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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2018
Accounting Policies [Abstract] |
Schedule of estimated useful lives of hotel properties | We generally depreciate our hotel properties and related assets using the straight-line method over their estimated useful lives as follows:
Classification |  | Estimated Useful Lives
Buildings and improvements |  | 6 to 40 years
Furniture, fixtures and equipment |  | 2 to 15 years
Fair value measurements hierarchy | Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: |  | Observable inputs such as quoted prices in active markets.
Level 2: |  | Directly or indirectly observable inputs, other than quoted prices in active markets.
Level 3: |  | Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.
Fair value valuation techniques | Assets and liabilities measured at fair value are based on one or more of the following valuation techniques:
Market approach: |  | Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach: |  | Amount required to replace the service capacity of an asset (replacement cost).
Income approach: |  | Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).
The estimated fair values of the purchase options were based on unobservable inputs for which there is little or no market information available and required us to develop our own assumptions as follows (dollar amounts in thousands):
|  | Real Estate Loan 1 |  | Real Estate Loan 2 |  | Real Estate Loan 3
Exercise price |  | $ | 15,143 |  |  | $ | 17,377 |  |  | $ | 5,503 |
First option exercise date |  | 12/31/2018 |  |  | 3/31/2019 |  |  | 5/31/2019 |
Last option exercise date |  | 11/1/2020 |  |  | 12/5/2020 |  |  | 12/1/2020 |
Expected volatility |  | 32.0 | % |  | 38.0 | % |  | 37.0 | %
Risk free rate |  | 1.7 | % |  | 1.8 | % |  | 1.9 | %
Expected annualized equity dividend yield |  | 6.8 | % |  | 9.9 | % |  | 6.5 | %

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- Definition Tabular disclosure of the estimated useful lives of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References No definition available. + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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