SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Acquisitions

On July 13, 2017, we completed the acquisition of the 255-guestroom AC Hotel by Marriott in Atlanta, GA for an aggregate purchase price of $57.5 million.

Dispositions

On July 21, 2017, we completed the sale of three hotel properties in Fort Worth, TX for an aggregate sales price of $27.8 million, resulting in a net gain of approximately $8.0 million. The proceeds from this sale were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of approximately $8.8 million.

Real Estate Loans

On August 1, 2017, the real estate loan of $10.1 million recorded as Investment in real estate loans, net at June 30, 2017 was repaid in full by the borrower.

Dividends

On July 28, 2017, our Board of Directors declared cash dividends of $0.17 per share of common stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock and $0.403125 per share of 6.45% Series D Cumulative Redeemable Preferred Stock. These dividends are payable on August 31, 2017 to stockholders of record on August 16, 2017.