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Equity Incentive Plan (Tables)
12 Months Ended
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, 2021557,273 $9.83 
Granted1,177,537 9.37 
Forfeited(47,025)9.21 
Vested(244,490)9.94 
Unvested balance at December 31, 20211,443,295 9.46 
Granted438,070 9.55 
Forfeited(250,261)9.43 
Vested(274,167)9.56 
Unvested balance at December 31, 20221,356,937 9.47 
Granted247,762 8.94 
Forfeited(21,184)9.13 
Vested(382,822)9.60 
Unvested balance at December 31, 20231,200,693 $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 DateVolatilityRisk-Free RateTotal Stockholder Return PSUsHotel Market Share PSUs
March 2, 202168.8 %0.26 %$9.28 $9.40 
February 22, 202271.4 %1.74 %$9.84 $9.56 
August 9, 202273.3 %3.20 %$9.65 $9.32 
February 23, 202374.5 %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, 2021912,186 $9.63 
Granted347,981 9.34 
Vested (1)
(290,927)9.90 
Unvested balance at December 31, 2021969,240 9.45 
Granted407,570 9.66 
Additional units from dividends3,600 7.89 
Vested (2)
(269,224)10.14 
Forfeited(160,533)9.34 
Unvested balance at December 31, 2022950,653 9.35 
Granted363,523 9.08 
Additional units from dividends17,886 8.35 
Vested (3)
(299,766)9.01 
Unvested balance at December 31, 20231,032,296 $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, 2021243,809 $10.29 
Vested (1)
(108,421)10.38
Unvested balance at December 31, 2021135,388 10.22 
Granted71,084 9.32
Vested (1)
(108,422)10.38
Unvested balance at December 31, 202298,050 9.39 
Granted257,270 8.94
Vested (1)
(41,183)9.49
Unvested balance at December 31, 2023314,137 $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.