Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

As of January 1, 2017, hotel management of the Altoona and Washington, PA hotels was transferred to IHM from Concord. The management agreements have similar terms to the other agreements with IHM, as discussed in note 12. Terms of the Company's management agreements are (dollars are not in thousands):

Property	Base Management Fee		Monthly Accounting Fee		Monthly Revenue Management Fee		Incentive Management Fee Cap
Courtyard Altoona	3.0	%	$	1,500	$	1,000	1.0	%
Springhill Suites Washington	3.0	%	1,200		1,000		1.0	%

On January 6, 2017, the SEC declared effective the Company's new $25 million registration statement for the DRSPP to replace the prior expiring program.

As of January 10, 2017, our JV partner, NorthStar, merged into a new company, Colony NorthStar, Inc. (“Colony NorthStar”). The merger was between Colony Capital, Inc. (“Colony”), NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. (“NRF”). The transaction was originally announced on June 3, 2016 and approved by all three companies’ stockholders at their respective special meetings held on December 20, 2016. As a result, the interests in NewINK JV and Inland JV that are not held by us are now held by Colony.