FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value

Disclosures concerning financial instruments measured at fair value are as follows (in thousands):

	Fair Value Measurements at September 30, 2022 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	17,993	$	—	$	17,993

	Fair Value Measurements at December 31, 2021 using
	Level 1		Level 2		Level 3		Total
Assets:
Purchase option related to real estate loans (1)	$	—	$	—	$	2,800	$	2,800
Liabilities:
Interest rate swaps	—		15,723		—		15,723

(1) The original fair value of the Initial Purchase Option was estimated using the Black-Scholes model. The Initial Purchase Option related to the acquisition of the AC/Element Hotel and did not have a readily determinable fair value at December 31, 2021. As such, the Initial Purchase Option was recorded at historical cost that was estimated using the Black-Scholes model.