Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 14. SUBSEQUENT EVENTS

Subsequent Property Activity

Subsequent to March 31, 2016, the Company has sold two hotel properties, the 72-room Super 8 in O’Neill, Nebraska on April 22, 2016 for gross proceeds of $1,725and the 49-room Quality Inn in Culpeper, Virginia on May 10, 2016 for gross proceeds of $2,200. After repayment of the associated loans, proceeds from these sales will be used to fund future acquisitions and for general corporate purposes.

Subsequent to March 31, 2016, one additional hotel property met the criteria to be considered held for sale. Investment in hotel property, net of $1,771 and debt of $1,341 related to this property remain classified in the March 31, 2016 balance sheet as held for use.

Subsequent Equity Transactions

On April 15, 2016, the Company completed the cash redemption of all of its outstanding Series A and Series B Preferred Stock, including all accrued and unpaid dividends (see Note 8).  The Series A Preferred Stock was redeemed for a total of $9,707, or $12.085 per share, which includes the liquidation preference of $10.00 per share plus accrued and unpaid dividends.  The Series B Preferred Stock was redeemed for a total of $10,425, or $31.354 per share, which includes the liquidation preference of $25.00 per share plus accrued and unpaid dividends.  The aggregate redemption price was funded with restricted cash included on the March 31, 2016 balance sheet as set aside per the terms of the Stock Purchase Agreement.