Note 1 - Organization Hospitality Investors Trust, Inc. (the "Company"), incorporated on July 25, 2013, is a self-managed real estate investment trust ("REIT") that invests primarily in premium-branded select-service lodging properties in the United States. As of December 31, 2019 , the Company owns or has an interest in a total of 124 hotels with a total of 15,324 guest rooms located in 33 states. As of December 31, 2019 , all but one of these hotels operated under a franchise or license agreement with a national brand owned by one of Hilton Worldwide, Inc., Marriott International, Inc., Hyatt Hotels Corporation, and Intercontinental Hotels Group or one of their respective subsidiaries or affiliates. The Company's one unbranded hotel has a direct affiliation with a leading university in Atlanta. As part of its investment strategy to continue to pursue the sale of non-core hotels and reallocate capital into other corporate purposes, including debt reduction, the Company commenced marketing for sale a total of 45 hotels during the year ended December 31, 2019 . As of December 31, 2019 , 20 of these hotels have been sold and 21 were subject to definitive sale agreements where the buyer has made a non-refundable deposit. See Note 15 - Sale of Hotels and Assets Held for Sale for additional information. The Company conducted its initial public offering ("IPO"), from January 2014 until November 2015 without listing shares of its common stock on a national securities exchange, and it has not subsequently listed its shares. There currently is no established trading market for the Companys shares and there may never be one. The Company is required to annually publish an estimated net asset value per share of common stock ("Estimated Per-Share NAV") pursuant to the rules and regulations of the Financial Industry Regulatory Authority. On May 9, 2019, the Company's board of directors unanimously approved an updated Estimated Per-Share NAV equal to $9.21 based on an estimated fair value of the Company's assets less the estimated fair value of the Company's liabilities, divided by 39,134,628 shares of common stock outstanding on a fully diluted basis as of December 31, 2018 (the "2019 NAV"), and the Company published its 2019 NAV on May 13, 2019. The Company intends to publish an updated Estimated Per-Share NAV on at least an annual basis. Substantially all of the Companys business is conducted through its operating partnership, Hospitality Investors Trust Operating Partnership, L.P. (the "OP"). On January 12, 2017, the Company, along with the OP, entered into the Securities Purchase, Voting and Standstill Agreement ("SPA") with Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC (the "Brookfield Investor"), to secure a commitment of up to $400 million by the Brookfield Investor to make capital investments in the Company necessary for the Company to meet its short-term and long-term liquidity requirements and obligations by purchasing units of limited partner interest in the OP entitled Class C Units (Class C Units) through February 2019. Following the final closing pursuant to the SPA on February 27, 2019 ( the "Final Closing"), the Brookfield Investor no longer has any obligations or rights to purchase Class C Units pursuant to the SPA or otherwise. The Brookfield Investor holds all the issued and outstanding Class C Units and the sole issued and outstanding Redeemable Preferred Share (as defined herein), and, as a result, has significant governance and other rights that could be used to control or influence the Company's decisions or actions. As of December 31, 2019 , the total liquidation preference of the issued and outstanding Class C Units was $411.8 million. The Class C Units are convertible into units of limited partner interest in the OP entitled OP Units (OP Units), which may be redeemed for shares of the Companys common stock or, at the Companys option, the cash equivalent. As of the date of this Annual Report on Form 10 -K, the Brookfield Investor owns or controls 41.7% of the voting power of the Companys common stock on an as-converted basis (See Note 3 - Brookfield Investment for additional information).