SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Hotel Property Acquisitions

Subsequent to quarter-end, we completed the acquisition of four hotel properties on October 8, 2019 for a total purchase price of $249.0 million through our joint venture as follows:

Date Acquired	Franchise/Brand	Location	Guestrooms
October 8, 2019	Hilton Garden Inn	San Francisco, CA	169
October 8, 2019	Hilton Garden Inn	San Jose (Milpitas), CA	161
October 8, 2019	Residence Inn by Marriott	Portland, OR	258
October 8, 2019	Residence Inn by Marriott	Portland (Hillsboro), OR	122
			710

Hotel Property Dispositions

In the fourth quarter of 2019, we expect to complete the sale of two hotel properties in Birmingham, AL for an aggregate sales price of $21.8 million. The sale of these properties is expected to result in the recognition of a gain of approximately $4.8 million.

Dividends

On November 1, 2019, 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 November 29, 2019 to stockholders of record on November 15, 2019.