of which are affiliated with the Company. See “Management and Franchise Agreements” in Part I, Item 1, Business, appearing elsewhere in this Annual Report on Form 10-K, for a table summarizing the number of hotels and rooms by brand. The following table summarizes the number of hotels and rooms by state:

Number of Hotels and Guest Rooms by State
	Number of		Number of
State	Hotels		Rooms
Alabama		13		1,246
Alaska		2		304
Arizona		13		1,776
Arkansas		2		248
California		26		3,721
Colorado		4		567
Florida		22		2,844
Georgia		5		585
Idaho		1		186
Illinois		7		1,255
Indiana		4		479
Iowa		3		301
Kansas		3		320
Kentucky		1		156
Louisiana		3		422
Maine		3		514
Maryland		2		233
Massachusetts		3		330
Michigan		1		148
Minnesota		3		405
Mississippi		2		168
Missouri		4		544
Nebraska		4		621
Nevada		1		299
New Jersey		5		629
New York		3		346
North Carolina		8		881
Ohio		3		406
Oklahoma		4		545
Oregon		1		243
Pennsylvania		4		525
South Carolina		5		590
Tennessee		11		1,337
Texas		27		3,328
Utah		6		919
Virginia		11		1,667
Washington		4		636
Wisconsin		1		176
Total		225		29,900

26

The following table summarizes the location, brand, manager, date acquired or completed and number of rooms for each of the 225 hotels and the non-hotel property that the Company owned as of December 31, 2023. As noted below, 14 of the Company’s hotels are subject to ground leases and 15 of its hotels are encumbered by mortgage notes.

City	State	Brand	Manager (3)	Date Acquired or Completed	Rooms
Anchorage	AK	Embassy Suites	InnVentures	4/30/2010		169
Anchorage	AK	Home2 Suites	InnVentures	12/1/2017		135
Auburn	AL	Hilton Garden Inn	LBA	3/1/2014		101
Birmingham	AL	Courtyard	LBA	3/1/2014		84
Birmingham	AL	Hilton Garden Inn	LBA	9/12/2017		104
Birmingham	AL	Home2 Suites	LBA	9/12/2017		106
Birmingham	AL	Homewood Suites	McKibbon	3/1/2014		95
Dothan	AL	Hilton Garden Inn	LBA	6/1/2009		104
Dothan	AL	Residence Inn	LBA	3/1/2014		84
Huntsville	AL	Hampton	LBA	9/1/2016		98
Huntsville	AL	Hilton Garden Inn	LBA	3/1/2014		101
Huntsville	AL	Home2 Suites	LBA	9/1/2016		77
Huntsville	AL	Homewood Suites	LBA	3/1/2014		107
Mobile	AL	Hampton	McKibbon	9/1/2016		101	(2)
Prattville	AL	Courtyard	LBA	3/1/2014		84
Rogers	AR	Hampton	Raymond	8/31/2010		122	(4)
Rogers	AR	Homewood Suites	Raymond	4/30/2010		126	(4)
Chandler	AZ	Courtyard	North Central	11/2/2010		150
Chandler	AZ	Fairfield	North Central	11/2/2010		110
Phoenix	AZ	Courtyard	North Central	11/2/2010		164
Phoenix	AZ	Hampton	North Central	9/1/2016		125	(2)
Phoenix	AZ	Hampton	North Central	5/2/2018		210
Phoenix	AZ	Homewood Suites	North Central	9/1/2016		134	(2)
Phoenix	AZ	Residence Inn	North Central	11/2/2010		129
Scottsdale	AZ	Hilton Garden Inn	North Central	9/1/2016		122
Tempe	AZ	Hyatt House	Crestline	8/13/2020		105	(2)
Tempe	AZ	Hyatt Place	Crestline	8/13/2020		154	(2)
Tucson	AZ	Hilton Garden Inn	Western	7/31/2008		125
Tucson	AZ	Residence Inn	Western	3/1/2014		124
Tucson	AZ	TownePlace Suites	Western	10/6/2011		124
Agoura Hills	CA	Homewood Suites	Dimension	3/1/2014		125
Burbank	CA	Courtyard	Huntington	8/11/2015		190	(1)
Burbank	CA	Residence Inn	Marriott	3/1/2014		166
Burbank	CA	SpringHill Suites	Marriott	7/13/2015		170	(1)
Clovis	CA	Hampton	Dimension	7/31/2009		86
Clovis	CA	Homewood Suites	Dimension	2/2/2010		83
Cypress	CA	Courtyard	Dimension	3/1/2014		180
Cypress	CA	Hampton	Dimension	6/29/2015		110
Oceanside	CA	Courtyard	Marriott	9/1/2016		142	(1)
Oceanside	CA	Residence Inn	Marriott	3/1/2014		125
Rancho Bernardo/San Diego	CA	Courtyard	InnVentures	3/1/2014		210
Sacramento	CA	Hilton Garden Inn	Dimension	3/1/2014		153
San Bernardino	CA	Residence Inn	InnVentures	2/16/2011		95
San Diego	CA	Courtyard	Huntington	9/1/2015		245	(1)
San Diego	CA	Hampton	Dimension	3/1/2014		177	(1)
San Diego	CA	Hilton Garden Inn	InnVentures	3/1/2014		200
San Diego	CA	Residence Inn	Dimension	3/1/2014		121
San Jose	CA	Homewood Suites	Dimension	3/1/2014		140	(1)
San Juan Capistrano	CA	Residence Inn	Marriott	9/1/2016		130	(2)

27

City	State	Brand	Manager (3)	Date Acquired or Completed	Rooms
Santa Ana	CA	Courtyard	Dimension	5/23/2011		155	(1)
Santa Clarita	CA	Courtyard	Dimension	9/24/2008		140
Santa Clarita	CA	Fairfield	Dimension	10/29/2008		66
Santa Clarita	CA	Hampton	Dimension	10/29/2008		128
Santa Clarita	CA	Residence Inn	Dimension	10/29/2008		90
Tustin	CA	Fairfield	Marriott	9/1/2016		145
Tustin	CA	Residence Inn	Marriott	9/1/2016		149
Colorado Springs	CO	Hampton	Chartwell	9/1/2016		101
Denver	CO	Hilton Garden Inn	InnVentures	9/1/2016		221	(1)
Highlands Ranch	CO	Hilton Garden Inn	Dimension	3/1/2014		128
Highlands Ranch	CO	Residence Inn	Dimension	3/1/2014		117
Boca Raton	FL	Hilton Garden Inn	Dimension	9/1/2016		149
Cape Canaveral	FL	Hampton	LBA	4/30/2020		116
Cape Canaveral	FL	Homewood Suites	LBA	9/1/2016		153
Cape Canaveral	FL	Home2 Suites	LBA	4/30/2020		108
Fort Lauderdale	FL	Hampton	Dimension	6/23/2015		156
Fort Lauderdale	FL	Residence Inn	LBA	9/1/2016		156
Gainesville	FL	Hilton Garden Inn	McKibbon	9/1/2016		104
Gainesville	FL	Homewood Suites	McKibbon	9/1/2016		103
Jacksonville	FL	Homewood Suites	McKibbon	3/1/2014		119
Jacksonville	FL	Hyatt Place	Crestline	12/7/2018		127
Miami	FL	Courtyard	Dimension	3/1/2014		118	(2)
Miami	FL	Hampton	HHM	4/9/2010		121
Miami	FL	Homewood Suites	Dimension	3/1/2014		162
Orlando	FL	Fairfield	Marriott	7/1/2009		200
Orlando	FL	Home2 Suites	LBA	3/19/2019		128
Orlando	FL	SpringHill Suites	Marriott	7/1/2009		200
Panama City	FL	Hampton	LBA	3/12/2009		95
Panama City	FL	TownePlace Suites	LBA	1/19/2010		103
Pensacola	FL	TownePlace Suites	McKibbon	9/1/2016		97
Tallahassee	FL	Fairfield	LBA	9/1/2016		97
Tallahassee	FL	Hilton Garden Inn	LBA	3/1/2014		85	(2)
Tampa	FL	Embassy Suites	HHM	11/2/2010		147
Atlanta/Downtown	GA	Hampton	McKibbon	2/5/2018		119
Atlanta/Perimeter Dunwoody	GA	Hampton	LBA	6/28/2018		132
Atlanta	GA	Home2 Suites	McKibbon	7/1/2016		128
Macon	GA	Hilton Garden Inn	LBA	3/1/2014		101	(2)
Savannah	GA	Hilton Garden Inn	Newport	3/1/2014		105	(2)
Cedar Rapids	IA	Hampton	Chartwell	9/1/2016		103
Cedar Rapids	IA	Homewood Suites	Chartwell	9/1/2016		95
Davenport	IA	Hampton	Chartwell	9/1/2016		103
Boise	ID	Hampton	Raymond	4/30/2010		186	(1)
Des Plaines	IL	Hilton Garden Inn	Raymond	9/1/2016		253
Hoffman Estates	IL	Hilton Garden Inn	HHM	9/1/2016		184
Mettawa	IL	Hilton Garden Inn	HHM	11/2/2010		170
Mettawa	IL	Residence Inn	HHM	11/2/2010		130
Rosemont	IL	Hampton	Raymond	9/1/2016		158
Skokie	IL	Hampton	Raymond	9/1/2016		225
Warrenville	IL	Hilton Garden Inn	HHM	11/2/2010		135
Indianapolis	IN	SpringHill Suites	HHM	11/2/2010		130

28

City	State	Brand	Manager (3)	Date Acquired or Completed	Rooms
Merrillville	IN	Hilton Garden Inn	HHM	9/1/2016		124
Mishawaka	IN	Residence Inn	HHM	11/2/2010		106
South Bend	IN	Fairfield	HHM	9/1/2016		119
Overland Park	KS	Fairfield	Raymond	3/1/2014		110
Overland Park	KS	Residence Inn	Raymond	3/1/2014		120
Wichita	KS	Courtyard	Chartwell	3/1/2014		90
Louisville	KY	AC Hotels	Concord	10/25/2022		156
Lafayette	LA	Hilton Garden Inn	LBA	7/30/2010		153	(2)
Lafayette	LA	SpringHill Suites	LBA	6/23/2011		103
New Orleans	LA	Homewood Suites	Dimension	3/1/2014		166	(1)
Marlborough	MA	Residence Inn	Crestline	3/1/2014		112
Westford	MA	Hampton	Crestline	3/1/2014		110
Westford	MA	Residence Inn	Crestline	3/1/2014		108	(1)
Annapolis	MD	Hilton Garden Inn	Crestline	3/1/2014		126
Silver Spring	MD	Hilton Garden Inn	Crestline	7/30/2010		107
Portland	ME	AC Hotels	Crestline	8/20/2021		178
Portland	ME	Aloft	Crestline	9/10/2021		157
Portland	ME	Residence Inn	Crestline	10/13/2017		179	(1)
Novi	MI	Hilton Garden Inn	HHM	11/2/2010		148
Maple Grove	MN	Hilton Garden Inn	North Central	9/1/2016		121
Rochester	MN	Hampton	Raymond	8/3/2009		124
St. Paul	MN	Hampton	Raymond	3/4/2019		160
Kansas City	MO	Hampton	Raymond	8/31/2010		122
Kansas City	MO	Residence Inn	Raymond	3/1/2014		106
St. Louis	MO	Hampton	Raymond	8/31/2010		190
St. Louis	MO	Hampton	Raymond	4/30/2010		126
Hattiesburg	MS	Courtyard	LBA	3/1/2014		84
Hattiesburg	MS	Residence Inn	LBA	12/11/2008		84
Carolina Beach	NC	Courtyard	Crestline	3/1/2014		144
Charlotte	NC	Fairfield	Newport	9/1/2016		94
Durham	NC	Homewood Suites	McKibbon	12/4/2008		122
Fayetteville	NC	Home2 Suites	LBA	2/3/2011		118
Greensboro	NC	SpringHill Suites	Newport	3/1/2014		82
Jacksonville	NC	Home2 Suites	LBA	9/1/2016		105
Wilmington	NC	Fairfield	Crestline	3/1/2014		122
Winston-Salem	NC	Hampton	McKibbon	9/1/2016		94
Omaha	NE	Courtyard	Marriott	3/1/2014		181
Omaha	NE	Hampton	HHM	9/1/2016		139
Omaha	NE	Hilton Garden Inn	HHM	9/1/2016		178	(1)
Omaha	NE	Homewood Suites	HHM	9/1/2016		123
Cranford	NJ	Homewood Suites	Dimension	3/1/2014		108
Mahwah	NJ	Homewood Suites	Dimension	3/1/2014		110
Mount Laurel	NJ	Homewood Suites	Newport	1/11/2011		118
Somerset	NJ	Courtyard	Newport	3/1/2014		162	(2)
West Orange	NJ	Courtyard	Newport	1/11/2011		131
Las Vegas	NV	SpringHill Suites	Crescent	12/27/2023		299
Islip/Ronkonkoma	NY	Hilton Garden Inn	Crestline	3/1/2014		166
New York	NY	(non-hotel)	N/A	3/1/2014		-	(2)(5)
Syracuse	NY	Courtyard	Crestline	10/16/2015		102
Syracuse	NY	Residence Inn	Crestline	10/16/2015		78

29

City	State	Brand	Manager (3)	Date Acquired or Completed	Rooms
Cleveland	OH	Courtyard	Concord	6/30/2023		154
Mason	OH	Hilton Garden Inn	Raymond	9/1/2016		110
Twinsburg	OH	Hilton Garden Inn	Concord	10/7/2008		142
Oklahoma City	OK	Hampton	Raymond	5/28/2010		200
Oklahoma City	OK	Hilton Garden Inn	Raymond	9/1/2016		155
Oklahoma City	OK	Homewood Suites	Raymond	9/1/2016		100
Oklahoma City (West)	OK	Homewood Suites	Chartwell	9/1/2016		90
Portland	OR	Hampton	Raymond	11/17/2021		243
Collegeville/Philadelphia	PA	Courtyard	Newport	11/15/2010		132
Malvern/Philadelphia	PA	Courtyard	Newport	11/30/2010		127
Pittsburgh	PA	AC Hotels	Concord	10/25/2022		134
Pittsburgh	PA	Hampton	Newport	12/31/2008		132
Charleston	SC	Home2 Suites	LBA	9/1/2016		122
Columbia	SC	Hilton Garden Inn	Newport	3/1/2014		143
Columbia	SC	TownePlace Suites	Newport	9/1/2016		91
Greenville	SC	Hyatt Place	Crestline	9/1/2021		130
Hilton Head	SC	Hilton Garden Inn	McKibbon	3/1/2014		104
Chattanooga	TN	Homewood Suites	LBA	3/1/2014		76
Franklin	TN	Courtyard	Chartwell	9/1/2016		126
Franklin	TN	Residence Inn	Chartwell	9/1/2016		124
Knoxville	TN	Homewood Suites	McKibbon	9/1/2016		103
Knoxville	TN	SpringHill Suites	McKibbon	9/1/2016		103
Knoxville	TN	TownePlace Suites	McKibbon	9/1/2016		97
Memphis	TN	Hampton	Crestline	2/5/2018		144
Memphis	TN	Hilton Garden Inn	Crestline	10/28/2021		150
Nashville	TN	Hilton Garden Inn	Dimension	9/30/2010		194
Nashville	TN	Home2 Suites	Dimension	5/31/2012		119
Nashville	TN	TownePlace Suites	Chartwell	9/1/2016		101
Addison	TX	SpringHill Suites	Marriott	3/1/2014		159
Arlington	TX	Hampton	Western	12/1/2010		98
Austin	TX	Courtyard	HHM	11/2/2010		145
Austin	TX	Fairfield	HHM	11/2/2010		150
Austin	TX	Hampton	Dimension	4/14/2009		124
Austin	TX	Hilton Garden Inn	HHM	11/2/2010		117
Austin	TX	Homewood Suites	Dimension	4/14/2009		97
Austin/Round Rock	TX	Hampton	Dimension	3/6/2009		94
Austin/Round Rock	TX	Homewood Suites	Dimension	9/1/2016		115
Dallas	TX	Homewood Suites	Western	9/1/2016		130
Denton	TX	Homewood Suites	Chartwell	9/1/2016		107
El Paso	TX	Homewood Suites	Western	3/1/2014		114
Fort Worth	TX	Courtyard	LBA	2/2/2017		124
Fort Worth	TX	Hilton Garden Inn	Raymond	11/17/2021		157
Fort Worth	TX	Homewood Suites	Raymond	11/17/2021		112
Fort Worth	TX	TownePlace Suites	Western	7/19/2010		140
Frisco	TX	Hilton Garden Inn	Western	12/31/2008		102
Grapevine	TX	Hilton Garden Inn	Western	9/24/2010		110
Houston	TX	Courtyard	LBA	9/1/2016		124
Houston	TX	Marriott	Western	1/8/2010		206
Houston	TX	Residence Inn	Western	3/1/2014		129
Houston	TX	Residence Inn	Western	9/1/2016		120

30

City	State	Brand	Manager (3)	Date Acquired or Completed	Rooms
Lewisville	TX	Hilton Garden Inn	Western	10/16/2008		165
San Antonio	TX	TownePlace Suites	Western	3/1/2014		106
Shenandoah	TX	Courtyard	LBA	9/1/2016		124
Stafford	TX	Homewood Suites	Western	3/1/2014		78
Texarkana	TX	Hampton	Western	1/31/2011		81
Provo	UT	Residence Inn	Dimension	3/1/2014		114
Salt Lake City	UT	Residence Inn	Huntington	10/20/2017		136
Salt Lake City	UT	SpringHill Suites	HHM	11/2/2010		143
Salt Lake City	UT	Courtyard	North Central	10/11/2023		175
Salt Lake City	UT	Hyatt House	North Central	10/11/2023		159
South Jordan	UT	Embassy Suites	HHM	11/21/2023		192
Alexandria	VA	Courtyard	Marriott	3/1/2014		178
Alexandria	VA	SpringHill Suites	Marriott	3/28/2011		155
Charlottesville	VA	Courtyard	Crestline	3/1/2014		139
Manassas	VA	Residence Inn	Crestline	2/16/2011		107
Richmond	VA	Courtyard	White Lodging	12/8/2014		135	(1)
Richmond	VA	Marriott	White Lodging	3/1/2014		413	(2)
Richmond	VA	Residence Inn	White Lodging	12/8/2014		75	(1)
Suffolk	VA	Courtyard	Crestline	3/1/2014		92
Suffolk	VA	TownePlace Suites	Crestline	3/1/2014		72
Virginia Beach	VA	Courtyard	Crestline	3/1/2014		141
Virginia Beach	VA	Courtyard	Crestline	3/1/2014		160
Kirkland	WA	Courtyard	InnVentures	3/1/2014		150
Renton	WA	Residence Inn	InnVentures	10/18/2023		146
Seattle	WA	Residence Inn	InnVentures	3/1/2014		234
Tukwila	WA	Homewood Suites	Dimension	3/1/2014		106
Madison	WI	Hilton Garden Inn	Raymond	2/18/2021		176
Total						29,900

(1)Hotel is encumbered by mortgage.

(2)Hotel is subject to ground lease.

(3)The management companies are defined in Note 9 titled “Management and Franchise Agreements” in Part II, Item 8 in this Annual Report on Form 10-K.

(4)Hotel is classified as held for sale as of December 31, 2023 and was sold to an unrelated party in February 2024.

(5)In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term.

The Company’s investment in real estate as of December 31, 2023, consisted of the following (in thousands):

Land	$	828,868
Building and improvements		4,917,105
Furniture, fixtures and equipment		571,026
Finance ground lease assets		102,084
Franchise fees		21,233
		6,440,316
Less accumulated depreciation and amortization		(1,662,942	)
Investment in real estate, net	$	4,777,374

For additional information about the Company’s properties, refer to Schedule III – Real Estate and Accumulated Depreciation and Amortization included at the end of Part IV, appearing elsewhere in this Annual Report on Form 10-K.

31

Item 3. Legal Proceedings

The Company is or may be a party to various legal proceedings that arise in the ordinary course of business. The Company is not currently involved in any litigation nor, to management’s knowledge, is any litigation threatened against the Company where the outcome would, in management’s judgment based on information currently available to the Company, have a material adverse effect on the Company’s consolidated financial position or results of operations.

Item 4. Mine Safety Disclosures

Not Applicable.

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PART II

Item 5. Market For Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Market Information

On May 18, 2015, the Company’s common shares were listed and began trading on the NYSE under the ticker symbol “APLE” (the “Listing”). Prior to that time, there was no public market for the Company’s common shares. As of December 31, 2023 and February 12, 2024, the last reported closing price per share for the Company’s common shares as reported on the NYSE was $16.61 and $16.22, respectively.

Share Return Performance

The following graph compares the five-year cumulative total shareholder return of the Company’s common shares to the cumulative total returns of the Standard and Poor’s 500 Stock Index (“S&P 500 Index”) and the Dow Jones U.S. Real Estate Hotels Index. The Dow Jones U.S. Real Estate Hotels Index is comprised of publicly traded REITs which focus on investments in hotel properties. The graph assumes an initial investment of $100 in the Company’s common shares and in each of the indices, and also assumes the reinvestment of dividends.

 

	Value of Initial Investment at
Name	12/31/18		12/31/19		12/31/20		12/31/21		12/31/22		12/31/23
Apple Hospitality REIT, Inc.	$	100.00	$	121.97	$	98.91	$	124.05	$	127.03	$	142.67
S&P 500 Index	$	100.00	$	131.49	$	155.68	$	200.37	$	164.08	$	207.21
Dow Jones U.S. Real Estate    Hotels Index	$	100.00	$	115.88	$	85.39	$	97.80	$	82.76	$	94.91

This performance graph shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or incorporated by reference into any filing by the Company under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The performance graph is not indicative of future investment performance. The Company does not make or endorse any predictions as to future share price performance.

Shareholder Information

As of February 12, 2024, the Company had approximately 100 holders of record of its common shares and there were approximately 242 million common shares outstanding. Because many of the Company’s common shares are held by brokers and other institutions on behalf of shareholders, the Company believes there are substantially more beneficial holders of its common shares than record holders. In order to comply with certain requirements related to the Company’s qualification as a REIT, the Company’s Charter provides that, subject to certain exceptions, no person or entity (other than a person or entity who has been granted

33

an exemption) may directly or indirectly, beneficially or constructively, own more than 9.8% of the aggregate of its outstanding common shares or 9.8% of the aggregate of the outstanding preferred shares of any class or series.

Distribution Information

The Company generally must distribute annually at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, in order to maintain its REIT status. For the years ended December 31, 2023 and 2022, the Company paid distributions of $1.04 and $0.61 per common share for a total of approximately $238.3 million and $139.5 million, respectively. The Company’s current annual distribution rate, payable monthly, is $0.96 per common share. In addition to the regular monthly cash distribution of $0.08 per common share approved by the Board of Directors in December 2023, the Board of Directors approved a special cash distribution of $0.05 per common share for a combined distribution of $0.13 per common share, paid in January 2024, to shareholders of record as of December 29, 2023. While management currently expects monthly cash distributions to continue at $0.08 per common share, the amount and timing of distributions to shareholders are within the discretion of the Company’s Board of Directors. The amount and frequency of future distributions will depend on certain items, including but not limited to, the Company’s results of operations, cash flow from operations, economic conditions, working capital requirements, cash requirements to fund investing and financing activities, and capital expenditure requirements, including improvements to and expansions of properties, as well as the distribution requirements under U.S. federal income tax provisions for qualification as a REIT. As it has done historically, due to seasonality, the Company may use its Revolving Credit Facility to maintain the consistency of the distribution rate, taking into consideration any acquisitions, dispositions, capital improvements and economic cycles.

Share Repurchases

In May 2023, the Company’s Board of Directors approved a one-year extension of its existing Share Repurchase Program, authorizing share repurchases up to an aggregate of $338.7 million. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $14.34 per common share for an aggregate purchase price, including commissions, of approximately $6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $335.4 million remained available for purchase under the Share Repurchase Program.

Additionally, during 2023, certain of the Company’s employees surrendered common shares to satisfy their tax withholding obligations associated with the vesting of common shares issued under the 2014 Omnibus Incentive Plan (the “Omnibus Plan”) as described in Note 8 titled “Compensation Plans” in Part II, Item 8, of the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K.

The following is a summary of all share repurchases during the fourth quarter of 2023:

Issuer Purchases of Equity Securities
	(a)		(b)		(c)		(d)
Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) (1)
October 1 - October 31, 2023		-		-	-		$	335,446
November 1 - November 30, 2023		-		-		-	$	335,446
December 1 - December 31, 2023 (2)		134,085	$	16.90		-	$	335,446
Total		134,085				-

(1)Represents amount outstanding under the Company’s authorized $338.7 million Share Repurchase Program. This program, which was announced in 2015 and most recently extended in May 2023, may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier.

(2)Consists of common shares surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted common shares.

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Equity Compensation Plans

The Company’s Board of Directors adopted and the Company’s shareholders approved the Omnibus Plan, which provides for the issuance of up to 10 million common shares, subject to adjustments, to employees, officers, and directors of the Company or affiliates of the Company, consultants or advisers currently providing services to the Company or affiliates of the Company, and any other person whose participation in the Omnibus Plan is determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) to be in the best interests of the Company. The Company’s Board of Directors previously adopted, and the Company’s shareholders approved, the non-employee directors’ stock option plan (the “Directors’ Plan”) to provide incentives to attract and retain directors. In May 2015, the Directors’ Plan was terminated effective upon the Listing, and no further grants can be made under the Directors’ Plan, provided however, that the termination did not affect any outstanding director option awards previously issued under the Directors’ Plan. The following is a summary of securities issued under the Company’s equity compensation plans as of December 31, 2023:

	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (2)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in First Column) (3)
Equity compensation plans approved by    security holders		115,961	$	20.50		6,625,302
Equity compensation plans not approved by    security holders		-		-		-
Total equity compensation plans		115,961	$	20.50		6,625,302

(1)Includes 40,132 stock options granted to the Company’s current and former directors under the Directors’ Plan. Also includes 75,829 fully vested deferred stock units, including quarterly distributions earned, under the Non-Employee Director Deferral Program under the Omnibus Plan, adopted by the Board of Directors in 2018, effective June 1, 2018, that are not included in the calculation of the weighted-average exercise price of outstanding options.

(2)The weighted-average exercise price of outstanding options relates solely to stock options, which are the only currently outstanding exercisable security.

(3)Does not include remaining shares registered under the Directors’ Plan, as no further grants can be made under the Directors’ Plan.

Item 6. Reserved

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with Item 8, the Consolidated Financial Statements and Notes thereto, the introduction of Part I regarding “Forward-Looking Statements,” and Item 1A, “Risk Factors” appearing elsewhere in this Annual Report on Form 10-K.

Overview

The Company is a Virginia corporation that has elected to be treated as a REIT for U.S. federal income tax purposes. The Company is self-advised and invests in income-producing real estate, primarily in the lodging sector, in the U.S. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in urban, high-end suburban and developing markets throughout 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. The Company also owns one property leased to third parties. Substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 16 hotel management companies, none of which are affiliated with the Company. The Company’s common shares are listed on the NYSE under the ticker symbol “APLE.”

Recent Hotel Portfolio Activities

The Company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value over the long term. Consistent with this strategy and the Company’s focus on investing in rooms-focused hotels, in 2023, the Company acquired six existing hotels and one free-standing parking garage for an aggregate purchase price of approximately $289.8 million: a 154-room Courtyard in Cleveland, Ohio, a 175-room Courtyard in Salt Lake City, Utah, a 159-room Hyatt House in Salt Lake City, Utah, a free-standing parking garage which serves both of the Salt Lake City, Utah hotels and the surrounding area, a 146-room Residence Inn in Renton, Washington, a 192-room Embassy Suites in South Jordan, Utah and a 299-room SpringHill Suites in Las Vegas, Nevada. The Company utilized its available cash on hand, net proceeds from sale of shares under the ATM program and borrowings under its Revolving Credit Facility to fund the acquisitions and plans to utilize its available cash or borrowings under its unsecured credit facilities for any future acquisitions.

As of December 31, 2023, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the Nashville, Tennessee hotel currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the properties under contract.

For its existing portfolio, the Company monitors each property’s profitability, market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided from the sale of the property. The Company did not dispose of any properties in the year ended December 31, 2023. As of December 31, 2023, the Company had an outstanding contract to sell two of its hotels, which both sold to an unrelated party for a combined gross sales price of approximately $33.5 million in February 2024. The net proceeds from the sale of both hotels were used for general corporate purposes.

New York Independent Boutique Hotel Lease

During the year ended December 31, 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term.

See Note 2 titled “Investment in Real Estate” and Note 3 titled “Assets Held for Sale and Dispositions” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional information concerning these transactions.

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Hotel Operations

As of December 31, 2023, the Company owned 225 hotels, including two properties classified as held for sale, with a total of 29,900 rooms as compared to 220 hotels with a total of 28,983 rooms as of December 31, 2022. Results of operations are included only for the period of ownership for hotels acquired or disposed of during all periods presented. During 2023, the Company acquired six hotels and did not dispose of any hotels. During 2022, the Company acquired two hotels and sold one hotel. Results of the hotel operations for the Company’s independent boutique hotel in New York, New York are included only for the period prior to the lease agreement becoming effective in May 2023. See further discussion in Note 2 titled “Investments in Real Estate” and Note 3 titled “Assets Held for Sale and Dispositions” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K. As a result, the comparability of results for the years ended December 31, 2023 and 2022, as discussed below, is also impacted by these transactions.

In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, ADR and RevPAR, and expenses, such as hotel operating expenses, general and administrative expenses and other expenses described below. RevPAR and operating results may be impacted by regional and local economies and local regulations as well as changes in lodging demand due to macroeconomic factors including inflationary pressures, higher energy prices or a recessionary environment.

The following is a summary of the results from operations of the Company’s hotels for their respective periods of ownership by the Company.

	Year Ended December 31,
(in thousands, except statistical    data)	2023			Percent of Revenue			2022			Percent of Revenue			Change 2022 to 2023			2021			Percent of Revenue			Change 2021 to 2022
Total revenue	$	1,343,800			100.0	%	$	1,238,417			100.0	%		8.5	%	$	933,869			100.0	%		32.6	%
Hotel operating expense		780,725			58.1	%		710,481			57.4	%		9.9	%		542,178			58.1	%		31.0	%
Property taxes, insurance and   other expense		79,307			5.9	%		72,907			5.9	%		8.8	%		71,980			7.7	%		1.3	%
General and administrative   expense		47,401			3.5	%		42,464			3.4	%		11.6	%		41,038			4.4	%		3.5	%
Loss on impairment of   depreciable real estate assets		5,644						26,175						-78.4	%		10,754						143.4	%
Depreciation and amortization   expense		183,242						181,697						0.9	%		184,471						-1.5	%
Gain on sale of real estate		-						1,785					n/a				3,596						-50.4	%
Interest and other expense, net		68,857						59,733						15.3	%		67,748						-11.8	%
Income tax expense		1,135						1,940						-41.5	%		468						314.5	%
Net income		177,489						144,805						22.6	%		18,828						669.1	%
Adjusted Hotel EBITDA (1)		481,892						455,579						5.8	%		320,273						42.2	%
Number of hotels owned at end   of period		225						220						2.3	%		219						0.5	%
ADR	$	155.76					$	149.36						4.3	%	$	123.78						20.7	%
Occupancy		74.2	%					72.6	%					2.2	%		66.3	%					9.5	%
RevPAR	$	115.60					$	108.45						6.6	%	$	82.03						32.2	%

(1)See reconciliation of Adjusted Hotel EBITDA to net income in “Non-GAAP Financial Measures” below.

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Comparable Hotels Operating Results

The following table reflects certain operating statistics for the Company’s 223 hotels owned and held for use as of December 31, 2023. The Company defines metrics from Comparable Hotels as results generated by the 223 hotels owned and held for use as of the end of the reporting period. For the hotels acquired during the reporting periods shown, the Company has included, as applicable, results of those hotels for periods prior to the Company’s ownership using information provided by the properties’ prior owners at the time of acquisition and not adjusted by the Company. This information has not been audited, either for the periods owned or prior to ownership by the Company. For dispositions and assets held for sale, results have been excluded for the Company’s period of ownership.
 

	Year Ended December 31,
	2023			2022			Change 2022 to 2023			2021			Change 2021 to 2022
ADR	$	156.55		$	149.62			4.6	%	$	125.67			19.1	%
Occupancy		74.2	%		72.6	%		2.2	%		66.3	%		9.5	%
RevPAR	$	116.23		$	108.67			7.0	%	$	83.26			30.5	%

Same Store Operating Results

The following table reflects certain operating statistics for the 207 hotels owned and held for use by the Company as of January 1, 2021 and during the entirety of the reporting periods being compared (“Same Store Hotels”). This information has not been audited.

	Year Ended December 31,
	2023			2022			Change 2022 to 2023			2021			Change 2021 to 2022
ADR	$	153.99		$	147.34			4.5	%	$	124.26			18.6	%
Occupancy		74.3	%		72.7	%		2.2	%		66.7	%		9.0	%
RevPAR	$	114.47		$	107.17			6.8	%	$	82.88			29.3	%

As discussed above, hotel performance is impacted by many factors, including the economic conditions in the U.S. as well as each individual locality. The Company’s Comparable Hotels and Same Store Hotels revenue and operating results improved during the year ended December 31, 2023 compared to the year ended December 31, 2022, which is consistent with the overall lodging industry. Hotel occupancy was negatively impacted in many markets by the Omicron variant of COVID-19 during the first quarter of 2022, contributing to an increase of the Company’s Comparable Hotels and Same Store Hotels RevPAR of approximately 7.0% and 6.8%, respectively, for the year ended December 31, 2023, compared to the year ended December 31, 2022. For the year ended December 31, 2021, the Company’s results were negatively impacted by COVID-19, contributing to an increase of the Company’s Comparable Hotels and Same Store Hotels RevPAR of approximately 30.5% and 29.3%, respectively, for the year ended December 31, 2022. The Company expects low-to-mid single digit RevPAR growth and a slight increase in operating results for its Comparable Hotels for 2024 as compared to 2023, which is comparable to broader industry expectations. For the year ended December 31, 2023, the Company’s hotels in general have shown results that have been consistent with or exceeded industry, brand and chain scale averages.

Results of Operations

A discussion regarding the Company’s results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 is presented below. A discussion regarding the results of operations for the year ended December 31, 2022 compared to the year ended December 31, 2021 can be found under the section titled “Results of Operations” in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 21, 2023, which is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov and in the Investor Information section of the Company’s website at www.applehospitalityreit.com.

Revenues

The Company’s principal source of revenue is hotel revenue consisting of room, food and beverage, and other related revenue. For the years ended December 31, 2023 and 2022, the Company had total revenue of $1.3 billion and $1.2 billion, respectively. For the years ended December 31, 2023 and 2022, respectively, Comparable Hotels achieved combined average occupancy of 74.2% and

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72.6%, ADR of $156.55 and $149.62 and RevPAR of $116.23 and $108.67. ADR is calculated as room revenue divided by the number of rooms sold, and RevPAR is calculated as occupancy multiplied by ADR.

Compared to 2022, the Company experienced increases in ADR and occupancy in 2023, resulting in an increase of 7.0% in RevPAR, for Comparable Hotels. Revenue growth in 2023 compared to 2022 was led by continued strength in leisure transient and small group demand, with increased demand from corporate business. Additionally, occupancy during the first quarter of 2022 was negatively impacted in many markets by the Omicron variant of COVID-19. For the year ended December 31, 2023, the Company’s suburban markets continued to see strong demand with urban markets recovering more meaningfully as compared to the year ended December 31, 2022. The Company expects revenue trends to continue, however, future year-over-year revenue growth will likely be at a lower rate given the favorable comparison between 2023 and 2022 due, in large part, to the Omicron variant of COVID-19 negatively impacting the first quarter of 2022. Furthermore, future revenues could be negatively impacted by, among other things, historical seasonal trends, travel-related health concerns, deterioration of consumer sentiment, a recessionary macroeconomic environment or inflationary pressures.

Hotel Operating Expense

Hotel operating expense consists of direct room operating expense, hotel administrative expense, sales and marketing expense, utilities expense, repair and maintenance expense, franchise fees and management fees. For the years ended December 31, 2023 and 2022, hotel operating expense totaled $780.7 million and $710.5 million, respectively, or 58.1% and 57.4% of total revenue for each respective year.

The increase in hotel operating expense for the year ended December 31, 2023, as compared to the year ended December 31, 2022, was due to increased labor, repairs and maintenance and utility costs driven by increased staff and inflationary pressures throughout the overall economy. Occupancy increased for the year ended December 31, 2023, as compared to the year ended December 31, 2022, in part due to negative impacts from the Omicron variant of COVID-19 throughout most markets during the first quarter of 2022. Adding staff to meet increased demand has been challenging, and the Company’s hotels have often done so at higher wage rates or with more expensive contract labor as compared to 2022. Likewise, broader inflationary pressures throughout the overall economy and global tensions have driven shortages and cost increases for materials and supplies such as food and equipment. The Company continues to work with its management companies to realize operational efficiencies and mitigate the impact of cost pressures resulting from inflation and staffing challenges. The Company will continue to evaluate and work with its management companies to implement adjustments to the hotel operating model in response to continued changes in the operating environment and guest preferences, including evaluating staffing levels at its hotels to maximize efficiency.

Property Taxes, Insurance and Other Expense

Property taxes, insurance and other expense for the years ended December 31, 2023 and 2022 totaled $79.3 million and $72.9 million, respectively, or 5.9% of total revenue for each respective year. The increase in property taxes, insurance, and other expense was primarily due to increases in insurance premiums and increases in property taxes in certain locations due to the reassessment of property values by localities related to the improved economy, partially offset by decreases at other locations due to successful appeals of tax assessments. The Company will continue to aggressively appeal tax assessments in certain jurisdictions in an attempt to minimize tax increases, as warranted.

General and Administrative Expense

General and administrative expense for the years ended December 31, 2023 and 2022 was $47.4 million and $42.5 million, respectively, or 3.5% and 3.4% of total revenue, respectively. The principal components of general and administrative expense are payroll and related benefit costs, executive incentive compensation, legal fees, accounting fees and reporting expenses. The increase in general and administrative expense in 2023 as compared to 2022 was primarily due to improved performance under the Company’s executive incentive compensation plan which resulted in increased compensation expense as well as increased payroll and related benefit costs.

Loss on Impairment of Depreciable Real Estate Assets

Loss on impairment of depreciable real estate assets was approximately $5.6 million for the year ended December 31, 2023, consisting of impairment losses at two hotel properties identified by the Company in the fourth quarter of 2023. Loss on impairment of depreciable real estate assets was $26.2 million for the year ended December 31, 2022, consisting of impairment losses at two hotel properties identified by the Company in the fourth quarter of 2022. See Note 2, titled “Investment in Real Estate” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional information concerning these impairment losses.

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Depreciation and Amortization Expense

Depreciation and amortization expense for the years ended December 31, 2023 and 2022 was $183.2 million and $181.7 million, respectively. Depreciation and amortization expense primarily represents expense of the Company’s hotel buildings and related improvements, and associated personal property (furniture, fixtures, and equipment) for their respective periods owned. The increase was primarily due to the purchase of six hotels in 2023 and two hotels in the fourth quarter of 2022, as well as renovations completed throughout both 2023 and 2022, partially offset by the sale of one hotel in the third quarter of 2022.

Interest and Other Expense, net

Interest and other expense, net for the years ended December 31, 2023 and 2022 was $68.9 million and $59.7 million, respectively, and is net of approximately $1.5 million and $1.3 million, respectively, of interest capitalized associated with renovation projects.

Interest expense related to the Company’s debt instruments for the year ended December 31, 2023 increased compared to the year ended December 31, 2022 as a result of higher average borrowings associated with variable-rate debt and higher average interest rates on the Company’s variable-rate debt due to the high inflationary environment within the current economy. See Note 4 titled “Debt” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional discussion of the Company’s amended unsecured credit facilities. The Company anticipates interest expense will increase in 2024 as a result of higher average market interest rates over the next twelve months on the Company’s variable-rate debt as interest rates are expected to plateau and then start to decrease at a slower rate compared to how quickly they increased throughout 2023. In addition, the proportion of fixed-rate debt will decrease in 2024, as the Company has six interest rate swaps that mature in 2024, resulting in a decrease in the amount of variable-rate debt that is fixed by interest rate swaps, or if the interest rate swaps are replaced with new agreements, they are expected to be at higher rates.

Income tax expense

Income tax expense for the years ended December 31, 2023 and 2022 was $1.1 million and $1.9 million, respectively. The decrease is primarily due to state income taxes that were higher than normal in several states in 2022 as a result of temporary limitations placed on the application of prior net operating losses.

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Non-GAAP Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”), Modified Funds from Operations (“MFFO”), Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”), Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”), Adjusted EBITDAre (“Adjusted EBITDAre”) and Adjusted Hotel EBITDA. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations or any other operating GAAP measure. FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA are not necessarily indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. Although FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as calculated by the Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as reported by other companies that do not define such terms exactly as the Company defines such terms, the Company believes these supplemental measures are useful to investors when comparing the Company’s results between periods and with other REITs.

FFO and MFFO

The Company calculates and presents FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), which defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), extraordinary items as defined by GAAP, and the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated affiliates. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company further believes that by excluding the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that report FFO using the Nareit definition. FFO as presented by the Company is applicable only to its common shareholders, but does not represent an amount that accrues directly to common shareholders.

The Company calculates MFFO by further adjusting FFO for the exclusion of amortization of finance ground lease assets, amortization of favorable and unfavorable operating leases, net and non-cash straight-line operating ground lease expense, as these expenses do not reflect the underlying performance of the related hotels. The Company presents MFFO when evaluating its performance because it believes that it provides further useful supplemental information to investors regarding its ongoing operating performance.

The following table reconciles the Company’s GAAP net income to FFO and MFFO for the years ended December 31, 2023, 2022 and 2021 (in thousands).

	Year Ended December 31,
	2023		2022			2021
Net income	$	177,489	$	144,805		$	18,828
Depreciation of real estate owned		180,185		178,641			179,275
Gain on sale of real estate		-		(1,785	)		(3,596	)
Loss on impairment of depreciable real estate assets		5,644		26,175			10,754
Funds from operations		363,318		347,836			205,261
Amortization of finance ground lease assets		3,038		3,038			5,178
Amortization of favorable and unfavorable operating    leases, net		383		396			393
Non-cash straight-line operating ground lease expense		145		154			169
Modified funds from operations	$	366,884	$	351,424		$	211,001

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EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA

EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company’s indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.

In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by Nareit, which defines EBITDAre as EBITDA, excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), plus real estate related impairments, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. The Company presents EBITDAre because it believes that it provides further useful information to investors in comparing its operating performance between periods and between REITs that report EBITDAre using the Nareit definition.

The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).

The Company further excludes actual corporate-level general and administrative expense for the Company as well as Adjusted EBITDAre from its non-hotel property from Adjusted EBITDAre (Adjusted Hotel EBITDA) to isolate property-level operational performance over which the Company’s hotel operators have direct control. The Company believes Adjusted Hotel EBITDA provides useful supplemental information to investors regarding operating performance and it is used by management to measure the performance of the Company’s hotels and effectiveness of the operators of the hotels.

The following table reconciles the Company’s GAAP net income to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA for the years ended December 31, 2023, 2022 and 2021 (in thousands).

	Year Ended December 31,
	2023			2022			2021
Net income	$	177,489		$	144,805		$	18,828
Depreciation and amortization		183,242			181,697			184,471
Amortization of favorable and unfavorable operating leases, net		383			396			393
Interest and other expense, net		68,857			59,733			67,748
Income tax expense		1,135			1,940			468
EBITDA		431,106			388,571			271,908
Gain on sale of real estate		-			(1,785	)		(3,596	)
Loss on impairment of depreciable real estate assets		5,644			26,175			10,754
EBITDAre		436,750			412,961			279,066
Non-cash straight-line operating ground lease expense		145			154			169
Adjusted EBITDAre		436,895			413,115			279,235
General and administrative expense		47,401			42,464			41,038
Adjusted EBITDAre from non-hotel property (1)		(2,404	)		-			-
Adjusted Hotel EBITDA	$	481,892		$	455,579		$	320,273

(1)Non-hotel property only includes the results of one hotel in New York, New York that is leased to a third-party hotel operator. This property’s Adjusted EBITDAre results are not included in Adjusted Hotel EBITDA starting in the second half of 2023.

Hotels Owned

As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. See “Management and Franchise Agreements” in Part I, Item 1, Business, appearing elsewhere in this Annual Report on Form 10-K, for a table summarizing the number of hotels and rooms by brand. Refer to Part I, Item 2, of this Annual Report on Form 10-K for tables summarizing the number of hotels and rooms by state, and summarizing the location, brand, manager, date acquired or completed and number of rooms for each of the 225 hotels the Company owned as of December 31, 2023.

Related Parties

The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions

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were conducted with non-related parties. See Note 6, titled “Related Parties” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional information concerning the Company’s related party transactions.

Liquidity and Capital Resources

Capital Resources

The Company’s principal short-term sources of liquidity are the operating cash flows generated from the Company’s properties and availability under its Revolving Credit Facility. Over the long term, the Company may receive proceeds from strategic additional secured and unsecured debt financing, dispositions of its hotel properties and offerings of the Company’s common shares, including pursuant to the ATM Program. Macroeconomic pressures, including inflation, increases in interest rates and general market uncertainty, could impact the Company’s ability to raise debt or equity capital to fund long-term liquidity requirements in a cost-effective manner.

As of December 31, 2023, the Company had approximately $1.4 billion of total outstanding debt consisting of $283.0 million of mortgage debt and $1.1 billion outstanding under its credit facilities, excluding unamortized debt issuance costs and fair value adjustments. As of December 31, 2023, the Company had available corporate cash on hand of approximately $10.3 million, and unused borrowing capacity under its Revolving Credit Facility of approximately $650 million.

The credit agreements governing the unsecured credit facilities contain mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The credit agreements require that the Company comply with various covenants, which include, among others, a minimum tangible net worth, maximum debt limits, minimum interest and fixed charge coverage ratios, and restrictions on certain investments. The Company was in compliance with the applicable covenants as of December 31, 2023.

On July 19, 2023, the Company entered into an amendment of its unsecured $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

See Note 4 titled “Debt” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for a description of the Company’s debt instruments as of December 31, 2023 and a summary of the financial and restrictive covenants as defined in the credit agreements.

The Company has a universal shelf registration statement on Form S-3 (No. 333-262915) that was automatically effective upon filing on February 23, 2022. The Company may offer an indeterminate number or amount, as the case may be, of (1) common shares, no par value per share; (2) preferred shares, no par value per share; (3) depository shares representing the Company’s preferred shares; (4) warrants exercisable for the Company’s common shares, preferred shares or depository shares representing preferred shares; (5) rights to purchase common shares; and (6) unsecured senior or subordinate debt securities, all of which may be issued from time to time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act.

On August 12, 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under the ATM Program under the Company’s prior shelf registration statement and the current shelf registration statement described above. During the year ended December 31, 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately $17.05 per common share and received aggregate gross proceeds of approximately $218.6 million and proceeds net of offering costs, which included $2.6 million of commissions, of approximately $216.0 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under the Revolving Credit Facility, acquisitions of hotel properties and for general corporate purposes. No shares were sold under the Company’s ATM Program during the year ended December 31, 2022. As of December 31, 2023, approximately $5.3 million remained available for issuance under the ATM Program. The Company plans to use future net proceeds from the sale of shares under the ATM Program, or under a similar successor program, for general corporate purposes which may include, among other things, acquisitions of hotel properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties. Future offerings will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company’s common shares and opportunities for uses of any proceeds.

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As discussed in Note 3, titled “Assets Held for Sale and Dispositions” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, as of December 31, 2023, the Company had an outstanding contract to sell two of its hotels, which were both sold to an unrelated party for a combined gross sales price of approximately $33.5 million in February 2024. The net proceeds from the sale of both hotels were used for general corporate purposes.

Capital Uses

The Company anticipates that cash flow from operations, availability under its Revolving Credit Facility, additional borrowings, and proceeds from hotel dispositions and equity offerings will be adequate to meet its anticipated liquidity requirements, including required distributions to shareholders, share repurchases, capital improvements, debt service, hotel acquisitions, lease commitments, and cash management activities.

Distributions

The Company generally must distribute annually at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, in order to maintain its REIT status. Subsequent to the distribution paid in March 2020, the Company announced the suspension of its monthly distributions due to the impact of COVID-19 on its operating cash flows. Beginning in March 2021, the Board of Directors declared distributions of $0.01 per common share per quarter or to the extent required to maintain REIT status. In February 2022, the Board of Directors of the Company reinstated its policy of distributions on a monthly basis and declared a monthly cash distribution of $0.05 per common share with the first monthly distribution paid in March 2022. In August and October 2022, the Board of Directors approved subsequent increases to the monthly cash distribution to $0.07 and $0.08 per common share, respectively. In addition to the regular monthly cash distribution of $0.08 per common share approved by the Board of Directors in December 2022, the Board of Directors approved a special cash distribution of $0.08 per common share for a combined distribution of $0.16 per common share, paid in January 2023, to shareholders of record as of December 30, 2022. The Company continued a monthly cash distribution of $0.08 per common share in 2023. In December 2023, in addition to the regular monthly cash distribution of $0.08 per common share, the Board of Directors approved a special cash distribution of $0.05 per common share for a combined distribution of $0.13 per common share, paid in January 2024, to shareholders of record as of December 29, 2023. Distributions paid for the years ended December 31, 2023, 2022 and 2021 were $1.04, $0.61 and $0.03 per common share, respectively, for a total of approximately $238.3 million, $139.5 million and $6.8 million, respectively.

The Company's current annual distribution rate, payable monthly, is $0.96 per common share. As it has done historically, due to seasonality, the Company may use its Revolving Credit Facility to maintain the consistency of the monthly distribution rate, taking into consideration any acquisitions, dispositions, capital improvements and economic cycles. While management currently expects monthly cash distributions to continue at $0.08 per common share, any distribution will be subject to approval of the Company’s Board of Directors and there can be no assurance of the classification, timing or duration of distributions at any particular distribution rate. The Board of Directors monitors the Company’s distribution rate relative to the performance of its hotels on an ongoing basis and may make adjustments to the distribution rate as determined to be prudent in relation to other cash requirements of the Company or to the extent required to maintain REIT status. If cash flows from operations and the Revolving Credit Facility are not adequate to meet liquidity requirements, the Company may utilize additional financing sources to make distributions. Although the Company has relatively low levels of debt, there can be no assurance it will be successful with this strategy, and it may need to reduce its distributions to minimum levels required to maintain its qualification as a real estate investment trust. If the Company were unable to extend its maturing debt in future periods or if it were to default on its debt, it may be unable to make distributions.

Share Repurchases

In May 2023, the Company’s Board of Directors approved a one-year extension of its existing Share Repurchase Program, authorizing share repurchases up to an aggregate of $338.7 million. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $14.34 per common share for an aggregate purchase price, including commissions, of approximately $6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $335.4 million remained available for purchase under the Share Repurchase Program.

Capital Improvements

Management routinely monitors the condition and operations of its hotels and plans renovations and other improvements as it deems prudent. The Company is committed to maintaining and enhancing each property’s competitive position in its market. The

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Company has invested in and plans to continue to reinvest in its hotels. Under certain loan and management agreements, the Company is required to place in escrow funds for the repair, replacement and refurbishing of furniture, fixtures, and equipment, based on a percentage of gross revenues, provided that such amount may be used for the Company’s capital expenditures with respect to the hotels. As of December 31, 2023, the Company held approximately $30.4 million in reserves related to these properties. During 2023, the Company invested approximately $76.8 million in capital expenditures. The Company anticipates spending approximately $75 million to $85 million during 2024, which includes various comprehensive renovation projects for approximately 20 properties, however, inflationary pressures or supply chain shortages, among other issues, may result in increased costs or delays for anticipated projects. The Company does not currently have any existing or planned projects for new property development.

Upcoming Debt Maturities and Debt Service Payments

As of December 31, 2023, the Company had approximately $175.2 million of principal and interest payments due on its debt over the next 12 months. Included in this total is an $85.0 million term loan and a mortgage loan of approximately $20.3 million, both maturing in the third quarter of 2024. The Company plans to pay outstanding amounts and service payments due upon the upcoming debt maturity dates using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing, refinancing or loan extensions. Interest expense related to the Company’s unsecured credit facilities is expected to be higher in 2024 than it was during 2023 as a result of increases in market interest rates on its variable-rate debt and increased borrowings on its Revolving Credit Facility. See Note 4 titled “Debt” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for more detail regarding future maturities of the Company’s debt instruments as of December 31, 2023.

Hotel Purchase Contract Commitments

As of December 31, 2023, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the Nashville, Tennessee hotel currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the properties under contract.

Lease Commitments

The Company is the lessee on certain ground leases, hotel equipment leases and office space leases. As of December 31, 2023, the Company had 14 hotels subject to ground leases and three parking lot ground leases with remaining terms ranging from approximately 15 to 95 years, excluding renewal options. Certain of its ground leases have options to extend beyond the initial lease term by periods ranging from five to 120 years. As of December 31, 2023, the Company had total remaining minimum lease payments of $283.4 million, including $7.3 million due in the next year. Refer to Note 10, titled “Lease Commitments” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K for additional details.

Cash Management Activities

As part of the cost sharing arrangements discussed in Note 6, titled “Related Parties” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under the cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies.

Management and Franchise Agreements

Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under separate management agreements with 16 hotel management companies, none of which are affiliated with the Company. Thirteen of the Company’s hotels are managed by affiliates of Marriott. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and, as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. See Note 9, titled “Management and Franchise Agreements” of the Consolidated Financial Statements

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and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional information pertaining to the management and franchise agreements, including a listing of the Company’s hotel management companies.

Impact of Inflation

The Company relies on the performance of its hotels and the ability of its hotel operators to increase revenue to keep pace with inflation. Hotel operators, in general, possess the ability to adjust room rates daily to reflect the effects of inflation on the Company's operating expenses. However, competitive pressures could limit the operators’ ability to raise room rates and, as a result, the Company may not be able to offset increased operating expenses with increases in revenue.

Business Interruption

Being in the real estate industry, the Company is exposed to natural disasters on both a local and national scale. Although management believes the Company has adequate insurance to cover this exposure, there can be no assurance that such events will not have a material adverse effect on the Company’s financial position or results of operations.

Seasonality

The hotel industry historically has been seasonal in nature. Seasonal variations in occupancy at the Company’s hotels may cause quarterly fluctuations in its revenues. Generally, occupancy rates and hotel revenues for the Company’s hotels are greater in the second and third quarters than in the first and fourth quarters. However, due to the effects of COVID-19, these typical seasonal patterns were disrupted until 2023. In the first quarter of 2022, the Company experienced lower than expected operating results due to the Omicron variant of COVID-19 along with the typical seasonal decrease associated with the first quarter. Since that time, the seasonal variability has recovered to its pre-COVID-19 trend. To the extent that cash flow from operations is insufficient during any quarter due to temporary or seasonal fluctuations in revenue, the Company expects to utilize cash on hand or available financing sources to meet cash requirements.

Critical Accounting Policies and Estimates

The following contains a discussion of what the Company believes to be its critical accounting policies and estimates. These items should be read to gain a further understanding of the principles and estimates used to prepare the Company’s financial statements. These principles and estimates include application of judgment; therefore, changes in judgments may have a material impact on the Company’s reported results of operations and financial condition.

Investment Policy

Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred. The underlying assumptions are subject to uncertainty and thus any changes to the allocation of fair value to each of the various line items within the Company’s consolidated balance sheets could have an impact on the Company’s financial condition as well as results of operations due to resulting changes in depreciation and amortization as a result of the fair value allocation. The acquisitions of real estate subject to this estimate totaled seven properties, including six hotels and one free-standing parking garage, for a combined purchase price of approximately $289.8 million for the year ended December 31, 2023 and two properties for a combined purchase price of $85.0 million for the year ended December 31, 2022.

Capitalization Policy

The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended.

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Impairment Losses Policy

The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively, as discussed in Note 2, titled “Investment in Real Estate” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K.

New Accounting Standards

See Note 1, titled “Organization and Summary of Significant Accounting Policies” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for information on the anticipated adoption of recently issued accounting standards.

Subsequent Events

On January 16, 2024, the Company paid approximately $31.4 million, or $0.13 per common share, in distributions to shareholders of record as of December 29, 2023.

On January 19, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution of approximately $19.3 million was paid on February 15, 2024, to shareholders of record as of January 31, 2024.

On February 9, 2024, the Company completed the sale of two existing hotels in Rogers, Arkansas, including a 122-room Hampton and a 126-room Homewood Suites, for a combined gross sales price of approximately $33.5 million. A portion of the proceeds from the sale of the two hotels will be used to complete a like-kind exchange in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, with future acquisitions, which is expected to result in the deferral of taxable gains of approximately $15 million.

On February 16, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution is payable on March 15, 2024, to shareholders of record as of February 29, 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

As of December 31, 2023, the Company’s financial instruments were not exposed to significant market risk due to foreign currency exchange risk, commodity price risk or equity price risk. However, the Company is exposed to interest rate risk due to possible changes in short-term interest rates as it invests its cash or borrows on its Revolving Credit Facility and due to the portion of its variable-rate term debt that is not fixed by interest rate swaps. As of December 31, 2023, after giving effect to interest rate swaps, as described below, approximately $150.0 million, or approximately 11% of the Company’s total debt outstanding, was subject to variable interest rates. Based on the Company’s variable-rate debt outstanding as of December 31, 2023, every 100 basis points change in interest rates will impact the Company’s annual net income by approximately $1.5 million, all other factors remaining the same. With the exception of interest rate swap transactions, the Company has not engaged in transactions in derivative financial instruments or derivative commodity instruments.

As of December 31, 2023, the Company’s variable-rate debt consisted of its unsecured credit facilities, including $970 million of term loans. Currently, the Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. As of December 31, 2023, the Company had 14 interest rate swap agreements that effectively fix the interest payments on approximately $820.0 million of the Company’s variable-rate debt outstanding with swap maturity dates ranging from January 2024 to December 2029. Under the terms of all of the Company’s interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment. See Note 5 titled “Fair Value of Financial Instruments” in Part II, Item 8, of the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K, for a description of the Company’s interest rate swaps as of December 31, 2023.

In addition to its variable-rate debt and interest rate swaps discussed above, the Company has assumed or originated fixed interest rate mortgages payable to lenders under permanent financing arrangements as well as two fixed-rate senior notes facilities totaling $125 million. The following table summarizes the annual maturities and average interest rates of the Company’s mortgage debt and borrowings outstanding under its unsecured credit facilities at December 31, 2023. All dollar amounts are in thousands.

	2024			2025			2026			2027			2028			Thereafter			Total		Fair Market Value
Total debt:
Maturities	$	113,597		$	295,140		$	74,649		$	278,602		$	334,066		$	281,948		$	1,378,002	$	1,331,522
Average interest rates (1)		4.6	%		4.9	%		5.3	%		5.3	%		4.7	%		3.9	%
Variable-rate debt:
Maturities	$	85,000		$	225,000		$	-		$	275,000		$	300,000		$	85,000		$	970,000	$	967,761
Average interest rates (1)		4.8	%		5.4	%		5.8	%		5.9	%		5.2	%		3.6	%
Fixed-rate debt:
Maturities	$	28,597		$	70,140		$	74,649		$	3,602		$	34,066		$	196,948		$	408,002	$	363,761
Average interest rates		4.1	%		4.0	%		4.0	%		4.1	%		4.1	%		4.1	%

(1)The average interest rate gives effect to interest rate swaps, as applicable.

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Item 8. Financial Statements and Supplementary Data

Report of Management
on Internal Control over Financial Reporting

February 22, 2024

To the Shareholders

Apple Hospitality REIT, Inc.

Management of Apple Hospitality REIT, Inc. (the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. As defined by the Securities and Exchange Commission, internal control over financial reporting is a process designed by, or under the supervision of the Company’s principal executive, principal financial and principal accounting officers and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

The Company’s internal control over financial reporting is supported by written policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company’s transactions and dispositions of the Company’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the consolidated financial statements in accordance with generally accepted accounting principles, and the receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In connection with the preparation of the Company’s annual consolidated financial statements, management has undertaken an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Management’s assessment included an evaluation of the design of the Company’s internal control over financial reporting and testing of the operational effectiveness of those controls.

Based on this assessment, management has concluded that as of December 31, 2023, the Company’s internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Ernst & Young LLP, the independent registered public accounting firm that audited the Company’s consolidated financial statements included in this report, has issued an attestation report on the Company’s internal control over financial reporting, a copy of which appears on the next page of this annual report.

/s/ Justin G. Knight	/s/ Elizabeth S. Perkins	/s/ Rachel S. Labrecque
Justin G. Knight, Chief Executive Officer	Elizabeth S. Perkins, Chief Financial Officer	Rachel S. Labrecque, Chief Accounting Officer
(Principal Executive Officer)	(Principal Financial Officer)	(Principal Accounting Officer)

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Apple Hospitality REIT, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Apple Hospitality REIT, Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Apple Hospitality REIT, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and the financial statement schedule listed in the Index at Item 15(2) and our report dated February 22, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Richmond, Virginia

February 22, 2024

50

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Apple Hospitality REIT, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Apple Hospitality REIT, Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and the financial statement schedule listed in the Index at Item 15(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 22, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

51

	Investments in Real Estate – Impairment Analysis
Description of the Matter	As of December 31, 2023, the Company had investments in real estate, net of accumulated depreciation and amortization of $4.8 billion. As more fully described in Notes 1 and 2 to the consolidated financial statements, the Company analyzes its hotel properties individually for indicators of impairment throughout the year. For properties with impairment indicators, the Company determines whether projected undiscounted future cash flows from operations are sufficient to recover their carrying value. Impairment charges may result when the carrying value of the properties’ assets exceeds the estimated undiscounted future cash flows over the estimated holding period. The Company’s impairment analysis consists of (1) identifying properties with indicators of impairment, (2) testing the identified property assets for recoverability and (3) measuring the impairment loss. The Company recorded $5.6 million of impairment losses in the fourth quarter of 2023. Auditing management’s analysis is complex due to the highly judgmental nature of identifying indicators of impairment as well as a change in a property’s intended hold period. Many indicators of impairment, such as a change in the intended holding period of the property, are subjective. The determination of the capitalization rate used in the fair value estimates require significant management judgment.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s review for indicators of impairment, including changes in the intended hold period. For example, we tested controls over management’s review of the recoverability analysis and measurement of the impairment loss, including the significant assumptions described above. To test whether any indicators of impairment were present, our audit procedures included evaluating management’s analysis, including testing the completeness and accuracy of the underlying data. In addition, we performed an independent assessment using both internally and externally available information to identify evidence that was either corroborative or contrary to management’s analysis. For example, we considered historical trends in dispositions and renovations as well as current year property level performance such as net operating income and challenged management’s hold period assumptions. For the Company’s investment in real estate that was assessed by management using an undiscounted cash flow model, we inspected relevant industry and market outlook data to consider market conditions.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2007.

Richmond, Virginia

February 22, 2024

52

Apple Hospitality REIT , Inc.

Consolidated Balance Sheets

(in thousands, except share data)

	As of December 31,
	2023			2022
Assets
Investment in real estate, net of accumulated depreciation and amortization of    $1,662,942 and $1,492,097, respectively	$	4,777,374		$	4,610,962
Assets held for sale		15,283			-
Cash and cash equivalents		10,287			4,077
Restricted cash-furniture, fixtures and other escrows		33,331			39,435
Due from third party managers, net		36,437			43,331
Other assets, net		64,586			74,909
Total Assets	$	4,937,298		$	4,772,714
Liabilities
Debt, net	$	1,371,494		$	1,366,249
Finance lease liabilities		111,892			112,006
Accounts payable and other liabilities		129,931			116,064
Total Liabilities		1,613,317			1,594,319
Shareholders’ Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding		-			-
Common stock, no par value, authorized 800,000,000 shares; issued and    outstanding 241,515,532 and 228,644,861 shares, respectively		4,794,804			4,577,022
Accumulated other comprehensive income		20,404			36,881
Distributions greater than net income		(1,491,227	)		(1,435,508	)
Total Shareholders’ Equity		3,323,981			3,178,395
Total Liabilities and Shareholders’ Equity	$	4,937,298		$	4,772,714

See notes to consolidated financial statements.

53

Apple Hospitality REIT, Inc.

Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)

	Year Ended December 31,
	2023			2022			2021
Revenues:
Room	$	1,226,159		$	1,139,436		$	871,436
Food and beverage		56,968			46,010			22,018
Other		60,673			52,971			40,415
Total revenue		1,343,800			1,238,417			933,869
Expenses:
Hotel operating expense:
Operating		332,714			300,852			216,644
Hotel administrative		114,071			105,396			85,066
Sales and marketing		117,538			104,756			79,834
Utilities		47,422			45,017			40,635
Repair and maintenance		65,412			58,729			47,660
Franchise fees		59,315			53,901			40,949
Management fees		44,253			41,830			31,390
Total hotel operating expense		780,725			710,481			542,178
Property taxes, insurance and other		79,307			72,907			71,980
General and administrative		47,401			42,464			41,038
Loss on impairment of depreciable real estate assets		5,644			26,175			10,754
Depreciation and amortization		183,242			181,697			184,471
Total expense		1,096,319			1,033,724			850,421
Gain on sale of real estate		-			1,785			3,596
Operating income		247,481			206,478			87,044
Interest and other expense, net		(68,857	)		(59,733	)		(67,748	)
Income before income taxes		178,624			146,745			19,296
Income tax expense		(1,135	)		(1,940	)		(468	)
Net income	$	177,489		$	144,805		$	18,828
Other comprehensive income (loss):
Interest rate derivatives		(16,477	)		52,389			27,294
Comprehensive income	$	161,012		$	197,194		$	46,122
Basic and diluted net income per common share	$	0.77		$	0.63		$	0.08
Weighted average common shares outstanding - basic and    diluted		229,329			228,946			226,361

See notes to consolidated financial statements.

54

Apple Hospitality REIT, Inc.

Consolidated Statements of Shareholders’ Equity

(in thousands, except per share data)

							Accumulated
	Common Stock						Other			Distributions
	Number of Shares			Amount			Comprehensive Income (Loss)			Greater Than Net Income			Total
Balance at December 31, 2020		223,212		$	4,488,419		$	(42,802	)	$	(1,416,270	)	$	3,029,347
Share based compensation, net		367			5,933			-			-			5,933
Issuance of common shares, net		4,677			75,000			-			-			75,000
Interest rate derivatives		-			-			27,294			-			27,294
Net income		-			-			-			18,828			18,828
Distributions declared to shareholders ($0.04 per share)		-			-			-			(9,081	)		(9,081	)
Balance at December 31, 2021		228,256			4,569,352			(15,508	)		(1,406,523	)		3,147,321
Share based compensation, net		577			10,645			-			-			10,645
Equity issuance costs		-			(300	)		-			-			(300	)
Common shares repurchased		(188	)		(2,675	)		-			-			(2,675	)
Interest rate derivatives		-			-			52,389			-			52,389
Net income		-			-			-			144,805			144,805
Distributions declared to shareholders ($0.76 per share)		-			-			-			(173,790	)		(173,790	)
Balance at December 31, 2022		228,645			4,577,022			36,881			(1,435,508	)		3,178,395
Share based compensation, net		525			8,772			-			-			8,772
Issuance of common shares, net		12,826			215,890			-			-			215,890
Common shares repurchased		(480	)		(6,880	)		-			-			(6,880	)
Interest rate derivatives		-			-			(16,477	)		-			(16,477	)
Net income		-			-			-			177,489			177,489
Distributions declared to shareholders ($1.01 per share)		-			-			-			(233,208	)		(233,208	)
Balance at December 31, 2023		241,516		$	4,794,804		$	20,404		$	(1,491,227	)	$	3,323,981

See notes to consolidated financial statements.

55

Apple Hospitality REIT, Inc.

Consolidated Statements of Cash Flows

(in thousands)

	Years Ended December, 31
	2023			2022			2021
Cash flows from operating activities:
Net income	$	177,489		$	144,805		$	18,828
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		183,242			181,697			184,471
Loss on impairment of depreciable real estate assets		5,644			26,175			10,754
Gain on sale of real estate		-			(1,785	)		(3,596	)
Other non-cash expenses, net		8,708			8,653			10,284
Changes in operating assets and liabilities:
Decrease (increase) in due from third party managers, net		7,098			(3,436	)		(18,113	)
Decrease (increase) in other assets, net		(6,088	)		(1,685	)		846
Increase in accounts payable and other liabilities		22,951			14,022			14,088
Net cash provided by operating activities		399,044			368,446			217,562
Cash flows from investing activities:
Acquisition of hotel properties, net		(291,388	)		(84,827	)		(362,486	)
Disbursements for potential acquisitions, net		(1,177	)		-			(893	)
Capital improvements		(72,066	)		(59,376	)		(18,312	)
Net proceeds from sale of real estate		-			8,293			231,008
Net cash used in investing activities		(364,631	)		(135,910	)		(150,683	)
Cash flows from financing activities:
Net proceeds (disbursements) related to issuance of common shares		215,923			(265	)		75,000
Repurchases of common shares		(6,880	)		(2,675	)		-
Repurchases of common shares to satisfy employee withholding requirements		(8,008	)		(6,333	)		(3,345	)
Distributions paid to common shareholders		(238,283	)		(139,467	)		(6,797	)
Net payments on revolving credit facility		-			(76,000	)		(29,800	)
Proceeds from term loans and senior notes		50,000			175,000			-
Payments of mortgage debt and other loans		(46,213	)		(168,831	)		(70,724	)
Principal payments on finance leases		(340	)		(173	)		(24,045	)
Financing costs		(506	)		(10,229	)		(1,587	)
Net cash used in financing activities		(34,307	)		(228,973	)		(61,298	)
Net change in cash, cash equivalents and restricted cash		106			3,563			5,581
Cash, cash equivalents and restricted cash, beginning of period		43,512			39,949			34,368
Cash, cash equivalents and restricted cash, end of period	$	43,618		$	43,512		$	39,949
Supplemental cash flow information:
Interest paid	$	67,835		$	57,721		$	63,149
Income taxes paid	$	1,293		$	1,699		$	637
Supplemental disclosure of noncash investing and financing activities:
Notes payable originated from acquisitions	$	-		$	-		$	56,000
Accrued distribution to common shareholders	$	31,397		$	36,551		$	2,281
Accrued capital expenditures	$	15,816		$	11,050		$	8,924
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	$	4,077		$	3,282		$	5,556
Restricted cash-furniture, fixtures and other escrows, beginning of period		39,435		$	36,667			28,812
Cash, cash equivalents and restricted cash, beginning of period	$	43,512		$	39,949		$	34,368
Cash and cash equivalents, end of period	$	10,287		$	4,077		$	3,282
Restricted cash-furniture, fixtures and other escrows, end of period		33,331			39,435			36,667
Cash, cash equivalents and restricted cash, end of period	$	43,618		$	43,512		$	39,949

See notes to consolidated financial statements.

56

Apple Hospitality REIT, Inc.

Notes to Consolidated Financial Statements

Note 1

Organization and Summary of Significant Accounting Policies

Organization

Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. The Company also owns one property leased to third parties. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.”

The Company has elected to be treated as a REIT for U.S. federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee” or “TRS”), which leases all of the Company’s hotels.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits.

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value.

Investment in Real Estate and Related Depreciation and Amortization

Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment.

The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended.

Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered

57

material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred.

The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively, as discussed in Note 2.

Assets Held for Sale

The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2023, the Company had two hotels classified as held for sale, which were both sold to an unrelated party in February 2024, as discussed further in Note 3. As of December 31, 2022, the Company did not have any assets classified as held for sale.

Revenue Recognition

Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue represents revenue from the occupancy of hotel rooms and is driven by the occupancy and average daily rate charged. Room revenue does not include ancillary services or fees charged. The contracts for room stays with customers generally are very short-term in duration and revenue is recognized over the course of the hotel stay. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue consists of revenue from group functions such as banquets and conferences as well as revenue from the restaurants and lounges at the Company’s hotels. Food and beverage revenue is recognized at the time the products or services are provided to the customer. Other operating revenue consists of ancillary revenues at the hotel, including attrition and cancelation fees, parking revenue and other guest services and offerings. Other operating revenue is generally recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy.

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity.

58

Net Income Per Common Share

Basic net income per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income per common share were the same for each of the years presented.

Income Taxes

The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT.

As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. The Company’s income tax expense as shown in the consolidated statements of operations primarily consists of income taxes on the operations of the Lessee and franchise taxes on both the REIT and the Lessee at the state jurisdiction level.

The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in 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 on 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.

The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes for uncertain tax positions is required in the Company's consolidated financial statements as of December 31, 2023, and 2022. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

The Company has and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”).

Sales and Marketing Costs

Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion.

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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Accounting Standards Recently Issued

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

Note 2

Investment in Real Estate

The Company’s investment in real estate consisted of the following (in thousands):

	December 31,			December 31,
	2023			2022
Land	$	828,868		$	802,625
Building and improvements		4,917,105			4,656,343
Furniture, fixtures and equipment		571,026			522,082
Finance ground lease assets		102,084			102,084
Franchise fees		21,233			19,925
		6,440,316			6,103,059
Less accumulated depreciation and amortization		(1,662,942	)		(1,492,097	)
Investment in real estate, net	$	4,777,374		$	4,610,962

As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms (“non-hotel property”). Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 through the end of the lease term.

The Company leases all of its 225 hotels to a wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

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2023 and 2022 Acquisitions

During 2023, the Company acquired six hotels and one free-standing parking garage. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Cleveland	OH	Courtyard	Concord	6/30/2023		154	$	31,000
Salt Lake City	UT	Courtyard	North Central	10/11/2023		175		48,110
Salt Lake City	UT	Hyatt House	North Central	10/11/2023		159		34,250
Salt Lake City (1)	UT	N/A	North Central	10/11/2023	N/A			9,140
Renton	WA	Residence Inn	InnVentures	10/18/2023		146		55,500
South Jordan	UT	Embassy Suites	HHM	11/21/2023		192		36,750
Las Vegas	NV	SpringHill Suites	Crescent	12/27/2023		299		75,000
						1,125	$	289,750

(1)This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.

During 2022, the Company acquired two hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Louisville	KY	AC Hotels	Concord	10/25/2022		156	$	51,000
Pittsburgh	PA	AC Hotels	Concord	10/25/2022		134		34,000
						290	$	85,000

In 2023, the Company utilized its available cash on hand, net proceeds from sale of shares under the ATM program (as defined below) and availability under its Revolving Credit Facility (as defined below) to purchase the properties. In 2022, the Company utilized its available cash on hand and a $50 million draw on its $575 million term loan facility (as defined below) to purchase both hotels. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the six hotels and free-standing parking garage acquired during 2023, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2023 was approximately $9.7 million and $1.6 million, respectively. For the two hotels acquired during 2022, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2022 was approximately $2.4 million and $0.6 million, respectively.

Loss on Impairment of Depreciable Real Estate Assets

During the years ended December 31, 2023, 2022 and 2021, the Company recorded impairment losses totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively.

During the fourth quarter of 2023, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For both hotels, the Company utilized an offer from an unrelated party, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $17.4 million as of December 31, 2023) to their estimated fair market value (approximately $11.8 million as of December 31, 2023), resulting in an impairment loss of $5.6 million.

During the fourth quarter of 2022, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that

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the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For one hotel, the Company engaged a third party to assist with the analysis of the fair market value. The fair market value of the hotel was estimated by using the income and market approaches, as applicable, as outlined under GAAP, using both observable market data (categorized as Level 2 inputs under the fair value hierarchy) and unobservable inputs that reflect the Company’s own internal assumptions and calculations (categorized as Level 3 inputs under the fair value hierarchy). Under the income approach, the fair value estimate was calculated from a discounted cash flow analysis, using expected future cash flows based on stabilized room revenue growth rates of 2.4% to 4.8%, estimated discount rates of approximately 7.5% to 9.0% and other market considerations. For the second hotel, the Company utilized offers from unrelated parties, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $47.2 million as of December 31, 2022) to their estimated fair market value (approximately $21.0 million as of December 31, 2022), resulting in an impairment loss of $26.2 million.

During the first quarter of 2021, the Company identified 20 hotels for potential sale and, in April 2021, entered into a purchase contract with an unrelated party for the sale of the hotels for a gross sales price of $211.0 million. As a result, the Company recognized impairment losses totaling approximately $9.4 million in the first quarter of 2021, to adjust the carrying values of four of these hotels to their estimated fair values. The fair values of these properties were based on broker opinions of value using multiple methods to determine their value, including but not limited to replacement value, discounted cash flows and the income approach based on historical and forecasted operating results of the specific properties. These valuations are Level 3 inputs under the fair value hierarchy. The Company completed the sale of the hotels in July 2021.

Additionally, during the first quarter of 2021, the Company identified the Overland Park, Kansas SpringHill Suites for potential sale and, in February 2021, entered into a purchase contract with an unrelated party for the sale of the hotel for a gross sales price of $5.3 million. As a result, the Company recognized an impairment loss totaling approximately $1.3 million in the first quarter of 2021, to adjust the carrying value of the hotel to its estimated fair value less cost to sell, which was based on the contracted sales price, a Level 1 input under the fair value hierarchy. The Company completed the sale of the hotel in April 2021.

Note 3

Assets Held for Sale and Dispositions

Assets Held for Sale

In December 2023, the Company entered into a purchase contract with an unrelated party for the sale of both its 122-room Hampton and 126-room Homewood Suites in Rogers, Arkansas for a combined gross sales price of approximately $33.5 million. Since the buyer under the contract had completed its due diligence and had made a non-refundable deposit, as of December 31, 2023, the Company classified the hotels as assets held for sale in its consolidated balance sheet at their carrying value (which was less than the contract price, net of costs to sell). The Company completed the sale of both hotels in February 2024. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which will result in the deferral of taxable gains of approximately $15 million.

2023 Dispositions

There were no dispositions during the year ended December 31, 2023.

2022 Dispositions

During the year ended December 31, 2022, the Company sold one hotel, a 55-room independent boutique hotel in Richmond, Virginia, to an unrelated party for a gross sales price of approximately $8.5 million, resulting in a gain on sale of approximately $1.8 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2022. The hotel had a total carrying value of approximately $6.5 million at the time of the sale.

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2021 Dispositions

During the year ended December 31, 2021, the Company sold 23 hotels in four separate transactions with unrelated parties for a total combined gross sales price of approximately $234.6 million, resulting in a combined net gain on sale, after giving effect to impairment charges of approximately $3.6 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2021. The 23 hotels had a total carrying value of approximately $227.2 million at the time of the sale. The following table lists the 23 hotels sold:

City	State	Brand	Date Sold	Rooms
Charlotte	NC	Homewood Suites	2/25/2021		118
Memphis	TN	Homewood Suites	3/16/2021		140
Overland Park	KS	SpringHill Suites	4/30/2021		102
Montgomery	AL	Hilton Garden Inn	7/22/2021		97
Montgomery	AL	Homewood Suites	7/22/2021		91
Rogers	AR	Residence Inn	7/22/2021		88
Phoenix	AZ	Courtyard	7/22/2021		127
Lakeland	FL	Courtyard	7/22/2021		78
Albany	GA	Fairfield	7/22/2021		87
Schaumburg	IL	Hilton Garden Inn	7/22/2021		166
Andover	MA	SpringHill Suites	7/22/2021		136
Fayetteville	NC	Residence Inn	7/22/2021		92
Greenville	SC	Residence Inn	7/22/2021		78
Jackson	TN	Hampton	7/22/2021		85
Johnson City	TN	Courtyard	7/22/2021		90
Allen	TX	Hampton	7/22/2021		103
Allen	TX	Hilton Garden Inn	7/22/2021		150
Beaumont	TX	Residence Inn	7/22/2021		133
Burleson/Fort Worth	TX	Hampton	7/22/2021		88
El Paso	TX	Hilton Garden Inn	7/22/2021		145
Irving	TX	Homewood Suites	7/22/2021		77
Richmond	VA	SpringHill Suites	7/22/2021		103
Vancouver	WA	SpringHill Suites	7/22/2021		119
Total					2,493

A portion of the proceeds from the sale of 20 hotels on July 22, 2021 were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of approximately $23.6 million. The properties acquired for the 1031 Exchange were the fee interest in the land at the Seattle, Washington Residence Inn and the AC Hotel in Portland, Maine.

Excluding gains on sale of real estate, the Company’s consolidated statements of operations include operating income (loss) of approximately $2.7 million, $2.5 million and $(6.3) million for the years ended December 31, 2023, 2022 and 2021, respectively, relating to the results of operations of the 26 hotels noted above (the two hotels classified as held for sale at December 31, 2023, the one hotel sold in 2022 and the 23 hotels sold in 2021) for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the three years ended December 31, 2023, as applicable. The net proceeds from the sale of the one hotel in 2022 were used for general corporate purposes, while the net proceeds from the sales of the 23 hotels in 2021 were used to pay down borrowings under the Company’s then-existing $425 million revolving credit facility and for general corporate purposes, including acquisitions of hotel properties.

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Note 4

Debt

Summary

As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands):

	December 31, 2023		December 31, 2022
Revolving credit facility	$	-	$	-
Term loans and senior notes, net		1,088,904		1,037,384
Mortgage debt, net		282,590		328,865
Debt, net	$	1,371,494	$	1,366,249

The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2023 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands):

2024	$	113,597
2025		295,140
2026		74,649
2027		278,602
2028		334,066
Thereafter		281,948
		1,378,002
Unamortized fair value adjustment of assumed debt		526
Unamortized debt issuance costs		(7,034	)
Total	$	1,371,494

The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual SOFR for a one-month term (“one-month SOFR”) plus a 0.10% SOFR spread adjustment. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at December 31, 2023 and 2022, is set forth below. All dollar amounts are in thousands.

	December 31, 2023			Percentage			December 31, 2022			Percentage
Fixed-rate debt (1)	$	1,228,002			89	%	$	1,149,215			84	%
Variable-rate debt		150,000			11	%		225,000			16	%
Total	$	1,378,002					$	1,374,215
Weighted-average interest rate of debt		4.26	%					3.93	%

(1)Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.

Credit Facilities

$1.2 Billion Credit Facility

On July 25, 2022, the Company entered into a credit facility (the “$1.2 billion credit facility”) that is comprised of (i) a $650 million revolving credit facility with an initial maturity date of July 25, 2026 (the “Revolving Credit Facility”), (ii) a $275 million term loan with a maturity date of July 25, 2027, funded at closing, and (iii) a $300 million term loan with a maturity date of January 31, 2028 (including a $150 million delayed draw option until 180 days from closing), of which $200 million was funded at closing, $50 million was funded on October 24, 2022 and the remaining $50 million was funded on January 17, 2023 (the term loans described in clauses (ii) and (iii) are referred to together as the “$575 million term loan facility”).

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Subject to certain conditions, including covenant compliance and additional fees, the Revolving Credit Facility maturity date may be extended up to one year. The credit agreement for the $1.2 billion credit facility contains mandatory prepayment requirements, customary affirmative and negative covenants (as described below), restrictions on certain investments and events of default. The Company may make voluntary prepayments, in whole or in part, at any time. Interest payments on the $1.2 billion credit facility are due monthly, and the interest rate, subject to certain exceptions, is equal to the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.25%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. As of December 31, 2023, the Company had availability of $650 million under the Revolving Credit Facility. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.25% on the unused portion of the Revolving Credit Facility, based on the amount of borrowings outstanding during the quarter.

$225 Million Term Loan Facility

The Company also has an unsecured $225 million term loan facility that is comprised of (i) a $50 million term loan with an initial maturity date of August 2, 2023, which was funded on August 2, 2018, and (ii) a $175 million term loan with a maturity date of August 2, 2025, of which $100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”). On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the $225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.50%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

2017 $85 Million Term Loan Facility

On July 25, 2017, the Company entered into an unsecured $85 million term loan facility with a maturity date of July 25, 2024, consisting of one term loan (the “2017 $85 million term loan facility”) that was funded at closing. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the 2017 $85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.30% to 2.10%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

2019 $85 Million Term Loan Facility

On December 31, 2019, the Company entered into an unsecured $85 million term loan facility with a maturity date of December 31, 2029, consisting of one term loan funded at closing (the “2019 $85 million term loan facility”). Net proceeds from the 2019 $85 million term loan facility were used to pay down borrowings under the Company’s then-existing $425 million revolving credit facility. The Company may make voluntary prepayments, in whole or in part, subject to certain conditions. Interest payments on the 2019 $85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.70% to 2.55%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

$50 Million Senior Notes Facility

On March 16, 2020, the Company entered into an unsecured $50 million senior notes facility with a maturity date of March 31, 2030, consisting of senior notes totaling $50 million funded at closing (the “$50 million senior notes facility”). Net proceeds from the $50 million senior notes facility were available to provide funding for general corporate purposes. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $50 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60% to 4.35% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement.

$75 Million Senior Notes Facility

On June 2, 2022, the Company entered into an unsecured $75 million senior notes facility with a maturity date of June 2, 2029, consisting of senior notes totaling $75 million funded at closing (the “$75 million senior notes facility”, and collectively with the $1.2 billion credit facility, the $225 million term loan facility, the 2017 $85 million term loan facility, the 2019 $85 million term loan facility and the $50 million senior notes facility, the “unsecured credit facilities”). Net proceeds from the $75 million senior notes facility were available to provide funding for general corporate purposes, including the repayment of borrowings under the Company’s then-existing $425 million revolving credit facility and repayment of mortgage debt. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $75 million

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senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 4.88% to 5.63% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement.

As of December 31, 2023 and 2022, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands.

				Outstanding Balance
	Interest Rate	Maturity Date		December 31, 2023			December 31, 2022
Revolving credit facility (1)	SOFR + 0.10% + 1.40% - 2.25%	7/25/2026		$	-		$	-
Term loans and senior notes
$275 million term loan	SOFR + 0.10% + 1.35% - 2.20%	7/25/2027			275,000			275,000
$300 million term loan	SOFR + 0.10% + 1.35% - 2.20%	1/31/2028			300,000			250,000
$50 million term loan	SOFR + 0.10% + 1.35% - 2.20%	8/2/2025	(3)		50,000			50,000
$175 million term loan	SOFR + 0.10% + 1.65% - 2.50%	8/2/2025			175,000			175,000
2017 $85 million term loan	SOFR + 0.10% + 1.30% - 2.10%	7/25/2024			85,000			85,000
2019 $85 million term loan	SOFR + 0.10% + 1.70% - 2.55%	12/31/2029			85,000			85,000
$50 million senior notes	3.60% - 4.35%	3/31/2030			50,000			50,000
$75 million senior notes	4.88% - 5.63%	6/2/2029			75,000			75,000
Term loans and senior notes at stated   value					1,095,000			1,045,000
Unamortized debt issuance costs					(6,096	)		(7,616	)
Term loans and senior notes, net					1,088,904			1,037,384
Credit facilities, net (1)				$	1,088,904		$	1,037,384
Weighted-average interest rate (2)					4.35	%		3.92	%

(1)Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $3.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

(2)Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $820.0 million and $695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35% and 4.36%, respectively.

(3)On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

Credit Facilities Covenants

The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements):

•A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00;

•A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%;

•A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment;

•A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters;

•A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters;

•A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and

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•A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%.

The Company was in compliance with the applicable covenants at December 31, 2023.

Mortgage Debt

As of December 31, 2023, the Company had approximately $283.0 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038, stated interest rates ranging from 3.40% to 4.46% and effective interest rates ranging from 3.40% to 4.37%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of December 31, 2023 and 2022 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)			Loan Assumption or Origination Date	Maturity Date	Principal Assumed or Originated		Outstanding balance as of December 31, 2023			Outstanding balance as of December 31, 2022
Miami, FL	Homewood Suites		4.02	%	3/1/2014	(2)	$	16,677	$	-		$	12,440
Huntsville, AL	Homewood Suites		4.12	%	3/1/2014	(3)		8,306		-			6,193
Prattville, AL	Courtyard		4.12	%	3/1/2014	(3)		6,596		-			4,918
San Diego, CA	Residence Inn		3.97	%	3/1/2014	(4)		18,600		-			13,827
New Orleans, LA	Homewood Suites		4.36	%	7/17/2014	8/11/2024		27,000		20,304			21,161
Westford, MA	Residence Inn		4.28	%	3/18/2015	4/11/2025		10,000		7,713			8,024
Denver, CO	Hilton Garden Inn		4.46	%	9/1/2016	6/11/2025		34,118		27,337			28,400
Oceanside, CA	Courtyard		4.28	%	9/1/2016	10/1/2025		13,655		11,707			12,019
Omaha, NE	Hilton Garden Inn		4.28	%	9/1/2016	10/1/2025		22,681		19,445			19,963
Boise, ID	Hampton		4.37	%	5/26/2016	6/11/2026		24,000		20,685			21,194
Burbank, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,564		20,526			21,326
San Diego, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,473		20,453			21,250
San Diego, CA	Hampton		3.55	%	11/3/2016	12/1/2026		18,963		15,226			15,819
Burbank, CA	SpringHill Suites		3.94	%	3/9/2018	4/1/2028		28,470		24,237			25,057
Santa Ana, CA	Courtyard		3.94	%	3/9/2018	4/1/2028		15,530		13,221			13,668
Richmond, VA	Courtyard		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Richmond, VA	Residence Inn		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Portland, ME	Residence Inn		3.43	%	3/2/2020	3/1/2032		33,500		30,500			30,500
San Jose, CA	Homewood Suites		4.22	%	12/22/2017	5/1/2038		30,000		23,984			25,168
							$	389,033		283,002			329,215
Unamortized fair value adjustment    of assumed debt										526			819
Unamortized debt issuance costs										(938	)		(1,169	)
Total									$	282,590		$	328,865

(1)Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.

(2)Loan was repaid in full on January 3, 2023.

(3)Loan was repaid in full on February 6, 2023.

(4)Loan was repaid in full on March 6, 2023.

The total fair value, net premium adjustment for all of the Company’s debt assumptions is being amortized as a reduction to interest expense over the remaining term of the respective mortgages using a method approximating the effective interest rate method, and totaled approximately $0.3 million, $0.2 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Debt issuance costs related to the assumption or origination of debt are amortized over the period to maturity of the applicable debt instrument, as an addition to interest expense, and totaled approximately $3.6 million, $4.0 million and $4.2 million for the three years ended December 31, 2023, 2022 and 2021, respectively.

The Company’s interest expense in 2023, 2022 and 2021 is net of interest capitalized in conjunction with hotel renovations totaling approximately $1.5 million, $1.3 million and $0.3 million, respectively.

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Note 5

Fair Value of Financial Instruments

Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments.

Debt

The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of December 31, 2023, the carrying value and estimated fair value of the Company’s debt was approximately $1.4 billion and $1.3 billion, respectively. As of December 31, 2022, the carrying value and estimated fair value of the Company’s debt were approximately $1.4 billion and $1.3 billion, respectively. Both the carrying value and estimated fair value of the Company’s debt (as discussed above) is net of unamortized debt issuance costs related to term loans and mortgage debt for each specific year.

Derivative Instruments

Currently, the Company uses interest rate swaps to manage its interest rate risk on variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month SOFR plus a 0.10% SOFR spread adjustment. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. These swap instruments are recorded at fair value and, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2023 and 2022. All dollar amounts are in thousands.

						Fair Value Asset (Liability)
Notional Amount at December 31, 2023		Origination Date	Effective Date	Maturity Date	Swap Fixed Interest Rate	December 31, 2023			December 31, 2022
Active interest rate swaps designated as cash flow hedges at December 31, 2023:
$	50,000	12/7/2018	5/18/2020	1/31/2024	2.71%	$	114		$	1,163
	75,000	5/31/2017	7/31/2017	6/30/2024	1.95%		1,202			3,026
	10,000	8/10/2017	8/10/2017	6/30/2024	2.02%		157			386
	50,000	7/2/2019	7/5/2019	7/18/2024	1.64%		956			2,298
	50,000	8/21/2019	8/23/2019	8/18/2024	1.31%		1,193			2,675
	50,000	8/21/2019	8/23/2019	8/30/2024	1.32%		1,239			2,703
	75,000	8/21/2019	5/18/2020	5/18/2025	1.26%		3,273			5,225
	50,000	6/1/2018	1/31/2019	6/30/2025	2.88%		1,117			1,655
	25,000	12/6/2018	1/31/2020	6/30/2025	2.74%		608			909
	75,000	8/21/2019	5/18/2021	5/18/2026	1.29%		4,580			6,506
	125,000	11/3/2023	11/3/2023	11/18/2026	4.51%		(2,333	)		-
	50,000	3/17/2023	3/20/2023	3/18/2028	3.50%		268			-
	50,000	3/17/2023	3/20/2023	3/20/2028	3.49%		242			-
	85,000	12/31/2019	12/31/2019	12/31/2029	1.87%		7,788			9,511
	820,000						20,404			36,057
Matured interest rate swap at December 31, 2023:
$	100,000	4/7/2016	9/30/2016	3/31/2023	1.30%		-			824
						$	20,404		$	36,881

The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. As of December 31, 2023, all 14 active interest rate swap agreements listed above were designated as cash flow hedges. The change in the

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fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholder’s equity in the Company’s consolidated balance sheets.

Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $15.8 million of net unrealized gains included in accumulated other comprehensive income at December 31, 2023 will be reclassified as a decrease to interest and other expense, net within the next 12 months.

The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Net Unrealized Gain Recognized in Other Comprehensive Income (Loss)
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	5,870	$	52,714	$	15,904
	Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	22,347	$	325	$	(11,390	)

Note 6

Related Parties

The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to the existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. Below is a summary of the significant related party relationships in effect and transactions that occurred during each of the three years ended December 31, 2023, 2022 and 2021, respectively.

Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG.

The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the years ended December 31, 2023, 2022 and 2021 totaled approximately $1.2 million, $1.0 million and $0.8 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations.

As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of December 31, 2023 and

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2022, total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $0.5 million and $0.4 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets.

The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes. The aircraft is also leased to affiliates of the Company based on third-party rates. Lease activity was not significant during the reporting periods.

From time to time, the Company utilizes aircraft, owned by an entity which is owned by the Company’s Executive Chairman, for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes, and reimburses this entity at third-party rates. Total costs incurred for the use of the aircraft during 2023, 2022 and 2021 were less than $0.1 million in each respective year and are included in general and administrative expenses in the Company’s consolidated statements of operations.

Note 7

Shareholders’ Equity

Distributions

For the three years ended December 31, 2023, 2022 and 2021, the Company paid distributions of $1.04, $0.61 and $0.03 per common share, respectively, for a total of approximately $238.3 million, $139.5 million and $6.8 million, respectively. For the year ended December 31, 2023, in addition to the regular monthly cash distribution of $0.08 per common share for December 2023, the Board of Directors approved a special one-time distribution of $0.05 per common share for a combined distribution of $0.13 per common share, totaling $31.4 million, which was recorded as a payable as of December 31, 2023 and paid in January 2024. For the year ended December 31, 2022, in addition to the regular monthly cash distribution of $0.08 per common share approved by the Board of Directors in December 2022, the Board of Directors approved a special one-time distribution of $0.08 per common share for a combined distribution of $0.16 per common share, totaling $36.6 million, which was recorded as a payable as of December 31, 2022 and paid in January 2023. These accrued distributions were included in accounts payable and other liabilities in the Company’s consolidated balance sheets at December 31, 2023 and December 31, 2022, respectively.

Issuance of Shares

On August 12, 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”) under the Company’s prior shelf registration statement and the current shelf registration statement. During the year ended December 31, 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately $17.05 per common share and received aggregate gross proceeds of approximately $218.6 million and proceeds net of offering costs, which included $2.6 million of commissions, of approximately $216.0 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under the Revolving Credit Facility, acquisitions of hotel properties and for general corporate purposes. No shares were sold under the Company’s ATM Program during the year ended December 31, 2022. As of December 31, 2023, approximately $5.3 million remained available for issuance under the ATM Program. The Company plans to use future net proceeds from the sale of shares under the ATM Program, or under a similar successor program, for general corporate purposes which may include, among other things, acquisitions of hotel properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties.

Share Repurchases

In May 2023, the Company’s Board of Directors approved a one-year extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $338.7 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $14.34 per common share for an aggregate purchase price, including commissions, of approximately $6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $335.4 million remained available for purchase under the Share Repurchase Program.

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Preferred Shares

No preferred shares of the Company are issued and outstanding. The Company’s amended and restated articles of incorporation authorize issuance of up to 30 million preferred shares.

Note 8

Compensation Plans

In May 2014, the Board of Directors adopted the Company’s 2014 Omnibus Incentive Plan (the “Omnibus Plan”), and in May 2015, the Company’s shareholders approved the Omnibus Plan. The Omnibus Plan permits the grant of awards of stock options, stock appreciation rights, restricted stock, stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards to any employee, officer, or director of the Company or an affiliate of the Company, a consultant or adviser currently providing services to the Company or an affiliate of the Company, or any other person whose participation in the Omnibus Plan is determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) to be in the best interests of the Company. The maximum number of the Company’s common shares available for issuance under the Omnibus Plan is 10 million. As of December 31, 2023, there were approximately 6.6 million common shares available for issuance under the Omnibus Plan.

The Company annually establishes an incentive plan for its executive management team, which is approved by the Compensation Committee. Under the incentive plan for 2023 (the “2023 Incentive Plan”), participants are eligible to receive incentive compensation based on the achievement of certain 2023 performance measures, with one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target was based on shareholder return relative to a peer group and 25% was based on total shareholder return metrics over one-year, two-year, and three-year periods. With respect to the operational performance goals and metrics, 25% of the target was based on total revenues of the Company, 25% was based on modified funds from operations per share (as defined within this Annual Report on Form 10-K) and 50% of the target was based on operational performance goals, including: management of capital structure; evaluation and pursuit of accretive transactions; management of labor costs and improvement of employee productivity; enhancement of environmental, social and governance reporting; and enhancement of internal business intelligence tools. As of December 31, 2023, the range of potential aggregate payouts under the 2023 Incentive Plan was $0 - $27.1 million. Based on performance during 2023, the Company accrued approximately $20.9 million as a liability for executive incentive compensation payments under the 2023 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2023 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2023. Additionally, approximately $3.3 million, which is subject to vesting on December 13, 2024, will be recognized proportionally throughout 2024. Approximately 25% of target awards under the 2023 Incentive Plan will be paid in cash, and 75% will be issued in common shares under the Company’s Omnibus Plan. The portion of awards under the 2023 Incentive Plan payable in common shares will be issued under the Company’s Omnibus Plan during the first quarter of 2024, approximately two-thirds of which will be unrestricted and one-third of which will be restricted and is subject to vesting on December 13, 2024.

Under the incentive plan for 2022 (the “2022 Incentive Plan”), the Company accrued approximately $18.1 million including $12.5 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2022 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2022. Under the incentive plan for 2021 (the “2021 Incentive Plan”), the Company accrued approximately $18.5 million, including $12.9 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2021.

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Share-Based Compensation Awards

The following table sets forth information pertaining to the share-based compensation issued under the 2022 Incentive Plan, the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”):

	2022 Incentive Plan			2021 Incentive Plan			2020 Incentive Plan
Period common shares issued	First Quarter 2023			First Quarter 2022			First Quarter 2021
Common shares earned under each incentive plan		935,189			868,079			555,726
Common shares surrendered on issuance date to satisfy tax   withholding obligations		263,026			245,597			117,647
Common shares earned and issued under each incentive plan, net of   common shares surrendered on issuance date to satisfy   tax withholding obligations		672,163			622,482			438,079
Average of the high and low stock price on issuance date	$	16.70		$	17.79		$	14.03
Total share-based compensation earned, including the   surrendered shares (in millions)	$	15.6	(1)	$	15.4	(2)	$	7.8	(3)
Of the total common shares earned and issued, total common shares   unrestricted at time of issuance		360,176			338,032			160,216
Of the total common shares earned and issued, total common shares   restricted at time of issuance		311,987			284,450			277,863
Restricted common shares vesting date	December 8, 2023			December 9, 2022			December 10, 2021
Common shares surrendered on vesting date to satisfy tax   withholding requirements resulting from vesting of restricted   common shares		134,085			114,147			108,292

(1)Of the total 2022 share-based compensation, approximately $12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022, and the remaining $2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023.

(2)Of the total 2021 share-based compensation, approximately $12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021, and the remaining $2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022.

(3)Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021.

Additionally, in conjunction with the appointment of five new officers of the Company on April 1, 2020, the Company issued to the new officer group a total of approximately 200,000 restricted common shares with an aggregate grant date fair value of approximately $1.8 million. For each grantee, the restricted shares vested on March 31, 2023. The expense associated with the awards was amortized over the 3-year vesting period. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $0.1 million, $0.6 million and $0.6 million, respectively, of share-based compensation expense related to these awards. Upon vesting on March 31, 2023, approximately 83,000 shares were surrendered to satisfy tax withholding obligations.

Non-Employee Director Deferral Program

In 2018, the Board of Directors adopted the Non-Employee Director Deferral Program (the “Director Deferral Program”) under the Omnibus Plan for the purpose of providing non-employee members of the Board of Directors the opportunity to elect to defer receipt of all or a portion of the annual retainer payable to them for their service on the Board of Directors, including amounts payable in both cash and fully vested shares of the Company’s common shares, in the form of deferred cash fees (“DCFs”) and/or deferred stock units (“DSUs”). DCFs and DSUs that are issued to the Company’s non-employee directors are fully vested and non-forfeitable

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on the grant date. The grant date fair values of DCFs are equal to the dollar value of the deferred fee on the grant date, while the grant date fair values of DSUs are equal to the fair market value of the Company’s common shares on the grant date. DCFs are settled for cash and DSUs are settled for shares of the Company’s common stock, which are deliverable upon either: i) termination of the director’s service from the Board of Directors, ii) a date previously elected by the director, or iii) the earlier of the two dates, as determined by the director at the time he or she makes the election. The deferred amounts will also be paid if prior to the date specified by the director, the Company experiences a change in control or upon death of the director. During the years ended December 31, 2023, 2022 and 2021, non-employee directors participating in the Director Deferral Program deferred approximately $0.2 million, $0.3 million and $0.4 million, respectively, which is recorded as deferred compensation expense in general and administrative expenses in the Company’s consolidated statements of operations for the years then ended. On each quarterly deferral date (the date that a portion of the annual retainer would be paid), dividends earned on DSUs are credited to the deferral account in the form of additional DSUs based on dividends declared by the Company on its outstanding common shares during the quarter and the fair value of the common shares on such date. Outstanding DSUs at December 31, 2023 and 2022 were approximately 76,000 and 85,000, with weighted-average grant date fair values of $15.48 and $15.20, valued at $1.2 million and $1.3 million, respectively, which is included in common stock, a component of shareholders’ equity in the Company’s consolidated balance sheets as of December 31, 2023 and 2022.

Note 9

Management and Franchise Agreements

Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2024):

Manager	Number of Hotels
LBAM-Investor Group, LLC (“LBA”)		33
Dimension Development Two, LLC (“Dimension”)		31
Crestline Hotels & Resorts, LLC (“Crestline”)		25
Raymond Management Company, Inc. (“Raymond”)		22
Hersha Hospitality Management L.P. (“HHM”)		19
Texas Western Management Partners, LP (“Western”)		16
MHH Management, LLC (“McKibbon”)		14
Marriott International, Inc. (“Marriott”)		13
Newport Hospitality Group, Inc. (“Newport”)		11
North Central Hospitality, LLC (“North Central”)		11
Chartwell Hospitality, LLC (“Chartwell”)		10
InnVentures IVI, LP (“InnVentures”)		9
Concord Hospitality Enterprises Company, LLC (“Concord”)		4
Huntington Hotel Group, LP (“Huntington”)		3
White Lodging Services Corporation (“White Lodging”)		3
Crescent Hotels & Resorts, LLC (“Crescent”)		1
Total		225

The management agreements generally provide for initial terms of one to 30 years and are terminable by the Company for either failure to achieve performance thresholds, upon sale of the property, or without cause. As of December 31, 2023, approximately 85% of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure, as described below, which is more common throughout the industry. Under the variable fee structure, the management fee earned for each hotel is generally within a range of 2.5% to 3.5% of gross revenues. The performance measures are based on various financial and quality performance metrics. The Company’s remaining hotels operate under a management fee structure which generally includes the payment of base management fees and an opportunity for incentive management fees. Under this structure, base management fees are calculated as a percentage of gross revenues and the incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. In addition to the above, management fees for all of the Company’s hotels generally include accounting fees and other fees for centralized services, which are allocated among all of the hotels that receive the benefit of such services. During 2022 and 2021, in response to continued uncertainties related to the COVID-19 pandemic and its impact on hotel performance, the management fee under all variable management fee agreements was set to 3% of gross revenues. The Company reinstated the variable

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management fee rates in 2023. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $44.3 million, $41.8 million and $31.4 million, respectively, in management fees.

Thirteen of the Company’s hotels are managed by affiliates of Marriott. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The franchise agreements generally provide for initial terms of approximately 10 to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. The Company pays various fees under these agreements, including the payment of royalty fees, marketing fees, reservation fees, a communications support fee, brand loyalty program fees and other similar fees based on room revenues. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $59.3 million, $53.9 million and $40.9 million, respectively, in franchise royalty fees.

Note 10

Lease Commitments

The Company is the lessee on certain ground leases, hotel equipment leases and office space leases. As of December 31, 2023, the Company had 14 hotels subject to ground leases and three parking lot ground leases with remaining terms ranging from approximately 15 to 95 years, excluding renewal options. Certain of its ground leases have options to extend beyond the initial lease term by periods ranging from five to 120 years.

Leases with durations greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. The Company’s leases are classified as operating or finance leases. For leases with terms greater than 12 months, at inception of the lease the Company recognizes a ROU asset and lease liability at the estimated present value of the minimum lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Many of the Company’s leases include rental escalation clauses (including fixed scheduled rent increases) and renewal options that are factored into the determination of lease payments, when appropriate, which adjusts the present value of the remaining lease payments. The Company determines the present value of the lease payments utilizing interest rates implicit in the lease if determinable or, if not, it estimates its incremental borrowing rate from information available at lease commencement, such as estimates of rates the Company would pay for senior collateralized loans with terms similar to each lease.

Operating Leases

Twelve of the Company’s hotel and parking lot ground leases as well as certain applicable hotel equipment leases and office space leases are classified as operating leases, for which the Company has recorded ROU assets and lease liabilities. The ROU assets are included in other assets, net and the lease liabilities are included in accounts payable and other liabilities in the Company’s consolidated balance sheet. In addition, the Company's ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases, as well as accrued straight-line lease liabilities related to these operating leases. Lease expense is recognized on a straight-line basis over the term of the respective lease and the value of each lease intangible is amortized over the term of the respective lease. Costs related to operating ground leases and hotel equipment leases are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases are included in general and administrative expense in the Company’s consolidated statements of operations.

Finance Leases

Five of the Company’s hotel ground leases are classified as finance leases, for which the Company recorded ROU assets and lease liabilities. The ROU assets are recorded as finance ground lease assets within investment in real estate, net and the lease liabilities are recorded as finance lease liabilities in the Company’s consolidated balance sheet. In addition, the Company’s ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases related to these finance leases. The ROU asset and value of each lease intangible is amortized over the term of the respective lease. Costs related to finance ground leases are included in depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statement of operations.

Under the terms of the Company’s ground leases, certain minimum lease payments are subject to change based on criteria specified in the lease. Changes in minimum lease payments that are not fixed scheduled increases are reflected in the ROU asset and lease liability when the payments become fixed and determinable based on the actual criteria defined in the lease. Minimum lease payments may be estimated if the change date occurs and the new minimum lease payments are not yet determinable.

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Lease Position as of December 31, 2023 and 2022

The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 and 2022. All dollar amounts are in thousands.

		December 31,
	Consolidated Balance Sheet Classification	2023		2022
Assets
Operating lease assets, net	Other assets, net	$	25,389	$	26,348
Finance ground lease assets, net (1)	Investment in real estate, net		86,992		90,030
Total lease assets		$	112,381	$	116,378
Liabilities
Operating lease liabilities	Accounts payable and other liabilities	$	11,447	$	11,849
Finance lease liabilities	Finance lease liabilities		111,892		112,006
Total lease liabilities		$	123,339	$	123,855
Weighted-average remaining lease term
Operating leases				36 years
Finance leases				30 years
Weighted-average discount rate
Operating leases				5.49%
Finance leases				5.31%

(1)Finance ground lease assets are net of accumulated amortization of approximately $15.1 million and $12.1 million as of December 31, 2023 and 2022, respectively.

Lease Costs for the Years Ended December 31, 2023, 2022 and 2021

The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2023 2022 and 2021 (in thousands):

		Year Ended December 31,
	Consolidated Statement of Operations Classification	2023		2022		2021
Operating lease costs (1)	Property taxes, insurance and other    expense	$	1,776	$	1,794	$	1,585
Finance lease costs:
Amortization of lease assets	Depreciation and amortization expense		3,038		3,038		5,178
Interest on lease liabilities	Interest and other expense, net		5,877		5,872		9,415
Total lease costs		$	10,691	$	10,704	$	16,178

(1)Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure.

75

Undiscounted Cash Flows

The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 (in thousands):

	Operating Leases		Finance Leases
2024	$	1,088	$	6,174
2025		1,089		6,338
2026		889		6,500
2027		725		6,700
2028		713		6,879
Thereafter		29,634		216,675
Total minimum lease payments		34,138		249,266
Less: amount of lease payments representing    interest		22,691		137,374
Present value of lease liabilities	$	11,447	$	111,892

Supplemental Cash Flow Information

The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the    measurement of lease liabilities:
Operating cash flows for operating leases	$	1,106	$	1,166	$	1,109
Operating cash flows for finance leases		5,651		5,469		6,568
Financing cash flows for finance leases		340		173		24,045

Note 11

Income Taxes

The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Code. As a REIT, the Company is generally not subject to corporate level income taxes on REIT taxable income that is distributed to its shareholders. Income related to the Lessee, as a taxable REIT subsidiary (“TRS”) of the Company, is subject to federal and state income taxes.

The components of income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2023		2022			2021
Current:
Federal	$	-	$	(34	)	$	(15	)
State		1,135		1,974			483
Deferred:
Federal		-		-			-
State		-		-			-
Income tax expense	$	1,135	$	1,940		$	468

Income tax expense for the years ended December 31, 2023 and 2022 was $1.1 million and $1.9 million, respectively. The decrease was primarily due to increases in 2022 state income taxes as a result of limitations placed by certain states on the application of prior net operating losses.

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Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):
 

	Year Ended December 31,
	2023			2022			2021
Statutory federal tax expense	$	37,273		$	30,409		$	3,954
Federal tax impact of REIT election		(39,865	)		(27,261	)		4,934
Statutory federal tax expense (benefit) at TRS		(2,592	)		3,148			8,888
State income tax expense (benefit), net of federal tax benefit		897			1,559			382
Change in valuation allowance		2,830			(2,767	)		(8,802	)
Income tax expense	$	1,135		$	1,940		$	468

As of December 31, 2023, the Company had deferred tax assets of approximately $25 million consisting primarily of net operating loss carryforwards. A portion of the federal loss carryforwards expire beginning in 2029; however, a portion of the federal loss carryforwards do not expire. The state loss carryforwards have various expiration dates; however, for certain states some loss carryforwards do not expire. The TRS had a net operating loss carryforward for U.S federal income tax purposes of approximately $87 million as of December 31, 2023, and $78 million as of December 31, 2022. The TRS has historical cumulative operating losses and is expected to be in a cumulative loss for the foreseeable future. As a result, the realizability of the Company’s deferred tax assets as of December 31, 2023 and 2022 is not reasonably assured. Therefore, the Company has recorded a valuation allowance equal to the full 100% of the net deferred tax assets as of December 31, 2023, and 2022.

Characterization of Distributions

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2023, 2022 and 2021, distributions per share were characterized as follows (unaudited):

	Year Ended December 31,
	2023			2022			2021
Amount of distributions per share	$	1.01		$	0.76		$	0.04
Characterized as:
Ordinary income		97	%		100	%		100	%
Capital gain distributions		0	%		0	%		0	%
Return of capital		3	%		0	%		0	%

The Company utilized portions of its REIT net loss carryforward to reduce its taxable net income for the years ended December 31, 2022 and 2021. The total REIT net loss carryforward for U.S. federal income tax purposes was approximately $0 as of December 31, 2023 and 2022. No provision for U.S. federal income taxes has been included in the Company’s financial statements for the years ended December 31, 2023, 2022 and 2021 related to its REIT activities.

Note 12

Industry Segments

The Company owns hotel properties throughout the U.S. that generate rental, food and beverage, and other property-related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, the properties have been aggregated into a single reportable segment. All segment disclosures are included in or can be derived from the Company’s consolidated financial statements.

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Note 13

Hotel Purchase Contract Commitments

As of December 31, 2023, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the hotel in Nashville, Tennessee currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the hotels under contract. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. As these properties are under development, at this time, the sellers have not met all of the conditions to closing.

The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of December 31, 2023. All dollar amounts are in thousands.

Location	Brands	Date of Purchase Contract	Rooms		Refundable Deposits		Gross Purchase Price
Madison, WI	Embassy Suites	7/27/2021		262	$	893	$	79,306
Nashville, TN	Motto	5/16/2023		260		1,058		98,183
				522	$	1,951	$	177,489

Note 14

Subsequent Events

On January 16, 2024, the Company paid approximately $31.4 million, or $0.13 per common share, in distributions to shareholders of record as of December 29, 2023.

On January 19, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution of approximately $19.3 million was paid on February 15, 2024, to shareholders of record as of January 31, 2024.

On February 9, 2024, the Company completed the sale of two existing hotels in Rogers, Arkansas, including a 122-room Hampton and a 126-room Homewood Suites, for a combined gross sales price of approximately $33.5 million. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which is expected to result in the deferral of taxable gains of approximately $15 million.

On February 16, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution is payable on March 15, 2024, to shareholders of record as of February 29, 2024.

78

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Senior management, including the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer have concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2023. There have been no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

See Item 8 for the Report of Management on Internal Control over Financial Reporting and the Company’s Independent Registered Public Accounting Firm’s attestation report regarding internal control over financial reporting, which are incorporated herein by reference.

Item 9B. Other Information

During the three months ended December 31, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not Applicable.

79

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by Items 401, 405, 406 and 407(c)(3), (d)(4) and (d)(5) of Regulation S-K will be set forth in the Company’s definitive proxy statement for its 2024 Annual Meeting of Shareholders (the “2024 Proxy Statement”). For the limited purpose of providing the information necessary to comply with this Item 10, the 2024 Proxy Statement is incorporated herein by this reference.

Item 11. Executive Compensation

The information required by Items 402 and 407(e)(4) and (e)(5) of Regulation S-K will be set forth in the Company’s 2024 Proxy Statement. For the limited purpose of providing the information necessary to comply with this Item 11, the 2024 Proxy Statement is incorporated herein by this reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

The information required by Items 201(d) and 403 of Regulation S-K will be set forth in the Company’s 2024 Proxy Statement. For the limited purpose of providing the information necessary to comply with this Item 12, the 2024 Proxy Statement is incorporated herein by this reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by Items 404 and 407(a) of Regulation S-K will be set forth in the Company’s 2024 Proxy Statement. For the limited purpose of providing the information necessary to comply with this Item 13, the 2024 Proxy Statement is incorporated herein by this reference.

Item 14. Principal Accounting Fees and Services

The information required by Item 9(e) of Schedule 14A will be set forth in the Company’s 2024 Proxy Statement. For the limited purpose of providing the information necessary to comply with this Item 14, the 2024 Proxy Statement is incorporated herein by this reference.

80

PART IV

Item 15. Exhibits and Financial Statement Schedules

1. Financial Statements of Apple Hospitality REIT, Inc.

Report of Management on Internal Control over Financial Reporting

Report of Independent Registered Public Accounting Firm—Ernst & Young LLP (PCAOB ID: 42)

Report of Independent Registered Public Accounting Firm—Ernst & Young LLP (PCAOB ID: 42)

Consolidated Balance Sheets as of December 31, 2023 and 2022

Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021

Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2023, 2022 and 2021

Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021

Notes to Consolidated Financial Statements

These financial statements are set forth in Item 8 of this report and are hereby incorporated by reference.

2. Financial Statement Schedules

Schedule III—Real Estate and Accumulated Depreciation and Amortization (Included at the end of this Part IV of this report.)

Financial statement schedules not listed are either omitted because they are not applicable, or the required information is shown in the consolidated financial statements or notes thereto.

3. Exhibit Listing

Exhibit Number	Description of Documents
3.1	Amended and Restated Articles of Incorporation of the Company, as amended (Incorporated by reference to Exhibit 3.1 to the Company’s quarterly report on Form 10-Q (SEC File No. 001-37389) filed August 6, 2018)
3.2	Third Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.2 to the Company’s quarterly report on Form 10-Q (SEC File No. 001-37389) filed May 18, 2020)
4.1	Description of Securities Registered Under Section 12 of the Exchange Act (FILED HEREWITH)
10.1*	The Company’s 2008 Non-Employee Directors Stock Option Plan (Incorporated by reference to Exhibit 10.4 to the Company’s quarterly report on Form 10-Q (SEC File No. 333-147414) filed May 8, 2008)
10.2*	The Company’s 2014 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Company’s current report on Form 8-K (SEC File No. 000-53603) filed June 4, 2014)
10.3*	The Company’s Executive Severance Pay Plan (Incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (SEC File No. 000-53603) filed June 4, 2014)
10.4*	First Amendment to the Company’s Executive Severance Pay Plan (Incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (SEC File No. 001-37389) filed March 27, 2019)

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10.5*	Second Amendment to the Company’s Executive Severance Pay Plan (Incorporated by reference to Exhibit 10.3 to the Company’s current report on Form 8-K (SEC File No. 001-37389) filed March 5, 2020
10.6*	Form of Restricted Stock Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (SEC File No. 001-37389) filed February 18, 2016)
10.7*	Non-Employee Director Deferral Program Under the Company’s 2014 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s quarterly report on Form 10-Q (SEC File No. 001-37389) filed August 6, 2018)
10.8	Third Amended and Restated Credit Agreement dated as of July 25, 2022, among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as Administrative Agent, KeyBank National Association and Wells Fargo Bank, National Association, as Co-Syndication Agents, U.S. Bank National Association, as Documentation Agent, Regions Bank as Managing Agent, the Lenders and Letter of Credit Issuers party thereto, and BofA Securities, Inc., KeyBanc Capital Markets, Wells Fargo Securities, LLC and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners (Incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K (SEC File No. 001-37389) filed July 27, 2022)
19	The Company’s Policy on Inside Information and Insider Trading (FILED HEREWITH)
21.1	Subsidiaries of the Company (FILED HEREWITH)
23.1	Consent of Ernst & Young LLP (FILED HEREWITH)
31.1	Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)
31.2	Certification of the Company’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)
31.3	Certification of the Company’s Chief Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)
32.1	Certification of the Company’s Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (FURNISHED HEREWITH)
97	The Company’s Compensation Recovery Policy (FILED HEREWITH)
101	The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statements of Shareholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) related notes to these financial statements, tagged as blocks of text and in detail (FILED HEREWITH)
104	The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in iXBRL and contained in Exhibit 101.

* Denotes Management Contract or Compensation Plan.

Item 16. Form 10-K Summary

None.

82

SCHEDULE III

Real Estate and Accumulated Depreciation and Amortization

As of December 31, 2023

(dollars in thousands)

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Anchorage	AK	Embassy Suites	$	-	$	2,955	$	39,053	$	4,464	$	46,472	$	(19,225	)	2008	Apr-10	3 - 39 yrs.		169
Anchorage	AK	Home2 Suites		-		2,683		21,606		198		24,487		(4,778	)	2015	Dec-17	3 - 39 yrs.		135
Auburn	AL	Hilton Garden Inn		-		1,580		9,659		1,179		12,418		(3,952	)	2001	Mar-14	3 - 39 yrs.		101
Birmingham	AL	Courtyard		-		2,310		6,425		1,707		10,442		(3,082	)	2007	Mar-14	3 - 39 yrs.		84
Birmingham	AL	Hilton Garden Inn		-		3,425		15,555		35		19,015		(3,854	)	2017	Sep-17	3 - 39 yrs.		104
Birmingham	AL	Home2 Suites		-		3,491		15,603		58		19,152		(3,702	)	2017	Sep-17	3 - 39 yrs.		106
Birmingham	AL	Homewood Suites		-		1,010		12,981		2,267		16,258		(5,367	)	2005	Mar-14	3 - 39 yrs.		95
Dothan	AL	Hilton Garden Inn		-		1,037		10,581		1,821		13,439		(5,934	)	2009	Jun-09	3 - 39 yrs.		104
Dothan	AL	Residence Inn		-		970		13,185		1,321		15,476		(4,621	)	2008	Mar-14	3 - 39 yrs.		84
Huntsville	AL	Hampton		-		550		11,962		774		13,286		(3,103	)	2013	Sep-16	3 - 39 yrs.		98
Huntsville	AL	Hilton Garden Inn		-		890		11,227		1,238		13,355		(4,189	)	2005	Mar-14	3 - 39 yrs.		101
Huntsville	AL	Home2 Suites		-		490		10,840		832		12,162		(2,809	)	2013	Sep-16	3 - 39 yrs.		77
Huntsville	AL	Homewood Suites		-		210		15,654		2,321		18,185		(6,135	)	2006	Mar-14	3 - 39 yrs.		107
Mobile	AL	Hampton		-		-		11,452		1,832		13,284		(3,291	)	2006	Sep-16	3 - 39 yrs.		101
Prattville	AL	Courtyard		-		2,050		9,101		1,556		12,707		(3,616	)	2007	Mar-14	3 - 39 yrs.		84
Chandler	AZ	Courtyard		-		1,061		16,008		1,934		19,003		(7,715	)	2009	Nov-10	3 - 39 yrs.		150
Chandler	AZ	Fairfield		-		778		11,272		1,152		13,202		(5,271	)	2009	Nov-10	3 - 39 yrs.		110
Phoenix	AZ	Courtyard		-		1,413		14,669		2,970		19,052		(8,023	)	2007	Nov-10	3 - 39 yrs.		164
Phoenix	AZ	Hampton		-		-		15,209		2,192		17,401		(4,372	)	2008	Sep-16	3 - 39 yrs.		125
Phoenix	AZ	Hampton		-		3,406		41,174		74		44,654		(8,259	)	2018	May-18	3 - 39 yrs.		210
Phoenix	AZ	Homewood Suites		-		-		18,907		2,402		21,309		(5,455	)	2008	Sep-16	3 - 39 yrs.		134
Phoenix	AZ	Residence Inn		-		1,111		12,953		2,016		16,080		(6,774	)	2008	Nov-10	3 - 39 yrs.		129
Scottsdale	AZ	Hilton Garden Inn		-		6,000		26,861		2,568		35,429		(6,574	)	2005	Sep-16	3 - 39 yrs.		122
Tempe	AZ	Hyatt House		-		-		24,001		7		24,008		(3,072	)	2020	Aug-20	3 - 39 yrs.		105
Tempe	AZ	Hyatt Place		-		-		34,893		30		34,923		(4,364	)	2020	Aug-20	3 - 39 yrs.		154
Tucson	AZ	Hilton Garden Inn		-		1,005		17,925		2,326		21,256		(9,833	)	2008	Jul-08	3 - 39 yrs.		125
Tucson	AZ	Residence Inn		-		2,080		12,424		2,010		16,514		(5,224	)	2008	Mar-14	3 - 39 yrs.		124
Tucson	AZ	TownePlace Suites		-		992		14,543		1,322		16,857		(5,804	)	2011	Oct-11	3 - 39 yrs.		124
Agoura Hills	CA	Homewood Suites		-		3,430		21,290		2,633		27,353		(8,130	)	2007	Mar-14	3 - 39 yrs.		125
Burbank	CA	Courtyard		20,526		12,916		41,218		5,483		59,617		(12,055	)	2002	Aug-15	3 - 39 yrs.		190
Burbank	CA	Residence Inn		-		32,270		41,559		5,141		78,970		(14,127	)	2007	Mar-14	3 - 39 yrs.		166

83

					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Burbank	CA	SpringHill Suites		24,237		10,734		49,181		312		60,227		(12,686	)	2015	Jul-15	3 - 39 yrs.		170
Clovis	CA	Hampton		-		1,287		9,888		1,378		12,553		(5,235	)	2009	Jul-09	3 - 39 yrs.		86
Clovis	CA	Homewood Suites		-		1,500		10,970		1,861		14,331		(5,854	)	2010	Feb-10	3 - 39 yrs.		83
Cypress	CA	Courtyard		-		4,410		35,033		5,869		45,312		(12,496	)	1988	Mar-14	3 - 39 yrs.		180
Cypress	CA	Hampton		-		3,209		16,749		2,442		22,400		(6,065	)	2006	Jun-15	3 - 39 yrs.		110
Oceanside	CA	Courtyard		11,707		3,080		25,769		2,411		31,260		(6,945	)	2011	Sep-16	3 - 39 yrs.		142
Oceanside	CA	Residence Inn		-		7,790		24,048		2,503		34,341		(8,517	)	2007	Mar-14	3 - 39 yrs.		125
Rancho Bernardo/San Diego	CA	Courtyard		-		16,380		28,952		3,611		48,943		(10,392	)	1987	Mar-14	3 - 39 yrs.		210
Sacramento	CA	Hilton Garden Inn		-		5,920		21,515		3,968		31,403		(9,404	)	1999	Mar-14	3 - 39 yrs.		153
San Bernardino	CA	Residence Inn		-		1,490		13,662		3,358		18,510		(6,715	)	2006	Feb-11	3 - 39 yrs.		95
San Diego	CA	Courtyard		20,453		11,268		44,851		4,036		60,155		(12,938	)	2002	Sep-15	3 - 39 yrs.		245
San Diego	CA	Hampton		15,226		13,570		36,644		4,199		54,413		(12,699	)	2001	Mar-14	3 - 39 yrs.		177
San Diego	CA	Hilton Garden Inn		-		8,020		29,151		5,319		42,490		(10,847	)	2004	Mar-14	3 - 39 yrs.		200
San Diego	CA	Residence Inn		-		22,400		20,640		2,802		45,842		(7,820	)	1999	Mar-14	3 - 39 yrs.		121
San Jose	CA	Homewood Suites		23,984		12,860		28,084		5,631		46,575		(13,138	)	1991	Mar-14	3 - 39 yrs.		140
San Juan Capistrano	CA	Residence Inn		-		-		32,292		1,913		34,205		(8,125	)	2012	Sep-16	3 - 39 yrs.		130
Santa Ana	CA	Courtyard		13,221		3,082		21,051		2,496		26,629		(9,349	)	2011	May-11	3 - 39 yrs.		155
Santa Clarita	CA	Courtyard		-		4,568		18,721		3,077		26,366		(10,871	)	2007	Sep-08	3 - 39 yrs.		140
Santa Clarita	CA	Fairfield		-		1,864		7,753		2,173		11,790		(5,060	)	1997	Oct-08	3 - 39 yrs.		66
Santa Clarita	CA	Hampton		-		1,812		15,761		6,418		23,991		(11,282	)	1988	Oct-08	3 - 39 yrs.		128
Santa Clarita	CA	Residence Inn		-		2,539		14,493		5,628		22,660		(10,137	)	1997	Oct-08	3 - 39 yrs.		90
Tustin	CA	Fairfield		-		7,700		26,580		1,422		35,702		(6,302	)	2013	Sep-16	3 - 39 yrs.		145
Tustin	CA	Residence Inn		-		11,680		33,645		2,047		47,372		(8,374	)	2013	Sep-16	3 - 39 yrs.		149
Colorado Springs	CO	Hampton		-		1,780		15,860		750		18,390		(4,310	)	2008	Sep-16	3 - 39 yrs.		101
Denver	CO	Hilton Garden Inn		27,337		9,940		57,595		2,666		70,201		(15,120	)	2007	Sep-16	3 - 39 yrs.		221
Highlands Ranch	CO	Hilton Garden Inn		-		5,480		20,465		689		26,634		(6,568	)	2006	Mar-14	3 - 39 yrs.		128
Highlands Ranch	CO	Residence Inn		-		5,350		19,167		3,690		28,207		(8,902	)	1996	Mar-14	3 - 39 yrs.		117
Boca Raton	FL	Hilton Garden Inn		-		7,220		22,177		2,924		32,321		(6,148	)	2002	Sep-16	3 - 39 yrs.		149
Cape Canaveral	FL	Hampton		-		2,594		20,951		12		23,557		(2,883	)	2020	Apr-20	3 - 39 yrs.		116
Cape Canaveral	FL	Home2 Suites		-		2,415		19,668		15		22,098		(2,773	)	2020	Apr-20	3 - 39 yrs.		108
Cape Canaveral	FL	Homewood Suites		-		2,780		23,967		398		27,145		(6,644	)	2016	Sep-16	3 - 39 yrs.		153
Fort Lauderdale	FL	Hampton		-		1,793		21,357		5,491		28,641		(9,463	)	2002	Jun-15	3 - 39 yrs.		156
Fort Lauderdale	FL	Residence Inn		-		5,760		26,727		422		32,909		(6,815	)	2014	Sep-16	3 - 39 yrs.		156
Gainesville	FL	Hilton Garden Inn		-		1,300		17,322		1,640		20,262		(4,520	)	2007	Sep-16	3 - 39 yrs.		104
Gainesville	FL	Homewood Suites		-		1,740		16,329		2,674		20,743		(4,777	)	2005	Sep-16	3 - 39 yrs.		103
Jacksonville	FL	Homewood Suites		-		9,480		21,247		4,614		35,341		(9,313	)	2005	Mar-14	3 - 39 yrs.		119
Jacksonville	FL	Hyatt Place		-		2,013		13,533		1,080		16,626		(2,991	)	2009	Dec-18	3 - 39 yrs.		127
Miami	FL	Courtyard		-		-		31,488		2,148		33,636		(10,295	)	2008	Mar-14	3 - 39 yrs.		118
Miami	FL	Hampton		-		1,972		9,987		6,574		18,533		(8,878	)	2000	Apr-10	3 - 39 yrs.		121
Miami	FL	Homewood Suites		-		18,820		25,375		9,105		53,300		(12,034	)	2000	Mar-14	3 - 39 yrs.		162

84

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Orlando	FL	Fairfield		-		3,140		22,580		3,161				28,881		(11,771	)	2009	Jul-09	3 - 39 yrs.		200
Orlando	FL	Home2 Suites		-		2,731		18,063		134				20,928		(3,586	)	2019	Mar-19	3 - 39 yrs.		128
Orlando	FL	SpringHill Suites		-		3,141		25,779		3,328				32,248		(13,268	)	2009	Jul-09	3 - 39 yrs.		200
Panama City	FL	Hampton		-		1,605		9,995		1,489				13,089		(5,474	)	2009	Mar-09	3 - 39 yrs.		95
Panama City	FL	TownePlace Suites		-		908		9,549		633				11,090		(4,385	)	2010	Jan-10	3 - 39 yrs.		103
Pensacola	FL	TownePlace Suites		-		1,770		12,562		687				15,019		(3,306	)	2008	Sep-16	3 - 39 yrs.		97
Tallahassee	FL	Fairfield		-		960		11,734		949				13,643		(3,010	)	2011	Sep-16	3 - 39 yrs.		97
Tallahassee	FL	Hilton Garden Inn		-		-		10,938		639				11,577		(3,854	)	2006	Mar-14	3 - 39 yrs.		85
Tampa	FL	Embassy Suites		-		1,824		20,034		4,066				25,924		(10,596	)	2007	Nov-10	3 - 39 yrs.		147
Atlanta	GA	Home2 Suites		-		740		23,122		1,271				25,133		(6,407	)	2016	Jul-16	3 - 39 yrs.		128
Atlanta / Downtown	GA	Hampton		-		7,861		16,374		3,978				28,213		(5,069	)	1999	Feb-18	3 - 39 yrs.		119
Atlanta / Perimeter Dunwoody	GA	Hampton		-		3,228		26,498		139				29,865		(4,966	)	2016	Jun-18	3 - 39 yrs.		132
Macon	GA	Hilton Garden Inn		-		-		15,043		790				15,833		(5,133	)	2007	Mar-14	3 - 39 yrs.		101
Savannah	GA	Hilton Garden Inn		-		-		14,716		2,367				17,083		(5,963	)	2004	Mar-14	3 - 39 yrs.		105
Cedar Rapids	IA	Hampton		-		1,590		11,364		387				13,341		(3,344	)	2009	Sep-16	3 - 39 yrs.		103
Cedar Rapids	IA	Homewood Suites		-		1,770		13,116		2,253				17,139		(4,310	)	2010	Sep-16	3 - 39 yrs.		95
Davenport	IA	Hampton		-		400		16,915		917				18,232		(4,693	)	2007	Sep-16	3 - 39 yrs.		103
Boise	ID	Hampton		20,685		1,335		21,114		3,622				26,071		(11,237	)	2007	Apr-10	3 - 39 yrs.		186
Des Plaines	IL	Hilton Garden Inn		-		10,000		38,116		4,033				52,149		(9,871	)	2005	Sep-16	3 - 39 yrs.		253
Hoffman Estates	IL	Hilton Garden Inn		-		1,770		14,371		(2,298	)	(3)		13,843		(4,208	)	2000	Sep-16	3 - 39 yrs.		184
Mettawa	IL	Hilton Garden Inn		-		2,246		28,328		2,932				33,506		(12,757	)	2008	Nov-10	3 - 39 yrs.		170
Mettawa	IL	Residence Inn		-		1,722		21,843		2,224				25,789		(9,680	)	2008	Nov-10	3 - 39 yrs.		130
Rosemont	IL	Hampton		-		3,410		23,594		278				27,282		(6,255	)	2015	Sep-16	3 - 39 yrs.		158
Skokie	IL	Hampton		-		2,593		31,284		4,194				38,071		(8,874	)	2000	Sep-16	3 - 39 yrs.		225
Warrenville	IL	Hilton Garden Inn		-		1,171		20,894		2,888				24,953		(9,988	)	2008	Nov-10	3 - 39 yrs.		135
Indianapolis	IN	SpringHill Suites		-		1,310		11,542		2,616				15,468		(6,215	)	2007	Nov-10	3 - 39 yrs.		130
Merrillville	IN	Hilton Garden Inn		-		1,860		17,755		2,339				21,954		(4,989	)	2008	Sep-16	3 - 39 yrs.		124
Mishawaka	IN	Residence Inn		-		898		12,862		1,731				15,491		(6,173	)	2007	Nov-10	3 - 39 yrs.		106
South Bend	IN	Fairfield		-		2,090		23,361		1,716				27,167		(5,933	)	2010	Sep-16	3 - 39 yrs.		119
Overland Park	KS	Fairfield		-		1,230		11,713		1,738				14,681		(4,505	)	2008	Mar-14	3 - 39 yrs.		110
Overland Park	KS	Residence Inn		-		1,790		20,633		4,963				27,386		(9,221	)	2000	Mar-14	3 - 39 yrs.		120
Wichita	KS	Courtyard		-		1,940		6,525		1,367		(3)		9,832		(4,583	)	2000	Mar-14	3 - 39 yrs.		90
Louisville	KY	AC Hotel		-		5,004		46,548		-				51,552		(1,773	)	2018	Oct-22	3 - 39 yrs.		156
Lafayette	LA	Hilton Garden Inn		-		-		17,898		6,591				24,489		(10,418	)	2006	Jul-10	3 - 39 yrs.		153
Lafayette	LA	SpringHill Suites		-		709		9,400		992				11,101		(4,072	)	2011	Jun-11	3 - 39 yrs.		103
New Orleans	LA	Homewood Suites		20,304		4,150		52,258		14,076				70,484		(19,555	)	2002	Mar-14	3 - 39 yrs.		166
Marlborough	MA	Residence Inn		-		3,480		17,341		2,293				23,114		(6,801	)	2006	Mar-14	3 - 39 yrs.		112

85

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Westford	MA	Hampton		-		3,410		16,320		1,814				21,544		(5,914	)	2007	Mar-14	3 - 39 yrs.		110
Westford	MA	Residence Inn		7,713		1,760		20,791		4,588				27,139		(8,800	)	2001	Mar-14	3 - 39 yrs.		108
Annapolis	MD	Hilton Garden Inn		-		4,350		13,974		2,067				20,391		(5,933	)	2007	Mar-14	3 - 39 yrs.		126
Silver Spring	MD	Hilton Garden Inn		-		1,361		16,094		1,760				19,215		(7,505	)	2010	Jul-10	3 - 39 yrs.		107
Portland	ME	AC Hotel		-		6,767		61,602		38				68,407		(4,533	)	2018	Aug-21	3 - 39 yrs.		178
Portland	ME	Aloft Hotel		-		6,002		47,177		14				53,193		(3,808	)	2021	Sep-21	3 - 39 yrs.		157
Portland	ME	Residence Inn		30,500		4,440		51,534		1,034				57,008		(10,238	)	2009	Oct-17	3 - 39 yrs.		179
Novi	MI	Hilton Garden Inn		-		1,213		15,052		2,746				19,011		(7,857	)	2008	Nov-10	3 - 39 yrs.		148
Maple Grove	MN	Hilton Garden Inn		-		1,560		13,717		3,447				18,724		(5,136	)	2003	Sep-16	3 - 39 yrs.		121
Rochester	MN	Hampton		-		916		13,225		2,780				16,921		(7,552	)	2009	Aug-09	3 - 39 yrs.		124
St. Paul	MN	Hampton		-		2,523		29,365		336				32,224		(4,861	)	2016	Mar-19	3 - 39 yrs.		160
Kansas City	MO	Hampton		-		727		9,363		2,058				12,148		(5,330	)	1999	Aug-10	3 - 39 yrs.		122
Kansas City	MO	Residence Inn		-		2,000		20,818		3,904				26,722		(8,713	)	2002	Mar-14	3 - 39 yrs.		106
St. Louis	MO	Hampton		-		1,758		20,954		11,107				33,819		(15,303	)	2003	Aug-10	3 - 39 yrs.		190
St. Louis	MO	Hampton		-		758		15,287		4,093				20,138		(8,105	)	2006	Apr-10	3 - 39 yrs.		126
Hattiesburg	MS	Courtyard		-		1,390		11,324		1,824				14,538		(4,307	)	2006	Mar-14	3 - 39 yrs.		84
Hattiesburg	MS	Residence Inn		-		906		9,151		1,267				11,324		(5,087	)	2008	Dec-08	3 - 39 yrs.		84
Carolina Beach	NC	Courtyard		-		7,490		31,588		4,645				43,723		(11,920	)	2003	Mar-14	3 - 39 yrs.		144
Charlotte	NC	Fairfield		-		1,030		11,111		1,370				13,511		(3,436	)	2010	Sep-16	3 - 39 yrs.		94
Durham	NC	Homewood Suites		-		1,232		18,343		6,766				26,341		(12,205	)	1999	Dec-08	3 - 39 yrs.		122
Fayetteville	NC	Home2 Suites		-		746		10,563		1,665				12,974		(5,277	)	2011	Feb-11	3 - 39 yrs.		118
Greensboro	NC	SpringHill Suites		-		1,850		7,727		644		(3)		10,221		(3,721	)	2004	Mar-14	3 - 39 yrs.		82
Jacksonville	NC	Home2 Suites		-		910		12,527		1,317				14,754		(3,427	)	2012	Sep-16	3 - 39 yrs.		105
Wilmington	NC	Fairfield		-		1,310		13,034		1,770				16,114		(4,812	)	2008	Mar-14	3 - 39 yrs.		122
Winston-Salem	NC	Hampton		-		2,170		14,268		1,255				17,693		(3,620	)	2010	Sep-16	3 - 39 yrs.		94
Omaha	NE	Courtyard		-		6,700		36,829		6,473				50,002		(14,590	)	1999	Mar-14	3 - 39 yrs.		181
Omaha	NE	Hampton		-		1,710		22,636		554				24,900		(5,757	)	2007	Sep-16	3 - 39 yrs.		139
Omaha	NE	Hilton Garden Inn		19,445		1,620		35,962		2,893				40,475		(9,269	)	2001	Sep-16	3 - 39 yrs.		178
Omaha	NE	Homewood Suites		-		1,890		22,014		1,598				25,502		(6,008	)	2008	Sep-16	3 - 39 yrs.		123
Cranford	NJ	Homewood Suites		-		4,550		23,828		4,224				32,602		(10,102	)	2000	Mar-14	3 - 39 yrs.		108
Mahwah	NJ	Homewood Suites		-		3,220		22,742		4,850				30,812		(10,041	)	2001	Mar-14	3 - 39 yrs.		110
Mount Laurel	NJ	Homewood Suites		-		1,589		13,476		6,536				21,601		(9,015	)	2006	Jan-11	3 - 39 yrs.		118
Somerset	NJ	Courtyard		-		-		27,133		4,117				31,250		(14,155	)	2002	Mar-14	3 - 25 yrs.		162
West Orange	NJ	Courtyard		-		2,054		19,513		4,046				25,613		(9,876	)	2005	Jan-11	3 - 39 yrs.		131
Las Vegas	NV	SpringHill Suites		-		10,095		65,152		-				75,247		(184	)	2009	Dec-23	3 - 39 yrs.		299
Islip/Ronkonkoma	NY	Hilton Garden Inn		-		6,510		28,718		6,841				42,069		(11,980	)	2003	Mar-14	3 - 39 yrs.		166
New York	NY	Independent		-		-		102,832		(71,655	)	(3), (5)		31,177		(20,314	)	1916	Mar-14	3 - 32 yrs.
Syracuse	NY	Courtyard		-		812		23,278		867				24,957		(6,074	)	2013	Oct-15	3 - 39 yrs.		102
Syracuse	NY	Residence Inn		-		621		17,589		776				18,986		(4,765	)	2013	Oct-15	3 - 39 yrs.		78
Cleveland	OH	Courtyard		-		3,212		30,108		29				33,349		(701	)	2023	Jun-23	3 - 39 yrs.		154
Mason	OH	Hilton Garden Inn		-		1,120		16,770		1,260				19,150		(4,643	)	2010	Sep-16	3 - 39 yrs.		110

86

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Twinsburg	OH	Hilton Garden Inn		-		1,419		16,614		4,390		22,423		(10,620	)	1999	Oct-08	3 - 39 yrs.		142
Oklahoma City	OK	Hampton		-		1,430		31,327		2,798		35,555		(14,104	)	2009	May-10	3 - 39 yrs.		200
Oklahoma City	OK	Hilton Garden Inn		-		1,270		32,700		542		34,512		(7,781	)	2014	Sep-16	3 - 39 yrs.		155
Oklahoma City	OK	Homewood Suites		-		760		20,056		113		20,929		(4,901	)	2014	Sep-16	3 - 39 yrs.		100
Oklahoma City (West)	OK	Homewood Suites		-		1,280		13,340		761		15,381		(4,231	)	2008	Sep-16	3 - 39 yrs.		90
Portland	OR	Hampton		-		10,813		64,433		126		75,372		(4,149	)	2017	Nov-21	3 - 39 yrs.		243
Collegeville/Philadelphia	PA	Courtyard		-		2,115		17,953		5,004		25,072		(9,920	)	2005	Nov-10	3 - 39 yrs.		132
Malvern/Philadelphia	PA	Courtyard		-		996		20,374		2,408		23,778		(9,409	)	2007	Nov-10	3 - 39 yrs.		127
Pittsburgh	PA	AC Hotel		-		3,305		31,605		41		34,951		(1,298	)	2018	Oct-22	3 - 39 yrs.		134
Pittsburgh	PA	Hampton		-		2,503		18,537		5,072		26,112		(11,650	)	1991	Dec-08	3 - 39 yrs.		132
Charleston	SC	Home2 Suites		-		3,250		16,778		2,065		22,093		(4,814	)	2011	Sep-16	3 - 39 yrs.		122
Columbia	SC	Hilton Garden Inn		-		3,540		16,399		1,877		21,816		(6,410	)	2006	Mar-14	3 - 39 yrs.		143
Columbia	SC	TownePlace Suites		-		1,330		10,839		1,416		13,585		(3,402	)	2009	Sep-16	3 - 39 yrs.		91
Greenville	SC	Hyatt Place		-		2,802		27,700		33		30,535		(2,133	)	2018	Sep-21	3 - 39 yrs.		130
Hilton Head	SC	Hilton Garden Inn		-		3,600		11,386		2,811		17,797		(5,290	)	2001	Mar-14	3 - 39 yrs.		104
Chattanooga	TN	Homewood Suites		-		1,410		9,361		2,912		13,683		(5,292	)	1997	Mar-14	3 - 39 yrs.		76
Franklin	TN	Courtyard		-		2,510		31,341		819		34,670		(7,573	)	2008	Sep-16	3 - 39 yrs.		126
Franklin	TN	Residence Inn		-		2,970		29,208		1,652		33,830		(7,477	)	2009	Sep-16	3 - 39 yrs.		124
Knoxville	TN	Homewood Suites		-		2,160		14,704		2,327		19,191		(4,312	)	2005	Sep-16	3 - 39 yrs.		103
Knoxville	TN	SpringHill Suites		-		1,840		12,441		1,718		15,999		(3,609	)	2006	Sep-16	3 - 39 yrs.		103
Knoxville	TN	TownePlace Suites		-		1,190		7,920		1,723		10,833		(3,152	)	2003	Sep-16	3 - 39 yrs.		97
Memphis	TN	Hampton		-		2,449		37,097		4,872		44,418		(9,138	)	2000	Feb-18	3 - 39 yrs.		144
Memphis	TN	Hilton Garden Inn		-		4,501		33,688		86		38,275		(2,476	)	2019	Oct-21	3 - 39 yrs.		150
Nashville	TN	Hilton Garden Inn		-		2,754		39,997		4,285		47,036		(18,698	)	2009	Sep-10	3 - 39 yrs.		194
Nashville	TN	Home2 Suites		-		1,153		15,206		1,762		18,121		(6,457	)	2012	May-12	3 - 39 yrs.		119
Nashville	TN	TownePlace Suites		-		7,390		13,929		1,356		22,675		(3,998	)	2012	Sep-16	3 - 39 yrs.		101
Addison	TX	SpringHill Suites		-		1,210		19,700		3,244		24,154		(8,521	)	2003	Mar-14	3 - 39 yrs.		159
Arlington	TX	Hampton		-		1,217		8,738		1,861		11,816		(4,787	)	2007	Dec-10	3 - 39 yrs.		98
Austin	TX	Courtyard		-		1,579		18,487		2,307		22,373		(8,475	)	2009	Nov-10	3 - 39 yrs.		145
Austin	TX	Fairfield		-		1,306		16,504		2,173		19,983		(7,758	)	2009	Nov-10	3 - 39 yrs.		150
Austin	TX	Hampton		-		1,459		17,184		5,695		24,338		(10,872	)	1996	Apr-09	3 - 39 yrs.		124
Austin	TX	Hilton Garden Inn		-		1,614		14,451		2,426		18,491		(7,410	)	2008	Nov-10	3 - 39 yrs.		117
Austin	TX	Homewood Suites		-		1,898		16,462		6,576		24,936		(11,054	)	1997	Apr-09	3 - 39 yrs.		97
Austin/Round Rock	TX	Hampton		-		865		10,999		4,613		16,477		(7,554	)	2001	Mar-09	3 - 39 yrs.		94
Austin/Round Rock	TX	Homewood Suites		-		2,180		25,644		2,424		30,248		(6,182	)	2010	Sep-16	3 - 39 yrs.		115
Dallas	TX	Homewood Suites		-		4,920		29,427		3,384		37,731		(7,296	)	2013	Sep-16	3 - 39 yrs.		130
Denton	TX	Homewood Suites		-		990		14,895		492		16,377		(4,485	)	2009	Sep-16	3 - 39 yrs.		107
El Paso	TX	Homewood Suites		-		2,800		16,657		2,144		21,601		(6,500	)	2008	Mar-14	3 - 39 yrs.		114

87

										Subsequently
					Initial Cost					Capitalized
								Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)			/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Fort Worth	TX	Courtyard		-		2,313			15,825		189				18,327		(4,314	)	2017	Feb-17	3 - 39 yrs.		124
Fort Worth	TX	Hilton Garden Inn		-		4,637			25,073		1,854				31,564		(1,660	)	2012	Nov-21	3 - 39 yrs.		157
Fort Worth	TX	Homewood Suites		-		3,309			18,397		466				22,172		(1,233	)	2013	Nov-21	3 - 39 yrs.		112
Fort Worth	TX	TownePlace Suites		-		2,104			16,311		1,925				20,340		(7,567	)	2010	Jul-10	3 - 39 yrs.		140
Frisco	TX	Hilton Garden Inn		-		2,507			12,981		1,719				17,207		(7,224	)	2008	Dec-08	3 - 39 yrs.		102
Grapevine	TX	Hilton Garden Inn		-		1,522			15,543		2,111				19,176		(7,574	)	2009	Sep-10	3 - 39 yrs.		110
Houston	TX	Courtyard		-		2,080			21,836		1,327				25,243		(5,719	)	2012	Sep-16	3 - 39 yrs.		124
Houston	TX	Marriott		-		4,143			46,623		(19,822	)	(3)		30,944		(19,349	)	2010	Jan-10	3 - 39 yrs.		206
Houston	TX	Residence Inn		-		12,070			19,769		2,263				34,102		(7,639	)	2006	Mar-14	3 - 39 yrs.		129
Houston	TX	Residence Inn		-		2,070			11,186		1,576				14,832		(3,505	)	2012	Sep-16	3 - 39 yrs.		120
Lewisville	TX	Hilton Garden Inn		-		3,361			23,919		3,422				30,702		(13,617	)	2007	Oct-08	3 - 39 yrs.		165
San Antonio	TX	TownePlace Suites		-		2,220			9,610		1,551				13,381		(4,089	)	2007	Mar-14	3 - 39 yrs.		106
Shenandoah	TX	Courtyard		-		3,350			17,256		158				20,764		(4,480	)	2014	Sep-16	3 - 39 yrs.		124
Stafford	TX	Homewood Suites		-		1,880			10,969		549				13,398		(4,376	)	2006	Mar-14	3 - 39 yrs.		78
Texarkana	TX	Hampton		-		636			8,723		2,522				11,881		(4,563	)	2004	Jan-11	3 - 39 yrs.		81
Provo	UT	Residence Inn		-		1,150			18,277		3,687				23,114		(7,885	)	1996	Mar-14	3 - 39 yrs.		114
Salt Lake City	UT	Courtyard		-		2,634			45,843		-				48,477		(330	)	2015	Oct-23	3 - 39 yrs.		175
Salt Lake City	UT	Hyatt House		-		4,312	(6)		39,525		-				43,837		(350	)	2015	Oct-23	3 - 39 yrs.		159
Salt Lake City	UT	Residence Inn		-		1,515			24,214		462				26,191		(5,132	)	2014	Oct-17	3 - 39 yrs.		136
Salt Lake City	UT	SpringHill Suites		-		1,092			16,465		2,060				19,617		(7,790	)	2009	Nov-10	3 - 39 yrs.		143
South Jordan	UT	Embassy Suites		-		1,532			35,478		-				37,010		(179	)	2017	Nov-23	3 - 39 yrs.		192
Alexandria	VA	Courtyard		-		6,860			19,681		4,560				31,101		(9,248	)	1987	Mar-14	3 - 39 yrs.		178
Alexandria	VA	SpringHill Suites		-		5,968			-		21,074				27,042		(9,053	)	2011	Mar-09	3 - 39 yrs.		155
Charlottesville	VA	Courtyard		-		21,130			27,737		3,819				52,686		(10,027	)	2000	Mar-14	3 - 39 yrs.		139
Manassas	VA	Residence Inn		-		1,395			14,962		3,784				20,141		(7,358	)	2006	Feb-11	3 - 39 yrs.		107
Richmond	VA	Courtyard		13,832		2,003			-		23,463				25,466		(7,504	)	2014	Jul-12	3 - 39 yrs.		135
Richmond	VA	Marriott		-		-			83,698		26,433				110,131		(39,514	)	1984	Mar-14	3 - 39 yrs.		413
Richmond	VA	Residence Inn		13,832		1,113			-		12,807				13,920		(4,101	)	2014	Jul-12	3 - 39 yrs.		75
Suffolk	VA	Courtyard		-		940			5,186		1,786				7,912		(2,949	)	2007	Mar-14	3 - 39 yrs.		92
Suffolk	VA	TownePlace Suites		-		710			5,241		1,043				6,994		(2,436	)	2007	Mar-14	3 - 39 yrs.		72
Virginia Beach	VA	Courtyard		-		10,580			29,140		4,175				43,895		(11,121	)	1999	Mar-14	3 - 39 yrs.		141
Virginia Beach	VA	Courtyard		-		12,000			40,556		6,771				59,327		(14,662	)	2002	Mar-14	3 - 39 yrs.		160
Kirkland	WA	Courtyard		-		18,950			25,028		2,771				46,749		(9,119	)	2006	Mar-14	3 - 39 yrs.		150
Renton	WA	Residence Inn		-		6,744			49,162		-				55,906		(400	)	2019	Oct-23	3 - 39 yrs.		146
Seattle	WA	Residence Inn		-		63,484			92,786		5,735				162,005		(33,776	)	1991	Mar-14	3 - 39 yrs.		234
Tukwila	WA	Homewood Suites		-		8,130			16,659		4,783				29,572		(8,992	)	1992	Mar-14	3 - 39 yrs.		106
Madison	WI	Hilton Garden Inn		-		2,593			47,152		17				49,762		(4,795	)	2021	Feb-21	3 - 39 yrs.		176
Richmond	VA	Corporate Office		-		682			3,723		2,882				7,287		(3,520	)	1893	May-13	3 - 39 yrs.	N/A
			$	283,002	$	828,868		$	4,986,304	$	523,060			$	6,338,232	$	(1,647,850	)					29,652

88

Investment in Real Estate:	2023			2022			2021
Balance as of January 1	$	6,000,975		$	5,886,363		$	5,764,977
Acquisitions		293,802			86,467			430,155
Improvements		76,832			61,745			25,824
Dispositions		(227	)		(7,425	)		(336,905	)
Assets held for sale (4)		(27,506	)		-			13,066
Impairment of depreciable assets		(5,644	)		(26,175	)		(10,754	)
Total gross cost as of December 31		6,338,232			6,000,975			5,886,363
Finance ground lease assets as of    December 31		102,084			102,084			102,084
Total investment in real estate	$	6,440,316		$	6,103,059		$	5,988,447

Accumulated Depreciation and Amortization:	2023			2022			2021
Accumulated depreciation as of January 1	$	(1,480,043	)	$	(1,302,246	)	$	(1,224,832	)
Depreciation expense		(180,185	)		(178,641	)		(179,275	)
Accumulated depreciation on dispositions		155			844			109,610
Assets held for sale (4)		12,223			-			(7,750	)
Accumulated depreciation as of December 31		(1,647,850	)		(1,480,043	)		(1,302,246	)
Accumulated amortization of finance leases    as of December 31		(15,092	)		(12,054	)		(9,016	)
Accumulated depreciation and amortization    as of December 31	$	(1,662,942	)	$	(1,492,097	)	$	(1,311,262	)

(1)Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease.

(2)The aggregate cost for U.S. federal income tax purposes is approximately $5.9 billion at December 31, 2023 (unaudited).

(3)Amount includes a reduction in cost due to recognition of an impairment loss.

(4)As of December 31, 2023, the Company had two hotels classified as held for sale, which are not included in this schedule, and were both sold to an unrelated party in February 2024.

(5)In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term.

(6)As part of the acquisition of the Courtyard and Hyatt House hotels in Salt Lake City, Utah, a corresponding free-standing parking garage that serves both hotels and the surrounding area was also acquired. All costs for the parking garage are presented with the Salt Lake City Hyatt House.

89

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Apple Hospitality REIT, Inc.
By:	/s/ Justin G. Knight	Date: February 22, 2024
	Justin G. Knight, Chief Executive Officer (Principal Executive Officer)
By:	/s/ Elizabeth S. Perkins	Date: February 22, 2024
	Elizabeth S. Perkins,
	Chief Financial Officer (Principal Financial Officer)
By:	/s/ Rachel S. Labrecque	Date: February 22, 2024
	Rachel S. Labrecque,
	Chief Accounting Officer (Principal Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

By:	/s/ Glade M. Knight	Date: February 22, 2024
	Glade M. Knight, Executive Chairman and Director
By:	/s/ Justin G. Knight	Date: February 22, 2024
	Justin G. Knight, Chief Executive Officer and Director (Principal Executive Officer)
By:	/s/ Elizabeth S. Perkins	Date: February 22, 2024
	Elizabeth S. Perkins,
	Chief Financial Officer (Principal Financial Officer)
By:	/s/ Rachel S. Labrecque	Date: February 22, 2024
	Rachel S. Labrecque,
	Chief Accounting Officer (Principal Accounting Officer)
By:	/s/ Glenn W. Bunting, Jr.	Date: February 22, 2024
	Glenn W. Bunting, Jr., Director
By:	/s/ Jon A. Fosheim	Date: February 22, 2024
	Jon A. Fosheim, Director
By:	/s/ Kristian M. Gathright	Date: February 22, 2024
	Kristian M. Gathright, Director
By:	/s/ Carolyn B. Handlon	Date: February 22, 2024
	Carolyn B. Handlon, Director
By:	/s/ Blythe J. McGarvie	Date: February 22, 2024
	Blythe J. McGarvie, Director
By:	/s/ L. Hugh Redd	Date: February 22, 2024
	L. Hugh Redd, Director
By:	/s/ Howard E. Woolley	Date: February 22, 2024
	Howard E. Woolley, Director

90

EX-4.1

Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

The following description sets forth certain material terms and provisions of our common shares, no par value per share, which is our only security registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless the context requires otherwise, references in this Exhibit 4.1 to “we,” “our,” “us” and “our company” refer to Apple Hospitality REIT, Inc., a Virginia corporation. This description also summarizes relevant provisions of the Virginia Stock Corporation Act and certain provisions of our amended and restated articles of incorporation, as amended (the “articles of incorporation”) and our third amended and restated bylaws (the “bylaws”). The following summary does not purport to be complete and is subject to and qualified in its entirety by reference to applicable Virginia law and to our articles of incorporation and bylaws, each of which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our articles of incorporation, our bylaws and the applicable provisions of Virginia law for additional information.

General

Our articles of incorporation provide that we may issue up to 800,000,000 common shares, no par value per share, and 30,000,000 preferred shares, no par value per share, which are undesignated preferred shares. Our articles of incorporation authorize our board of directors, without shareholder approval, to amend our articles of incorporation to fix in whole or in part the preferences, limitations and relative rights, within the limits set forth in the Virginia Stock Corporation Act, of any series within the preferred shares prior to the issuance of any shares of that series. Under the Virginia Stock Corporation Act, shareholders generally are not liable for the corporation’s debt or obligations.

Voting Rights of Common Shares

Subject to the provisions of our articles of incorporation and our bylaws regarding the restrictions on transfer and ownership of capital shares, each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. The holders of our common shares have exclusive voting power with respect to the election of directors and for all other purposes, except as otherwise required by law or as provided in our articles of incorporation with respect to any series of preferred shares then outstanding. There is no cumulative voting in the election of directors. Directors are elected by the plurality of votes cast and entitled to vote in the election of directors; provided, that if an incumbent director fails to receive at least a majority of the votes cast, such director will tender his or her resignation from the Board.

For more information regarding voting rights of common shareholders, see — “Certain Provisions of Virginia Law and Our Articles of Incorporation and Bylaws—Amendment of Our Articles of Incorporation and Bylaws and Approval of Extraordinary Transactions” below.

Dividends, Distributions, Liquidation and Other Rights

Subject to the preferential rights of any other class or series of shares and to the provisions of our articles of incorporation and bylaws regarding the restrictions on transfer and ownership of capital shares, holders of our common shares are entitled to receive dividends on such common shares if, as and when authorized by our board of directors, and declared by us out of assets legally available therefor. Subject to the rights of holders of shares ranking senior to the holders of our common shares as to dividends and distributions, holders of our common shares also are entitled to receive, if and when declared by our board of directors, dividends and distribution of our net assets legally available for distribution to shareholders in the event of our liquidation, dissolution or winding up of the affairs of our company.

Holders of our common shares have no preference, conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Subject to the provisions of our articles of

incorporation and bylaws regarding the restrictions on transfer and ownership of capital shares, common shares will have equal dividend, liquidation and other rights.

Transfer Agent and Registrar

The transfer agent and registrar for our common shares is Equiniti Trust Company, LLC.

Listing

Our common shares are listed on the New York Stock Exchange and trade under the symbol "APLE."

Restrictions on Ownership and Transfer

In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), our shares must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Also, no more than 50% of the value of our outstanding shares (after taking into account options to acquire common shares) may be owned, directly, indirectly, or through attribution, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last half of a taxable year .

Because our board of directors believes that it is essential for us to qualify as a REIT, our articles of incorporation, subject to certain exceptions, contain restrictions on the number of shares of our capital stock that a person may own.

In order to assist us in complying with the limitations on the concentration of ownership of our shares imposed by the Code, our articles of incorporation generally prohibit any person or entity (other than a person or entity who has been granted an exception) from directly or indirectly, beneficially or constructively, owning more than 9.8% of the aggregate of our outstanding common shares, by value or by number of shares, whichever is more restrictive, or 9.8% of the aggregate of the outstanding preferred shares of any class or series, by value or by number of shares, whichever is more restrictive. However, our articles of incorporation permit (but do not require) exceptions to be made for shareholders provided that our board of directors determines that such exceptions will not jeopardize our qualification as a REIT.

Our articles of incorporation also prohibit any person from (1) beneficially or constructively owning shares of our capital stock that would result in our being “closely held” under Section 856(h) of the Code, (2) transferring our shares if such transfer would result in us being beneficially owned by fewer than 100 persons (determined without regard to any rules of attribution), (3) beneficially or constructively owning our shares that would result in our owning (directly or constructively) 10% or more of the ownership interest in a tenant of our real property if income derived from such tenant for our taxable year would result in more than a de minimis amount of non-qualifying income for purposes of the REIT tests that, taking into account any other non-qualifying gross income of ours, would cause us to fail to satisfy an applicable REIT gross income requirement, and (4) beneficially or constructively owning our shares that would cause us otherwise to fail to qualify as a REIT, including, but not limited to, as a result of any “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the Code) that operates a “qualified lodging facility” (as defined in Section 856(d)(9)(D)(i) of the Code) on behalf of a taxable REIT subsidiary, or TRS, failing to qualify as such. Any person who acquires or attempts or intends to acquire beneficial ownership of our shares that will or may violate any of the foregoing restrictions on transferability and ownership will be required to give written notice immediately to us and provide us with such other information as we may request in order to determine the effect of such transfers on our qualification as a REIT. The foregoing restrictions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interest to attempt to qualify, or to qualify, or to continue to qualify, as a REIT. In addition, our board of directors may determine that compliance with the foregoing restrictions is no longer required for our qualification as a REIT.

Our board of directors, in its sole discretion, may waive the 9.8% ownership limit for common shares or preferred shares for a shareholder that is not an individual if such shareholder provides information and makes representations to the board that are satisfactory to the board, in its reasonable discretion, to establish that such

2

person’s ownership in excess of the 9.8% limit for common or preferred shares would not jeopardize our qualification as a REIT. As a condition of granting the waiver, our board of directors, in its sole and absolute discretion as it may deem necessary or advisable, may require a ruling from the Internal Revenue Service, or IRS, or an opinion of counsel in either case in form and substance satisfactory to our board of directors in order to determine or ensure our qualification as a REIT.

In addition, our board of directors from time to time may increase the share ownership limits. However, the share ownership limits may not be increased if, after giving effect to such increase, five or fewer individuals could own or constructively own in the aggregate, more than 49.9% in value of the shares then outstanding.

If any transfer of our shares of beneficial interest occurs which, if effective, would result in any person beneficially or constructively owning shares in excess, or in violation, of the above transfer or ownership limitations, known as a prohibited owner, then that number of shares, the beneficial or constructive ownership of which otherwise would cause such person to violate the transfer or ownership limitations (rounded up to the nearest whole share), will be automatically transferred to a charitable trust for the exclusive benefit of a charitable beneficiary, and the prohibited owner will not acquire any rights in such shares. This automatic transfer will be considered effective as of the close of business on the business day before the violative transfer. If the transfer to the charitable trust would not be effective for any reason to prevent the violation of the above transfer or ownership limitations, then the transfer of that number of shares that otherwise would cause any person to violate the above limitations will be void. Shares held in the charitable trust will continue to constitute issued and outstanding shares. The prohibited owner will not benefit economically from ownership of any shares held in the charitable trust, will have no rights to dividends or other distributions and will not possess any rights to vote or other rights attributable to the shares held in the charitable trust. The trustee of the charitable trust will be designated by us and must be unaffiliated with us or any prohibited owner and will have all voting rights and rights to dividends or other distributions with respect to shares held in the charitable trust, and these rights will be exercised for the exclusive benefit of the trust’s charitable beneficiary. Any dividend or other distribution paid before our discovery that shares have been transferred to the trustee will be paid by the recipient of such dividend or distribution to the trustee upon demand, and any dividend or other distribution authorized but unpaid will be paid when due to the trustee. Any dividend or distribution so paid to the trustee will be held in trust for the trust’s charitable beneficiary. Subject to Virginia law, effective as of the date that such shares have been transferred to the charitable trust, the trustee, in its sole discretion, will have the authority to:

● rescind as void any vote cast by a prohibited owner prior to our discovery that such shares have been transferred to the charitable trust; and

● recast such vote in accordance with the desires of the trustee acting for the benefit of the trust’s charitable beneficiary.

However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast such vote.

Within 20 days of receiving notice from us that shares have been transferred to the charitable trust, and unless we buy the shares first as described below, the trustee will sell the shares held in the charitable trust to a person, designated by the trustee, whose ownership of the shares will not violate the share ownership limits in our articles of incorporation. Upon the sale, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and to the charitable beneficiary. The prohibited owner will receive the lesser of:

● the price paid by the prohibited owner for the shares or, if the prohibited owner did not give value for the shares in connection with the event causing the shares to be held in the charitable trust (for example, in the case of a gift or devise), the market price of the shares on the day of the event causing the shares to be held in the charitable trust; and

● the price per share received by the trustee from the sale or other disposition of the shares held in the charitable trust (less any commission and other expenses of a sale).

3

The trustee may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee. Any net sale proceeds in excess of the amount payable to the prohibited owner will be paid immediately to the charitable beneficiary. If, before our discovery that our shares have been transferred to the charitable trust, such shares are sold by a prohibited owner, then:

● such shares will be deemed to have been sold on behalf of the charitable trust; and

● to the extent that the prohibited owner received an amount for such shares that exceeds the amount that the prohibited owner was entitled to receive as described above, the excess must be paid to the trustee upon demand.

In addition, shares held in the charitable trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of:

● the price per share in the transaction that resulted in such transfer to the charitable trust (or, in the case of a gift or devise, the market price at the time of the gift or devise); and

● the market price on the date we, or our designee, accepts such offer.

We may reduce the amount payable to the prohibited owner by the amount of dividends and distributions paid to the prohibited owner and owed by the prohibited owner to the trustee. We may pay the amount of such reduction to the trustee for the benefit of the charitable beneficiary. We will have the right to accept the offer until the trustee has sold the shares held in the charitable trust. Upon such a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the prohibited owner and any dividends or other distributions held by the trustee will be paid to the charitable beneficiary.

All certificates, if any, representing our shares will bear a legend referring to the restrictions described above.

Every shareholder of record of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) in value of the outstanding shares will be required to give written notice to us within 30 days after the end of each taxable year stating the name and address of each actual owner, the number of shares of each class and series of shares that each actual owner beneficially owns and a description of the manner in which such shares are held. Each such shareholder shall provide to us such additional information as we may request in order to determine the effect, if any, of such beneficial ownership on our status as a REIT and to ensure compliance with the ownership limitations. In addition, each shareholder shall upon demand be required to provide to us such information as we may request, in good faith, in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.

These share ownership limitations could delay, deter or prevent a transaction or a change in control that might involve a premium price for holders of our common shares or might otherwise be in the best interest of our shareholders.

Certain Provisions of Virginia Law and our Articles of Incorporation and Bylaws

Our Board of Directors

Our bylaws provide that the number of directors of our company may be determined by our board of directors, but may not be less than three nor more than 15.

Our bylaws provide that any vacancy, including a vacancy created by an increase in the number of directors, in our board of directors may be filled by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, or by a sole remaining director. If, however, a vacancy is created by the removal of a director by a vote or written consent of our shareholders or court order, such vacancy may be filled

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only by the vote of a majority of shares entitled to vote or by the written consent of all of the shareholders entitled to vote. Our shareholders may also elect, by the consent of a majority of outstanding shares entitled to vote, a director or directors at any time to fill a vacancy or vacancies not filled by our directors. Any director elected to fill a vacancy will serve until a successor is elected at an annual or special meeting of shareholders. Effective as of the 2020 annual meeting of shareholders, all directors are elected for one-year terms expiring at the next annual meeting.

Holders of our common shares do not have a right to cumulative voting in the election of directors. Pursuant to our bylaws, directors are elected by the plurality of votes cast and entitled to vote in the election of directors. However, our corporate governance guidelines require that if an incumbent director fails to receive at least a majority of the votes cast, such director will tender his or her resignation from the Board. The Nominating and Governance Committee of the Board will consider, and determine whether to accept, such resignation.

Removal of Directors

Our bylaws provide that our board of directors may declare vacant the office of a director who has been declared of unsound mind by an order of court or who has pled guilty or nolo contendere to or been convicted of a felony involving moral turpitude. In addition, any or all directors may be removed for cause (which is defined as a willful violation of our articles of incorporation or bylaws or gross negligence in the performance of a director’s duties) and only by the affirmative vote of either (i) the vote or written consent of all directors other than the director who is being removed, or (ii) the vote of holders of a majority of our outstanding common shares at a meeting of shareholders called for such purpose. Our bylaws also provide that any or all directors may be removed without cause upon the affirmative vote of a majority of the outstanding common shares entitled to vote at a meeting of shareholders called for such purpose.

Affiliated Transactions

The Virginia Stock Corporation Act limits “affiliated transactions” between a corporation and an “interested shareholder” for three years after the date on which the interested shareholder became an interested shareholder, except in compliance with the Virginia Stock Corporation Act. These affiliated transactions include a merger, statutory share exchange, dissolution, or, in circumstances specified in the statute, certain transfers of assets, certain share issuances and transfers and reclassifications involving interested shareholders. Virginia law defines an interested shareholder as:

● any person who beneficially owns more than 10% of any class of the corporation’s outstanding voting shares (defined as shares of a class that is entitled to vote generally in the election of directors); or

● an affiliate or associate of the corporation who, at any time within the three-year period prior to the date in question, was the beneficial owner of more than 10% of any class of the corporation’s then-outstanding voting shares.

The Virginia Stock Corporation Act provides that no corporation may engage in any affiliated transaction with any interested shareholder for a period of three years following the date on which an interested shareholder becomes an interested shareholder, unless approved by the affirmative vote of the holders of at least two-thirds of the voting shares of the corporation, other than the shares beneficially owned by the interested shareholder, and by a majority (but not less than two) of the “disinterested directors.” A disinterested director means, with respect to a particular interested shareholder, a member of a corporation’s board of directors who (i) was a member before the later of January 1, 1988 and the date on which an interested shareholder became an interested shareholder and (ii) was recommended for election by, or was elected to fill a vacancy and received the affirmative vote of, a majority of the disinterested directors then on the board. At the expiration of the three-year period, these provisions generally require approval of affiliated transactions by the affirmative vote of the holders of at least two-thirds of the voting shares of the corporation, other than those beneficially owned by the interested shareholder.

The statute permits various exemptions from its provisions, including for affiliated transactions entered into with an interested shareholder after the three-year period that are approved by a majority of disinterested directors or

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are approved by the affirmative vote of the holders of two-thirds of the voting shares other than shares beneficially owned by the interested shareholders, and affiliated transactions where the consideration will be paid to the holders of each class or series of voting shares and certain other statutory fair price conditions are met. Virginia law also requires that, during the three years preceding the announcement of the proposed affiliated transaction, all required dividends have been paid and no special financial accommodations have been accorded the interested shareholder unless approved by a majority of the disinterested directors.

As permitted by the Virginia Stock Corporation Act, we have elected pursuant to a provision in our articles of incorporation to “opt-out” of the affiliated transactions provisions of the statute.

Control Share Acquisitions

The Virginia Stock Corporation Act provides that shares of a Virginia corporation acquired in a “control share acquisition” have no voting rights except to the extent approved by the affirmative vote of the holders of a majority of the shares entitled to vote on the matter, excluding “interested shares” in a Virginia corporation. “Interested shares” are shares of a corporation which any of the following persons is entitled to exercise or direct the exercise of the voting power in the election of directors: (1) an acquiring person with respect to a control share acquisition; (2) any officer of such corporation; or (3) any employee of such corporation who is also a director of the corporation. A “control share acquisition” means the direct or indirect acquisition of shares, other than in an excepted acquisition, by a person that when added to all other shares which then have voting rights or are beneficially owned by such person would cause such person to become entitled, immediately upon acquisition of such shares, to vote or direct the vote of, shares having voting power within any of the following ranges of the votes entitled to be cast in an election of directors:

● one-fifth or more but less than one-third of such votes;

● one-third or more but less than a majority of such votes; or

● a majority or more of such votes.

A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses and making a “control share acquisition statement” as described in the Virginia Stock Corporation Act), may compel our board of directors to call a special meeting of shareholders to be held within 50 days of the acquiring person’s request to consider the voting rights of the shares. If no request for a special meeting is made, the corporation may itself present the question at any shareholders’ meeting.

If voting rights for control shares are approved at a shareholders’ meeting and the acquiror has beneficial ownership of shares entitled to cast a majority of the votes which could be cast in an election of directors, all shareholders other than the acquiring person may be entitled to exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.

The control share acquisition statute does not apply to shares acquired in a merger or share exchange if the corporation is a party to the transaction.

As permitted by the Virginia Stock Corporation Act, we have elected pursuant to a provision in our bylaws to exempt any acquisition of our shares from the control share acquisition provisions of the statute. However, the board of directors may further amend the bylaws to opt into the control share provisions at any time in the future.

Amendment of Our Articles of Incorporation and Bylaws and Approval of Extraordinary Transactions

Under the Virginia Stock Corporation Act, a Virginia corporation generally cannot dissolve, amend its articles of incorporation, merge, sell all or substantially all of its assets or engage in a share exchange unless approved by the affirmative vote of more than two-thirds of all votes entitled to be cast on the matter, unless a greater or lesser proportion of votes (but not less than a majority of all votes cast) is specified in the corporation’s

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articles of incorporation. Our articles of incorporation provide that our shareholders, by vote of the holders of a majority of our common shares issued and outstanding and a majority of the votes entitled to be voted by any other voting group required by law to vote thereon as a separate voting group, may vote to approve a plan of merger, share exchange or dissolution or to sell, lease, exchange or otherwise dispose of all or substantially all of our property other than in the usual and regular course of business. Our articles of incorporation also provide that, except as otherwise provided by law or our articles of incorporation with respect to any outstanding series of our preferred shares, our articles of incorporation may be amended at any time, and from time to time, upon the vote of the holders of a majority of our common shares issued and outstanding.

Our articles of incorporation provide that our bylaws may be amended or repealed, or new bylaws adopted, at any time by (1) our board of directors or (2) by a vote of the holders of a majority of our issued and outstanding common shares, and our shareholders in amending, repealing or adopting a bylaw may, except as prohibited by applicable law, expressly provide that our board of directors may not amend, repeal or reinstate that bylaw.

Meetings of Shareholders

Under our bylaws, annual meetings of shareholders will be held each year at a date and time as determined by our chief executive officer or our board of directors. Special meetings of shareholders may be called by our chief executive officer, by a majority of our board of directors or by the chairman of our board of directors. Additionally, subject to the provisions of our bylaws, special meetings of the shareholders shall be called by our chairman of the board, chief executive officer or secretary upon the written request of shareholders holding not less than 10% of the eligible votes. Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting. Virginia law and our bylaws provide that any action required or permitted to be taken at a meeting of shareholders may be taken without a meeting by unanimous written consent, if that consent describes that action, is signed by each shareholder entitled to vote on the matter, bearing the date of each signature, and is delivered to the secretary of our company for inclusion in the minutes or filing with our corporate records.

Advance Notice of Director Nominations and New Business

Our bylaws provide that:

● with respect to an annual meeting of shareholders, the proposal of business to be considered by shareholders at the annual meeting may be made only:

o pursuant to our notice of the meeting;

o by or at the direction of our board of directors; or

o by a shareholder who is a shareholder of record of a class of shares entitled to vote on the business that such shareholder has proposed both at the time of giving of the notice of the meeting and on the record date of such annual meeting, and who complies with the advance notice procedures set forth in our bylaws.

● with respect to special meetings of shareholders, only the business specified in our notice of meeting may be brought before the meeting of shareholders.

● nominations of persons for election to our board of directors may be made only:

o pursuant to our notice of the meeting;

o by our board of directors or any committee thereof; or

o by a shareholder who is a shareholder of record of a class of shares entitled to vote for the election of directors both at the time of giving of the notice required by our bylaws and on the record date for the meeting at which the nominee(s) will be voted upon, and who complies with the advance notice provisions set forth in our bylaws.

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The purpose of requiring shareholders to give advance notice of nominations and other proposals is to afford our board of directors the opportunity to consider the qualifications of the proposed nominees or the advisability of the other proposals and, to the extent considered necessary by our board of directors, to inform shareholders and make recommendations regarding the nominations or other proposals. The advance notice procedures also permit a more orderly procedure for conducting our shareholder meetings. Although our bylaws do not give our board of directors the power to disapprove timely shareholder nominations and proposals, our bylaws may have the effect of precluding a contest for the election of directors or proposals for other action if the proper procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors to our board of directors or to approve its own proposal.

Anti-takeover Effect of Certain Provisions of Virginia Law and Our Articles of Incorporation and Bylaws

The provisions of our bylaws on removal of directors and advance notice of director nominations could delay, defer or prevent a transaction or a change in control of our company that might involve a premium price for holders of our common shares or otherwise be in the best interests of our shareholders. Likewise, provisions of the Virginia Stock Corporation Act that restrict affiliated transactions and control share acquisitions, if we are subject to those provisions in the future, could have similar anti-takeover effects. See “—Affiliated Transactions” and “—Control Share Acquisitions” for additional information on the voting requirements related to these transactions.

Indemnification and Limitation of Directors’ and Officers’ Liability

Our articles of incorporation provide for the limitation or elimination of liability of our directors and officers to our company or our shareholders to the same extent permitted by the Virginia Stock Corporation Act.

The Virginia Stock Corporation Act permits, and our articles of incorporation require, to the fullest extent permitted by Virginia law, that we indemnify our officers and directors in a variety of circumstances, which may include indemnification for liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Under Sections 13.1-697 and 13.1-702 of the Virginia Stock Corporation Act, a Virginia corporation generally is authorized to indemnify its directors and officers in civil and criminal actions if such officer or director acted in good faith and believed, in the case of conduct in his or her official capacity with the corporation, that his conduct was in the best interests of the corporation or in all other cases, that his conduct was at least not opposed to its best interests, and, in the case of any criminal proceeding, he had no reasonable cause to believe that his conduct was unlawful. The Virginia Stock Corporation Act requires such indemnification, unless limited by a corporation’s articles of incorporation, when a director or officer entirely prevails in the defense of any proceeding to which he was a party because he is or was a director or officer of the corporation.

Our articles of incorporation provide that we must indemnify any individual who is, was or is threatened to be made a party to a civil, criminal, administrative, investigative or other proceeding (including a proceeding by or in the right of our company or by or on behalf of our shareholders) because such individual is or was a director or officer of our company or of any legal entity controlled by our company, or is or was a fiduciary of any employee benefit plan established at the direction of our company, against all liabilities and reasonable expenses incurred by him on account of the proceeding, provided that our directors (excluding the indemnified party) determine in good faith that his course of conduct which caused the loss or liability was in the best interests of our company, and provided further that such liabilities and expenses were not incurred because of his willful misconduct, bad faith, reckless disregard of duties or knowing violation of the criminal law. Before any indemnification is paid, a determination must be made that indemnification is permissible in the circumstances because the person seeking indemnification is eligible for indemnification and has met the standard of conduct set forth above. Such determination must be made in the manner provided by Virginia law for determining that indemnification of a director is permissible; provided, however, that if a majority of our directors has changed after the date of the alleged conduct giving rise to a claim for indemnification, the determination that indemnification is permissible must, at the option of the person claiming indemnification, be made by special legal counsel agreed upon by our board of directors and such person.

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Unless a determination has been made that indemnification is not permissible, we must make advances and reimbursement for expenses incurred by any person named above upon receipt of an undertaking from him to repay the same if it is ultimately determined that such individual is not entitled to indemnification. We are authorized to contract in advance to indemnify our directors and officers to the extent it is required to indemnify them pursuant to the provisions described above.

Notwithstanding the above, indemnification will not be allowed for any liability imposed by judgment, and costs associated therewith, including attorneys’ fees, arising from or out of an alleged violation of federal or state securities laws associated with the public offering of our common shares unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee, or (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee, or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which our securities were offered or sold as to indemnification for violations of securities laws.

The rights of each person or entity entitled to indemnification under our articles of incorporation shall inure to the benefit of such person’s or entity’s heirs, executors, administrators, successors or assigns. Indemnification pursuant to our articles of incorporation shall not be exclusive of any other right of indemnification to which any person or entity may be entitled, including indemnification pursuant to a valid contract, indemnification by legal entities other than our company, and indemnification under policies of insurance purchased and maintained by us or others. However, no person or entity shall be entitled to indemnification by us to the extent such person or entity is indemnified by another, including an insurer.

Insofar as the foregoing provisions permit indemnification of directors or officers for liability arising under the Securities Act, we have been informed that, in the opinion of the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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EX-19

Exhibit 19

APPLE HOSPITALITY REIT, INC.

________________________

Policy on Inside Information and Insider Trading

A. Background/Purpose

Under federal and state securities laws, it is illegal to purchase or sell securities of Apple Hospitality REIT, Inc. (the “Company”) while in possession of material, non-public information related to, affecting or regarding the Company or its subsidiaries (such information, “Inside Information”), or to disclose Inside Information to others who then trade in the securities of the Company. Insider trading violations are pursued vigorously by the Securities and Exchange Commission (the “SEC”) and other governmental agencies and can result in severe penalties. While the regulatory authorities usually concentrate their efforts on the individuals who trade, or who tip Inside Information to others who trade, the federal securities laws also impose potential liability on companies and other “controlling persons” if they fail to take reasonable steps to prevent insider trading by company personnel.

The Company has adopted this Policy on Inside Information and Insider Trading (this “Policy”) both to satisfy the Company’s obligation to prevent insider trading and to help the Company’s personnel and its external advisors avoid violating insider trading laws.

B. Applicability of Policy

1.Covered Persons

This Policy applies to the following people (collectively, “Covered Persons”):

•all officers of the Company and its subsidiaries;

•all members of the Company’s Board of Directors (“directors”);

•all employees of the Company and its subsidiaries;

•any family members or persons that reside in the same household as any of the foregoing persons; and

•any other person or entity over whom any of the foregoing persons exercises substantial control over his, her or its securities trading decisions.

The failure of any person subject to this Policy to observe and strictly adhere to the policies and procedures set forth herein at all times will be grounds for disciplinary action, up to and including dismissal. To ensure that Company confidences are protected to the maximum extent possible, no individuals other than specifically authorized personnel may release material information to the public, or respond to inquiries from the media, analysts or others outside the Company.

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All consultants and outside advisors assisting the Company on sensitive matters are expected to abide by the Policy, although the Company assumes no responsibility with respect to the actions of persons who are not under its direct control.

2.Covered Transactions

This Policy applies to all transactions in the Company’s securities, including common shares (including any securities that are exercisable for, or convertible or exchangeable into, common shares) and any other securities the Company may issue from time to time whether or not pursuant to any benefit plan adopted by the Company.

For purposes of this Policy, the Company considers transactions between Covered Persons and the Company with respect to grants under its 2014 Omnibus Incentive Plan or other Company equity incentive plan (or, to the extent applicable, granted outside such plan) to be exempt from this Policy. Such transactions include, without limitation, the following:

•the exercise of options for cash;

•the exercise of options on a “net exercise” basis pursuant to which an optionee either (i) delivers outstanding shares of common stock to the Company or (ii) authorizes the Company to withhold from issuance shares of common stock issuable upon exercise of the option, in either case, having a fair market value on the date of exercise equal to the aggregate exercise price; or

•the forfeiture to the Company of restricted shares of common stock or share units to cover withholding tax obligations.

Thus, restrictions contained in this Policy would apply to the sale of the Company’s securities in the open market to pay the exercise price of an option and to the “cashless exercise” effected through a broker or “same day sale” of an option. In addition, any sale of the underlying securities acquired upon the exercise of an option is subject to the Policy. This Policy does not apply to the granting of options or other equity awards.

All gifts of the Company’s securities are also subject to the restrictions in this Policy, except for bona fide gifts for which the person making the gift has no reason to believe that the recipient intends to sell the Company’s securities while the person making the gift is aware of material nonpublic information. Restricted Persons must pre-clear gifts as described in Section D.3 below (“Specific Policies-Pre-clearance”), including, without limitation, bona fide gifts described in the immediately preceding sentence.

In addition to the other restrictions set forth in this Policy, the following transactions are strictly prohibited at all times:

•trading in call or put options involving the Company’s securities and other derivative securities;

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•engaging in short sales of the Company’s securities;

•holding the Company’s securities in accounts that are subject to margin calls;

•other hedging or monetization transactions related to the Company’s securities, including the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds; and

•pledging more than 50% of the number the Company’s securities held individually to secure loans.

If you are unsure whether or not a particular transaction is prohibited under this Policy, you should consult with the person designated by the Company’s Chief Legal Officer as the compliance officer (the “Compliance Officer”) prior to engaging in, or entering into, an agreement, understanding or arrangement to engage in, such transaction.

C. General Policy

No Covered Person who is in possession of Inside Information may, either directly or indirectly (including, without limitation, through a family member, friend or entity in which you or any of your family members is a director, officer or controlling equity holder or beneficiary), (i) purchase or sell the Company’s securities, (ii) engage in any other action to take advantage of Inside Information or (iii) provide Inside Information to any other person outside of the Company, including family and friends.

In addition, Covered Persons may not purchase or sell any securities of any other company, such as a lender, possible acquisition target or competitor of the Company, when in possession of material non-public information concerning any such other company obtained in the course of his or her employment with, or service to, the Company or any of its subsidiaries.

D. Specific Policies

1.Black-out Periods

All directors and officers of the Company and its subsidiaries who are subject to the reporting and “short-swing profit” liability provisions of Section 16 of the Securities Exchange Act of 1934, as well as certain key employees designated from time to time and notified of such designation by the Compliance Officer, as well as any family members or other persons that reside in the same household as those persons or reside outside of such household but are economically dependent on any of the foregoing persons and any other person or entity over whom any of the foregoing persons exercises substantial control over his, her or its securities trading decisions (all of the foregoing being “Restricted Persons”) are subject to additional restrictions on their ability to engage in purchase or sale transactions (or gifts) involving the Company’s securities. Restricted Persons are more likely to have access to Inside Information regarding the Company because of their positions or affiliations with the Company and, as a result, their trades in the Company’s

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securities are more likely to be subject to greater scrutiny. Accordingly, Restricted Persons are prohibited from purchasing, selling, or making gifts of (except for bona fide gifts as described in Section B.2), the Company’s securities during the period beginning on the close of market on the 15thday prior to the end of each fiscal quarter and ending two business days following public disclosure of the financial results for that quarter or the full year.

Quarter	Blackout Period Begins	Blackout Period Ends
1	March 16	Two business days after Q1 earnings are publicly released (typically early May)
2	June 15	Two business days after Q2 earnings are publicly released (typically early August)
3	September 15	Two business days after Q3 earnings are publicly released (typically early November)
4	December 16	Two business days after annual earnings are publicly released (typically end of February)

In addition, from time to time, the Company may impose special black-out periods, even when trading otherwise may be permitted, on one or more Restricted Persons and other employees of the Company if, (i) in the judgment of the Compliance Officer, it is likely that such person or persons have become aware of significant corporate developments that have not yet been disclosed to the public or (ii) material information is known to the Company and not yet disclosed to the public. If certain Restricted Persons or other employees of the Company become subject to a special black-out period, such persons are prohibited from (i) trading in the Company’s securities and (ii) disclosing to others the fact they are subject to such special black-out period. These special black-out periods may vary in length and may or may not be broadly communicated to Covered Persons. This restriction does not apply to transactions made under an approved Trading Plan (as defined below). The Company would re-open trading at the beginning of the 3rdday following the date of public disclosure of such significant corporate developments.

2.“Tipping” of Information

Covered Persons may not disclose, convey or “tip” Inside Information to any person by providing them with Inside Information other than to disclose on a “need to know” basis to officers and employees of the Company or outside advisors in the course of performing their duties for the Company. When sharing Inside Information with other officers and employees of the Company or outside advisors, or other persons involved in the business and affairs of the Company, such information should be confined to as small a group as possible. Unlawful tipping includes passing on Inside Information to friends, family members or acquaintances under circumstances that suggest that persons subject to this Policy were trying to help the recipients of such information to make a profit or avoid a loss by trading in the Company’s securities based on such information.

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3. Pre-clearance

A Restricted Person must obtain prior clearance from the Compliance Officer, or such person’s designee, before such Restricted Person makes any purchases or sales (or gifts) of the Company’s securities, regardless of whether or not a black-out period is then in effect. In evaluating each proposed transaction, the Compliance Officer or such person’s designee will consult as necessary with senior management and outside counsel before clearing any proposed trade. Clearance of a transaction is valid for no more than the 5-business day period immediately following receipt by the Restricted Person of such clearance. The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance and will have sole discretion to determine whether or not to pre-clear the transaction. If clearance is denied, the fact of such denial must be kept confidential by the person requesting such clearance. Restricted Persons do not need to receive pre-clearance for trades pursuant to an approved Trading Plan, but must receive prior approval before implementing such a plan by the Compliance Officer, or such person’s designee.

4. Trading Plans

Notwithstanding the prohibition against insider trading, Rule 10b5-l under the Securities Exchange Act of 1934 (“Rule 10b5-1”) and this Policy permit Restricted Persons to trade in Company securities regardless of their awareness of inside information if the transaction is made pursuant to a pre-arranged trading plan (a “Trading Plan”) that (i) meets certain conditions of Rule 10b5-1, (ii) was entered into outside of a black-out period and when the Restricted Person was not in possession of material, non-public information about the Company, and (iii) is operated in good faith. This Policy requires Trading Plans to be written, to specify the amount of, date on, and price at which the Company securities are to be traded or establish a formula for determining such items, and to comply with and be operated in accordance with the conditions of Rule 10b5-1, including the following:

•trades under the Trading Plan, and in certain circumstances, an amended Trading Plan, may not commence until expiration of the “cooling-off period” set forth in Rule 10b5-1;

•the Trading Plan must include representations that (i) the person is not aware of material non-public information about the Company or its securities; and (ii) the person is adopting, or in certain cases amending, the Trading Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5;

•no person may have more than one Trading Plan outstanding at any given time, unless otherwise permitted by the limited exceptions of Rule 10b5-1 (such as plans relating to “sell to cover” arrangements intended to satisfy tax withholding obligations upon the vesting of equity awards); and

•no person may have more than one single-trade Trading Plan (a plan designed to effect the open-market purchase or sale of the total amount of securities covered by the plan in a single transaction) within any consecutive 12-month period, unless otherwise permitted by the limited exceptions of Rule 10b5-1.

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A Restricted Person who wishes to enter into, amend or terminate (other than by expiration) a Trading Plan must submit the Trading Plan, or the amendment or notice of termination of the Trading Plan, to the Compliance Officer for approval prior to the adoption, amendment or termination of the Trading Plan. Subject to prior approval by the Compliance Officer, a Restricted Person may amend or replace his or her Trading Plan only during periods when trading is permitted in accordance with this Policy and when the Restricted Person was not in possession of material, non-public information about the Company.

Restricted Persons subject to this Policy must promptly report to the Compliance Officer the adoption, amendment or termination of any trading plan that is not a Trading Plan, but that was entered into by a Company director or executive officer at a time they asserted they were not aware of material non-public information about the Company or its securities.

E. Compliance

All Covered Persons must promptly report, in accordance with the procedures set forth in the Company’s Code of Business Conduct and Ethics, any trading in the Company’s securities by any Covered Person, or any disclosure of Inside Information or material non-public information concerning other companies by such Covered Person, that such person has reason to believe may violate this Policy or federal or state securities laws. Covered Persons may also report such trading or disclosure that such person has reason to believe may violate this Policy or federal or state securities laws using the Company’s whistleblower hotline as described in the Company’s employee handbook.

Persons in possession of Inside Information when their employment or service terminates may not trade in the Company’s securities until that information has become public or is no longer material.

F. Additional Information

1. What is Inside Information?

“Inside Information” is material information about the Company that is not available to the public. Information generally becomes available to the public when it has been disclosed by the Company or third parties in a press release or other authorized public statement, including any filing with the SEC. In general, information is considered to have been made available to the public on the second trading day after the formal release of the information. In other words, there is a presumption that the public needs approximately one complete trading day to receive and absorb such information.

2. What is Material Information?

As a general rule, information about the Company is “material” if it could reasonably be expected to affect someone’s decision to buy, hold or sell the Company’s securities. In particular, information is considered to be material if its disclosure to the public would be reasonably likely to affect (i) an investor’s decision to buy or sell the securities of the company to which the

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information relates, or (ii) the market price of that company’s securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following:

•significant changes in financial results and/or financial condition and financial projections;

•news of major new contracts or possible loss of business;

•dividends or stock splits;

•share redemption or repurchase programs;

•changes in management or control;

•plans or agreements related to significant mergers, acquisitions, reorganizations or joint ventures;

•significant litigation or regulatory developments;

•significant increases or decreases in the amount of outstanding securities or indebtedness;

•write-ups or write-downs of assets or changes in accounting methods;

•actual or projected changes in industry circumstances or competitive conditions that could significantly affect the Company’s revenues, earnings, financial position or future prospects; and

•transactions with directors, officers or principal security holders.

It can sometimes be difficult to know whether information would be considered “material.” The determination of whether information is material is almost always clearer after the fact, when the effect of that information on the market can be quantified. Although you may have information about the Company that you do not consider to be material, federal regulators and others may conclude (with the benefit of hindsight) that such information was material. Therefore, trading in the Company’s securities when you possess non-public information about the Company can be risky. When doubt exists, the information should be presumed to be material. If you are unsure whether you are in possession of material, non-public information, you should consult with the Compliance Officer prior to engaging in, or entering into an agreement, understanding or arrangement to engage in, a purchase or sale transaction (or gift) of any of the Company’s securities.

3. What is the Penalty for Insider Trading?

Page 7 of NUMPAGES 2

Trading on Inside Information is a crime. The consequences of insider trading and tipping are severe and may, in some cases, be applied to the Company as well as to the individual who illegally trades or tips. Possible consequences include criminal prosecution with the potential for prison terms and additional fines if convicted, civil penalties, termination of employment and personal embarrassment resulting from adverse publicity.

G. Certification

You must sign, date and return the attached Certification (or such other certification as the Compliance Officer may deem appropriate) stating that you have received, read, understand and agree to comply with the Company’s Policy on Inside Information and Insider Trading. The Company may require you to sign such a Certification on an annual basis, which Certification may be in electronic format. Please note that you are bound by the Policy whether or not you sign the Certification.

If you have any questions with regard to this Policy, you should consult with the Compliance Officer.

Approved: December 15, 2023

Page 8 of NUMPAGES 2

CERTIFICATION

I hereby certify that I:

•have read and understand the Policy on Inside Information and Insider Trading and related procedures, a copy of which was distributed with this Certificate;

•have complied with the foregoing policy and procedures; and

•will continue to comply with the policy and procedures set forth in the Policy;

Signature:

Name:

(Please print)

Title:

Date:

EX-21.1

Exhibit 21.1

Subsidiaries of

Apple Hospitality REIT, Inc.

At December 31, 2023

(The state of incorporation or organization of each subsidiary is Virginia, except as noted below)

A. Direct Subsidiaries

Apple Air Holding, LLC

Apple Fund Management, LLC

Apple Acquisition Company, LLC

Apple Nine Hospitality, Inc.

Apple Nine Oklahoma, LLC

Apple REIT Eight, Inc.

Apple REIT Seven, Inc.

Apple REIT Ten, Inc.

B. Indirect Subsidiaries (held through direct subsidiaries or other indirect subsidiaries)

Apple Eight California, Inc.

Apple Eight Hospitality Management, Inc.

Apple Eight Hospitality Massachusetts Services, Inc.

Apple Eight Hospitality Massachusetts, Inc.

Apple Eight Hospitality Midwest, LLC

Apple Eight Hospitality Ownership, Inc.

Apple Eight Hospitality Texas Services, LLC

Apple Eight Hospitality, Inc.

Apple Eight NC GP, Inc.

Apple Eight NC LP, Inc.

Apple Eight North Carolina, L.P.

Apple Eight Services Jacksonville, Inc.

Apple Eight Services Westford, Inc.

Apple Eight SPE Savannah, Inc.

Apple Eight SPE Westford, Inc.

Apple Hospitality Anchorage 7056, LLC

Apple Hospitality Cleveland 7138, LLC

Apple Hospitality FTW Charlie, LLC

Apple Hospitality FTW Northton, LLC

Apple Hospitality Grapevine, LLC

Apple Hospitality HBC, LLC

Apple Hospitality Huntsville 7423, LLC

Apple Hospitality Kirkland, LLC

Apple Hospitality Las Vegas 7145, LLC

Apple Hospitality Louisville 7136, LLC

Apple Hospitality Madison 7131, LLC

Apple Hospitality Memphis, LLC

Apple Hospitality Miami 7435, LLC

Apple Hospitality Pittsburgh 7137, LLC

Apple Hospitality Portland Pearl District, LLC

Apple Hospitality Prattville 7443, LLC

Apple Hospitality Renton 7143, LLC

Apple Hospitality San Diego 7437, LLC

Apple Hospitality SDRBC, LLC

Apple Hospitality Seattle Lake Union, LLC

Apple Hospitality SLC Garage 7142, LLC

Apple Hospitality SLCC 7140, LLC

Apple Hospitality SLCH 7141, LLC

Apple Hospitality Somerset 7601, LLC

Apple Hospitality South Jordan 7144, LLC

Apple Hospitality Tukwila 7648, LLC

Apple Nine Florida Services, Inc.

Apple Nine Hospitality Management, Inc.

Apple Nine Hospitality Ownership, Inc.

Apple Nine Hospitality Texas Services, Inc.

Apple Nine Hospitality Texas Services II, Inc.

Apple Nine Hospitality Texas Services III, Inc.

Apple Nine Hospitality Texas Services IV, Inc.

Apple Nine Hospitality Texas Services V, Inc.

Apple Nine Louisiana, L.P.

Apple Nine Louisiana GP, Inc.

Apple Nine Malvern Pennsylvania Business Trust*

Apple Nine Missouri, LLC

Apple Nine NC GP, Inc.

Apple Nine NC LP, Inc.

Apple Nine North Carolina, L.P.

Apple Nine Pennsylvania Business Trust*

Apple Nine Pennsylvania, Inc.

Apple Nine Services Boise, Inc.

Apple Nine Services Richmond, Inc.

Apple Nine SPE Boise, Inc.

Apple Nine SPE Burbana, Inc.

Apple Nine SPE Madison, Inc.

Apple Nine SPE Malvern, Inc.

Apple Nine SPE Portland, Inc.

Apple Nine SPE Richmond, Inc.

Apple Nine SPE San Jose, Inc.

Apple Seven Hospitality Management, Inc.

Apple Seven Hospitality Ownership, Inc.

Apple Seven Hospitality, Inc.

Apple Seven Management Services GP, Inc.

Apple Seven Management Services LP, Inc.

Apple Seven Management Services New Orleans GP, Inc.

Apple Seven New Orleans GP, Inc.

Apple Seven New Orleans LP, Inc.

Apple Seven Services Highlands Ranch, Inc.

Apple Seven Services, LLC

Apple Seven Services II, LLC

Apple Seven Services Miami, Inc.

Apple Seven Services New Orleans, L.P.

Apple Seven Services Provo-San Diego, Inc.

Apple Seven Services Richmond, Inc.

Apple Seven Services San Diego, Inc.

Apple Seven Services Southeast, L.P.

Apple Seven SPE New Orleans, L.P.

Apple Seven SPE Richmond, Inc.

Apple Seven SPE San Diego, Inc.

Apple Six Hospitality Air, LLC

Apple Ten Alabama Services, LLC

Apple Ten Business Trust

Apple Ten Florida Services, Inc.

Apple Ten Hospitality Management, Inc.

Apple Ten Hospitality Ownership, Inc.

Apple Ten Hospitality Texas Services II, Inc.

Apple Ten Hospitality Texas Services III, Inc.

Apple Ten Hospitality Texas Services IV, Inc.

Apple Ten Hospitality Texas Services, Inc.

Apple Ten Hospitality, Inc.

Apple Ten Illinois MM, Inc..

Apple Ten Illinois Services, Inc.

Apple Ten Illinois, LLC

Apple Ten NC GP, Inc.

Apple Ten NC LP, Inc.

Apple Ten Nebraska, LLC

Apple Ten North Carolina, L.P.

Apple Ten Oklahoma Services, Inc.

Apple Ten Oklahoma, LLC

Apple Ten Services Capistrano, Inc.

Apple Ten Services Colorado Springs, Inc.

Apple Ten Services Denver, Inc.

Apple Ten Services Franklin I, Inc.

Apple Ten Services Franklin II, Inc.

Apple Ten Services Gainesville, Inc.

Apple Ten Services Knoxville II, Inc.

Apple Ten Services OHare, Inc.

Apple Ten Services Scottsdale, Inc.

Apple Ten SPE Calibraska, Inc.

Apple Ten SPE Capistrano, Inc.

Apple Ten SPE Colorado Springs, Inc.

Apple Ten SPE Denver, Inc.

Apple Ten SPE Franklin I, Inc.

Apple Ten SPE Franklin II, Inc.

Apple TRS Cleveland 7138, LLC

Apple TRS Las Vegas 7145, LLC

Apple TRS Louisville 7136, LLC

Apple TRS Madison 7131, LLC

Apple TRS Pittsburgh 7137, LLC

Apple TRS Renton 7143, LLC

Apple TRS SLCC 7140, LLC

Apple TRS SLCH 7141, LLC

Apple TRS South Jordan 7144, LLC

D&D Beverage Services, LLC**

Sunbelt-I2CF, LLC***

* State of organization is Pennsylvania

** State of organization is Kansas

*** State of organization is Florida

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-8 No. 333-204171) pertaining to the 2014 Omnibus Incentive Plan and the 2008 Non-Employee Directors Stock Option Plan of Apple Hospitality REIT, Inc., and

(2)Registration Statement (Form S-3 No. 333-262915) of Apple Hospitality REIT, Inc.;

of our reports dated February 22, 2024, with respect to the consolidated financial statements of Apple Hospitality REIT, Inc. and the effectiveness of internal control over financial reporting of Apple Hospitality REIT, Inc., included in this Annual Report (Form 10-K) of Apple Hospitality REIT, Inc. for the year ended December 31, 2023.

/s/ ERNST & YOUNG LLP

Richmond, Virginia

February 22, 2024

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Justin G. Knight, certify that:

1. I have reviewed this report on Form 10-K of Apple Hospitality REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2024	/s/ Justin G. Knight
	Justin G. Knight Chief Executive Officer
	Apple Hospitality REIT, Inc.

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Elizabeth S. Perkins, certify that:

1. I have reviewed this report on Form 10-K of Apple Hospitality REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2024	/s/ Elizabeth S. Perkins
	Elizabeth S. Perkins Chief Financial Officer Apple Hospitality REIT, Inc.

EX-31.3

Exhibit 31.3

CERTIFICATION

I, Rachel S. Labrecque, certify that:

1. I have reviewed this report on Form 10-K of Apple Hospitality REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2024	/s/ Rachel S. Labrecque
	Rachel S. Labrecque Chief Accounting Officer Apple Hospitality REIT, Inc.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Apple Hospitality REIT, Inc., (the “Company”) on Form 10-K for the year ending December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of December 31, 2023, and for the period then ended.

Apple Hospitality REIT, Inc.

/s/ Justin G. Knight

Justin G. Knight

Chief Executive Officer

/s/ Elizabeth S. Perkins

Elizabeth S. Perkins

Chief Financial Officer

/s/ Rachel S. Labrecque

Rachel S. Labrecque

Chief Accounting Officer

February 22, 2024

EX-97

Exhibit 97

Apple Hospitality REIT, Inc.
Compensation Recovery Policy

Adopted by the Board of Directors (“Board”) of Apple Hospitality REIT, Inc. (the “Company”) on September 25, 2023

Effective Date

This Compensation Recovery Policy (this “Policy”) shall apply to any Incentive Compensation received on or after October 2, 2023.

Statement of Policy

Subject to the exceptions set forth below, following an Accounting Restatement, the Company shall recover reasonably promptly the amount of Incentive Compensation received during the Recoupment Period by any Covered Executive that exceeds the Incentive Compensation that would have been received by such Covered Executive taking into account the Accounting Restatement (calculated on a pre-tax basis).

This Policy, as may be amended from time to time by the Board, will apply to all Incentive Compensation received during the Recoupment Period by a person (a) after beginning service as a Covered Executive, (b) who served as a Covered Executive at any time during the performance period for that Incentive Compensation and (c) while the Company has a class of securities listed on the New York Stock Exchange (“NYSE”) or another national securities exchange or a national securities association. Accordingly, this Policy can apply to a person that is no longer a Company employee or a Covered Executive at the time of recovery.

Incentive Compensation is deemed “received” for purposes of this Policy in the fiscal period during which the financial reporting measure specified in the Incentive Compensation award is attained, even if the payment or issuance of such Incentive Compensation occurs after the end of that period. For example, if the performance target for an award is based on total shareholder return for the year ended December 31, 2023, the award will be deemed to have been received in fiscal year 2023 even if paid in fiscal year 2024.

Exceptions

The Company shall not be required to recover Incentive Compensation pursuant to this Policy if the Compensation Committee (the “Committee”) has made a determination that recovery would be impracticable and one of the following conditions are met:

(a)after making a reasonable and documented attempt to recover erroneously awarded Incentive Compensation, and providing such documentation to the NYSE, the Committee determines that the direct expenses that would be paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered; or

1

(b)based on a legal opinion of home country (e.g., U.S.) counsel acceptable to the NYSE, the Committee determines that recovery would violate a home country law adopted prior to November 28, 2022, a copy of which is to be provided to the NYSE; or

(c)the Committee determines that recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

Definitions

“Accounting Restatement” means the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. For the avoidance of doubt, a restatement resulting solely from the retrospective application of a change in generally accepted accounting principles is not an Accounting Restatement.

“Covered Executive” means the Company’s Chief Executive Officer, President, Chief Financial Officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function, any other officer who performs a policy-making function for the Company, any other person who performs similar policy-making functions for the Company, and any other employee who may from time to time be deemed subject to this Policy by the Committee.

“Incentive Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure, regardless of whether such financial reporting measure is presented within the financial statements or included in any filing with the Securities and Exchange Commission (the “SEC”). For purposes of this definition, a “financial reporting measure” is (a) a measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measure, or (b) the Company’s share price or total shareholder return.

“Recoupment Period” means the three completed fiscal years preceding the Trigger Date.

“Trigger Date” means the earlier to occur of: (a) the date the Board, the Audit Committee, or the officer or officers of the Company authorized to take such action concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; or (b) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

2

Administration

This Policy is intended to comply with the listing requirements of the NYSE and related SEC rules and shall be interpreted in a manner consistent with those requirements. The Committee has full authority to interpret and administer this Policy. The Committee’s determinations under this Policy shall be final and binding on all persons and shall be given the maximum deference permitted by law. If the Committee cannot determine the amount of excess Incentive Compensation received by a Covered Executive directly from the information in the Accounting Restatement, such as in the case of Incentive Compensation tied to share price or total shareholder return, then it shall make its determination based on a reasonable estimate of the effect of the Accounting Restatement and shall maintain documentation of the determination of such reasonable estimate and provide such documentation to the NYSE.

No Indemnification or Advancement of Legal Fees

The Company shall not indemnify any Covered Executives against, advance any expenses for, or pay the premiums for any insurance policy to cover, any amounts recovered under this Policy or any expenses that a Covered Executive incurs in opposing Company efforts to recoup amounts pursuant to this Policy.

Non-Exclusive Remedy

Recoupment of Incentive Compensation pursuant to this Policy shall not in any way limit or affect the rights of the Company to pursue disciplinary, legal, or other action or pursue any other remedies available to it. This Policy shall be in addition to any rights of the Company to recoup Incentive Compensation from Covered Executives under applicable laws and regulations, including but not limited to the Sarbanes-Oxley Act of 2002, as amended, or pursuant to the terms of any employment agreement, equity award agreement, or similar agreement with a Covered Executive.

Acknowledgement

Each Covered Executive shall sign and return to the Company (including by electronic signature, acceptance and/or delivery), within 30 calendar days following the later of (i) the effective date of this Policy first set forth above or (ii) the date the individual is determined to be a Covered Executive, the Acknowledgement Form attached hereto as Exhibit A, pursuant to which the Covered Executive agrees to be bound by, and to comply with, the terms and conditions of this Policy.

3

EXHIBIT A

APPLE HOSPITALITY REIT, INC.

COMPENSATION RECOVERY POLICY ACKNOWLEDGEMENT FORM

I, the undersigned, agree and acknowledge that I am fully bound by, and subject to, all of the terms and conditions of the Apple Hospitality REIT, Inc. Compensation Recovery Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the “Policy”) and that the Policy will apply both during and after my employment with the Company. I further agree that my receipt of Incentive Compensation that is subject to the Policy is conditioned upon my execution or acceptance of this acknowledgement. In the event of any inconsistency between the Policy and the terms of any employment agreement to which I am a party, or the terms of any compensation plan, program or agreement under which any compensation is granted, awarded, earned or paid, the terms of the Policy shall govern. In the event it is determined by the Compensation Committee that any Incentive Compensation received by me must be forfeited or reimbursed to the Company pursuant to the Policy, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement.

I also hereby acknowledge that, notwithstanding any indemnification agreement or other arrangement that I may have with the Company, the Company shall not indemnify me against, advance expenses for, or pay the premiums for any insurance policy to cover, losses incurred under the Policy or any expenses that I incur in opposing the Company’s efforts to recover amounts pursuant to the Policy and I hereby waive any indemnification, reimbursement or advancement right with respect to such amounts and expenses.

Any capitalized terms used in this Acknowledgment without definition shall have the meaning set forth in the Policy.

_____________________________

Name:

A-1

XML

Document And Entity Information - USD ($)

12 Months Ended

Dec. 31, 2023

Feb. 12, 2024

Jun. 30, 2023

Cover [Abstract]

Entity Registrant Name

APPLE HOSPITALITY REIT, INC.

Trading Symbol

APLE

Document Type

10-K

Current Fiscal Year End Date

--12-31

Entity Common Stock, Shares Outstanding

241,525,568

Entity Public Float

$ 3,218,891,710

Amendment Flag

false

Entity Central Index Key

0001418121

Entity Current Reporting Status

Yes

Entity Voluntary Filers

No

Entity Filer Category

Large Accelerated Filer

Entity Well-known Seasoned Issuer

Yes

Document Period End Date

Dec. 31, 2023

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

FY

Entity Small Business

false

Entity Emerging Growth Company

false

Entity Shell Company

false

Document Annual Report

true

Document Transition Report

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity File Number

001-37389

Entity Incorporation, State or Country Code

VA

Entity Tax Identification Number

26-1379210

Entity Address, Address Line One

814 East Main Street

Entity Address, City or Town

Richmond

Entity Address, State or Province

VA

Entity Address, Postal Zip Code

23219

City Area Code

(804)

Local Phone Number

344-8121

Title of 12(b) Security

Common Shares, no par value

Security Exchange Name

NYSE

Entity Interactive Data Current

Yes

Documents Incorporated by Reference

Documents Incorporated by Reference

The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the Company’s annual meeting of shareholders to be held on May 23, 2024.

Auditor Name

Ernst & Young LLP

Auditor Location

Richmond, Virginia

Auditor Firm ID

42

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively	$ 4,777,374	$ 4,610,962
Assets held for sale	15,283
Cash and cash equivalents	10,287	4,077
Restricted cash-furniture, fixtures and other escrows	33,331	39,435
Due from third party managers, net	36,437	43,331
Other assets, net	64,586	74,909
Total Assets	4,937,298	4,772,714
Liabilities
Debt, net	1,371,494	1,366,249
Finance lease liabilities	111,892	112,006
Accounts payable and other liabilities	129,931	116,064
Total Liabilities	1,613,317	1,594,319
Shareholders' Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding	0	0
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 241,515,532 and 228,644,861 shares, respectively	4,794,804	4,577,022
Accumulated other comprehensive income	20,404	36,881
Distributions greater than net income	(1,491,227)	(1,435,508)
Total Shareholders' Equity	3,323,981	3,178,395
Total Liabilities and Shareholders' Equity	$ 4,937,298	$ 4,772,714

XML

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Investment in real estate accumulated depreciation (in Dollars)	$ 1,662,942	$ 1,492,097
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	241,515,532	228,644,861
Common stock, shares outstanding	241,515,532	228,644,861

XML

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenue	$ 1,343,800	$ 1,238,417	$ 933,869
Expenses:
Total hotel operating expense	780,725	710,481	542,178
Property taxes, insurance and other	79,307	72,907	71,980
General and administrative	47,401	42,464	41,038
Loss on impairment of depreciable real estate assets	5,644	26,175	10,754
Depreciation and amortization	183,242	181,697	184,471
Total expense	1,096,319	1,033,724	850,421
Gain on sale of real estate		1,785	3,596
Operating income	247,481	206,478	87,044
Interest and other expense, net	(68,857)	(59,733)	(67,748)
Income before income taxes	178,624	146,745	19,296
Income tax expense	(1,135)	(1,940)	(468)
Net income	177,489	144,805	18,828
Other comprehensive income (loss):
Interest rate derivatives	(16,477)	52,389	27,294
Comprehensive income	$ 161,012	$ 197,194	$ 46,122
Basic net income per common share	$ 0.77	$ 0.63	$ 0.08
Diluted net income per common share	$ 0.77	$ 0.63	$ 0.08
Weighted average common shares outstanding, basic	229,329	228,946	226,361
Weighted average common shares outstanding, diluted	229,329	228,946	226,361
Room [Member]
Revenues:
Total revenue	$ 1,226,159	$ 1,139,436	$ 871,436
Food and Beverage [Member]
Revenues:
Total revenue	56,968	46,010	22,018
Other [Member]
Revenues:
Total revenue	60,673	52,971	40,415
Direct Operating [Member]
Expenses:
Total hotel operating expense	332,714	300,852	216,644
Hotel Administrative [Member]
Expenses:
Total hotel operating expense	114,071	105,396	85,066
Sales and Marketing [Member]
Expenses:
Total hotel operating expense	117,538	104,756	79,834
Utilities [Member]
Expenses:
Total hotel operating expense	47,422	45,017	40,635
Repair and Maintenance [Member]
Expenses:
Total hotel operating expense	65,412	58,729	47,660
Royalty [Member]
Expenses:
Total hotel operating expense	59,315	53,901	40,949
Management Service [Member]
Expenses:
Total hotel operating expense	$ 44,253	$ 41,830	$ 31,390

XML

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions Greater Than Net Income [Member]
Balance at Dec. 31, 2020	$ 3,029,347	$ 4,488,419	$ (42,802)	$ (1,416,270)
Balance (in Shares) at Dec. 31, 2020		223,212
Share based compensation, net	5,933	$ 5,933
Share based compensation, net (in Shares)		367
Issuance of common shares, net	75,000	$ 75,000
Issuance of common shares, net (in Shares)		4,677
Interest rate derivatives	27,294		27,294
Net income	18,828			18,828
Distributions declared to shareholders	(9,081)			9,081
Balance at Dec. 31, 2021	3,147,321	$ 4,569,352	(15,508)	(1,406,523)
Balance (in Shares) at Dec. 31, 2021		228,256
Share based compensation, net	10,645	$ 10,645
Share based compensation, net (in Shares)		577
Equity issuance costs	(300)	$ (300)
Common shares repurchased	(2,675)	$ (2,675)
Common shares repurchased (in Shares)		(188)
Interest rate derivatives	52,389		52,389
Net income	144,805			144,805
Distributions declared to shareholders	(173,790)			173,790
Balance at Dec. 31, 2022	3,178,395	$ 4,577,022	36,881	(1,435,508)
Balance (in Shares) at Dec. 31, 2022		228,645
Share based compensation, net	8,772	$ 8,772
Share based compensation, net (in Shares)		525
Issuance of common shares, net	215,890	$ 215,890
Issuance of common shares, net (in Shares)		12,826
Common shares repurchased	$ (6,880)	$ (6,880)
Common shares repurchased (in Shares)	(500)	(480)
Interest rate derivatives	$ (16,477)		(16,477)
Net income	177,489			177,489
Distributions declared to shareholders	(233,208)			233,208
Balance at Dec. 31, 2023	$ 3,323,981	$ 4,794,804	$ 20,404	$ (1,491,227)
Balance (in Shares) at Dec. 31, 2023		241,516

XML

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared to shareholders	$ 1.01	$ 0.76	$ 0.04

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 177,489	$ 144,805	$ 18,828
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	183,242	181,697	184,471
Loss on impairment of depreciable real estate assets	5,644	26,175	10,754
Gain on sale of real estate		(1,785)	(3,596)
Other non-cash expenses, net	8,708	8,653	10,284
Changes in operating assets and liabilities:
Decrease (increase) in due from third party managers, net	7,098	(3,436)	(18,113)
Decrease (increase) in other assets, net	(6,088)	(1,685)	846
Increase in accounts payable and other liabilities	22,951	14,022	14,088
Net cash provided by operating activities	399,044	368,446	217,562
Cash flows from investing activities:
Acquisition of hotel properties, net	(291,388)	(84,827)	(362,486)
Disbursements for potential acquisitions, net	(1,177)		(893)
Capital improvements	(72,066)	(59,376)	(18,312)
Net proceeds from sale of real estate		8,293	231,008
Net cash used in investing activities	(364,631)	(135,910)	(150,683)
Cash flows from financing activities:
Net proceeds (disbursements) related to issuance of common shares	215,923	(265)	75,000
Repurchases of common shares	(6,880)	(2,675)
Repurchases of common shares to satisfy employee withholding requirements	(8,008)	(6,333)	(3,345)
Distributions paid to common shareholders	(238,283)	(139,467)	(6,797)
Net payments on revolving credit facility		(76,000)	(29,800)
Proceeds from term loans and senior notes	50,000	175,000
Payments of mortgage debt and other loans	(46,213)	(168,831)	(70,724)
Principal payments on finance leases	(340)	(173)	(24,045)
Financing costs	(506)	(10,229)	(1,587)
Net cash used in financing activities	(34,307)	(228,973)	(61,298)
Net change in cash, cash equivalents and restricted cash	106	3,563	5,581
Cash, cash equivalents and restricted cash, beginning of period	43,512	39,949	34,368
Cash, cash equivalents and restricted cash, end of period	43,618	43,512	39,949
Supplemental cash flow information:
Interest paid	67,835	57,721	63,149
Income taxes paid	1,293	1,699	637
Supplemental disclosure of noncash investing and financing activities:
Notes payable originated from acquisitions			56,000
Accrued distribution to common shareholders	31,397	36,551	2,281
Accrued capital expenditures	15,816	11,050	8,924
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	4,077	3,282	5,556
Restricted cash-furniture, fixtures and other escrows, beginning of period	39,435	36,667	28,812
Cash, cash equivalents and restricted cash, beginning of period	43,512	39,949	34,368
Cash and cash equivalents, end of period	10,287	4,077	3,282
Restricted cash-furniture, fixtures and other escrows, end of period	33,331	39,435	36,667
Cash, cash equivalents and restricted cash, end of period	$ 43,618	$ 43,512	$ 39,949

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 177,489	$ 144,805	$ 18,828

XML

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

Note 1

Organization and Summary of Significant Accounting Policies

Organization

Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. The Company also owns one property leased to third parties. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.”

The Company has elected to be treated as a REIT for U.S. federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee” or “TRS”), which leases all of the Company’s hotels.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits.

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value.

Investment in Real Estate and Related Depreciation and Amortization

Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment.

The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended.

Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered

material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred.

The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively, as discussed in Note 2.

Assets Held for Sale

The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2023, the Company had two hotels classified as held for sale, which were both sold to an unrelated party in February 2024, as discussed further in Note 3. As of December 31, 2022, the Company did not have any assets classified as held for sale.

Revenue Recognition

Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue represents revenue from the occupancy of hotel rooms and is driven by the occupancy and average daily rate charged. Room revenue does not include ancillary services or fees charged. The contracts for room stays with customers generally are very short-term in duration and revenue is recognized over the course of the hotel stay. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue consists of revenue from group functions such as banquets and conferences as well as revenue from the restaurants and lounges at the Company’s hotels. Food and beverage revenue is recognized at the time the products or services are provided to the customer. Other operating revenue consists of ancillary revenues at the hotel, including attrition and cancelation fees, parking revenue and other guest services and offerings. Other operating revenue is generally recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy.

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity.

Net Income Per Common Share

Basic net income per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income per common share were the same for each of the years presented.

Income Taxes

The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT.

As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. The Company’s income tax expense as shown in the consolidated statements of operations primarily consists of income taxes on the operations of the Lessee and franchise taxes on both the REIT and the Lessee at the state jurisdiction level.

The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in 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 on 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.

The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes for uncertain tax positions is required in the Company's consolidated financial statements as of December 31, 2023, and 2022. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

The Company has and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”).

Sales and Marketing Costs

Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion.

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Accounting Standards Recently Issued

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

XML

Investment in Real Estate

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Investment in Real Estate

Note 2

Investment in Real Estate

The Company’s investment in real estate consisted of the following (in thousands):

	December 31,			December 31,
	2023			2022
Land	$	828,868		$	802,625
Building and improvements		4,917,105			4,656,343
Furniture, fixtures and equipment		571,026			522,082
Finance ground lease assets		102,084			102,084
Franchise fees		21,233			19,925
		6,440,316			6,103,059
Less accumulated depreciation and amortization		(1,662,942	)		(1,492,097	)
Investment in real estate, net	$	4,777,374		$	4,610,962

As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms (“non-hotel property”). Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 through the end of the lease term.

The Company leases all of its 225 hotels to a wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

2023 and 2022 Acquisitions

During 2023, the Company acquired six hotels and one free-standing parking garage. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Cleveland	OH	Courtyard	Concord	6/30/2023		154	$	31,000
Salt Lake City	UT	Courtyard	North Central	10/11/2023		175		48,110
Salt Lake City	UT	Hyatt House	North Central	10/11/2023		159		34,250
Salt Lake City (1)	UT	N/A	North Central	10/11/2023	N/A			9,140
Renton	WA	Residence Inn	InnVentures	10/18/2023		146		55,500
South Jordan	UT	Embassy Suites	HHM	11/21/2023		192		36,750
Las Vegas	NV	SpringHill Suites	Crescent	12/27/2023		299		75,000
						1,125	$	289,750

(1)This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.

During 2022, the Company acquired two hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Louisville	KY	AC Hotels	Concord	10/25/2022		156	$	51,000
Pittsburgh	PA	AC Hotels	Concord	10/25/2022		134		34,000
						290	$	85,000

In 2023, the Company utilized its available cash on hand, net proceeds from sale of shares under the ATM program (as defined below) and availability under its Revolving Credit Facility (as defined below) to purchase the properties. In 2022, the Company utilized its available cash on hand and a $50 million draw on its $575 million term loan facility (as defined below) to purchase both hotels. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the six hotels and free-standing parking garage acquired during 2023, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2023 was approximately $9.7 million and $1.6 million, respectively. For the two hotels acquired during 2022, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2022 was approximately $2.4 million and $0.6 million, respectively.

Loss on Impairment of Depreciable Real Estate Assets

During the years ended December 31, 2023, 2022 and 2021, the Company recorded impairment losses totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively.

During the fourth quarter of 2023, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For both hotels, the Company utilized an offer from an unrelated party, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $17.4 million as of December 31, 2023) to their estimated fair market value (approximately $11.8 million as of December 31, 2023), resulting in an impairment loss of $5.6 million.

During the fourth quarter of 2022, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that

the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For one hotel, the Company engaged a third party to assist with the analysis of the fair market value. The fair market value of the hotel was estimated by using the income and market approaches, as applicable, as outlined under GAAP, using both observable market data (categorized as Level 2 inputs under the fair value hierarchy) and unobservable inputs that reflect the Company’s own internal assumptions and calculations (categorized as Level 3 inputs under the fair value hierarchy). Under the income approach, the fair value estimate was calculated from a discounted cash flow analysis, using expected future cash flows based on stabilized room revenue growth rates of 2.4% to 4.8%, estimated discount rates of approximately 7.5% to 9.0% and other market considerations. For the second hotel, the Company utilized offers from unrelated parties, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $47.2 million as of December 31, 2022) to their estimated fair market value (approximately $21.0 million as of December 31, 2022), resulting in an impairment loss of $26.2 million.

During the first quarter of 2021, the Company identified 20 hotels for potential sale and, in April 2021, entered into a purchase contract with an unrelated party for the sale of the hotels for a gross sales price of $211.0 million. As a result, the Company recognized impairment losses totaling approximately $9.4 million in the first quarter of 2021, to adjust the carrying values of four of these hotels to their estimated fair values. The fair values of these properties were based on broker opinions of value using multiple methods to determine their value, including but not limited to replacement value, discounted cash flows and the income approach based on historical and forecasted operating results of the specific properties. These valuations are Level 3 inputs under the fair value hierarchy. The Company completed the sale of the hotels in July 2021.

Additionally, during the first quarter of 2021, the Company identified the Overland Park, Kansas SpringHill Suites for potential sale and, in February 2021, entered into a purchase contract with an unrelated party for the sale of the hotel for a gross sales price of $5.3 million. As a result, the Company recognized an impairment loss totaling approximately $1.3 million in the first quarter of 2021, to adjust the carrying value of the hotel to its estimated fair value less cost to sell, which was based on the contracted sales price, a Level 1 input under the fair value hierarchy. The Company completed the sale of the hotel in April 2021.

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Assets Held for Sale and Dispositions

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Dispositions

Note 3

Assets Held for Sale and Dispositions

Assets Held for Sale

In December 2023, the Company entered into a purchase contract with an unrelated party for the sale of both its 122-room Hampton and 126-room Homewood Suites in Rogers, Arkansas for a combined gross sales price of approximately $33.5 million. Since the buyer under the contract had completed its due diligence and had made a non-refundable deposit, as of December 31, 2023, the Company classified the hotels as assets held for sale in its consolidated balance sheet at their carrying value (which was less than the contract price, net of costs to sell). The Company completed the sale of both hotels in February 2024. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which will result in the deferral of taxable gains of approximately $15 million.

2023 Dispositions

There were no dispositions during the year ended December 31, 2023.

2022 Dispositions

During the year ended December 31, 2022, the Company sold one hotel, a 55-room independent boutique hotel in Richmond, Virginia, to an unrelated party for a gross sales price of approximately $8.5 million, resulting in a gain on sale of approximately $1.8 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2022. The hotel had a total carrying value of approximately $6.5 million at the time of the sale.

2021 Dispositions

During the year ended December 31, 2021, the Company sold 23 hotels in four separate transactions with unrelated parties for a total combined gross sales price of approximately $234.6 million, resulting in a combined net gain on sale, after giving effect to impairment charges of approximately $3.6 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2021. The 23 hotels had a total carrying value of approximately $227.2 million at the time of the sale. The following table lists the 23 hotels sold:

City	State	Brand	Date Sold	Rooms
Charlotte	NC	Homewood Suites	2/25/2021		118
Memphis	TN	Homewood Suites	3/16/2021		140
Overland Park	KS	SpringHill Suites	4/30/2021		102
Montgomery	AL	Hilton Garden Inn	7/22/2021		97
Montgomery	AL	Homewood Suites	7/22/2021		91
Rogers	AR	Residence Inn	7/22/2021		88
Phoenix	AZ	Courtyard	7/22/2021		127
Lakeland	FL	Courtyard	7/22/2021		78
Albany	GA	Fairfield	7/22/2021		87
Schaumburg	IL	Hilton Garden Inn	7/22/2021		166
Andover	MA	SpringHill Suites	7/22/2021		136
Fayetteville	NC	Residence Inn	7/22/2021		92
Greenville	SC	Residence Inn	7/22/2021		78
Jackson	TN	Hampton	7/22/2021		85
Johnson City	TN	Courtyard	7/22/2021		90
Allen	TX	Hampton	7/22/2021		103
Allen	TX	Hilton Garden Inn	7/22/2021		150
Beaumont	TX	Residence Inn	7/22/2021		133
Burleson/Fort Worth	TX	Hampton	7/22/2021		88
El Paso	TX	Hilton Garden Inn	7/22/2021		145
Irving	TX	Homewood Suites	7/22/2021		77
Richmond	VA	SpringHill Suites	7/22/2021		103
Vancouver	WA	SpringHill Suites	7/22/2021		119
Total					2,493

A portion of the proceeds from the sale of 20 hotels on July 22, 2021 were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of approximately $23.6 million. The properties acquired for the 1031 Exchange were the fee interest in the land at the Seattle, Washington Residence Inn and the AC Hotel in Portland, Maine.

Excluding gains on sale of real estate, the Company’s consolidated statements of operations include operating income (loss) of approximately $2.7 million, $2.5 million and $(6.3) million for the years ended December 31, 2023, 2022 and 2021, respectively, relating to the results of operations of the 26 hotels noted above (the two hotels classified as held for sale at December 31, 2023, the one hotel sold in 2022 and the 23 hotels sold in 2021) for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the three years ended December 31, 2023, as applicable. The net proceeds from the sale of the one hotel in 2022 were used for general corporate purposes, while the net proceeds from the sales of the 23 hotels in 2021 were used to pay down borrowings under the Company’s then-existing $425 million revolving credit facility and for general corporate purposes, including acquisitions of hotel properties.

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Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Note 4

Debt

Summary

As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands):

	December 31, 2023		December 31, 2022
Revolving credit facility	$	-	$	-
Term loans and senior notes, net		1,088,904		1,037,384
Mortgage debt, net		282,590		328,865
Debt, net	$	1,371,494	$	1,366,249

The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2023 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands):

2024	$	113,597
2025		295,140
2026		74,649
2027		278,602
2028		334,066
Thereafter		281,948
		1,378,002
Unamortized fair value adjustment of assumed debt		526
Unamortized debt issuance costs		(7,034	)
Total	$	1,371,494

The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual SOFR for a one-month term (“one-month SOFR”) plus a 0.10% SOFR spread adjustment. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at December 31, 2023 and 2022, is set forth below. All dollar amounts are in thousands.

	December 31, 2023			Percentage			December 31, 2022			Percentage
Fixed-rate debt (1)	$	1,228,002			89	%	$	1,149,215			84	%
Variable-rate debt		150,000			11	%		225,000			16	%
Total	$	1,378,002					$	1,374,215
Weighted-average interest rate of debt		4.26	%					3.93	%

(1)Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.

Credit Facilities

$1.2 Billion Credit Facility

On July 25, 2022, the Company entered into a credit facility (the “$1.2 billion credit facility”) that is comprised of (i) a $650 million revolving credit facility with an initial maturity date of July 25, 2026 (the “Revolving Credit Facility”), (ii) a $275 million term loan with a maturity date of July 25, 2027, funded at closing, and (iii) a $300 million term loan with a maturity date of January 31, 2028 (including a $150 million delayed draw option until 180 days from closing), of which $200 million was funded at closing, $50 million was funded on October 24, 2022 and the remaining $50 million was funded on January 17, 2023 (the term loans described in clauses (ii) and (iii) are referred to together as the “$575 million term loan facility”).

Subject to certain conditions, including covenant compliance and additional fees, the Revolving Credit Facility maturity date may be extended up to one year. The credit agreement for the $1.2 billion credit facility contains mandatory prepayment requirements, customary affirmative and negative covenants (as described below), restrictions on certain investments and events of default. The Company may make voluntary prepayments, in whole or in part, at any time. Interest payments on the $1.2 billion credit facility are due monthly, and the interest rate, subject to certain exceptions, is equal to the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.25%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. As of December 31, 2023, the Company had availability of $650 million under the Revolving Credit Facility. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.25% on the unused portion of the Revolving Credit Facility, based on the amount of borrowings outstanding during the quarter.

$225 Million Term Loan Facility

The Company also has an unsecured $225 million term loan facility that is comprised of (i) a $50 million term loan with an initial maturity date of August 2, 2023, which was funded on August 2, 2018, and (ii) a $175 million term loan with a maturity date of August 2, 2025, of which $100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”). On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the $225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.50%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

2017 $85 Million Term Loan Facility

On July 25, 2017, the Company entered into an unsecured $85 million term loan facility with a maturity date of July 25, 2024, consisting of one term loan (the “2017 $85 million term loan facility”) that was funded at closing. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the 2017 $85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.30% to 2.10%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

2019 $85 Million Term Loan Facility

On December 31, 2019, the Company entered into an unsecured $85 million term loan facility with a maturity date of December 31, 2029, consisting of one term loan funded at closing (the “2019 $85 million term loan facility”). Net proceeds from the 2019 $85 million term loan facility were used to pay down borrowings under the Company’s then-existing $425 million revolving credit facility. The Company may make voluntary prepayments, in whole or in part, subject to certain conditions. Interest payments on the 2019 $85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.70% to 2.55%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.

$50 Million Senior Notes Facility

On March 16, 2020, the Company entered into an unsecured $50 million senior notes facility with a maturity date of March 31, 2030, consisting of senior notes totaling $50 million funded at closing (the “$50 million senior notes facility”). Net proceeds from the $50 million senior notes facility were available to provide funding for general corporate purposes. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $50 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60% to 4.35% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement.

$75 Million Senior Notes Facility

On June 2, 2022, the Company entered into an unsecured $75 million senior notes facility with a maturity date of June 2, 2029, consisting of senior notes totaling $75 million funded at closing (the “$75 million senior notes facility”, and collectively with the $1.2 billion credit facility, the $225 million term loan facility, the 2017 $85 million term loan facility, the 2019 $85 million term loan facility and the $50 million senior notes facility, the “unsecured credit facilities”). Net proceeds from the $75 million senior notes facility were available to provide funding for general corporate purposes, including the repayment of borrowings under the Company’s then-existing $425 million revolving credit facility and repayment of mortgage debt. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $75 million

senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 4.88% to 5.63% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement.

As of December 31, 2023 and 2022, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands.

				Outstanding Balance
	Interest Rate	Maturity Date		December 31, 2023			December 31, 2022
Revolving credit facility (1)	SOFR + 0.10% + 1.40% - 2.25%	7/25/2026		$	-		$	-
Term loans and senior notes
$275 million term loan	SOFR + 0.10% + 1.35% - 2.20%	7/25/2027			275,000			275,000
$300 million term loan	SOFR + 0.10% + 1.35% - 2.20%	1/31/2028			300,000			250,000
$50 million term loan	SOFR + 0.10% + 1.35% - 2.20%	8/2/2025	(3)		50,000			50,000
$175 million term loan	SOFR + 0.10% + 1.65% - 2.50%	8/2/2025			175,000			175,000
2017 $85 million term loan	SOFR + 0.10% + 1.30% - 2.10%	7/25/2024			85,000			85,000
2019 $85 million term loan	SOFR + 0.10% + 1.70% - 2.55%	12/31/2029			85,000			85,000
$50 million senior notes	3.60% - 4.35%	3/31/2030			50,000			50,000
$75 million senior notes	4.88% - 5.63%	6/2/2029			75,000			75,000
Term loans and senior notes at stated   value					1,095,000			1,045,000
Unamortized debt issuance costs					(6,096	)		(7,616	)
Term loans and senior notes, net					1,088,904			1,037,384
Credit facilities, net (1)				$	1,088,904		$	1,037,384
Weighted-average interest rate (2)					4.35	%		3.92	%

(1)Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $3.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

(2)Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $820.0 million and $695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35% and 4.36%, respectively.

(3)On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

Credit Facilities Covenants

The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements):

•A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00;

•A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%;

•A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment;

•A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters;

•A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters;

•A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and

•A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%.

The Company was in compliance with the applicable covenants at December 31, 2023.

Mortgage Debt

As of December 31, 2023, the Company had approximately $283.0 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038, stated interest rates ranging from 3.40% to 4.46% and effective interest rates ranging from 3.40% to 4.37%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of December 31, 2023 and 2022 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)			Loan Assumption or Origination Date	Maturity Date	Principal Assumed or Originated		Outstanding balance as of December 31, 2023			Outstanding balance as of December 31, 2022
Miami, FL	Homewood Suites		4.02	%	3/1/2014	(2)	$	16,677	$	-		$	12,440
Huntsville, AL	Homewood Suites		4.12	%	3/1/2014	(3)		8,306		-			6,193
Prattville, AL	Courtyard		4.12	%	3/1/2014	(3)		6,596		-			4,918
San Diego, CA	Residence Inn		3.97	%	3/1/2014	(4)		18,600		-			13,827
New Orleans, LA	Homewood Suites		4.36	%	7/17/2014	8/11/2024		27,000		20,304			21,161
Westford, MA	Residence Inn		4.28	%	3/18/2015	4/11/2025		10,000		7,713			8,024
Denver, CO	Hilton Garden Inn		4.46	%	9/1/2016	6/11/2025		34,118		27,337			28,400
Oceanside, CA	Courtyard		4.28	%	9/1/2016	10/1/2025		13,655		11,707			12,019
Omaha, NE	Hilton Garden Inn		4.28	%	9/1/2016	10/1/2025		22,681		19,445			19,963
Boise, ID	Hampton		4.37	%	5/26/2016	6/11/2026		24,000		20,685			21,194
Burbank, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,564		20,526			21,326
San Diego, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,473		20,453			21,250
San Diego, CA	Hampton		3.55	%	11/3/2016	12/1/2026		18,963		15,226			15,819
Burbank, CA	SpringHill Suites		3.94	%	3/9/2018	4/1/2028		28,470		24,237			25,057
Santa Ana, CA	Courtyard		3.94	%	3/9/2018	4/1/2028		15,530		13,221			13,668
Richmond, VA	Courtyard		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Richmond, VA	Residence Inn		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Portland, ME	Residence Inn		3.43	%	3/2/2020	3/1/2032		33,500		30,500			30,500
San Jose, CA	Homewood Suites		4.22	%	12/22/2017	5/1/2038		30,000		23,984			25,168
							$	389,033		283,002			329,215
Unamortized fair value adjustment    of assumed debt										526			819
Unamortized debt issuance costs										(938	)		(1,169	)
Total									$	282,590		$	328,865

(1)Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.

(2)Loan was repaid in full on January 3, 2023.

(3)Loan was repaid in full on February 6, 2023.

(4)Loan was repaid in full on March 6, 2023.

The total fair value, net premium adjustment for all of the Company’s debt assumptions is being amortized as a reduction to interest expense over the remaining term of the respective mortgages using a method approximating the effective interest rate method, and totaled approximately $0.3 million, $0.2 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Debt issuance costs related to the assumption or origination of debt are amortized over the period to maturity of the applicable debt instrument, as an addition to interest expense, and totaled approximately $3.6 million, $4.0 million and $4.2 million for the three years ended December 31, 2023, 2022 and 2021, respectively.

The Company’s interest expense in 2023, 2022 and 2021 is net of interest capitalized in conjunction with hotel renovations totaling approximately $1.5 million, $1.3 million and $0.3 million, respectively.

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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5

Fair Value of Financial Instruments

Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments.

Debt

The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of December 31, 2023, the carrying value and estimated fair value of the Company’s debt was approximately $1.4 billion and $1.3 billion, respectively. As of December 31, 2022, the carrying value and estimated fair value of the Company’s debt were approximately $1.4 billion and $1.3 billion, respectively. Both the carrying value and estimated fair value of the Company’s debt (as discussed above) is net of unamortized debt issuance costs related to term loans and mortgage debt for each specific year.

Derivative Instruments

Currently, the Company uses interest rate swaps to manage its interest rate risk on variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month SOFR plus a 0.10% SOFR spread adjustment. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. These swap instruments are recorded at fair value and, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2023 and 2022. All dollar amounts are in thousands.

						Fair Value Asset (Liability)
Notional Amount at December 31, 2023		Origination Date	Effective Date	Maturity Date	Swap Fixed Interest Rate	December 31, 2023			December 31, 2022
Active interest rate swaps designated as cash flow hedges at December 31, 2023:
$	50,000	12/7/2018	5/18/2020	1/31/2024	2.71%	$	114		$	1,163
	75,000	5/31/2017	7/31/2017	6/30/2024	1.95%		1,202			3,026
	10,000	8/10/2017	8/10/2017	6/30/2024	2.02%		157			386
	50,000	7/2/2019	7/5/2019	7/18/2024	1.64%		956			2,298
	50,000	8/21/2019	8/23/2019	8/18/2024	1.31%		1,193			2,675
	50,000	8/21/2019	8/23/2019	8/30/2024	1.32%		1,239			2,703
	75,000	8/21/2019	5/18/2020	5/18/2025	1.26%		3,273			5,225
	50,000	6/1/2018	1/31/2019	6/30/2025	2.88%		1,117			1,655
	25,000	12/6/2018	1/31/2020	6/30/2025	2.74%		608			909
	75,000	8/21/2019	5/18/2021	5/18/2026	1.29%		4,580			6,506
	125,000	11/3/2023	11/3/2023	11/18/2026	4.51%		(2,333	)		-
	50,000	3/17/2023	3/20/2023	3/18/2028	3.50%		268			-
	50,000	3/17/2023	3/20/2023	3/20/2028	3.49%		242			-
	85,000	12/31/2019	12/31/2019	12/31/2029	1.87%		7,788			9,511
	820,000						20,404			36,057
Matured interest rate swap at December 31, 2023:
$	100,000	4/7/2016	9/30/2016	3/31/2023	1.30%		-			824
						$	20,404		$	36,881

The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. As of December 31, 2023, all 14 active interest rate swap agreements listed above were designated as cash flow hedges. The change in the

fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholder’s equity in the Company’s consolidated balance sheets.

Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $15.8 million of net unrealized gains included in accumulated other comprehensive income at December 31, 2023 will be reclassified as a decrease to interest and other expense, net within the next 12 months.

The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Net Unrealized Gain Recognized in Other Comprehensive Income (Loss)
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	5,870	$	52,714	$	15,904
	Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	22,347	$	325	$	(11,390	)

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Related Parties

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Parties

Note 6

Related Parties

The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to the existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. Below is a summary of the significant related party relationships in effect and transactions that occurred during each of the three years ended December 31, 2023, 2022 and 2021, respectively.

Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG.

The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the years ended December 31, 2023, 2022 and 2021 totaled approximately $1.2 million, $1.0 million and $0.8 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations.

As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of December 31, 2023 and

2022, total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $0.5 million and $0.4 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets.

The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes. The aircraft is also leased to affiliates of the Company based on third-party rates. Lease activity was not significant during the reporting periods.

From time to time, the Company utilizes aircraft, owned by an entity which is owned by the Company’s Executive Chairman, for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes, and reimburses this entity at third-party rates. Total costs incurred for the use of the aircraft during 2023, 2022 and 2021 were less than $0.1 million in each respective year and are included in general and administrative expenses in the Company’s consolidated statements of operations.

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Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 7

Shareholders’ Equity

Distributions

For the three years ended December 31, 2023, 2022 and 2021, the Company paid distributions of $1.04, $0.61 and $0.03 per common share, respectively, for a total of approximately $238.3 million, $139.5 million and $6.8 million, respectively. For the year ended December 31, 2023, in addition to the regular monthly cash distribution of $0.08 per common share for December 2023, the Board of Directors approved a special one-time distribution of $0.05 per common share for a combined distribution of $0.13 per common share, totaling $31.4 million, which was recorded as a payable as of December 31, 2023 and paid in January 2024. For the year ended December 31, 2022, in addition to the regular monthly cash distribution of $0.08 per common share approved by the Board of Directors in December 2022, the Board of Directors approved a special one-time distribution of $0.08 per common share for a combined distribution of $0.16 per common share, totaling $36.6 million, which was recorded as a payable as of December 31, 2022 and paid in January 2023. These accrued distributions were included in accounts payable and other liabilities in the Company’s consolidated balance sheets at December 31, 2023 and December 31, 2022, respectively.

Issuance of Shares

On August 12, 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”) under the Company’s prior shelf registration statement and the current shelf registration statement. During the year ended December 31, 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately $17.05 per common share and received aggregate gross proceeds of approximately $218.6 million and proceeds net of offering costs, which included $2.6 million of commissions, of approximately $216.0 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under the Revolving Credit Facility, acquisitions of hotel properties and for general corporate purposes. No shares were sold under the Company’s ATM Program during the year ended December 31, 2022. As of December 31, 2023, approximately $5.3 million remained available for issuance under the ATM Program. The Company plans to use future net proceeds from the sale of shares under the ATM Program, or under a similar successor program, for general corporate purposes which may include, among other things, acquisitions of hotel properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties.

Share Repurchases

In May 2023, the Company’s Board of Directors approved a one-year extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $338.7 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $14.34 per common share for an aggregate purchase price, including commissions, of approximately $6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $335.4 million remained available for purchase under the Share Repurchase Program.

Preferred Shares

No preferred shares of the Company are issued and outstanding. The Company’s amended and restated articles of incorporation authorize issuance of up to 30 million preferred shares.

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Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Plans

Note 8

Compensation Plans

In May 2014, the Board of Directors adopted the Company’s 2014 Omnibus Incentive Plan (the “Omnibus Plan”), and in May 2015, the Company’s shareholders approved the Omnibus Plan. The Omnibus Plan permits the grant of awards of stock options, stock appreciation rights, restricted stock, stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards to any employee, officer, or director of the Company or an affiliate of the Company, a consultant or adviser currently providing services to the Company or an affiliate of the Company, or any other person whose participation in the Omnibus Plan is determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) to be in the best interests of the Company. The maximum number of the Company’s common shares available for issuance under the Omnibus Plan is 10 million. As of December 31, 2023, there were approximately 6.6 million common shares available for issuance under the Omnibus Plan.

The Company annually establishes an incentive plan for its executive management team, which is approved by the Compensation Committee. Under the incentive plan for 2023 (the “2023 Incentive Plan”), participants are eligible to receive incentive compensation based on the achievement of certain 2023 performance measures, with one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target was based on shareholder return relative to a peer group and 25% was based on total shareholder return metrics over one-year, two-year, and three-year periods. With respect to the operational performance goals and metrics, 25% of the target was based on total revenues of the Company, 25% was based on modified funds from operations per share (as defined within this Annual Report on Form 10-K) and 50% of the target was based on operational performance goals, including: management of capital structure; evaluation and pursuit of accretive transactions; management of labor costs and improvement of employee productivity; enhancement of environmental, social and governance reporting; and enhancement of internal business intelligence tools. As of December 31, 2023, the range of potential aggregate payouts under the 2023 Incentive Plan was $0 - $27.1 million. Based on performance during 2023, the Company accrued approximately $20.9 million as a liability for executive incentive compensation payments under the 2023 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2023 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2023. Additionally, approximately $3.3 million, which is subject to vesting on December 13, 2024, will be recognized proportionally throughout 2024. Approximately 25% of target awards under the 2023 Incentive Plan will be paid in cash, and 75% will be issued in common shares under the Company’s Omnibus Plan. The portion of awards under the 2023 Incentive Plan payable in common shares will be issued under the Company’s Omnibus Plan during the first quarter of 2024, approximately two-thirds of which will be unrestricted and one-third of which will be restricted and is subject to vesting on December 13, 2024.

Under the incentive plan for 2022 (the “2022 Incentive Plan”), the Company accrued approximately $18.1 million including $12.5 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2022 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2022. Under the incentive plan for 2021 (the “2021 Incentive Plan”), the Company accrued approximately $18.5 million, including $12.9 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2021.

Share-Based Compensation Awards

The following table sets forth information pertaining to the share-based compensation issued under the 2022 Incentive Plan, the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”):

	2022 Incentive Plan			2021 Incentive Plan			2020 Incentive Plan
Period common shares issued	First Quarter 2023			First Quarter 2022			First Quarter 2021
Common shares earned under each incentive plan		935,189			868,079			555,726
Common shares surrendered on issuance date to satisfy tax   withholding obligations		263,026			245,597			117,647
Common shares earned and issued under each incentive plan, net of   common shares surrendered on issuance date to satisfy   tax withholding obligations		672,163			622,482			438,079
Average of the high and low stock price on issuance date	$	16.70		$	17.79		$	14.03
Total share-based compensation earned, including the   surrendered shares (in millions)	$	15.6	(1)	$	15.4	(2)	$	7.8	(3)
Of the total common shares earned and issued, total common shares   unrestricted at time of issuance		360,176			338,032			160,216
Of the total common shares earned and issued, total common shares   restricted at time of issuance		311,987			284,450			277,863
Restricted common shares vesting date	December 8, 2023			December 9, 2022			December 10, 2021
Common shares surrendered on vesting date to satisfy tax   withholding requirements resulting from vesting of restricted   common shares		134,085			114,147			108,292

(1)Of the total 2022 share-based compensation, approximately $12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022, and the remaining $2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023.

(2)Of the total 2021 share-based compensation, approximately $12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021, and the remaining $2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022.

(3)Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021.

Additionally, in conjunction with the appointment of five new officers of the Company on April 1, 2020, the Company issued to the new officer group a total of approximately 200,000 restricted common shares with an aggregate grant date fair value of approximately $1.8 million. For each grantee, the restricted shares vested on March 31, 2023. The expense associated with the awards was amortized over the 3-year vesting period. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $0.1 million, $0.6 million and $0.6 million, respectively, of share-based compensation expense related to these awards. Upon vesting on March 31, 2023, approximately 83,000 shares were surrendered to satisfy tax withholding obligations.

Non-Employee Director Deferral Program

In 2018, the Board of Directors adopted the Non-Employee Director Deferral Program (the “Director Deferral Program”) under the Omnibus Plan for the purpose of providing non-employee members of the Board of Directors the opportunity to elect to defer receipt of all or a portion of the annual retainer payable to them for their service on the Board of Directors, including amounts payable in both cash and fully vested shares of the Company’s common shares, in the form of deferred cash fees (“DCFs”) and/or deferred stock units (“DSUs”). DCFs and DSUs that are issued to the Company’s non-employee directors are fully vested and non-forfeitable

on the grant date. The grant date fair values of DCFs are equal to the dollar value of the deferred fee on the grant date, while the grant date fair values of DSUs are equal to the fair market value of the Company’s common shares on the grant date. DCFs are settled for cash and DSUs are settled for shares of the Company’s common stock, which are deliverable upon either: i) termination of the director’s service from the Board of Directors, ii) a date previously elected by the director, or iii) the earlier of the two dates, as determined by the director at the time he or she makes the election. The deferred amounts will also be paid if prior to the date specified by the director, the Company experiences a change in control or upon death of the director. During the years ended December 31, 2023, 2022 and 2021, non-employee directors participating in the Director Deferral Program deferred approximately $0.2 million, $0.3 million and $0.4 million, respectively, which is recorded as deferred compensation expense in general and administrative expenses in the Company’s consolidated statements of operations for the years then ended. On each quarterly deferral date (the date that a portion of the annual retainer would be paid), dividends earned on DSUs are credited to the deferral account in the form of additional DSUs based on dividends declared by the Company on its outstanding common shares during the quarter and the fair value of the common shares on such date. Outstanding DSUs at December 31, 2023 and 2022 were approximately 76,000 and 85,000, with weighted-average grant date fair values of $15.48 and $15.20, valued at $1.2 million and $1.3 million, respectively, which is included in common stock, a component of shareholders’ equity in the Company’s consolidated balance sheets as of December 31, 2023 and 2022.

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Management and Franchise Agreements

12 Months Ended

Dec. 31, 2023

Contractors [Abstract]

Management and Franchise Agreements

Note 9

Management and Franchise Agreements

Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2024):

Manager	Number of Hotels
LBAM-Investor Group, LLC (“LBA”)		33
Dimension Development Two, LLC (“Dimension”)		31
Crestline Hotels & Resorts, LLC (“Crestline”)		25
Raymond Management Company, Inc. (“Raymond”)		22
Hersha Hospitality Management L.P. (“HHM”)		19
Texas Western Management Partners, LP (“Western”)		16
MHH Management, LLC (“McKibbon”)		14
Marriott International, Inc. (“Marriott”)		13
Newport Hospitality Group, Inc. (“Newport”)		11
North Central Hospitality, LLC (“North Central”)		11
Chartwell Hospitality, LLC (“Chartwell”)		10
InnVentures IVI, LP (“InnVentures”)		9
Concord Hospitality Enterprises Company, LLC (“Concord”)		4
Huntington Hotel Group, LP (“Huntington”)		3
White Lodging Services Corporation (“White Lodging”)		3
Crescent Hotels & Resorts, LLC (“Crescent”)		1
Total		225

The management agreements generally provide for initial terms of one to 30 years and are terminable by the Company for either failure to achieve performance thresholds, upon sale of the property, or without cause. As of December 31, 2023, approximately 85% of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure, as described below, which is more common throughout the industry. Under the variable fee structure, the management fee earned for each hotel is generally within a range of 2.5% to 3.5% of gross revenues. The performance measures are based on various financial and quality performance metrics. The Company’s remaining hotels operate under a management fee structure which generally includes the payment of base management fees and an opportunity for incentive management fees. Under this structure, base management fees are calculated as a percentage of gross revenues and the incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. In addition to the above, management fees for all of the Company’s hotels generally include accounting fees and other fees for centralized services, which are allocated among all of the hotels that receive the benefit of such services. During 2022 and 2021, in response to continued uncertainties related to the COVID-19 pandemic and its impact on hotel performance, the management fee under all variable management fee agreements was set to 3% of gross revenues. The Company reinstated the variable

management fee rates in 2023. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $44.3 million, $41.8 million and $31.4 million, respectively, in management fees.

Thirteen of the Company’s hotels are managed by affiliates of Marriott. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The franchise agreements generally provide for initial terms of approximately 10 to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. The Company pays various fees under these agreements, including the payment of royalty fees, marketing fees, reservation fees, a communications support fee, brand loyalty program fees and other similar fees based on room revenues. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $59.3 million, $53.9 million and $40.9 million, respectively, in franchise royalty fees.

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Lease Commitments

12 Months Ended

Dec. 31, 2023

Lessee Operating And Financing Leases [Abstract]

Lease Commitments

Note 10

Lease Commitments

The Company is the lessee on certain ground leases, hotel equipment leases and office space leases. As of December 31, 2023, the Company had 14 hotels subject to ground leases and three parking lot ground leases with remaining terms ranging from approximately 15 to 95 years, excluding renewal options. Certain of its ground leases have options to extend beyond the initial lease term by periods ranging from five to 120 years.

Leases with durations greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. The Company’s leases are classified as operating or finance leases. For leases with terms greater than 12 months, at inception of the lease the Company recognizes a ROU asset and lease liability at the estimated present value of the minimum lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Many of the Company’s leases include rental escalation clauses (including fixed scheduled rent increases) and renewal options that are factored into the determination of lease payments, when appropriate, which adjusts the present value of the remaining lease payments. The Company determines the present value of the lease payments utilizing interest rates implicit in the lease if determinable or, if not, it estimates its incremental borrowing rate from information available at lease commencement, such as estimates of rates the Company would pay for senior collateralized loans with terms similar to each lease.

Operating Leases

Twelve of the Company’s hotel and parking lot ground leases as well as certain applicable hotel equipment leases and office space leases are classified as operating leases, for which the Company has recorded ROU assets and lease liabilities. The ROU assets are included in other assets, net and the lease liabilities are included in accounts payable and other liabilities in the Company’s consolidated balance sheet. In addition, the Company's ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases, as well as accrued straight-line lease liabilities related to these operating leases. Lease expense is recognized on a straight-line basis over the term of the respective lease and the value of each lease intangible is amortized over the term of the respective lease. Costs related to operating ground leases and hotel equipment leases are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases are included in general and administrative expense in the Company’s consolidated statements of operations.

Finance Leases

Five of the Company’s hotel ground leases are classified as finance leases, for which the Company recorded ROU assets and lease liabilities. The ROU assets are recorded as finance ground lease assets within investment in real estate, net and the lease liabilities are recorded as finance lease liabilities in the Company’s consolidated balance sheet. In addition, the Company’s ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases related to these finance leases. The ROU asset and value of each lease intangible is amortized over the term of the respective lease. Costs related to finance ground leases are included in depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statement of operations.

Under the terms of the Company’s ground leases, certain minimum lease payments are subject to change based on criteria specified in the lease. Changes in minimum lease payments that are not fixed scheduled increases are reflected in the ROU asset and lease liability when the payments become fixed and determinable based on the actual criteria defined in the lease. Minimum lease payments may be estimated if the change date occurs and the new minimum lease payments are not yet determinable.

Lease Position as of December 31, 2023 and 2022

The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 and 2022. All dollar amounts are in thousands.

		December 31,
	Consolidated Balance Sheet Classification	2023		2022
Assets
Operating lease assets, net	Other assets, net	$	25,389	$	26,348
Finance ground lease assets, net (1)	Investment in real estate, net		86,992		90,030
Total lease assets		$	112,381	$	116,378
Liabilities
Operating lease liabilities	Accounts payable and other liabilities	$	11,447	$	11,849
Finance lease liabilities	Finance lease liabilities		111,892		112,006
Total lease liabilities		$	123,339	$	123,855
Weighted-average remaining lease term
Operating leases				36 years
Finance leases				30 years
Weighted-average discount rate
Operating leases				5.49%
Finance leases				5.31%

(1)Finance ground lease assets are net of accumulated amortization of approximately $15.1 million and $12.1 million as of December 31, 2023 and 2022, respectively.

Lease Costs for the Years Ended December 31, 2023, 2022 and 2021

The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2023 2022 and 2021 (in thousands):

		Year Ended December 31,
	Consolidated Statement of Operations Classification	2023		2022		2021
Operating lease costs (1)	Property taxes, insurance and other    expense	$	1,776	$	1,794	$	1,585
Finance lease costs:
Amortization of lease assets	Depreciation and amortization expense		3,038		3,038		5,178
Interest on lease liabilities	Interest and other expense, net		5,877		5,872		9,415
Total lease costs		$	10,691	$	10,704	$	16,178

(1)Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure.

Undiscounted Cash Flows

The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 (in thousands):

	Operating Leases		Finance Leases
2024	$	1,088	$	6,174
2025		1,089		6,338
2026		889		6,500
2027		725		6,700
2028		713		6,879
Thereafter		29,634		216,675
Total minimum lease payments		34,138		249,266
Less: amount of lease payments representing    interest		22,691		137,374
Present value of lease liabilities	$	11,447	$	111,892

Supplemental Cash Flow Information

The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the    measurement of lease liabilities:
Operating cash flows for operating leases	$	1,106	$	1,166	$	1,109
Operating cash flows for finance leases		5,651		5,469		6,568
Financing cash flows for finance leases		340		173		24,045

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Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 11

Income Taxes

The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Code. As a REIT, the Company is generally not subject to corporate level income taxes on REIT taxable income that is distributed to its shareholders. Income related to the Lessee, as a taxable REIT subsidiary (“TRS”) of the Company, is subject to federal and state income taxes.

The components of income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2023		2022			2021
Current:
Federal	$	-	$	(34	)	$	(15	)
State		1,135		1,974			483
Deferred:
Federal		-		-			-
State		-		-			-
Income tax expense	$	1,135	$	1,940		$	468

Income tax expense for the years ended December 31, 2023 and 2022 was $1.1 million and $1.9 million, respectively. The decrease was primarily due to increases in 2022 state income taxes as a result of limitations placed by certain states on the application of prior net operating losses.

Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):
 

	Year Ended December 31,
	2023			2022			2021
Statutory federal tax expense	$	37,273		$	30,409		$	3,954
Federal tax impact of REIT election		(39,865	)		(27,261	)		4,934
Statutory federal tax expense (benefit) at TRS		(2,592	)		3,148			8,888
State income tax expense (benefit), net of federal tax benefit		897			1,559			382
Change in valuation allowance		2,830			(2,767	)		(8,802	)
Income tax expense	$	1,135		$	1,940		$	468

As of December 31, 2023, the Company had deferred tax assets of approximately $25 million consisting primarily of net operating loss carryforwards. A portion of the federal loss carryforwards expire beginning in 2029; however, a portion of the federal loss carryforwards do not expire. The state loss carryforwards have various expiration dates; however, for certain states some loss carryforwards do not expire. The TRS had a net operating loss carryforward for U.S federal income tax purposes of approximately $87 million as of December 31, 2023, and $78 million as of December 31, 2022. The TRS has historical cumulative operating losses and is expected to be in a cumulative loss for the foreseeable future. As a result, the realizability of the Company’s deferred tax assets as of December 31, 2023 and 2022 is not reasonably assured. Therefore, the Company has recorded a valuation allowance equal to the full 100% of the net deferred tax assets as of December 31, 2023, and 2022.

Characterization of Distributions

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2023, 2022 and 2021, distributions per share were characterized as follows (unaudited):

	Year Ended December 31,
	2023			2022			2021
Amount of distributions per share	$	1.01		$	0.76		$	0.04
Characterized as:
Ordinary income		97	%		100	%		100	%
Capital gain distributions		0	%		0	%		0	%
Return of capital		3	%		0	%		0	%

The Company utilized portions of its REIT net loss carryforward to reduce its taxable net income for the years ended December 31, 2022 and 2021. The total REIT net loss carryforward for U.S. federal income tax purposes was approximately $0 as of December 31, 2023 and 2022. No provision for U.S. federal income taxes has been included in the Company’s financial statements for the years ended December 31, 2023, 2022 and 2021 related to its REIT activities.

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Industry Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Industry Segments

Note 12

Industry Segments

The Company owns hotel properties throughout the U.S. that generate rental, food and beverage, and other property-related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, the properties have been aggregated into a single reportable segment. All segment disclosures are included in or can be derived from the Company’s consolidated financial statements.

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Hotel Purchase Contract Commitments

12 Months Ended

Dec. 31, 2023

Disclosure Text Block Supplement [Abstract]

Hotel Purchase Contract Commitments

Note 13

Hotel Purchase Contract Commitments

As of December 31, 2023, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the hotel in Nashville, Tennessee currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the hotels under contract. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. As these properties are under development, at this time, the sellers have not met all of the conditions to closing.

The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of December 31, 2023. All dollar amounts are in thousands.

Location	Brands	Date of Purchase Contract	Rooms		Refundable Deposits		Gross Purchase Price
Madison, WI	Embassy Suites	7/27/2021		262	$	893	$	79,306
Nashville, TN	Motto	5/16/2023		260		1,058		98,183
				522	$	1,951	$	177,489

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Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 14

Subsequent Events

On January 16, 2024, the Company paid approximately $31.4 million, or $0.13 per common share, in distributions to shareholders of record as of December 29, 2023.

On January 19, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution of approximately $19.3 million was paid on February 15, 2024, to shareholders of record as of January 31, 2024.

On February 9, 2024, the Company completed the sale of two existing hotels in Rogers, Arkansas, including a 122-room Hampton and a 126-room Homewood Suites, for a combined gross sales price of approximately $33.5 million. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which is expected to result in the deferral of taxable gains of approximately $15 million.

On February 16, 2024, the Company declared a monthly cash distribution of $0.08 per common share. The distribution is payable on March 15, 2024, to shareholders of record as of February 29, 2024.

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SCHEDULE III Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III Real Estate and Accumulated Depreciation and Amortization

SCHEDULE III

Real Estate and Accumulated Depreciation and Amortization

As of December 31, 2023

(dollars in thousands)

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Anchorage	AK	Embassy Suites	$	-	$	2,955	$	39,053	$	4,464	$	46,472	$	(19,225	)	2008	Apr-10	3 - 39 yrs.		169
Anchorage	AK	Home2 Suites		-		2,683		21,606		198		24,487		(4,778	)	2015	Dec-17	3 - 39 yrs.		135
Auburn	AL	Hilton Garden Inn		-		1,580		9,659		1,179		12,418		(3,952	)	2001	Mar-14	3 - 39 yrs.		101
Birmingham	AL	Courtyard		-		2,310		6,425		1,707		10,442		(3,082	)	2007	Mar-14	3 - 39 yrs.		84
Birmingham	AL	Hilton Garden Inn		-		3,425		15,555		35		19,015		(3,854	)	2017	Sep-17	3 - 39 yrs.		104
Birmingham	AL	Home2 Suites		-		3,491		15,603		58		19,152		(3,702	)	2017	Sep-17	3 - 39 yrs.		106
Birmingham	AL	Homewood Suites		-		1,010		12,981		2,267		16,258		(5,367	)	2005	Mar-14	3 - 39 yrs.		95
Dothan	AL	Hilton Garden Inn		-		1,037		10,581		1,821		13,439		(5,934	)	2009	Jun-09	3 - 39 yrs.		104
Dothan	AL	Residence Inn		-		970		13,185		1,321		15,476		(4,621	)	2008	Mar-14	3 - 39 yrs.		84
Huntsville	AL	Hampton		-		550		11,962		774		13,286		(3,103	)	2013	Sep-16	3 - 39 yrs.		98
Huntsville	AL	Hilton Garden Inn		-		890		11,227		1,238		13,355		(4,189	)	2005	Mar-14	3 - 39 yrs.		101
Huntsville	AL	Home2 Suites		-		490		10,840		832		12,162		(2,809	)	2013	Sep-16	3 - 39 yrs.		77
Huntsville	AL	Homewood Suites		-		210		15,654		2,321		18,185		(6,135	)	2006	Mar-14	3 - 39 yrs.		107
Mobile	AL	Hampton		-		-		11,452		1,832		13,284		(3,291	)	2006	Sep-16	3 - 39 yrs.		101
Prattville	AL	Courtyard		-		2,050		9,101		1,556		12,707		(3,616	)	2007	Mar-14	3 - 39 yrs.		84
Chandler	AZ	Courtyard		-		1,061		16,008		1,934		19,003		(7,715	)	2009	Nov-10	3 - 39 yrs.		150
Chandler	AZ	Fairfield		-		778		11,272		1,152		13,202		(5,271	)	2009	Nov-10	3 - 39 yrs.		110
Phoenix	AZ	Courtyard		-		1,413		14,669		2,970		19,052		(8,023	)	2007	Nov-10	3 - 39 yrs.		164
Phoenix	AZ	Hampton		-		-		15,209		2,192		17,401		(4,372	)	2008	Sep-16	3 - 39 yrs.		125
Phoenix	AZ	Hampton		-		3,406		41,174		74		44,654		(8,259	)	2018	May-18	3 - 39 yrs.		210
Phoenix	AZ	Homewood Suites		-		-		18,907		2,402		21,309		(5,455	)	2008	Sep-16	3 - 39 yrs.		134
Phoenix	AZ	Residence Inn		-		1,111		12,953		2,016		16,080		(6,774	)	2008	Nov-10	3 - 39 yrs.		129
Scottsdale	AZ	Hilton Garden Inn		-		6,000		26,861		2,568		35,429		(6,574	)	2005	Sep-16	3 - 39 yrs.		122
Tempe	AZ	Hyatt House		-		-		24,001		7		24,008		(3,072	)	2020	Aug-20	3 - 39 yrs.		105
Tempe	AZ	Hyatt Place		-		-		34,893		30		34,923		(4,364	)	2020	Aug-20	3 - 39 yrs.		154
Tucson	AZ	Hilton Garden Inn		-		1,005		17,925		2,326		21,256		(9,833	)	2008	Jul-08	3 - 39 yrs.		125
Tucson	AZ	Residence Inn		-		2,080		12,424		2,010		16,514		(5,224	)	2008	Mar-14	3 - 39 yrs.		124
Tucson	AZ	TownePlace Suites		-		992		14,543		1,322		16,857		(5,804	)	2011	Oct-11	3 - 39 yrs.		124
Agoura Hills	CA	Homewood Suites		-		3,430		21,290		2,633		27,353		(8,130	)	2007	Mar-14	3 - 39 yrs.		125
Burbank	CA	Courtyard		20,526		12,916		41,218		5,483		59,617		(12,055	)	2002	Aug-15	3 - 39 yrs.		190
Burbank	CA	Residence Inn		-		32,270		41,559		5,141		78,970		(14,127	)	2007	Mar-14	3 - 39 yrs.		166

					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Burbank	CA	SpringHill Suites		24,237		10,734		49,181		312		60,227		(12,686	)	2015	Jul-15	3 - 39 yrs.		170
Clovis	CA	Hampton		-		1,287		9,888		1,378		12,553		(5,235	)	2009	Jul-09	3 - 39 yrs.		86
Clovis	CA	Homewood Suites		-		1,500		10,970		1,861		14,331		(5,854	)	2010	Feb-10	3 - 39 yrs.		83
Cypress	CA	Courtyard		-		4,410		35,033		5,869		45,312		(12,496	)	1988	Mar-14	3 - 39 yrs.		180
Cypress	CA	Hampton		-		3,209		16,749		2,442		22,400		(6,065	)	2006	Jun-15	3 - 39 yrs.		110
Oceanside	CA	Courtyard		11,707		3,080		25,769		2,411		31,260		(6,945	)	2011	Sep-16	3 - 39 yrs.		142
Oceanside	CA	Residence Inn		-		7,790		24,048		2,503		34,341		(8,517	)	2007	Mar-14	3 - 39 yrs.		125
Rancho Bernardo/San Diego	CA	Courtyard		-		16,380		28,952		3,611		48,943		(10,392	)	1987	Mar-14	3 - 39 yrs.		210
Sacramento	CA	Hilton Garden Inn		-		5,920		21,515		3,968		31,403		(9,404	)	1999	Mar-14	3 - 39 yrs.		153
San Bernardino	CA	Residence Inn		-		1,490		13,662		3,358		18,510		(6,715	)	2006	Feb-11	3 - 39 yrs.		95
San Diego	CA	Courtyard		20,453		11,268		44,851		4,036		60,155		(12,938	)	2002	Sep-15	3 - 39 yrs.		245
San Diego	CA	Hampton		15,226		13,570		36,644		4,199		54,413		(12,699	)	2001	Mar-14	3 - 39 yrs.		177
San Diego	CA	Hilton Garden Inn		-		8,020		29,151		5,319		42,490		(10,847	)	2004	Mar-14	3 - 39 yrs.		200
San Diego	CA	Residence Inn		-		22,400		20,640		2,802		45,842		(7,820	)	1999	Mar-14	3 - 39 yrs.		121
San Jose	CA	Homewood Suites		23,984		12,860		28,084		5,631		46,575		(13,138	)	1991	Mar-14	3 - 39 yrs.		140
San Juan Capistrano	CA	Residence Inn		-		-		32,292		1,913		34,205		(8,125	)	2012	Sep-16	3 - 39 yrs.		130
Santa Ana	CA	Courtyard		13,221		3,082		21,051		2,496		26,629		(9,349	)	2011	May-11	3 - 39 yrs.		155
Santa Clarita	CA	Courtyard		-		4,568		18,721		3,077		26,366		(10,871	)	2007	Sep-08	3 - 39 yrs.		140
Santa Clarita	CA	Fairfield		-		1,864		7,753		2,173		11,790		(5,060	)	1997	Oct-08	3 - 39 yrs.		66
Santa Clarita	CA	Hampton		-		1,812		15,761		6,418		23,991		(11,282	)	1988	Oct-08	3 - 39 yrs.		128
Santa Clarita	CA	Residence Inn		-		2,539		14,493		5,628		22,660		(10,137	)	1997	Oct-08	3 - 39 yrs.		90
Tustin	CA	Fairfield		-		7,700		26,580		1,422		35,702		(6,302	)	2013	Sep-16	3 - 39 yrs.		145
Tustin	CA	Residence Inn		-		11,680		33,645		2,047		47,372		(8,374	)	2013	Sep-16	3 - 39 yrs.		149
Colorado Springs	CO	Hampton		-		1,780		15,860		750		18,390		(4,310	)	2008	Sep-16	3 - 39 yrs.		101
Denver	CO	Hilton Garden Inn		27,337		9,940		57,595		2,666		70,201		(15,120	)	2007	Sep-16	3 - 39 yrs.		221
Highlands Ranch	CO	Hilton Garden Inn		-		5,480		20,465		689		26,634		(6,568	)	2006	Mar-14	3 - 39 yrs.		128
Highlands Ranch	CO	Residence Inn		-		5,350		19,167		3,690		28,207		(8,902	)	1996	Mar-14	3 - 39 yrs.		117
Boca Raton	FL	Hilton Garden Inn		-		7,220		22,177		2,924		32,321		(6,148	)	2002	Sep-16	3 - 39 yrs.		149
Cape Canaveral	FL	Hampton		-		2,594		20,951		12		23,557		(2,883	)	2020	Apr-20	3 - 39 yrs.		116
Cape Canaveral	FL	Home2 Suites		-		2,415		19,668		15		22,098		(2,773	)	2020	Apr-20	3 - 39 yrs.		108
Cape Canaveral	FL	Homewood Suites		-		2,780		23,967		398		27,145		(6,644	)	2016	Sep-16	3 - 39 yrs.		153
Fort Lauderdale	FL	Hampton		-		1,793		21,357		5,491		28,641		(9,463	)	2002	Jun-15	3 - 39 yrs.		156
Fort Lauderdale	FL	Residence Inn		-		5,760		26,727		422		32,909		(6,815	)	2014	Sep-16	3 - 39 yrs.		156
Gainesville	FL	Hilton Garden Inn		-		1,300		17,322		1,640		20,262		(4,520	)	2007	Sep-16	3 - 39 yrs.		104
Gainesville	FL	Homewood Suites		-		1,740		16,329		2,674		20,743		(4,777	)	2005	Sep-16	3 - 39 yrs.		103
Jacksonville	FL	Homewood Suites		-		9,480		21,247		4,614		35,341		(9,313	)	2005	Mar-14	3 - 39 yrs.		119
Jacksonville	FL	Hyatt Place		-		2,013		13,533		1,080		16,626		(2,991	)	2009	Dec-18	3 - 39 yrs.		127
Miami	FL	Courtyard		-		-		31,488		2,148		33,636		(10,295	)	2008	Mar-14	3 - 39 yrs.		118
Miami	FL	Hampton		-		1,972		9,987		6,574		18,533		(8,878	)	2000	Apr-10	3 - 39 yrs.		121
Miami	FL	Homewood Suites		-		18,820		25,375		9,105		53,300		(12,034	)	2000	Mar-14	3 - 39 yrs.		162

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Orlando	FL	Fairfield		-		3,140		22,580		3,161				28,881		(11,771	)	2009	Jul-09	3 - 39 yrs.		200
Orlando	FL	Home2 Suites		-		2,731		18,063		134				20,928		(3,586	)	2019	Mar-19	3 - 39 yrs.		128
Orlando	FL	SpringHill Suites		-		3,141		25,779		3,328				32,248		(13,268	)	2009	Jul-09	3 - 39 yrs.		200
Panama City	FL	Hampton		-		1,605		9,995		1,489				13,089		(5,474	)	2009	Mar-09	3 - 39 yrs.		95
Panama City	FL	TownePlace Suites		-		908		9,549		633				11,090		(4,385	)	2010	Jan-10	3 - 39 yrs.		103
Pensacola	FL	TownePlace Suites		-		1,770		12,562		687				15,019		(3,306	)	2008	Sep-16	3 - 39 yrs.		97
Tallahassee	FL	Fairfield		-		960		11,734		949				13,643		(3,010	)	2011	Sep-16	3 - 39 yrs.		97
Tallahassee	FL	Hilton Garden Inn		-		-		10,938		639				11,577		(3,854	)	2006	Mar-14	3 - 39 yrs.		85
Tampa	FL	Embassy Suites		-		1,824		20,034		4,066				25,924		(10,596	)	2007	Nov-10	3 - 39 yrs.		147
Atlanta	GA	Home2 Suites		-		740		23,122		1,271				25,133		(6,407	)	2016	Jul-16	3 - 39 yrs.		128
Atlanta / Downtown	GA	Hampton		-		7,861		16,374		3,978				28,213		(5,069	)	1999	Feb-18	3 - 39 yrs.		119
Atlanta / Perimeter Dunwoody	GA	Hampton		-		3,228		26,498		139				29,865		(4,966	)	2016	Jun-18	3 - 39 yrs.		132
Macon	GA	Hilton Garden Inn		-		-		15,043		790				15,833		(5,133	)	2007	Mar-14	3 - 39 yrs.		101
Savannah	GA	Hilton Garden Inn		-		-		14,716		2,367				17,083		(5,963	)	2004	Mar-14	3 - 39 yrs.		105
Cedar Rapids	IA	Hampton		-		1,590		11,364		387				13,341		(3,344	)	2009	Sep-16	3 - 39 yrs.		103
Cedar Rapids	IA	Homewood Suites		-		1,770		13,116		2,253				17,139		(4,310	)	2010	Sep-16	3 - 39 yrs.		95
Davenport	IA	Hampton		-		400		16,915		917				18,232		(4,693	)	2007	Sep-16	3 - 39 yrs.		103
Boise	ID	Hampton		20,685		1,335		21,114		3,622				26,071		(11,237	)	2007	Apr-10	3 - 39 yrs.		186
Des Plaines	IL	Hilton Garden Inn		-		10,000		38,116		4,033				52,149		(9,871	)	2005	Sep-16	3 - 39 yrs.		253
Hoffman Estates	IL	Hilton Garden Inn		-		1,770		14,371		(2,298	)	(3)		13,843		(4,208	)	2000	Sep-16	3 - 39 yrs.		184
Mettawa	IL	Hilton Garden Inn		-		2,246		28,328		2,932				33,506		(12,757	)	2008	Nov-10	3 - 39 yrs.		170
Mettawa	IL	Residence Inn		-		1,722		21,843		2,224				25,789		(9,680	)	2008	Nov-10	3 - 39 yrs.		130
Rosemont	IL	Hampton		-		3,410		23,594		278				27,282		(6,255	)	2015	Sep-16	3 - 39 yrs.		158
Skokie	IL	Hampton		-		2,593		31,284		4,194				38,071		(8,874	)	2000	Sep-16	3 - 39 yrs.		225
Warrenville	IL	Hilton Garden Inn		-		1,171		20,894		2,888				24,953		(9,988	)	2008	Nov-10	3 - 39 yrs.		135
Indianapolis	IN	SpringHill Suites		-		1,310		11,542		2,616				15,468		(6,215	)	2007	Nov-10	3 - 39 yrs.		130
Merrillville	IN	Hilton Garden Inn		-		1,860		17,755		2,339				21,954		(4,989	)	2008	Sep-16	3 - 39 yrs.		124
Mishawaka	IN	Residence Inn		-		898		12,862		1,731				15,491		(6,173	)	2007	Nov-10	3 - 39 yrs.		106
South Bend	IN	Fairfield		-		2,090		23,361		1,716				27,167		(5,933	)	2010	Sep-16	3 - 39 yrs.		119
Overland Park	KS	Fairfield		-		1,230		11,713		1,738				14,681		(4,505	)	2008	Mar-14	3 - 39 yrs.		110
Overland Park	KS	Residence Inn		-		1,790		20,633		4,963				27,386		(9,221	)	2000	Mar-14	3 - 39 yrs.		120
Wichita	KS	Courtyard		-		1,940		6,525		1,367		(3)		9,832		(4,583	)	2000	Mar-14	3 - 39 yrs.		90
Louisville	KY	AC Hotel		-		5,004		46,548		-				51,552		(1,773	)	2018	Oct-22	3 - 39 yrs.		156
Lafayette	LA	Hilton Garden Inn		-		-		17,898		6,591				24,489		(10,418	)	2006	Jul-10	3 - 39 yrs.		153
Lafayette	LA	SpringHill Suites		-		709		9,400		992				11,101		(4,072	)	2011	Jun-11	3 - 39 yrs.		103
New Orleans	LA	Homewood Suites		20,304		4,150		52,258		14,076				70,484		(19,555	)	2002	Mar-14	3 - 39 yrs.		166
Marlborough	MA	Residence Inn		-		3,480		17,341		2,293				23,114		(6,801	)	2006	Mar-14	3 - 39 yrs.		112

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Westford	MA	Hampton		-		3,410		16,320		1,814				21,544		(5,914	)	2007	Mar-14	3 - 39 yrs.		110
Westford	MA	Residence Inn		7,713		1,760		20,791		4,588				27,139		(8,800	)	2001	Mar-14	3 - 39 yrs.		108
Annapolis	MD	Hilton Garden Inn		-		4,350		13,974		2,067				20,391		(5,933	)	2007	Mar-14	3 - 39 yrs.		126
Silver Spring	MD	Hilton Garden Inn		-		1,361		16,094		1,760				19,215		(7,505	)	2010	Jul-10	3 - 39 yrs.		107
Portland	ME	AC Hotel		-		6,767		61,602		38				68,407		(4,533	)	2018	Aug-21	3 - 39 yrs.		178
Portland	ME	Aloft Hotel		-		6,002		47,177		14				53,193		(3,808	)	2021	Sep-21	3 - 39 yrs.		157
Portland	ME	Residence Inn		30,500		4,440		51,534		1,034				57,008		(10,238	)	2009	Oct-17	3 - 39 yrs.		179
Novi	MI	Hilton Garden Inn		-		1,213		15,052		2,746				19,011		(7,857	)	2008	Nov-10	3 - 39 yrs.		148
Maple Grove	MN	Hilton Garden Inn		-		1,560		13,717		3,447				18,724		(5,136	)	2003	Sep-16	3 - 39 yrs.		121
Rochester	MN	Hampton		-		916		13,225		2,780				16,921		(7,552	)	2009	Aug-09	3 - 39 yrs.		124
St. Paul	MN	Hampton		-		2,523		29,365		336				32,224		(4,861	)	2016	Mar-19	3 - 39 yrs.		160
Kansas City	MO	Hampton		-		727		9,363		2,058				12,148		(5,330	)	1999	Aug-10	3 - 39 yrs.		122
Kansas City	MO	Residence Inn		-		2,000		20,818		3,904				26,722		(8,713	)	2002	Mar-14	3 - 39 yrs.		106
St. Louis	MO	Hampton		-		1,758		20,954		11,107				33,819		(15,303	)	2003	Aug-10	3 - 39 yrs.		190
St. Louis	MO	Hampton		-		758		15,287		4,093				20,138		(8,105	)	2006	Apr-10	3 - 39 yrs.		126
Hattiesburg	MS	Courtyard		-		1,390		11,324		1,824				14,538		(4,307	)	2006	Mar-14	3 - 39 yrs.		84
Hattiesburg	MS	Residence Inn		-		906		9,151		1,267				11,324		(5,087	)	2008	Dec-08	3 - 39 yrs.		84
Carolina Beach	NC	Courtyard		-		7,490		31,588		4,645				43,723		(11,920	)	2003	Mar-14	3 - 39 yrs.		144
Charlotte	NC	Fairfield		-		1,030		11,111		1,370				13,511		(3,436	)	2010	Sep-16	3 - 39 yrs.		94
Durham	NC	Homewood Suites		-		1,232		18,343		6,766				26,341		(12,205	)	1999	Dec-08	3 - 39 yrs.		122
Fayetteville	NC	Home2 Suites		-		746		10,563		1,665				12,974		(5,277	)	2011	Feb-11	3 - 39 yrs.		118
Greensboro	NC	SpringHill Suites		-		1,850		7,727		644		(3)		10,221		(3,721	)	2004	Mar-14	3 - 39 yrs.		82
Jacksonville	NC	Home2 Suites		-		910		12,527		1,317				14,754		(3,427	)	2012	Sep-16	3 - 39 yrs.		105
Wilmington	NC	Fairfield		-		1,310		13,034		1,770				16,114		(4,812	)	2008	Mar-14	3 - 39 yrs.		122
Winston-Salem	NC	Hampton		-		2,170		14,268		1,255				17,693		(3,620	)	2010	Sep-16	3 - 39 yrs.		94
Omaha	NE	Courtyard		-		6,700		36,829		6,473				50,002		(14,590	)	1999	Mar-14	3 - 39 yrs.		181
Omaha	NE	Hampton		-		1,710		22,636		554				24,900		(5,757	)	2007	Sep-16	3 - 39 yrs.		139
Omaha	NE	Hilton Garden Inn		19,445		1,620		35,962		2,893				40,475		(9,269	)	2001	Sep-16	3 - 39 yrs.		178
Omaha	NE	Homewood Suites		-		1,890		22,014		1,598				25,502		(6,008	)	2008	Sep-16	3 - 39 yrs.		123
Cranford	NJ	Homewood Suites		-		4,550		23,828		4,224				32,602		(10,102	)	2000	Mar-14	3 - 39 yrs.		108
Mahwah	NJ	Homewood Suites		-		3,220		22,742		4,850				30,812		(10,041	)	2001	Mar-14	3 - 39 yrs.		110
Mount Laurel	NJ	Homewood Suites		-		1,589		13,476		6,536				21,601		(9,015	)	2006	Jan-11	3 - 39 yrs.		118
Somerset	NJ	Courtyard		-		-		27,133		4,117				31,250		(14,155	)	2002	Mar-14	3 - 25 yrs.		162
West Orange	NJ	Courtyard		-		2,054		19,513		4,046				25,613		(9,876	)	2005	Jan-11	3 - 39 yrs.		131
Las Vegas	NV	SpringHill Suites		-		10,095		65,152		-				75,247		(184	)	2009	Dec-23	3 - 39 yrs.		299
Islip/Ronkonkoma	NY	Hilton Garden Inn		-		6,510		28,718		6,841				42,069		(11,980	)	2003	Mar-14	3 - 39 yrs.		166
New York	NY	Independent		-		-		102,832		(71,655	)	(3), (5)		31,177		(20,314	)	1916	Mar-14	3 - 32 yrs.
Syracuse	NY	Courtyard		-		812		23,278		867				24,957		(6,074	)	2013	Oct-15	3 - 39 yrs.		102
Syracuse	NY	Residence Inn		-		621		17,589		776				18,986		(4,765	)	2013	Oct-15	3 - 39 yrs.		78
Cleveland	OH	Courtyard		-		3,212		30,108		29				33,349		(701	)	2023	Jun-23	3 - 39 yrs.		154
Mason	OH	Hilton Garden Inn		-		1,120		16,770		1,260				19,150		(4,643	)	2010	Sep-16	3 - 39 yrs.		110

									Subsequently
					Initial Cost				Capitalized
							Bldg./ FF&E		Bldg. Imp. &		Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)		/Other		FF&E		Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Twinsburg	OH	Hilton Garden Inn		-		1,419		16,614		4,390		22,423		(10,620	)	1999	Oct-08	3 - 39 yrs.		142
Oklahoma City	OK	Hampton		-		1,430		31,327		2,798		35,555		(14,104	)	2009	May-10	3 - 39 yrs.		200
Oklahoma City	OK	Hilton Garden Inn		-		1,270		32,700		542		34,512		(7,781	)	2014	Sep-16	3 - 39 yrs.		155
Oklahoma City	OK	Homewood Suites		-		760		20,056		113		20,929		(4,901	)	2014	Sep-16	3 - 39 yrs.		100
Oklahoma City (West)	OK	Homewood Suites		-		1,280		13,340		761		15,381		(4,231	)	2008	Sep-16	3 - 39 yrs.		90
Portland	OR	Hampton		-		10,813		64,433		126		75,372		(4,149	)	2017	Nov-21	3 - 39 yrs.		243
Collegeville/Philadelphia	PA	Courtyard		-		2,115		17,953		5,004		25,072		(9,920	)	2005	Nov-10	3 - 39 yrs.		132
Malvern/Philadelphia	PA	Courtyard		-		996		20,374		2,408		23,778		(9,409	)	2007	Nov-10	3 - 39 yrs.		127
Pittsburgh	PA	AC Hotel		-		3,305		31,605		41		34,951		(1,298	)	2018	Oct-22	3 - 39 yrs.		134
Pittsburgh	PA	Hampton		-		2,503		18,537		5,072		26,112		(11,650	)	1991	Dec-08	3 - 39 yrs.		132
Charleston	SC	Home2 Suites		-		3,250		16,778		2,065		22,093		(4,814	)	2011	Sep-16	3 - 39 yrs.		122
Columbia	SC	Hilton Garden Inn		-		3,540		16,399		1,877		21,816		(6,410	)	2006	Mar-14	3 - 39 yrs.		143
Columbia	SC	TownePlace Suites		-		1,330		10,839		1,416		13,585		(3,402	)	2009	Sep-16	3 - 39 yrs.		91
Greenville	SC	Hyatt Place		-		2,802		27,700		33		30,535		(2,133	)	2018	Sep-21	3 - 39 yrs.		130
Hilton Head	SC	Hilton Garden Inn		-		3,600		11,386		2,811		17,797		(5,290	)	2001	Mar-14	3 - 39 yrs.		104
Chattanooga	TN	Homewood Suites		-		1,410		9,361		2,912		13,683		(5,292	)	1997	Mar-14	3 - 39 yrs.		76
Franklin	TN	Courtyard		-		2,510		31,341		819		34,670		(7,573	)	2008	Sep-16	3 - 39 yrs.		126
Franklin	TN	Residence Inn		-		2,970		29,208		1,652		33,830		(7,477	)	2009	Sep-16	3 - 39 yrs.		124
Knoxville	TN	Homewood Suites		-		2,160		14,704		2,327		19,191		(4,312	)	2005	Sep-16	3 - 39 yrs.		103
Knoxville	TN	SpringHill Suites		-		1,840		12,441		1,718		15,999		(3,609	)	2006	Sep-16	3 - 39 yrs.		103
Knoxville	TN	TownePlace Suites		-		1,190		7,920		1,723		10,833		(3,152	)	2003	Sep-16	3 - 39 yrs.		97
Memphis	TN	Hampton		-		2,449		37,097		4,872		44,418		(9,138	)	2000	Feb-18	3 - 39 yrs.		144
Memphis	TN	Hilton Garden Inn		-		4,501		33,688		86		38,275		(2,476	)	2019	Oct-21	3 - 39 yrs.		150
Nashville	TN	Hilton Garden Inn		-		2,754		39,997		4,285		47,036		(18,698	)	2009	Sep-10	3 - 39 yrs.		194
Nashville	TN	Home2 Suites		-		1,153		15,206		1,762		18,121		(6,457	)	2012	May-12	3 - 39 yrs.		119
Nashville	TN	TownePlace Suites		-		7,390		13,929		1,356		22,675		(3,998	)	2012	Sep-16	3 - 39 yrs.		101
Addison	TX	SpringHill Suites		-		1,210		19,700		3,244		24,154		(8,521	)	2003	Mar-14	3 - 39 yrs.		159
Arlington	TX	Hampton		-		1,217		8,738		1,861		11,816		(4,787	)	2007	Dec-10	3 - 39 yrs.		98
Austin	TX	Courtyard		-		1,579		18,487		2,307		22,373		(8,475	)	2009	Nov-10	3 - 39 yrs.		145
Austin	TX	Fairfield		-		1,306		16,504		2,173		19,983		(7,758	)	2009	Nov-10	3 - 39 yrs.		150
Austin	TX	Hampton		-		1,459		17,184		5,695		24,338		(10,872	)	1996	Apr-09	3 - 39 yrs.		124
Austin	TX	Hilton Garden Inn		-		1,614		14,451		2,426		18,491		(7,410	)	2008	Nov-10	3 - 39 yrs.		117
Austin	TX	Homewood Suites		-		1,898		16,462		6,576		24,936		(11,054	)	1997	Apr-09	3 - 39 yrs.		97
Austin/Round Rock	TX	Hampton		-		865		10,999		4,613		16,477		(7,554	)	2001	Mar-09	3 - 39 yrs.		94
Austin/Round Rock	TX	Homewood Suites		-		2,180		25,644		2,424		30,248		(6,182	)	2010	Sep-16	3 - 39 yrs.		115
Dallas	TX	Homewood Suites		-		4,920		29,427		3,384		37,731		(7,296	)	2013	Sep-16	3 - 39 yrs.		130
Denton	TX	Homewood Suites		-		990		14,895		492		16,377		(4,485	)	2009	Sep-16	3 - 39 yrs.		107
El Paso	TX	Homewood Suites		-		2,800		16,657		2,144		21,601		(6,500	)	2008	Mar-14	3 - 39 yrs.		114

										Subsequently
					Initial Cost					Capitalized
								Bldg./ FF&E		Bldg. Imp. &				Total Gross		Acc.			Date of	Date	Depreciable	# of
City	State	Description	Encumbrances		Land (1)			/Other		FF&E				Cost (2)		Deprec.			Construction	Acquired	Life	Rooms
Fort Worth	TX	Courtyard		-		2,313			15,825		189				18,327		(4,314	)	2017	Feb-17	3 - 39 yrs.		124
Fort Worth	TX	Hilton Garden Inn		-		4,637			25,073		1,854				31,564		(1,660	)	2012	Nov-21	3 - 39 yrs.		157
Fort Worth	TX	Homewood Suites		-		3,309			18,397		466				22,172		(1,233	)	2013	Nov-21	3 - 39 yrs.		112
Fort Worth	TX	TownePlace Suites		-		2,104			16,311		1,925				20,340		(7,567	)	2010	Jul-10	3 - 39 yrs.		140
Frisco	TX	Hilton Garden Inn		-		2,507			12,981		1,719				17,207		(7,224	)	2008	Dec-08	3 - 39 yrs.		102
Grapevine	TX	Hilton Garden Inn		-		1,522			15,543		2,111				19,176		(7,574	)	2009	Sep-10	3 - 39 yrs.		110
Houston	TX	Courtyard		-		2,080			21,836		1,327				25,243		(5,719	)	2012	Sep-16	3 - 39 yrs.		124
Houston	TX	Marriott		-		4,143			46,623		(19,822	)	(3)		30,944		(19,349	)	2010	Jan-10	3 - 39 yrs.		206
Houston	TX	Residence Inn		-		12,070			19,769		2,263				34,102		(7,639	)	2006	Mar-14	3 - 39 yrs.		129
Houston	TX	Residence Inn		-		2,070			11,186		1,576				14,832		(3,505	)	2012	Sep-16	3 - 39 yrs.		120
Lewisville	TX	Hilton Garden Inn		-		3,361			23,919		3,422				30,702		(13,617	)	2007	Oct-08	3 - 39 yrs.		165
San Antonio	TX	TownePlace Suites		-		2,220			9,610		1,551				13,381		(4,089	)	2007	Mar-14	3 - 39 yrs.		106
Shenandoah	TX	Courtyard		-		3,350			17,256		158				20,764		(4,480	)	2014	Sep-16	3 - 39 yrs.		124
Stafford	TX	Homewood Suites		-		1,880			10,969		549				13,398		(4,376	)	2006	Mar-14	3 - 39 yrs.		78
Texarkana	TX	Hampton		-		636			8,723		2,522				11,881		(4,563	)	2004	Jan-11	3 - 39 yrs.		81
Provo	UT	Residence Inn		-		1,150			18,277		3,687				23,114		(7,885	)	1996	Mar-14	3 - 39 yrs.		114
Salt Lake City	UT	Courtyard		-		2,634			45,843		-				48,477		(330	)	2015	Oct-23	3 - 39 yrs.		175
Salt Lake City	UT	Hyatt House		-		4,312	(6)		39,525		-				43,837		(350	)	2015	Oct-23	3 - 39 yrs.		159
Salt Lake City	UT	Residence Inn		-		1,515			24,214		462				26,191		(5,132	)	2014	Oct-17	3 - 39 yrs.		136
Salt Lake City	UT	SpringHill Suites		-		1,092			16,465		2,060				19,617		(7,790	)	2009	Nov-10	3 - 39 yrs.		143
South Jordan	UT	Embassy Suites		-		1,532			35,478		-				37,010		(179	)	2017	Nov-23	3 - 39 yrs.		192
Alexandria	VA	Courtyard		-		6,860			19,681		4,560				31,101		(9,248	)	1987	Mar-14	3 - 39 yrs.		178
Alexandria	VA	SpringHill Suites		-		5,968			-		21,074				27,042		(9,053	)	2011	Mar-09	3 - 39 yrs.		155
Charlottesville	VA	Courtyard		-		21,130			27,737		3,819				52,686		(10,027	)	2000	Mar-14	3 - 39 yrs.		139
Manassas	VA	Residence Inn		-		1,395			14,962		3,784				20,141		(7,358	)	2006	Feb-11	3 - 39 yrs.		107
Richmond	VA	Courtyard		13,832		2,003			-		23,463				25,466		(7,504	)	2014	Jul-12	3 - 39 yrs.		135
Richmond	VA	Marriott		-		-			83,698		26,433				110,131		(39,514	)	1984	Mar-14	3 - 39 yrs.		413
Richmond	VA	Residence Inn		13,832		1,113			-		12,807				13,920		(4,101	)	2014	Jul-12	3 - 39 yrs.		75
Suffolk	VA	Courtyard		-		940			5,186		1,786				7,912		(2,949	)	2007	Mar-14	3 - 39 yrs.		92
Suffolk	VA	TownePlace Suites		-		710			5,241		1,043				6,994		(2,436	)	2007	Mar-14	3 - 39 yrs.		72
Virginia Beach	VA	Courtyard		-		10,580			29,140		4,175				43,895		(11,121	)	1999	Mar-14	3 - 39 yrs.		141
Virginia Beach	VA	Courtyard		-		12,000			40,556		6,771				59,327		(14,662	)	2002	Mar-14	3 - 39 yrs.		160
Kirkland	WA	Courtyard		-		18,950			25,028		2,771				46,749		(9,119	)	2006	Mar-14	3 - 39 yrs.		150
Renton	WA	Residence Inn		-		6,744			49,162		-				55,906		(400	)	2019	Oct-23	3 - 39 yrs.		146
Seattle	WA	Residence Inn		-		63,484			92,786		5,735				162,005		(33,776	)	1991	Mar-14	3 - 39 yrs.		234
Tukwila	WA	Homewood Suites		-		8,130			16,659		4,783				29,572		(8,992	)	1992	Mar-14	3 - 39 yrs.		106
Madison	WI	Hilton Garden Inn		-		2,593			47,152		17				49,762		(4,795	)	2021	Feb-21	3 - 39 yrs.		176
Richmond	VA	Corporate Office		-		682			3,723		2,882				7,287		(3,520	)	1893	May-13	3 - 39 yrs.	N/A
			$	283,002	$	828,868		$	4,986,304	$	523,060			$	6,338,232	$	(1,647,850	)					29,652

Investment in Real Estate:	2023			2022			2021
Balance as of January 1	$	6,000,975		$	5,886,363		$	5,764,977
Acquisitions		293,802			86,467			430,155
Improvements		76,832			61,745			25,824
Dispositions		(227	)		(7,425	)		(336,905	)
Assets held for sale (4)		(27,506	)		-			13,066
Impairment of depreciable assets		(5,644	)		(26,175	)		(10,754	)
Total gross cost as of December 31		6,338,232			6,000,975			5,886,363
Finance ground lease assets as of    December 31		102,084			102,084			102,084
Total investment in real estate	$	6,440,316		$	6,103,059		$	5,988,447

Accumulated Depreciation and Amortization:	2023			2022			2021
Accumulated depreciation as of January 1	$	(1,480,043	)	$	(1,302,246	)	$	(1,224,832	)
Depreciation expense		(180,185	)		(178,641	)		(179,275	)
Accumulated depreciation on dispositions		155			844			109,610
Assets held for sale (4)		12,223			-			(7,750	)
Accumulated depreciation as of December 31		(1,647,850	)		(1,480,043	)		(1,302,246	)
Accumulated amortization of finance leases    as of December 31		(15,092	)		(12,054	)		(9,016	)
Accumulated depreciation and amortization    as of December 31	$	(1,662,942	)	$	(1,492,097	)	$	(1,311,262	)

(1)Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease.

(2)The aggregate cost for U.S. federal income tax purposes is approximately $5.9 billion at December 31, 2023 (unaudited).

(3)Amount includes a reduction in cost due to recognition of an impairment loss.

(4)As of December 31, 2023, the Company had two hotels classified as held for sale, which are not included in this schedule, and were both sold to an unrelated party in February 2024.

(5)In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term.

(6)As part of the acquisition of the Courtyard and Hyatt House hotels in Salt Lake City, Utah, a corresponding free-standing parking garage that serves both hotels and the surrounding area was also acquired. All costs for the parking garage are presented with the Salt Lake City Hyatt House.

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Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Organization

Organization

Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states, including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024. The Company also owns one property leased to third parties. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.”

The Company has elected to be treated as a REIT for U.S. federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee” or “TRS”), which leases all of the Company’s hotels.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits.

Restricted Cash

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value.

Investment in Real Estate and Related Depreciation and Amortization

Investment in Real Estate and Related Depreciation and Amortization

Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment.

The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended.

Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered

material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred.

The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $5.6 million, $26.2 million and $10.8 million, respectively, as discussed in Note 2.

Assets Held for Sale

Assets Held for Sale

The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2023, the Company had two hotels classified as held for sale, which were both sold to an unrelated party in February 2024, as discussed further in Note 3. As of December 31, 2022, the Company did not have any assets classified as held for sale.

Revenue Recognition

Revenue Recognition

Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue represents revenue from the occupancy of hotel rooms and is driven by the occupancy and average daily rate charged. Room revenue does not include ancillary services or fees charged. The contracts for room stays with customers generally are very short-term in duration and revenue is recognized over the course of the hotel stay. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue consists of revenue from group functions such as banquets and conferences as well as revenue from the restaurants and lounges at the Company’s hotels. Food and beverage revenue is recognized at the time the products or services are provided to the customer. Other operating revenue consists of ancillary revenues at the hotel, including attrition and cancelation fees, parking revenue and other guest services and offerings. Other operating revenue is generally recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy.

Comprehensive Income

Comprehensive Income

Comprehensive income includes net income and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity.

Net Income Per Common Share

Net Income Per Common Share

Basic net income per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income per common share were the same for each of the years presented.

Income Taxes

Income Taxes

The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT.

As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. The Company’s income tax expense as shown in the consolidated statements of operations primarily consists of income taxes on the operations of the Lessee and franchise taxes on both the REIT and the Lessee at the state jurisdiction level.

The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in 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 on 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.

The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes for uncertain tax positions is required in the Company's consolidated financial statements as of December 31, 2023, and 2022. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

The Company has and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”).

Sales and Marketing Costs

Sales and Marketing Costs

Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion.

Use of Estimates

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Accounting Standards Recently Issued

Accounting Standards Recently Issued

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements.

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Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Investment In Real Estate [Line Items]

Schedule of Investment in Real Estate

The Company’s investment in real estate consisted of the following (in thousands):

	December 31,			December 31,
	2023			2022
Land	$	828,868		$	802,625
Building and improvements		4,917,105			4,656,343
Furniture, fixtures and equipment		571,026			522,082
Finance ground lease assets		102,084			102,084
Franchise fees		21,233			19,925
		6,440,316			6,103,059
Less accumulated depreciation and amortization		(1,662,942	)		(1,492,097	)
Investment in real estate, net	$	4,777,374		$	4,610,962

2023 Acquisitions [Member]

Investment In Real Estate [Line Items]

Schedule of Hotel Acquisitions

During 2023, the Company acquired six hotels and one free-standing parking garage. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Cleveland	OH	Courtyard	Concord	6/30/2023		154	$	31,000
Salt Lake City	UT	Courtyard	North Central	10/11/2023		175		48,110
Salt Lake City	UT	Hyatt House	North Central	10/11/2023		159		34,250
Salt Lake City (1)	UT	N/A	North Central	10/11/2023	N/A			9,140
Renton	WA	Residence Inn	InnVentures	10/18/2023		146		55,500
South Jordan	UT	Embassy Suites	HHM	11/21/2023		192		36,750
Las Vegas	NV	SpringHill Suites	Crescent	12/27/2023		299		75,000
						1,125	$	289,750

(1)This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.

2022 Acquisitions [Member]

Investment In Real Estate [Line Items]

Schedule of Hotel Acquisitions

During 2022, the Company acquired two hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price
Louisville	KY	AC Hotels	Concord	10/25/2022		156	$	51,000
Pittsburgh	PA	AC Hotels	Concord	10/25/2022		134		34,000
						290	$	85,000

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Assets Held for Sale and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

2021 Dispositions [Member]

Schedule of Hotels Sold

The following table lists the 23 hotels sold:

City	State	Brand	Date Sold	Rooms
Charlotte	NC	Homewood Suites	2/25/2021		118
Memphis	TN	Homewood Suites	3/16/2021		140
Overland Park	KS	SpringHill Suites	4/30/2021		102
Montgomery	AL	Hilton Garden Inn	7/22/2021		97
Montgomery	AL	Homewood Suites	7/22/2021		91
Rogers	AR	Residence Inn	7/22/2021		88
Phoenix	AZ	Courtyard	7/22/2021		127
Lakeland	FL	Courtyard	7/22/2021		78
Albany	GA	Fairfield	7/22/2021		87
Schaumburg	IL	Hilton Garden Inn	7/22/2021		166
Andover	MA	SpringHill Suites	7/22/2021		136
Fayetteville	NC	Residence Inn	7/22/2021		92
Greenville	SC	Residence Inn	7/22/2021		78
Jackson	TN	Hampton	7/22/2021		85
Johnson City	TN	Courtyard	7/22/2021		90
Allen	TX	Hampton	7/22/2021		103
Allen	TX	Hilton Garden Inn	7/22/2021		150
Beaumont	TX	Residence Inn	7/22/2021		133
Burleson/Fort Worth	TX	Hampton	7/22/2021		88
El Paso	TX	Hilton Garden Inn	7/22/2021		145
Irving	TX	Homewood Suites	7/22/2021		77
Richmond	VA	SpringHill Suites	7/22/2021		103
Vancouver	WA	SpringHill Suites	7/22/2021		119
Total					2,493

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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Tables [Line Items]

Schedule of Future Minimum Debt Payments

The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2023 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands):

2024	$	113,597
2025		295,140
2026		74,649
2027		278,602
2028		334,066
Thereafter		281,948
		1,378,002
Unamortized fair value adjustment of assumed debt		526
Unamortized debt issuance costs		(7,034	)
Total	$	1,371,494

Schedule of Total Fixed-Rate and Variable Rate Debt

The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual SOFR for a one-month term (“one-month SOFR”) plus a 0.10% SOFR spread adjustment. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at December 31, 2023 and 2022, is set forth below. All dollar amounts are in thousands.

	December 31, 2023			Percentage			December 31, 2022			Percentage
Fixed-rate debt (1)	$	1,228,002			89	%	$	1,149,215			84	%
Variable-rate debt		150,000			11	%		225,000			16	%
Total	$	1,378,002					$	1,374,215
Weighted-average interest rate of debt		4.26	%					3.93	%

(1)Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.

Summary [Member]

Debt Tables [Line Items]

Schedule of Long-term Debt Instruments

As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands):

	December 31, 2023		December 31, 2022
Revolving credit facility	$	-	$	-
Term loans and senior notes, net		1,088,904		1,037,384
Mortgage debt, net		282,590		328,865
Debt, net	$	1,371,494	$	1,366,249

Credit Facilities [Member]

Debt Tables [Line Items]

Schedule of Long-term Debt Instruments

As of December 31, 2023 and 2022, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands.

				Outstanding Balance
	Interest Rate	Maturity Date		December 31, 2023			December 31, 2022
Revolving credit facility (1)	SOFR + 0.10% + 1.40% - 2.25%	7/25/2026		$	-		$	-
Term loans and senior notes
$275 million term loan	SOFR + 0.10% + 1.35% - 2.20%	7/25/2027			275,000			275,000
$300 million term loan	SOFR + 0.10% + 1.35% - 2.20%	1/31/2028			300,000			250,000
$50 million term loan	SOFR + 0.10% + 1.35% - 2.20%	8/2/2025	(3)		50,000			50,000
$175 million term loan	SOFR + 0.10% + 1.65% - 2.50%	8/2/2025			175,000			175,000
2017 $85 million term loan	SOFR + 0.10% + 1.30% - 2.10%	7/25/2024			85,000			85,000
2019 $85 million term loan	SOFR + 0.10% + 1.70% - 2.55%	12/31/2029			85,000			85,000
$50 million senior notes	3.60% - 4.35%	3/31/2030			50,000			50,000
$75 million senior notes	4.88% - 5.63%	6/2/2029			75,000			75,000
Term loans and senior notes at stated   value					1,095,000			1,045,000
Unamortized debt issuance costs					(6,096	)		(7,616	)
Term loans and senior notes, net					1,088,904			1,037,384
Credit facilities, net (1)				$	1,088,904		$	1,037,384
Weighted-average interest rate (2)					4.35	%		3.92	%

(1)Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $3.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

(2)Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $820.0 million and $695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35% and 4.36%, respectively.

(3)On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

Mortgage Debt [Member]

Debt Tables [Line Items]

Schedule of Long-term Debt Instruments

As of December 31, 2023, the Company had approximately $283.0 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038, stated interest rates ranging from 3.40% to 4.46% and effective interest rates ranging from 3.40% to 4.37%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of December 31, 2023 and 2022 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)			Loan Assumption or Origination Date	Maturity Date	Principal Assumed or Originated		Outstanding balance as of December 31, 2023			Outstanding balance as of December 31, 2022
Miami, FL	Homewood Suites		4.02	%	3/1/2014	(2)	$	16,677	$	-		$	12,440
Huntsville, AL	Homewood Suites		4.12	%	3/1/2014	(3)		8,306		-			6,193
Prattville, AL	Courtyard		4.12	%	3/1/2014	(3)		6,596		-			4,918
San Diego, CA	Residence Inn		3.97	%	3/1/2014	(4)		18,600		-			13,827
New Orleans, LA	Homewood Suites		4.36	%	7/17/2014	8/11/2024		27,000		20,304			21,161
Westford, MA	Residence Inn		4.28	%	3/18/2015	4/11/2025		10,000		7,713			8,024
Denver, CO	Hilton Garden Inn		4.46	%	9/1/2016	6/11/2025		34,118		27,337			28,400
Oceanside, CA	Courtyard		4.28	%	9/1/2016	10/1/2025		13,655		11,707			12,019
Omaha, NE	Hilton Garden Inn		4.28	%	9/1/2016	10/1/2025		22,681		19,445			19,963
Boise, ID	Hampton		4.37	%	5/26/2016	6/11/2026		24,000		20,685			21,194
Burbank, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,564		20,526			21,326
San Diego, CA	Courtyard		3.55	%	11/3/2016	12/1/2026		25,473		20,453			21,250
San Diego, CA	Hampton		3.55	%	11/3/2016	12/1/2026		18,963		15,226			15,819
Burbank, CA	SpringHill Suites		3.94	%	3/9/2018	4/1/2028		28,470		24,237			25,057
Santa Ana, CA	Courtyard		3.94	%	3/9/2018	4/1/2028		15,530		13,221			13,668
Richmond, VA	Courtyard		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Richmond, VA	Residence Inn		3.40	%	2/12/2020	3/11/2030		14,950		13,832			14,144
Portland, ME	Residence Inn		3.43	%	3/2/2020	3/1/2032		33,500		30,500			30,500
San Jose, CA	Homewood Suites		4.22	%	12/22/2017	5/1/2038		30,000		23,984			25,168
							$	389,033		283,002			329,215
Unamortized fair value adjustment    of assumed debt										526			819
Unamortized debt issuance costs										(938	)		(1,169	)
Total									$	282,590		$	328,865

(1)Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.

(2)Loan was repaid in full on January 3, 2023.

(3)Loan was repaid in full on February 6, 2023.

(4)Loan was repaid in full on March 6, 2023.

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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Swap Agreements

The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2023 and 2022. All dollar amounts are in thousands.

						Fair Value Asset (Liability)
Notional Amount at December 31, 2023		Origination Date	Effective Date	Maturity Date	Swap Fixed Interest Rate	December 31, 2023			December 31, 2022
Active interest rate swaps designated as cash flow hedges at December 31, 2023:
$	50,000	12/7/2018	5/18/2020	1/31/2024	2.71%	$	114		$	1,163
	75,000	5/31/2017	7/31/2017	6/30/2024	1.95%		1,202			3,026
	10,000	8/10/2017	8/10/2017	6/30/2024	2.02%		157			386
	50,000	7/2/2019	7/5/2019	7/18/2024	1.64%		956			2,298
	50,000	8/21/2019	8/23/2019	8/18/2024	1.31%		1,193			2,675
	50,000	8/21/2019	8/23/2019	8/30/2024	1.32%		1,239			2,703
	75,000	8/21/2019	5/18/2020	5/18/2025	1.26%		3,273			5,225
	50,000	6/1/2018	1/31/2019	6/30/2025	2.88%		1,117			1,655
	25,000	12/6/2018	1/31/2020	6/30/2025	2.74%		608			909
	75,000	8/21/2019	5/18/2021	5/18/2026	1.29%		4,580			6,506
	125,000	11/3/2023	11/3/2023	11/18/2026	4.51%		(2,333	)		-
	50,000	3/17/2023	3/20/2023	3/18/2028	3.50%		268			-
	50,000	3/17/2023	3/20/2023	3/20/2028	3.49%		242			-
	85,000	12/31/2019	12/31/2019	12/31/2029	1.87%		7,788			9,511
	820,000						20,404			36,057
Matured interest rate swap at December 31, 2023:
$	100,000	4/7/2016	9/30/2016	3/31/2023	1.30%		-			824
						$	20,404		$	36,881

Derivative Instruments, Gain (Loss) Recognized

The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Net Unrealized Gain Recognized in Other Comprehensive Income (Loss)
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	5,870	$	52,714	$	15,904
	Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net
	2023		2022		2021
Interest rate derivatives in cash flow hedging    relationships	$	22,347	$	325	$	(11,390	)

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Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Information Pertaining to Share-based Compensation Issued

The following table sets forth information pertaining to the share-based compensation issued under the 2022 Incentive Plan, the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”):

	2022 Incentive Plan			2021 Incentive Plan			2020 Incentive Plan
Period common shares issued	First Quarter 2023			First Quarter 2022			First Quarter 2021
Common shares earned under each incentive plan		935,189			868,079			555,726
Common shares surrendered on issuance date to satisfy tax   withholding obligations		263,026			245,597			117,647
Common shares earned and issued under each incentive plan, net of   common shares surrendered on issuance date to satisfy   tax withholding obligations		672,163			622,482			438,079
Average of the high and low stock price on issuance date	$	16.70		$	17.79		$	14.03
Total share-based compensation earned, including the   surrendered shares (in millions)	$	15.6	(1)	$	15.4	(2)	$	7.8	(3)
Of the total common shares earned and issued, total common shares   unrestricted at time of issuance		360,176			338,032			160,216
Of the total common shares earned and issued, total common shares   restricted at time of issuance		311,987			284,450			277,863
Restricted common shares vesting date	December 8, 2023			December 9, 2022			December 10, 2021
Common shares surrendered on vesting date to satisfy tax   withholding requirements resulting from vesting of restricted   common shares		134,085			114,147			108,292

(1)Of the total 2022 share-based compensation, approximately $12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022, and the remaining $2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023.

(2)Of the total 2021 share-based compensation, approximately $12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021, and the remaining $2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022.

(3)Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021.

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Management and Franchise Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Contractors [Abstract]

Schedule of Hotel Properties Managed by Third Parties

Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2024):

Manager	Number of Hotels
LBAM-Investor Group, LLC (“LBA”)		33
Dimension Development Two, LLC (“Dimension”)		31
Crestline Hotels & Resorts, LLC (“Crestline”)		25
Raymond Management Company, Inc. (“Raymond”)		22
Hersha Hospitality Management L.P. (“HHM”)		19
Texas Western Management Partners, LP (“Western”)		16
MHH Management, LLC (“McKibbon”)		14
Marriott International, Inc. (“Marriott”)		13
Newport Hospitality Group, Inc. (“Newport”)		11
North Central Hospitality, LLC (“North Central”)		11
Chartwell Hospitality, LLC (“Chartwell”)		10
InnVentures IVI, LP (“InnVentures”)		9
Concord Hospitality Enterprises Company, LLC (“Concord”)		4
Huntington Hotel Group, LP (“Huntington”)		3
White Lodging Services Corporation (“White Lodging”)		3
Crescent Hotels & Resorts, LLC (“Crescent”)		1
Total		225

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Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Lessee Operating And Financing Leases [Abstract]

Schedule of Lease-related Assets and Liabilities

The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 and 2022. All dollar amounts are in thousands.

		December 31,
	Consolidated Balance Sheet Classification	2023		2022
Assets
Operating lease assets, net	Other assets, net	$	25,389	$	26,348
Finance ground lease assets, net (1)	Investment in real estate, net		86,992		90,030
Total lease assets		$	112,381	$	116,378
Liabilities
Operating lease liabilities	Accounts payable and other liabilities	$	11,447	$	11,849
Finance lease liabilities	Finance lease liabilities		111,892		112,006
Total lease liabilities		$	123,339	$	123,855
Weighted-average remaining lease term
Operating leases				36 years
Finance leases				30 years
Weighted-average discount rate
Operating leases				5.49%
Finance leases				5.31%

(1)Finance ground lease assets are net of accumulated amortization of approximately $15.1 million and $12.1 million as of December 31, 2023 and 2022, respectively.

Schedule of Lease Costs Related to Operating and Finance Ground Leases

The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2023 2022 and 2021 (in thousands):

		Year Ended December 31,
	Consolidated Statement of Operations Classification	2023		2022		2021
Operating lease costs (1)	Property taxes, insurance and other    expense	$	1,776	$	1,794	$	1,585
Finance lease costs:
Amortization of lease assets	Depreciation and amortization expense		3,038		3,038		5,178
Interest on lease liabilities	Interest and other expense, net		5,877		5,872		9,415
Total lease costs		$	10,691	$	10,704	$	16,178

(1)Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure.

Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities

The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 (in thousands):

	Operating Leases		Finance Leases
2024	$	1,088	$	6,174
2025		1,089		6,338
2026		889		6,500
2027		725		6,700
2028		713		6,879
Thereafter		29,634		216,675
Total minimum lease payments		34,138		249,266
Less: amount of lease payments representing    interest		22,691		137,374
Present value of lease liabilities	$	11,447	$	111,892

Supplemental Cash Flow Information related to Operating and Finance Leases

The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the    measurement of lease liabilities:
Operating cash flows for operating leases	$	1,106	$	1,166	$	1,109
Operating cash flows for finance leases		5,651		5,469		6,568
Financing cash flows for finance leases		340		173		24,045

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2023		2022			2021
Current:
Federal	$	-	$	(34	)	$	(15	)
State		1,135		1,974			483
Deferred:
Federal		-		-			-
State		-		-			-
Income tax expense	$	1,135	$	1,940		$	468

Schedule of Reconciliation Between the Provision For Income Taxes And Amounts Computed

Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands):
 

	Year Ended December 31,
	2023			2022			2021
Statutory federal tax expense	$	37,273		$	30,409		$	3,954
Federal tax impact of REIT election		(39,865	)		(27,261	)		4,934
Statutory federal tax expense (benefit) at TRS		(2,592	)		3,148			8,888
State income tax expense (benefit), net of federal tax benefit		897			1,559			382
Change in valuation allowance		2,830			(2,767	)		(8,802	)
Income tax expense	$	1,135		$	1,940		$	468

Schedule Of Characterization of Distributions

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2023, 2022 and 2021, distributions per share were characterized as follows (unaudited):

	Year Ended December 31,
	2023			2022			2021
Amount of distributions per share	$	1.01		$	0.76		$	0.04
Characterized as:
Ordinary income		97	%		100	%		100	%
Capital gain distributions		0	%		0	%		0	%
Return of capital		3	%		0	%		0	%

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Hotel Purchase Contract Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Text Block Supplement [Abstract]

Schedule of Purchase Contract Outstanding

The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of December 31, 2023. All dollar amounts are in thousands.

Location	Brands	Date of Purchase Contract	Rooms		Refundable Deposits		Gross Purchase Price
Madison, WI	Embassy Suites	7/27/2021		262	$	893	$	79,306
Nashville, TN	Motto	5/16/2023		260		1,058		98,183
				522	$	1,951	$	177,489

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Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property Room Hotel State Segment $ / shares	Dec. 31, 2022 USD ($) Property Hotel $ / shares	Dec. 31, 2021 USD ($) Property $ / shares
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Number of reportable segments | Segment	1
Number of hotels | Hotel	225
Aggregate number of hotel rooms | Room	29,900
Number of states in which hotels are located | State	38
Property, plant and equipment, cost capitalization	The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended.
Hotel property initial hold period	39 years
Impairment of real estate	$ 5,644	$ 26,175	$ 10,754
Number of real estate properties held for sale | Hotel	2	0
Number of units in real estate properties held for sale | Room	248
Common stock, dividends, per share, cash paid | $ / shares	$ 1.04	$ 0.61	$ 0.03
Amount of distributions per share | $ / shares	$ 1.01	$ 0.76	$ 0.04
Ordinary income	97.00%	100.00%	100.00%
Return of capital	3.00%	0.00%	0.00%
Provision for income taxes	$ 1,135	$ 1,940	$ 468
Real estate investment trust qualification description	To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT.
Real Estate Impairment Charges [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Number of real estate properties | Property	2	2	5
Impairment of real estate	$ 5,600	$ 26,200	$ 10,800
Building [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	39 years
Major Improvements [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	10 years
Maximum [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Percentage of revenue reserved for replacements	5.00%
Maximum [Member] | Franchise Fees [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	20 years
Maximum [Member] | Furniture and Fixtures [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	7 years
Minimum [Member] | Franchise Fees [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	10 years
Minimum [Member] | Furniture and Fixtures [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, plant and equipment, useful life	3 years

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Investment In Real Estate - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	$ 6,440,316	$ 6,103,059
Less accumulated depreciation and amortization	(1,662,942)	(1,492,097)	$ (1,311,262)
Investment in real estate, net	4,777,374	4,610,962
Land [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	828,868	802,625
Building and Improvements [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	4,917,105	4,656,343
Furniture, Fixtures and Equipment [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	571,026	522,082
Finance Ground Lease Assets [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	102,084	102,084
Franchise Fees [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	$ 21,233	$ 19,925

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Investment in Real Estate - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	May 31, 2023 Room	Oct. 31, 2022 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) Hotel Room	Mar. 31, 2021 USD ($) Hotel	Dec. 31, 2023 USD ($) Room Hotel State ParkingStructure	Dec. 31, 2022 USD ($) Hotel Room	Dec. 31, 2021 USD ($) Hotel
Investment In Real Estate [Line Items]
Number of hotels | Hotel						225
Aggregate number of hotel rooms | Room						29,900
Number of states in which hotels are located | State						38
Number of hotels held for sale | Hotel						2	0
Number of rooms held for sale | Room						248
Lessor, Operating Lease, Term of Contract	15 years
Loss on impairment of depreciable real estate assets						$ 5,644	$ 26,175	$ 10,754
Estimated fair market value of hotels				$ 4,610,962		4,777,374	4,610,962
Total revenue						1,343,800	1,238,417	933,869
Operating Income (Loss)						247,481	206,478	$ 87,044
Proceeds from term loans and senior notes		$ 50,000				50,000	175,000
Term loan facility, maximum borrowing capacity				$ 575,000			575,000
Minimum [Member]
Investment In Real Estate [Line Items]
Stabilized room revenue growth rates percentage				2.40%
Estimated discount rates percentage				7.50%
Maximum [Member]
Investment In Real Estate [Line Items]
Stabilized room revenue growth rates percentage				4.80%
Estimated discount rates percentage				9.00%
Hotel Sale Contracts and Loss on Impairment of Depreciable Real Estate Assets [Member]
Investment In Real Estate [Line Items]
Number of hotels | Hotel					20
Loss on impairment of depreciable real estate assets					$ 9,400	5,600	26,200
Real Estate Investment, Carrying Value				$ 47,200		17,400	47,200
Estimated fair market value of hotels				$ 21,000		$ 11,800	$ 21,000
Purchase, gross sales price			$ 211,000
Hotels Sold [Member]
Investment In Real Estate [Line Items]
Number of hotels | Hotel				1			1	23
Independent Boutique Hotel, New York [Member]
Investment In Real Estate [Line Items]
Number of hotel rooms under operating lease | Room	210
SpringHill Suites Overland Park, KS [Member] | Hotels Sold [Member]
Investment In Real Estate [Line Items]
Loss on impairment of depreciable real estate assets					1,300
Sale of Real Estate Assets, Gross Sales Price					$ 5,300
Hotel Acquisitions [Member]
Investment In Real Estate [Line Items]
Number of hotels | Hotel				2		6	2
Aggregate number of hotel rooms | Room				290		1,125	290
Number of parking structure purchased | ParkingStructure						1
Total revenue						$ 9,700	$ 2,400
Operating Income (Loss)						$ 1,600	$ 600

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Investment in Real Estate - Schedule of Hotel Acquisitions (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Room	Dec. 31, 2022 USD ($) Room
Real Estate Properties [Line Items]
Rooms		29,900
Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Rooms		1,125	290
Gross Purchase Price | $		$ 289,750	$ 85,000
Courtyard Cleveland, OH [Member]
Real Estate Properties [Line Items]
Rooms		154
Courtyard Cleveland, OH [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		Concord
Date Acquired		Jun. 30, 2023
Rooms		154
Gross Purchase Price | $		$ 31,000
Courtyard Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Rooms		175
Courtyard Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		North Central
Date Acquired		Oct. 11, 2023
Rooms		175
Gross Purchase Price | $		$ 48,110
Hyatt House Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Rooms		159
Hyatt House Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		North Central
Date Acquired		Oct. 11, 2023
Rooms		159
Gross Purchase Price | $		$ 34,250
Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager	[1]	North Central
Date Acquired	[1]	Oct. 11, 2023
Gross Purchase Price | $	[1]	$ 9,140
Residence Inn Renton, WA [Member]
Real Estate Properties [Line Items]
Rooms		146
Residence Inn Renton, WA [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		InnVentures
Date Acquired		Oct. 18, 2023
Rooms		146
Gross Purchase Price | $		$ 55,500
Embassy Suites South Jordan, UT [Member]
Real Estate Properties [Line Items]
Rooms		192
Embassy Suites South Jordan, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		HHM
Date Acquired		Nov. 21, 2023
Rooms		192
Gross Purchase Price | $		$ 36,750
SpringHill Suites Las Vegas, NV [Member]
Real Estate Properties [Line Items]
Rooms		299
SpringHill Suites Las Vegas, NV [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		Crescent
Date Acquired		Dec. 27, 2023
Rooms		299
Gross Purchase Price | $		$ 75,000
AC Hotels Louisville, KY [Member]
Real Estate Properties [Line Items]
Rooms		156
AC Hotels Louisville, KY [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager			Concord
Date Acquired			Oct. 25, 2022
Rooms			156
Gross Purchase Price | $			$ 51,000
AC Hotels Pittsburgh, PA [Member]
Real Estate Properties [Line Items]
Rooms		134
AC Hotels Pittsburgh, PA [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager			Concord
Date Acquired			Oct. 25, 2022
Rooms			134
Gross Purchase Price | $			$ 34,000

[1] This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.

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Assets Held for Sale and Dispositions - Additional Information (Details) $ in Thousands		12 Months Ended			36 Months Ended
	Jul. 22, 2021 USD ($) Hotel	Dec. 31, 2023 USD ($) Room Hotel	Dec. 31, 2022 USD ($) Hotel Room	Dec. 31, 2021 USD ($) Hotel Transaction	Dec. 31, 2023 USD ($) Room Hotel	Jun. 02, 2022 USD ($)	Mar. 31, 2021 Hotel	Dec. 31, 2020 USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel		225			225
Gain (Loss) on Disposition of Assets			$ 1,785	$ 3,596
Aggregate number of hotel rooms | Room		29,900			29,900
Revolving Credit Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity				$ 425,000				$ 425,000
Revolving Credit Facility [Member] | Prior to Refinancing [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity						$ 425,000
Hotels Sold [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel			1	23
Hotels Sold [Member] | 2023 Dispositions [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel		0			0
Hotels Sold [Member] | 2022 Dispositions [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel			1
Sale of Real Estate Assets, Gross Sales Price			$ 8,500
Gain (Loss) on Disposition of Assets			1,800
Real Estate Investment, Carrying Value			$ 6,500
Aggregate number of hotel rooms | Room			55
Hotels Sold [Member] | 2021 Dispositions [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel	20			23
Number of Transactions | Transaction				4
Sale of Real Estate Assets, Gross Sales Price				$ 234,600
Gain (Loss) on Disposition of Assets				3,600
Real Estate Investment, Carrying Value				227,200
Deferral taxable gain	$ 23,600
Assets Held for Sale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of Real Estate Assets, Gross Sales Price		$ 33,500
Deferral taxable gain		15,000
Hotels Sold [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating income (loss), excluding gain (loss) on sale of real estate		2,700	$ 2,500	$ 6,300
Number of real estate properties | Hotel					26
Hotel Sale Contracts and Loss on Impairment of Depreciable Real Estate Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotels | Hotel							20
Real Estate Investment, Carrying Value		$ 17,400	$ 47,200		$ 17,400
Hampton Rogers A R [Member] | Assets Held for Sale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Aggregate number of hotel rooms | Room		122			122
Homewood Suites Rogers A R [Member] | Assets Held for Sale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Aggregate number of hotel rooms | Room		126			126

XML

Assets Held for Sale and Dispositions - Schedule of Hotels Sold (Details)	12 Months Ended
	Dec. 31, 2021 Room
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Rooms	2,493
Homewood Suites Charlotte, NC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Feb. 25, 2021
Rooms	118
Homewood Suites Memphis, TN [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Mar. 16, 2021
Rooms	140
SpringHill Suites Overland Park, KS [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Apr. 30, 2021
Rooms	102
Hilton Garden Inn Montgomery,AL [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	97
Homewood Suites Montgomery, AL [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	91
Residence Inn Rogers, AR [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	88
Courtyard Phoenix, AZ [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	127
Courtyard Lakeland, FL [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	78
Fairfield Albany, GA [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	87
Hilton Garden Inn Schaumburg, IL [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	166
SpringHill Suites Andover, MA [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	136
Residence Inn Fayetteville, NC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	92
Residence Inn Greenville, SC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	78
Hampton Jackson, TN [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	85
Courtyard Johnson City, TN [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	90
Hampton Allen, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	103
Hilton Garden Inn Allen, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	150
Residence Inn Beaumont, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	133
Hampton Burleson/FortWorth, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	88
Hilton Garden Inn El Paso, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	145
Homewood Suites Irving, TX [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	77
SpringHill Suites Richmond, VA [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	103
SpringHill Suites Vancouver, WA [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Date Sold	Jul. 22, 2021
Rooms	119

XML

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term loans and senior notes, net	$ 1,088,904	$ 1,037,384
Mortgage debt, net	282,590	328,865
Debt, net	$ 1,371,494	$ 1,366,249

XML

Debt - Schedule of Future Minimum Debt Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 113,597
2025	295,140
2026	74,649
2027	278,602
2028	334,066
Thereafter	281,948
Debt, gross	1,378,002	$ 1,374,215
Unamortized fair value adjustment of assumed debt	526
Unamortized debt issuance costs	(7,034)
Debt, net	$ 1,371,494	$ 1,366,249

XML

Debt - Schedule of Total Fixed-Rate and Variable Rate Debt (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Fixed-rate debt	[1]	$ 1,228,002	$ 1,149,215
Variable-rate debt		150,000	225,000
Debt, gross		$ 1,378,002	$ 1,374,215
Weighted-average interest rate of debt		4.26%	3.93%
Fixed-rate debt, Percentage	[1]	89.00%	84.00%
Variable-rate debt, Percentage		11.00%	16.00%

[1] Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.

XML

Debt - Additional Information (Details)						1 Months Ended	12 Months Ended			17 Months Ended
		Jul. 19, 2023 USD ($)	Dec. 31, 2019 USD ($) Loan	Jan. 29, 2019 USD ($)	Jul. 25, 2017 USD ($) Loan	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) Hotel_Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jan. 17, 2023 USD ($)	Oct. 24, 2022 USD ($)	Jul. 25, 2022 USD ($)	Jun. 02, 2022 USD ($)	Dec. 31, 2020 USD ($)	Mar. 16, 2020 USD ($)	Aug. 02, 2018 USD ($)
Debt Details [Line Items]
Term loan facility, maximum borrowing capacity								$ 575,000,000
Debt instrument, description of variable rate basis							plus a 0.10% SOFR spread adjustment
Proceeds from term loans and senior notes						$ 50,000,000	$ 50,000,000	175,000,000
Outstanding debt							1,378,002,000	1,374,215,000		$ 1,378,002,000
Amortization of debt discount (premium)							(300,000)	(200,000)	$ (600,000)
Amortization of debt issuance costs							3,600,000	4,000,000	4,200,000
Interest costs capitalized							$ 1,500,000	$ 1,300,000	300,000
SOFR spread adjustment rate							0.10%			0.10%
2017 $85 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Number of term loans | Loan					1
Debt instrument, face amount					$ 85,000,000		$ 85,000,000			$ 85,000,000
Debt instrument, maturity date					Jul. 25, 2024
Debt instrument, description of variable rate basis							one-month SOFR plus a 0.10% SOFR spread adjustment
SOFR spread adjustment rate							0.10%			0.10%
2019 $85 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Number of term loans | Loan			1
Debt instrument, face amount			$ 85,000,000				$ 85,000,000			$ 85,000,000
Debt instrument, maturity date			Dec. 31, 2029
Debt instrument, description of variable rate basis							one-month SOFR plus a 0.10% SOFR spread adjustment
SOFR spread adjustment rate							0.10%			0.10%
$50 Million Senior Notes [Member]
Debt Details [Line Items]
Debt instrument, face amount							$ 50,000,000			$ 50,000,000						$ 50,000,000
Debt instrument, maturity date							Mar. 31, 2030
$75 Million Senior Notes [Member]
Debt Details [Line Items]
Debt instrument, face amount							$ 75,000,000			75,000,000				$ 75,000,000
Debt instrument, maturity date							Jun. 02, 2029
Mortgage Debt [Member]
Debt Details [Line Items]
Debt instrument, maturity date, description							maturity dates ranging from August 2024 to May 2038
Outstanding debt							$ 283,000,000			283,000,000
Number of hotel properties used to secure debt | Hotel_Property							15
575 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity							$ 575,000,000			575,000,000
$225 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Term loan facility, maximum borrowing capacity		$ 225,000,000					$ 225,000,000			$ 225,000,000							$ 225,000,000
Debt instrument, description of variable rate basis							one-month SOFR plus a 0.10% SOFR spread adjustment
SOFR spread adjustment rate							0.10%			0.10%
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member]
Debt Details [Line Items]
Debt instrument, face amount		$ 50,000,000															50,000,000
Debt instrument, maturity date							Aug. 02, 2023
Date of amended and restated credit facility							Aug. 02, 2018
Debt instrument extended maturity date		Aug. 02, 2025
Debt instrument extended maturity date term		2 years
$225 Million Unsecured Term Loan Facility [Member] | $175 Million Unsecured Term Loan [Member]
Debt Details [Line Items]
Debt instrument, face amount																	$ 100,000,000
Debt instrument, maturity date							Aug. 02, 2025
Total borrowing capacity under term loan							$ 175,000,000			$ 175,000,000
Proceeds from term loans and senior notes				$ 75,000,000
Debt instrument, description							$100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”)
Credit Facilities [Member]
Debt Details [Line Items]
Line of credit facility, covenant terms										Credit Facilities CovenantsThe credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements):•A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00;•A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%;•A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment;•A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters;•A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters;•A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and•A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%.The Company was in compliance with the applicable covenants at December 31, 2023.
Unsecured Credit Facility [Member]
Debt Details [Line Items]
Minimum consolidated tangible net worth							$ 3,400,000,000			$ 3,400,000,000
Percentage of net cash proceeds from issuances and sales of equity interests							75.00%			75.00%
$1.2 Billion Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity							$ 1,200,000,000			$ 1,200,000,000			$ 1,200,000,000
Debt instrument, description of variable rate basis							one-month SOFR plus a 0.10% SOFR spread adjustment
SOFR spread adjustment rate							0.10%			0.10%
$1.2 Billion Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity							$ 650,000,000			$ 650,000,000
Line of credit facility, remaining borrowing capacity							$ 650,000,000			650,000,000
Debt instrument extended maturity date							Jul. 25, 2026
$1.2 Billion Credit Facility [Member] | $275 Million Term Loan Facility [Member]
Debt Details [Line Items]
Debt instrument, face amount							$ 275,000,000			275,000,000
Debt instrument extended maturity date							Jul. 25, 2027
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member]
Debt Details [Line Items]
Term loan facility, maximum borrowing capacity							$ 300,000,000			$ 300,000,000
Debt instrument extended maturity date							Jan. 31, 2028
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Delayed Draw Term Loan [Member]
Debt Details [Line Items]
Debt instrument, description							$150 million delayed draw option until 180 days from closing), of which $200 million was funded at closing
Term loan facility, remaining available capacity													150,000,000
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At Closing [Member]
Debt Details [Line Items]
Debt instrument, face amount													$ 200,000,000
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loans Funded On October Twenty Four Two Thousand Twenty Two [Member]
Debt Details [Line Items]
Debt instrument, face amount												$ 50,000,000
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At January Seventeen Two Thousand Twenty Three [Member]
Debt Details [Line Items]
Debt instrument, face amount											$ 50,000,000
Revolving Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity									$ 425,000,000						$ 425,000,000
Debt instrument, maturity date	[1]						Jul. 25, 2026
SOFR spread adjustment rate	[1]						0.10%			0.10%
Revolving Credit Facility [Member] | Prior to Refinancing [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity														$ 425,000,000
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity			$ 425,000,000
Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							1.30%
Minimum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							1.70%
Minimum [Member] | $50 Million Senior Notes [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							3.60%			3.60%
Minimum [Member] | $75 Million Senior Notes [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							4.88%			4.88%
Minimum [Member] | Mortgage Debt [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							3.40%			3.40%
Effective interest rates							3.40%			3.40%
Minimum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							1.35%
Minimum [Member] | Unsecured Credit Facility [Member]
Debt Details [Line Items]
Ratio of adjusted consolidated EBITDA to consolidated fixed charges							1.5			1.5
Ratio of unencumbered adjusted NOI to consolidated implied interest expense							2			2
Minimum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							1.35%
Minimum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, unused capacity, commitment fee percentage							0.20%
Minimum [Member] | Revolving Credit Facility [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate	[1]						1.40%
Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							2.10%
Maximum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							2.55%
Maximum [Member] | $50 Million Senior Notes [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							4.35%			4.35%
Maximum [Member] | $75 Million Senior Notes [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							5.63%			5.63%
Maximum [Member] | Mortgage Debt [Member]
Debt Details [Line Items]
Note payable, fixed annual interest rate							4.46%			4.46%
Effective interest rates							4.37%			4.37%
Maximum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							2.50%
Maximum [Member] | Unsecured Credit Facility [Member]
Debt Details [Line Items]
Ratio of consolidated total indebtedness to consolidated EBITDA							7.25			7.25
Ratio of consolidated secured indebtedness to consolidated total assets							45.00%			45.00%
Ratio of un secured indebtedness to unencumbered asset value ("Maximum Unsecured Leverage Ratio")							60.00%			60.00%
Ratio of secured recourse indebtedness to consolidated total assets							10.00%			10.00%
Maximum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate							2.25%
Maximum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, unused capacity, commitment fee percentage							0.25%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Details [Line Items]
Debt instrument, basis spread on variable rate	[1]						2.25%

[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $3.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

XML

Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance		$ 1,378,002	$ 1,374,215
Unamortized debt issuance costs		(7,034)
Term loans and senior notes, net		1,088,904	1,037,384
Credit facilities, net		$ 1,371,494	$ 1,366,249
Weighted-average interest rate		4.26%	3.93%
SOFR spread adjustment rate		0.10%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Description	[1]	SOFR + 0.10% + 1.40% - 2.25%
Maturity Date	[1]	Jul. 25, 2026
SOFR spread adjustment rate	[1]	0.10%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	[1]	1.40%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	[1]	2.25%
Million275 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date		Jul. 25, 2027
Outstanding Balance		$ 275,000	$ 275,000
SOFR spread adjustment rate		0.10%
Million275 Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
Million275 Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
Million300 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date		Jan. 31, 2028
Outstanding Balance		$ 300,000	250,000
SOFR spread adjustment rate		0.10%
Million300 Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
Million300 Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
$50 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date	[2]	Aug. 02, 2025
Outstanding Balance		$ 50,000	50,000
SOFR spread adjustment rate		0.10%
$50 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
$50 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
$175 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.65% - 2.50%
Maturity Date		Aug. 02, 2025
Outstanding Balance		$ 175,000	175,000
SOFR spread adjustment rate		0.10%
$175 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.65%
$175 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.50%
2017 $85 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.30% - 2.10%
Maturity Date		Jul. 25, 2024
Outstanding Balance		$ 85,000	85,000
SOFR spread adjustment rate		0.10%
2017 $85 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.30%
2017 $85 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.10%
2019 $85 Million Unsecured Term Loan Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.70% - 2.55%
Maturity Date		Dec. 31, 2029
Outstanding Balance		$ 85,000	85,000
SOFR spread adjustment rate		0.10%
2019 $85 Million Unsecured Term Loan Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.70%
2019 $85 Million Unsecured Term Loan Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.55%
$50 Million Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Description		3.60% - 4.35%
Maturity Date		Mar. 31, 2030
Outstanding Balance		$ 50,000	50,000
$50 Million Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate		3.60%
$50 Million Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate		4.35%
$75 Million Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Description		4.88% - 5.63%
Maturity Date		Jun. 02, 2029
Outstanding Balance		$ 75,000	75,000
$75 Million Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate		4.88%
$75 Million Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate		5.63%
Term Loans and Senior Loans, Net [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 1,095,000	1,045,000
Unamortized debt issuance costs		(6,096)	(7,616)
Term loans and senior notes, net		1,088,904	1,037,384
Credit Facilities, Net [Member]
Debt Instrument [Line Items]
Credit facilities, net	[1]	$ 1,088,904	$ 1,037,384
Weighted-average interest rate	[3]	4.35%	3.92%

[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $3.5 million and $4.8 million as of December 31, 2023 and December 31, 2022, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

[2] On July 19, 2023, the Company entered into an amendment of its $225 million term loan facility, which extended the maturity date of the existing $50 million term loan by two years to August 2, 2025.

[3] Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $820.0 million and $695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35% and 4.36%, respectively.

XML

Debt - Schedule of Unsecured Credit Facilities (Parentheticals) (Details) - USD ($) $ in Thousands	Jul. 19, 2023	Dec. 31, 2023	Dec. 31, 2022	Aug. 02, 2018
Debt Details [Line Items]
Debt issuance costs, net		$ 7,034
Term loan facility, maximum borrowing capacity			$ 575,000
Secured Overnight Financing Rate (SOFR) [Member]
Debt Details [Line Items]
Debt Instrument, Basis of Variable Rate		5.35%	4.36%
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member]
Debt Details [Line Items]
Derivative, notional amount		$ 820,000	$ 695,000
Revolving Credit Facilities [Member]
Debt Details [Line Items]
Debt issuance costs, net		3,500	$ 4,800
$225 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Term loan facility, maximum borrowing capacity	$ 225,000	$ 225,000		$ 225,000
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member]
Debt Details [Line Items]
Debt instrument, face amount	$ 50,000			$ 50,000
Debt instrument extended maturity date term	2 years
Debt instrument extended maturity date	Aug. 02, 2025

XML

Debt - Schedule of Mortgage Debt Obligations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance		$ 1,378,002	$ 1,374,215
Unamortized fair value adjustment of assumed debt		526
Unamortized debt issuance costs		(7,034)
Total		$ 282,590	328,865
Homewood Suites Huntsville, AL [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.12%
Loan Assumption or Origination Date		Mar. 01, 2014
Note payable, principal assumed or originated	[2]	$ 8,306
Outstanding Balance	[2]		6,193
Courtyard Prattville, AL [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.12%
Loan Assumption or Origination Date		Mar. 01, 2014
Note payable, principal assumed or originated	[2]	$ 6,596
Outstanding Balance	[2]		4,918
Residence Inn San Diego, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.97%
Loan Assumption or Origination Date		Mar. 01, 2014
Note payable, principal assumed or originated	[3]	$ 18,600
Outstanding Balance	[3]		13,827
Homewood Suites Miami, FL [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.02%
Loan Assumption or Origination Date		Mar. 01, 2014
Note payable, principal assumed or originated	[4]	$ 16,677
Outstanding Balance	[4]		12,440
Homewood Suites New Orleans, LA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.36%
Loan Assumption or Origination Date		Jul. 17, 2014
Maturity Date		Aug. 11, 2024
Note payable, principal assumed or originated		$ 27,000
Outstanding Balance		$ 20,304	21,161
Residence Inn Westford, MA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Mar. 18, 2015
Maturity Date		Apr. 11, 2025
Note payable, principal assumed or originated		$ 10,000
Outstanding Balance		$ 7,713	8,024
Hilton Garden Inn Denver, CO [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.46%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Jun. 11, 2025
Note payable, principal assumed or originated		$ 34,118
Outstanding Balance		$ 27,337	28,400
Courtyard Oceanside, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Oct. 01, 2025
Note payable, principal assumed or originated		$ 13,655
Outstanding Balance		$ 11,707	12,019
Hilton Garden Inn Omaha, NE [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Oct. 01, 2025
Note payable, principal assumed or originated		$ 22,681
Outstanding Balance		$ 19,445	19,963
Hampton Boise, ID [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.37%
Loan Assumption or Origination Date		May 26, 2016
Maturity Date		Jun. 11, 2026
Note payable, principal assumed or originated		$ 24,000
Outstanding Balance		$ 20,685	21,194
Courtyard Burbank, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 25,564
Outstanding Balance		$ 20,526	21,326
Courtyard San Diego, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 25,473
Outstanding Balance		$ 20,453	21,250
Hampton San Diego, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 18,963
Outstanding Balance		$ 15,226	15,819
SpringHill Suites Burbank, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.94%
Loan Assumption or Origination Date		Mar. 09, 2018
Maturity Date		Apr. 01, 2028
Note payable, principal assumed or originated		$ 28,470
Outstanding Balance		$ 24,237	25,057
Courtyard Santa Ana, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.94%
Loan Assumption or Origination Date		Mar. 09, 2018
Maturity Date		Apr. 01, 2028
Note payable, principal assumed or originated		$ 15,530
Outstanding Balance		$ 13,221	13,668
Courtyard Richmond, VA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.40%
Loan Assumption or Origination Date		Feb. 12, 2020
Maturity Date		Mar. 11, 2030
Note payable, principal assumed or originated		$ 14,950
Outstanding Balance		$ 13,832	14,144
Residence Inn Richmond, VA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.40%
Loan Assumption or Origination Date		Feb. 12, 2020
Maturity Date		Mar. 11, 2030
Note payable, principal assumed or originated		$ 14,950
Outstanding Balance		$ 13,832	14,144
Residence Inn Portland, ME [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.43%
Loan Assumption or Origination Date		Mar. 02, 2020
Maturity Date		Mar. 01, 2032
Note payable, principal assumed or originated		$ 33,500
Outstanding Balance		$ 30,500	30,500
Homewood Suites San Jose, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.22%
Loan Assumption or Origination Date		Dec. 22, 2017
Maturity Date		May 01, 2038
Note payable, principal assumed or originated		$ 30,000
Outstanding Balance		23,984	25,168
Aggregate Properties [Member]
Debt Instrument [Line Items]
Note payable, principal assumed or originated		389,033
Outstanding Balance		283,002	329,215
Unamortized fair value adjustment of assumed debt		526	819
Unamortized debt issuance costs		$ (938)	$ (1,169)

[1] Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.

[2] Loan was repaid in full on February 6, 2023.

[3] Loan was repaid in full on March 6, 2023.

[4] Loan was repaid in full on January 3, 2023.

XML

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Derivative_Instrument	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments [Line Items]
Long-term debt, carrying value	$ 1,371,494	$ 1,366,249
Long-term debt, fair value	1,300,000	$ 1,300,000
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 15,800
Secured Overnight Financing Rate (SOFR) [Member]
Fair Value of Financial Instruments [Line Items]
Variable Rate	0.10%
Interest Rate, Description	one-month SOFR plus a 0.10% SOFR spread adjustment
Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments [Line Items]
Number of interest rate swap agreements | Derivative_Instrument	14

XML

Fair Value of Financial Instruments - Schedule of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Fair value asset (liability)	$ 20,404	$ 36,881
Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	820,000
Fair value asset (liability)	20,404	36,057
Interest Rate Swap #1 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Dec. 07, 2018
Effective Date	May 18, 2020
Maturity date	Jan. 31, 2024
Swap fixed interest rate	2.71%
Fair value asset (liability)	$ 114	1,163
Interest Rate Swap #2 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	May 31, 2017
Effective Date	Jul. 31, 2017
Maturity date	Jun. 30, 2024
Swap fixed interest rate	1.95%
Fair value asset (liability)	$ 1,202	3,026
Interest Rate Swap #3 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 10,000
Origination Date	Aug. 10, 2017
Effective Date	Aug. 10, 2017
Maturity date	Jun. 30, 2024
Swap fixed interest rate	2.02%
Fair value asset (liability)	$ 157	386
Interest Rate Swap #4 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Jul. 02, 2019
Effective Date	Jul. 05, 2019
Maturity date	Jul. 18, 2024
Swap fixed interest rate	1.64%
Fair value asset (liability)	$ 956	2,298
Interest Rate Swap #5 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Aug. 21, 2019
Effective Date	Aug. 23, 2019
Maturity date	Aug. 18, 2024
Swap fixed interest rate	1.31%
Fair value asset (liability)	$ 1,193	2,675
Interest Rate Swap #6 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Aug. 21, 2019
Effective Date	Aug. 23, 2019
Maturity date	Aug. 30, 2024
Swap fixed interest rate	1.32%
Fair value asset (liability)	$ 1,239	2,703
Interest Rate Swap #7 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	Aug. 21, 2019
Effective Date	May 18, 2020
Maturity date	May 18, 2025
Swap fixed interest rate	1.26%
Fair value asset (liability)	$ 3,273	5,225
Interest Rate Swap #8 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Jun. 01, 2018
Effective Date	Jan. 31, 2019
Maturity date	Jun. 30, 2025
Swap fixed interest rate	2.88%
Fair value asset (liability)	$ 1,117	1,655
Interest Rate Swap #9 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 25,000
Origination Date	Dec. 06, 2018
Effective Date	Jan. 31, 2020
Maturity date	Jun. 30, 2025
Swap fixed interest rate	2.74%
Fair value asset (liability)	$ 608	909
Interest Rate Swap #10 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	Aug. 21, 2019
Effective Date	May 18, 2021
Maturity date	May 18, 2026
Swap fixed interest rate	1.29%
Fair value asset (liability)	$ 4,580	6,506
Interest Rate Swap #11 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 125,000
Origination Date	Nov. 03, 2023
Effective Date	Nov. 03, 2023
Maturity date	Nov. 18, 2026
Swap fixed interest rate	4.51%
Fair value asset (liability)	$ (2,333)
Interest Rate Swap #12 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Mar. 17, 2023
Effective Date	Mar. 20, 2023
Maturity date	Mar. 18, 2028
Swap fixed interest rate	3.50%
Fair value asset (liability)	$ 268
Interest Rate Swap #13 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Mar. 17, 2023
Effective Date	Mar. 20, 2023
Maturity date	Mar. 20, 2028
Swap fixed interest rate	3.49%
Fair value asset (liability)	$ 242
Interest Rate Swap #14 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 85,000
Origination Date	Dec. 31, 2019
Effective Date	Dec. 31, 2019
Maturity date	Dec. 31, 2029
Swap fixed interest rate	1.87%
Fair value asset (liability)	$ 7,788	9,511
Interest Rate Swap #15 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 100,000
Origination Date	Apr. 07, 2016
Effective Date	Sep. 30, 2016
Maturity date	Mar. 31, 2023
Swap fixed interest rate	1.30%
Fair value asset (liability)		$ 824

XML

Fair Value of Financial Instruments - Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments Gain Loss Recognized [Abstract]
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$ 5,870	$ 52,714	$ 15,904
Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net	$ (22,347)	$ 325	$ (11,390)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net

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Related Parties - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Aircraft Owned by Executive Officers [Member] | General and Administrative Expenses [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	$ 100,000	$ 100,000	$ 100,000
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	1,200,000	1,000,000	$ 800,000
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | Apple Realty Group, Inc. [Member]
Related Parties Details [Line Items]
Other Receivables	$ 500,000	$ 400,000
Cost Sharing Arrangement [Member]
Related Parties Details [Line Items]
Related party transaction, Description of transaction	To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies.
Cost Sharing Arrangement [Member] | Maximum [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	$ 1,000,000

XML

Shareholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 12, 2020
Shareholders Equity Details [Line Items]
Common stock, dividends, per share, cash paid	$ 1.04	$ 0.61	$ 0.03
Payments of ordinary dividends, common stock	$ 238,283,000	$ 139,467,000	$ 6,797,000
Accrued distribution	$ 31,397,000	$ 36,551,000	$ 2,281,000
Cash distribution declared	$ 0.08	$ 0.08
Commissions and issuance costs		$ 300,000
Proceeds from issuance of common stock, net of commissions	$ 216,000,000
Stock repurchase program, extended term	1 year
Stock repurchase program, authorized amount	$ 338,700,000
Share repurchase program, end period	2024-07
Number of shares repurchased	500,000
Stock repurchased value per share	$ 14.34
Stock repurchased value	$ 6,880,000	$ 2,675,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Stock repurchase program, remaining available for repurchase	$ 335,400,000
Cash distribution, date to be paid	Jan. 31, 2024
Special One-time Distribution [Member]
Shareholders Equity Details [Line Items]
Cash distribution declared	$ 0.05	$ 0.08
Combined Distribution [Member]
Shareholders Equity Details [Line Items]
Cash distribution declared	$ 0.13	$ 0.16
ATM Program Executed August 12, 2020 [Member]
Shareholders Equity Details [Line Items]
Stock issuance program, authorized amount				$ 300,000,000
Issuance of common shares, net (in Shares)	12,800,000	0
Shares issued weighted average market sales price per share (in dollars per share)	$ 17.05
Proceeds from issuance of common stock, gross	$ 218,600,000
Commissions and issuance costs	2,600,000
Stock issuance program, available for issuance	$ 5,300,000

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Compensation Plans - Additional Information (Details)		3 Months Ended	12 Months Ended
	Apr. 01, 2020 USD ($) Officer shares	Mar. 31, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
New Officer Share-based Payment Arrangement [Member]
Compensation Plans Details [Line Items]
Number of new officers | Officer	5
Share based compensation, net (in Shares) | shares	200,000
Total share-based compensation earned, including the surrendered shares (in millions)	$ 1,800,000
Restricted common shares vesting date	Mar. 31, 2023
Restriction period	3 years
Share-based compensation expense			$ 100,000	$ 600,000	$ 600,000
Common shares surrendered on issuance date to satisfy tax withholding obligations | shares		83,000
2014 Omnibus Incentive Plan [Member]
Compensation Plans Details [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | shares			10,000,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) | shares			6,600,000
2021 Executive Management Incentive Plan [Member]
Compensation Plans Details [Line Items]
Accrued liability for potential executive bonus payments					18,500,000
2021 Executive Management Incentive Plan [Member] | Share Based Compensation [Member]
Compensation Plans Details [Line Items]
Accrued bonuses share based compensation current					12,900,000
2022 Executive Management Incentive Plan [Member]
Compensation Plans Details [Line Items]
Accrued liability for potential executive bonus payments				18,100,000
2022 Executive Management Incentive Plan [Member] | Share Based Compensation [Member]
Compensation Plans Details [Line Items]
Accrued bonuses share based compensation current				12,500,000
2023 Executive Management Incentive Plan [Member]
Compensation Plans Details [Line Items]
Incentive compensation, description			one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target was based on shareholder return relative to a peer group and 25% was based on total shareholder return metrics over one-year, two-year, and three-year periods.
Operational performance metrics accounted for total target incentive compensation, percentage			50.00%
Percentage of relative shareholder return metrics on shareholder return metrics			75.00%
Percentage of total shareholder return metrics on shareholder return metrics			25.00%
Operational performance goals and metrics percentage of the target based on modified funds			25.00%
Percentage of operational performance goals based on revenue			25.00%
Percentage of operational performance goals on target operating performance metrics			50.00%
Shareholder return metrics accounted for total target incentive compensation, percentage			50.00%
Accrued liability for potential executive bonus payments			$ 20,900,000
Share-based compensation, subject to vesting			$ 3,300,000
Portion of awards paid in cash			25.00%
Portion of awards issued in equity			75.00%
2023 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Minimum [Member]
Compensation Plans Details [Line Items]
Labor and related expense			$ 0
2023 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Maximum [Member]
Compensation Plans Details [Line Items]
Labor and related expense			$ 27,100,000
2023 Executive Management Incentive Plan [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Compensation Plans Details [Line Items]
Share-based compensation arrangement, vesting description			two-thirds
2023 Executive Management Incentive Plan [Member] | Restricted Stock Vesting on December 13, 2024 [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Compensation Plans Details [Line Items]
Share-based compensation arrangement, vesting description			one-third
Non-Employee Director Deferral Program Effective June 1, 2018 [Member]
Compensation Plans Details [Line Items]
Deferred compensation arrangement with individual, compensation expense			$ 200,000	$ 300,000	$ 400,000
Share-based compensation arrangement by share-based payment award, shares deferred (in shares) | shares			76,000	85,000
Share-based compensation arrangement by share-based payment award, shares deferred weighted average grant date fair value (in dollars per share) | $ / shares			$ 15.48	$ 15.20
Deferred Compensation Equity			$ 1,200,000	$ 1,300,000

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Compensation Plans - Information Pertaining to Share-based Compensation Issued (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares			134,085
Share Based Compensation [Member] | 2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period common shares issued					First Quarter 2021
Common shares earned under each incentive plan					555,726
Common shares surrendered on issuance date to satisfy tax withholding obligations					117,647
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations					438,079
Average of the high and low stock price on issuance date				$ 14.03
Total share-based compensation earned, including the surrendered shares (in millions)	[1]				$ 7.8
Of the total common shares earned and issued, total common shares unrestricted at time of issuance					160,216
Of the total common shares earned and issued, total common shares restricted at time of issuance					277,863
Restricted common shares vesting date		Dec. 10, 2021
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares					108,292
Share Based Compensation [Member] | 2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period common shares issued				First Quarter 2022
Common shares earned under each incentive plan				868,079
Common shares surrendered on issuance date to satisfy tax withholding obligations				245,597
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations				622,482
Average of the high and low stock price on issuance date				$ 17.79
Total share-based compensation earned, including the surrendered shares (in millions)	[2]			$ 15.4
Of the total common shares earned and issued, total common shares unrestricted at time of issuance				338,032
Of the total common shares earned and issued, total common shares restricted at time of issuance				284,450
Restricted common shares vesting date				Dec. 09, 2022
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares				114,147
Share Based Compensation [Member] | 2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period common shares issued			First Quarter 2023
Common shares earned under each incentive plan			935,189
Common shares surrendered on issuance date to satisfy tax withholding obligations			263,026
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations			672,163
Average of the high and low stock price on issuance date			$ 16.70
Total share-based compensation earned, including the surrendered shares (in millions)	[3]		$ 15.6
Of the total common shares earned and issued, total common shares unrestricted at time of issuance			360,176
Of the total common shares earned and issued, total common shares restricted at time of issuance			311,987
Restricted common shares vesting date			Dec. 08, 2023

[1] Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021.

[2] Of the total 2021 share-based compensation, approximately $12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021, and the remaining $2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022.

[3] Of the total 2022 share-based compensation, approximately $12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022, and the remaining $2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023.

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Compensation Plans - Information Pertaining to Share-based Compensation Issued (Parenthetical) (Details) - Share Based Compensation [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			$ 1.9
2021 Executive Management Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation recorded as expense included in accounts payable and other liabilities			12.9
2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense		$ 2.5	$ 12.9
2022 Executive Management Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation recorded as expense included in accounts payable and other liabilities		12.5
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation recorded as expense included in accounts payable and other liabilities		$ 12.5
Share-based compensation expense	$ 2.6

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Management and Franchise Agreements - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management And Franchise Agreements Details [Line Items]
Number of hotels | Hotel	225
Percentage of hotels operate under variable management fee agreement	85.00%
Cost of goods and services sold | $	$ 780,725	$ 710,481	$ 542,178
Number of hotels operated by manager | Hotel	225
Marriott [Member]
Management And Franchise Agreements Details [Line Items]
Number of hotels operated by manager | Hotel	13
Management Service [Member]
Management And Franchise Agreements Details [Line Items]
Cost of goods and services sold | $	$ 44,253	41,830	31,390
Royalty [Member]
Management And Franchise Agreements Details [Line Items]
Cost of goods and services sold | $	$ 59,315	$ 53,901	$ 40,949
Minimum [Member]
Management And Franchise Agreements Details [Line Items]
Management agreement, initial term	1 year
Management agreement average initial term	1 year
Franchise agreement, initial term	10 years
Maximum [Member]
Management And Franchise Agreements Details [Line Items]
Management agreement, initial term	30 years
Management agreement average initial term	2 years
Franchise agreement, initial term	30 years
Variable Management Fee Structure [Member]
Management And Franchise Agreements Details [Line Items]
Management agreement, description	As of December 31, 2023, approximately 85% of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure
Hotel management fee, percentage		3.00%	3.00%
Variable Management Fee Structure [Member] | Minimum [Member]
Management And Franchise Agreements Details [Line Items]
Hotel management fee, percentage	2.50%
Variable Management Fee Structure [Member] | Maximum [Member]
Management And Franchise Agreements Details [Line Items]
Hotel management fee, percentage	3.50%

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Management and Franchise Agreements - Management and Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2023 Hotel
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	225
LBA [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	33
Dimension [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	31
Crestline [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	25
Raymond [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	22
HHM[Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	19
Western [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	16
McKibbon [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	14
Marriott [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	13
Newport [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	11
North Central [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	11
Chartwell [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	10
InnVentures [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	9
Concord[Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	4
Huntington [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	3
White Lodging [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	3
Crescent [Member]
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items]
Number of Hotels Operated by Manager	1

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Lease Commitments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Lease Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease Commitments Details [Line Items]
Shareholders equity | $	$ 3,323,981	$ 3,178,395	$ 3,147,321	$ 3,029,347
Hotel Ground Lease [Member]
Lease Commitments Details [Line Items]
Number of properties subject to ground leases | Property	14
Number of leases classified as finance leases | Lease	5
Hotel Ground Lease [Member] | Minimum [Member]
Lease Commitments Details [Line Items]
Lessee, lease term of contract	15 years
Parking Lot Ground Lease [Member]
Lease Commitments Details [Line Items]
Number of properties subject to ground leases | Property	3
Hotel and Parking Lot Ground Leases [Member]
Lease Commitments Details [Line Items]
Number of leases classified as operating leases | Lease	12
Hotel and Parking Lot Ground Leases [Member] | Minimum [Member]
Lease Commitments Details [Line Items]
Lessee, lease renewal term	5 years
Hotel and Parking Lot Ground Leases [Member] | Maximum [Member]
Lease Commitments Details [Line Items]
Lessee, lease term of contract	95 years
Lessee, lease renewal term	120 years

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Lease Commitments - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets, net		$ 25,389	$ 26,348
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets, net	Other assets, net
Finance lease net right-of-use asset	[1]	$ 86,992	$ 90,030
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively	Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively
Total lease assets		$ 112,381	$ 116,378
Liabilities
Operating lease liabilities		$ 11,447	$ 11,849
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts payable and other liabilities	Accounts payable and other liabilities
Finance lease liabilities		$ 111,892	$ 112,006
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Finance lease liabilities	Finance lease liabilities
Total lease liabilities		$ 123,339	$ 123,855
Weighted-average remaining lease term
Operating leases		36 years
Finance leases		30 years
Weighted-average discount rate
Operating leases		5.49%
Finance leases		5.31%

[1] Finance ground lease assets are net of accumulated amortization of approximately $15.1 million and $12.1 million as of December 31, 2023 and 2022, respectively

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Lease Commitments - Schedule of Lease-related Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Commitments Details [Line Items]
Real estate investment property, accumulated depreciation	$ 1,662,942	$ 1,492,097	$ 1,311,262
Hotel Ground Lease [Member]
Lease Commitments Details [Line Items]
Real estate investment property, accumulated depreciation	$ 15,100	$ 12,100

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Lease Commitments - Schedule of Lease Costs Related to Operating and Finance Ground Leases (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Lease Cost [Abstract]
Operating lease costs	[1]	$ 1,776	$ 1,794	$ 1,585
Finance lease costs:
Amortization of lease assets		3,038	3,038	5,178
Interest on lease liabilities		5,877	5,872	9,415
Total lease costs		$ 10,691	$ 10,704	$ 16,178

[1] Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure.

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Lease Commitments - Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items]
Present value of lease liabilities	$ 11,447	$ 11,849
Present value of lease liabilities	111,892	$ 112,006
Operating Leases [Member]
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items]
2024	1,088
2025	1,089
2026	889
2027	725
2028	713
Thereafter	29,634
Total minimum lease payments	34,138
Less: amount of lease payments representing interest	22,691
Present value of lease liabilities	11,447
Finance Leases [Member]
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items]
2024	6,174
2025	6,338
2026	6,500
2027	6,700
2028	6,879
Thereafter	216,675
Total minimum lease payments	249,266
Less: amount of lease payments representing interest	137,374
Present value of lease liabilities	$ 111,892

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Lease Commitments - Supplemental Cash Flow Information related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Supplemental Cash Flow Information [Abstract]
Operating cash flows for operating leases	$ 1,106	$ 1,166	$ 1,109
Operating cash flows for finance leases	5,651	5,469	6,568
Financing cash flows for finance leases	$ 340	$ 173	$ 24,045

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Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal		$ (34)	$ (15)
State	$ 1,135	1,974	483
Deffered
Income tax expense	$ 1,135	$ 1,940	$ 468

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Income Taxes - Schedule of Reconciliation Between the Provision for Income Taxes and Amounts Computed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax expense	$ 37,273	$ 30,409	$ 3,954
Federal tax impact of REIT election	(39,865)	(27,261)	4,934
Statutory federal tax expense (benefit) at TRS	(2,592)	3,148	8,888
State income tax expense (benefit), net of federal tax benefit	897	1,559	382
Change in valuation allowance	2,830	(2,767)	(8,802)
Income tax expense	$ 1,135	$ 1,940	$ 468

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Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 25,000
Income tax expense	$ 1,135	$ 1,940	$ 468
Valuation allowance percent	100.00%	100.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 0	$ 0
TRS | Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 87,000	$ 78,000

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Income Taxes - Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Amount of distributions per share	$ 1.01	$ 0.76	$ 0.04
Ordinary income	97.00%	100.00%	100.00%
Capital gain distributions	0.00%	0.00%	0.00%
Return of capital	3.00%	0.00%	0.00%

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Hotel Purchase Contract Commitments - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) Hotel Room
Hotel Purchase Contract Commitments Details [Line Items]
Number of Units in Real Estate Property | Room	29,900
Hotels Under Purchase Contract [Member]
Hotel Purchase Contract Commitments Details [Line Items]
Number of outstanding contracts | Hotel	2
Purchase contract gross purchase price | $	$ 177,489
Embassy Suites Inn Madison WI [Member] | Hotels Under Purchase Contract [Member]
Hotel Purchase Contract Commitments Details [Line Items]
Number of outstanding contracts | Hotel	1
Purchase contract gross purchase price | $	$ 79,306
Motto Nashville TN [Member] | Hotels Under Purchase Contract [Member]
Hotel Purchase Contract Commitments Details [Line Items]
Number of outstanding contracts | Hotel	1
Purchase contract gross purchase price | $	$ 98,183

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Hotel Purchase Contract Commitments - Schedule of Purchase Contract Outstanding (Details) - Hotels Under Purchase Contract [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Room
Real Estate Properties [Line Items]
Rooms | Room	522
Refundable Deposit	$ 1,951
Gross Purchase Price	$ 177,489
Embassy Suites Madison W I [Member]
Real Estate Properties [Line Items]
Date of Purchase Contract	Jul. 27, 2021
Rooms | Room	262
Refundable Deposit	$ 893
Gross Purchase Price	$ 79,306
Motto Nashville TN [Member]
Real Estate Properties [Line Items]
Date of Purchase Contract	May 16, 2023
Rooms | Room	260
Refundable Deposit	$ 1,058
Gross Purchase Price	$ 98,183

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Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 1,343,800	$ 1,238,417	$ 933,869
Net Income (Loss)	177,489	144,805	18,828
Comprehensive income (loss)	$ 161,012	$ 197,194	$ 46,122
Basic net income per common share	$ 0.77	$ 0.63	$ 0.08
Diluted net income per common share	$ 0.77	$ 0.63	$ 0.08

XML

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Feb. 16, 2024 $ / shares	Feb. 09, 2024 USD ($) Room Hotel	Jan. 19, 2024 USD ($) $ / shares	Jan. 16, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) Room Hotel $ / shares	Dec. 31, 2022 USD ($) Hotel $ / shares	Dec. 31, 2021 USD ($) Hotel $ / shares
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock | $					$ 238,283	$ 139,467	$ 6,797
Common stock, dividends, per share, cash paid | $ / shares					$ 1.04	$ 0.61	$ 0.03
Cash distribution declared | $ / shares					$ 0.08	$ 0.08
Cash distribution, date to be paid					Jan. 31, 2024
Number of hotels | Hotel					225
Rooms | Room					29,900
Hotels Sold [Member]
Subsequent Event [Line Items]
Number of hotels | Hotel						1	23
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock | $			$ 19,300	$ 31,400
Common stock, dividends, per share, cash paid | $ / shares				$ 0.13
Cash distribution declared | $ / shares	$ 0.08		$ 0.08
Cash distribution, date declared	Feb. 16, 2024		Jan. 19, 2024
Cash distribution, date to be paid	Mar. 15, 2024		Feb. 15, 2024
Cash distribution, date of record	Feb. 29, 2024		Jan. 31, 2024	Dec. 29, 2023
Subsequent Event [Member] | Hotels Sold [Member]
Subsequent Event [Line Items]
Number of hotels | Hotel		2
Sale of real estate assets, gross sales price | $		$ 33,500
Deferral taxable gain | $		$ 15,000
Subsequent Event [Member] | Hotels Sold [Member] | Hampton Rogers A R [Member]
Subsequent Event [Line Items]
Rooms | Room		122
Subsequent Event [Member] | Hotels Sold [Member] | Homewood Suites Rogers A R [Member]
Subsequent Event [Line Items]
Rooms | Room		126

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SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Room	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Total Gross Cost		$ 6,338,232	$ 6,000,975	$ 5,886,363	$ 5,764,977
Accumulated Depreciation		$ (1,647,850)	$ (1,480,043)	$ (1,302,246)	$ (1,224,832)
Aggregate number of hotel rooms | Room		29,900
Total [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 283,002
Initial Cost, Land	[1]	828,868
Initial Cost, Building, FF&E, and Other		4,986,304
Subsequently Capitalized Building Improvements & FF&E		523,060
Total Gross Cost		6,338,232
Accumulated Depreciation		$ (1,647,850)
Aggregate number of hotel rooms | Room		29,652
Embassy Suites Anchorage, AK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,955
Initial Cost, Building, FF&E, and Other		39,053
Subsequently Capitalized Building Improvements & FF&E		4,464
Total Gross Cost	[2]	46,472
Accumulated Depreciation		$ (19,225)
Date of Construction		2008
Date Acquired		Apr-10
Aggregate number of hotel rooms | Room		169
Embassy Suites Anchorage, AK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Embassy Suites Anchorage, AK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Anchorage, AK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,683
Initial Cost, Building, FF&E, and Other		21,606
Subsequently Capitalized Building Improvements & FF&E		198
Total Gross Cost	[2]	24,487
Accumulated Depreciation		$ (4,778)
Date of Construction		2015
Date Acquired		Dec-17
Aggregate number of hotel rooms | Room		135
Home2 Suites Anchorage, AK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Anchorage, AK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Auburn, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,580
Initial Cost, Building, FF&E, and Other		9,659
Subsequently Capitalized Building Improvements & FF&E		1,179
Total Gross Cost	[2]	12,418
Accumulated Depreciation		$ (3,952)
Date of Construction		2001
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		101
Hilton Garden Inn Auburn, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Auburn, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Birmingham, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,310
Initial Cost, Building, FF&E, and Other		6,425
Subsequently Capitalized Building Improvements & FF&E		1,707
Total Gross Cost	[2]	10,442
Accumulated Depreciation		$ (3,082)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		84
Courtyard Birmingham, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Birmingham, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Birmingham, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,425
Initial Cost, Building, FF&E, and Other		15,555
Subsequently Capitalized Building Improvements & FF&E		35
Total Gross Cost	[2]	19,015
Accumulated Depreciation		$ (3,854)
Date of Construction		2017
Date Acquired		Sep-17
Aggregate number of hotel rooms | Room		104
Hilton Garden Inn Birmingham, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Birmingham, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Birmingham, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,491
Initial Cost, Building, FF&E, and Other		15,603
Subsequently Capitalized Building Improvements & FF&E		58
Total Gross Cost	[2]	19,152
Accumulated Depreciation		$ (3,702)
Date of Construction		2017
Date Acquired		Sep-17
Aggregate number of hotel rooms | Room		106
Home2 Suites Birmingham, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Birmingham, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Birmingham, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,010
Initial Cost, Building, FF&E, and Other		12,981
Subsequently Capitalized Building Improvements & FF&E		2,267
Total Gross Cost	[2]	16,258
Accumulated Depreciation		$ (5,367)
Date of Construction		2005
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		95
Homewood Suites Birmingham, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Birmingham, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Dothan, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,037
Initial Cost, Building, FF&E, and Other		10,581
Subsequently Capitalized Building Improvements & FF&E		1,821
Total Gross Cost	[2]	13,439
Accumulated Depreciation		$ (5,934)
Date of Construction		2009
Date Acquired		Jun-09
Aggregate number of hotel rooms | Room		104
Hilton Garden Inn Dothan, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Dothan, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Dothan, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 970
Initial Cost, Building, FF&E, and Other		13,185
Subsequently Capitalized Building Improvements & FF&E		1,321
Total Gross Cost	[2]	15,476
Accumulated Depreciation		$ (4,621)
Date of Construction		2008
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		84
Residence Inn Dothan, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Dothan, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Huntsville, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 550
Initial Cost, Building, FF&E, and Other		11,962
Subsequently Capitalized Building Improvements & FF&E		774
Total Gross Cost	[2]	13,286
Accumulated Depreciation		$ (3,103)
Date of Construction		2013
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		98
Hampton Huntsville, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Huntsville, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Huntsville, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 890
Initial Cost, Building, FF&E, and Other		11,227
Subsequently Capitalized Building Improvements & FF&E		1,238
Total Gross Cost	[2]	13,355
Accumulated Depreciation		$ (4,189)
Date of Construction		2005
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		101
Hilton Garden Inn Huntsville, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Huntsville, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Huntsville, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 490
Initial Cost, Building, FF&E, and Other		10,840
Subsequently Capitalized Building Improvements & FF&E		832
Total Gross Cost	[2]	12,162
Accumulated Depreciation		$ (2,809)
Date of Construction		2013
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		77
Home2 Suites Huntsville, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Huntsville, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Huntsville, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 210
Initial Cost, Building, FF&E, and Other		15,654
Subsequently Capitalized Building Improvements & FF&E		2,321
Total Gross Cost	[2]	18,185
Accumulated Depreciation		$ (6,135)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		107
Homewood Suites Huntsville, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Huntsville, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Mobile, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 11,452
Subsequently Capitalized Building Improvements & FF&E		1,832
Total Gross Cost	[2]	13,284
Accumulated Depreciation		$ (3,291)
Date of Construction		2006
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		101
Hampton Mobile, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Mobile, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Prattville, AL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,050
Initial Cost, Building, FF&E, and Other		9,101
Subsequently Capitalized Building Improvements & FF&E		1,556
Total Gross Cost	[2]	12,707
Accumulated Depreciation		$ (3,616)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		84
Courtyard Prattville, AL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Prattville, AL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Chandler, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,061
Initial Cost, Building, FF&E, and Other		16,008
Subsequently Capitalized Building Improvements & FF&E		1,934
Total Gross Cost	[2]	19,003
Accumulated Depreciation		$ (7,715)
Date of Construction		2009
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		150
Courtyard Chandler, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Chandler, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Chandler, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 778
Initial Cost, Building, FF&E, and Other		11,272
Subsequently Capitalized Building Improvements & FF&E		1,152
Total Gross Cost	[2]	13,202
Accumulated Depreciation		$ (5,271)
Date of Construction		2009
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		110
Fairfield Chandler, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Chandler, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Phoenix, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,413
Initial Cost, Building, FF&E, and Other		14,669
Subsequently Capitalized Building Improvements & FF&E		2,970
Total Gross Cost	[2]	19,052
Accumulated Depreciation		$ (8,023)
Date of Construction		2007
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		164
Courtyard Phoenix, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Phoenix, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Phoenix, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 15,209
Subsequently Capitalized Building Improvements & FF&E		2,192
Total Gross Cost	[2]	17,401
Accumulated Depreciation		$ (4,372)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		125
Hampton Phoenix, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Phoenix, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Phoenix, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,406
Initial Cost, Building, FF&E, and Other		41,174
Subsequently Capitalized Building Improvements & FF&E		74
Total Gross Cost	[2]	44,654
Accumulated Depreciation		$ (8,259)
Date of Construction		2018
Date Acquired		May-18
Aggregate number of hotel rooms | Room		210
Hampton Phoenix, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Phoenix, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Phoenix, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 18,907
Subsequently Capitalized Building Improvements & FF&E		2,402
Total Gross Cost	[2]	21,309
Accumulated Depreciation		$ (5,455)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		134
Homewood Suites Phoenix, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Phoenix, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Phoenix, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,111
Initial Cost, Building, FF&E, and Other		12,953
Subsequently Capitalized Building Improvements & FF&E		2,016
Total Gross Cost	[2]	16,080
Accumulated Depreciation		$ (6,774)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		129
Residence Inn Phoenix, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Phoenix, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Scottsdale, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,000
Initial Cost, Building, FF&E, and Other		26,861
Subsequently Capitalized Building Improvements & FF&E		2,568
Total Gross Cost	[2]	35,429
Accumulated Depreciation		$ (6,574)
Date of Construction		2005
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		122
Hilton Garden Inn Scottsdale, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Scottsdale, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hyatt House Tempe, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 24,001
Subsequently Capitalized Building Improvements & FF&E		7
Total Gross Cost	[2]	24,008
Accumulated Depreciation		$ (3,072)
Date of Construction		2020
Date Acquired		Aug-20
Aggregate number of hotel rooms | Room		105
Hyatt House Tempe, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hyatt House Tempe, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hyatt Place Tempe, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 34,893
Subsequently Capitalized Building Improvements & FF&E		30
Total Gross Cost	[2]	34,923
Accumulated Depreciation		$ (4,364)
Date of Construction		2020
Date Acquired		Aug-20
Aggregate number of hotel rooms | Room		154
Hyatt Place Tempe, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hyatt Place Tempe, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Tucson, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,005
Initial Cost, Building, FF&E, and Other		17,925
Subsequently Capitalized Building Improvements & FF&E		2,326
Total Gross Cost	[2]	21,256
Accumulated Depreciation		$ (9,833)
Date of Construction		2008
Date Acquired		Jul-08
Aggregate number of hotel rooms | Room		125
Hilton Garden Inn Tucson, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Tucson, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Tucson, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,080
Initial Cost, Building, FF&E, and Other		12,424
Subsequently Capitalized Building Improvements & FF&E		2,010
Total Gross Cost	[2]	16,514
Accumulated Depreciation		$ (5,224)
Date of Construction		2008
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		124
Residence Inn Tucson, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Tucson, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Towne Place Suites Tucson, AZ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 992
Initial Cost, Building, FF&E, and Other		14,543
Subsequently Capitalized Building Improvements & FF&E		1,322
Total Gross Cost	[2]	16,857
Accumulated Depreciation		$ (5,804)
Date of Construction		2011
Date Acquired		Oct-11
Aggregate number of hotel rooms | Room		124
Towne Place Suites Tucson, AZ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Towne Place Suites Tucson, AZ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Agoura Hills, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,430
Initial Cost, Building, FF&E, and Other		21,290
Subsequently Capitalized Building Improvements & FF&E		2,633
Total Gross Cost	[2]	27,353
Accumulated Depreciation		$ (8,130)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		125
Homewood Suites Agoura Hills, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Agoura Hills, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Burbank, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 20,526
Initial Cost, Land	[1]	12,916
Initial Cost, Building, FF&E, and Other		41,218
Subsequently Capitalized Building Improvements & FF&E		5,483
Total Gross Cost	[2]	59,617
Accumulated Depreciation		$ (12,055)
Date of Construction		2002
Date Acquired		Aug-15
Aggregate number of hotel rooms | Room		190
Courtyard Burbank, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Burbank, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Burbank, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 32,270
Initial Cost, Building, FF&E, and Other		41,559
Subsequently Capitalized Building Improvements & FF&E		5,141
Total Gross Cost	[2]	78,970
Accumulated Depreciation		$ (14,127)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		166
Residence Inn Burbank, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Burbank, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Burbank, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 24,237
Initial Cost, Land	[1]	10,734
Initial Cost, Building, FF&E, and Other		49,181
Subsequently Capitalized Building Improvements & FF&E		312
Total Gross Cost	[2]	60,227
Accumulated Depreciation		$ (12,686)
Date of Construction		2015
Date Acquired		Jul-15
Aggregate number of hotel rooms | Room		170
SpringHill Suites Burbank, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Burbank, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Clovis, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,287
Initial Cost, Building, FF&E, and Other		9,888
Subsequently Capitalized Building Improvements & FF&E		1,378
Total Gross Cost	[2]	12,553
Accumulated Depreciation		$ (5,235)
Date of Construction		2009
Date Acquired		Jul-09
Aggregate number of hotel rooms | Room		86
Hampton Clovis, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Clovis, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Clovis, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,500
Initial Cost, Building, FF&E, and Other		10,970
Subsequently Capitalized Building Improvements & FF&E		1,861
Total Gross Cost	[2]	14,331
Accumulated Depreciation		$ (5,854)
Date of Construction		2010
Date Acquired		Feb-10
Aggregate number of hotel rooms | Room		83
Homewood Suites Clovis, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Clovis, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Cypress, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,410
Initial Cost, Building, FF&E, and Other		35,033
Subsequently Capitalized Building Improvements & FF&E		5,869
Total Gross Cost	[2]	45,312
Accumulated Depreciation		$ (12,496)
Date of Construction		1988
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		180
Courtyard Cypress, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Cypress, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Cypress, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,209
Initial Cost, Building, FF&E, and Other		16,749
Subsequently Capitalized Building Improvements & FF&E		2,442
Total Gross Cost	[2]	22,400
Accumulated Depreciation		$ (6,065)
Date of Construction		2006
Date Acquired		Jun-15
Aggregate number of hotel rooms | Room		110
Hampton Cypress, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Cypress, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Oceanside, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 11,707
Initial Cost, Land	[1]	3,080
Initial Cost, Building, FF&E, and Other		25,769
Subsequently Capitalized Building Improvements & FF&E		2,411
Total Gross Cost	[2]	31,260
Accumulated Depreciation		$ (6,945)
Date of Construction		2011
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		142
Courtyard Oceanside, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Oceanside, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Oceanside, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,790
Initial Cost, Building, FF&E, and Other		24,048
Subsequently Capitalized Building Improvements & FF&E		2,503
Total Gross Cost	[2]	34,341
Accumulated Depreciation		$ (8,517)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		125
Residence Inn Oceanside, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Oceanside, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Rancho Bernardo / San Diego, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 16,380
Initial Cost, Building, FF&E, and Other		28,952
Subsequently Capitalized Building Improvements & FF&E		3,611
Total Gross Cost	[2]	48,943
Accumulated Depreciation		$ (10,392)
Date of Construction		1987
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		210
Courtyard Rancho Bernardo / San Diego, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Rancho Bernardo / San Diego, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Sacramento, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,920
Initial Cost, Building, FF&E, and Other		21,515
Subsequently Capitalized Building Improvements & FF&E		3,968
Total Gross Cost	[2]	31,403
Accumulated Depreciation		$ (9,404)
Date of Construction		1999
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		153
Hilton Garden Inn Sacramento, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Sacramento, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn San Bernardino, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,490
Initial Cost, Building, FF&E, and Other		13,662
Subsequently Capitalized Building Improvements & FF&E		3,358
Total Gross Cost	[2]	18,510
Accumulated Depreciation		$ (6,715)
Date of Construction		2006
Date Acquired		Feb-11
Aggregate number of hotel rooms | Room		95
Residence Inn San Bernardino, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn San Bernardino, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard San Diego, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 20,453
Initial Cost, Land	[1]	11,268
Initial Cost, Building, FF&E, and Other		44,851
Subsequently Capitalized Building Improvements & FF&E		4,036
Total Gross Cost	[2]	60,155
Accumulated Depreciation		$ (12,938)
Date of Construction		2002
Date Acquired		Sep-15
Aggregate number of hotel rooms | Room		245
Courtyard San Diego, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard San Diego, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton San Diego, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 15,226
Initial Cost, Land	[1]	13,570
Initial Cost, Building, FF&E, and Other		36,644
Subsequently Capitalized Building Improvements & FF&E		4,199
Total Gross Cost	[2]	54,413
Accumulated Depreciation		$ (12,699)
Date of Construction		2001
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		177
Hampton San Diego, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton San Diego, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn San Diego, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 8,020
Initial Cost, Building, FF&E, and Other		29,151
Subsequently Capitalized Building Improvements & FF&E		5,319
Total Gross Cost	[2]	42,490
Accumulated Depreciation		$ (10,847)
Date of Construction		2004
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		200
Hilton Garden Inn San Diego, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn San Diego, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn San Diego, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 22,400
Initial Cost, Building, FF&E, and Other		20,640
Subsequently Capitalized Building Improvements & FF&E		2,802
Total Gross Cost	[2]	45,842
Accumulated Depreciation		$ (7,820)
Date of Construction		1999
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		121
Residence Inn San Diego, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn San Diego, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites San Jose, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 23,984
Initial Cost, Land	[1]	12,860
Initial Cost, Building, FF&E, and Other		28,084
Subsequently Capitalized Building Improvements & FF&E		5,631
Total Gross Cost	[2]	46,575
Accumulated Depreciation		$ (13,138)
Date of Construction		1991
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		140
Homewood Suites San Jose, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites San Jose, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn San Juan Capistrano, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 32,292
Subsequently Capitalized Building Improvements & FF&E		1,913
Total Gross Cost	[2]	34,205
Accumulated Depreciation		$ (8,125)
Date of Construction		2012
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		130
Residence Inn San Juan Capistrano, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn San Juan Capistrano, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Santa Ana, CA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 13,221
Initial Cost, Land	[1]	3,082
Initial Cost, Building, FF&E, and Other		21,051
Subsequently Capitalized Building Improvements & FF&E		2,496
Total Gross Cost	[2]	26,629
Accumulated Depreciation		$ (9,349)
Date of Construction		2011
Date Acquired		May-11
Aggregate number of hotel rooms | Room		155
Courtyard Santa Ana, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Santa Ana, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Santa Clarita, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,568
Initial Cost, Building, FF&E, and Other		18,721
Subsequently Capitalized Building Improvements & FF&E		3,077
Total Gross Cost	[2]	26,366
Accumulated Depreciation		$ (10,871)
Date of Construction		2007
Date Acquired		Sep-08
Aggregate number of hotel rooms | Room		140
Courtyard Santa Clarita, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Santa Clarita, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Santa Clarita, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,864
Initial Cost, Building, FF&E, and Other		7,753
Subsequently Capitalized Building Improvements & FF&E		2,173
Total Gross Cost	[2]	11,790
Accumulated Depreciation		$ (5,060)
Date of Construction		1997
Date Acquired		Oct-08
Aggregate number of hotel rooms | Room		66
Fairfield Santa Clarita, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Santa Clarita, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Santa Clarita, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,812
Initial Cost, Building, FF&E, and Other		15,761
Subsequently Capitalized Building Improvements & FF&E		6,418
Total Gross Cost	[2]	23,991
Accumulated Depreciation		$ (11,282)
Date of Construction		1988
Date Acquired		Oct-08
Aggregate number of hotel rooms | Room		128
Hampton Santa Clarita, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Santa Clarita, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Santa Clarita, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,539
Initial Cost, Building, FF&E, and Other		14,493
Subsequently Capitalized Building Improvements & FF&E		5,628
Total Gross Cost	[2]	22,660
Accumulated Depreciation		$ (10,137)
Date of Construction		1997
Date Acquired		Oct-08
Aggregate number of hotel rooms | Room		90
Residence Inn Santa Clarita, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Santa Clarita, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Tustin, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,700
Initial Cost, Building, FF&E, and Other		26,580
Subsequently Capitalized Building Improvements & FF&E		1,422
Total Gross Cost	[2]	35,702
Accumulated Depreciation		$ (6,302)
Date of Construction		2013
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		145
Fairfield Tustin, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Tustin, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Tustin, CA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 11,680
Initial Cost, Building, FF&E, and Other		33,645
Subsequently Capitalized Building Improvements & FF&E		2,047
Total Gross Cost	[2]	47,372
Accumulated Depreciation		$ (8,374)
Date of Construction		2013
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		149
Residence Inn Tustin, CA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Tustin, CA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Colorado Springs, CO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,780
Initial Cost, Building, FF&E, and Other		15,860
Subsequently Capitalized Building Improvements & FF&E		750
Total Gross Cost	[2]	18,390
Accumulated Depreciation		$ (4,310)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		101
Hampton Colorado Springs, CO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Colorado Springs, CO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Denver, CO [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 27,337
Initial Cost, Land	[1]	9,940
Initial Cost, Building, FF&E, and Other		57,595
Subsequently Capitalized Building Improvements & FF&E		2,666
Total Gross Cost	[2]	70,201
Accumulated Depreciation		$ (15,120)
Date of Construction		2007
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		221
Hilton Garden Inn Denver, CO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Denver, CO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Highlands Ranch, CO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,480
Initial Cost, Building, FF&E, and Other		20,465
Subsequently Capitalized Building Improvements & FF&E		689
Total Gross Cost	[2]	26,634
Accumulated Depreciation		$ (6,568)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		128
Hilton Garden Inn Highlands Ranch, CO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Highlands Ranch, CO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Highlands Ranch, CO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,350
Initial Cost, Building, FF&E, and Other		19,167
Subsequently Capitalized Building Improvements & FF&E		3,690
Total Gross Cost	[2]	28,207
Accumulated Depreciation		$ (8,902)
Date of Construction		1996
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		117
Residence Inn Highlands Ranch, CO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Highlands Ranch, CO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Boca Raton, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,220
Initial Cost, Building, FF&E, and Other		22,177
Subsequently Capitalized Building Improvements & FF&E		2,924
Total Gross Cost	[2]	32,321
Accumulated Depreciation		$ (6,148)
Date of Construction		2002
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		149
Hilton Garden Inn Boca Raton, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Boca Raton, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Cape Canaveral, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,780
Initial Cost, Building, FF&E, and Other		23,967
Subsequently Capitalized Building Improvements & FF&E		398
Total Gross Cost	[2]	27,145
Accumulated Depreciation		$ (6,644)
Date of Construction		2016
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		153
Homewood Suites Cape Canaveral, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Cape Canaveral, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Cape Canaveral, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,594
Initial Cost, Building, FF&E, and Other		20,951
Subsequently Capitalized Building Improvements & FF&E		12
Total Gross Cost	[2]	23,557
Accumulated Depreciation		$ (2,883)
Date of Construction		2020
Date Acquired		Apr-20
Aggregate number of hotel rooms | Room		116
Hampton Cape Canaveral, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Cape Canaveral, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Cape Canaveral, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,415
Initial Cost, Building, FF&E, and Other		19,668
Subsequently Capitalized Building Improvements & FF&E		15
Total Gross Cost	[2]	22,098
Accumulated Depreciation		$ (2,773)
Date of Construction		2020
Date Acquired		Apr-20
Aggregate number of hotel rooms | Room		108
Home2 Suites Cape Canaveral, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Cape Canaveral, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Fort Lauderdale, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,793
Initial Cost, Building, FF&E, and Other		21,357
Subsequently Capitalized Building Improvements & FF&E		5,491
Total Gross Cost	[2]	28,641
Accumulated Depreciation		$ (9,463)
Date of Construction		2002
Date Acquired		Jun-15
Aggregate number of hotel rooms | Room		156
Hampton Fort Lauderdale, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Fort Lauderdale, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Fort Lauderdale, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,760
Initial Cost, Building, FF&E, and Other		26,727
Subsequently Capitalized Building Improvements & FF&E		422
Total Gross Cost	[2]	32,909
Accumulated Depreciation		$ (6,815)
Date of Construction		2014
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		156
Residence Inn Fort Lauderdale, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Fort Lauderdale, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Gainesville, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,300
Initial Cost, Building, FF&E, and Other		17,322
Subsequently Capitalized Building Improvements & FF&E		1,640
Total Gross Cost	[2]	20,262
Accumulated Depreciation		$ (4,520)
Date of Construction		2007
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		104
Hilton Garden Inn Gainesville, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Gainesville, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Gainesville, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,740
Initial Cost, Building, FF&E, and Other		16,329
Subsequently Capitalized Building Improvements & FF&E		2,674
Total Gross Cost	[2]	20,743
Accumulated Depreciation		$ (4,777)
Date of Construction		2005
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		103
Homewood Suites Gainesville, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Gainesville, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Jacksonville, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 9,480
Initial Cost, Building, FF&E, and Other		21,247
Subsequently Capitalized Building Improvements & FF&E		4,614
Total Gross Cost	[2]	35,341
Accumulated Depreciation		$ (9,313)
Date of Construction		2005
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		119
Homewood Suites Jacksonville, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Jacksonville, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hyatt Place Jacksonville, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,013
Initial Cost, Building, FF&E, and Other		13,533
Subsequently Capitalized Building Improvements & FF&E		1,080
Total Gross Cost	[2]	16,626
Accumulated Depreciation		$ (2,991)
Date of Construction		2009
Date Acquired		Dec-18
Aggregate number of hotel rooms | Room		127
Hyatt Place Jacksonville, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hyatt Place Jacksonville, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Miami, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 31,488
Subsequently Capitalized Building Improvements & FF&E		2,148
Total Gross Cost	[2]	33,636
Accumulated Depreciation		$ (10,295)
Date of Construction		2008
Aggregate number of hotel rooms | Room		118
Courtyard Miami, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Miami, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Miami, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,972
Initial Cost, Building, FF&E, and Other		9,987
Subsequently Capitalized Building Improvements & FF&E		6,574
Total Gross Cost	[2]	18,533
Accumulated Depreciation		$ (8,878)
Date of Construction		2000
Date Acquired		Apr-10
Aggregate number of hotel rooms | Room		121
Hampton Miami, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Miami, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Orlando, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,731
Initial Cost, Building, FF&E, and Other		18,063
Subsequently Capitalized Building Improvements & FF&E		134
Total Gross Cost	[2]	20,928
Accumulated Depreciation		$ (3,586)
Date of Construction		2019
Date Acquired		Mar-19
Aggregate number of hotel rooms | Room		128
Home2 Suites Orlando, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Orlando, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Miami, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 18,820
Initial Cost, Building, FF&E, and Other		25,375
Subsequently Capitalized Building Improvements & FF&E		9,105
Total Gross Cost	[2]	53,300
Accumulated Depreciation		$ (12,034)
Date of Construction		2000
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		162
Homewood Suites Miami, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Miami, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Dallas [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,920
Initial Cost, Building, FF&E, and Other		29,427
Subsequently Capitalized Building Improvements & FF&E		3,384
Total Gross Cost	[2]	37,731
Accumulated Depreciation		$ (7,296)
Date of Construction		2013
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		130
Homewood Suites Dallas [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Dallas [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Panama City, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,605
Initial Cost, Building, FF&E, and Other		9,995
Subsequently Capitalized Building Improvements & FF&E		1,489
Total Gross Cost	[2]	13,089
Accumulated Depreciation		$ (5,474)
Date of Construction		2009
Date Acquired		Mar-09
Aggregate number of hotel rooms | Room		95
Hampton Panama City, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Panama City, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Orlando, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,140
Initial Cost, Building, FF&E, and Other		22,580
Subsequently Capitalized Building Improvements & FF&E		3,161
Total Gross Cost	[2]	28,881
Accumulated Depreciation		$ (11,771)
Date of Construction		2009
Date Acquired		Jul-09
Aggregate number of hotel rooms | Room		200
Fairfield Orlando, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Orlando, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Panama City, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 908
Initial Cost, Building, FF&E, and Other		9,549
Subsequently Capitalized Building Improvements & FF&E		633
Total Gross Cost	[2]	11,090
Accumulated Depreciation		$ (4,385)
Date of Construction		2010
Date Acquired		Jan-10
Aggregate number of hotel rooms | Room		103
TownePlace Suites Panama City, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Panama City, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Pensacola, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,770
Initial Cost, Building, FF&E, and Other		12,562
Subsequently Capitalized Building Improvements & FF&E		687
Total Gross Cost	[2]	15,019
Accumulated Depreciation		$ (3,306)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		97
TownePlace Suites Pensacola, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Pensacola, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Orlando, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,141
Initial Cost, Building, FF&E, and Other		25,779
Subsequently Capitalized Building Improvements & FF&E		3,328
Total Gross Cost	[2]	32,248
Accumulated Depreciation		$ (13,268)
Date of Construction		2009
Date Acquired		Jul-09
Aggregate number of hotel rooms | Room		200
SpringHill Suites Orlando, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Orlando, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Tallahassee, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 960
Initial Cost, Building, FF&E, and Other		11,734
Subsequently Capitalized Building Improvements & FF&E		949
Total Gross Cost	[2]	13,643
Accumulated Depreciation		$ (3,010)
Date of Construction		2011
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		97
Fairfield Tallahassee, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Tallahassee, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Tallahassee, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 10,938
Subsequently Capitalized Building Improvements & FF&E		639
Total Gross Cost	[2]	11,577
Accumulated Depreciation		$ (3,854)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		85
Hilton Garden Inn Tallahassee, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Tallahassee, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Embassy Suites Tampa, FL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,824
Initial Cost, Building, FF&E, and Other		20,034
Subsequently Capitalized Building Improvements & FF&E		4,066
Total Gross Cost	[2]	25,924
Accumulated Depreciation		$ (10,596)
Date of Construction		2007
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		147
Embassy Suites Tampa, FL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Embassy Suites Tampa, FL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Atlanta / Downtown, GA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,861
Initial Cost, Building, FF&E, and Other		16,374
Subsequently Capitalized Building Improvements & FF&E		3,978
Total Gross Cost	[2]	28,213
Accumulated Depreciation		$ (5,069)
Date of Construction		1999
Date Acquired		Feb-18
Aggregate number of hotel rooms | Room		119
Hampton Atlanta / Downtown, GA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Atlanta / Downtown, GA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Atlanta / Perimeter Dunwoody, GA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,228
Initial Cost, Building, FF&E, and Other		26,498
Subsequently Capitalized Building Improvements & FF&E		139
Total Gross Cost	[2]	29,865
Accumulated Depreciation		$ (4,966)
Date of Construction		2016
Date Acquired		Jun-18
Aggregate number of hotel rooms | Room		132
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Atlanta, GA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 740
Initial Cost, Building, FF&E, and Other		23,122
Subsequently Capitalized Building Improvements & FF&E		1,271
Total Gross Cost	[2]	25,133
Accumulated Depreciation		$ (6,407)
Date of Construction		2016
Date Acquired		Jul-16
Aggregate number of hotel rooms | Room		128
Home2 Suites Atlanta, GA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Atlanta, GA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Macon, GA [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 15,043
Subsequently Capitalized Building Improvements & FF&E		790
Total Gross Cost	[2]	15,833
Accumulated Depreciation		$ (5,133)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		101
Hilton Garden Inn Macon, GA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Macon, GA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Savannah, GA [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 14,716
Subsequently Capitalized Building Improvements & FF&E		2,367
Total Gross Cost	[2]	17,083
Accumulated Depreciation		$ (5,963)
Date of Construction		2004
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		105
Hilton Garden Inn Savannah, GA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Savannah, GA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Cedar Rapids, IA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,590
Initial Cost, Building, FF&E, and Other		11,364
Subsequently Capitalized Building Improvements & FF&E		387
Total Gross Cost	[2]	13,341
Accumulated Depreciation		$ (3,344)
Date of Construction		2009
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		103
Hampton Cedar Rapids, IA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Cedar Rapids, IA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Cedar Rapids, IA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,770
Initial Cost, Building, FF&E, and Other		13,116
Subsequently Capitalized Building Improvements & FF&E		2,253
Total Gross Cost	[2]	17,139
Accumulated Depreciation		$ (4,310)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		95
Homewood Suites Cedar Rapids, IA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Cedar Rapids, IA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Davenport, IA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 400
Initial Cost, Building, FF&E, and Other		16,915
Subsequently Capitalized Building Improvements & FF&E		917
Total Gross Cost	[2]	18,232
Accumulated Depreciation		$ (4,693)
Date of Construction		2007
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		103
Hampton Davenport, IA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Davenport, IA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Boise, ID [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 20,685
Initial Cost, Land	[1]	1,335
Initial Cost, Building, FF&E, and Other		21,114
Subsequently Capitalized Building Improvements & FF&E		3,622
Total Gross Cost	[2]	26,071
Accumulated Depreciation		$ (11,237)
Date of Construction		2007
Date Acquired		Apr-10
Aggregate number of hotel rooms | Room		186
Hampton Boise, ID [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Boise, ID [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Des Plaines, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 10,000
Initial Cost, Building, FF&E, and Other		38,116
Subsequently Capitalized Building Improvements & FF&E		4,033
Total Gross Cost	[2]	52,149
Accumulated Depreciation		$ (9,871)
Date of Construction		2005
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		253
Hilton Garden Inn Des Plaines, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Des Plaines, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Hoffman Estates, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,770
Initial Cost, Building, FF&E, and Other		14,371
Subsequently Capitalized Building Improvements & FF&E	[3]	2,298
Total Gross Cost	[2]	13,843
Accumulated Depreciation		$ (4,208)
Date of Construction		2000
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		184
Hilton Garden Inn Hoffman Estates, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Hoffman Estates, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Mettawa, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,246
Initial Cost, Building, FF&E, and Other		28,328
Subsequently Capitalized Building Improvements & FF&E		2,932
Total Gross Cost	[2]	33,506
Accumulated Depreciation		$ (12,757)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		170
Hilton Garden Inn Mettawa, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Mettawa, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Mettawa, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,722
Initial Cost, Building, FF&E, and Other		21,843
Subsequently Capitalized Building Improvements & FF&E		2,224
Total Gross Cost	[2]	25,789
Accumulated Depreciation		$ (9,680)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		130
Residence Inn Mettawa, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Mettawa, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Rosemont, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,410
Initial Cost, Building, FF&E, and Other		23,594
Subsequently Capitalized Building Improvements & FF&E		278
Total Gross Cost	[2]	27,282
Accumulated Depreciation		$ (6,255)
Date of Construction		2015
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		158
Hampton Rosemont, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Rosemont, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Skokie, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,593
Initial Cost, Building, FF&E, and Other		31,284
Subsequently Capitalized Building Improvements & FF&E		4,194
Total Gross Cost	[2]	38,071
Accumulated Depreciation		$ (8,874)
Date of Construction		2000
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		225
Hampton Skokie, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Skokie, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Warrenville, IL [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,171
Initial Cost, Building, FF&E, and Other		20,894
Subsequently Capitalized Building Improvements & FF&E		2,888
Total Gross Cost	[2]	24,953
Accumulated Depreciation		$ (9,988)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		135
Hilton Garden Inn Warrenville, IL [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Warrenville, IL [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Indianapolis, IN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,310
Initial Cost, Building, FF&E, and Other		11,542
Subsequently Capitalized Building Improvements & FF&E		2,616
Total Gross Cost	[2]	15,468
Accumulated Depreciation		$ (6,215)
Date of Construction		2007
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		130
SpringHill Suites Indianapolis, IN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Indianapolis, IN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Merrillville, IN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,860
Initial Cost, Building, FF&E, and Other		17,755
Subsequently Capitalized Building Improvements & FF&E		2,339
Total Gross Cost	[2]	21,954
Accumulated Depreciation		$ (4,989)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		124
Hilton Garden Inn Merrillville, IN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Merrillville, IN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Mishawaka, IN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 898
Initial Cost, Building, FF&E, and Other		12,862
Subsequently Capitalized Building Improvements & FF&E		1,731
Total Gross Cost	[2]	15,491
Accumulated Depreciation		$ (6,173)
Date of Construction		2007
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		106
Residence Inn Mishawaka, IN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Mishawaka, IN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield South Bend, IN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,090
Initial Cost, Building, FF&E, and Other		23,361
Subsequently Capitalized Building Improvements & FF&E		1,716
Total Gross Cost	[2]	27,167
Accumulated Depreciation		$ (5,933)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		119
Fairfield South Bend, IN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield South Bend, IN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Overland Park, KS [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,230
Initial Cost, Building, FF&E, and Other		11,713
Subsequently Capitalized Building Improvements & FF&E		1,738
Total Gross Cost	[2]	14,681
Accumulated Depreciation		$ (4,505)
Date of Construction		2008
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		110
Fairfield Overland Park, KS [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Overland Park, KS [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Overland Park, KS [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,790
Initial Cost, Building, FF&E, and Other		20,633
Subsequently Capitalized Building Improvements & FF&E		4,963
Total Gross Cost	[2]	27,386
Accumulated Depreciation		$ (9,221)
Date of Construction		2000
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		120
Residence Inn Overland Park, KS [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Overland Park, KS [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Wichita, KS [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,940
Initial Cost, Building, FF&E, and Other		6,525
Subsequently Capitalized Building Improvements & FF&E		1,367
Total Gross Cost	[2]	9,832
Accumulated Depreciation		$ (4,583)
Date of Construction		2000
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		90
Courtyard Wichita, KS [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Wichita, KS [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
AC Hotels Louisville, KY [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,004
Initial Cost, Building, FF&E, and Other		46,548
Total Gross Cost	[2]	51,552
Accumulated Depreciation		$ (1,773)
Date of Construction		2018
Date Acquired		Oct-22
Aggregate number of hotel rooms | Room		156
AC Hotels Louisville, KY [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
AC Hotels Louisville, KY [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Lafayette, LA [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 17,898
Subsequently Capitalized Building Improvements & FF&E		6,591
Total Gross Cost	[2]	24,489
Accumulated Depreciation		$ (10,418)
Date of Construction		2006
Date Acquired		Jul-10
Aggregate number of hotel rooms | Room		153
Hilton Garden Inn Lafayette, LA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Lafayette, LA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Lafayette, LA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 709
Initial Cost, Building, FF&E, and Other		9,400
Subsequently Capitalized Building Improvements & FF&E		992
Total Gross Cost	[2]	11,101
Accumulated Depreciation		$ (4,072)
Date of Construction		2011
Date Acquired		Jun-11
Aggregate number of hotel rooms | Room		103
SpringHill Suites Lafayette, LA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Lafayette, LA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites New Orleans, LA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 20,304
Initial Cost, Land	[1]	4,150
Initial Cost, Building, FF&E, and Other		52,258
Subsequently Capitalized Building Improvements & FF&E		14,076
Total Gross Cost	[2]	70,484
Accumulated Depreciation		$ (19,555)
Date of Construction		2002
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		166
Homewood Suites New Orleans, LA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites New Orleans, LA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
AC Hotels Portland, ME [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,767
Initial Cost, Building, FF&E, and Other		61,602
Subsequently Capitalized Building Improvements & FF&E		38
Total Gross Cost	[2]	68,407
Accumulated Depreciation		$ (4,533)
Date of Construction		2018
Date Acquired		Aug-21
Aggregate number of hotel rooms | Room		178
AC Hotels Portland, ME [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
AC Hotels Portland, ME [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Marlborough, MA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,480
Initial Cost, Building, FF&E, and Other		17,341
Subsequently Capitalized Building Improvements & FF&E		2,293
Total Gross Cost	[2]	23,114
Accumulated Depreciation		$ (6,801)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		112
Residence Inn Marlborough, MA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Marlborough, MA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Aloft Hotel Portland, ME [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,002
Initial Cost, Building, FF&E, and Other		47,177
Subsequently Capitalized Building Improvements & FF&E		14
Total Gross Cost	[2]	53,193
Accumulated Depreciation		$ (3,808)
Date of Construction		2021
Date Acquired		Sep-21
Aggregate number of hotel rooms | Room		157
Aloft Hotel Portland, ME [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Aloft Hotel Portland, ME [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Westford, MA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,410
Initial Cost, Building, FF&E, and Other		16,320
Subsequently Capitalized Building Improvements & FF&E		1,814
Total Gross Cost	[2]	21,544
Accumulated Depreciation		$ (5,914)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		110
Hampton Westford, MA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Westford, MA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Portland, ME [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 30,500
Initial Cost, Land	[1]	4,440
Initial Cost, Building, FF&E, and Other		51,534
Subsequently Capitalized Building Improvements & FF&E		1,034
Total Gross Cost	[2]	57,008
Accumulated Depreciation		$ (10,238)
Date of Construction		2009
Date Acquired		Oct-17
Aggregate number of hotel rooms | Room		179
Residence Inn Portland, ME [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Portland, ME [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Westford, MA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 7,713
Initial Cost, Land	[1]	1,760
Initial Cost, Building, FF&E, and Other		20,791
Subsequently Capitalized Building Improvements & FF&E		4,588
Total Gross Cost	[2]	27,139
Accumulated Depreciation		$ (8,800)
Date of Construction		2001
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		108
Residence Inn Westford, MA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Westford, MA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Novi, MI [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,213
Initial Cost, Building, FF&E, and Other		15,052
Subsequently Capitalized Building Improvements & FF&E		2,746
Total Gross Cost	[2]	19,011
Accumulated Depreciation		$ (7,857)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		148
Hilton Garden Inn Novi, MI [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Novi, MI [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Annapolis, MD [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,350
Initial Cost, Building, FF&E, and Other		13,974
Subsequently Capitalized Building Improvements & FF&E		2,067
Total Gross Cost	[2]	20,391
Accumulated Depreciation		$ (5,933)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		126
Hilton Garden Inn Annapolis, MD [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Annapolis, MD [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Maple Grove, MN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,560
Initial Cost, Building, FF&E, and Other		13,717
Subsequently Capitalized Building Improvements & FF&E		3,447
Total Gross Cost	[2]	18,724
Accumulated Depreciation		$ (5,136)
Date of Construction		2003
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		121
Hilton Garden Inn Maple Grove, MN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Maple Grove, MN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Silver Spring, MD [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,361
Initial Cost, Building, FF&E, and Other		16,094
Subsequently Capitalized Building Improvements & FF&E		1,760
Total Gross Cost	[2]	19,215
Accumulated Depreciation		$ (7,505)
Date of Construction		2010
Date Acquired		Jul-10
Aggregate number of hotel rooms | Room		107
Hilton Garden Inn Silver Spring, MD [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Silver Spring, MD [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Rochester, MN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 916
Initial Cost, Building, FF&E, and Other		13,225
Subsequently Capitalized Building Improvements & FF&E		2,780
Total Gross Cost	[2]	16,921
Accumulated Depreciation		$ (7,552)
Date of Construction		2009
Date Acquired		Aug-09
Aggregate number of hotel rooms | Room		124
Hampton Rochester, MN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Rochester, MN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton St. Paul, MN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,523
Initial Cost, Building, FF&E, and Other		29,365
Subsequently Capitalized Building Improvements & FF&E		336
Total Gross Cost	[2]	32,224
Accumulated Depreciation		$ (4,861)
Date of Construction		2016
Date Acquired		Mar-19
Aggregate number of hotel rooms | Room		160
Hampton St. Paul, MN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton St. Paul, MN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Kansas City, MO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 727
Initial Cost, Building, FF&E, and Other		9,363
Subsequently Capitalized Building Improvements & FF&E		2,058
Total Gross Cost	[2]	12,148
Accumulated Depreciation		$ (5,330)
Date of Construction		1999
Date Acquired		Aug-10
Aggregate number of hotel rooms | Room		122
Hampton Kansas City, MO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Kansas City, MO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Kansas City, MO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,000
Initial Cost, Building, FF&E, and Other		20,818
Subsequently Capitalized Building Improvements & FF&E		3,904
Total Gross Cost	[2]	26,722
Accumulated Depreciation		$ (8,713)
Date of Construction		2002
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		106
Residence Inn Kansas City, MO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Kansas City, MO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton St. Louis, MO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,758
Initial Cost, Building, FF&E, and Other		20,954
Subsequently Capitalized Building Improvements & FF&E		11,107
Total Gross Cost	[2]	33,819
Accumulated Depreciation		$ (15,303)
Date of Construction		2003
Date Acquired		Aug-10
Aggregate number of hotel rooms | Room		190
Hampton St. Louis, MO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton St. Louis, MO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton St. Louis, MO [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 758
Initial Cost, Building, FF&E, and Other		15,287
Subsequently Capitalized Building Improvements & FF&E		4,093
Total Gross Cost	[2]	20,138
Accumulated Depreciation		$ (8,105)
Date of Construction		2006
Date Acquired		Apr-10
Aggregate number of hotel rooms | Room		126
Hampton St. Louis, MO [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton St. Louis, MO [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Hattiesburg, MS [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,390
Initial Cost, Building, FF&E, and Other		11,324
Subsequently Capitalized Building Improvements & FF&E		1,824
Total Gross Cost	[2]	14,538
Accumulated Depreciation		$ (4,307)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		84
Courtyard Hattiesburg, MS [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Hattiesburg, MS [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Hattiesburg, MS [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 906
Initial Cost, Building, FF&E, and Other		9,151
Subsequently Capitalized Building Improvements & FF&E		1,267
Total Gross Cost	[2]	11,324
Accumulated Depreciation		$ (5,087)
Date of Construction		2008
Date Acquired		Dec-08
Aggregate number of hotel rooms | Room		84
Residence Inn Hattiesburg, MS [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Hattiesburg, MS [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Carolina Beach, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,490
Initial Cost, Building, FF&E, and Other		31,588
Subsequently Capitalized Building Improvements & FF&E		4,645
Total Gross Cost	[2]	43,723
Accumulated Depreciation		$ (11,920)
Date of Construction		2003
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		144
Courtyard Carolina Beach, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Carolina Beach, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Charlotte, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,030
Initial Cost, Building, FF&E, and Other		11,111
Subsequently Capitalized Building Improvements & FF&E		1,370
Total Gross Cost	[2]	13,511
Accumulated Depreciation		$ (3,436)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		94
Fairfield Charlotte, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Charlotte, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Durham, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,232
Initial Cost, Building, FF&E, and Other		18,343
Subsequently Capitalized Building Improvements & FF&E		6,766
Total Gross Cost	[2]	26,341
Accumulated Depreciation		$ (12,205)
Date of Construction		1999
Date Acquired		Dec-08
Aggregate number of hotel rooms | Room		122
Homewood Suites Durham, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Durham, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Fayetteville, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 746
Initial Cost, Building, FF&E, and Other		10,563
Subsequently Capitalized Building Improvements & FF&E		1,665
Total Gross Cost	[2]	12,974
Accumulated Depreciation		$ (5,277)
Date of Construction		2011
Date Acquired		Feb-11
Aggregate number of hotel rooms | Room		118
Home2 Suites Fayetteville, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Fayetteville, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Greensboro, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,850
Initial Cost, Building, FF&E, and Other		7,727
Subsequently Capitalized Building Improvements & FF&E		644
Total Gross Cost	[2]	10,221
Accumulated Depreciation		$ (3,721)
Date of Construction		2004
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		82
SpringHill Suites Greensboro, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Greensboro, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Jacksonville, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 910
Initial Cost, Building, FF&E, and Other		12,527
Subsequently Capitalized Building Improvements & FF&E		1,317
Total Gross Cost	[2]	14,754
Accumulated Depreciation		$ (3,427)
Date of Construction		2012
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		105
Home2 Suites Jacksonville, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Jacksonville, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Wilmington, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,310
Initial Cost, Building, FF&E, and Other		13,034
Subsequently Capitalized Building Improvements & FF&E		1,770
Total Gross Cost	[2]	16,114
Accumulated Depreciation		$ (4,812)
Date of Construction		2008
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		122
Fairfield Wilmington, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Wilmington, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Winston-Salem, NC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,170
Initial Cost, Building, FF&E, and Other		14,268
Subsequently Capitalized Building Improvements & FF&E		1,255
Total Gross Cost	[2]	17,693
Accumulated Depreciation		$ (3,620)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		94
Hampton Winston-Salem, NC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Winston-Salem, NC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Omaha, NE [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,700
Initial Cost, Building, FF&E, and Other		36,829
Subsequently Capitalized Building Improvements & FF&E		6,473
Total Gross Cost	[2]	50,002
Accumulated Depreciation		$ (14,590)
Date of Construction		1999
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		181
Courtyard Omaha, NE [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Omaha, NE [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Omaha, NE [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,710
Initial Cost, Building, FF&E, and Other		22,636
Subsequently Capitalized Building Improvements & FF&E		554
Total Gross Cost	[2]	24,900
Accumulated Depreciation		$ (5,757)
Date of Construction		2007
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		139
Hampton Omaha, NE [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Omaha, NE [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Omaha, NE [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 19,445
Initial Cost, Land	[1]	1,620
Initial Cost, Building, FF&E, and Other		35,962
Subsequently Capitalized Building Improvements & FF&E		2,893
Total Gross Cost	[2]	40,475
Accumulated Depreciation		$ (9,269)
Date of Construction		2001
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		178
Hilton Garden Inn Omaha, NE [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Omaha, NE [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Omaha, NE {Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,890
Initial Cost, Building, FF&E, and Other		22,014
Subsequently Capitalized Building Improvements & FF&E		1,598
Total Gross Cost	[2]	25,502
Accumulated Depreciation		$ (6,008)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		123
Homewood Suites Omaha, NE {Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Omaha, NE {Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Cranford, NJ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,550
Initial Cost, Building, FF&E, and Other		23,828
Subsequently Capitalized Building Improvements & FF&E		4,224
Total Gross Cost	[2]	32,602
Accumulated Depreciation		$ (10,102)
Date of Construction		2000
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		108
Homewood Suites Cranford, NJ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Cranford, NJ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Mahwah, NJ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,220
Initial Cost, Building, FF&E, and Other		22,742
Subsequently Capitalized Building Improvements & FF&E		4,850
Total Gross Cost	[2]	30,812
Accumulated Depreciation		$ (10,041)
Date of Construction		2001
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		110
Homewood Suites Mahwah, NJ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Mahwah, NJ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Mount Laurel, NJ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,589
Initial Cost, Building, FF&E, and Other		13,476
Subsequently Capitalized Building Improvements & FF&E		6,536
Total Gross Cost	[2]	21,601
Accumulated Depreciation		$ (9,015)
Date of Construction		2006
Date Acquired		Jan-11
Aggregate number of hotel rooms | Room		118
Homewood Suites Mount Laurel, NJ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Mount Laurel, NJ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Somerset, NJ [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 27,133
Subsequently Capitalized Building Improvements & FF&E		4,117
Total Gross Cost	[2]	31,250
Accumulated Depreciation		$ (14,155)
Date of Construction		2002
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		162
Courtyard Somerset, NJ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Somerset, NJ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		25 years
Courtyard West Orange, NJ [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,054
Initial Cost, Building, FF&E, and Other		19,513
Subsequently Capitalized Building Improvements & FF&E		4,046
Total Gross Cost	[2]	25,613
Accumulated Depreciation		$ (9,876)
Date of Construction		2005
Date Acquired		Jan-11
Aggregate number of hotel rooms | Room		131
Courtyard West Orange, NJ [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard West Orange, NJ [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Las Vegas, NV [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 10,095
Initial Cost, Building, FF&E, and Other		65,152
Total Gross Cost	[2]	75,247
Accumulated Depreciation		$ (184)
Date of Construction		2009
Date Acquired		Dec-23
Aggregate number of hotel rooms | Room		299
SpringHill Suites Las Vegas, NV [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Las Vegas, NV [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Islip/Ronkonkoma, NY [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,510
Initial Cost, Building, FF&E, and Other		28,718
Subsequently Capitalized Building Improvements & FF&E		6,841
Total Gross Cost	[2]	42,069
Accumulated Depreciation		$ (11,980)
Date of Construction		2003
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		166
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
N/A New York, NY [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 102,832
Subsequently Capitalized Building Improvements & FF&E		(71,655)
Total Gross Cost	[2]	31,177
Accumulated Depreciation		$ (20,314)
Date of Construction		1916
Date Acquired		Mar-14
N/A New York, NY [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
N/A New York, NY [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		32 years
Courtyard Syracuse, NY [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 812
Initial Cost, Building, FF&E, and Other		23,278
Subsequently Capitalized Building Improvements & FF&E		867
Total Gross Cost	[2]	24,957
Accumulated Depreciation		$ (6,074)
Date of Construction		2013
Date Acquired		Oct-15
Aggregate number of hotel rooms | Room		102
Courtyard Syracuse, NY [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Syracuse, NY [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Syracuse, NY [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 621
Initial Cost, Building, FF&E, and Other		17,589
Subsequently Capitalized Building Improvements & FF&E		776
Total Gross Cost	[2]	18,986
Accumulated Depreciation		$ (4,765)
Date of Construction		2013
Date Acquired		Oct-15
Aggregate number of hotel rooms | Room		78
Residence Inn Syracuse, NY [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Syracuse, NY [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Cleveland, OH [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,212
Initial Cost, Building, FF&E, and Other		30,108
Subsequently Capitalized Building Improvements & FF&E		29
Total Gross Cost	[2]	33,349
Accumulated Depreciation		$ (701)
Date of Construction		2023
Date Acquired		Jun-23
Aggregate number of hotel rooms | Room		154
Courtyard Cleveland, OH [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Cleveland, OH [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Mason, OH [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,120
Initial Cost, Building, FF&E, and Other		16,770
Subsequently Capitalized Building Improvements & FF&E		1,260
Total Gross Cost	[2]	19,150
Accumulated Depreciation		$ (4,643)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		110
Hilton Garden Inn Mason, OH [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Mason, OH [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Malvern/Philadelphia, PA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 996
Initial Cost, Building, FF&E, and Other		20,374
Subsequently Capitalized Building Improvements & FF&E		2,408
Total Gross Cost	[2]	23,778
Accumulated Depreciation		$ (9,409)
Date of Construction		2007
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		127
Courtyard Malvern/Philadelphia, PA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Malvern/Philadelphia, PA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
AC Hotels Pittsburgh, PA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,305
Initial Cost, Building, FF&E, and Other		31,605
Subsequently Capitalized Building Improvements & FF&E		41
Total Gross Cost	[2]	34,951
Accumulated Depreciation		$ (1,298)
Date of Construction		2018
Date Acquired		Oct-22
Aggregate number of hotel rooms | Room		134
AC Hotels Pittsburgh, PA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
AC Hotels Pittsburgh, PA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Twinsburg, OH [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,419
Initial Cost, Building, FF&E, and Other		16,614
Subsequently Capitalized Building Improvements & FF&E		4,390
Total Gross Cost	[2]	22,423
Accumulated Depreciation		$ (10,620)
Date of Construction		1999
Date Acquired		Oct-08
Aggregate number of hotel rooms | Room		142
Hilton Garden Inn Twinsburg, OH [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Twinsburg, OH [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Pittsburgh, PA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,503
Initial Cost, Building, FF&E, and Other		18,537
Subsequently Capitalized Building Improvements & FF&E		5,072
Total Gross Cost	[2]	26,112
Accumulated Depreciation		$ (11,650)
Date of Construction		1991
Date Acquired		Dec-08
Aggregate number of hotel rooms | Room		132
Hampton Pittsburgh, PA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Pittsburgh, PA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Oklahoma City, OK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,430
Initial Cost, Building, FF&E, and Other		31,327
Subsequently Capitalized Building Improvements & FF&E		2,798
Total Gross Cost	[2]	35,555
Accumulated Depreciation		$ (14,104)
Date of Construction		2009
Date Acquired		May-10
Aggregate number of hotel rooms | Room		200
Hampton Oklahoma City, OK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Oklahoma City, OK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Charleston, SC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,250
Initial Cost, Building, FF&E, and Other		16,778
Subsequently Capitalized Building Improvements & FF&E		2,065
Total Gross Cost	[2]	22,093
Accumulated Depreciation		$ (4,814)
Date of Construction		2011
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		122
Home2 Suites Charleston, SC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Charleston, SC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Austin/Round Rock Tx [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,180
Initial Cost, Building, FF&E, and Other		25,644
Subsequently Capitalized Building Improvements & FF&E		2,424
Total Gross Cost	[2]	30,248
Accumulated Depreciation		$ (6,182)
Date of Construction		2010
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		115
Homewood Suites Austin/Round Rock Tx [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Austin/Round Rock Tx [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Oklahoma City, OK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,270
Initial Cost, Building, FF&E, and Other		32,700
Subsequently Capitalized Building Improvements & FF&E		542
Total Gross Cost	[2]	34,512
Accumulated Depreciation		$ (7,781)
Date of Construction		2014
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		155
Hilton Garden Inn Oklahoma City, OK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Oklahoma City, OK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Columbia, SC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,540
Initial Cost, Building, FF&E, and Other		16,399
Subsequently Capitalized Building Improvements & FF&E		1,877
Total Gross Cost	[2]	21,816
Accumulated Depreciation		$ (6,410)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		143
Hilton Garden Inn Columbia, SC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Columbia, SC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Oklahoma City, OK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 760
Initial Cost, Building, FF&E, and Other		20,056
Subsequently Capitalized Building Improvements & FF&E		113
Total Gross Cost	[2]	20,929
Accumulated Depreciation		$ (4,901)
Date of Construction		2014
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		100
Homewood Suites Oklahoma City, OK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Oklahoma City, OK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Columbia, SC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,330
Initial Cost, Building, FF&E, and Other		10,839
Subsequently Capitalized Building Improvements & FF&E		1,416
Total Gross Cost	[2]	13,585
Accumulated Depreciation		$ (3,402)
Date of Construction		2009
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		91
TownePlace Suites Columbia, SC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Columbia, SC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Oklahoma City (West), OK [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,280
Initial Cost, Building, FF&E, and Other		13,340
Subsequently Capitalized Building Improvements & FF&E		761
Total Gross Cost	[2]	15,381
Accumulated Depreciation		$ (4,231)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		90
Homewood Suites Oklahoma City (West), OK [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Oklahoma City (West), OK [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hyatt Place Greenville, SC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,802
Initial Cost, Building, FF&E, and Other		27,700
Subsequently Capitalized Building Improvements & FF&E		33
Total Gross Cost	[2]	30,535
Accumulated Depreciation		$ (2,133)
Date of Construction		2018
Date Acquired		Sep-21
Aggregate number of hotel rooms | Room		130
Hyatt Place Greenville, SC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hyatt Place Greenville, SC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Portland, OR [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 10,813
Initial Cost, Building, FF&E, and Other		64,433
Subsequently Capitalized Building Improvements & FF&E		126
Total Gross Cost	[2]	75,372
Accumulated Depreciation		$ (4,149)
Date of Construction		2017
Date Acquired		Nov-21
Aggregate number of hotel rooms | Room		243
Hampton Portland, OR [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Portland, OR [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Hilton Head, SC [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,600
Initial Cost, Building, FF&E, and Other		11,386
Subsequently Capitalized Building Improvements & FF&E		2,811
Total Gross Cost	[2]	17,797
Accumulated Depreciation		$ (5,290)
Date of Construction		2001
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		104
Hilton Garden Inn Hilton Head, SC [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Hilton Head, SC [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Collegeville/Philadelphia, PA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,115
Initial Cost, Building, FF&E, and Other		17,953
Subsequently Capitalized Building Improvements & FF&E		5,004
Total Gross Cost	[2]	25,072
Accumulated Depreciation		$ (9,920)
Date of Construction		2005
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		132
Courtyard Collegeville/Philadelphia, PA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Collegeville/Philadelphia, PA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Chattanooga, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,410
Initial Cost, Building, FF&E, and Other		9,361
Subsequently Capitalized Building Improvements & FF&E		2,912
Total Gross Cost	[2]	13,683
Accumulated Depreciation		$ (5,292)
Date of Construction		1997
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		76
Homewood Suites Chattanooga, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Chattanooga, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Franklin, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,510
Initial Cost, Building, FF&E, and Other		31,341
Subsequently Capitalized Building Improvements & FF&E		819
Total Gross Cost	[2]	34,670
Accumulated Depreciation		$ (7,573)
Date of Construction		2008
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		126
Courtyard Franklin, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Franklin, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Franklin, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,970
Initial Cost, Building, FF&E, and Other		29,208
Subsequently Capitalized Building Improvements & FF&E		1,652
Total Gross Cost	[2]	33,830
Accumulated Depreciation		$ (7,477)
Date of Construction		2009
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		124
Residence Inn Franklin, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Franklin, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Austin/Round Rock TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 865
Initial Cost, Building, FF&E, and Other		10,999
Subsequently Capitalized Building Improvements & FF&E		4,613
Total Gross Cost	[2]	16,477
Accumulated Depreciation		$ (7,554)
Date of Construction		2001
Date Acquired		Mar-09
Aggregate number of hotel rooms | Room		94
Hampton Austin/Round Rock TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Austin/Round Rock TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Knoxville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,160
Initial Cost, Building, FF&E, and Other		14,704
Subsequently Capitalized Building Improvements & FF&E		2,327
Total Gross Cost	[2]	19,191
Accumulated Depreciation		$ (4,312)
Date of Construction		2005
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		103
Homewood Suites Knoxville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Knoxville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Knoxville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,840
Initial Cost, Building, FF&E, and Other		12,441
Subsequently Capitalized Building Improvements & FF&E		1,718
Total Gross Cost	[2]	15,999
Accumulated Depreciation		$ (3,609)
Date of Construction		2006
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		103
SpringHill Suites Knoxville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Knoxville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Knoxville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,190
Initial Cost, Building, FF&E, and Other		7,920
Subsequently Capitalized Building Improvements & FF&E		1,723
Total Gross Cost	[2]	10,833
Accumulated Depreciation		$ (3,152)
Date of Construction		2003
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		97
TownePlace Suites Knoxville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Knoxville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Memphis, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,449
Initial Cost, Building, FF&E, and Other		37,097
Subsequently Capitalized Building Improvements & FF&E		4,872
Total Gross Cost	[2]	44,418
Accumulated Depreciation		$ (9,138)
Date of Construction		2000
Date Acquired		Feb-18
Aggregate number of hotel rooms | Room		144
Hampton Memphis, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Memphis, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Memphis, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,501
Initial Cost, Building, FF&E, and Other		33,688
Subsequently Capitalized Building Improvements & FF&E		86
Total Gross Cost	[2]	38,275
Accumulated Depreciation		$ (2,476)
Date of Construction		2019
Date Acquired		Oct-21
Aggregate number of hotel rooms | Room		150
Hilton Garden Inn Memphis, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Memphis, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Nashville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,754
Initial Cost, Building, FF&E, and Other		39,997
Subsequently Capitalized Building Improvements & FF&E		4,285
Total Gross Cost	[2]	47,036
Accumulated Depreciation		$ (18,698)
Date of Construction		2009
Date Acquired		Sep-10
Aggregate number of hotel rooms | Room		194
Hilton Garden Inn Nashville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Nashville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Home2 Suites Nashville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,153
Initial Cost, Building, FF&E, and Other		15,206
Subsequently Capitalized Building Improvements & FF&E		1,762
Total Gross Cost	[2]	18,121
Accumulated Depreciation		$ (6,457)
Date of Construction		2012
Date Acquired		May-12
Aggregate number of hotel rooms | Room		119
Home2 Suites Nashville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Home2 Suites Nashville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Nashville, TN [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 7,390
Initial Cost, Building, FF&E, and Other		13,929
Subsequently Capitalized Building Improvements & FF&E		1,356
Total Gross Cost	[2]	22,675
Accumulated Depreciation		$ (3,998)
Date of Construction		2012
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		101
TownePlace Suites Nashville, TN [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Nashville, TN [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Addison, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,210
Initial Cost, Building, FF&E, and Other		19,700
Subsequently Capitalized Building Improvements & FF&E		3,244
Total Gross Cost	[2]	24,154
Accumulated Depreciation		$ (8,521)
Date of Construction		2003
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		159
SpringHill Suites Addison, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Addison, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Arlington, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,217
Initial Cost, Building, FF&E, and Other		8,738
Subsequently Capitalized Building Improvements & FF&E		1,861
Total Gross Cost	[2]	11,816
Accumulated Depreciation		$ (4,787)
Date of Construction		2007
Date Acquired		Dec-10
Aggregate number of hotel rooms | Room		98
Hampton Arlington, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Arlington, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Austin, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,579
Initial Cost, Building, FF&E, and Other		18,487
Subsequently Capitalized Building Improvements & FF&E		2,307
Total Gross Cost	[2]	22,373
Accumulated Depreciation		$ (8,475)
Date of Construction		2009
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		145
Courtyard Austin, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Austin, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Fairfield Austin, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,306
Initial Cost, Building, FF&E, and Other		16,504
Subsequently Capitalized Building Improvements & FF&E		2,173
Total Gross Cost	[2]	19,983
Accumulated Depreciation		$ (7,758)
Date of Construction		2009
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		150
Fairfield Austin, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Fairfield Austin, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Austin, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,459
Initial Cost, Building, FF&E, and Other		17,184
Subsequently Capitalized Building Improvements & FF&E		5,695
Total Gross Cost	[2]	24,338
Accumulated Depreciation		$ (10,872)
Date of Construction		1996
Date Acquired		Apr-09
Aggregate number of hotel rooms | Room		124
Hampton Austin, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Austin, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Austin, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,614
Initial Cost, Building, FF&E, and Other		14,451
Subsequently Capitalized Building Improvements & FF&E		2,426
Total Gross Cost	[2]	18,491
Accumulated Depreciation		$ (7,410)
Date of Construction		2008
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		117
Hilton Garden Inn Austin, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Austin, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Austin, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,898
Initial Cost, Building, FF&E, and Other		16,462
Subsequently Capitalized Building Improvements & FF&E		6,576
Total Gross Cost	[2]	24,936
Accumulated Depreciation		$ (11,054)
Date of Construction		1997
Date Acquired		Apr-09
Aggregate number of hotel rooms | Room		97
Homewood Suites Austin, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Austin, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Denton, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 990
Initial Cost, Building, FF&E, and Other		14,895
Subsequently Capitalized Building Improvements & FF&E		492
Total Gross Cost	[2]	16,377
Accumulated Depreciation		$ (4,485)
Date of Construction		2009
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		107
Homewood Suites Denton, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Denton, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites El Paso, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,800
Initial Cost, Building, FF&E, and Other		16,657
Subsequently Capitalized Building Improvements & FF&E		2,144
Total Gross Cost	[2]	21,601
Accumulated Depreciation		$ (6,500)
Date of Construction		2008
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		114
Homewood Suites El Paso, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites El Paso, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Fort Worth, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,313
Initial Cost, Building, FF&E, and Other		15,825
Subsequently Capitalized Building Improvements & FF&E		189
Total Gross Cost	[2]	18,327
Accumulated Depreciation		$ (4,314)
Date of Construction		2017
Date Acquired		Feb-17
Aggregate number of hotel rooms | Room		124
Courtyard Fort Worth, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Fort Worth, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Fort Worth, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,637
Initial Cost, Building, FF&E, and Other		25,073
Subsequently Capitalized Building Improvements & FF&E		1,854
Total Gross Cost	[2]	31,564
Accumulated Depreciation		$ (1,660)
Date of Construction		2012
Date Acquired		Nov-21
Aggregate number of hotel rooms | Room		157
Hilton Garden Inn Fort Worth, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Fort Worth, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Fort Worth, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,309
Initial Cost, Building, FF&E, and Other		18,397
Subsequently Capitalized Building Improvements & FF&E		466
Total Gross Cost	[2]	22,172
Accumulated Depreciation		$ (1,233)
Date of Construction		2013
Date Acquired		Nov-21
Aggregate number of hotel rooms | Room		112
Homewood Suites Fort Worth, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Fort Worth, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Fort Worth, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,104
Initial Cost, Building, FF&E, and Other		16,311
Subsequently Capitalized Building Improvements & FF&E		1,925
Total Gross Cost	[2]	20,340
Accumulated Depreciation		$ (7,567)
Date of Construction		2010
Date Acquired		Jul-10
Aggregate number of hotel rooms | Room		140
TownePlace Suites Fort Worth, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Fort Worth, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Frisco, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,507
Initial Cost, Building, FF&E, and Other		12,981
Subsequently Capitalized Building Improvements & FF&E		1,719
Total Gross Cost	[2]	17,207
Accumulated Depreciation		$ (7,224)
Date of Construction		2008
Date Acquired		Dec-08
Aggregate number of hotel rooms | Room		102
Hilton Garden Inn Frisco, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Frisco, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Grapevine, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,522
Initial Cost, Building, FF&E, and Other		15,543
Subsequently Capitalized Building Improvements & FF&E		2,111
Total Gross Cost	[2]	19,176
Accumulated Depreciation		$ (7,574)
Date of Construction		2009
Date Acquired		Sep-10
Aggregate number of hotel rooms | Room		110
Hilton Garden Inn Grapevine, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Grapevine, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Houston, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,080
Initial Cost, Building, FF&E, and Other		21,836
Subsequently Capitalized Building Improvements & FF&E		1,327
Total Gross Cost	[2]	25,243
Accumulated Depreciation		$ (5,719)
Date of Construction		2012
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		124
Courtyard Houston, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Houston, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Marriott Houston, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 4,143
Initial Cost, Building, FF&E, and Other		46,623
Subsequently Capitalized Building Improvements & FF&E	[3]	19,822
Total Gross Cost	[2]	30,944
Accumulated Depreciation		$ (19,349)
Date of Construction		2010
Date Acquired		Jan-10
Aggregate number of hotel rooms | Room		206
Marriott Houston, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Marriott Houston, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Houston, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 12,070
Initial Cost, Building, FF&E, and Other		19,769
Subsequently Capitalized Building Improvements & FF&E		2,263
Total Gross Cost	[2]	34,102
Accumulated Depreciation		$ (7,639)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		129
Residence Inn Houston, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Houston, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Houston, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,070
Initial Cost, Building, FF&E, and Other		11,186
Subsequently Capitalized Building Improvements & FF&E		1,576
Total Gross Cost	[2]	14,832
Accumulated Depreciation		$ (3,505)
Date of Construction		2012
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		120
Residence Inn Houston, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Houston, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Lewisville, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,361
Initial Cost, Building, FF&E, and Other		23,919
Subsequently Capitalized Building Improvements & FF&E		3,422
Total Gross Cost	[2]	30,702
Accumulated Depreciation		$ (13,617)
Date of Construction		2007
Date Acquired		Oct-08
Aggregate number of hotel rooms | Room		165
Hilton Garden Inn Lewisville, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Lewisville, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites San Antonio, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,220
Initial Cost, Building, FF&E, and Other		9,610
Subsequently Capitalized Building Improvements & FF&E		1,551
Total Gross Cost	[2]	13,381
Accumulated Depreciation		$ (4,089)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		106
TownePlace Suites San Antonio, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites San Antonio, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Shenandoah, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 3,350
Initial Cost, Building, FF&E, and Other		17,256
Subsequently Capitalized Building Improvements & FF&E		158
Total Gross Cost	[2]	20,764
Accumulated Depreciation		$ (4,480)
Date of Construction		2014
Date Acquired		Sep-16
Aggregate number of hotel rooms | Room		124
Courtyard Shenandoah, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Shenandoah, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Stafford, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,880
Initial Cost, Building, FF&E, and Other		10,969
Subsequently Capitalized Building Improvements & FF&E		549
Total Gross Cost	[2]	13,398
Accumulated Depreciation		$ (4,376)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		78
Homewood Suites Stafford, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Stafford, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hampton Texarkana, TX [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 636
Initial Cost, Building, FF&E, and Other		8,723
Subsequently Capitalized Building Improvements & FF&E		2,522
Total Gross Cost	[2]	11,881
Accumulated Depreciation		$ (4,563)
Date of Construction		2004
Date Acquired		Jan-11
Aggregate number of hotel rooms | Room		81
Hampton Texarkana, TX [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hampton Texarkana, TX [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Provo, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,150
Initial Cost, Building, FF&E, and Other		18,277
Subsequently Capitalized Building Improvements & FF&E		3,687
Total Gross Cost	[2]	23,114
Accumulated Depreciation		$ (7,885)
Date of Construction		1996
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		114
Residence Inn Provo, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Provo, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard, Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,634
Initial Cost, Building, FF&E, and Other		45,843
Total Gross Cost	[2]	48,477
Accumulated Depreciation		$ (330)
Date of Construction		2015
Date Acquired		Oct-23
Aggregate number of hotel rooms | Room		175
Courtyard, Salt Lake City, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard, Salt Lake City, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hyatt House Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1],[4]	$ 4,312
Initial Cost, Building, FF&E, and Other		39,525
Total Gross Cost	[2]	43,837
Accumulated Depreciation		$ (350)
Date of Construction		2015
Date Acquired		Oct-23
Aggregate number of hotel rooms | Room		159
Hyatt House Salt Lake City, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hyatt House Salt Lake City, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,515
Initial Cost, Building, FF&E, and Other		24,214
Subsequently Capitalized Building Improvements & FF&E		462
Total Gross Cost	[2]	26,191
Accumulated Depreciation		$ (5,132)
Date of Construction		2014
Date Acquired		Oct-17
Aggregate number of hotel rooms | Room		136
Residence Inn Salt Lake City, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Salt Lake City, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Salt Lake City, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,092
Initial Cost, Building, FF&E, and Other		16,465
Subsequently Capitalized Building Improvements & FF&E		2,060
Total Gross Cost	[2]	19,617
Accumulated Depreciation		$ (7,790)
Date of Construction		2009
Date Acquired		Nov-10
Aggregate number of hotel rooms | Room		143
SpringHill Suites Salt Lake City, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Salt Lake City, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Embassy Suites South Jordan, UT [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,532
Initial Cost, Building, FF&E, and Other		35,478
Total Gross Cost	[2]	37,010
Accumulated Depreciation		$ (179)
Date of Construction		2017
Date Acquired		Nov-23
Aggregate number of hotel rooms | Room		192
Embassy Suites South Jordan, UT [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Embassy Suites South Jordan, UT [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Alexandria, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,860
Initial Cost, Building, FF&E, and Other		19,681
Subsequently Capitalized Building Improvements & FF&E		4,560
Total Gross Cost	[2]	31,101
Accumulated Depreciation		$ (9,248)
Date of Construction		1987
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		178
Courtyard Alexandria, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Alexandria, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
SpringHill Suites Alexandria, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 5,968
Subsequently Capitalized Building Improvements & FF&E		21,074
Total Gross Cost	[2]	27,042
Accumulated Depreciation		$ (9,053)
Date of Construction		2011
Date Acquired		Mar-09
Aggregate number of hotel rooms | Room		155
SpringHill Suites Alexandria, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
SpringHill Suites Alexandria, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Charlottesville, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 21,130
Initial Cost, Building, FF&E, and Other		27,737
Subsequently Capitalized Building Improvements & FF&E		3,819
Total Gross Cost	[2]	52,686
Accumulated Depreciation		$ (10,027)
Date of Construction		2000
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		139
Courtyard Charlottesville, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Charlottesville, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Manassas, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 1,395
Initial Cost, Building, FF&E, and Other		14,962
Subsequently Capitalized Building Improvements & FF&E		3,784
Total Gross Cost	[2]	20,141
Accumulated Depreciation		$ (7,358)
Date of Construction		2006
Date Acquired		Feb-11
Aggregate number of hotel rooms | Room		107
Residence Inn Manassas, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Manassas, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Richmond, VA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 13,832
Initial Cost, Land	[1]	2,003
Subsequently Capitalized Building Improvements & FF&E		23,463
Total Gross Cost	[2]	25,466
Accumulated Depreciation		$ (7,504)
Date of Construction		2014
Date Acquired		Jul-12
Aggregate number of hotel rooms | Room		135
Courtyard Richmond, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Richmond, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Marriott Richmond, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Building, FF&E, and Other		$ 83,698
Subsequently Capitalized Building Improvements & FF&E		26,433
Total Gross Cost	[2]	110,131
Accumulated Depreciation		$ (39,514)
Date of Construction		1984
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		413
Marriott Richmond, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Marriott Richmond, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Richmond, VA [Member]
Real Estate Properties [Line Items]
Encumbrances		$ 13,832
Initial Cost, Land	[1]	1,113
Subsequently Capitalized Building Improvements & FF&E		12,807
Total Gross Cost	[2]	13,920
Accumulated Depreciation		$ (4,101)
Date of Construction		2014
Date Acquired		Jul-12
Aggregate number of hotel rooms | Room		75
Residence Inn Richmond, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Richmond, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Suffolk, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 940
Initial Cost, Building, FF&E, and Other		5,186
Subsequently Capitalized Building Improvements & FF&E		1,786
Total Gross Cost	[2]	7,912
Accumulated Depreciation		$ (2,949)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		92
Courtyard Suffolk, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Suffolk, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
TownePlace Suites Suffolk, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 710
Initial Cost, Building, FF&E, and Other		5,241
Subsequently Capitalized Building Improvements & FF&E		1,043
Total Gross Cost	[2]	6,994
Accumulated Depreciation		$ (2,436)
Date of Construction		2007
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		72
TownePlace Suites Suffolk, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
TownePlace Suites Suffolk, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 10,580
Initial Cost, Building, FF&E, and Other		29,140
Subsequently Capitalized Building Improvements & FF&E		4,175
Total Gross Cost	[2]	43,895
Accumulated Depreciation		$ (11,121)
Date of Construction		1999
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		141
Courtyard Virginia Beach, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Virginia Beach, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Virginia Beach, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 12,000
Initial Cost, Building, FF&E, and Other		40,556
Subsequently Capitalized Building Improvements & FF&E		6,771
Total Gross Cost	[2]	59,327
Accumulated Depreciation		$ (14,662)
Date of Construction		2002
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		160
Courtyard Virginia Beach, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Virginia Beach, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Courtyard Kirkland, WA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 18,950
Initial Cost, Building, FF&E, and Other		25,028
Subsequently Capitalized Building Improvements & FF&E		2,771
Total Gross Cost	[2]	46,749
Accumulated Depreciation		$ (9,119)
Date of Construction		2006
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		150
Courtyard Kirkland, WA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Courtyard Kirkland, WA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Renton, WA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 6,744
Initial Cost, Building, FF&E, and Other		49,162
Total Gross Cost	[2]	55,906
Accumulated Depreciation		$ (400)
Date of Construction		2019
Date Acquired		Oct-23
Aggregate number of hotel rooms | Room		146
Residence Inn Renton, WA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Renton, WA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Residence Inn Seattle, WA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 63,484
Initial Cost, Building, FF&E, and Other		92,786
Subsequently Capitalized Building Improvements & FF&E		5,735
Total Gross Cost	[2]	162,005
Accumulated Depreciation		$ (33,776)
Date of Construction		1991
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		234
Residence Inn Seattle, WA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Residence Inn Seattle, WA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Homewood Suites Tukwila, WA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 8,130
Initial Cost, Building, FF&E, and Other		16,659
Subsequently Capitalized Building Improvements & FF&E		4,783
Total Gross Cost	[2]	29,572
Accumulated Depreciation		$ (8,992)
Date of Construction		1992
Date Acquired		Mar-14
Aggregate number of hotel rooms | Room		106
Homewood Suites Tukwila, WA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Homewood Suites Tukwila, WA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Hilton Garden Inn Madison, WI [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 2,593
Initial Cost, Building, FF&E, and Other		47,152
Subsequently Capitalized Building Improvements & FF&E		17
Total Gross Cost	[2]	49,762
Accumulated Depreciation		$ (4,795)
Date of Construction		2021
Date Acquired		Feb-21
Aggregate number of hotel rooms | Room		176
Hilton Garden Inn Madison, WI [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Hilton Garden Inn Madison, WI [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years
Corporate Office Richmond, VA [Member]
Real Estate Properties [Line Items]
Initial Cost, Land	[1]	$ 682
Initial Cost, Building, FF&E, and Other		3,723
Subsequently Capitalized Building Improvements & FF&E		2,882
Total Gross Cost	[2]	7,287
Accumulated Depreciation		$ (3,520)
Date of Construction		1893
Date Acquired		May-13
Corporate Office Richmond, VA [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Depreciable Life		3 years
Corporate Office Richmond, VA [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Depreciable Life		39 years

[1] Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease.

[2] The aggregate cost for U.S. federal income tax purposes is approximately $5.9 billion at December 31, 2023 (unaudited).

[3] Amount includes a reduction in cost due to recognition of an impairment loss.

[4] As part of the acquisition of the Courtyard and Hyatt House hotels in Salt Lake City, Utah, a corresponding free-standing parking garage that serves both hotels and the surrounding area was also acquired. All costs for the parking garage are presented with the Salt Lake City Hyatt House.

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SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward Of Investment In Real Estate And Accumulated Depreciation And Amortization [Abstract]
Balance as of January 1		$ 6,000,975	$ 5,886,363	$ 5,764,977
Acquisitions		293,802	86,467	430,155
Improvements		76,832	61,745	25,824
Dispositions		(227)	(7,425)	(336,905)
Assets held for sale	[1]	(27,506)		13,066
Impairment of depreciable assets		(5,644)	(26,175)	(10,754)
Total gross cost as of December 31		6,338,232	6,000,975	5,886,363
Finance ground lease assets as of December 31		102,084	102,084	102,084
Total investment in real estate		6,440,316	6,103,059	5,988,447
Accumulated depreciation as of January 1		(1,480,043)	(1,302,246)	(1,224,832)
Depreciation expense		(180,185)	(178,641)	(179,275)
Accumulated depreciation on dispositions		155	844	109,610
Assets held for sale	[1]	12,223		(7,750)
Accumulated depreciation as of December 31		(1,647,850)	(1,480,043)	(1,302,246)
Accumulated amortization of finance leases as of December 31		(15,092)	(12,054)	(9,016)
Accumulated depreciation and amortization as of December 31		$ (1,662,942)	$ (1,492,097)	$ (1,311,262)

[1] As of December 31, 2023, the Company had two hotels classified as held for sale, which are not included in this schedule, and were both sold to an unrelated party in February 2024.

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SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Parenthetical) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023 Room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items]
Land Ownership Description		Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease.
Outstanding debt		$ 1,378,002	$ 1,374,215
Lessor, lease term of contract	15 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis (in Dollars)		5,900,000
Independent Boutique Hotel, New York [Member]
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items]
Number of hotel rooms under operating lease | Room	210
Mortgage Debt [Member]
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items]
Outstanding debt		$ 283,000