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, 2018 , the Company owns or has an interest in a total of 144 hotels with a total of 17,321 guest rooms located in 33 states. As of December 31, 2018 , 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. 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 Per-Share NAV pursuant to the rules and regulations of the Financial Industry Regulatory Authority. On April 23, 2018, the Company's board of directors unanimously approved an updated estimated net asset value per share of common stock ("Estimated Per-Share NAV") equal to $13.87 based on an estimated fair value of the Company's assets less the estimated fair value of the Company's liabilities, divided by 39,505,742 shares of common stock outstanding on a fully diluted basis as of December 31, 2017. The Company expects to publish its next annual Estimated Per-Share NAV during the second quarter of 2019. 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, 2018, the total liquidation preference of the issued and outstanding Class C Units was $173.6 million , and as of February 27, 2019, following the Final Closing, the total liquidation preference of the issued and outstanding Class C Units was $393.3 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 40.7% of the voting power of the Companys common stock on an as-converted basis (See Note 3 - Brookfield Investment and Note 20 - Subsequent Events for additional information).