SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15 - SUBSEQUENT EVENTS Acquisitions On April 13, 2015, the Company closed on its previously announced acquisition of the Hampton Inn & Suites in Minneapolis, Minnesota. The Company acquired the 211-guestroom hotel for a total purchase price of $39.0 million and entered into a management agreement with Interstate Hotels & Resorts for management of the hotel. The purchase was completed with funds drawn under our $225 Million Revolver. Debt Unsecured Term Loan On April 7, 2015, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $125.0 million unsecured term loan with KeyBank National Association, as administrative agent, Regions Bank and Raymond James Bank, N.A., as co-syndication agents, KeyBanc Capital Markets, Inc., Regions Capital Markets and Raymond James Bank, N.A., as co-lead arrangers, and a syndicate of lenders including KeyBank National Association, Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company, and U.S. Bank National Association. The $125.0 million term loan matures on April 7, 2022 and has an accordion feature which will allow us to increase the total commitments by an aggregate of $75.0 million prior to the maturity date, subject to certain conditions. Outstanding borrowings on the $125.0 million term loan are limited by certain measures related to consolidated unsecured indebtedness of the Company, unencumbered adjusted net operating income, and the aggregate value of the unencumbered assets. In addition, we are subject to certain financial and other covenants. Borrowings under the term loan are limited by the value of hotel assets that qualify as unencumbered assets. As of the date of the term loan, 39 of our hotel properties qualified as, and are deemed to be, unencumbered assets. We are obligated to pay interest at the end of each selected interest period, but not less than quarterly, with all outstanding principal and accrued but unpaid interest due at the maturity of the loan. We have the right to repay all or any portion of the outstanding borrowings from time to time, subject to prepayment fees for the first two years of the term. We pay interest on advances at varying rates based upon LIBOR or the administrative agent’s prime rate. We are currently paying interest at 2.12% based on LIBOR at April 24, 2015. The unsecured term loan permits the Operating Partnership and the Company to maintain unsecured credit facilities with other lenders. Furthermore, the term loan permits us to use those assets included in the unencumbered asset pool as unencumbered assets for credit facilities with other lenders, so long as all financial and other covenants are maintained. At closing we drew the full $125.0 million amount of the unsecured term loan and on April 21, 2015, the Company exercised $15.0 million of the $75.0 million accordion. All proceeds were used to pay down the principal balance of our $225 Million Revolver, which resulted in $199.2 million of availability under our $225 Million Revolver. The exercise of this feature increased the aggregate unsecured term loan commitments to $140.0 million under the unsecured term loan and does not affect any other terms or conditions of the credit agreement. In conjunction with exercising the accordion feature, the Company has added American Bank, N.A. as a new lender under the facility. Equity Transactions On April 1, 2015, we redeemed 95,646 Common Units, which had been tendered February 2, 2015, for shares of our common stock. Dividends On April 30, 2015, our board of directors declared cash dividends of $0.1175 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, and $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock. These dividends are payable on May 29, 2015 to stockholders of record on May 15, 2015.

NOTE 15 - SUBSEQUENT EVENTS

Acquisitions

On April 13, 2015, the Company closed on its previously announced acquisition of the Hampton Inn & Suites in Minneapolis, Minnesota. The Company acquired the 211-guestroom hotel for a total purchase price of $39.0 million and entered into a management agreement with Interstate Hotels & Resorts for management of the hotel. The purchase was completed with funds drawn under our $225 Million Revolver.

Debt

Unsecured Term Loan

On April 7, 2015, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $125.0 million unsecured term loan with KeyBank National Association, as administrative agent, Regions Bank and Raymond James Bank, N.A., as co-syndication agents, KeyBanc Capital Markets, Inc., Regions Capital Markets and Raymond James Bank, N.A., as co-lead arrangers, and a syndicate of lenders including KeyBank National Association, Regions Bank, Raymond James Bank, N.A., Branch Banking and Trust Company, and U.S. Bank National Association.

The $125.0 million term loan matures on April 7, 2022 and has an accordion feature which will allow us to increase the total commitments by an aggregate of $75.0 million prior to the maturity date, subject to certain conditions. Outstanding borrowings on the $125.0 million term loan are limited by certain measures related to consolidated unsecured indebtedness of the Company, unencumbered adjusted net operating income, and the aggregate value of the unencumbered assets. In addition, we are subject to certain financial and other covenants. Borrowings under the term loan are limited by the value of hotel assets that qualify as unencumbered assets. As of the date of the term loan, 39 of our hotel properties qualified as, and are deemed to be, unencumbered assets.

We are obligated to pay interest at the end of each selected interest period, but not less than quarterly, with all outstanding principal and accrued but unpaid interest due at the maturity of the loan. We have the right to repay all or any portion of the outstanding borrowings from time to time, subject to prepayment fees for the first two years of the term. We pay interest on advances at varying rates based upon LIBOR or the administrative agent’s prime rate. We are currently paying interest at 2.12% based on LIBOR at April 24, 2015.

The unsecured term loan permits the Operating Partnership and the Company to maintain unsecured credit facilities with other lenders. Furthermore, the term loan permits us to use those assets included in the unencumbered asset pool as unencumbered assets for credit facilities with other lenders, so long as all financial and other covenants are maintained.

At closing we drew the full $125.0 million amount of the unsecured term loan and on April 21, 2015, the Company exercised $15.0 million of the $75.0 million accordion. All proceeds were used to pay down the principal balance of our $225 Million Revolver, which resulted in $199.2 million of availability under our $225 Million Revolver. The exercise of this feature increased the aggregate unsecured term loan commitments to $140.0 million under the unsecured term loan and does not affect any other terms or conditions of the credit agreement. In conjunction with exercising the accordion feature, the Company has added American Bank, N.A. as a new lender under the facility.

Equity Transactions

On April 1, 2015, we redeemed 95,646 Common Units, which had been tendered February 2, 2015, for shares of our common stock.

Dividends

On April 30, 2015, our board of directors declared cash dividends of $0.1175 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, and $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock. These dividends are payable on May 29, 2015 to stockholders of record on May 15, 2015.