SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Assets Held For Sale

During the three months ended March 31, 2018, the Company entered into contracts for the sale of the following properties: Holiday Inn - Duluth GA, Hilton Garden Inn – Duluth, GA, Hampton Inn – Provo, UT and the Holiday Inn Express – Sandy, UT. Subsequent to March 31, 2018, the escrow funds have become non-refundable and we consider the closing of the sales probable. As such, we reclassified the properties to Assets held for sale at March 31, 2018.

Debt

On April 2, 2018, we repaid four mortgage loans with Western Alliance Bank totaling $23.9 million that had a blended interest rate of 5.39%. There were no prepayment penalties associated with this transaction. The properties that secured the mortgage loans are now unencumbered and are expected to be added to our unencumbered pool to support our 2016 Unsecured Credit Facility, 2017 Term Loan and 2018 Term Loan.

Dividends

On April 30, 2018, our Board of Directors declared cash dividends of $0.18 per share of common stock, $0.403125 per share of 6.45% Series D Cumulative Redeemable Preferred Stock, and $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock. These dividends are payable May 31, 2018 to stockholders of record on May 16, 2018.