Fair Value Measurements and Derivative Instruments	12 Months Ended
Dec. 31, 2021
Fair Value Measurements and Derivative Instruments [Abstract]
Fair Value Measurements and Derivative Instruments	NOTE 9: FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS Our determination of fair value measurements is based on the assumptions that market participants would use in pricing the asset or liability. At December 31, 2020, the Company’s convertible debt (see Note 8) and certain derivative instruments were the only financial instruments measured in the consolidated financial statements at fair value on a recurring basis. Nonrecurring fair value measurements were utilized in the determination of the fair value of acquired hotel properties and related assumed debt in 2020 (see Note 3) and in the valuation of stock-based compensation grants (see Note 13). Derivative Instruments The Company utilized derivatives, such as interest rate swaps and caps, to manage its interest rate risk. The fair value of interest rate positions was determined using the standard market methodology of netting the discounted expected future cash receipts and payments. Variable interest rates used in the calculation of projected receipts and payments on the positions were based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. These interest rate positions at December 31, 2020 were as follows. All derivative positions were settled as part of the settlement of debt with the Portfolio Sale on November 19, 2021. Associated debt Type Terms Effective Date Maturity Date Notional amount at December 31, 2020Wells Fargo Swap Swaps 30-day LIBOR for fixed rate of 2.053% 11/2017 11/2022 $25,386 (1) (1)Notional amounts amortize consistently with the principal amortization of the associated loans. Included in the Series E Preferred Stock issued on March 1, 2017 was a redemption right that allowed the Company to redeem up to a total of 490,250 shares of Series E Preferred Stock for specific percentages of its liquidation preference (see Note 11). This option required bifurcation and was determined to be an asset with a fair value on the date of issuance of $150 using a trinomial lattice-based model, considered a Level 3 fair value measurement. All derivatives recognized by the Company were reported as either derivative assets or liabilities on the balance sheets and were adjusted to their fair value at each reporting date. All gains and losses on derivative instruments are included in net gain (loss) on derivatives and convertible debt and with the exception of realized gains and losses related to the interest rate instruments, which are included in interest expense on the statements of operations. Net gains (losses) of $467, ($536), and ($991), were recognized related to derivative instruments for the period from January 1 to December 1, 2021 and the years ended December 31, 2020 and 2019, respectively. Recurring Fair Value Measurements The following tables provide the fair value of the Company’s financial assets and (liabilities) carried at fair value and measured on a recurring basis: Fair value at December 31, 2020 Level 1 Level 2 Level 3Interest rate derivatives $ (880) $ - $ (880) $ -Series E Preferred embedded redemption option - - - -Convertible debt (16,875) - - (16,875)Total $ (17,755) $ - $ (880) $ (16,875) There were no transfers between levels during the period from January 1 to December 1, 2021 or the years ended December 31, 2020 or 2019. The following tables present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related gains and losses recorded in the statements of operations during the periods: For the period January 1 to December 1, Year ended December 31, 2021 2020 Convertible debt Series E Preferred embedded redemption option Convertible debt TotalFair value, beginning of period$ (16,875) $ 22 $ (1,080) $ (1,058)Net gains (losses) recognized in earnings 5,863 (22) (5,795) (5,817)Purchase and issuances 11,012 - (10,000) (10,000)Sales and settlements - - - -Gross transfers into Level 3 - - - -Gross transfers out of Level 3 - - - -Fair value, end of period$ - $ - $ (16,875) $ (16,875) Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period$ 5,863 $ (22) $ (5,795) $ (5,817) Fair Value of Debt The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of debt obligations with similar credit risks. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. Both the carrying value and the estimated fair value of the Company’s long-term debt, excluding convertible debt which is presented in the balance sheets at fair value, are presented in the table below net of deferred financing costs. Carrying value at December 31, 2020 Estimated fair value at December 31, 2020$166,526 $167,349

Fair Value Measurements and Derivative Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Measurements and Derivative Instruments [Abstract]

Fair Value Measurements and Derivative Instruments

NOTE 9: FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS Our determination of fair value measurements is based on the assumptions that market participants would use in pricing the asset or liability. At December 31, 2020, the Company’s convertible debt (see Note 8) and certain derivative instruments were the only financial instruments measured in the consolidated financial statements at fair value on a recurring basis. Nonrecurring fair value measurements were utilized in the determination of the fair value of acquired hotel properties and related assumed debt in 2020 (see Note 3) and in the valuation of stock-based compensation grants (see Note 13). Derivative Instruments The Company utilized derivatives, such as interest rate swaps and caps, to manage its interest rate risk. The fair value of interest rate positions was determined using the standard market methodology of netting the discounted expected future cash receipts and payments. Variable interest rates used in the calculation of projected receipts and payments on the positions were based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. These interest rate positions at December 31, 2020 were as follows. All derivative positions were settled as part of the settlement of debt with the Portfolio Sale on November 19, 2021. Associated debt Type Terms Effective Date Maturity Date Notional amount at December 31, 2020Wells Fargo Swap Swaps 30-day LIBOR for fixed rate of 2.053% 11/2017 11/2022 $25,386 (1) (1)Notional amounts amortize consistently with the principal amortization of the associated loans. Included in the Series E Preferred Stock issued on March 1, 2017 was a redemption right that allowed the Company to redeem up to a total of 490,250 shares of Series E Preferred Stock for specific percentages of its liquidation preference (see Note 11). This option required bifurcation and was determined to be an asset with a fair value on the date of issuance of $150 using a trinomial lattice-based model, considered a Level 3 fair value measurement. All derivatives recognized by the Company were reported as either derivative assets or liabilities on the balance sheets and were adjusted to their fair value at each reporting date. All gains and losses on derivative instruments are included in net gain (loss) on derivatives and convertible debt and with the exception of realized gains and losses related to the interest rate instruments, which are included in interest expense on the statements of operations. Net gains (losses) of $467, ($536), and ($991), were recognized related to derivative instruments for the period from January 1 to December 1, 2021 and the years ended December 31, 2020 and 2019, respectively. Recurring Fair Value Measurements The following tables provide the fair value of the Company’s financial assets and (liabilities) carried at fair value and measured on a recurring basis: Fair value at December 31, 2020 Level 1 Level 2 Level 3Interest rate derivatives $ (880) $ - $ (880) $ -Series E Preferred embedded redemption option - - - -Convertible debt (16,875) - - (16,875)Total $ (17,755) $ - $ (880) $ (16,875) There were no transfers between levels during the period from January 1 to December 1, 2021 or the years ended December 31, 2020 or 2019. The following tables present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related gains and losses recorded in the statements of operations during the periods: For the period January 1 to December 1, Year ended December 31, 2021 2020 Convertible debt Series E Preferred embedded redemption option Convertible debt TotalFair value, beginning of period$ (16,875) $ 22 $ (1,080) $ (1,058)Net gains (losses) recognized in earnings 5,863 (22) (5,795) (5,817)Purchase and issuances 11,012 - (10,000) (10,000)Sales and settlements - - - -Gross transfers into Level 3 - - - -Gross transfers out of Level 3 - - - -Fair value, end of period$ - $ - $ (16,875) $ (16,875) Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period$ 5,863 $ (22) $ (5,795) $ (5,817) Fair Value of Debt The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of debt obligations with similar credit risks. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. Both the carrying value and the estimated fair value of the Company’s long-term debt, excluding convertible debt which is presented in the balance sheets at fair value, are presented in the table below net of deferred financing costs. Carrying value at December 31, 2020 Estimated fair value at December 31, 2020$166,526 $167,349