Lasalle Hotel Properties (LHO) 10-Q 20 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
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		113,063,912

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Investment in hotel properties, net (Note 3)	$ 3,756,420	$ 3,817,676
Note receivable (Note 3)	0	80,000
Note receivable held for sale (Note 13)	80,000	0
Property under development	10,896	54,066
Assets held for sale (Note 13)	65,852	0
Cash and cash equivalents	43,053	5,700
Restricted cash reserves (Note 5)	23,283	26,443
Hotel receivables (net of allowance for doubtful accounts of $348 and $355, respectively)	49,312	39,038
Debt issuance costs for borrowings under credit facilities, net	2,511	3,347
Deferred tax assets	2,245	3,566
Prepaid expenses and other assets	43,934	39,510
Total assets	4,077,506	4,069,346
Liabilities:
Borrowings under credit facilities (Note 4)	190,000	21,000
Term loans, net of unamortized debt issuance costs (Note 4)	852,480	852,203
Bonds payable, net of unamortized debt issuance costs (Note 4)	42,402	42,316
Mortgage loans, net of unamortized debt issuance costs (Note 4)	223,024	508,804
Accounts payable and accrued expenses	202,153	181,854
Liabilities of assets held for sale (Note 13)	5,119	0
Advance deposits	36,809	28,471
Accrued interest	2,165	3,276
Distributions payable	55,299	53,939
Total liabilities	1,609,451	1,691,863
Commitments and contingencies (Note 5)
Shareholders’ Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $328,750 and $178,750, respectively), 40,000,000 shares authorized; 13,150,000 and 7,150,000 shares issued and outstanding, respectively (Note 6)	132	72
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,115,442 shares issued and 113,063,912 shares outstanding, and 113,115,442 shares issued and 112,959,547 shares outstanding, respectively (Note 6)	1,131	1,131
Treasury shares, at cost (Note 6)	(1,309)	(4,798)
Additional paid-in capital, net of offering costs of $85,218 and $80,205, respectively	2,828,589	2,684,010
Accumulated other comprehensive loss (Note 4)	(16,789)	(97)
Distributions in excess of retained earnings	(346,858)	(306,051)
Total shareholders’ equity	2,464,896	2,374,267
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	17	18
Noncontrolling interests of common units in Operating Partnership (Note 6)	3,142	3,198
Total noncontrolling interests	3,159	3,216
Total equity	2,468,055	2,377,483
Total liabilities and equity	$ 4,077,506	$ 4,069,346

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 348	$ 355
Preferred shares of beneficial interest, par value (usd per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, liquidation preference value	$ 328,750	$ 178,750
Preferred shares of beneficial interest, shares authorized	40,000,000	40,000,000
Preferred shares of beneficial interest, shares issued	13,150,000	7,150,000
Preferred shares of beneficial interest, shares outstanding	13,150,000	7,150,000
Common shares of beneficial interest, par value (usd per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	200,000,000	200,000,000
Common shares of beneficial interest, shares issued	113,115,442	113,115,442
Common shares of beneficial interest, shares outstanding	113,063,912	112,959,547
Offering costs	$ 85,218	$ 80,205

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Hotel operating revenues:
Room	$ 245,286	$ 242,447	$ 426,706	$ 413,038
Food and beverage	79,025	75,480	135,372	136,395
Other operating department	24,457	21,560	45,100	39,577
Total hotel operating revenues	348,768	339,487	607,178	589,010
Other income	2,319	1,899	4,013	3,179
Total revenues	351,087	341,386	611,191	592,189
Hotel operating expenses:
Room	58,963	55,998	111,254	104,719
Food and beverage	49,994	49,069	92,902	94,187
Other direct	4,973	4,927	8,656	8,847
Other indirect (Note 8)	80,283	78,877	152,198	148,879
Total hotel operating expenses	194,213	188,871	365,010	356,632
Depreciation and amortization	48,841	45,916	96,469	88,794
Real estate taxes, personal property taxes and insurance	16,919	16,352	33,110	32,286
Ground rent (Note 5)	4,108	4,011	7,921	7,673
General and administrative	7,643	6,501	13,473	12,768
Acquisition transaction costs (Note 3)	0	(3)	0	444
Other expenses	2,327	1,259	4,505	3,604
Total operating expenses	274,051	262,907	520,488	502,201
Operating income	77,036	78,479	90,703	89,988
Interest income	1,676	1	3,330	7
Interest expense	(11,482)	(13,895)	(23,349)	(27,540)
Income before income tax expense	67,230	64,585	70,684	62,455
Income tax expense (Note 9)	(7,610)	(5,574)	(1,990)	(706)
Net income	59,620	59,011	68,694	61,749
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)	(81)	(139)	(96)	(154)
Net income attributable to noncontrolling interests	(89)	(147)	(104)	(162)
Net income attributable to the Company	59,531	58,864	68,590	61,587
Distributions to preferred shareholders	(4,355)	(3,042)	(7,397)	(6,084)
Net income attributable to common shareholders	$ 55,176	$ 55,822	$ 61,193	$ 55,503
Earnings per Common Share - Basic (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.49	$ 0.54	$ 0.49
Earnings per Common Share - Diluted (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.49	$ 0.54	$ 0.49
Weighted average number of common shares outstanding:
Basic	112,784,976	112,728,085	112,766,734	112,688,122
Diluted	113,113,253	113,141,908	113,119,556	113,094,640
Comprehensive Income:
Net income	$ 59,620	$ 59,011	$ 68,694	$ 61,749
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments (Note 4)	(5,971)	26	(20,223)	(4,372)
Reclassification adjustment for amounts recognized in net income (Note 4)	1,730	1,069	3,510	2,139
Comprehensive income	55,379	60,106	51,981	59,516
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)	(76)	(144)	(75)	(150)
Comprehensive income attributable to noncontrolling interests	(84)	(152)	(83)	(158)
Comprehensive income attributable to the Company	$ 55,295	$ 59,954	$ 51,898	$ 59,358

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, 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 ($0.83 and $0.90 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
Balance, Beginning of year at Dec. 31, 2015	2,377,483	2,374,267	72	1,131	(4,798)	2,684,010	(97)	(306,051)	3,216	18	3,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	145,467	145,467	60	0	2,105	143,302	0	0	0	0	0
Repurchase of common shares into treasury	(1,597)	(1,597)	0	0	(1,597)	0	0	0	0	0	0
Deferred compensation, net	4,258	4,258	0	0	2,981	1,277	0	0	0	0	0
Distributions on earned shares from share awards with market conditions	(151)	(151)	0	0	0	0	0	(151)	0	0	0
Distributions on common shares/units ($0.83 and $0.90 per share/unit, respectively)	(101,980)	(101,849)	0	0	0	0	0	(101,849)	(131)	0	(131)
Distributions on preferred shares	(7,406)	(7,397)	0	0	0	0	0	(7,397)	(9)	(9)	0
Net income	68,694	68,590	0	0	0	0	0	68,590	104	8	96
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(20,223)	(20,197)	0	0	0	0	(20,197)	0	(26)	0	(26)
Reclassification adjustment for amounts recognized in net income	3,510	3,505	0	0	0	0	3,505	0	5	0	5
Balance, End of period at Jun. 30, 2016	$ 2,468,055	$ 2,464,896	$ 132	$ 1,131	$ (1,309)	$ 2,828,589	$ (16,789)	$ (346,858)	$ 3,159	$ 17	$ 3,142

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Stockholders' Equity [Abstract]
Distributions on common shares/units (per share/unit)	$ 0.90	$ 0.83

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 68,694	$ 61,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96,469	88,794
Amortization of debt issuance costs	1,713	1,096
Amortization of deferred compensation	4,258	3,736
Deferred income tax expense	1,321	0
Allowance for doubtful accounts	(5)	71
Other	245	100
Changes in assets and liabilities:
Restricted cash reserves	3,027	2,265
Hotel receivables	(14,150)	(27,962)
Prepaid expenses and other assets	(10,013)	2,176
Accounts payable and accrued expenses	16,685	20,324
Advance deposits	8,440	12,864
Accrued interest	(1,111)	(1,077)
Net cash provided by operating activities	175,573	164,136
Cash flows from investing activities:
Additions to properties	(44,841)	(55,357)
Improvements to properties	(12,791)	(5,299)
Acquisition of properties	0	(439,157)
Deposit on acquisition	0	25,000
Purchase of office furniture and equipment	(10)	(124)
Restricted cash reserves	133	(2,577)
Property insurance proceeds	1,083	470
Net cash used in investing activities	(56,426)	(477,044)
Cash flows from financing activities:
Borrowings under credit facilities	431,472	653,545
Repayments under credit facilities	(262,472)	(122,545)
Repayments of mortgage loans	(286,294)	(212,386)
Payment of debt issuance costs	0	(13)
Purchase of treasury shares	(1,597)	(1,727)
Proceeds from issuance of preferred shares	150,000	0
Payment of preferred offering costs	(4,740)	0
Payment of common offering costs	(79)	(192)
Distributions on earned shares from share awards with market conditions	(151)	(334)
Distributions on preferred shares	(6,093)	(6,092)
Distributions on common shares/units	(101,840)	(84,893)
Net cash (used in) provided by financing activities	(81,794)	225,363
Net change in cash and cash equivalents	37,353	(87,545)
Cash and cash equivalents, beginning of period	5,700	114,131
Cash and cash equivalents, end of period	$ 43,053	$ 26,586

Organization

Organization	6 Months Ended
	Jun. 30, 2016
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, is subject to taxation at normal corporate rates. As of June 30, 2016 , 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 2016 and December 2018 . 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. (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, 2016 . The remaining 0.1% is held by limited partners who held 145,223 common units of the Operating Partnership at June 30, 2016 . 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, 2016
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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 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, 2015 . 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, as amended (“2014 Plan”), which has approximately eight 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, 2016 , 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. Variable Interest Entities In 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that no change was required to its accounting of its interests in less than wholly owned joint ventures, however, the Operating Partnership now meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. 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. Any costs related to notes receivable are expensed as incurred. 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, including a review of factors that would impact the fair value of the underlying collateral, it is probable that the Company will be unable to collect all principal and interest contractually due. The Company considers current and projected cash flow, historical payment patterns, general and industry specific economic factors and operating results in determining the probability of default. 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 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. ASU No. 2014-09 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 adoption 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, but it does not believe it will have a material impact on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method. 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. The Company adopted ASU No. 2015-03 effective January 1, 2016 and applied its provisions retrospectively. The adoption of this standard only affects the presentation of the Company’s consolidated balance sheet. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. The new standard is effective for the Company on January 1, 2017. Early adoption is permitted. The Company is evaluating the effect that ASU No. 2016-09 will have on its consolidated financial statements and related disclosures. Reclassification Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of June 30, 2016 and December 31, 2015 consists of the following: June 30, 2016 December 31, 2015 Land $ 731,928 $ 731,796 Buildings and improvements 3,542,749 3,613,724 Furniture, fixtures and equipment 753,651 701,742 Investment in hotel properties, gross 5,028,328 5,047,262 Accumulated depreciation (1,271,908 ) (1,229,586 ) Investment in hotel properties, net $ 3,756,420 $ 3,817,676 The above table excludes the Indianapolis Marriott Downtown as the hotel property qualified as held for sale as of June 30, 2016 and its net cost basis has been reclassified from investment in hotel properties, net to assets held for sale in the accompanying consolidated balance sheets. On July 14, 2016, the Company sold the Indianapolis Marriott Downtown for $165,000 (see Note 13). As of June 30, 2016 and December 31, 2015 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $23,573 and $20,915 , 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 $48,706 and $96,200 for the three and six months ended June 30, 2016 , respectively, and $45,790 and $88,542 for the three and six months ended June 30, 2015 , respectively. Acquisitions 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 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. Note Receivable 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 8.20% as of June 30, 2016 . 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. As of June 30, 2016, the Mezzanine Loan qualified as held for sale and has been classified as note receivable held for sale in the accompanying consolidated balance sheets. On July 8, 2016, the Company sold the Mezzanine Loan at face value for $80,000 less costs associated with the sale (see Note 13). 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, 2016 2015 2016 2015 General and administrative $ 27,041 $ 25,822 $ 51,642 $ 49,729 Sales and marketing 19,908 19,894 38,489 37,845 Repairs and maintenance 9,911 9,863 19,747 19,474 Management and incentive fees 10,926 11,727 18,557 19,055 Utilities and insurance 8,296 8,289 16,529 17,106 Franchise fees 3,245 2,503 5,522 4,331 Other expenses 956 779 1,712 1,339 Total other indirect expenses $ 80,283 $ 78,877 $ 152,198 $ 148,879 As of June 30, 2016 , 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 Triton San Francisco, CA 9. Hotel Vitale San Francisco, CA 10. Park Central San Francisco San Francisco, CA 11. Serrano Hotel San Francisco, CA 12. The Marker San Francisco 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. Hotel George Washington, D.C. 21. Hotel Madera Washington, D.C. 22. Hotel Palomar, Washington, DC Washington, D.C. 23. Hotel Rouge Washington, D.C. 24. Mason & Rook Hotel Washington, D.C. 25. Sofitel Washington, DC Lafayette Square Washington, D.C. 26. The Donovan Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Beach Resort Key West 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 (1) Indianapolis, IN 34. Hyatt Regency 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 New York (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 (1) Property sold on July 14, 2016 (see Note 13).

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt Summary Debt as of June 30, 2016 and December 31, 2015 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) $ 190,000 $ 21,000 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 190,000 21,000 Term loans Second Term Loan Floating/Fixed (c) January 2019 300,000 300,000 Third Term Loan Floating/Fixed (c) January 2021 555,000 555,000 Debt issuance costs, net (2,520 ) (2,797 ) Total term loans, net of unamortized debt issuance costs 852,480 852,203 Massport Bonds Hyatt Regency Boston Harbor (taxable) Floating (d) March 2018 5,400 5,400 Hyatt Regency Boston Harbor (tax exempt) Floating (d) March 2018 37,100 37,100 Debt issuance costs, net (98 ) (184 ) Total bonds payable, net of unamortized debt issuance costs 42,402 42,316 Mortgage loans Westin Michigan Avenue 5.75% - (e) 0 131,262 Indianapolis Marriott Downtown 5.99% - (e) 0 96,097 The Roger 6.31% - (f) 0 58,935 Westin Copley Place Floating (g) August 2018 225,000 225,000 Debt issuance costs, net (1,976 ) (2,490 ) Total mortgage loans, net of unamortized debt issuance costs 223,024 508,804 Total debt $ 1,307,906 $ 1,424,323 (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, 2016 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $190,000 was 2.17% . As of December 31, 2015 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $21,000 was 2.13% . 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, 2016 and December 31, 2015 . 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. On November 5, 2015, the Company repaid the First Term Loan and entered into the Third Term Loan (as defined below). The Company entered into separate interest rate swap agreements with an aggregate notional amount of $377,500 for the full term of the Third Term Loan. The interest rate swaps for the First Term Loan continue to be in place and were redesignated as hedging instruments through May 2019 for the Third Term Loan. At June 30, 2016 and December 31, 2015 , the fixed all-in interest rates for the Second Term Loan and Third Term Loan were 2.38% and 2.95% , 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 that expire in September 2016. The letters of credit have two one -year extension options and are secured by the Hyatt Regency 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, 2016 were 0.44% and 0.43% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2015 were 0.39% and 0.02% 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 loans on January 4, 2016 through borrowings on its senior unsecured credit facility. (f) The Company repaid the mortgage loan on February 11, 2016 through borrowings on its senior unsecured credit facility. (g) 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 June 30, 2016 was LIBOR plus 1.75% , which equaled 2.20% . The interest rate as of December 31, 2015 was LIBOR plus 1.75% , which equaled 2.09% . The mortgage loan allows for prepayments without penalty after one year , subject to certain terms and conditions. Future scheduled debt principal payments as of June 30, 2016 are as follows: 2016 $ 0 2017 0 2018 457,500 2019 300,000 2020 0 Thereafter 555,000 Total debt $ 1,312,500 A summary of the Company’s interest expense and weighted average interest rates for unswapped variable rate debt for the three and six months ended June 30, 2016 and 2015 is as follows: For the three months ended For the six months ended June 30, June 30, 2016 2015 2016 2015 Interest Expense: Interest incurred $ 10,685 $ 13,422 $ 21,869 $ 26,744 Amortization of debt issuance costs 835 549 1,713 1,096 Capitalized interest (38 ) (76 ) (233 ) (300 ) Interest expense $ 11,482 $ 13,895 $ 23,349 $ 27,540 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility 2.15 % 1.89 % 2.14 % 1.88 % LHL unsecured credit facility 2.14 % 1.88 % 2.13 % 1.88 % Massport Bonds 0.41 % 0.09 % 0.26 % 0.07 % Mortgage loan (Westin Copley Place) 2.19 % N/A 2.18 % N/A 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 (the “First Term Loan”) with a seven -year term maturing on May 16, 2019. The First Term Loan bears interest at a variable rate, but was hedged to a fixed interest rate. On November 5, 2015, the Company repaid the First Term Loan and redesignated the interest rate swaps as hedging instruments for the Third Term Loan as described 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, 2016 , through August 2, 2017 (see “Derivative and Hedging Activities” below). On November 5, 2015, the Company entered into a $555,000 unsecured term loan (the “Third Term Loan”) with a five -year term maturing on January 29, 2021. The Third 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 $700,000 . The Third 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 2.95% at June 30, 2016 through May 16, 2019 for $177,500 of the Third Term Loan and through January 29, 2021 for the remaining $377,500 of the Third Term Loan (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). As discussed above, the First Term Loan was repaid on November 5, 2015. The interest rate swaps for the First Term Loan continue to be in place and are designated as hedging instruments for the Third Term Loan. 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, 2016 . Effective November 5, 2015, the Company entered into seven interest rate swap agreements with an aggregate notional amount of $377,500 for the Third Term Loan’s full five -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 2.95% at June 30, 2016 . 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 accompanying consolidated statements of operations and comprehensive income, including the location and amount of unrealized (loss) gain on outstanding derivative instruments in cash flow hedging relationships, for the three and six months ended June 30, 2016 and 2015 : Amount of (Loss) Gain 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, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ (5,971 ) $ 26 Interest expense $ 1,730 $ 1,069 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, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ (20,223 ) $ (4,372 ) Interest expense $ 3,510 $ 2,139 During the six months ended June 30, 2016 and 2015 , 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, 2016 , there was $16,810 in cumulative unrealized loss of which $16,789 was included in AOCL and $21 was attributable to noncontrolling interests. As of December 31, 2015 , there was $97 in cumulative unrealized loss of which $97 was included in AOCL and zero was attributable to noncontrolling interests. The Company expects that approximately $6,840 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, 2016 . 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 January 4, 2016, the Company repaid without fee or penalty the Westin Michigan Avenue mortgage loan in the amount of $131,262 plus accrued interest through borrowings under its senior unsecured credit facility. The loan was due to mature in April 2016. On January 4, 2016, the Company repaid without fee or penalty the Indianapolis Marriott Downtown mortgage loan in the amount of $96,097 plus accrued interest through borrowings under its senior unsecured credit facility. The loan was due to mature in July 2016. On February 11, 2016, the Company repaid without fee or penalty The Roger mortgage loan in the amount of $58,831 plus accrued interest through borrowings under its senior unsecured credit facility. The loan was due to mature in August 2016. The Company’s 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 may 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, 2016 , 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 loan.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground, Land and Building, and Air Rights Leases A summary of the Company’s hotels subject to non-cancelable operating leases as of June 30, 2016 is as follows: Lease Properties Lease Type Lease Expiration Date Southernmost Beach Resort Key West (Restaurant facility) Ground lease April 2019 (1) Hyatt Regency Boston Harbor Ground lease March 2026 (2) The Hilton San Diego Resort and Spa Ground lease December 2045 San Diego Paradise Point Resort and Spa Ground lease May 2050 Hotel Vitale Ground lease March 2056 (3) Viceroy Santa Monica Ground lease September 2065 Westin Copley Place (4) Air rights lease December 2077 The Liberty Hotel Ground lease May 2080 Indianapolis Marriott Downtown (5) Ground lease June 2099 (5) Hotel Solamar Ground lease December 2102 (1) The Company can begin negotiating a renewal one year in advance of the lease expiration date. (2) The Company has options, subject to certain terms and conditions, to extend the ground lease for 51 years to 2077. (3) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070. (4) No payments are required through maturity. (5) Requires future ground rent payments of one dollar per year. The Company has options, subject to certain terms and conditions, to extend the ground lease for 50 years to 2149. The property was sold on July 14, 2016 (see Note 13). 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 $471 and $948 for the three and six months ended June 30, 2016 , respectively, and $487 and $980 for the three and six months ended June 30, 2015 , respectively, which is included in total ground rent expense. Total ground rent expense for the three and six months ended June 30, 2016 was $4,108 and $7,921 , respectively. Total ground rent expense for the three and six months ended June 30, 2015 was $4,011 and $7,673 , 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. A summary of the Company’s hotels subject to capital leases of land and building as of June 30, 2016 is as follows: Lease Properties Estimated Present Value of Remaining Rent Payments (1) Lease Expiration Date The Roger $ 4,892 December 2044 Harbor Court Hotel $ 18,424 April 2048 Hotel Triton (2) $ 25,625 December 2049 (1) At acquisition, the estimated present value of the remaining rent payments 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. (2) In 2015, the hotel lease was amended, extending the lease expiration date from January 2048 to December 2049. At acquisition, the estimated present value of the remaining payments recorded as a capital lease obligation was $27,752 . Due to the lease amendment, the recalculated estimated present value of the remaining rent payments is $25,625 , which net of amortization, is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. Future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2016 $ 6,424 2017 13,052 2018 13,195 2019 13,172 2020 13,559 Thereafter 600,780 $ 660,182 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, 2016 , $21,269 was available in restricted cash reserves for future capital expenditures of which $9,290 was related to Indianapolis Marriott Downtown which was sold on July 14, 2016 (see Note 13). 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, 2016 , the Company held $23,283 in restricted cash reserves. Included in such amounts are $21,269 of reserve funds for future capital expenditures and $2,014 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, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares of Beneficial Interest On January 1, 2016, the Company issued 13,864 common shares of beneficial interest and authorized an additional 4,910 deferred shares to the independent members of its Board of Trustees for their 2015 compensation. These common shares of beneficial interest were issued under the 2014 Plan. On March 1, 2016, the Company issued 36,926 common shares of beneficial interest to executives related to the nonvested share awards with market conditions granted on January 30, 2013 (see Note 7 for additional details including vesting information). These common shares of beneficial interest were issued under the 2009 Plan. On March 18, 2016, the Company issued 98,787 nonvested shares with service conditions to the Company’s executives and employees. The nonvested shares will vest in three annual installments starting January 1, 2017, subject to continued employment. These common shares of beneficial interest were issued under the 2014 Plan. On April 25, 2016, the Company issued 10,526 nonvested shares with service conditions to one of the Company’s executives. The nonvested shares will vest in three annual installments starting January 1, 2017, subject to continued employment. These common shares of beneficial interest were issued under the 2014 Plan. On May 9, 2016, the Company issued 20,688 common shares of beneficial interest to its former Chief Financial Officer related to the nonvested share awards with market conditions, as result of the previously announced termination of employment. Pursuant to the terms of the award agreements, a portion of his nonvested share awards with market conditions vested upon termination (see Note 7). Of the common shares of beneficial interest issued, 15,320 shares were issued under the 2009 Plan and 5,368 shares were issued under the 2014 Plan. Common Dividends The Company paid the following dividends on common shares/units during the six months ended June 30, 2016 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 (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, 2016 , the Company received 76,426 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. The Company’s Board of Trustees previously 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, 2016 , the Company had availability under the Repurchase Program to acquire up to $69,807 of common shares of beneficial interest. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The Repurchase Program may be suspended, modified or terminated at any time for any reason without prior notice. The Repurchase Program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with applicable rules and regulations setting forth certain restrictions on the method, timing, price and volume of open market share repurchases. During the six months ended June 30, 2016 , the Company re-issued 13,864 treasury shares related to earned 2015 compensation for the Board of Trustees, 57,614 treasury shares related to the earned share awards with market conditions and 109,313 treasury shares related to the grants of nonvested shares with service conditions. At June 30, 2016 , there were 51,530 common shares of beneficial interest in treasury. Preferred Shares The following preferred shares of beneficial interest were outstanding as of June 30, 2016 : Security Type Number of 7.5% Series H Preferred Shares 2,750,000 6.375% Series I Preferred Shares 4,400,000 6.3% Series J Preferred Shares 6,000,000 On May 25, 2016, the Company issued 6,000,000 6.3% Series J Cumulative Redeemable Preferred Shares (the “Series J Preferred Shares”), $0.01 par value per share (liquidation preference $25.00 per share), at a public offering price of $25.00 per share and received net proceeds, after deducting underwriting discounts and other offering costs, of $145,066 . The net proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility and for general corporate purposes. The 7.5% Series H Cumulative Redeemable Preferred Shares (the “Series H Preferred Shares”), the 6.375% Series I Cumulative Redeemable Preferred Shares (the “Series I Preferred Shares”) and the Series J 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. As of January 24, 2016, the Company now may optionally redeem the Series H Preferred Shares. The Company may not optionally redeem the Series I Preferred Shares and the Series J Preferred Shares prior to March 4, 2018 and May 25, 2021, 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 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. 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. 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, Series I Preferred Shares and Series J 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, 8,835,200 common shares and 12,842,400 common shares, respectively. Preferred Dividends The Company paid the following dividends on preferred shares during the six months ended June 30, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Payable Date 7.5% Series H $ 0.47 December 31, 2015 January 1, 2016 January 15, 2016 6.375% Series I $ 0.40 December 31, 2015 January 1, 2016 January 15, 2016 7.5% Series H $ 0.47 March 31, 2016 April 1, 2016 April 15, 2016 6.375% Series I $ 0.40 March 31, 2016 April 1, 2016 April 15, 2016 (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(a)(2) under the Securities Act of 1933, as amended, and Regulation D promulgated thereunder. The Company relied on the exemption under Section 4(a)(2) based upon factual representations given by the limited partners who received the common shares of beneficial 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 Net income attributable to common shareholders $ 55,503 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 14 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 55,517 There were no redemptions of common units of limited partnership interest held by limited partners of the Operating Partnership in 2016. As of June 30, 2016 , 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, 2016 , approximately $3,424 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 $3,424 is based on the Company’s closing common share price of $23.58 on June 30, 2016 , 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.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2016
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, 2016 , there were 2,667,022 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 nonvested 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, 2016 is as follows: Number of Weighted - Nonvested at January 1, 2016 228,835 $ 33.29 Granted 109,313 25.01 Vested (2) (90,191 ) 31.70 Forfeited (12,281 ) 27.49 Nonvested at June 30, 2016 (1) 235,676 $ 30.81 (1) Amount excludes 29,376 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2016 . (2) Amount includes accelerated vesting of the former Chief Financial Officer’s shares. As of June 30, 2016 and December 31, 2015 , there were $4,183 and $3,914 , respectively, of total unrecognized compensation costs related to nonvested share awards with service conditions. As of June 30, 2016 and December 31, 2015 , these costs were expected to be recognized over a weighted-average period of 1.4 years. 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, 2016 was $534 and $2,256 , respectively, and during the three and six months ended June 30, 2015 was $188 and $3,152 , 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 $814 and $1,589 three and six months ended June 30, 2016 , respectively, and $865 and $1,687 for the three and six months ended June 30, 2015 , respectively. On April 9, 2016, the Company finalized the former Chief Financial Officer’s severance package and the termination date was set to be no later than April 29, 2016. Pursuant to the terms of the award agreements, all of his nonvested share awards with service conditions would vest upon termination. Accordingly, the Company accelerated the recognition of previously unrecognized compensation costs related to his nonvested share awards with service conditions over the estimated remaining service period. On May 6, 2016, all of his nonvested share awards with service conditions vested with all remaining previously unrecognized compensation costs recognized. The compensation cost (net of forfeitures) that has been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income was $538 for the three and six months ended June 30, 2016 . Nonvested Share Awards with Market or Performance Conditions On January 30, 2013, the Company’s Board of Trustees granted a target of 80,559 nonvested share awards with either market or performance conditions to executives. On March 1, 2016, the executives earned 91.7% of their 40,280 target number of shares, or 36,926 shares, and all of the earned shares vested immediately. The shares representing the difference between 91.7% and 100% of the target, or 3,354 shares, were forfeited on March 1, 2016. The executives also received a cash payment of $151 on the shares equal to the value of all dividends paid on common shares from January 1, 2013 until the determination date, February 29, 2016. As of March 1, 2016, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. The actual amounts of the shares awarded with respect to the remaining 40,279 of the 80,559 shares will be determined on or about July 1, 2016, based on the performance measurement period of July 1, 2013 through June 30, 2016, in accordance with the terms of the award 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 award 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 performance measurement period, all of the earned shares will be issued and outstanding on the date. 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 determination date. Such amounts will be paid to the awardees on or about July 1, 2016. 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 40,280 shares, amortization commenced on January 30, 2013, the beginning of the requisite service period, and, with respect to 40,279 shares, amortization commenced on July 1, 2013, the beginning of the requisite service period. On March 18, 2016, the Company’s Board of Trustees granted a target of 97,175 nonvested share awards with either market or performance conditions to executives (the “March 18, 2016 Awards”). The actual amounts of the shares awarded with respect to 48,587 of the 97,175 shares will be determined on or about January 1, 2019, based on the performance measurement period of January 1, 2016 through December 31, 2018, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 48,588 of the 97,175 shares will be determined on or about July 1, 2019, based on the performance measurement period of July 1, 2016 through June 30, 2019, 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, 2019 and July 1, 2019, 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 48,587 shares, amortization commenced on March 18, 2016, the beginning of the requisite service period, and, with respect to 48,588 shares, amortization will commence on July 1, 2016, the beginning of the requisite service period. On April 25, 2016, the Company’s Board of Trustees granted a target of 12,632 nonvested share awards with either market or performance conditions to an executive (the “April 25, 2016 Awards”). The actual amounts of the shares awarded with respect to 6,316 of the 12,632 shares will be determined on or about January 1, 2019, based on the performance measurement period of January 1, 2016 through December 31, 2018, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 6,316 of the 12,632 shares will be determined on or about July 1, 2019, based on the performance measurement period of July 1, 2016 through June 30, 2019, 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 executive 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, 2019 and July 1, 2019, respectively. Thereafter, the executive will be entitled to receive dividends as declared and paid on the earned shares and to vote the shares. With respect to 6,316 shares, amortization commenced on April 25, 2016, the beginning of the requisite service period, and with respect to 6,316 shares, amortization will commence on July 1, 2016, the beginning of the requisite service period. The terms stipulated in the March 18, 2016 and the April 25, 2016 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 up to 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 up to 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 18, 2016 and the April 25, 2016 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 2016 with an insignificant cumulative adjustment to compensation cost recorded for the March 18, 2016 Awards. 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 April 25, 2016 Awards (performance period starting January 1, 2016) Target amounts 26.40 % 1.01 % N/A N/A $ 18.61 33.40 % Return on invested capital N/A N/A N/A N/A $ 23.75 33.30 % Peer companies 26.40 % 1.01 % N/A 1.024 $ 23.63 33.30 % April 25, 2016 Awards (performance period starting July 1, 2016) Target amounts 26.40 % 1.01 % N/A N/A $ 20.47 33.40 % Return on invested capital N/A N/A N/A N/A $ 23.75 33.30 % Peer companies 26.40 % 1.01 % N/A 1.024 $ 26.10 33.30 % March 18, 2016 Awards (performance period starting January 1, 2016) Target amounts 26.40 % 1.00 % N/A N/A $ 22.23 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.14 33.30 % Peer companies 26.40 % 1.00 % N/A 1.023 $ 25.18 33.30 % March 18, 2016 Awards (performance period starting July 1, 2016) Target amounts 26.40 % 1.00 % N/A N/A $ 21.65 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.14 33.30 % Peer companies 26.40 % 1.00 % N/A 1.023 $ 27.81 33.30 % A summary of the Company’s nonvested share awards with either market or performance conditions as of June 30, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2016 348,587 $ 33.98 Granted (1)(2) 110,665 28.55 Vested (2) (112,639 ) 37.94 Forfeited (2) (38,313 ) 39.18 Nonvested at June 30, 2016 308,300 $ 28.45 (1) Amount includes 48,588 shares awarded on March 18, 2016 and 6,316 shares awarded on April 25, 2016 for which fair value has been finalized, 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, 2016. (2) Amounts include 27,570 shares vested, 858 shares earned in excess of target amount, and 34,959 shares forfeited, respectively, upon termination of the former Chief Financial Officer. As of June 30, 2016 and December 31, 2015 , there were $5,161 and $5,342 , respectively, of total unrecognized compensation costs related to nonvested share awards with market or performance conditions. As of June 30, 2016 and December 31, 2015 , these costs were expected to be recognized over a weighted-average period of 1.9 and 1.7 years, respectively. As of June 30, 2016 and December 31, 2015 , there were 420,708 and 308,069 share awards with market or performance conditions vested, respectively. Additionally, there were 29,376 and 84,401 nonvested share awards with market or performance conditions earned but nonvested due to a service condition as of June 30, 2016 and December 31, 2015 , 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 $998 and $2,036 for the three and six months ended June 30, 2016 , respectively, and $1,019 and $2,051 for the three and six months ended June 30, 2015 , respectively. On April 9, 2016, the Company finalized the former Chief Financial Officer’s severance package and the termination date was set to be no later than April 29, 2016. Pursuant to the terms of the award agreements, a portion of his nonvested share awards with market or performance conditions would vest upon termination. Accordingly, the Company accelerated the recognition of previously unrecognized compensation costs on his nonvested share awards with market or performance conditions over the estimated remaining service period. On May 6, 2016 and May 9, 2016, a portion of his nonvested share awards with market or performance conditions vested, a portion was forfeited and additional shares were earned for awards valued at over 100% of the target, with all remaining previously unrecognized compensation costs recognized. The compensation cost (net of forfeitures) related to his nonvested share awards with market or performance conditions that has been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income was $96 for the three and six months ended June 30, 2016 . For the three and six months ended June 30, 2016 , severance expense related to the former Chief Financial Officer’s termination totaled $1,576 and included cash compensation and benefits, compensation for shares with service conditions and shares with market or performance conditions and cash payments related to dividends on restricted shares that vested.

LHL

LHL	6 Months Ended
	Jun. 30, 2016
Real Estate Investment Trust, Operating Support [Abstract]
LHL	Investment in Hotel Properties Investment in hotel properties as of June 30, 2016 and December 31, 2015 consists of the following: June 30, 2016 December 31, 2015 Land $ 731,928 $ 731,796 Buildings and improvements 3,542,749 3,613,724 Furniture, fixtures and equipment 753,651 701,742 Investment in hotel properties, gross 5,028,328 5,047,262 Accumulated depreciation (1,271,908 ) (1,229,586 ) Investment in hotel properties, net $ 3,756,420 $ 3,817,676 The above table excludes the Indianapolis Marriott Downtown as the hotel property qualified as held for sale as of June 30, 2016 and its net cost basis has been reclassified from investment in hotel properties, net to assets held for sale in the accompanying consolidated balance sheets. On July 14, 2016, the Company sold the Indianapolis Marriott Downtown for $165,000 (see Note 13). As of June 30, 2016 and December 31, 2015 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $23,573 and $20,915 , 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 $48,706 and $96,200 for the three and six months ended June 30, 2016 , respectively, and $45,790 and $88,542 for the three and six months ended June 30, 2015 , respectively. Acquisitions 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 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. Note Receivable 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 8.20% as of June 30, 2016 . 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. As of June 30, 2016, the Mezzanine Loan qualified as held for sale and has been classified as note receivable held for sale in the accompanying consolidated balance sheets. On July 8, 2016, the Company sold the Mezzanine Loan at face value for $80,000 less costs associated with the sale (see Note 13). 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, 2016 2015 2016 2015 General and administrative $ 27,041 $ 25,822 $ 51,642 $ 49,729 Sales and marketing 19,908 19,894 38,489 37,845 Repairs and maintenance 9,911 9,863 19,747 19,474 Management and incentive fees 10,926 11,727 18,557 19,055 Utilities and insurance 8,296 8,289 16,529 17,106 Franchise fees 3,245 2,503 5,522 4,331 Other expenses 956 779 1,712 1,339 Total other indirect expenses $ 80,283 $ 78,877 $ 152,198 $ 148,879 As of June 30, 2016 , 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 Triton San Francisco, CA 9. Hotel Vitale San Francisco, CA 10. Park Central San Francisco San Francisco, CA 11. Serrano Hotel San Francisco, CA 12. The Marker San Francisco 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. Hotel George Washington, D.C. 21. Hotel Madera Washington, D.C. 22. Hotel Palomar, Washington, DC Washington, D.C. 23. Hotel Rouge Washington, D.C. 24. Mason & Rook Hotel Washington, D.C. 25. Sofitel Washington, DC Lafayette Square Washington, D.C. 26. The Donovan Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Beach Resort Key West 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 (1) Indianapolis, IN 34. Hyatt Regency 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 New York (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 (1) Property sold on July 14, 2016 (see Note 13).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was comprised of the following for the three and six months ended June 30, 2016 and 2015 : For the three months ended For the six months ended June 30, June 30, 2016 2015 2016 2015 LHL’s income tax expense $ 7,246 $ 5,311 $ 1,373 $ 232 Operating Partnership’s income tax expense 364 263 617 474 Total income tax expense $ 7,610 $ 5,574 $ 1,990 $ 706 The Company has estimated LHL’s income tax expense for the six months ended June 30, 2016 by applying an estimated combined federal and state effective tax rate of 40.5% to LHL’s net income of $3,266 . 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, 2016
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, 2016 December 31, 2015 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 0 $ 1,605 Derivative interest rate instruments Accounts payable and accrued expenses $ 16,810 $ 1,702 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, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note receivable $ 80,000 $ 80,000 $ 80,000 $ 80,000 Borrowings under credit facilities $ 190,000 $ 190,735 $ 21,000 $ 21,061 Term loans $ 855,000 $ 857,539 $ 855,000 $ 856,038 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 225,000 $ 225,255 $ 511,294 $ 511,786 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 1.8% as of June 30, 2016 and from 1.5% to 4.4% as of December 31, 2015 with a weighted average effective interest rate of 1.5% and 2.1% as of June 30, 2016 and December 31, 2015 , respectively. The assumptions reflect the terms currently available on similar borrowings to borrowers with credit profiles similar to the Company’s. At June 30, 2016 , the carrying amount of the note receivable was representative of its fair value due to the sale of the note receivable on July 8, 2016 at face value for $80,000 less costs associated with the sale (see Note 13). At June 30, 2016 and December 31, 2015 , the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and distributions payable 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, 2016
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 payment awards expected to vest 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, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 55,176 $ 55,822 $ 61,193 $ 55,503 Dividends paid on unvested restricted shares (119 ) (141 ) (252 ) (260 ) Undistributed earnings attributable to unvested restricted shares (10 ) (14 ) 0 0 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 55,047 $ 55,667 $ 60,941 $ 55,243 Denominator: Weighted average number of common shares - basic 112,784,976 112,728,085 112,766,734 112,688,122 Effect of dilutive securities: Compensation-related shares 328,277 413,823 352,822 406,518 Weighted average number of common shares - diluted 113,113,253 113,141,908 113,119,556 113,094,640 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.49 $ 0.54 $ 0.49 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.49 $ 0.54 $ 0.49

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 Interest paid, net of capitalized interest $ 22,747 $ 27,521 Interest capitalized 233 300 Income taxes paid, net 839 517 Increase in distributions payable on common shares 47 8,547 Increase in distributions payable on preferred shares 1,313 0 Redemption of common units for common shares 0 3,400 Write-off of fully amortized debt issuance costs 563 131 Decrease in accrued capital expenditures (5,682 ) (3,089 ) Grant of nonvested shares and awards to employees and executives, net 4,347 5,188 Issuance of common shares for Board of Trustees compensation 480 691 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ 0 $ (445,734 ) Other assets 0 (1,897 ) Liabilities 0 8,474 Acquisition of properties $ 0 $ (439,157 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company paid the following common and preferred dividends subsequent to June 30, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Payable Date Common Shares/Units $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 7.5% Series H Preferred Shares $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I Preferred Shares $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J Preferred Shares (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares. On July 8, 2016, the Company sold its Mezzanine Loan at face value for $80,000 less costs associated with the sale. The proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility. On July 14, 2016, the Company sold the Indianapolis Marriott Downtown for $165,000 . The Company will recognize a gain in the third quarter of approximately $104,000 related to the sale of this property. The proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility and to fund the July 2016 common and preferred dividends.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2016
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, as amended (“2014 Plan”), which has approximately eight 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, 2016 , 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.
Variable Interest Entities	Variable Interest Entities In 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that no change was required to its accounting of its interests in less than wholly owned joint ventures, however, the Operating Partnership now meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership.
Notes 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. Any costs related to notes receivable are expensed as incurred. 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, including a review of factors that would impact the fair value of the underlying collateral, it is probable that the Company will be unable to collect all principal and interest contractually due. The Company considers current and projected cash flow, historical payment patterns, general and industry specific economic factors and operating results in determining the probability of default. 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 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. ASU No. 2014-09 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 adoption 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, but it does not believe it will have a material impact on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method. 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. The Company adopted ASU No. 2015-03 effective January 1, 2016 and applied its provisions retrospectively. The adoption of this standard only affects the presentation of the Company’s consolidated balance sheet. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. The new standard is effective for the Company on January 1, 2017. Early adoption is permitted. The Company is evaluating the effect that ASU No. 2016-09 will have on its consolidated financial statements and related disclosures.
Reclassification	Reclassification Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Property, Plant and Equipment	Investment in hotel properties as of June 30, 2016 and December 31, 2015 consists of the following: June 30, 2016 December 31, 2015 Land $ 731,928 $ 731,796 Buildings and improvements 3,542,749 3,613,724 Furniture, fixtures and equipment 753,651 701,742 Investment in hotel properties, gross 5,028,328 5,047,262 Accumulated depreciation (1,271,908 ) (1,229,586 ) Investment in hotel properties, net $ 3,756,420 $ 3,817,676
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, 2016
Debt Disclosure [Abstract]
Components of Long-Term Debt	Debt as of June 30, 2016 and December 31, 2015 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) $ 190,000 $ 21,000 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 190,000 21,000 Term loans Second Term Loan Floating/Fixed (c) January 2019 300,000 300,000 Third Term Loan Floating/Fixed (c) January 2021 555,000 555,000 Debt issuance costs, net (2,520 ) (2,797 ) Total term loans, net of unamortized debt issuance costs 852,480 852,203 Massport Bonds Hyatt Regency Boston Harbor (taxable) Floating (d) March 2018 5,400 5,400 Hyatt Regency Boston Harbor (tax exempt) Floating (d) March 2018 37,100 37,100 Debt issuance costs, net (98 ) (184 ) Total bonds payable, net of unamortized debt issuance costs 42,402 42,316 Mortgage loans Westin Michigan Avenue 5.75% - (e) 0 131,262 Indianapolis Marriott Downtown 5.99% - (e) 0 96,097 The Roger 6.31% - (f) 0 58,935 Westin Copley Place Floating (g) August 2018 225,000 225,000 Debt issuance costs, net (1,976 ) (2,490 ) Total mortgage loans, net of unamortized debt issuance costs 223,024 508,804 Total debt $ 1,307,906 $ 1,424,323 (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, 2016 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $190,000 was 2.17% . As of December 31, 2015 , the rate, including the applicable margin, for the Company’s outstanding LIBOR borrowing of $21,000 was 2.13% . 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, 2016 and December 31, 2015 . 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. On November 5, 2015, the Company repaid the First Term Loan and entered into the Third Term Loan (as defined below). The Company entered into separate interest rate swap agreements with an aggregate notional amount of $377,500 for the full term of the Third Term Loan. The interest rate swaps for the First Term Loan continue to be in place and were redesignated as hedging instruments through May 2019 for the Third Term Loan. At June 30, 2016 and December 31, 2015 , the fixed all-in interest rates for the Second Term Loan and Third Term Loan were 2.38% and 2.95% , 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 that expire in September 2016. The letters of credit have two one -year extension options and are secured by the Hyatt Regency 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, 2016 were 0.44% and 0.43% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2015 were 0.39% and 0.02% 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 loans on January 4, 2016 through borrowings on its senior unsecured credit facility. (f) The Company repaid the mortgage loan on February 11, 2016 through borrowings on its senior unsecured credit facility. (g) 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 June 30, 2016 was LIBOR plus 1.75% , which equaled 2.20% . The interest rate as of December 31, 2015 was LIBOR plus 1.75% , which equaled 2.09% . The mortgage loan allows for prepayments without penalty after one year , subject to certain terms and conditions.
Schedule of Maturities of Long-term Debt	Future scheduled debt principal payments as of June 30, 2016 are as follows: 2016 $ 0 2017 0 2018 457,500 2019 300,000 2020 0 Thereafter 555,000 Total debt $ 1,312,500
Summary Interest Expense and Weighted Average Interest Rates for Borrowings	A summary of the Company’s interest expense and weighted average interest rates for unswapped variable rate debt for the three and six months ended June 30, 2016 and 2015 is as follows: For the three months ended For the six months ended June 30, June 30, 2016 2015 2016 2015 Interest Expense: Interest incurred $ 10,685 $ 13,422 $ 21,869 $ 26,744 Amortization of debt issuance costs 835 549 1,713 1,096 Capitalized interest (38 ) (76 ) (233 ) (300 ) Interest expense $ 11,482 $ 13,895 $ 23,349 $ 27,540 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility 2.15 % 1.89 % 2.14 % 1.88 % LHL unsecured credit facility 2.14 % 1.88 % 2.13 % 1.88 % Massport Bonds 0.41 % 0.09 % 0.26 % 0.07 % Mortgage loan (Westin Copley Place) 2.19 % N/A 2.18 % N/A
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables present the effect of derivative instruments on the Company’s accompanying consolidated statements of operations and comprehensive income, including the location and amount of unrealized (loss) gain on outstanding derivative instruments in cash flow hedging relationships, for the three and six months ended June 30, 2016 and 2015 : Amount of (Loss) Gain 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, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ (5,971 ) $ 26 Interest expense $ 1,730 $ 1,069 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, 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ (20,223 ) $ (4,372 ) Interest expense $ 3,510 $ 2,139

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Operating Leases of Lessee	A summary of the Company’s hotels subject to non-cancelable operating leases as of June 30, 2016 is as follows: Lease Properties Lease Type Lease Expiration Date Southernmost Beach Resort Key West (Restaurant facility) Ground lease April 2019 (1) Hyatt Regency Boston Harbor Ground lease March 2026 (2) The Hilton San Diego Resort and Spa Ground lease December 2045 San Diego Paradise Point Resort and Spa Ground lease May 2050 Hotel Vitale Ground lease March 2056 (3) Viceroy Santa Monica Ground lease September 2065 Westin Copley Place (4) Air rights lease December 2077 The Liberty Hotel Ground lease May 2080 Indianapolis Marriott Downtown (5) Ground lease June 2099 (5) Hotel Solamar Ground lease December 2102 (1) The Company can begin negotiating a renewal one year in advance of the lease expiration date. (2) The Company has options, subject to certain terms and conditions, to extend the ground lease for 51 years to 2077. (3) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070. (4) No payments are required through maturity. (5) Requires future ground rent payments of one dollar per year. The Company has options, subject to certain terms and conditions, to extend the ground lease for 50 years to 2149. The property was sold on July 14, 2016 (see Note 13).
Capital Leases of Lessee	A summary of the Company’s hotels subject to capital leases of land and building as of June 30, 2016 is as follows: Lease Properties Estimated Present Value of Remaining Rent Payments (1) Lease Expiration Date The Roger $ 4,892 December 2044 Harbor Court Hotel $ 18,424 April 2048 Hotel Triton (2) $ 25,625 December 2049 (1) At acquisition, the estimated present value of the remaining rent payments 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. (2) In 2015, the hotel lease was amended, extending the lease expiration date from January 2048 to December 2049. At acquisition, the estimated present value of the remaining payments recorded as a capital lease obligation was $27,752 . Due to the lease amendment, the recalculated estimated present value of the remaining rent payments is $25,625 , which net of amortization, is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.
Future Minimum Rent Payments	Future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2016 $ 6,424 2017 13,052 2018 13,195 2019 13,172 2020 13,559 Thereafter 600,780 $ 660,182

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 (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, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Payable Date 7.5% Series H $ 0.47 December 31, 2015 January 1, 2016 January 15, 2016 6.375% Series I $ 0.40 December 31, 2015 January 1, 2016 January 15, 2016 7.5% Series H $ 0.47 March 31, 2016 April 1, 2016 April 15, 2016 6.375% Series I $ 0.40 March 31, 2016 April 1, 2016 April 15, 2016 (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, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Payable Date Common Shares/Units $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 7.5% Series H Preferred Shares $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I Preferred Shares $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J Preferred Shares (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares.
Preferred Shares Outstanding	The following preferred shares of beneficial interest were outstanding as of June 30, 2016 : Security Type Number of 7.5% Series H Preferred Shares 2,750,000 6.375% Series I Preferred Shares 4,400,000 6.3% Series J Preferred Shares 6,000,000
Schedule of Effects of Changes in the Company's Ownership Interest in the Operating Partnership on the Company's Equity	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 Net income attributable to common shareholders $ 55,503 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 14 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 55,517

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 is as follows: Number of Weighted - Nonvested at January 1, 2016 228,835 $ 33.29 Granted 109,313 25.01 Vested (2) (90,191 ) 31.70 Forfeited (12,281 ) 27.49 Nonvested at June 30, 2016 (1) 235,676 $ 30.81 (1) Amount excludes 29,376 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2016 . (2) Amount includes accelerated vesting of the former Chief Financial Officer’s shares.
Disclosure of Valuation Assumptions	The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting April 25, 2016 Awards (performance period starting January 1, 2016) Target amounts 26.40 % 1.01 % N/A N/A $ 18.61 33.40 % Return on invested capital N/A N/A N/A N/A $ 23.75 33.30 % Peer companies 26.40 % 1.01 % N/A 1.024 $ 23.63 33.30 % April 25, 2016 Awards (performance period starting July 1, 2016) Target amounts 26.40 % 1.01 % N/A N/A $ 20.47 33.40 % Return on invested capital N/A N/A N/A N/A $ 23.75 33.30 % Peer companies 26.40 % 1.01 % N/A 1.024 $ 26.10 33.30 % March 18, 2016 Awards (performance period starting January 1, 2016) Target amounts 26.40 % 1.00 % N/A N/A $ 22.23 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.14 33.30 % Peer companies 26.40 % 1.00 % N/A 1.023 $ 25.18 33.30 % March 18, 2016 Awards (performance period starting July 1, 2016) Target amounts 26.40 % 1.00 % N/A N/A $ 21.65 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.14 33.30 % Peer companies 26.40 % 1.00 % N/A 1.023 $ 27.81 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, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2016 348,587 $ 33.98 Granted (1)(2) 110,665 28.55 Vested (2) (112,639 ) 37.94 Forfeited (2) (38,313 ) 39.18 Nonvested at June 30, 2016 308,300 $ 28.45 (1) Amount includes 48,588 shares awarded on March 18, 2016 and 6,316 shares awarded on April 25, 2016 for which fair value has been finalized, 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, 2016. (2) Amounts include 27,570 shares vested, 858 shares earned in excess of target amount, and 34,959 shares forfeited, respectively, upon termination of the former Chief Financial Officer.

LHL (Tables)

LHL (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 General and administrative $ 27,041 $ 25,822 $ 51,642 $ 49,729 Sales and marketing 19,908 19,894 38,489 37,845 Repairs and maintenance 9,911 9,863 19,747 19,474 Management and incentive fees 10,926 11,727 18,557 19,055 Utilities and insurance 8,296 8,289 16,529 17,106 Franchise fees 3,245 2,503 5,522 4,331 Other expenses 956 779 1,712 1,339 Total other indirect expenses $ 80,283 $ 78,877 $ 152,198 $ 148,879
Schedule of Hotels Owned	As of June 30, 2016 , 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 Triton San Francisco, CA 9. Hotel Vitale San Francisco, CA 10. Park Central San Francisco San Francisco, CA 11. Serrano Hotel San Francisco, CA 12. The Marker San Francisco 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. Hotel George Washington, D.C. 21. Hotel Madera Washington, D.C. 22. Hotel Palomar, Washington, DC Washington, D.C. 23. Hotel Rouge Washington, D.C. 24. Mason & Rook Hotel Washington, D.C. 25. Sofitel Washington, DC Lafayette Square Washington, D.C. 26. The Donovan Washington, D.C. 27. The Liaison Capitol Hill Washington, D.C. 28. Topaz Hotel Washington, D.C. 29. Southernmost Beach Resort Key West 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 (1) Indianapolis, IN 34. Hyatt Regency 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 New York (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 (1) Property sold on July 14, 2016 (see Note 13).

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	Income tax expense was comprised of the following for the three and six months ended June 30, 2016 and 2015 : For the three months ended For the six months ended June 30, June 30, 2016 2015 2016 2015 LHL’s income tax expense $ 7,246 $ 5,311 $ 1,373 $ 232 Operating Partnership’s income tax expense 364 263 617 474 Total income tax expense $ 7,610 $ 5,574 $ 1,990 $ 706

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 December 31, 2015 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 0 $ 1,605 Derivative interest rate instruments Accounts payable and accrued expenses $ 16,810 $ 1,702
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, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note receivable $ 80,000 $ 80,000 $ 80,000 $ 80,000 Borrowings under credit facilities $ 190,000 $ 190,735 $ 21,000 $ 21,061 Term loans $ 855,000 $ 857,539 $ 855,000 $ 856,038 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 225,000 $ 225,255 $ 511,294 $ 511,786

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 55,176 $ 55,822 $ 61,193 $ 55,503 Dividends paid on unvested restricted shares (119 ) (141 ) (252 ) (260 ) Undistributed earnings attributable to unvested restricted shares (10 ) (14 ) 0 0 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 55,047 $ 55,667 $ 60,941 $ 55,243 Denominator: Weighted average number of common shares - basic 112,784,976 112,728,085 112,766,734 112,688,122 Effect of dilutive securities: Compensation-related shares 328,277 413,823 352,822 406,518 Weighted average number of common shares - diluted 113,113,253 113,141,908 113,119,556 113,094,640 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.49 $ 0.54 $ 0.49 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.49 $ 0.49 $ 0.54 $ 0.49

Supplemental Information to S31

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	For the six months ended June 30, 2016 2015 Interest paid, net of capitalized interest $ 22,747 $ 27,521 Interest capitalized 233 300 Income taxes paid, net 839 517 Increase in distributions payable on common shares 47 8,547 Increase in distributions payable on preferred shares 1,313 0 Redemption of common units for common shares 0 3,400 Write-off of fully amortized debt issuance costs 563 131 Decrease in accrued capital expenditures (5,682 ) (3,089 ) Grant of nonvested shares and awards to employees and executives, net 4,347 5,188 Issuance of common shares for Board of Trustees compensation 480 691 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ 0 $ (445,734 ) Other assets 0 (1,897 ) Liabilities 0 8,474 Acquisition of properties $ 0 $ (439,157 )

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on common shares/units during the six months ended June 30, 2016 : Dividend per (1) For the Quarter Ended Record Date Payable Date $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 (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, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Payable Date 7.5% Series H $ 0.47 December 31, 2015 January 1, 2016 January 15, 2016 6.375% Series I $ 0.40 December 31, 2015 January 1, 2016 January 15, 2016 7.5% Series H $ 0.47 March 31, 2016 April 1, 2016 April 15, 2016 6.375% Series I $ 0.40 March 31, 2016 April 1, 2016 April 15, 2016 (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, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Payable Date Common Shares/Units $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 7.5% Series H Preferred Shares $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I Preferred Shares $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J Preferred Shares (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares.

Organization (Details)

Organization (Details)	Jun. 30, 2016HotelsGuest_RoomsStatesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels | Hotels	47
Number of guest rooms | Guest_Rooms	12,000
Number of states in which hotels located | States	10
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 Investment in Hotel Properties (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016
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

Summary of Significant Accoun35

Summary of Significant Accounting Policies Share-Based Compensation (Narrative) (Details) - 2014 Plan [Member]	6 Months Ended
	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining years	8 years
Vesting period (in years)	3 years

Investment in Hotel Propertie36

Investment in Hotel Properties Schedule of Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 731,928	$ 731,796
Buildings and improvements	3,542,749	3,613,724
Furniture, fixtures and equipment	753,651	701,742
Investment in hotel properties, gross	5,028,328	5,047,262
Accumulated depreciation	(1,271,908)	(1,229,586)
Investment in hotel properties, net	$ 3,756,420	$ 3,817,676

Investment in Hotel Propertie37

Investment in Hotel Properties (Narrative) (Details) - USD ($) $ in Thousands	Jul. 14, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Buildings and Improvements, Gross		$ 3,542,749		$ 3,542,749		$ 3,613,724
Real Estate Investment Property, Accumulated Depreciation		1,271,908		1,271,908		1,229,586
Depreciation		48,706	$ 45,790	96,200	$ 88,542
Assets Held under Capital Leases [Member]
Real Estate Properties [Line Items]
Buildings and Improvements, Gross		183,503		183,503		183,503
Real Estate Investment Property, Accumulated Depreciation		$ 23,573		$ 23,573		$ 20,915
Subsequent Event [Member] | Indianapolis Marriott Downtown [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Productive Assets	$ 165,000

Investment in Hotel Propertie38

Investment in Hotel Properties Acquisitions (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)Hotels
Acquisition [Line Items]
Ownership Percent	100.00%	100.00%
Number of Hotels Acquired | Hotels		2
Business Combination, Pro Forma Revenue	$ 22,867	$ 37,333
Business Combination, Pro Forma Earnings or Loss	$ 3,656	$ 4,442

Investment in Hotel Propertie39

Investment in Hotel Properties Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Guest_Rooms	Jun. 30, 2015USD ($)Guest_Rooms	Jun. 30, 2016USD ($)Guest_Rooms	Jun. 30, 2015USD ($)Guest_Rooms
Acquisition [Line Items]
Number of Rooms | Guest_Rooms	12,000		12,000
Purchase Price				$ 446,250
Acquisition Transaction Costs	$ 0	$ (3)	$ 0	$ 444
Park Central San Francisco [Member]
Acquisition [Line Items]
Number of Rooms | Guest_Rooms		681		681
Purchase Price				$ 350,000
Acquisition Transaction Costs		$ 0		$ 230
The Marker Waterfront Resort [Member]
Acquisition [Line Items]
Number of Rooms | Guest_Rooms		96		96
Purchase Price				$ 96,250
Acquisition Transaction Costs		$ (3)		$ 214

Investment in Hotel Propertie40

Investment in Hotel Properties Note Receivable (Narrative) (Details) $ in Thousands	Jul. 08, 2016USD ($)	Jul. 20, 2015USD ($)extensions	Jun. 30, 2016
Mezzanine Loan [Member]
Loans Receivable with Variable Rates of Interest		$ 80,000
Loans Receivable, Interest Rate, Effective Yield			8.20%
Loan Receivable, Number of Extension Options | extensions		5
Loan Receivable, Term of Extension Option		1 year
Mezzanine Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Loans Receivable, Basis Spread on Variable Rate		7.75%
Mortgage Receivable [Member]
Loans Receivable with Variable Rates of Interest		$ 235,000
Senior Mezzanine Loan [Member]
Loans Receivable with Variable Rates of Interest		$ 90,000
Subsequent Event [Member] | Mezzanine Loan [Member]
Proceeds from Sale of Notes Receivable	$ 80,000

Long-Term Debt Debt Summary (De

Long-Term Debt Debt Summary (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)extensions	Dec. 31, 2015USD ($)	Nov. 05, 2015USD ($)	Jan. 08, 2014USD ($)	Aug. 02, 2012USD ($)	May 16, 2012USD ($)
Debt Instrument [Line Items]
Credit facilities	$ 190,000	$ 21,000
Term loans	852,480	852,203
Massport Bonds	42,402	42,316
Mortgage loans	223,024	508,804
Debt issuance costs, net	(2,511)	(3,347)
Debt	1,312,500
Line of Credit [Member] | Senior Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facilities	$ 190,000	$ 21,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.17%	2.13%
Number of extension options | extensions	2
Extension option period	6 months
Line of Credit [Member] | LHL Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facilities	$ 0	$ 0
Number of extension options | extensions	2
Extension option period	6 months
Term Loan [Member]
Debt Instrument [Line Items]
Debt issuance costs, net	$ (2,520)	$ (2,797)
Term Loan [Member] | First Term Loan [Member]
Debt Instrument [Line Items]
Term loans						$ 177,500
Debt Instrument, Term	7 years
Term Loan [Member] | Second Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.38%	2.38%
Term loans	$ 300,000	$ 300,000		$ 300,000
Debt Instrument, Term	5 years
Term loan, Swap Duration	5 years
Term Loan [Member] | Third Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%	2.95%
Term loans	$ 555,000	$ 555,000	$ 555,000
Debt Instrument, Term	5 years
Bonds Payable [Member]
Debt Instrument [Line Items]
Debt issuance costs, net	$ (98)	(184)
Bonds Payable [Member] | Taxable Bond of Hyatt Boston Harbor [Member]
Debt Instrument [Line Items]
Massport Bonds	$ 5,400	$ 5,400
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	0.44%	0.39%
Bonds Payable [Member] | Tax Exempted Bond of Hyatt Boston Harbor [Member]
Debt Instrument [Line Items]
Massport Bonds	$ 37,100	$ 37,100
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	0.43%	0.02%
Bonds Payable [Member] | Massport Bonds [Member]
Debt Instrument [Line Items]
Number of extension options | extensions	2
Extension option period	1 year
Line of Credit Annual Fees Percentage	1.35%
Mortgages [Member]
Debt Instrument [Line Items]
Debt issuance costs, net	$ (1,976)	$ (2,490)
Mortgages [Member] | Westin Michigan Avenue [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.75%
Mortgage loans	$ 0	131,262
Mortgages [Member] | Indianapolis Marriott Downtown [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.99%
Mortgage loans	$ 0	96,097
Mortgages [Member] | The Roger [Member]
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	6.31%
Mortgage loans	$ 0	58,935
Mortgages [Member] | Westin Copley Place [Member]
Debt Instrument [Line Items]
Mortgage loans	$ 225,000	$ 225,000
Debt Instrument, Number of Extension Options | extensions	3
Debt Instrument, Interest Rate, Effective Percentage	2.20%	2.09%
Prepayment period of debt instrument with penalty	1 year
Mortgages [Member] | Westin Copley Place [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%	1.75%
Mortgages [Member] | Westin Copley Place [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Mortgages [Member] | Westin Copley Place [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Debt [Member]
Debt Instrument [Line Items]
Debt	$ 1,307,906	$ 1,424,323
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount			$ 377,500		$ 300,000	$ 177,500

Long-Term Debt Debt Summary (Fu

Long-Term Debt Debt Summary (Future Scheduled Debt Principal Payments) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,016	$ 0
2,017	0
2,018	457,500
2,019	300,000
2,020	0
Thereafter	555,000
Debt	$ 1,312,500

Long-Term Debt Debt Summary (Sc

Long-Term Debt Debt Summary (Schedule of Interest Expense and Weighted Average Interest Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Expense: [Abstract]
Interest incurred	$ 10,685	$ 13,422	$ 21,869	$ 26,744
Amortization of debt issuance costs	835	549	1,713	1,096
Capitalized interest	(38)	(76)	(233)	(300)
Interest expense	$ 11,482	$ 13,895	$ 23,349	$ 27,540
Senior Unsecured Credit Facility [Member] | Line of Credit [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.15%	1.89%	2.14%	1.88%
LHL Unsecured Credit Facility [Member] | Line of Credit [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.14%	1.88%	2.13%	1.88%
Massport Bonds [Member] | Bonds Payable [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	0.41%	0.09%	0.26%	0.07%
Westin Copley Place [Member] | Mortgages [Member]
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.19%		2.18%

Long-Term Debt Credit Facilitie

Long-Term Debt Credit Facilities (Narrative) (Details) - Line of Credit [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)extensions	Jan. 08, 2014USD ($)
Senior Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 750,000	$ 750,000
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]
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%

Long-Term Debt Term Loans (Narr

Long-Term Debt Term Loans (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Nov. 05, 2015	Jan. 08, 2014	May 16, 2012
Debt Instrument [Line Items]
Unsecured Debt	$ 852,480	$ 852,203
Term Loan [Member] | First Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt					$ 177,500
Debt Instrument, Term	7 years
Term Loan [Member] | Second Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 300,000	$ 300,000		$ 300,000
Debt Instrument, Term	5 years
Lender commitments	$ 500,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.38%	2.38%
Term Loan [Member] | Third Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 555,000	$ 555,000	$ 555,000
Debt Instrument, Term	5 years
Lender commitments	$ 700,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%	2.95%
Term Loan [Member] | Third Term Loan [Member] | Tranche One [Member]
Debt Instrument [Line Items]
Unsecured Debt			177,500
Term Loan [Member] | Third Term Loan [Member] | Tranche Two [Member]
Debt Instrument [Line Items]
Unsecured Debt			$ 377,500

Long-Term Debt Derivative and H

Long-Term Debt Derivative and Hedging Activities (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Nov. 05, 2015USD ($)agreement	Aug. 02, 2012USD ($)agreement	May 16, 2012USD ($)agreement
Debt Instrument [Line Items]
Accumulated other comprehensive income (loss)	$ (16,789)	$ (97)
First Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	7 years
Second Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.38%	2.38%
Third Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%	2.95%
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | agreement			7	5	3
Derivative, Notional Amount			$ 377,500	$ 300,000	$ 177,500
Unrealized gain (loss) included in accumulated other comprehensive income (loss)	$ (16,810)	$ (97)
Accumulated other comprehensive income (loss)	(16,789)	(97)
Derivative change in fair value recorded in other comprehensive income (loss) attributable to noncontrolling interests	(21)	$ 0
Amount reclassified from AOCL and noncontrolling interests and recognized as a reduction to income in the next 12 months	$ 6,840

Long-Term Debt Derivative and47

Long-Term Debt 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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in OCI on Derivative Instruments (Effective Portion)	$ (5,971)	$ 26	$ (20,223)	$ (4,372)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Net Income (Effective Portion)	$ 1,730	$ 1,069	$ 3,510	$ 2,139

Long-Term Debt Mortgage Loans (

Long-Term Debt Mortgage Loans (Narrative) (Details) - USD ($) $ in Thousands	Feb. 11, 2016	Jan. 04, 2016	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Repayments of Secured Debt			$ 286,294	$ 212,386
Mortgages [Member] | Westin Michigan Avenue [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 131,262
Mortgages [Member] | Indianapolis Marriott Downtown [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 96,097
Mortgages [Member] | The Roger [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 58,831

Commitments and Contingencies G

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases (Details)	6 Months Ended
	Jun. 30, 2016$ / yr
Hyatt Regency Boston Harbor [Member]
Lease Renewal Term	51 years
Hotel Vitale [Member]
Lease Renewal Term	14 years
Westin Copley Place [Member]
Future Rent Payments Per Year	0
Indianapolis Marriott Downtown [Member]
Lease Renewal Term	50 years
Future Rent Payments Per Year	1

Commitments and Contingencies50

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Straight-line ground rent	$ 471	$ 487	$ 948	$ 980
Ground rent	$ 4,108	$ 4,011	$ 7,921	$ 7,673

Commitments and Contingencies51

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Capital Leases (Details) - USD ($) $ in Thousands		Jun. 30, 2016		Jan. 01, 2015
The Roger [Member]
Estimated Present Value of Remaining Rent Payments	[1]	$ 4,892
Harbor Court Hotel [Member]
Estimated Present Value of Remaining Rent Payments	[1]	18,424
Hotel Triton [Member]
Estimated Present Value of Remaining Rent Payments		$ 25,625	[1],[2]	$ 27,752
[1]	At acquisition, the estimated present value of the remaining rent payments 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.
[2]	In 2015, the hotel lease was amended, extending the lease expiration date from January 2048 to December 2049. At acquisition, the estimated present value of the remaining payments recorded as a capital lease obligation was $27,752. Due to the lease amendment, the recalculated estimated present value of the remaining rent payments is $25,625, which net of amortization, is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Commitments and Contingencies S

Commitments and Contingencies Schedule of Future Minimum Rent Payments (Details) - Operating and Capital Leases [Member] $ in Thousands	Jun. 30, 2016USD ($)
2,016	$ 6,424
2,017	13,052
2,018	13,195
2,019	13,172
2,020	13,559
Thereafter	600,780
Total	$ 660,182

Commitments and Contingencies R

Commitments and Contingencies Reserve Funds for Future Capital Expenditures (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Percentage of reserve funds provided by the company	4.00%
Restricted cash and cash equivalents available for capital expenditures	$ 21,269
Indianapolis Marriott Downtown [Member]
Restricted cash and cash equivalents available for capital expenditures	$ 9,290

Commitments and Contingencies54

Commitments and Contingencies Restricted Cash Reserves (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Restricted cash reserves	$ 23,283	$ 26,443
Restricted cash and cash equivalents available for capital expenditures	21,269
Restricted cash and cash equivalents available for insurance or management liabilities	$ 2,014

Equity Common Shares of Benefic

Equity Common Shares of Beneficial Interest (Narrative) (Details)	May 09, 2016shares	Apr. 25, 2016Installmentsshares	Mar. 18, 2016Installmentsshares	Mar. 01, 2016shares	Jan. 01, 2016shares
2014 Plan [Member]
Class of Stock [Line Items]
Additional deferred shares issued					4,910
Restricted Stock [Member] | 2014 Plan [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		10,526	98,787
Deferred Shares Issued in Annual Installments | Installments		3	3
Common Shares of Beneficial Interest [Member]
Class of Stock [Line Items]
Common shares, shares issued	20,688
Common Shares of Beneficial Interest [Member] | 2014 Plan [Member]
Class of Stock [Line Items]
Common shares, shares issued	5,368				13,864
Common Shares of Beneficial Interest [Member] | 2009 Plan [Member]
Class of Stock [Line Items]
Common shares, shares issued	15,320			36,926

Equity Schedule of Common Divid

Equity Schedule of Common Dividends Paid (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Dividend per Share/Unit				$ 0.90	$ 0.83
Common Shares of Beneficial Interest [Member]
Class of Stock [Line Items]
Dividend per Share/Unit	[1]	$ 0.45	$ 0.45
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.

Equity Treasury Shares (Narrati

Equity Treasury Shares (Narrative) (Details) - USD ($)	Jan. 01, 2016	Jun. 30, 2016
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired		76,426
Stock repurchase program, authorized		$ 100,000,000
Stock repurchase program, remaining authorized		$ 69,807,000
Issuance of shares of beneficial interest from treasury	13,864	57,614
Common shares held in treasury		51,530
Nonvested Share Awards with Service Conditions [Member]
Class of Stock [Line Items]
Issuance of shares of beneficial interest from treasury		109,313

Equity Schedule of Preferred Sh

Equity Schedule of Preferred Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Number of Shares	13,150,000	7,150,000
7.5% Series H Preferred Shares [Member]
Class of Stock [Line Items]
Dividend rate	7.50%
Number of Shares	2,750,000
6.375% Series I Preferred Shares [Member]
Class of Stock [Line Items]
Dividend rate	6.375%
Number of Shares	4,400,000
6.3% Series J Preferred Shares [Member]
Class of Stock [Line Items]
Dividend rate	6.30%
Number of Shares	6,000,000

Equity Preferred Shares (Narrat

Equity Preferred Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 25, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Preferred Stock, Shares Issued		13,150,000		7,150,000
Preferred shares of beneficial interest, par value (usd per share)		$ 0.01		$ 0.01
Share Price		$ 23.58
Proceeds from issuance of preferred shares		$ 150,000	$ 0
Series H Preferred Shares [Member]
Class of Stock [Line Items]
Redeemable preferred stock redemption price per share		$ 25
Dividend rate		7.50%
Preferred stock redeemable term (in days)		120 days
Shares issued upon conversion		4,680,500
Series I Preferred Shares [Member]
Class of Stock [Line Items]
Redeemable preferred stock redemption price per share		$ 25
Dividend rate		6.375%
Preferred stock redeemable term (in days)		120 days
Shares issued upon conversion		8,835,200
Series J Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Issued	6,000,000
Preferred shares of beneficial interest, par value (usd per share)	$ 0.01
Redeemable preferred stock redemption price per share	25	$ 25
Share Price	$ 25
Proceeds from issuance of preferred shares	$ 145,066
Dividend rate		6.30%
Preferred stock redeemable term (in days)		120 days
Shares issued upon conversion		12,842,400

Equity Schedule of Preferred Di

Equity Schedule of Preferred Dividends Paid (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016
7.5% Series H Preferred Shares [Member]
Class of Stock [Line Items]
Dividend rate				7.50%
Dividend per Share	[1]	$ 0.47	$ 0.47
6.375% Series I Preferred Shares [Member]
Class of Stock [Line Items]
Dividend rate				6.375%
Dividend per Share	[1]	$ 0.40	$ 0.40
[1]	Amounts are rounded to the nearest whole cent for presentation purposes.

Equity Noncontrolling Interest

Equity Noncontrolling Interest of Common Units in Operating Partnership (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 13, 2015	Jun. 30, 2016
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		$ 3,424
Share Price		$ 23.58
Common Shares of Beneficial Interest [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Units	151,077
Noncontrolling Interests of Common Units in Operating Partnership [Member]
Class of Stock [Line Items]
Partners' Capital Account, Units, Redeemed	151,077	0

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Net income attributable to common shareholders	$ 55,176	$ 55,822	$ 61,193	$ 55,503
Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership				14
Change from net income attributable to common shareholders and adjustments to noncontrolling interests				$ 55,517

Equity Incentive Plan (Narrativ

Equity Incentive Plan (Narrative) (Details) - 2014 Plan [Member]	6 Months Ended
	Jun. 30, 2016shares
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
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	2,667,022

Equity Incentive Plan Nonvested

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
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	$ 5,161		$ 5,161		$ 5,342
Weighted-average recognized period (in years)			1 year 10 months 24 days		1 year 8 months 12 days
Compensation costs	998	$ 1,019	$ 2,036	$ 2,051
Restricted Stock [Member] | Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	96		96
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	4,183		$ 4,183		$ 3,914
Weighted-average recognized period (in years)			1 year 4 months 24 days		1 year 4 months 24 days
Total fair value of vested shares	534	188	$ 2,256	3,152
Compensation costs	814	$ 865	1,589	$ 1,687
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member] | Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	$ 538		$ 538
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

Equity Incentive Plan Nonvest65

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Details) - Restricted Stock [Member] - $ / shares		Apr. 25, 2016	Mar. 18, 2016	Mar. 01, 2016	Jan. 30, 2013	Jun. 30, 2016		Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance						348,587
Number of Shares, Granted		12,632	97,175		80,559	110,665	[1],[2]
Number of Shares, Vested	[2]					(112,639)
Number of Shares, Forfeited				(3,354)		(38,313)	[2]
Nonvested, Number of Shares Ending Balance						308,300
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						$ 33.98
Weighted- Average Grant Date Fair Value, Granted						28.55
Weighted - Average Grant Date Fair Value, Vested						37.94
Weighted - Average Grant Date Fair Value, Forfeited						39.18
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance						$ 28.45
Nonvested Share Awards with Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance						228,835
Number of Shares, Granted						109,313
Number of Shares, Vested	[3]					(90,191)
Number of Shares, Forfeited						(12,281)
Nonvested, Number of Shares Ending Balance	[4]					235,676
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						$ 33.29
Weighted- Average Grant Date Fair Value, Granted						25.01
Weighted - Average Grant Date Fair Value, Vested						31.70
Weighted - Average Grant Date Fair Value, Forfeited						27.49
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance						$ 30.81
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						29,376		84,401
[1]	Amount includes 48,588 shares awarded on March 18, 2016 and 6,316 shares awarded on April 25, 2016 for which fair value has been finalized, 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, 2016.
[2]	Amounts include 27,570 shares vested, 858 shares earned in excess of target amount, and 34,959 shares forfeited, respectively, upon termination of the former Chief Financial Officer.
[3]	Amount includes accelerated vesting of the former Chief Financial Officer’s shares.
[4]	Amount excludes 29,376 share awards with market conditions which were earned but nonvested due to a service condition as of June 30, 2016.

Equity Incentive Plan Nonvest66

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Narrative) (Details) - USD ($) $ in Thousands	May 09, 2016	Apr. 25, 2016	Mar. 18, 2016	Mar. 01, 2016	Jan. 30, 2013	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on earned shares from share awards with market conditions								$ (151)		$ (334)
General and administrative						$ 7,643	$ 6,501	13,473		12,768
Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative						1,576		$ 1,576
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted		12,632	97,175		80,559			110,665	[1],[2]
Number of Shares Earned as a Percentage of Target Shares				91.70%
Number of Shares Earned				36,926
Percentage of Target Shares	100.00%				100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				3,354				38,313	[2]
Distributions on earned shares from share awards with market conditions				$ 151
Performance Shares Outstanding		0	0		0
Unrecognized compensation costs						5,161		$ 5,161			$ 5,342
Weighted-average recognized period (in years)								1 year 10 months 24 days			1 year 8 months 12 days
Compensation costs						998	1,019	$ 2,036		2,051
Restricted Stock [Member] | Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Earned								858
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period								34,959
Compensation costs						$ 96		$ 96
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares		0.00%	0.00%		0.00%
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares		200.00%	200.00%		200.00%
Restricted Stock [Member] | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted		6,316	48,587		40,280
Restricted Stock [Member] | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted		6,316	48,588		40,279
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						420,708		420,708			308,069
Shares awards with market conditions which were earned but nonvested						29,376		29,376			84,401
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted								109,313
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period								12,281
Unrecognized compensation costs						$ 4,183		$ 4,183			$ 3,914
Weighted-average recognized period (in years)								1 year 4 months 24 days			1 year 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value						534	188	$ 2,256		3,152
Compensation costs						814	$ 865	1,589		$ 1,687
Restricted Stock [Member] | Nonvested Share Awards with Service Conditions [Member] | Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs						$ 538		$ 538
[1]	Amount includes 48,588 shares awarded on March 18, 2016 and 6,316 shares awarded on April 25, 2016 for which fair value has been finalized, 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, 2016.
[2]	Amounts include 27,570 shares vested, 858 shares earned in excess of target amount, and 34,959 shares forfeited, respectively, upon termination of the former Chief Financial Officer.

Equity Incentive Plan Nonvest67

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Assumptions for Performance Measure) (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2016$ / shares
April 25, 2016 Awards (performance period starting January 1, 2016) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	26.40%
Volatility, Peer companies	26.40%
Interest Rates, Target amounts	1.01%
Interest Rates, Peer companies	1.01%
Stock Beta, Peer companies	1.024
Fair Value of Components of Awards, Target amounts	$ 18.61
Fair Value of Components, Return on invested capital	23.75
Fair Value of Components of Award, Peer companies	$ 23.63
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%
April 25, 2016 Awards (performance period starting July 1, 2016) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	26.40%
Volatility, Peer companies	26.40%
Interest Rates, Target amounts	1.01%
Interest Rates, Peer companies	1.01%
Stock Beta, Peer companies	1.024
Fair Value of Components of Awards, Target amounts	$ 20.47
Fair Value of Components, Return on invested capital	23.75
Fair Value of Components of Award, Peer companies	$ 26.10
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%
March 18, 2016 Awards (performance period starting January 1, 2016) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	26.40%
Volatility, Peer companies	26.40%
Interest Rates, Target amounts	1.00%
Interest Rates, Peer companies	1.00%
Stock Beta, Peer companies	1.023
Fair Value of Components of Awards, Target amounts	$ 22.23
Fair Value of Components, Return on invested capital	25.14
Fair Value of Components of Award, Peer companies	$ 25.18
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%
March 18, 2016 Awards (performance period starting July 1, 2016) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	26.40%
Volatility, Peer companies	26.40%
Interest Rates, Target amounts	1.00%
Interest Rates, Peer companies	1.00%
Stock Beta, Peer companies	1.023
Fair Value of Components of Awards, Target amounts	$ 21.65
Fair Value of Components, Return on invested capital	25.14
Fair Value of Components of Award, Peer companies	$ 27.81
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%

Equity Incentive Plan Nonvest68

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Summary of Nonvested Share Awards) (Details) - Restricted Stock [Member] - $ / shares		Apr. 25, 2016	Mar. 18, 2016	Mar. 01, 2016	Jan. 30, 2013	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance						348,587
Number of Shares, Granted		12,632	97,175		80,559	110,665	[1],[2]
Number of Shares, Vested	[2]					(112,639)
Number of Shares, Forfeited				(3,354)		(38,313)	[2]
Nonvested, Number of Shares Ending Balance						308,300
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						$ 33.98
Weighted- Average Grant Date Fair Value, Granted						28.55
Weighted - Average Grant Date Fair Value, Vested						37.94
Weighted - Average Grant Date Fair Value, Forfeited						39.18
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance						$ 28.45
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Earned				36,926
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted		6,316	48,588		40,279
Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Vested						(27,570)
Number of Shares, Forfeited						(34,959)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Earned						858
[1]	Amount includes 48,588 shares awarded on March 18, 2016 and 6,316 shares awarded on April 25, 2016 for which fair value has been finalized, 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, 2016.
[2]	Amounts include 27,570 shares vested, 858 shares earned in excess of target amount, and 34,959 shares forfeited, respectively, upon termination of the former Chief Financial Officer.

LHL Schedule of Other Indirect

LHL Schedule of Other Indirect Hotel Operating Expenses (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Hotels	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Hotels	Jun. 30, 2015USD ($)
Real Estate Properties [Line Items]
General and administrative	$ 7,643	$ 6,501	$ 13,473	$ 12,768
Other expenses	2,327	1,259	4,505	3,604
Total other indirect expenses	$ 80,283	78,877	$ 152,198	148,879
Number of hotels | Hotels	47		47
LHL [Member]
Real Estate Properties [Line Items]
General and administrative	$ 27,041	25,822	$ 51,642	49,729
Sales and marketing	19,908	19,894	38,489	37,845
Repairs and maintenance	9,911	9,863	19,747	19,474
Management and incentive fees	10,926	11,727	18,557	19,055
Utilities and insurance	8,296	8,289	16,529	17,106
Franchise fees	3,245	2,503	5,522	4,331
Other expenses	956	779	1,712	1,339
Total other indirect expenses	$ 80,283	$ 78,877	$ 152,198	$ 148,879
Number of hotels | Hotels	47		47

Income Taxes Schedule of Income

Income Taxes Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Income Tax [Line Items]
Total income tax expense	$ 7,610	$ 5,574	$ 1,990	$ 706
LHL's income tax expense [Member]
Schedule of Income Tax [Line Items]
Total income tax expense	7,246	5,311	1,373	232
Operating Partnership's income tax expense [Member]
Schedule of Income Tax [Line Items]
Total income tax expense	$ 364	$ 263	$ 617	$ 474

Income Taxes Income Taxes (Narr

Income Taxes Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investments, Owned, Federal Income Tax Note [Line Items]
Income before income tax expense	$ 67,230	$ 64,585	$ 70,684	$ 62,455
LHL [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Federal and State Effective Tax Rate			40.50%
Income before income tax expense			$ 3,266

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Prepaid expenses and other assets	$ 0	$ 1,605
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	$ 16,810	$ 1,702

Fair Value Measurements Sched73

Fair Value Measurements Schedule of Fair Value and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	$ 80,000	$ 80,000
Borrowings under credit facilities	190,000	21,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	80,000	80,000
Borrowings under credit facilities	190,735	21,061
Term loans [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	855,000	855,000
Term loans [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	857,539	856,038
Bonds payable [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	42,500	42,500
Bonds payable [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	42,500	42,500
Mortgage loans [Member] | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	225,000	511,294
Mortgage loans [Member] | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 225,255	$ 511,786

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Not Measured at Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Jul. 08, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair Value Assumptions, Weighted Average Effective Debt Interest Rate		1.50%	2.10%
Minimum [Member]
Fair Value Inputs, Discount Rate		1.50%	1.50%
Maximum [Member]
Fair Value Inputs, Discount Rate		1.80%	4.40%
Subsequent Event [Member] | Mezzanine Loan [Member]
Proceeds from Sale of Notes Receivable	$ 80,000

Earnings Per Common Share Sched

Earnings Per Common Share 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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income attributable to common shareholders	$ 55,176	$ 55,822	$ 61,193	$ 55,503
Dividends paid on unvested restricted shares	(119)	(141)	(252)	(260)
Undistributed earnings attributable to unvested restricted shares	(10)	(14)	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 55,047	$ 55,667	$ 60,941	$ 55,243
Denominator:
Weighted average number of common shares - basic	112,784,976	112,728,085	112,766,734	112,688,122
Compensation-related shares	328,277	413,823	352,822	406,518
Weighted average number of common shares - diluted	113,113,253	113,141,908	113,119,556	113,094,640
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.49	$ 0.54	$ 0.49
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 0.49	$ 0.49	$ 0.54	$ 0.49

Schedule of Supplemental Inform

Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Interest paid, net of capitalized interest	$ 22,747	$ 27,521
Interest capitalized	233	300
Income taxes paid, net	839	517
Increase in distributions payable on common shares	47	8,547
Increase in distributions payable on preferred shares	1,313	0
Redemption of common units for common shares	0	3,400
Write-off of fully amortized debt issuance costs	563	131
Decrease in accrued capital expenditures	(5,682)	(3,089)
Grant of nonvested shares and awards to employees and executives, net	4,347	5,188
Issuance of common shares for Board of Trustees compensation	480	691
Investment in properties (after credits at closing)	0	(445,734)
Other assets	0	(1,897)
Liabilities	0	8,474
Acquisition of properties	$ 0	$ (439,157)

Subsequent Events Schedule of C

Subsequent Events Schedule of Common and Preferred Subsequent Events Dividends (Details) - $ / shares		3 Months Ended			6 Months Ended
		Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Dividend per Share/Unit					$ 0.90	$ 0.83
Common Shares of Beneficial Interest [Member]
Subsequent Event [Line Items]
Dividend per Share/Unit	[1]		$ 0.45	$ 0.45
7.5% Series H Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate					7.50%
Dividend per Share	[2]		0.47	0.47
6.375% Series I Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate					6.375%
Dividend per Share	[2]		$ 0.40	$ 0.40
6.3% Series J Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate					6.30%
Subsequent Event [Member] | Common Shares of Beneficial Interest [Member]
Subsequent Event [Line Items]
Dividend per Share/Unit	[3]	$ 0.45
Subsequent Event [Member] | 7.5% Series H Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate		7.50%
Dividend per Share	[3]	$ 0.47
Subsequent Event [Member] | 6.375% Series I Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate		6.375%
Dividend per Share	[3]	$ 0.40
Subsequent Event [Member] | 6.3% Series J Preferred Shares [Member]
Subsequent Event [Line Items]
Dividend rate		6.30%
Dividend per Share	[3],[4]	$ 0.22
[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.
[4]	Partial dividend for newly issued preferred shares.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) $ in Thousands	Jul. 14, 2016	Jul. 08, 2016	Sep. 30, 2016
Indianapolis Marriott Downtown [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Productive Assets	$ 165,000
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes			$ 104,000
Mezzanine Loan [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Notes Receivable		$ 80,000