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Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Restricted Stock Activity

A summary of our restricted stock awards from January 1, 2018 to December 31, 2020 is as follows:

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2018			630,962						$	10.66
Granted			349,091						10.19
Forfeited			(51,061)						10.44
Vested			(287,148)						11.02
Unvested balance at December 31, 2018			641,844						10.25
Granted			162,806						10.38
Forfeited			(21,534)						10.37
Vested			(310,117)						10.08
Unvested balance at December 31, 2019			472,999						10.40
Granted			344,997						9.39
Forfeited			(22,857)						7.73
Vested			(237,866)						10.54
Unvested balance at December 31, 2020			557,273						$	9.83

Schedule of Performance Shares Issued

The ratio of total PSUs issued to executive officers is divided between the two metrics as follows:

Grant Year						Vesting Year						Total Shareholder Return						Hotel Market Share
2015						2018						100		%				—		%
2016						2019						75		%				25		%
2017						2020						50		%				50		%
2018						2021						50		%	(1)			50		%
2019						2022						50		%	(1)			50		%
2020						2023						50		%	(1)			50		%

______________________

(1)The number of PSUs to be earned is limited to target if the Company's total stockholder return is negative for the performance period.

Fair Value Valuation Assumptions

The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions:

Award Grant Date						Volatility						Risk-Free Rate						Fair Value at Grant Date
March 2, 2018						26.9		%				2.40		%				$	9.52
April 2, 2018						26.9		%				2.37		%				$	9.00
March 1, 2019						24.3		%				2.54		%				$	9.68
February 25, 2020						21.4		%				1.16		%				$	8.52

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2018 to December 31, 2020 is as follows:

			Number of Units						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2018			785,797						$	10.42
Granted			293,111						9.82
Additional units from dividends			35,197						11.24
Vested (1)			(218,514)						11.98
Forfeited			(113,668)						9.86
Unvested balance at December 31, 2018			781,923						11.19
Granted			296,050						10.14
Additional units from dividends			40,662						10
Vested (2)			(251,375)						8.80
Forfeited			(70,728)						9.93
Unvested balance at December 31, 2019			796,532						11.16
Granted			352,035						9.02
Additional units from dividends			9,556						10.42
Vested (3)			(245,937)						11.00
Unvested balance at December 31, 2020			912,186						$	9.63

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2018 was equal to 51.75% of the PSU Target Award

(2)The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award.

(3)The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award.

Summary of LTIP units

A summary of our LTIP units from January 1, 2019 to December 31, 2020 is as follows:

			Number of Units						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019			—						$	—
Granted			281,925						10.65
Forfeited			(37.559)						10.65
Unvested balance at December 31, 2019			244,366						10.65
Granted			80,898						9.58
Vested			(81,455)						10.65
Unvested balance at December 31, 2020			243,809						$	10.29

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