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Equity Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Stock Awards | A summary of our restricted stock awards from January 1, 2021 to December 31, 2023 is as follows:
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021 | 557,273 |  |  | $ | 9.83 |
Granted | 1,177,537 |  |  | 9.37 |
Forfeited | (47,025) |  |  | 9.21 |
Vested | (244,490) |  |  | 9.94 |
Unvested balance at December 31, 2021 | 1,443,295 |  |  | 9.46 |
Granted | 438,070 |  |  | 9.55 |
Forfeited | (250,261) |  |  | 9.43 |
Vested | (274,167) |  |  | 9.56 |
Unvested balance at December 31, 2022 | 1,356,937 |  |  | 9.47 |
Granted | 247,762 |  |  | 8.94 |
Forfeited | (21,184) |  |  | 9.13 |
Vested | (382,822) |  |  | 9.60 |
Unvested balance at December 31, 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 total 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, 2021 to December 31, 2023 is as follows:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021 | 912,186 |  |  | $ | 9.63 |
Granted | 347,981 |  |  | 9.34 |
Vested (1) | (290,927) |  |  | 9.90 |
Unvested balance at December 31, 2021 | 969,240 |  |  | 9.45 |
Granted | 407,570 |  |  | 9.66 |
Additional units from dividends | 3,600 |  |  | 7.89 |
Vested (2) | (269,224) |  |  | 10.14 |
Forfeited | (160,533) |  |  | 9.34 |
Unvested balance at December 31, 2022 | 950,653 |  |  | 9.35 |
Granted | 363,523 |  |  | 9.08 |
Additional units from dividends | 17,886 |  |  | 8.35 |
Vested (3) | (299,766) |  |  | 9.01 |
Unvested balance at December 31, 2023 | 1,032,296 |  |  | $ | 9.34 |
______________________ (1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. (2)The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award. (3)The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.36% of the PSU Target Award.
Schedule of LTIP Units | A summary of our LTIP units from January 1, 2021 to December 31, 2023 is as follows:
| Number of Units |  | Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021 | 243,809 |  |  | $ | 10.29 |
Vested (1) | (108,421) |  |  | 10.38
Unvested balance at December 31, 2021 | 135,388 |  |  | 10.22 |
Granted | 71,084 |  |  | 9.32
Vested (1) | (108,422) |  |  | 10.38
Unvested balance at December 31, 2022 | 98,050 |  |  | 9.39 |
Granted | 257,270 |  |  | 8.94
Vested (1) | (41,183) |  |  | 9.49
Unvested balance at December 31, 2023 | 314,137 |  |  | $ | 9.01 |
______________________ (1)As of December 31, 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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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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