SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Dividends

On May 1, 2024, our Board of Directors declared quarterly cash dividends and distributions of $0.08 per share on our Common Stock and per Common Unit of the Operating Partnership and cash dividends of $0.390625 per share of 6.25% Series E Cumulative Redeemable Preferred Stock and $0.3671875 per share of 5.875% Series F Cumulative Redeemable Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash distribution of $0.328125 per share of the Operating Partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units. The dividends and distributions are payable on May 31, 2024 to holders of record as of May 17, 2024.

Disposition of Lodging Properties

During the first quarter of 2024, we entered into a purchase and sale agreement with a single buyer to sell the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites, both located in New Orleans, LA for an aggregate selling price of $73.0 million. We closed on the sale of these properties on April 17, 2024 in accordance with the expected terms of the transaction. Net proceeds from the sale were used to repay the outstanding $55.0 million balance on our $400 million Revolver subsequent to quarter end.

During the first quarter of 2024, we entered into a purchase and sale agreement to sell the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. We closed on the sale of this property on April 25, 2024 in accordance with the terms of the transaction. Net proceeds from the sale were used to repay $6.0 million of the GIC Joint Venture Term Loan subsequent to quarter end.