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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Debt and Equity Transactions On August 1, 2016, we repaid a mortgage loan that had an interest rate of 6.22% and a principal balance of $17.0 million at June 30, 2016. There was no prepayment penalty related to the early repayment of the mortgage loan, which was scheduled to mature on November 1, 2016. O n July 1, 2016, 7,420 Com mon Units were tendered for redemption and were redeemed for an equivalent number of shares of our common stock. Dispositions On July 6, 2016, we completed the sale of the Hyatt Place in Irving (Las Colinas), TX for $14.0 million. This hotel was sold in anticipation of completing certain 1031 Exchanges. As such, the proceeds from the sale of this property are currently held by a qualified intermediary engaged to execute the 1031 Exchanges until the expected transactions are consummated and the 1031 Exchanges are completed. Acquisitions We are currently under contract to purchase a 157-guestroom hotel property for $61.4 million. This transaction is expected to close in August 2016. Dividends On July 29, 2016, our Board of Directors declared cash dividends of $0.1325 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.4921875 per share of 7.875% Series B Cumulative Redeemable Preferred Stock, $0.4453125 per share of 7.125% Series C Cumulative Redeemable Preferred Stock and $0.28219 per share of 6.45% Series D Cumulative Redeemable Preferred Stock. These dividends are paya ble on August 31, 2016 to stockholders of record on August 16, 2016.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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