Lasalle Hotel Properties (LHO) 10-Q 22 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	LaSalle Hotel Properties
Entity Central Index Key	1,053,532
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		113,113,901

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net (Note 3)	$ 3,858,369	$ 3,428,556
Property under development	20,460	35,613
Cash and cash equivalents	26,586	114,131
Restricted cash reserves (Note 5)	21,882	21,570
Hotel receivables (net of allowance for doubtful accounts of $371 and $300, respectively)	59,600	30,338
Deferred financing costs, net	5,481	6,564
Deferred tax assets	1,447	1,447
Prepaid expenses and other assets	33,108	61,730
Total assets	4,026,933	3,699,949
Liabilities:
Borrowings under credit facilities (Note 4)	531,000	0
Term loans (Note 4)	477,500	477,500
Bonds payable (Note 4)	42,500	42,500
Mortgage loans (Note 4)	288,704	501,090
Accounts payable and accrued expenses	185,576	161,835
Advance deposits	34,376	19,447
Accrued interest	2,652	3,729
Distributions payable	54,009	45,462
Total liabilities	$ 1,616,317	$ 1,251,563
Commitments and contingencies
Shareholders’ Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $178,750), 40,000,000 shares authorized; 7,150,000 shares issued and outstanding (Note 6)	$ 72	$ 72
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,115,442 shares issued and 113,113,901shares outstanding, and 112,828,536 shares issued and 112,824,508 shares outstanding, respectively (Note 6)	1,131	1,127
Treasury shares, at cost (Note 6)	(56)	(138)
Additional paid-in capital, net of offering costs of $80,146 and $80,124, respectively	2,679,896	2,673,888
Accumulated other comprehensive (loss) income (Note 4)	(1,481)	748
Distributions in excess of retained earnings	(272,183)	(233,988)
Total shareholders’ equity	2,407,379	2,441,709
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	17	17
Noncontrolling interests of common units in Operating Partnership (Note 6)	3,220	6,660
Total noncontrolling interests	3,237	6,677
Total equity	2,410,616	2,448,386
Total liabilities and equity	$ 4,026,933	$ 3,699,949

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 371	$ 300
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, liquidation preference	$ 178,750	$ 178,750
Preferred shares, shares authorized	40,000,000	40,000,000
Preferred shares, shares issued	7,150,000	7,150,000
Preferred shares, shares outstanding	7,150,000	7,150,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	113,115,442	112,828,536
Common shares, shares outstanding	113,113,901	112,824,508
Offering costs	$ 80,146	$ 80,124

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Hotel operating revenues:
Room	$ 242,447	$ 217,732	$ 413,038	$ 365,699
Food and beverage	75,480	72,407	136,395	126,522
Other operating department	21,560	19,789	39,577	34,814
Total hotel operating revenues	339,487	309,928	589,010	527,035
Other income	1,899	3,177	3,179	4,934
Total revenues	341,386	313,105	592,189	531,969
Hotel operating expenses:
Room	55,998	51,467	104,719	95,151
Food and beverage	49,069	50,144	94,187	91,844
Other direct	4,927	6,547	8,847	11,728
Other indirect (Note 8)	78,877	69,779	148,879	130,202
Total hotel operating expenses	188,871	177,937	356,632	328,925
Depreciation and amortization	45,916	39,306	88,794	77,066
Real estate taxes, personal property taxes and insurance	16,352	14,378	32,286	29,332
Ground rent (Note 5)	4,011	3,807	7,673	6,740
General and administrative	6,501	6,034	12,768	11,526
Acquisition transaction costs (Note 3)	(3)	1,744	444	1,851
Other expenses	1,259	3,050	3,604	6,257
Total operating expenses	262,907	246,256	502,201	461,697
Operating income	78,479	66,849	89,988	70,272
Interest income	1	10	7	1,799
Interest expense	(13,895)	(14,556)	(27,540)	(28,544)
Loss from extinguishment of debt (Note 4)	0	0	0	(2,487)
Income before income tax (expense) benefit	64,585	52,303	62,455	41,040
Income tax (expense) benefit (Note 9)	(5,574)	(4,883)	(706)	1,509
Income before gain on sale of property	59,011	47,420	61,749	42,549
Gain on sale of property (Note 3)	0	43,548	0	43,548
Net income	59,011	90,968	61,749	86,097
Net income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(8)	(8)	(8)	(8)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(139)	(266)	(154)	(260)
Net income attributable to noncontrolling interests	(147)	(274)	(162)	(268)
Net income attributable to the Company	58,864	90,694	61,587	85,829
Distributions to preferred shareholders	(3,042)	(4,142)	(6,084)	(8,249)
Issuance costs of redeemed preferred shares (Note 6)	0	(942)	0	(942)
Net income attributable to common shareholders	$ 55,822	$ 85,610	$ 55,503	$ 76,638
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.82	$ 0.49	$ 0.74
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.82	$ 0.49	$ 0.73
Weighted average number of common shares outstanding:
Basic	112,728,085	103,698,332	112,688,122	103,695,013
Diluted	113,141,908	104,024,472	113,094,640	104,036,397
Comprehensive Income:
Net income	$ 59,011	$ 90,968	$ 61,749	$ 86,097
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments (Note 4)	26	(4,217)	(4,372)	(6,272)
Reclassification adjustment for amounts recognized in net income (Note 4)	1,069	1,101	2,139	2,184
Comprehensive income	60,106	87,852	59,516	82,009
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(8)	(8)	(8)	(8)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(144)	(257)	(150)	(248)
Comprehensive income attributable to noncontrolling interests	(152)	(265)	(158)	(256)
Comprehensive income attributable to the Company	$ 59,954	$ 87,587	$ 59,358	$ 81,753

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders' Equity [Member]	Preferred Shares of Beneficial Interest [Member]	Common Shares of Beneficial Interest [Member]	Treasury Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions In Excess of Retained Earnings [Member]	Total Noncontrolling Interests [Member]	Noncontrolling Interests in Consolidated Entities [Member]	Noncontrolling Interests of Common Units in Operating Partnership [Member]
Balance, Beginning of year at Dec. 31, 2013	$ 2,109,463	$ 2,103,391	$ 95	$ 1,039	$ (14)	$ 2,379,246	$ 4,603	$ (281,578)	$ 6,072	$ 18	$ 6,054
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	561	561	0	1	0	560	0	0	0	0	0
Reclassification of preferred shares	(58,722)	(58,722)	(23)	0	0	(57,757)	0	(942)	0	0	0
Repurchase of common shares into treasury	(2,249)	(2,249)	0	0	(2,249)	0	0	0	0	0	0
Deferred compensation, net	3,134	3,134	0	0	1,142	1,992	0	0	0	0	0
Adjustments to noncontrolling interests	0	12	0	0	0	12	0	0	(12)	0	(12)
Distributions on earned shares from share awards with market conditions	(75)	(75)	0	0	0	0	0	(75)	0	0	0
Distributions on common shares/units ($0.66 and $0.83 per share/unit, respectively)	(68,423)	(68,229)	0	0	0	0	0	(68,229)	(194)	0	(194)
Distributions on preferred shares	(8,257)	(8,249)	0	0	0	0	0	(8,249)	(8)	(8)	0
Net income	86,097	85,829	0	0	0	0	0	85,829	268	8	260
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(6,272)	(6,254)	0	0	0	0	(6,254)	0	(18)	0	(18)
Reclassification adjustment for amounts recognized in net income	2,184	2,178	0	0	0	0	2,178	0	6	0	6
Balance, End of period at Jun. 30, 2014	2,057,441	2,051,327	72	1,040	(1,121)	2,324,053	527	(273,244)	6,114	18	6,096
Balance, Beginning of year at Dec. 31, 2014	2,448,386	2,441,709	72	1,127	(138)	2,673,888	748	(233,988)	6,677	17	6,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	671	671	0	2	0	669	0	0	0	0	0
Repurchase of common shares into treasury	(1,727)	(1,727)	0	0	(1,727)	0	0	0	0	0	0
Unit conversion	0	3,400	0	2	0	3,398	0	0	(3,400)	0	(3,400)
Deferred compensation, net	3,736	3,736	0	0	1,809	1,927	0	0	0	0	0
Adjustments to noncontrolling interests	0	14	0	0	0	14	0	0	(14)	0	(14)
Distributions on earned shares from share awards with market conditions	(334)	(334)	0	0	0	0	0	(334)	0	0	0
Distributions on common shares/units ($0.66 and $0.83 per share/unit, respectively)	(93,540)	(93,364)	0	0	0	0	0	(93,364)	(176)	0	(176)
Distributions on preferred shares	(6,092)	(6,084)	0	0	0	0	0	(6,084)	(8)	(8)	0
Net income	61,749	61,587	0	0	0	0	0	61,587	162	8	154
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(4,372)	(4,364)	0	0	0	0	(4,364)	0	(8)	0	(8)
Reclassification adjustment for amounts recognized in net income	2,139	2,135	0	0	0	0	2,135	0	4	0	4
Balance, End of period at Jun. 30, 2015	$ 2,410,616	$ 2,407,379	$ 72	$ 1,131	$ (56)	$ 2,679,896	$ (1,481)	$ (272,183)	$ 3,237	$ 17	$ 3,220

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2015	[1]	Mar. 31, 2015	[1]	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Distributions on common shares/units (per share/unit)	$ 0.38		$ 0.38		$ 0.83	$ 0.66
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 61,749	$ 86,097
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	88,794	77,066
Amortization of deferred financing costs, mortgage premium and note receivable discount	1,096	54
Loss from extinguishment of debt	0	2,487
Gain on sale of property	0	(43,548)
Amortization of deferred compensation	3,736	3,134
Deferred income tax benefit	0	(2,136)
Allowance for doubtful accounts	71	(13)
Other	100	402
Changes in assets and liabilities:
Restricted cash reserves	2,265	123
Hotel receivables	(27,962)	(16,952)
Prepaid expenses and other assets	2,176	(8,045)
Accounts payable and accrued expenses	20,324	5,868
Advance deposits	12,864	7,507
Accrued interest	(1,077)	(340)
Net cash provided by operating activities	164,136	111,704
Cash flows from investing activities:
Additions to properties	(55,357)	(34,273)
Improvements to properties	(5,299)	(4,554)
Acquisition of properties	(439,157)	(127,002)
Deposit on acquisition	25,000	0
Purchase of office furniture and equipment	(124)	(70)
Repayment of note receivable	0	72,000
Restricted cash reserves	(2,577)	(3,797)
Proceeds from sale of property	0	92,706
Property insurance proceeds	470	570
Net cash used in investing activities	(477,044)	(4,420)
Cash flows from financing activities:
Borrowings under credit facilities	653,545	358,357
Repayments under credit facilities	(122,545)	(381,963)
Repayments of mortgage loans	(212,386)	(11,057)
Payment of deferred financing costs	(13)	(4,878)
Purchase of treasury shares	(1,727)	(2,249)
Payment of common offering costs	(192)	(20)
Distributions on earned shares from share awards with market conditions	(334)	(75)
Distributions on preferred shares	(6,092)	(8,221)
Distributions on common shares/units	(84,893)	(58,413)
Net cash provided by (used in) financing activities	225,363	(108,519)
Net change in cash and cash equivalents	(87,545)	(1,235)
Cash and cash equivalents, beginning of period	114,131	13,388
Cash and cash equivalents, end of period	$ 26,586	$ 12,153

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization LaSalle Hotel Properties (the “Company”), a Maryland real estate investment trust organized on January 15, 1998, primarily buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and major urban business markets. The Company is a self-administered and self-managed real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company is generally not subject to federal corporate income tax on that portion of its net income that is currently distributed to its shareholders. The income of LaSalle Hotel Lessee, Inc. (together with its wholly owned subsidiaries, “LHL”), the Company’s wholly owned taxable REIT subsidiary (“TRS”), is subject to taxation at normal corporate rates. As of June 30, 2015 , the Company owned interests in 47 hotels with over 12,000 guest rooms located in 10 states and the District of Columbia. Each hotel is leased to LHL (see Note 8) under a participating lease that provides for rental payments equal to the greater of (i) a base rent or (ii) a participating rent based on hotel revenues. The LHL leases expire between December 2015 and December 2017 . Lease revenue from LHL is eliminated in consolidation. A third-party non-affiliated hotel operator manages each hotel pursuant to a hotel management agreement. Substantially all of the Company’s assets are held directly or indirectly by, and all of its operations are conducted through, LaSalle Hotel Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. The Company owned, through a combination of direct and indirect interests, 99.9% of the common units of the Operating Partnership at June 30, 2015 . The remaining 0.1% is held by limited partners who held 145,223 common units of the Operating Partnership at June 30, 2015 . See Note 6 for additional disclosures related to common units of the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), consolidated statements of equity and consolidated statements of cash flows for the periods presented. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 due to seasonal and other factors. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, LHL and their subsidiaries in which they have a controlling interest, including joint ventures. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Substantially all of the Company’s revenues and expenses are generated by the operations of the individual hotels. The Company records revenues and expenses that are estimated by the hotel operators and reviewed by the Company to produce quarterly financial statements because the management contracts do not require the hotel operators to submit actual results within a time frame that permits the Company to use actual results when preparing its Quarterly Reports on Form 10-Q for filing by the deadline prescribed by the SEC. Generally, the Company records actual revenue and expense amounts for the first two months of each quarter and estimated revenue and expense amounts for the last month of each quarter. Each quarter, the Company reviews the estimated revenue and expense amounts provided by the hotel operators for reasonableness based upon historical results for prior periods and internal Company forecasts. The Company records any differences between recorded estimated amounts and actual amounts in the following quarter; historically, these differences have not been material. The Company believes the quarterly revenues and expenses, recorded on the Company’s consolidated statements of operations and comprehensive income (loss) based on an aggregate estimate, are fairly stated. Investment in Hotel Properties Upon acquisition, the Company determines the fair value of the acquired long-lived assets, assumed debt and intangible assets and liabilities. The Company’s investments in hotel properties are carried at cost and depreciated using the straight-line method over an estimated useful life of 30 to 40 years for buildings, 15 years for building improvements, the shorter of the useful life of the improvement or the term of the related tenant lease for tenant improvements, 7 years for land improvements, 20 years for golf course land improvements, 20 years for swimming pool assets and 3 to 5 years for furniture, fixtures and equipment. For investments subject to land and building leases that qualify as capital leases, assets are recorded at the estimated fair value of the right to use the leased property at acquisition and depreciated over the shorter of the useful lives of the assets or the term of the respective lease. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The Company is required to make subjective assessments as to the useful lives and classification of its properties for purposes of determining the amount of depreciation expense to reflect each year with respect to those properties. These assessments have a direct impact on the Company’s net income. Should the Company change the expected useful life or classification of particular assets, it would result in a change in depreciation expense and annual net income. Share-Based Compensation From time to time, the Company awards shares under the 2014 Equity Incentive Plan (“2014 Plan”), which has approximately nine years remaining, as compensation to executives, employees and members of the Board of Trustees (see Note 7). The shares issued to executives and employees generally vest over three years. The shares issued to members of the Board of Trustees vest immediately upon issuance. The Company recognizes compensation expense for nonvested shares with service conditions or service and market conditions on a straight-line basis over the vesting period based upon the fair value of the shares on the date of issuance, adjusted for forfeitures. Compensation expense for nonvested shares with service and performance conditions is recognized based on the fair value of the estimated number of shares expected to vest, as revised throughout the vesting period, adjusted for forfeitures. The 2014 Plan replaced the 2009 Equity Incentive Plan (“2009 Plan”) in May 2014. Noncontrolling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income (loss), revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, the Company’s noncontrolling interests that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of June 30, 2015 , the consolidated results of the Company include the following ownership interests held by owners other than the Company: (i) the common units in the Operating Partnership held by third parties, (ii) the outside preferred ownership interests in a subsidiary and (iii) the outside ownership interest in a joint venture. Notes Receivable Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest method. Interest income is recorded on the accrual basis consistent with the terms of the notes receivable. A note is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest contractually due. Interest previously accrued but not collected becomes part of the Company’s recorded investment in the note receivable for purposes of assessing impairment. The Company applies interest payments received on non-accrual notes receivable first to accrued interest and then as interest income. Notes receivable return to accrual status when contractually current and the collection of future payments is reasonably assured. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018. Early application is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. The Company is evaluating the effect that ASU No. 2015-02 will have on its consolidated financial statements and related disclosures, but believes it will not have a material impact on its financial reporting. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. The adoption of this standard will only affect the presentation of the Company’s consolidated balance sheet.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of June 30, 2015 and December 31, 2014 consists of the following: June 30, 2015 December 31, 2014 Land $ 730,735 $ 601,962 Buildings and improvements 3,600,294 3,295,233 Furniture, fixtures and equipment 681,359 596,879 Investment in hotel properties, gross 5,012,388 4,494,074 Accumulated depreciation (1,154,019 ) (1,065,518 ) Investment in hotel properties, net $ 3,858,369 $ 3,428,556 As of June 30, 2015 and December 31, 2014 , buildings and improvements included capital lease assets of $186,711 and accumulated depreciation included amounts related to capital lease assets of $18,218 and $15,513 , respectively. Depreciation of the capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. Depreciation expense was $45,790 and $88,542 for the three and six months ended June 30, 2015 , respectively, and $39,200 and $76,858 for the three and six months ended June 30, 2014 , respectively. Acquisitions In connection with the acquisition of Hotel Vitale on April 2, 2014 , the Company incurred acquisition transaction costs of $1,680 and $1,787 that were expensed as incurred during the three and six months ended June 30, 2014 , respectively, which expenses are included in the accompanying consolidated statements of operations and comprehensive income. On April 30, 2014 , the Company acquired a parcel of land located adjacent to the Company’s Onyx Hotel in Boston, MA. The Company incurred transaction costs of $64 that were expensed as incurred during the three and six months ended June 30, 2014 , which expenses are included in the accompanying consolidated statements of operations and comprehensive income. During the first quarter of 2015, the Company acquired 100% interests in two full-service hotels, each of which is leased to LHL. The Company recorded the acquisitions at fair value using model-derived valuations, with the estimated fair value recorded to investment in hotel properties and hotel working capital assets and liabilities. In connection with the acquisitions, the Company incurred acquisition transaction costs that were expensed as incurred. The following is a summary of the acquisitions: Acquisition Hotel Name Acquisition Date Number of Location Purchase Manager For the three months ended June 30, 2015 For the six months ended June 30, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 0 $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels (3 ) 214 Total $ 446,250 $ (3 ) $ 444 The sources of the funding for the January 23, 2015 acquisition were cash on hand and borrowings under the Company’s senior unsecured credit facility. The source of funding for the March 16, 2015 acquisition was borrowings under the Company’s senior unsecured credit facility. The Company has not yet finalized its determination of fair value for the 2015 acquisitions. A final determination of required fair value adjustments will be made during 2015. Total revenues and net income from the hotels acquired during 2015 of $22,867 and $3,656 for the three months ended June 30, 2015 , respectively, and $37,333 and $4,442 for the six months ended June 30, 2015 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income. Dispositions On June 17, 2014 , the Company sold the Hilton Alexandria Old Town for $93,380 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $43,548 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2014 . LHL Substantially all of the Company’s revenues are derived from operating revenues generated by the hotels, all of which are leased by LHL. Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 General and administrative $ 25,822 $ 22,648 $ 49,729 $ 42,695 Sales and marketing 19,894 16,120 37,845 30,908 Repairs and maintenance 9,863 9,496 19,474 18,522 Management and incentive fees 11,727 10,984 19,055 17,148 Utilities and insurance 8,289 7,735 17,106 15,871 Franchise fees 2,503 2,419 4,331 4,241 Other expenses 779 377 1,339 817 Total other indirect expenses $ 78,877 $ 69,779 $ 148,879 $ 130,202 As of June 30, 2015 , LHL leased all 47 hotels owned by the Company as follows: Hotel Properties Location 1. Hotel Amarano Burbank Burbank, CA 2. L’Auberge Del Mar Del Mar, CA 3. Hilton San Diego Gaslamp Quarter San Diego, CA 4. Hotel Solamar San Diego, CA 5. San Diego Paradise Point Resort and Spa San Diego, CA 6. The Hilton San Diego Resort and Spa San Diego, CA 7. Harbor Court Hotel San Francisco, CA 8. Hotel Monaco San Francisco San Francisco, CA 9. Hotel Triton San Francisco, CA 10. Hotel Vitale San Francisco, CA 11. Park Central San Francisco San Francisco, CA 12. Serrano Hotel San Francisco, CA 13. Villa Florence San Francisco, CA 14. Chaminade Resort and Conference Center Santa Cruz, CA 15. Viceroy Santa Monica Santa Monica, CA 16. Chamberlain West Hollywood West Hollywood, CA 17. Le Montrose Suite Hotel West Hollywood, CA 18. Le Parc Suite Hotel West Hollywood, CA 19. The Grafton on Sunset West Hollywood, CA 20. The Donovan Washington, D.C. 21. Hotel George Washington, D.C. 22. Hotel Helix Washington, D.C. 23. Hotel Madera Washington, D.C. 24. Hotel Palomar, Washington, DC Washington, D.C. 25. Hotel Rouge Washington, D.C. 26. Sofitel Washington, DC Lafayette Square Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Hotel Collection Key West, FL 30. The Marker Waterfront Resort Key West, FL 31. Hotel Chicago Chicago, IL 32. Westin Michigan Avenue Chicago, IL 33. Indianapolis Marriott Downtown Indianapolis, IN 34. Hyatt Boston Harbor Boston, MA 35. Onyx Hotel Boston, MA 36. The Liberty Hotel Boston, MA 37. Westin Copley Place Boston, MA 38. Gild Hall New York, NY 39. The Roger New York, NY 40. Park Central Hotel (shared lease with WestHouse Hotel New York) New York, NY 41. WestHouse Hotel New York New York, NY 42. The Heathman Hotel Portland, OR 43. Embassy Suites Philadelphia - Center City Philadelphia, PA 44. Westin Philadelphia Philadelphia, PA 45. Lansdowne Resort Lansdowne,VA 46. Alexis Hotel Seattle, WA 47. Hotel Deca Seattle, WA

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt Summary Debt as of June 30, 2015 and December 31, 2014 consisted of the following: Balance Outstanding as of Debt Interest Maturity June 30, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2018 (a) $ 531,000 $ 0 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 531,000 0 Term loans First Term Loan Floating (c) May 2019 177,500 177,500 Second Term Loan Floating (c) January 2019 300,000 300,000 Total term loans 477,500 477,500 Massport Bonds Hyatt Boston Harbor (taxable) Floating (d) March 2018 5,400 5,400 Hyatt Boston Harbor (tax exempt) Floating (d) March 2018 37,100 37,100 Total bonds payable 42,500 42,500 Mortgage loans Westin Copley Place 5.28% September 2015 (e) 0 210,000 Westin Michigan Avenue 5.75% April 2016 (f) 132,309 133,347 Indianapolis Marriott Downtown 5.99% July 2016 (f) 96,815 97,528 The Roger 6.31% August 2016 59,580 60,215 Total mortgage loans 288,704 501,090 Total debt $ 1,339,704 $ 1,021,090 (a) Borrowings bear interest at floating rates equal to, at the Company’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. As of June 30, 2015 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $531,000 was 1.89% . There were no borrowings outstanding at December 31, 2014. The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (b) Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at June 30, 2015 and December 31, 2014. LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into separate interest rate swap agreements for the full seven -year term of the First Term Loan (as defined below) and a five -year term ending in August 2017 for the Second Term Loan (as defined below), resulting in fixed all-in interest rates at June 30, 2015 and December 31, 2014 of 3.62% and 2.38% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). (d) The Massport Bonds are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) that expire in September 2016 . The letters of credit have two one -year extension options and are secured by the Hyatt Boston Harbor. The letters of credit cannot be extended beyond the Massport Bonds’ maturity date. The bonds bear interest based on weekly floating rates. The interest rates as of June 30, 2015 were 0.14% and 0.08% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2014 were 0.13% and 0.03% for the $5,400 and $37,100 bonds, respectively. The Company incurs an annual letter of credit fee of 1.35% . (e) The Company repaid the mortgage loan on June 1, 2015 through borrowings on its senior unsecured credit facility. (f) The Company intends to repay the mortgage loan upon maturity through either borrowings on its credit facilities, placement of corporate-level debt or proceeds from a property-level mortgage financing. Future scheduled debt principal payments as of June 30, 2015 are as follows: 2015 $ 2,410 2016 286,294 2017 0 2018 573,500 2019 477,500 Total debt $ 1,339,704 A summary of the Company’s interest expense and weighted average interest rates for variable rate debt for the three and six months ended June 30, 2015 and 2014 is as follows: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Interest Expense: Interest incurred $ 13,422 $ 14,023 $ 26,744 $ 27,542 Amortization of deferred financing costs 549 553 1,096 1,081 Capitalized interest (76 ) (20 ) (300 ) (79 ) Interest expense $ 13,895 $ 14,556 $ 27,540 $ 28,544 Weighted Average Interest Rates for Variable Rate Debt: Senior unsecured credit facility 1.89 % 1.86 % 1.88 % 1.86 % LHL unsecured credit facility 1.88 % 1.85 % 1.88 % 1.86 % Massport Bonds 0.09 % 0.46 % 0.07 % 0.45 % Credit Facilities On January 8, 2014, the Company refinanced its $750,000 senior unsecured credit facility with a syndicate of banks. The credit facility matures on January 8, 2018 , subject to two six -month extensions that the Company may exercise at its option, pursuant to certain terms and conditions, including payment of an extension fee. The credit facility, with a current commitment of $750,000 , includes an accordion feature which, subject to certain conditions, entitles the Company to request additional lender commitments, allowing for total commitments up to $1,050,000 . Borrowings under the credit facility bear interest at floating rates equal to, at the Company’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. Additionally, the Company is required to pay a variable unused commitment fee of 0.25% or 0.30% of the unused portion of the credit facility, depending on the average daily unused portion of the credit facility. On January 8, 2014, LHL also refinanced its $25,000 unsecured revolving credit facility to be used for working capital and general lessee corporate purposes. The LHL credit facility matures on January 8, 2018 , subject to two six -month extensions that LHL may exercise at its option, pursuant to certain terms and conditions, including payment of an extension fee. Borrowings under the LHL credit facility bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. Additionally, LHL is required to pay a variable unused commitment fee of 0.25% or 0.30% of the unused portion of the credit facility, depending on the average daily unused portion of the LHL credit facility. The Company’s senior unsecured credit facility and LHL’s unsecured credit facility contain certain financial covenants relating to net worth requirements, debt ratios and fixed charge coverage and other limitations that restrict the Company’s ability to make distributions or other payments to its shareholders upon events of default. Term Loans On May 16, 2012, the Company entered into a $177,500 unsecured term loan with a seven -year term maturing on May 16, 2019 (the “First Term Loan”). The First Term Loan bears interest at a variable rate, but was hedged to a fixed interest rate based on the Company’s current leverage ratio (as defined in the swap agreements), which interest rate was 3.62% at June 30, 2015 , for the full seven -year term (see “Derivative and Hedging Activities” below). On January 8, 2014, the Company refinanced its $300,000 unsecured term loan (the “Second Term Loan”). The Second Term Loan includes an accordion feature, which subject to certain conditions, entitles the Company to request additional lender commitments, allowing for total commitments up to $500,000 . The Second Term Loan has a five -year term maturing on January 8, 2019 and bears interest at variable rates, but was hedged to a fixed interest rate based on the Company’s current leverage ratio (as defined in the swap agreements), which interest rate was 2.38% at June 30, 2015 , through August 2, 2017 (see “Derivative and Hedging Activities” below). The Company’s term loans contain certain financial covenants relating to net worth requirements, debt ratios and fixed charge coverage and other limitations that restrict the Company’s ability to make distributions or other payments to its shareholders upon events of default. Derivative and Hedging Activities The Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) (“OCI”). Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. Amounts reported in accumulated other comprehensive income (loss) (“AOCL”) related to currently outstanding derivatives are recognized as an adjustment to income (loss) as interest payments are made on the Company’s variable rate debt. Effective May 16, 2012, the Company entered into three interest rate swap agreements with an aggregate notional amount of $177,500 for the First Term Loan’s full seven -year term, resulting in a fixed all-in interest rate based on the Company’s current leverage ratio (as defined in the swap agreements), which interest rate was 3.62% at June 30, 2015 . Effective August 2, 2012 , the Company entered into five interest rate swap agreements with an aggregate notional amount of $300,000 for the Second Term Loan through August 2, 2017 , resulting in a fixed all-in interest rate based on the Company’s current leverage ratio (as defined in the swap agreements), which interest rate was 2.38% at June 30, 2015 . The Company has designated its pay-fixed, receive-floating interest rate swap derivatives as cash flow hedges. The interest rate swaps were entered into with the intention of eliminating the variability of the terms loans, but can also limit the exposure to any amendments, supplements, replacements or refinancings of the Company’s debt. The following tables present the effect of derivative instruments on the Company’s consolidated statements of operations and comprehensive income, including the location and amount of unrealized gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the three and six months ended June 30, 2015 and 2014 : Amount of Gain (Loss) Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCL into Net Income Amount of Loss Reclassified from AOCL into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the three months ended For the three months ended June 30, June 30, 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ 26 $ (4,217 ) Interest expense $ 1,069 $ 1,101 Amount of Loss Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCL into Net Income Amount of Loss Reclassified from AOCL into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the six months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,372 ) $ (6,272 ) Interest expense $ 2,139 $ 2,184 During the six months ended June 30, 2015 and 2014 , the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings. As of June 30, 2015 , there was $1,483 in cumulative unrealized loss of which $1,481 was included in AOCL and $2 was attributable to noncontrolling interests. As of December 31, 2014 , there was $750 in cumulative unrealized gain of which $748 was included in AOCL and $2 was attributable to noncontrolling interests. The Company expects that approximately $4,283 will be reclassified from AOCL and noncontrolling interests and recognized as a reduction to income in the next 12 months, calculated as estimated interest expense using the interest rates on the derivative instruments as of June 30, 2015 . Extinguishment of Debt As discussed above, on January 8, 2014, the Company refinanced its senior unsecured credit facility and Second Term Loan and LHL refinanced its unsecured revolving credit facility. The refinancing arrangements for the senior unsecured credit facility and Second Term Loan were considered substantial modifications. The Company recognized a loss from extinguishment of debt of $2,487 , which is included in the accompanying consolidated statements of operations and comprehensive income. The loss from extinguishment of debt represents a portion of the unamortized deferred financing costs incurred when the original agreements were executed. Mortgage Loans The Company’s mortgage loans are secured by the respective properties. The mortgages are non-recourse to the Company except for fraud or misapplication of funds. On June 1, 2015 , the Company repaid without fee or penalty the Westin Copley Place mortgage loan in the amount of $210,000 plus accrued interest through borrowings under its senior unsecured credit facility. The loan was due to mature in September 2015 . On July 20, 2015 , the Company entered into a new $225,000 mortgage loan secured by the Westin Copley Place (see Note 13). The mortgage loans contain debt service coverage ratio tests related to the mortgaged properties. If the debt service coverage ratio for a specific property fails to exceed a threshold level specified in the mortgage, cash flows from that hotel will automatically be directed to the lender to (i) satisfy required payments, (ii) fund certain reserves required by the mortgage and (iii) fund additional cash reserves for future required payments, including final payment. Cash flows may be directed to the lender (“cash trap”) until such time as the property again complies with the specified debt service coverage ratio or the mortgage is paid off. Financial Covenants Failure of the Company to comply with the financial covenants contained in its credit facilities, term loans and non-recourse secured mortgages could result from, among other things, changes in its results of operations, the incurrence of additional debt or changes in general economic conditions. If the Company violates the financial covenants contained in any of its credit facilities or term loans described above, the Company may attempt to negotiate waivers of the violations or amend the terms of the applicable credit facilities or term loans with the lenders thereunder; however, the Company can make no assurance that it would be successful in any such negotiations or that, if successful in obtaining waivers or amendments, such amendments or waivers would be on terms attractive to the Company. If a default under the credit facilities or term loans were to occur, the Company would possibly have to refinance the debt through additional debt financing, private or public offerings of debt securities, or additional equity financings. If the Company is unable to refinance its debt on acceptable terms, including at maturity of the credit facilities and term loans, it may be forced to dispose of hotel properties on disadvantageous terms, potentially resulting in losses that reduce cash flow from operating activities. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates upon refinancing, increases in interest expense would lower the Company’s cash flow, and, consequently, cash available for distribution to its shareholders. A cash trap associated with a mortgage loan may limit the overall liquidity for the Company as cash from the hotel securing such mortgage would not be available for the Company to use. If the Company is unable to meet mortgage payment obligations, including the payment obligation upon maturity of the mortgage borrowing, the mortgage securing the specific property could be foreclosed upon by, or the property could be otherwise transferred to, the mortgagee with a consequent loss of income and asset value to the Company. As of June 30, 2015 , the Company is in compliance with all debt covenants, current on all loan payments and not otherwise in default under the credit facilities, term loans, bonds payable or mortgage loans.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies Ground, Land and Building, and Air Rights Leases Eight of the Company’s hotels, San Diego Paradise Point Resort and Spa, Hyatt Boston Harbor, Indianapolis Marriott Downtown, The Hilton San Diego Resort and Spa, Hotel Solamar, Viceroy Santa Monica, The Liberty Hotel and Hotel Vitale, are subject to ground leases under non-cancelable operating leases expiring from March 2026 to December 2102 . Additionally, the restaurant facility for Southernmost Hotel Collection is subject to a ground lease, which expires in April 2019 , but the Company can begin negotiating a renewal one year in advance of the lease expiration. The ground lease at Hyatt Boston Harbor expires in March 2026 , but the Company has options to extend for over 50 years to 2077 . None of the remaining ground leases expire prior to 2045 . The Westin Copley Place is subject to a long term air rights lease, which expires in December 2077 and requires no payments through maturity. The ground lease related to the Indianapolis Marriott Downtown requires future ground rent payments of one dollar per year. The ground leases at Viceroy Santa Monica, The Liberty Hotel and Hotel Vitale are subject to minimum annual rent increases, resulting in noncash straight-line rent expense of $487 and $980 for the three and six months ended June 30, 2015 , respectively, and $501 and $825 for the three and six months ended June 30, 2014 , respectively, which is included in total ground rent expense below. The Roger, Harbor Court Hotel and Hotel Triton are subject to capital leases of land and building which expire in December 2044 , April 2048 and January 2048 , respectively. At acquisition, the estimated fair value of the remaining rent payments of $4,892 , $18,424 and $27,752 , respectively, were recorded as capital lease obligations. These obligations, net of amortization, are included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. Total ground rent expense for the three and six months ended June 30, 2015 was $4,011 and $7,673 , respectively. Total ground rent expense for the three and six months ended June 30, 2014 was $3,807 and $6,740 , respectively. Certain rent payments are based on the hotel’s performance. Actual payments of rent may exceed the minimum required rent due to meeting specified thresholds. Future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2015 $ 6,262 2016 12,730 2017 13,000 2018 13,186 2019 13,162 Thereafter 604,079 $ 662,419 Reserve Funds for Future Capital Expenditures Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, generally 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ capital assets. Certain of the agreements require that the Company reserve this cash in separate accounts. As of June 30, 2015 , $16,773 was available in restricted cash reserves for future capital expenditures. The Company has sufficient cash on hand and availability on its credit facilities to cover capital expenditures under agreements that do not require that the Company separately reserve cash. Restricted Cash Reserves At June 30, 2015 , the Company held $21,882 in restricted cash reserves. Included in such amounts are (i) $16,773 of reserve funds for future capital expenditures, (ii) $2,900 deposited in mortgage escrow accounts pursuant to mortgage obligations to pre-fund a portion of certain operating expenses and debt payments and (iii) $2,209 held by insurance and management companies on the Company’s behalf to be refunded or applied to future liabilities. Litigation The nature of hotel operations exposes the Company and its hotels to the risk of claims and litigation in the normal course of their business. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any litigation threatened against the Company, other than routine actions for negligence or other claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares of Beneficial Interest On January 1, 2015, the Company issued 11,682 common shares of beneficial interest and authorized an additional 4,183 deferred shares to the independent members of its Board of Trustees for their 2014 compensation. These common shares of beneficial interest were issued under the 2014 Plan. Additionally, the Company issued 9,757 common shares of beneficial interest, related to the resignation of a former trustee, for the second of five payouts of his accumulated deferred shares granted as compensation for years 1999 through 2013. These common shares of beneficial interest were issued under the 2009 Plan. On January 1, 2015, the Company issued 108,779 nonvested shares with service conditions to executives related to the nonvested share awards with market conditions granted on January 26, 2012 (see Note 7 for additional details including vesting information). These common shares of beneficial interest were issued under the 2009 Plan. On March 19, 2015, the Company issued 62,742 nonvested shares with service conditions to the Company’s executives and employees. The nonvested shares will vest in three annual installments starting January 1, 2016, subject to continued employment. These common shares of beneficial interest were issued under the 2014 Plan. On May 18, 2015, the Company issued 933 nonvested shares with service conditions to an employee of the Company. The nonvested shares will vest in three annual installments starting January 1, 2016, subject to continued employment. These common shares of beneficial interest were issued under the 2014 Plan. On February 20, 2013, the Company entered into an equity distribution agreement (the “2013 Agreement”) with Raymond James & Associates, Inc. (the “Manager”). Under the terms of the 2013 Agreement, the Company may issue from time to time through or to the Manager, as sales agent or principal, the Company’s common shares of beneficial interest with aggregate gross proceeds totaling up to $250,000 . The offering of the Company’s common shares of beneficial interest under the 2013 Agreement will terminate upon the earlier of (i) the sale of common shares having an aggregate offering price of $250,000 or (ii) the termination of the 2013 Agreement by the Manager or Company. No shares were sold year-to-date 2015. As of June 30, 2015 , the Company had availability under the 2013 Agreement to issue and sell common shares of beneficial interest having an aggregate offering price of up to $230,057 . Common Dividends The Company paid the following dividends on common shares/units during the six months ended June 30, 2015 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.38 December 31, 2014 December 31, 2014 January 15, 2015 $ 0.38 March 31, 2015 March 31, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. Treasury Shares Treasury shares are accounted for under the cost method. During the six months ended June 30, 2015 , the Company received 55,577 common shares of beneficial interest related to employees surrendering shares to pay minimum withholding taxes at the time nonvested shares vested and forfeiting nonvested shares upon resignation. On August 29, 2011, the Company’s Board of Trustees authorized a share repurchase program (the “Repurchase Program”) to acquire up to $100,000 of the Company’s common shares of beneficial interest, with repurchased shares recorded at cost in treasury. As of June 30, 2015 , the Company had availability under the Repurchase Program to acquire up to $75,498 of common shares of beneficial interest. However, the Company is not currently authorized by its Board of Trustees to repurchase or offer to repurchase any common shares. If authorized by its Board of Trustees, the Company may resume using the Repurchase Program on a future date. During the six months ended June 30, 2015 , the Company re-issued 58,064 treasury shares related to the grants of nonvested shares. At June 30, 2015 , there were 1,541 common shares of beneficial interest in treasury. Preferred Shares On July 3, 2014, the Company redeemed the remaining 2,348,888 7 ¼% Series G Cumulative Redeemable Preferred Shares (the “Series G Preferred Shares”) for $58,722 ( $25.00 per share) plus accrued and unpaid dividends through the redemption date, July 3, 2014, of $1,100 . The redemption value of the Series G Preferred Shares exceeded their carrying value by $951 , of which $942 was incurred in the second quarter of 2014 and is included in the determination of net income attributable to common shareholders for the three and six months ended June 30, 2014 . The $951 represents the offering costs related to the redeemed Series G Preferred Shares. The following preferred shares of beneficial interest were outstanding as of June 30, 2015 : Security Type Number of 7 ½% Series H Preferred Shares 2,750,000 6 ⅜% Series I Preferred Shares 4,400,000 The 7 ½% Series H Cumulative Redeemable Preferred Shares (the “Series H Preferred Shares”) and the 6 ⅜% Series I Cumulative Redeemable Preferred Shares (the “Series I Preferred Shares”) (collectively, the “Preferred Shares”) rank senior to the common shares of beneficial interest and on parity with each other with respect to payment of distributions. The Company will not pay any distributions, or set aside any funds for the payment of distributions, on its common shares of beneficial interest unless it has also paid (or set aside for payment) the full cumulative distributions on the Preferred Shares for all past dividend periods and, with respect to the Series H Preferred Shares, for the current dividend period. The outstanding Preferred Shares do not have any maturity date, and are not subject to mandatory redemption. The difference between the carrying value and the redemption amount of the Preferred Shares are the offering costs. In addition, the Company is not required to set aside funds to redeem the Preferred Shares. The Company may not optionally redeem the Series H Preferred Shares and Series I Preferred Shares prior to January 24, 2016 and March 4, 2018, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. After those dates, the Company may, at its option, redeem the Series H Preferred Shares and Series I Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions to and including the date of redemption. In addition, upon the occurrence of a change of control (as defined in the Company’s charter), the result of which the Company’s common shares of beneficial interest and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT LLC or the NASDAQ Stock Market, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share, plus any accrued and unpaid distributions to and including the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of Series H Preferred Shares and Series I Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares of beneficial interest based on a defined formula subject to a cap of 4,680,500 common shares and 8,835,200 common shares, respectively. Preferred Dividends The Company paid the following dividends on preferred shares during the six months ended June 30, 2015 : Dividend per For the Security Type Share (1) Quarter Ended Record Date Payable Date 7 ½% Series H $ 0.47 December 31, 2014 January 1, 2015 January 15, 2015 6 ⅜% Series I $ 0.40 December 31, 2014 January 1, 2015 January 15, 2015 7 ½% Series H $ 0.47 March 31, 2015 April 1, 2015 April 15, 2015 6 ⅜% Series I $ 0.40 March 31, 2015 April 1, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. Noncontrolling Interests of Common Units in Operating Partnership On May 13, 2015, the Company issued an aggregate of 151,077 common shares of beneficial interest in connection with the redemption of 151,077 common units of limited partnership interest held by certain limited partners of the Operating Partnership. These common shares of beneficial interest were issued in reliance on an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. The Company relied on the exemption under Section 4(2) based upon factual representations given by the limited partners who received the common shares of beneficial interest. As of June 30, 2015 , the Operating Partnership had 145,223 common units of limited partnership interest outstanding, representing a 0.1% partnership interest held by the limited partners. As of June 30, 2015 , approximately $5,150 of cash or the equivalent value in common shares, at the Company’s option, would be paid to the limited partners of the Operating Partnership if the partnership were terminated. The approximate value of $5,150 is based on the Company’s closing common share price of $35.46 on June 30, 2015 , which is assumed to be equal to the value provided to the limited partners upon liquidation of the Operating Partnership. Subject to certain limitations, the outstanding common units of limited partnership interest are redeemable for cash, or at the Company’s option, for a like number of common shares of beneficial interest of the Company. The following schedule presents the effects of changes in the Company’s ownership interest in the Operating Partnership on the Company’s equity: For the six months ended June 30, 2015 2014 Net income attributable to common shareholders $ 55,503 $ 76,638 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 14 12 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 55,517 $ 76,650

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The common shareholders approved the 2014 Plan at the 2014 Annual Meeting of Shareholders held on May 7, 2014, which permits the Company to issue equity-based awards to executives, employees, non-employee members of the Board of Trustees and any other persons providing services to or for the Company and its subsidiaries. The 2014 Plan provides for a maximum of 2,900,000 common shares of beneficial interest to be issued in the form of share options, share appreciation rights, restricted or unrestricted share awards, phantom shares, performance awards, incentive awards, other share-based awards, or any combination of the foregoing. In addition, the maximum number of common shares subject to awards of any combination that may be granted under the 2014 Plan during any fiscal year to any one individual is limited to 500,000 shares. The 2014 Plan terminates on February 17, 2024 . The 2014 Plan authorized, among other things: (i) the grant of share options that qualify as incentive options under the Code, (ii) the grant of share options that do not so qualify, (iii) the grant of common shares in lieu of cash for trustees’ fees, (iv) grants of common shares in lieu of cash compensation and (v) the making of loans to acquire common shares in lieu of compensation (to the extent permitted by law and applicable provisions of the Sarbanes Oxley Act of 2002). The exercise price of share options is determined by the Compensation Committee of the Board of Trustees, but may not be less than 100% of the fair value of the common shares on the date of grant. Restricted share awards and options under the 2014 Plan vest over a period determined by the Compensation Committee of the Board of Trustees, generally a three year period. The duration of each option is also determined by the Compensation Committee, subject to applicable laws and regulations. At June 30, 2015 , there were 2,803,226 common shares available for future grant under the 2014 Plan. Upon the approval of the 2014 Plan by the common shareholders on May 7, 2014, the 2014 Plan replaced the 2009 Plan. The Company will no longer make any grants under the 2009 Plan (although awards previously made under the 2009 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements). Nonvested Share Awards with Service Conditions From time to time, the Company awards shares under the 2014 Plan to executives, employees and members of the Board of Trustees. The nonvested shares issued to executives and employees generally vest over three years based on continued employment. The shares issued to the members of the Board of Trustees vest immediately upon issuance. The Company determines the grant date fair value of the nonvested shares based upon the closing stock price of its common shares on the New York Stock Exchange on the date of grant and number of shares per the award agreements. Compensation costs are recognized on a straight-line basis over the requisite service period and are included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income. A summary of the Company’s nonvested share awards with service conditions as of June 30, 2015 is as follows: Number of Weighted - Nonvested at January 1, 2015 256,379 $ 31.00 Granted 63,675 38.82 Vested (78,483 ) 28.60 Forfeited (12,736 ) 27.13 Nonvested at June 30, 2015 (1) 228,835 $ 34.20 (1) Amount excludes 84,401 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2015 . As of June 30, 2015 and December 31, 2014 , there were $5,550 and $5,113 , respectively, of total unrecognized compensation costs related to nonvested share awards with service conditions. As of June 30, 2015 and December 31, 2014 , these costs were expected to be recognized over a weighted–average period of 1.6 and 1.9 years, respectively. The total intrinsic value of shares vested (calculated as number of shares multiplied by vesting date share price) during the three and six months ended June 30, 2015 was $188 and $3,152 , respectively, and during the three and six months ended June 30, 2014 was $3,225 and $5,602 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with service conditions that have been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income were $865 and $1,687 for the three and six months ended June 30, 2015 , respectively, and $740 and $1,480 for the three and six months ended June 30, 2014 , respectively. Nonvested Share Awards with Market or Performance Conditions On January 26, 2012, the Company’s Board of Trustees granted a target of 79,823 nonvested share awards with market conditions to executives. On January 1, 2015, the executives earned 136.3% of their 79,823 target number of shares, or 108,779 shares. Of the shares earned, 36,261 shares vested immediately on January 1, 2015, and the remaining 72,518 shares will vest in equal amounts on January 1, 2016 and January 1, 2017 based on continued employment. The executives received a cash payment of $334 on the earned shares equal to the value of all dividends paid on common shares from January 1, 2012 until the determination date, January 1, 2015. As of January 1, 2015, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On March 19, 2015, the Company’s Board of Trustees granted a target of 61,660 nonvested share awards with either market or performance conditions to executives (the “March 19, 2015 Awards”). The actual amounts of the shares awarded with respect to 30,829 of the 61,660 shares will be determined on January 1, 2018, based on the performance measurement period of January 1, 2015 through December 31, 2017, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 30,831 of the 61,660 shares will be determined on July 1, 2018, based on the performance measurement period of July 1, 2015 through June 30, 2018, in accordance with the terms of the agreements. The actual amounts of the shares awarded will range from 0% to 200% of the target amounts, depending on the performance analysis stipulated in the agreements, and none of the shares are outstanding until issued in accordance with award agreements based on performance. After the actual amounts of the awards are determined (or earned) at the end of the respective performance measurement period, all of the earned shares will be issued and outstanding on those dates. The executives will receive cash payments on the earned shares equal to the value of all dividends paid on common shares from the grant date through the respective determination date. Such amounts will be paid to the awardees on or about January 1, 2018 and July 1, 2018, respectively. Thereafter, the executives will be entitled to receive dividends as declared and paid on the earned shares and to vote the shares. With respect to 30,829 shares, amortization commenced on March 19, 2015, the beginning of the requisite service period, and, with respect to 30,831 shares, amortization will commence on July 1, 2015, the beginning of the requisite service period. The terms stipulated in the March 19, 2015 Awards used to determine the total amount of the shares consist of the following three tranches: (1) a comparison of the Company’s total return to the total returns’ of seven companies in a designated peer group of the Company, (2) the Company’s actual total return as compared to a Board-established total return goal and (3) a comparison of the Company’s return on invested capital to the return on invested capital of seven companies in a designated peer group of the Company. The tranches described in (1) and (2) are nonvested share awards with market conditions. For the March 19, 2015 Awards, the grant date fair value of the awards with market conditions were estimated by the Company using historical data under the Monte Carlo valuation method provided by a third party consultant. The final values were determined during the second quarter of 2015 with an insignificant cumulative adjustment to compensation cost recorded. The third tranche is based on “return on invested capital” discussed below, which is a performance condition. The grant date fair values of the tranches with performance conditions were calculated based on the targeted awards, and the valuation is adjusted on a periodic basis. The capital market assumptions used in the valuations consisted of the following: • Factors associated with the underlying performance of the Company’s share price and shareholder returns over the term of the awards including total share return volatility and risk-free interest. • Factors associated with the relative performance of the Company’s share price and shareholder returns when compared to those companies which compose the index including beta as a means to breakdown total volatility into market-related and company specific volatilities. • The valuation has been performed in a risk-neutral framework. • Return on invested capital is a performance condition award measurement. The estimated value was calculated based on the initial face value at the date of grant. The valuation will be adjusted on a periodic basis as the estimated number of awards expected to vest is revised. The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting March 19, 2015 Awards (performance period starting January 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 29.25 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 40.69 33.30 % March 19, 2015 Awards (performance period starting July 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 31.86 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 41.00 33.30 % A summary of the Company’s nonvested share awards with either market or performance conditions as of June 30, 2015 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2015 311,625 $ 33.62 Granted (1)(2) 90,616 36.38 Vested (53,654 ) 35.99 Forfeited 0 0.00 Nonvested at June 30, 2015 348,587 $ 33.98 (1) Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015. (2) Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount. As of June 30, 2015 and December 31, 2014 , there were $7,651 and $6,637 , respectively, of total unrecognized compensation costs related to nonvested share awards with market or performance conditions. As of June 30, 2015 and December 31, 2014 , these costs were expected to be recognized over a weighted–average period of 2.0 years. As of June 30, 2015 and December 31, 2014 , there were 308,069 and 254,415 share awards with market or performance conditions vested, respectively. Additionally, there were 84,401 and 29,276 nonvested share awards with market or performance conditions earned but nonvested due to a service condition as of June 30, 2015 and December 31, 2014 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with market or performance conditions that have been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income were $1,019 and $2,051 for the three and six months ended June 30, 2015 , respectively, and $845 and $1,654 for the three and six months ended June 30, 2014 , respectively.

LHL

LHL	6 Months Ended
	Jun. 30, 2015
Real Estate Investment Trust, Operating Support [Abstract]
LHL	Investment in Hotel Properties Investment in hotel properties as of June 30, 2015 and December 31, 2014 consists of the following: June 30, 2015 December 31, 2014 Land $ 730,735 $ 601,962 Buildings and improvements 3,600,294 3,295,233 Furniture, fixtures and equipment 681,359 596,879 Investment in hotel properties, gross 5,012,388 4,494,074 Accumulated depreciation (1,154,019 ) (1,065,518 ) Investment in hotel properties, net $ 3,858,369 $ 3,428,556 As of June 30, 2015 and December 31, 2014 , buildings and improvements included capital lease assets of $186,711 and accumulated depreciation included amounts related to capital lease assets of $18,218 and $15,513 , respectively. Depreciation of the capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. Depreciation expense was $45,790 and $88,542 for the three and six months ended June 30, 2015 , respectively, and $39,200 and $76,858 for the three and six months ended June 30, 2014 , respectively. Acquisitions In connection with the acquisition of Hotel Vitale on April 2, 2014 , the Company incurred acquisition transaction costs of $1,680 and $1,787 that were expensed as incurred during the three and six months ended June 30, 2014 , respectively, which expenses are included in the accompanying consolidated statements of operations and comprehensive income. On April 30, 2014 , the Company acquired a parcel of land located adjacent to the Company’s Onyx Hotel in Boston, MA. The Company incurred transaction costs of $64 that were expensed as incurred during the three and six months ended June 30, 2014 , which expenses are included in the accompanying consolidated statements of operations and comprehensive income. During the first quarter of 2015, the Company acquired 100% interests in two full-service hotels, each of which is leased to LHL. The Company recorded the acquisitions at fair value using model-derived valuations, with the estimated fair value recorded to investment in hotel properties and hotel working capital assets and liabilities. In connection with the acquisitions, the Company incurred acquisition transaction costs that were expensed as incurred. The following is a summary of the acquisitions: Acquisition Hotel Name Acquisition Date Number of Location Purchase Manager For the three months ended June 30, 2015 For the six months ended June 30, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 0 $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels (3 ) 214 Total $ 446,250 $ (3 ) $ 444 The sources of the funding for the January 23, 2015 acquisition were cash on hand and borrowings under the Company’s senior unsecured credit facility. The source of funding for the March 16, 2015 acquisition was borrowings under the Company’s senior unsecured credit facility. The Company has not yet finalized its determination of fair value for the 2015 acquisitions. A final determination of required fair value adjustments will be made during 2015. Total revenues and net income from the hotels acquired during 2015 of $22,867 and $3,656 for the three months ended June 30, 2015 , respectively, and $37,333 and $4,442 for the six months ended June 30, 2015 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income. Dispositions On June 17, 2014 , the Company sold the Hilton Alexandria Old Town for $93,380 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $43,548 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2014 . LHL Substantially all of the Company’s revenues are derived from operating revenues generated by the hotels, all of which are leased by LHL. Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 General and administrative $ 25,822 $ 22,648 $ 49,729 $ 42,695 Sales and marketing 19,894 16,120 37,845 30,908 Repairs and maintenance 9,863 9,496 19,474 18,522 Management and incentive fees 11,727 10,984 19,055 17,148 Utilities and insurance 8,289 7,735 17,106 15,871 Franchise fees 2,503 2,419 4,331 4,241 Other expenses 779 377 1,339 817 Total other indirect expenses $ 78,877 $ 69,779 $ 148,879 $ 130,202 As of June 30, 2015 , LHL leased all 47 hotels owned by the Company as follows: Hotel Properties Location 1. Hotel Amarano Burbank Burbank, CA 2. L’Auberge Del Mar Del Mar, CA 3. Hilton San Diego Gaslamp Quarter San Diego, CA 4. Hotel Solamar San Diego, CA 5. San Diego Paradise Point Resort and Spa San Diego, CA 6. The Hilton San Diego Resort and Spa San Diego, CA 7. Harbor Court Hotel San Francisco, CA 8. Hotel Monaco San Francisco San Francisco, CA 9. Hotel Triton San Francisco, CA 10. Hotel Vitale San Francisco, CA 11. Park Central San Francisco San Francisco, CA 12. Serrano Hotel San Francisco, CA 13. Villa Florence San Francisco, CA 14. Chaminade Resort and Conference Center Santa Cruz, CA 15. Viceroy Santa Monica Santa Monica, CA 16. Chamberlain West Hollywood West Hollywood, CA 17. Le Montrose Suite Hotel West Hollywood, CA 18. Le Parc Suite Hotel West Hollywood, CA 19. The Grafton on Sunset West Hollywood, CA 20. The Donovan Washington, D.C. 21. Hotel George Washington, D.C. 22. Hotel Helix Washington, D.C. 23. Hotel Madera Washington, D.C. 24. Hotel Palomar, Washington, DC Washington, D.C. 25. Hotel Rouge Washington, D.C. 26. Sofitel Washington, DC Lafayette Square Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Hotel Collection Key West, FL 30. The Marker Waterfront Resort Key West, FL 31. Hotel Chicago Chicago, IL 32. Westin Michigan Avenue Chicago, IL 33. Indianapolis Marriott Downtown Indianapolis, IN 34. Hyatt Boston Harbor Boston, MA 35. Onyx Hotel Boston, MA 36. The Liberty Hotel Boston, MA 37. Westin Copley Place Boston, MA 38. Gild Hall New York, NY 39. The Roger New York, NY 40. Park Central Hotel (shared lease with WestHouse Hotel New York) New York, NY 41. WestHouse Hotel New York New York, NY 42. The Heathman Hotel Portland, OR 43. Embassy Suites Philadelphia - Center City Philadelphia, PA 44. Westin Philadelphia Philadelphia, PA 45. Lansdowne Resort Lansdowne,VA 46. Alexis Hotel Seattle, WA 47. Hotel Deca Seattle, WA

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense (benefit) was comprised of the following for the three and six months ended June 30, 2015 and 2014 : For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 LHL’s income tax expense (benefit) $ 5,311 $ 4,549 $ 232 $ (2,078 ) Operating Partnership’s income tax expense 263 334 474 569 Total income tax expense (benefit) $ 5,574 $ 4,883 $ 706 $ (1,509 ) The Company has estimated LHL’s income tax expense for the six months ended June 30, 2015 by applying an estimated combined federal and state effective tax rate of 38.6% to LHL’s net income of $508 . From time to time, the Company may be subject to federal, state or local tax audits in the normal course of business.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In evaluating fair value, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2—Observable inputs, other than quoted prices included in level 1, such as interest rates, yield curves, quoted prices in active markets for similar assets and liabilities, and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by limited market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques when observable inputs are not available. The Company estimates the fair value of its financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and subjectivity are involved in developing these estimates and, accordingly, such estimates are not necessarily indicative of amounts that would be realized upon disposition. Recurring Measurements For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows: Fair Value Measurements at June 30, 2015 December 31, 2014 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 145 $ 1,520 Derivative interest rate instruments Accounts payable and accrued expenses $ 1,628 $ 770 The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes level 3 inputs such as estimates of current credit spreads. However, the Company has assessed that the credit valuation adjustments are not significant to the overall valuation of the derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified within level 2 of the fair value hierarchy. Financial Instruments Not Measured at Fair Value The following table represents the fair value, derived using level 2 inputs, of financial instruments presented at carrying value in the Company’s consolidated financial statements as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 531,000 $ 532,880 $ 0 $ 0 Term loans $ 477,500 $ 481,004 $ 477,500 $ 476,996 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 288,704 $ 293,313 $ 501,090 $ 510,250 The Company estimated the fair value of its borrowings under credit facilities, term loans, bonds payable and mortgage loans using interest rates ranging from 1.5% to 4.4% as of June 30, 2015 and from 1.6% to 4.3% as of December 31, 2014 with a weighted average effective interest rate of 2.2% and 2.9% as of June 30, 2015 and December 31, 2014 , respectively. The assumptions reflect the terms currently available on similar borrowings to borrowers with credit profiles similar to the Company’s. At June 30, 2015 and December 31, 2014 , the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments and the recent acquisition of these items.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The limited partners’ outstanding common units in the Operating Partnership (which may be converted to common shares of beneficial interest) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income or loss would also be added back to net income or loss. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) have been excluded, as applicable, from net income or loss attributable to common shareholders used in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of noncontrolling interests in the earnings per share calculations. The computation of basic and diluted earnings per common share is as follows: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 55,822 $ 85,610 $ 55,503 $ 76,638 Dividends paid on unvested restricted shares (141 ) (101 ) (260 ) (203 ) Undistributed earnings attributable to unvested restricted shares (14 ) (161 ) 0 (27 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 55,667 $ 85,348 $ 55,243 $ 76,408 Denominator: Weighted average number of common shares - basic 112,728,085 103,698,332 112,688,122 103,695,013 Effect of dilutive securities: Compensation-related shares 413,823 326,140 406,518 341,384 Weighted average number of common shares - diluted 113,141,908 104,024,472 113,094,640 104,036,397 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.82 $ 0.49 $ 0.74 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.82 $ 0.49 $ 0.73

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the six months ended June 30, 2015 2014 Interest paid, net of capitalized interest $ 27,521 $ 27,803 Interest capitalized 300 79 Income taxes paid, net 517 786 Increase in distributions payable on common shares 8,547 9,929 Increase in distributions payable on preferred shares 0 36 Redemption of common units for common shares 3,400 0 Write-off of fully amortized deferred financing costs 131 202 Decrease in accrued capital expenditures (3,089 ) (1,950 ) Grant of nonvested shares and awards to employees and executives, net 5,188 3,477 Issuance of common shares for Board of Trustees compensation 691 602 In conjunction with the sale of property, the Company disposed of the following assets and liabilities: Investment in property, net of closing costs $ 0 $ 92,359 Other assets 0 596 Liabilities 0 (249 ) Sale of property $ 0 $ 92,706 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ (445,734 ) $ (129,916 ) Other assets (1,897 ) (1,033 ) Liabilities 8,474 3,947 Acquisition of properties $ (439,157 ) $ (127,002 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company paid the following common and preferred dividends subsequent to June 30, 2015 : Dividend per For the Quarter Record Payable Security Type Share/Unit (1) Ended Date Date Common Shares/Units $ 0.45 June 30, 2015 June 30, 2015 July 15, 2015 7 ½% Series H Preferred Shares $ 0.47 June 30, 2015 July 1, 2015 July 15, 2015 6 ⅜% Series I Preferred Shares $ 0.40 June 30, 2015 July 1, 2015 July 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. On July 20, 2015 , the Company entered into a new $225,000 mortgage loan secured by the Westin Copley Place. The mortgage loan matures on August 14, 2018 with three options to extend the maturity date to January 5, 2021 , pursuant to certain terms and conditions. The interest-only mortgage loan bears interest at a variable rate ranging from LIBOR plus 1.75% to LIBOR plus 2.00% , depending on Westin Copley Place’s net cash flow (as defined in the loan agreement). The interest rate as of July 20, 2015 is LIBOR plus 2.00% , which equals 2.19% . The mortgage loan allows for prepayments without penalty after one year , subject to certain terms and conditions. On July 20, 2015 , the Company provided a junior mezzanine loan (the “Mezzanine Loan”) secured by pledges of equity interests in the entities that own the hotel properties, Shutters on the Beach and Casa Del Mar, in Santa Monica, CA. The Company entered into the Mezzanine Loan for a total purchase price of $80,000 before closing costs. The Mezzanine Loan bears interest at a variable interest rate equal to LIBOR plus 7.75% , which rate was 7.94% as of July 20, 2015. Interest-only payments are to be received monthly with the option of prepayment, pursuant to certain terms and conditions. The Mezzanine Loan matures on August 9, 2017 and has five one -year extension options, subject to conditions. The Mezzanine Loan is subordinate to a $235,000 first mortgage loan and a $90,000 senior mezzanine loan secured by the properties that also mature on August 9, 2017 .

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, LHL and their subsidiaries in which they have a controlling interest, including joint ventures. All significant intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Substantially all of the Company’s revenues and expenses are generated by the operations of the individual hotels. The Company records revenues and expenses that are estimated by the hotel operators and reviewed by the Company to produce quarterly financial statements because the management contracts do not require the hotel operators to submit actual results within a time frame that permits the Company to use actual results when preparing its Quarterly Reports on Form 10-Q for filing by the deadline prescribed by the SEC. Generally, the Company records actual revenue and expense amounts for the first two months of each quarter and estimated revenue and expense amounts for the last month of each quarter. Each quarter, the Company reviews the estimated revenue and expense amounts provided by the hotel operators for reasonableness based upon historical results for prior periods and internal Company forecasts. The Company records any differences between recorded estimated amounts and actual amounts in the following quarter; historically, these differences have not been material. The Company believes the quarterly revenues and expenses, recorded on the Company’s consolidated statements of operations and comprehensive income (loss) based on an aggregate estimate, are fairly stated.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquisition, the Company determines the fair value of the acquired long-lived assets, assumed debt and intangible assets and liabilities. The Company’s investments in hotel properties are carried at cost and depreciated using the straight-line method over an estimated useful life of 30 to 40 years for buildings, 15 years for building improvements, the shorter of the useful life of the improvement or the term of the related tenant lease for tenant improvements, 7 years for land improvements, 20 years for golf course land improvements, 20 years for swimming pool assets and 3 to 5 years for furniture, fixtures and equipment. For investments subject to land and building leases that qualify as capital leases, assets are recorded at the estimated fair value of the right to use the leased property at acquisition and depreciated over the shorter of the useful lives of the assets or the term of the respective lease. Renovations and/or replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. The Company is required to make subjective assessments as to the useful lives and classification of its properties for purposes of determining the amount of depreciation expense to reflect each year with respect to those properties. These assessments have a direct impact on the Company’s net income. Should the Company change the expected useful life or classification of particular assets, it would result in a change in depreciation expense and annual net income.
Share-Based Compensation	Share-Based Compensation From time to time, the Company awards shares under the 2014 Equity Incentive Plan (“2014 Plan”), which has approximately nine years remaining, as compensation to executives, employees and members of the Board of Trustees (see Note 7). The shares issued to executives and employees generally vest over three years. The shares issued to members of the Board of Trustees vest immediately upon issuance. The Company recognizes compensation expense for nonvested shares with service conditions or service and market conditions on a straight-line basis over the vesting period based upon the fair value of the shares on the date of issuance, adjusted for forfeitures. Compensation expense for nonvested shares with service and performance conditions is recognized based on the fair value of the estimated number of shares expected to vest, as revised throughout the vesting period, adjusted for forfeitures. The 2014 Plan replaced the 2009 Equity Incentive Plan (“2009 Plan”) in May 2014.
Noncontrolling Interests	Noncontrolling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income (loss), revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. However, the Company’s noncontrolling interests that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of June 30, 2015 , the consolidated results of the Company include the following ownership interests held by owners other than the Company: (i) the common units in the Operating Partnership held by third parties, (ii) the outside preferred ownership interests in a subsidiary and (iii) the outside ownership interest in a joint venture.
Note Receivable	Notes Receivable Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest method. Interest income is recorded on the accrual basis consistent with the terms of the notes receivable. A note is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest contractually due. Interest previously accrued but not collected becomes part of the Company’s recorded investment in the note receivable for purposes of assessing impairment. The Company applies interest payments received on non-accrual notes receivable first to accrued interest and then as interest income. Notes receivable return to accrual status when contractually current and the collection of future payments is reasonably assured.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018. Early application is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. The Company is evaluating the effect that ASU No. 2015-02 will have on its consolidated financial statements and related disclosures, but believes it will not have a material impact on its financial reporting. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability. This standard will be effective for the first annual reporting period beginning after December 15, 2015 with early adoption permitted. The adoption of this standard will only affect the presentation of the Company’s consolidated balance sheet.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Property, Plant and Equipment	Investment in hotel properties as of June 30, 2015 and December 31, 2014 consists of the following: June 30, 2015 December 31, 2014 Land $ 730,735 $ 601,962 Buildings and improvements 3,600,294 3,295,233 Furniture, fixtures and equipment 681,359 596,879 Investment in hotel properties, gross 5,012,388 4,494,074 Accumulated depreciation (1,154,019 ) (1,065,518 ) Investment in hotel properties, net $ 3,858,369 $ 3,428,556
Summary of Acquisitions	The following is a summary of the acquisitions: Acquisition Hotel Name Acquisition Date Number of Location Purchase Manager For the three months ended June 30, 2015 For the six months ended June 30, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 0 $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels (3 ) 214 Total $ 446,250 $ (3 ) $ 444

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Components of Long-Term Debt	Debt as of June 30, 2015 and December 31, 2014 consisted of the following: Balance Outstanding as of Debt Interest Maturity June 30, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2018 (a) $ 531,000 $ 0 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 531,000 0 Term loans First Term Loan Floating (c) May 2019 177,500 177,500 Second Term Loan Floating (c) January 2019 300,000 300,000 Total term loans 477,500 477,500 Massport Bonds Hyatt Boston Harbor (taxable) Floating (d) March 2018 5,400 5,400 Hyatt Boston Harbor (tax exempt) Floating (d) March 2018 37,100 37,100 Total bonds payable 42,500 42,500 Mortgage loans Westin Copley Place 5.28% September 2015 (e) 0 210,000 Westin Michigan Avenue 5.75% April 2016 (f) 132,309 133,347 Indianapolis Marriott Downtown 5.99% July 2016 (f) 96,815 97,528 The Roger 6.31% August 2016 59,580 60,215 Total mortgage loans 288,704 501,090 Total debt $ 1,339,704 $ 1,021,090 (a) Borrowings bear interest at floating rates equal to, at the Company’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. As of June 30, 2015 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $531,000 was 1.89% . There were no borrowings outstanding at December 31, 2014. The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (b) Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at June 30, 2015 and December 31, 2014. LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into separate interest rate swap agreements for the full seven -year term of the First Term Loan (as defined below) and a five -year term ending in August 2017 for the Second Term Loan (as defined below), resulting in fixed all-in interest rates at June 30, 2015 and December 31, 2014 of 3.62% and 2.38% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). (d) The Massport Bonds are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) that expire in September 2016 . The letters of credit have two one -year extension options and are secured by the Hyatt Boston Harbor. The letters of credit cannot be extended beyond the Massport Bonds’ maturity date. The bonds bear interest based on weekly floating rates. The interest rates as of June 30, 2015 were 0.14% and 0.08% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2014 were 0.13% and 0.03% for the $5,400 and $37,100 bonds, respectively. The Company incurs an annual letter of credit fee of 1.35% . (e) The Company repaid the mortgage loan on June 1, 2015 through borrowings on its senior unsecured credit facility. (f) The Company intends to repay the mortgage loan upon maturity through either borrowings on its credit facilities, placement of corporate-level debt or proceeds from a property-level mortgage financing.
Schedule of Maturities of Long-term Debt	Future scheduled debt principal payments as of June 30, 2015 are as follows: 2015 $ 2,410 2016 286,294 2017 0 2018 573,500 2019 477,500 Total debt $ 1,339,704
Summary Interest Expense and Weighted Average Interest Rates for Borrowings	A summary of the Company’s interest expense and weighted average interest rates for variable rate debt for the three and six months ended June 30, 2015 and 2014 is as follows: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Interest Expense: Interest incurred $ 13,422 $ 14,023 $ 26,744 $ 27,542 Amortization of deferred financing costs 549 553 1,096 1,081 Capitalized interest (76 ) (20 ) (300 ) (79 ) Interest expense $ 13,895 $ 14,556 $ 27,540 $ 28,544 Weighted Average Interest Rates for Variable Rate Debt: Senior unsecured credit facility 1.89 % 1.86 % 1.88 % 1.86 % LHL unsecured credit facility 1.88 % 1.85 % 1.88 % 1.86 % Massport Bonds 0.09 % 0.46 % 0.07 % 0.45 %
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables present the effect of derivative instruments on the Company’s consolidated statements of operations and comprehensive income, including the location and amount of unrealized gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the three and six months ended June 30, 2015 and 2014 : Amount of Gain (Loss) Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCL into Net Income Amount of Loss Reclassified from AOCL into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the three months ended For the three months ended June 30, June 30, 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ 26 $ (4,217 ) Interest expense $ 1,069 $ 1,101 Amount of Loss Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCL into Net Income Amount of Loss Reclassified from AOCL into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the six months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,372 ) $ (6,272 ) Interest expense $ 2,139 $ 2,184

Commitments And Contingencies (

Commitments And Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rent Payments	Future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2015 $ 6,262 2016 12,730 2017 13,000 2018 13,186 2019 13,162 Thereafter 604,079 $ 662,419

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on common shares/units during the six months ended June 30, 2015 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.38 December 31, 2014 December 31, 2014 January 15, 2015 $ 0.38 March 31, 2015 March 31, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on preferred shares during the six months ended June 30, 2015 : Dividend per For the Security Type Share (1) Quarter Ended Record Date Payable Date 7 ½% Series H $ 0.47 December 31, 2014 January 1, 2015 January 15, 2015 6 ⅜% Series I $ 0.40 December 31, 2014 January 1, 2015 January 15, 2015 7 ½% Series H $ 0.47 March 31, 2015 April 1, 2015 April 15, 2015 6 ⅜% Series I $ 0.40 March 31, 2015 April 1, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following common and preferred dividends subsequent to June 30, 2015 : Dividend per For the Quarter Record Payable Security Type Share/Unit (1) Ended Date Date Common Shares/Units $ 0.45 June 30, 2015 June 30, 2015 July 15, 2015 7 ½% Series H Preferred Shares $ 0.47 June 30, 2015 July 1, 2015 July 15, 2015 6 ⅜% Series I Preferred Shares $ 0.40 June 30, 2015 July 1, 2015 July 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes.
Preferred Shares Outstanding	The following preferred shares of beneficial interest were outstanding as of June 30, 2015 : Security Type Number of 7 ½% Series H Preferred Shares 2,750,000 6 ⅜% Series I Preferred Shares 4,400,000
Schedule of Effects of Changes In the Company's Ownership Interest	The following schedule presents the effects of changes in the Company’s ownership interest in the Operating Partnership on the Company’s equity: For the six months ended June 30, 2015 2014 Net income attributable to common shareholders $ 55,503 $ 76,638 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 14 12 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 55,517 $ 76,650

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity	A summary of the Company’s nonvested share awards with service conditions as of June 30, 2015 is as follows: Number of Weighted - Nonvested at January 1, 2015 256,379 $ 31.00 Granted 63,675 38.82 Vested (78,483 ) 28.60 Forfeited (12,736 ) 27.13 Nonvested at June 30, 2015 (1) 228,835 $ 34.20 (1) Amount excludes 84,401 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2015 .
Disclosure of valuation assumptions	The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting March 19, 2015 Awards (performance period starting January 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 29.25 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 40.69 33.30 % March 19, 2015 Awards (performance period starting July 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 31.86 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 41.00 33.30 %
Schedule of Nonvested Performance-based Units Activity	A summary of the Company’s nonvested share awards with either market or performance conditions as of June 30, 2015 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2015 311,625 $ 33.62 Granted (1)(2) 90,616 36.38 Vested (53,654 ) 35.99 Forfeited 0 0.00 Nonvested at June 30, 2015 348,587 $ 33.98 (1) Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015. (2) Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount.

LHL (Tables)

LHL (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Investment Trust, Operating Support [Abstract]
Summary of Other Indirect Hotel Operating Expenses	Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 General and administrative $ 25,822 $ 22,648 $ 49,729 $ 42,695 Sales and marketing 19,894 16,120 37,845 30,908 Repairs and maintenance 9,863 9,496 19,474 18,522 Management and incentive fees 11,727 10,984 19,055 17,148 Utilities and insurance 8,289 7,735 17,106 15,871 Franchise fees 2,503 2,419 4,331 4,241 Other expenses 779 377 1,339 817 Total other indirect expenses $ 78,877 $ 69,779 $ 148,879 $ 130,202
Schedule of Hotels Owned	As of June 30, 2015 , LHL leased all 47 hotels owned by the Company as follows: Hotel Properties Location 1. Hotel Amarano Burbank Burbank, CA 2. L’Auberge Del Mar Del Mar, CA 3. Hilton San Diego Gaslamp Quarter San Diego, CA 4. Hotel Solamar San Diego, CA 5. San Diego Paradise Point Resort and Spa San Diego, CA 6. The Hilton San Diego Resort and Spa San Diego, CA 7. Harbor Court Hotel San Francisco, CA 8. Hotel Monaco San Francisco San Francisco, CA 9. Hotel Triton San Francisco, CA 10. Hotel Vitale San Francisco, CA 11. Park Central San Francisco San Francisco, CA 12. Serrano Hotel San Francisco, CA 13. Villa Florence San Francisco, CA 14. Chaminade Resort and Conference Center Santa Cruz, CA 15. Viceroy Santa Monica Santa Monica, CA 16. Chamberlain West Hollywood West Hollywood, CA 17. Le Montrose Suite Hotel West Hollywood, CA 18. Le Parc Suite Hotel West Hollywood, CA 19. The Grafton on Sunset West Hollywood, CA 20. The Donovan Washington, D.C. 21. Hotel George Washington, D.C. 22. Hotel Helix Washington, D.C. 23. Hotel Madera Washington, D.C. 24. Hotel Palomar, Washington, DC Washington, D.C. 25. Hotel Rouge Washington, D.C. 26. Sofitel Washington, DC Lafayette Square Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Hotel Collection Key West, FL 30. The Marker Waterfront Resort Key West, FL 31. Hotel Chicago Chicago, IL 32. Westin Michigan Avenue Chicago, IL 33. Indianapolis Marriott Downtown Indianapolis, IN 34. Hyatt Boston Harbor Boston, MA 35. Onyx Hotel Boston, MA 36. The Liberty Hotel Boston, MA 37. Westin Copley Place Boston, MA 38. Gild Hall New York, NY 39. The Roger New York, NY 40. Park Central Hotel (shared lease with WestHouse Hotel New York) New York, NY 41. WestHouse Hotel New York New York, NY 42. The Heathman Hotel Portland, OR 43. Embassy Suites Philadelphia - Center City Philadelphia, PA 44. Westin Philadelphia Philadelphia, PA 45. Lansdowne Resort Lansdowne,VA 46. Alexis Hotel Seattle, WA 47. Hotel Deca Seattle, WA

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	Income tax expense (benefit) was comprised of the following for the three and six months ended June 30, 2015 and 2014 : For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 LHL’s income tax expense (benefit) $ 5,311 $ 4,549 $ 232 $ (2,078 ) Operating Partnership’s income tax expense 263 334 474 569 Total income tax expense (benefit) $ 5,574 $ 4,883 $ 706 $ (1,509 )

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows: Fair Value Measurements at June 30, 2015 December 31, 2014 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 145 $ 1,520 Derivative interest rate instruments Accounts payable and accrued expenses $ 1,628 $ 770
Schedule of Fair value and Carrying Value of Financial Instruments	The following table represents the fair value, derived using level 2 inputs, of financial instruments presented at carrying value in the Company’s consolidated financial statements as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 531,000 $ 532,880 $ 0 $ 0 Term loans $ 477,500 $ 481,004 $ 477,500 $ 476,996 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 288,704 $ 293,313 $ 501,090 $ 510,250

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 55,822 $ 85,610 $ 55,503 $ 76,638 Dividends paid on unvested restricted shares (141 ) (101 ) (260 ) (203 ) Undistributed earnings attributable to unvested restricted shares (14 ) (161 ) 0 (27 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 55,667 $ 85,348 $ 55,243 $ 76,408 Denominator: Weighted average number of common shares - basic 112,728,085 103,698,332 112,688,122 103,695,013 Effect of dilutive securities: Compensation-related shares 413,823 326,140 406,518 341,384 Weighted average number of common shares - diluted 113,141,908 104,024,472 113,094,640 104,036,397 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.82 $ 0.49 $ 0.74 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.82 $ 0.49 $ 0.73

Supplemental Information to S31

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	For the six months ended June 30, 2015 2014 Interest paid, net of capitalized interest $ 27,521 $ 27,803 Interest capitalized 300 79 Income taxes paid, net 517 786 Increase in distributions payable on common shares 8,547 9,929 Increase in distributions payable on preferred shares 0 36 Redemption of common units for common shares 3,400 0 Write-off of fully amortized deferred financing costs 131 202 Decrease in accrued capital expenditures (3,089 ) (1,950 ) Grant of nonvested shares and awards to employees and executives, net 5,188 3,477 Issuance of common shares for Board of Trustees compensation 691 602 In conjunction with the sale of property, the Company disposed of the following assets and liabilities: Investment in property, net of closing costs $ 0 $ 92,359 Other assets 0 596 Liabilities 0 (249 ) Sale of property $ 0 $ 92,706 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ (445,734 ) $ (129,916 ) Other assets (1,897 ) (1,033 ) Liabilities 8,474 3,947 Acquisition of properties $ (439,157 ) $ (127,002 )

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on common shares/units during the six months ended June 30, 2015 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.38 December 31, 2014 December 31, 2014 January 15, 2015 $ 0.38 March 31, 2015 March 31, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on preferred shares during the six months ended June 30, 2015 : Dividend per For the Security Type Share (1) Quarter Ended Record Date Payable Date 7 ½% Series H $ 0.47 December 31, 2014 January 1, 2015 January 15, 2015 6 ⅜% Series I $ 0.40 December 31, 2014 January 1, 2015 January 15, 2015 7 ½% Series H $ 0.47 March 31, 2015 April 1, 2015 April 15, 2015 6 ⅜% Series I $ 0.40 March 31, 2015 April 1, 2015 April 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following common and preferred dividends subsequent to June 30, 2015 : Dividend per For the Quarter Record Payable Security Type Share/Unit (1) Ended Date Date Common Shares/Units $ 0.45 June 30, 2015 June 30, 2015 July 15, 2015 7 ½% Series H Preferred Shares $ 0.47 June 30, 2015 July 1, 2015 July 15, 2015 6 ⅜% Series I Preferred Shares $ 0.40 June 30, 2015 July 1, 2015 July 15, 2015 (1) Amounts are rounded to the nearest whole cent for presentation purposes.

Organization (Details)

Organization (Details) - Jun. 30, 2015	HotelsStatesGuest_Roomsshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels	47
Number of guest rooms | Guest_Rooms	12,000
Number of states in which hotels located | States	10
LHL leases expiration dates	between December 2015 and December 2017
Ownership percentage by the company	99.90%
Ownership percentage by limited partners	0.10%
Common units of Operating Partnership interest held by limited partners | shares	145,223

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015
Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Golf Course Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Swimming Pool Assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining years	9 years
Vesting period (in years)	3 years

Investment in Hotel Propertie35

Investment in Hotel Properties Schedule of Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 730,735	$ 601,962
Buildings and improvements	3,600,294	3,295,233
Furniture, fixtures and equipment	681,359	596,879
Investment in hotel properties, gross	5,012,388	4,494,074
Accumulated depreciation	(1,154,019)	(1,065,518)
Investment in hotel properties, net	$ 3,858,369	$ 3,428,556

Investment in Properties (Narra

Investment in Properties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Buildings and Improvements, Gross	$ 3,600,294		$ 3,600,294		$ 3,295,233
Real Estate Investment Property, Accumulated Depreciation	1,154,019		1,154,019		1,065,518
Depreciation	45,790	$ 39,200	88,542	$ 76,858
Capital Lease Assets [Member]
Real Estate Properties [Line Items]
Buildings and Improvements, Gross	186,711		186,711		186,711
Capital Lease Assets, Accumulated Depreciation [Member]
Real Estate Properties [Line Items]
Real Estate Investment Property, Accumulated Depreciation	$ 18,218		$ 18,218		$ 15,513

Investment in Hotel Propertie37

Investment in Hotel Properties Acquisitions (Narrative) (Details) $ in Thousands	Apr. 02, 2014	Jun. 30, 2015USD ($)Hotels	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Hotels	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Acquisition Transaction Costs		$ (3)	$ 1,744	$ 444	$ 1,851
Ownership Percent		100.00%		100.00%
Number of Hotels Acquired | Hotels		2		2
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 22,867		$ 37,333
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		3,656		$ 4,442
Hotel Vitale [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Apr. 2, 2014
Acquisition Transaction Costs			1,680		1,787
Park Central San Francisco [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition				Jan. 23, 2015
Acquisition Transaction Costs		0		$ 230
The Marker Waterfront Resort [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition				Mar. 16, 2015
Acquisition Transaction Costs		$ (3)		$ 214
Onyx Hotel [Member]
Business Acquisition [Line Items]
Acquisition Transaction Costs			$ 64		$ 64

Investment in Hotel Propertie38

Investment in Hotel Properties Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Guest_Rooms	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Guest_Rooms	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Purchase Price			$ 446,250
Acquisition Transaction Costs	$ (3)	$ 1,744	$ 444	$ 1,851
Park Central San Francisco [Member]
Business Acquisition [Line Items]
Acquisition Date			Jan. 23, 2015
Number of Rooms | Guest_Rooms	681		681
Location			San Francisco, CA
Purchase Price			$ 350,000
Manager			Highgate Hotels
Acquisition Transaction Costs	$ 0		$ 230
The Marker Waterfront Resort [Member]
Business Acquisition [Line Items]
Acquisition Date			Mar. 16, 2015
Number of Rooms | Guest_Rooms	96		96
Location			Key West, FL
Purchase Price			$ 96,250
Manager			Highgate Hotels
Acquisition Transaction Costs	$ (3)		$ 214

Investment in Hotel Propertie39

Investment in Hotel Properties Dispositions (Narrative) (Details) - USD ($) $ in Thousands	Jun. 17, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Proceeds from Sale of Productive Assets				$ 0	$ 92,706
Gain on sale of property		$ 0	$ 43,548	$ 0	43,548
Hilton Alexandria Old Town [Member]
Disposals including Discontinued Operations, Effective Date of Disposal	Jun. 17, 2014
Proceeds from Sale of Productive Assets	$ 93,380
Gain on sale of property			$ 43,548		$ 43,548

Debt Summary (Details)

Debt Summary (Details) $ in Thousands		Jan. 08, 2014USD ($)	Aug. 02, 2012	May. 16, 2012USD ($)	Jun. 30, 2015USD ($)extensions	Jun. 01, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Credit facilities					$ 531,000		$ 0
Term loans					477,500		477,500
Massport Bonds					42,500		42,500
Total mortgage loans					288,704		501,090
Total debt					$ 1,339,704		1,021,090
Line of Credit [Member] | Senior Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description	[1]				Floating
Credit facility maturity date	[1]	Jan. 8, 2018
Credit facilities					$ 531,000		0
Interest rate on variable rate debt					1.89%
Number of extension options | extensions					2
Extension option period					6 months
Line of Credit [Member] | LHL Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description	[2]				Floating
Credit facility maturity date	[2]	Jan. 8, 2018
Credit facilities					$ 0		0
Number of extension options | extensions					2
Extension option period					6 months
Term Loan [Member] | First Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	[3]				Floating
Debt maturity date				May 16, 2019
Term loans				$ 177,500	$ 177,500		177,500
Debt Instrument, Term					7 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					3.62%
Term Loan [Member] | Second Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	[3]				Floating
Debt maturity date		Jan. 8, 2019
Term loans		$ 300,000			$ 300,000		300,000
Debt Instrument, Term					5 years
Term loan, Swap Duration					5 years
Derivative, Maturity Date			Aug. 2, 2017
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					2.38%
Notes Payable, Other Payables [Member] | Taxable Bond of Hyatt Boston Harbor [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	[4]				Floating
Debt maturity date					Mar. 1, 2018
Massport Bonds					$ 5,400		$ 5,400
Interest rate on variable rate debt					0.14%		0.13%
Notes Payable, Other Payables [Member] | Tax Exempted Bond of Hyatt Boston Harbor [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	[4]				Floating
Debt maturity date					Mar. 1, 2018
Massport Bonds					$ 37,100		$ 37,100
Interest rate on variable rate debt					0.08%		0.03%
Notes Payable, Other Payables [Member] | Massport Bonds [Member]
Debt Instrument [Line Items]
Credit facility maturity date					Sep. 30, 2016
Number of extension options | extensions					2
Extension option period					1 year
Line of Credit Annual Fees Percentage					1.35%
Mortgages [Member] | Westin Copley Place Fixed Rate [Member]
Debt Instrument [Line Items]
Debt maturity date	[5]				Sep. 1, 2015
Mortgage loans					$ 0	$ 210,000	$ 210,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					5.28%
Mortgages [Member] | Westin Michigan Avenue [Member]
Debt Instrument [Line Items]
Debt maturity date	[6]				Apr. 1, 2016
Mortgage loans					$ 132,309		133,347
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					5.75%
Mortgages [Member] | Indianapolis Marriott Downtown [Member]
Debt Instrument [Line Items]
Debt maturity date	[6]				Jul. 1, 2016
Mortgage loans					$ 96,815		97,528
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					5.99%
Mortgages [Member] | The Roger [Member]
Debt Instrument [Line Items]
Debt maturity date					Aug. 1, 2016
Mortgage loans					$ 59,580		$ 60,215
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					6.31%
[1]	Borrowings bear interest at floating rates equal to, at the Company’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. As of June 30, 2015, the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $531,000 was 1.89%. There were no borrowings outstanding at December 31, 2014. The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six-month extensions.
[2]	Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at June 30, 2015 and December 31, 2014. LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six-month extensions.
[3]	Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into separate interest rate swap agreements for the full seven-year term of the First Term Loan (as defined below) and a five-year term ending in August 2017 for the Second Term Loan (as defined below), resulting in fixed all-in interest rates at June 30, 2015 and December 31, 2014 of 3.62% and 2.38%, respectively, at the Company’s current leverage ratio (as defined in the swap agreements).
[4]	The Massport Bonds are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) that expire in September 2016. The letters of credit have two one-year extension options and are secured by the Hyatt Boston Harbor. The letters of credit cannot be extended beyond the Massport Bonds’ maturity date. The bonds bear interest based on weekly floating rates. The interest rates as of June 30, 2015 were 0.14% and 0.08% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2014 were 0.13% and 0.03% for the $5,400 and $37,100 bonds, respectively. The Company incurs an annual letter of credit fee of 1.35%.
[5]	The Company repaid the mortgage loan on June 1, 2015 through borrowings on its senior unsecured credit facility.
[6]	The Company intends to repay the mortgage loan upon maturity through either borrowings on its credit facilities, placement of corporate-level debt or proceeds from a property-level mortgage financing.

Long-Term Debt Debt Summary (Fu

Long-Term Debt Debt Summary (Future Scheduled Debt Principal Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,015	$ 2,410
2,016	286,294
2,017	0
2,018	573,500
2,019	477,500
Total debt	$ 1,339,704	$ 1,021,090

Debt Summary (Schedule of Inter

Debt Summary (Schedule of Interest Expense and Weighted Average Interest Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Expense: [Abstract]
Interest incurred	$ 13,422	$ 14,023	$ 26,744	$ 27,542
Amortization of deferred financing costs	549	553	1,096	1,081
Capitalized interest	(76)	(20)	(300)	(79)
Interest Expense	$ 13,895	$ 14,556	$ 27,540	$ 28,544
Senior Unsecured Credit Facility [Member] | Line of Credit [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Variable Rate Debt	1.89%	1.86%	1.88%	1.86%
LHL Unsecured Credit Facility [Member] | Line of Credit [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Variable Rate Debt	1.88%	1.85%	1.88%	1.86%
Massport Bonds [Member] | Notes Payable, Other Payables [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Variable Rate Debt	0.09%	0.46%	0.07%	0.45%

Credit Facilities (Narrative) (

Credit Facilities (Narrative) (Details) - Line of Credit [Member] $ in Thousands		Jan. 08, 2014USD ($)	Jun. 30, 2015USD ($)extensions
Senior Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 750,000
Credit facility maturity date	[1]	Jan. 8, 2018
Line of Credit Facility Number of Extension Options | extensions			2
Extension option period			6 months
Maximum borrowing capacity under unsecured credit facility			$ 1,050,000
Senior Unsecured Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.25%
Senior Unsecured Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.30%
LHL Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maturity date	[2]	Jan. 8, 2018
Line of Credit Facility Number of Extension Options | extensions			2
Extension option period			6 months
Maximum borrowing capacity under unsecured credit facility		$ 25,000
LHL Unsecured Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.25%
LHL Unsecured Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.30%
[1]	Borrowings bear interest at floating rates equal to, at the Company’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. As of June 30, 2015, the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $531,000 was 1.89%. There were no borrowings outstanding at December 31, 2014. The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six-month extensions.
[2]	Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at June 30, 2015 and December 31, 2014. LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six-month extensions.

Term Loans (Narrative) (Details

Term Loans (Narrative) (Details) - USD ($) $ in Thousands	Jan. 08, 2014	Aug. 02, 2012	May. 16, 2012	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Unsecured Debt				$ 477,500	$ 477,500
Term Loan [Member] | First Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt			$ 177,500	$ 177,500	177,500
Debt Instrument, Term				7 years
Debt maturity date			May 16, 2019
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				3.62%
Term Loan [Member] | Second Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 300,000			$ 300,000	$ 300,000
Debt Instrument, Term				5 years
Debt maturity date	Jan. 8, 2019
Total lender commitments				$ 500,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				2.38%
Derivative, Maturity Date		Aug. 2, 2017

Derivative and Hedging Activiti

Derivative and Hedging Activities (Narrative) (Details) $ in Thousands	Aug. 02, 2012USD ($)agreement	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	May. 16, 2012USD ($)agreement
First Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Term		7 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		3.62%
Second Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Term		5 years
Derivative, Maturity Date	Aug. 2, 2017
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		2.38%
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | agreement	5			3
Derivative, Notional Amount	$ 300,000			$ 177,500
Derivative change in fair value recorded in other comprehensive income (loss)		$ (1,483)	$ 750
Unrealized gain (loss) included in accumulated other comprehensive income (loss)		(1,481)	748
Derivative change in fair value recorded in other comprehensive income (loss) attributable to noncontrolling interests		(2)	$ 2
Amount reclassified from AOCL and noncontrolling interests and recognized as a reduction to income in the next 12 months		$ 4,283

Derivative and Hedging Activi46

Derivative and Hedging Activities (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion)	$ 26	$ (4,217)	$ (4,372)	$ (6,272)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Net Income (Effective Portion)	$ 1,069	$ 1,101	$ 2,139	$ 2,184

Long-Term Debt Extinguishment o

Long-Term Debt Extinguishment of Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Disclosure [Abstract]
Loss from extinguishment of debt	$ 0	$ 0	$ 0	$ 2,487

Long-Term Debt Mortgage Loans (

Long-Term Debt Mortgage Loans (Details) - Mortgages [Member] - USD ($) $ in Thousands		Jul. 20, 2015	Jun. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Westin Copley Place Fixed Rate [Member]
Debt Instrument [Line Items]
Repayment date of debt instrument			Jun. 1, 2015
Mortgage loans			$ 210,000	$ 0	$ 210,000
Debt maturity date	[1]			Sep. 1, 2015
Subsequent Event [Member] | Westin Copley Place Variable Rate [Member]
Debt Instrument [Line Items]
Assumption date of debt instrument		Jul. 20, 2015
Face amount of debt instrument		$ 225,000
[1]	The Company repaid the mortgage loan on June 1, 2015 through borrowings on its senior unsecured credit facility.

Ground, Land And Building, And

Ground, Land And Building, And Air Rights Leases (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ground_lease$ / yrHotels	Jun. 30, 2014USD ($)
Operating Leased Assets [Line Items]
Number of hotels subject to ground leases under non-cancelable operating leases | Hotels			8
Lease expiration date			Jan. 1, 2045
Number of ground leases that expire prior to 2045 | ground_lease			0
Ground rent	$ 4,011	$ 3,807	$ 7,673	$ 6,740
Minimum [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Mar. 1, 2026
Maximum [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Dec. 1, 2102
Southernmost Hotel Collection [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Apr. 1, 2019
Hyatt Boston Harbor [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Mar. 1, 2026
Lease extension period (in years)			50 years
Extended Lease Expiration Date			1/1/2077
Westin Copley Place [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Dec. 1, 2077
Future ground rent payments per year | $ / yr			0
Indianapolis Marriott Downtown [Member]
Operating Leased Assets [Line Items]
Future ground rent payments per year | $ / yr			1
The Roger [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Dec. 1, 2044
Present value of the remaining rent payments	4,892		$ 4,892
Harbor Court Hotel [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Apr. 1, 2048
Present value of the remaining rent payments	18,424		$ 18,424
Hotel Triton [Member]
Operating Leased Assets [Line Items]
Lease expiration date			Jan. 1, 2048
Present value of the remaining rent payments	27,752		$ 27,752
Properties Subject to Straight-Line Rent [Member]
Operating Leased Assets [Line Items]
Noncash straight-line rent expense	$ 487	$ 501	$ 980	$ 825

Schedule of Future Minimum Rent

Schedule of Future Minimum Rent Payments (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 6,262
2,016	12,730
2,017	13,000
2,018	13,186
2,019	13,162
Thereafter	604,079
Operating leases, future minimum payments due, total	$ 662,419

Reserve Funds for Future Capita

Reserve Funds for Future Capital Expenditures (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Commitments and Contingencies Disclosure [Abstract]
Percentage of reserve funds provided by the company	4.00%
Restricted cash and cash equivalents available for capital expenditures	$ 16,773

Commitments and Contingencies R

Commitments and Contingencies Restricted Cash Reserves (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Restricted cash reserves	$ 21,882	$ 21,570
Restricted cash and cash equivalents available for capital expenditures	16,773
Escrow deposits	2,900
Restricted cash and cash equivalents available for insurance or management liabilities	$ 2,209

Common Shares of Beneficial Int

Common Shares of Beneficial Interest (Narrative) (Details)	May. 18, 2015Installmentsshares	Mar. 19, 2015Installmentsshares	Jan. 01, 2015shares	Jan. 26, 2012shares	Jun. 30, 2015USD ($)Installmentsshares		Feb. 20, 2013USD ($)
2014 Plan [Member]
Class of Stock [Line Items]
Additional deferred shares issued			4,183
2009 Plan [Member]
Class of Stock [Line Items]
Deferred Shares Issued in Annual Installments | Installments					5
2013 Agreement [Member]
Class of Stock [Line Items]
Common shares of beneficial interest, potential available offereing price with aggregate gross proceeds | $							$ 250,000,000
Common shares of beneficial interest, potential offering price remaining | $					$ 230,057,000
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Earned			108,779
Number of Shares, Granted		61,660		79,823	90,616	[1],[2]
Restricted Stock [Member] | 2014 Plan [Member]
Class of Stock [Line Items]
Deferred Shares Issued in Annual Installments | Installments	3	3
Number of Shares, Granted	933	62,742
Restricted Stock [Member] | 2009 Plan [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Earned			108,779
Common Stock [Member] | 2014 Plan [Member]
Class of Stock [Line Items]
Common shares, shares issued			11,682
Common Stock [Member] | 2009 Plan [Member]
Class of Stock [Line Items]
Common shares, shares issued			9,757
Common Stock [Member] | 2013 Agreement [Member]
Class of Stock [Line Items]
Common shares, shares issued					0
[1]	Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015.
[2]	Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount.

Schedule of Common Dividends Pa

Schedule of Common Dividends Paid (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Mar. 31, 2015		Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Dividend per Share/Unit	$ 0.38	[1]	$ 0.38	[1]	$ 0.83	$ 0.66
For the Quarter Ended	Mar. 31, 2015		Dec. 31, 2014
Record Date	Mar. 31, 2015		Dec. 31, 2014
Payable Date	Apr. 15, 2015		Jan. 15, 2015
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.

Treasury Shares (Narrative) (De

Treasury Shares (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Aug. 29, 2011
Stockholders' Equity Note [Abstract]
Treasury Stock, Shares, Acquired	55,577
Stock repurchase program, authorized		$ 100,000,000
Stock repurchase program, remaining authorized	$ 75,498,000
Issuance of shares of beneficial interest from treasury	58,064
Common shares held in treasury	1,541

Preferred Shares (Narrative) (D

Preferred Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 03, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Value			$ 58,722
Distributions payable		$ 54,009		$ 45,462
Offering costs		$ 80,146		$ 80,124
7 1/4% Series G Cumulative Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Shares, Stated Percentage		7.25%
Stock Redeemed or Called During Period, Shares	2,348,888
Stock Redeemed or Called During Period, Value	$ 58,722
Redeemable preferred stock redemption price per share	$ 25
Distributions payable	$ 1,100
Offering costs	$ 951		$ 942
7 1/2% Series H Cumulative Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Shares, Stated Percentage		7.50%
Redeemable preferred stock redemption price per share		$ 25
Preferred stock redeemable term (in days)		120 days
Shares issued upon conversion		4,680,500
6 3/8% Series I Cumulative Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Shares, Stated Percentage		6.375%
Redeemable preferred stock redemption price per share		$ 25
Preferred stock redeemable term (in days)		120 days
Shares issued upon conversion		8,835,200

Schedule of Preferred Shares Ou

Schedule of Preferred Shares Outstanding (Details) - shares	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Number of Shares	7,150,000	7,150,000
7 1/2% Series H Preferred Shares [Member]
Class of Stock [Line Items]
Number of Shares	2,750,000
6 3/8% Series I Preferred Stock [Member]
Class of Stock [Line Items]
Number of Shares	4,400,000

Schedule of Preferred Dividends

Schedule of Preferred Dividends Paid (Details) - $ / shares		3 Months Ended
		Jun. 30, 2015	Mar. 31, 2015
Class of Stock [Line Items]
For the Quarter Ended		Mar. 31, 2015	Dec. 31, 2014
Record Date		Mar. 31, 2015	Dec. 31, 2014
Payable Date		Apr. 15, 2015	Jan. 15, 2015
7 1/2% Series H Preferred Shares [Member]
Class of Stock [Line Items]
Dividend per Share	[1]	$ 0.47	$ 0.47
For the Quarter Ended		Mar. 31, 2015	Dec. 31, 2014
Record Date		Apr. 1, 2015	Jan. 1, 2015
Payable Date		Apr. 15, 2015	Jan. 15, 2015
6 3/8% Series I Preferred Stock [Member]
Class of Stock [Line Items]
Dividend per Share	[1]	$ 0.40	$ 0.40
For the Quarter Ended		Mar. 31, 2015	Dec. 31, 2014
Record Date		Apr. 1, 2015	Jan. 1, 2015
Payable Date		Apr. 15, 2015	Jan. 15, 2015
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.

Noncontrolling Interest of Comm

Noncontrolling Interest of Common Units in Operating Partnership (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 13, 2015	Jun. 30, 2015
Class of Stock [Line Items]
Common units of limited partnership		145,223
Partnership interest held by limited partners		0.10%
Common units of operating partnership interest for cash or common shares		$ 5,150
Closing common share price, per share		$ 35.46
Common Stock [Member]
Class of Stock [Line Items]
Unit conversion	151,077
Limited Partner [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units, Redeemed	151,077

Equity Schedule of Effects of C

Equity Schedule of Effects of Changes in the Company’s Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Net income attributable to common shareholders	$ 55,822	$ 85,610	$ 55,503	$ 76,638
Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership			14	12
Change from net income attributable to common shareholders and adjustments to noncontrolling interests			$ 55,517	$ 76,650

Equity Incentive (Narrative) (D

Equity Incentive (Narrative) (Details) - Jun. 30, 2015 - Equity Award [Domain] - 2014 Plan [Member] - shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common shares of beneficial interest to be issued	2,900,000
Common shares of beneficial interest to be issued per individual limit	500,000
Equity Plan Termination	Feb. 17, 2024
Exercise price of share options as a percentage of fair market value, minimum	100.00%
Vesting period (in years)	3 years
Common shares available for grant	2,803,226

Nonvested Share Awards with Ser

Nonvested Share Awards with Service Conditions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 7,651		$ 7,651		$ 6,637
Weighted-average recognized period (in years)			2 years		2 years
Compensation costs	1,019	$ 845	$ 2,051	$ 1,654
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	5,550		$ 5,550		$ 5,113
Weighted-average recognized period (in years)			1 year 7 months 6 days		1 year 10 months 24 days
Total fair value of vested shares	188	3,225	$ 3,152	5,602
Compensation costs	$ 865	$ 740	$ 1,687	$ 1,480
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member] | 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years

Nonvested Share Awards with S63

Nonvested Share Awards with Service Conditions (Details) - Restricted Stock [Member] - $ / shares	Mar. 19, 2015	Jan. 01, 2015	Jan. 26, 2012	Jun. 30, 2015		Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance		311,625		311,625
Number of Shares, Granted	61,660		79,823	90,616	[1],[2]
Number of Shares, Vested				(53,654)
Number of Shares, Forfeited				0
Nonvested, Number of Shares Ending Balance				348,587
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted - Average Grant Date Fair Value Beginning Balance		$ 33.62		$ 33.62
Weighted- Average Grant Date Fair Value, Granted				36.38
Weighted - Average Grant Date Fair Value, Vested				35.99
Weighted - Average Grant Date Fair Value, Forfeited				0
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance				$ 33.98
Nonvested Share Awards with Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted				63,675
Number of Shares, Vested				(78,483)
Number of Shares, Forfeited				(12,736)
Nonvested, Number of Shares Ending Balance		256,379		228,835	[3]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted- Average Grant Date Fair Value, Granted				$ 38.82
Weighted - Average Grant Date Fair Value, Vested				28.60
Weighted - Average Grant Date Fair Value, Forfeited				27.13
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance		$ 31		$ 34.20
Nonvested Share Awards with Market or Performance Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares awards with market conditions which were earned but nonvested				84,401		29,276
[1]	Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015.
[2]	Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount.
[3]	Amount excludes 84,401 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2015.

Nonvested Share Awards with Mar

Nonvested Share Awards with Market or Performance Conditions (Narrative) (Details) - USD ($) $ in Thousands	Mar. 19, 2015	Jan. 01, 2015	Jan. 26, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on earned shares from share awards with market conditions						$ (334)		$ (75)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	61,660		79,823			90,616	[1],[2]
Number of Shares Earned as a Percentage of Target Shares		136.30%
Number of Shares Earned		108,779
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						53,654
Distributions on earned shares from share awards with market conditions		$ 334
Performance Shares Outstanding	0
Unrecognized compensation costs				$ 7,651		$ 7,651			$ 6,637
Weighted-average recognized period (in years)						2 years			2 years
Compensation costs				$ 1,019	$ 845	$ 2,051		$ 1,654
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares	0.00%
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares	200.00%
Restricted Stock [Member] | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	30,829
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		36,261
Restricted Stock [Member] | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	30,831
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		72,518
Restricted Stock [Member] | Nonvested Share Awards with Market or Performance Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested				308,069		308,069			254,415
Shares awards with market conditions which were earned but nonvested				84,401		84,401			29,276
[1]	Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015.
[2]	Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount.

Equity Incentive Plan Nonvested

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Assumptions for Performance Measure) (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock [Member]	$ / shares
Tranche One
Fair Value Assumptions and Methodology of Company [Abstract]
Volatility	24.40%
Interest Rates	0.99%
Fair Value of Components of Award	$ 29.25
Weighting of Total Awards	33.40%
Fair Value Assumptions and Methodology, Return on Capital Metrics [Abstract]
Fair Value of Components of Award	$ 38.84
Weighting of Total Awards	33.30%
Fair Value Assumptions and Methodology, Peer Company Metrics [Abstract]
Volatility	24.40%
Interest Rates	0.99%
Stock Beta	1.011
Fair Value of Components of Award	$ 40.69
Weighting of Total Awards	33.30%
Tranche Two
Fair Value Assumptions and Methodology of Company [Abstract]
Volatility	24.40%
Interest Rates	0.99%
Fair Value of Components of Award	$ 31.86
Weighting of Total Awards	33.40%
Fair Value Assumptions and Methodology, Return on Capital Metrics [Abstract]
Fair Value of Components of Award	$ 38.84
Weighting of Total Awards	33.30%
Fair Value Assumptions and Methodology, Peer Company Metrics [Abstract]
Volatility	24.40%
Interest Rates	0.99%
Stock Beta	1.011
Fair Value of Components of Award	$ 41
Weighting of Total Awards	33.30%

Nonvested Share Awards with M66

Nonvested Share Awards with Market or Performance Conditions (Summary of Nonvested Share Awards) (Details) - Restricted Stock [Member] - $ / shares	Mar. 19, 2015	Jan. 01, 2015	Jan. 26, 2012	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance		311,625		311,625
Number of Shares, Granted	61,660		79,823	90,616	[1],[2]
Number of Shares, Vested				(53,654)
Number of Shares, Forfeited				0
Nonvested, Number of Shares Ending Balance				348,587
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted - Average Grant Date Fair Value Beginning Balance		$ 33.62		$ 33.62
Weighted- Average Grant Date Fair Value, Granted				36.38
Weighted - Average Grant Date Fair Value, Vested				35.99
Weighted - Average Grant Date Fair Value, Forfeited				0
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance				$ 33.98
Nonvested Share Awards with Market or Performance Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Number of Shares Earned in Excess of Target		28,956
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted	30,831
Number of Shares, Vested		(72,518)
[1]	Amount includes 30,831 shares awarded on March 19, 2015 for which fair value has been estimated, but amortization into expense has not yet commenced. Amortization of fair value into expense will commence at the beginning of the performance measurement period on July 1, 2015.
[2]	Amount includes an additional 28,956 shares issued on January 1, 2015 from the January 26, 2012 grant, which were earned in excess of the target amount.

Schedule of Other Indirect Hote

Schedule of Other Indirect Hotel Operating Expenses (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Hotels	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Hotels	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
General and administrative	$ 6,501	$ 6,034	$ 12,768	$ 11,526
Other expenses	1,259	3,050	3,604	6,257
Total other indirect expenses	$ 78,877	69,779	$ 148,879	130,202
Number of hotels | Hotels	47		47
LHL [Member]
Real Estate Properties [Line Items]
General and administrative	$ 25,822	22,648	$ 49,729	42,695
Sales and marketing	19,894	16,120	37,845	30,908
Repairs and maintenance	9,863	9,496	19,474	18,522
Management and incentive fees	11,727	10,984	19,055	17,148
Utilities and insurance	8,289	7,735	17,106	15,871
Franchise fees	2,503	2,419	4,331	4,241
Other expenses	779	377	1,339	817
Total other indirect expenses	$ 78,877	$ 69,779	$ 148,879	$ 130,202
Number of hotels | Hotels	47		47

Schedule of Income Tax Expense

Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Income Tax [Line Items]
Total income tax expense (benefit)	$ 5,574	$ 4,883	$ 706	$ (1,509)
LHL's income tax expense (benefit) [Member]
Schedule of Income Tax [Line Items]
Total income tax expense (benefit)	5,311	4,549	232	(2,078)
Operating Partnership's income tax expense [Member]
Schedule of Income Tax [Line Items]
Total income tax expense (benefit)	$ 263	$ 334	$ 474	$ 569

Income Taxes Income Taxes (Narr

Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments, Owned, Federal Income Tax Note [Line Items]
Net income before income tax expense	$ 64,585	$ 52,303	$ 62,455	$ 41,040
LHL [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Federal and State Effective Tax Rate			38.60%
Net income before income tax expense			$ 508

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Prepaid expenses and other assets	$ 145	$ 1,520
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Accounts payable and accrued expenses	$ 1,628	$ 770

Schedule of Fair Value and Carr

Schedule of Fair Value and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings under credit facilities	$ 531,000	$ 0
Term loans	477,500	477,500
Bonds payable	42,500	42,500
Mortgage loans	288,704	501,090
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings under credit facilities	532,880	0
Term loans	481,004	476,996
Bonds payable	42,500	42,500
Mortgage loans	$ 293,313	$ 510,250

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Not Measured at Fair Value (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Assumptions, Weighted Average Effective Debt Interest Rate	2.20%	2.90%
Minimum [Member]
Fair Value Assumptions, Debt Interest Rate	1.50%	1.60%
Maximum [Member]
Fair Value Assumptions, Debt Interest Rate	4.40%	4.30%

Schedule of Computation of Basi

Schedule of Computation of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income attributable to common shareholders	$ 55,822	$ 85,610	$ 55,503	$ 76,638
Dividends paid on unvested restricted shares	(141)	(101)	(260)	(203)
Undistributed earnings attributable to unvested restricted shares	(14)	(161)	0	(27)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 55,667	$ 85,348	$ 55,243	$ 76,408
Denominator:
Weighted average number of common shares - basic	112,728,085	103,698,332	112,688,122	103,695,013
Compensation-related shares	413,823	326,140	406,518	341,384
Weighted average number of common shares - diluted	113,141,908	104,024,472	113,094,640	104,036,397
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.82	$ 0.49	$ 0.74
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.82	$ 0.49	$ 0.73

Schedule of Supplemental Inform

Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid, net of capitalized interest	$ 27,521	$ 27,803
Interest capitalized	300	79
Income taxes paid, net	517	786
Increase in distributions payable on common shares	8,547	9,929
Increase in distributions payable on preferred shares	0	36
Redemption of common units for common shares	3,400	0
Write-off of fully amortized deferred financing costs	131	202
Decrease in accrued capital expenditures	(3,089)	(1,950)
Grant of nonvested shares and awards to employees and executives, net	5,188	3,477
Issuance of common shares for Board of Trustees compensation	691	602
Investment in property, net of closing costs	0	92,359
Other assets	0	596
Liabilities	0	(249)
Sale of property	0	92,706
Investment in properties (after credits at closing)	(445,734)	(129,916)
Other assets	(1,897)	(1,033)
Liabilities	8,474	3,947
Acquisition of properties	$ (439,157)	$ (127,002)

Schedule of Common and Preferre

Schedule of Common and Preferred Subsequent Events Dividends (Details) - $ / shares		3 Months Ended					6 Months Ended
		Sep. 30, 2015	Jun. 30, 2015		Mar. 31, 2015		Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Common Dividend per Share/Unit			$ 0.38	[1]	$ 0.38	[1]	$ 0.83	$ 0.66
For the Quarter Ended			Mar. 31, 2015		Dec. 31, 2014
Record Date			Mar. 31, 2015		Dec. 31, 2014
Payable Date			Apr. 15, 2015		Jan. 15, 2015
7 1/2% Series H Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate							7.50%
Preferred Dividend per Share/Unit	[2]		$ 0.47		$ 0.47
For the Quarter Ended			Mar. 31, 2015		Dec. 31, 2014
Record Date			Apr. 1, 2015		Jan. 1, 2015
Payable Date			Apr. 15, 2015		Jan. 15, 2015
6 3/8% Series I Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend rate							6.375%
Preferred Dividend per Share/Unit	[2]		$ 0.40		$ 0.40
For the Quarter Ended			Mar. 31, 2015		Dec. 31, 2014
Record Date			Apr. 1, 2015		Jan. 1, 2015
Payable Date			Apr. 15, 2015		Jan. 15, 2015
Subsequent Event [Member] | Common Shares of Beneficial Interest [Member]
Subsequent Event [Line Items]
Common Dividend per Share/Unit	[3]	$ 0.45
For the Quarter Ended		Jun. 30, 2015
Record Date		Jun. 30, 2015
Payable Date		Jul. 15, 2015
Subsequent Event [Member] | 7 1/2% Series H Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate		7.50%
Preferred Dividend per Share/Unit	[3]	$ 0.47
For the Quarter Ended		Jun. 30, 2015
Record Date		Jul. 1, 2015
Payable Date		Jul. 15, 2015
Subsequent Event [Member] | 6 3/8% Series I Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend rate		6.375%
Preferred Dividend per Share/Unit	[3]	$ 0.40
For the Quarter Ended		Jun. 30, 2015
Record Date		Jul. 1, 2015
Payable Date		Jul. 15, 2015
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.
[2]	Amounts are rounded to the nearest whole cent for presentation purposes.
[3]	Amounts are rounded to the nearest whole cent for presentation purposes.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Narrative) (Details) - Jul. 20, 2015 - Subsequent Event [Member] $ in Thousands	USD ($)extensions
Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Assumption date of debt instrument	Jul. 20, 2015
Face amount of debt instrument	$ 225,000
Debt Instrument, Number of Extension Options | extensions	3
Effective interest rate	2.19%
Prepayment period of debt instrument with penalty	1 year
Minimum [Member] | Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt maturity date	Aug. 14, 2018
Maximum [Member] | Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt maturity date	Jan. 5, 2021
LIBOR [Member] | Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.00%
LIBOR [Member] | Minimum [Member] | Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.75%
LIBOR [Member] | Maximum [Member] | Westin Copley Place Variable Rate [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Mezzanine Loan [Member]
Subsequent Event [Line Items]
Loans receivable	$ 80,000
Effective yield	7.94%
Loan Receivable, Maturity Date	Aug. 9, 2017
Number of extension options | extensions	5
Term of extension option	1 year
Mezzanine Loan [Member] | LIBOR [Member]
Subsequent Event [Line Items]
Loans receivable, basis spread on variable rate	7.75%
Mortgage Receivable [Member]
Subsequent Event [Line Items]
Loans receivable	$ 235,000
Senior Mezzanine Loan [Member]
Subsequent Event [Line Items]
Loans receivable	$ 90,000