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Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2023 to September 30, 2023 is as follows:

			Number of Shares						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2023			1,356,937						$	9.47
Granted			247,762						8.94
Vested			(382,822)						9.60
Forfeited			(21,184)						9.13
Unvested balance at September 30, 2023			1,200,693						$	9.33

Schedule of Fair Value Assumptions

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

Award Grant Date						Volatility						Risk-Free Rate						Total Stockholder Return PSUs						Hotel Market Share PSUs
March 2, 2021						68.8%						0.26%						$9.28						$9.40
February 22, 2022						71.4%						1.74%						$9.84						$9.56
August 9, 2022						73.3%						3.20%						$9.65						$9.32
February 23, 2023						74.5%						4.40%						$9.22						$8.94

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2023 to September 30, 2023 is as follows:

			Number of Target Units						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2023			950,653						$	9.35
Granted			363,523						9.08
Additional units from dividends			14,068						8.42
Vested (1)			(299,766)						9.01
Unvested balance at September 30, 2023			1,028,478						$	9.34

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.4% of the PSU Target Award.

Schedule of LTIP Units

A summary of our LTIP units from January 1, 2023 to September 30, 2023 is as follows:

			Number of Units						Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2023			98,050						$	9.39
Granted			257,270						8.94
Vested (1)			(41,183)						9.49
Unvested balance at September 30, 2023			314,137						$	9.01

______________________

(1)As of September 30, 2023, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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