SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16 - SUBSEQUENT EVENTS

Acquisitions

On October 19, 2015, the Company closed on the purchase of the Hyatt House Airport in Miami, Florida from Noble I/HY Miami, LLC (“Noble I”) for an aggregate purchase price of $39.0 million. The hotel contains 156 guestrooms.  The purchase from Noble I was executed through a qualified intermediary under a 1031 Exchange primarily using cash proceeds from the First Closing of the ARCH Sale on October 15, 2015.

On October 20, 2015, the Company closed on the purchase of the Courtyard Atlanta Decatur Downtown from Noble I Decatur, LLC (“Noble II”) for an aggregate purchase price of $44.0 million.  The hotel contains 179 guestrooms.  The purchase from Noble II was completed through a qualified intermediary under a reverse 1031 Exchange using funds drawn on the Company’s revolving line of credit.  We anticipate completion of the 1031 Exchange upon the sale of the hotels to be sold to ARCH in the first quarter of 2016.

Dispositions

On October 15, 2015 we completed the First Closing of the ARCH Sale.  We expect to complete the second closing of the ARCH Sale prior to December 31, 2015 and the third closing in the first quarter of 2016.

Equity Transactions

On October 1, 2015, 34,536 Common Units were tendered for redemption and were redeemed for an equivalent number of shares of our common stock.

Dividends

On October 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 November 30, 2015 to stockholders of record on November 16, 2015.