XML 33 R21.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Debt Transactions On April 29, 2021, Summit JV MR 1, LLC entered into the Third Amendment to Credit Agreement of the Joint Venture Credit Facility as described in "Note 5 - Debt." Dividends On April 30, 2021, our Board of Directors declared cash dividends of $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 28, 2021 to stockholders of record on May 17, 2021. Hotel Property Portfolio Activity On May 1, 2021, the Company contributed a portfolio of six hotels containing 846 guestrooms into its existing joint venture with an affiliate of GIC, Singapore’s sovereign wealth fund. Total consideration for the portfolio was $172.0 million and GIC contributed $84.3 million in cash to complete the acquisition of their 49% interest. Net proceeds from the transaction were used to repay $62.5 million of the Company's senior debt and $20.9 million may be used for future investment opportunities.