Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

11.  Subsequent Events

In October 2016, the Company paid approximately $22.3 million, or $0.10 per outstanding common share, in distributions to its common shareholders.

In October 2016, the Company declared a regular monthly cash distribution of $0.10 per common share for the month of November 2016.  The distribution is payable on November 15, 2016.

In October 2016, the Company entered into separate contracts for the sale of two properties (the Dallas, Texas Hilton hotel and the Chesapeake, Virginia Marriott hotel) for a total gross sales price of approximately $66.3 million.  See Note 3 for more information on these contracts.

In October 2016, the Company entered into a contract for the potential purchase of a hotel to be constructed in Phoenix, Arizona, for a gross purchase price of $44.1 million.  The hotel is planned to be a Hampton Inn & Suites which is expected to contain 210 guest rooms.  Although the Company is working towards acquiring this hotel, there are many conditions to closing that have not yet been satisfied, and there can be no assurance that a closing on this hotel will occur.

In November 2016, the Company entered into a $70.0 million secured mortgage loan agreement with a commercial lender, jointly secured by three properties.  The mortgage loan has an annual fixed interest rate of 3.55% and a maturity date of December 1, 2026.  At closing, the Company used the proceeds from this mortgage to reduce the borrowings on its revolving credit facility and to pay loan origination costs.