Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Schedule of Investment in Real Estate

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

	September 30,			December 31,
	2021			2020
Land	$	771,639		$	725,512
Building and improvements		4,441,034			4,525,850
Furniture, fixtures and equipment		475,807			499,865
Finance ground lease assets		102,084			203,617
Franchise fees		16,982			13,750
		5,807,546			5,968,594
Less accumulated depreciation and amortization		(1,266,122	)		(1,235,698	)
Investment in real estate, net	$	4,541,424		$	4,732,896

Schedule of Hotel Acquisitions

The Company acquired four hotels during the nine months ended September 30, 2021. 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
Madison	WI	Hilton Garden Inn	Raymond	2/18/2021		176	$	49,599
Portland	ME	AC Hotels	Crestline	8/20/2021		178		66,750
Greenville	SC	Hyatt Place	Crestline	9/1/2021		130		30,000
Portland	ME	Aloft	Crestline	9/10/2021		157		51,150
						641	$	197,499

During the year ended December 31, 2020, the Company acquired four hotels, including four hotels during the nine months ended September 30, 2020. 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
Cape Canaveral	FL	Hampton	LBA	4/30/2020		116	$	24,102
Cape Canaveral	FL	Home2 Suites	LBA	4/30/2020		108		22,602
Tempe	AZ	Hyatt House	Crestline	8/13/2020		105		26,309
Tempe	AZ	Hyatt Place	Crestline	8/13/2020		154		38,279
						483	$	111,292

Schedule of Purchase Contract Outstanding

The following table summarizes the location, brand, date of purchase contract, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2021. All dollar amounts are in thousands.

Location	Brands	Date of Purchase Contract	Rooms		Refundable Deposits		Gross Purchase Price
Madison, WI (1)	Embassy Suites	7/27/2021		260	$	893	$	78,598
Memphis, TN	Hilton Garden Inn	8/27/2021		150		300		38,000
Fort Worth, TX	Hilton Garden Inn	9/2/2021		157		176		29,500
Fort Worth, TX	Homewood Suites	9/2/2021		112		128		21,500
Portland, OR	Hampton	9/2/2021		243		446		75,000
				922	$	1,943	$	242,598

(1) This hotel is currently under development. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of this hotel is expected to occur in 2023. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As this property is under development, at this time, the seller has not met all of the conditions to closing.