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DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
At December 31, 2022 and 2021 our outstanding indebtedness was as follows (in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)		Maturity DateNumber of 
Properties
Encumbered		Balance at
December 31,
12/31/202220222021
2018 Senior Credit Facility
Bank of America, NA
$400 Million Revolver(1)
6.37% Variable
n/a
3/31/2023 (11)
n/a$15,000 $— 
$200 Million Term Loan(1)
6.32% Variable
n/a4/1/2024n/a200,000 200,000 
Total Senior Credit and Term Loan Facility215,000 200,000 
Term Loans
KeyBank National Association Term Loan(1)
4.24% Variable
n/a11/25/2022n/a— 62,000 
KeyBank National Association Term Loan(1)
6.11% Variable
n/a2/14/2025n/a225,000 225,000 
Total Term Loans225,000 287,000 
Convertible Notes
1.50% Fixed
n/a2/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank(2)
4.44% Fixed
257/1/2027343,917 45,070 
KeyBank National Association (Berkadia)(3)
4.46% Fixed
302/1/2023—— 18,545 
(4)
4.52% Fixed
304/1/2023—— 19,024 
(5)
4.30% Fixed
304/1/2023—— 18,358 
KeyBank National Association(6)
4.95% Fixed
308/1/2023—— 33,155 
Bank of the Cascades (First Interstate Bank)(7)
6.39% Variable
2512/19/202417,691 7,957 
Bank of the Cascades (First Interstate Bank)(7)
4.30% Fixed
2512/19/2024—7,691 7,957 
Total Mortgage Loans459,299 150,066 
4786,799 924,566 
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
7.36% Variable
256/30/2025247,000 — 
GIC Joint Venture Credit Facility and Term Loans(8)
Bank of America, N.A.
$125 Million Revolver
6.53% Variable
n/a
10/8/2023 (12)
n/a125,000 68,500 
$75 Million Term Loan
6.48% Variable
n/a
10/8/2023 (12)
n/a75,000 75,000 
Bank of America, N.A.
7.19% Variable
n/a1/13/2026n/a410,000 — 
Wells Fargo(9)
4.99% Fixed
306/6/2028113,032 13,249 
PACE loan(10)
6.10% Fixed
207/31/204016,293 — 
Total GIC Joint Venture Credit Facility and Term Loans2629,325 156,749 
Total Joint Venture Debt4676,325 156,749 
Total Debt81,463,124 1,081,315 
Unamortized debt issuance costs(11,328)(11,518)
Debt, net of issuance costs$1,451,796 $1,069,797 

(1) The $600 million Senior Revolving Credit and Term Loan Facility and Term Loans are supported by a borrowing base of 57 unencumbered hotel properties and a pledge of the equity securities of the entities that own the 57 properties and their affiliates.

(2) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”). On October 25, 2022, Summit Meta 2017, LLC (“SM-17”), a subsidiary of our Operating Partnership, received a letter from Bayside’s counsel alleging various events of default under the MetaBank Loan, primarily related to certain non-monetary covenants. SM-17 disputes that such events of default have occurred. We have engaged legal counsel and have entered into discussions with Bayside to address the matter.
(3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO. This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million in 2019 primarily related to the debt defeasance premium. On August 30, 2022, we defeased the remaining $18.2 million principal balance to have the remaining encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium.
 
(4) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ. This loan is subject to defeasance if prepaid. On August 30, 2022, we defeased the outstanding $18.7 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium.
 
(5) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid. On August 30, 2022, we defeased the outstanding $18.1 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium.
 
(6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid. On December 1, 2022, we defeased the outstanding $32.3 million principal balance to have the hotel properties held as encumbrances released. As a result of this transaction, we recorded debt transaction costs of $0.2 million related to the debt defeasance premium.

(7) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million. As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted.

(8) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility.

(9) On December 21, 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid.

(10) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.

(11) We have exercised our option to extend the maturity date for the $400 million Revolver to September 30, 2023 and we have an additional option to extend the maturity date to March 31, 2025, subject to certain conditions.

(12) The maturity date for the $200 million Term Loan can be extended to April 1, 2025 at the Company's option, subject to certain conditions.
Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives
Our total fixed-rate and variable-rate debt at December 31, 2022 and 2021, after giving effect to our interest rate derivatives, is as follows (in thousands): 

 2022Percentage2021Percentage
Fixed-rate debt(1)
$758,433 52 %$842,858 78 %
Variable-rate debt704,691 48 %238,457 22 %
 $1,463,124 $1,081,315 

(1) At December 31, 2022, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 65.1% of our total pro rata indebtedness when including the effect of interest rate swaps. We have two interest rate swaps with a notional amount of $200 million expiring on January 31, 2023 and two new interest rate swaps with the same notional amount commencing on January 31, 2023 (see "Note 8 - Derivative Financial Instruments and Hedging.")
Schedule of Principal Payments for Each of the Next Five Years Contractual principal payments for each of the next five years are as follows (in thousands): 
For the Year Ended
December 31,		Amount
2023$217,190 (1)
2024216,579 
2025229,123 
2026744,112 
202739,318 
Thereafter16,802 
 $1,463,124 

(1) Includes $200.0 million of scheduled maturities in October of 2023 related to the GIC Joint Venture Credit Facility for which we expect to exercise our extension options to extend the maturity date to the fourth quarter of 2024.
Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 
 20222021 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $247,126 $287,500 $300,384 Level 1 - Market approach
Mortgage loans70,933 61,447 155,358 155,765 Level 2 - Market approach
$358,433 $308,573 $442,858 $456,149