Lasalle Hotel Properties (LHO) 10-K 22 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 15, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
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
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		113,077,441
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in hotel properties, net (Note 3)	$ 3,672,209	$ 3,817,676
Note receivable (Note 3)	0	80,000
Property under development (Note 3)	21,078	54,066
Assets held for sale (Note 13)	23,283	0
Cash and cash equivalents	134,652	5,700
Restricted cash reserves (Note 5)	15,035	26,443
Hotel receivables (net of allowance for doubtful accounts of $279 and $355, respectively)	35,403	39,038
Debt issuance costs for borrowings under credit facilities, net	1,699	3,347
Deferred tax assets (Note 9)	1,902	3,566
Prepaid expenses and other assets	38,818	39,510
Total assets	3,944,079	4,069,346
Liabilities:
Borrowings under credit facilities (Note 4)	0	21,000
Term loans, net of unamortized debt issuance costs (Note 4)	852,758	852,203
Bonds payable, net of unamortized debt issuance costs (Note 4)	42,455	42,316
Mortgage loans, net of unamortized debt issuance costs (Note 4)	223,494	508,804
Accounts payable and accrued expenses	171,965	181,854
Liabilities of assets held for sale (Note 13)	247	0
Advance deposits	33,232	28,471
Accrued interest	2,209	3,276
Distributions payable	56,360	53,939
Total liabilities	1,382,720	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 113,088,074 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)	(739)	(4,798)
Additional paid-in capital, net of offering costs of $85,223 and $80,205, respectively	2,830,740	2,684,010
Accumulated other comprehensive income (loss) (Note 4)	2,365	(97)
Distributions in excess of retained earnings	(275,564)	(306,051)
Total shareholders’ equity	2,558,065	2,374,267
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	17	18
Noncontrolling interests of common units in Operating Partnership (Note 6)	3,277	3,198
Total noncontrolling interests	3,294	3,216
Total equity	2,561,359	2,377,483
Total liabilities and equity	$ 3,944,079	$ 4,069,346

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 279	$ 355
Preferred shares of beneficial interest, par value (in dollars 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 (in dollars 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	113,088,074	112,959,547
Offering costs	$ 85,223	$ 80,205

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Hotel operating revenues:
Room	$ 867,882	$ 849,523	$ 773,801
Food and beverage	259,658	274,286	253,656
Other operating department	93,072	84,782	74,000
Total hotel operating revenues	1,220,612	1,208,591	1,101,457
Other income	7,007	7,993	8,321
Total revenues	1,227,619	1,216,584	1,109,778
Hotel operating expenses:
Room	226,349	215,944	196,952
Food and beverage	179,637	190,069	183,530
Other direct	16,978	17,514	23,800
Other indirect (Note 8)	305,265	301,004	264,508
Total hotel operating expenses	728,229	724,531	668,790
Depreciation and amortization	192,322	180,855	155,035
Real estate taxes, personal property taxes and insurance	63,406	65,438	57,805
Ground rent (Note 5)	16,187	16,076	14,667
General and administrative	26,529	25,197	23,832
Acquisition transaction costs (Note 3)	0	499	2,379
Other expenses	6,283	17,225	7,369
Total operating expenses	1,032,956	1,029,821	929,877
Operating income	194,663	186,763	179,901
Interest income	3,553	2,938	1,812
Interest expense	(43,775)	(54,333)	(56,628)
Loss from extinguishment of debt (Note 4)	0	(831)	(2,487)
Income before income tax (expense) benefit	154,441	134,537	122,598
Income tax (expense) benefit (Note 9)	(5,784)	1,292	(2,306)
Income before net gain on sale of properties and sale of note receivable	148,657	135,829	120,292
Net gain on sale of properties and sale of note receivable (Note 3)	104,478	0	93,205
Net income	253,135	135,829	213,497
Net income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(17)	(16)	(16)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(337)	(261)	(636)
Net income attributable to noncontrolling interests	(354)	(277)	(652)
Net income attributable to the Company	252,781	135,552	212,845
Distributions to preferred shareholders	(18,206)	(12,169)	(14,333)
Issuance costs of redeemed preferred shares (Note 6)	0	0	(951)
Net income attributable to common shareholders	$ 234,575	$ 123,383	$ 197,561
Earnings per Common Share - Basic (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 2.07	$ 1.09	$ 1.89
Earnings per Common Share - Diluted (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 2.07	$ 1.09	$ 1.88
Weighted average number of common shares outstanding:
Basic (in shares)	112,791,839	112,685,235	104,188,785
Diluted (in shares)	113,164,599	113,096,420	104,545,895
Comprehensive Income:
Net income	$ 253,135	$ 135,829	$ 213,497
Other comprehensive income:
Unrealized loss on interest rate derivative instruments (Note 4)	(4,160)	(5,682)	(8,276)
Reclassification adjustment for amounts recognized in net income (Note 4)	6,625	4,835	4,410
Comprehensive income	255,600	134,982	209,631
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(17)	(16)	(16)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(340)	(259)	(625)
Comprehensive income attributable to noncontrolling interests	(357)	(275)	(641)
Comprehensive income attributable to the Company	$ 255,243	$ 134,707	$ 208,990

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders' Equity	Preferred Shares of Beneficial Interest	Common Shares of Beneficial Interest	Treasury Shares	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Distributions in Excess of Retained Earnings	Total Noncontrolling Interests	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests of Common Units in Operating Partnership
Balance, Beginning of year at Dec. 31, 2013	$ 2,109,463	$ 2,103,391	$ 95	$ 1,039	$ (14)	$ 2,379,246	$ 4,603	$ (281,578)	$ 6,072	$ 18	$ 6,054
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	349,075	349,075	0	88	0	348,987	0	0	0	0	0
Redemption of preferred shares	(58,731)	(58,731)	(23)	0	0	(57,757)	0	(951)	0	0	0
Repurchase of common shares into treasury	(2,936)	(2,936)	0	0	(2,936)	0	0	0	0	0	0
Deferred compensation, net	6,621	6,621	0	0	2,812	3,809	0	0	0	0	0
Adjustments to noncontrolling interests	0	(397)	0	0	0	(397)	0	0	397	0	397
Distributions on earned shares from share awards with market conditions	(314)	(314)	0	0	0	0	0	(314)	0	0	0
Distributions on common shares/units (in dollars per share) ($1.41, $1.73 and $1.80 per share/unit, respectively)	(150,073)	(149,657)	0	0	0	0	0	(149,657)	(416)	0	(416)
Distributions on preferred shares	(14,350)	(14,333)	0	0	0	0	0	(14,333)	(17)	(17)	0
Net income	213,497	212,845	0	0	0	0	0	212,845	652	16	636
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(8,276)	(8,252)	0	0	0	0	(8,252)	0	(24)	0	(24)
Reclassification adjustment for amounts recognized in net income	4,410	4,397	0	0	0	0	4,397	0	13	0	13
Balance, End 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	1,795	1,795	0	2	955	838	0	0	0	0	0
Repurchase of common shares into treasury	(7,424)	(7,424)	0	0	(7,424)	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	7,681	7,681	0	0	1,809	5,872	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 (in dollars per share) ($1.41, $1.73 and $1.80 per share/unit, respectively)	(195,419)	(195,112)	0	0	0	0	0	(195,112)	(307)	0	(307)
Distributions on preferred shares	(12,184)	(12,169)	0	0	0	0	0	(12,169)	(15)	(15)	0
Net income	135,829	135,552	0	0	0	0	0	135,552	277	16	261
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(5,682)	(5,668)	0	0	0	0	(5,668)	0	(14)	0	(14)
Reclassification adjustment for amounts recognized in net income	4,835	4,823	0	0	0	0	4,823	0	12	0	12
Balance, End 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	145,462	145,462	60	0	3,196	142,206	0	0	0	0	0
Repurchase of common shares into treasury	(2,145)	(2,145)	0	0	(2,145)	0	0	0	0	0	0
Deferred compensation, net	7,532	7,532	0	0	3,008	4,524	0	0	0	0	0
Distributions on earned shares from share awards with market conditions	(365)	(365)	0	0	0	0	0	(365)	0	0	0
Distributions on common shares/units (in dollars per share) ($1.41, $1.73 and $1.80 per share/unit, respectively)	(203,984)	(203,723)	0	0	0	0	0	(203,723)	(261)	0	(261)
Distributions on preferred shares	(18,224)	(18,206)	0	0	0	0	0	(18,206)	(18)	(18)	0
Net income	253,135	252,781	0	0	0	0	0	252,781	354	17	337
Other comprehensive income:
Unrealized loss on interest rate derivative instruments	(4,160)	(4,155)	0	0	0	0	(4,155)	0	(5)	0	(5)
Reclassification adjustment for amounts recognized in net income	6,625	6,617	0	0	0	0	6,617	0	8	0	8
Balance, End of year at Dec. 31, 2016	$ 2,561,359	$ 2,558,065	$ 132	$ 1,131	$ (739)	$ 2,830,740	$ 2,365	$ (275,564)	$ 3,294	$ 17	$ 3,277

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Distributions on common shares/units (in dollars per share)	$ 1.80	$ 1.73	$ 1.41

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 253,135	$ 135,829	$ 213,497
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	192,322	180,855	155,035
Amortization of debt issuance costs, mortgage premium and note receivable discount	3,359	2,631	1,142
Loss from extinguishment of debt	0	831	2,487
Net gain on sale of properties and sale of note receivable	(104,478)	0	(93,205)
Amortization of deferred compensation	7,532	7,681	6,621
Deferred income tax expense (benefit)	1,664	(1,734)	(335)
Allowance for doubtful accounts	(76)	55	(44)
Other	221	466	404
Changes in assets and liabilities:
Restricted cash reserves	3,079	2,332	(912)
Hotel receivables	417	(7,384)	(177)
Prepaid expenses and other assets	(1,448)	(4,965)	(940)
Accounts payable and accrued expenses	(174)	14,416	(1,581)
Advance deposits	4,765	6,959	1,343
Accrued interest	(1,067)	(453)	(99)
Net cash provided by operating activities	359,251	337,519	283,236
Cash flows from investing activities:
Additions to properties	(88,437)	(129,963)	(97,526)
Improvements to properties	(14,082)	(12,965)	(4,583)
Acquisition of properties	0	(439,157)	(191,111)
Deposit on acquisition	0	25,000	(25,000)
Purchase of office furniture and equipment	(37)	(143)	(799)
Acquisition of note receivable	0	(80,000)	0
Repayment of note receivable	0	0	72,000
Proceeds from sale of note receivable	79,712	0	0
Restricted cash reserves	8,329	(7,205)	(934)
Proceeds from sale of properties	166,665	0	167,838
Property insurance proceeds	2,004	2,431	2,114
Net cash provided by (used in) investing activities	154,154	(642,002)	(78,001)
Cash flows from financing activities:
Borrowings under credit facilities	431,496	830,807	537,828
Repayments under credit facilities	(452,496)	(809,807)	(758,434)
Borrowings on term loan	0	555,000	0
Repayments of term loan	0	(177,500)	0
Proceeds from mortgage loan	0	225,000	0
Repayments of mortgage loans	(286,294)	(214,796)	(13,325)
Payment of debt issuance costs	(33)	(5,716)	(5,170)
Purchase of treasury shares	(2,145)	(7,424)	(2,936)
Proceeds from issuance of preferred shares	150,000	0	0
Payment of preferred offering costs	(4,922)	0	0
Proceeds from issuance of common shares	0	0	352,222
Payment of common offering costs	(96)	(251)	(3,557)
Distributions on earned shares from share awards with market conditions	(365)	(334)	(314)
Redemption of preferred shares	0	0	(58,722)
Distributions on preferred shares	(15,861)	(12,184)	(15,413)
Distributions on common shares/units	(203,737)	(186,743)	(136,671)
Net cash (used in) provided by financing activities	(384,453)	196,052	(104,492)
Net change in cash and cash equivalents	128,952	(108,431)	100,743
Cash and cash equivalents, beginning of year	5,700	114,131	13,388
Cash and cash equivalents, end of year	$ 134,652	$ 5,700	$ 114,131

Organization

Organization	12 Months Ended
	Dec. 31, 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 (“TRS”), is subject to taxation at normal corporate rates. As of December 31, 2016 , the Company owned interests in 46 hotels with approximately 11,450 guest rooms located in nine 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 2017 and December 2019 . 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 December 31, 2016 . The remaining 0.1% is held by limited partners who held 145,223 common units of the Operating Partnership at December 31, 2016 . See Note 6 for additional disclosures related to common units of the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 U.S. generally accepted accounting principles (“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. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company’s financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations. 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. The Company reviews each hotel for impairment at the end of each reporting period or as events and circumstances dictate throughout the year. A property is considered impaired when the sum of estimated future undiscounted cash flows over the estimated remaining holding period is less than the carrying amount of a property. At the end of each reporting period, the Company assesses whether any quantitative or qualitative triggering events have occurred in relation to a property. Examples of situations considered to be triggering events include: • a substantial decline in operating cash flows during the period, including declines related to decreased occupancy, average daily rate or revenue per available room; • a current or projected loss from operations; • a significant cost accumulation above the original acquisition/development estimate; • a change in plan to sell the property prior to the end of its useful life or holding period; • a significant decrease in market price not in line with general market trends; and • any other quantitative or qualitative events deemed significant by the Company’s management or the Company’s Board of Trustees. If the presence of one or more triggering events as described above is identified at the end of a reporting period or throughout the year with respect to a hotel, the Company performs a recoverability test. In doing so, an estimate of undiscounted future cash flows over the estimated remaining holding period is compared to the carrying amount of the hotel. Impairment is indicated if the results of a recoverability analysis indicate that the carrying amount of a hotel exceeds the estimated future undiscounted cash flows. An impairment charge is recorded equal to the excess of the carrying value of the hotel over the fair value. When determining the fair value of a property, the Company makes certain assumptions including, but not limited to, consideration of: • projected operating cash flows – considering factors such as booking pace, growth rates, occupancy, room rates, property-specific operating costs and future capital expenditures; • projected cash flows from the eventual disposition of the hotel based upon the Company’s estimation of a property-specific capitalization rate; • property-specific discount rates; and • comparable selling prices. The Company considers a hotel as held for sale when a contract for sale is entered into, a substantial nonrefundable deposit has been received from the purchaser and sale is expected to occur within one year. Upon sale of a hotel, the Company determines its profit from the sale under the full accrual method provided the following applicable criteria are met: a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have a substantial continuing involvement with the property. If all of these conditions are met, the Company will recognize the full profit on the sale. Intangible Assets The Company does not amortize intangible assets with indefinite useful lives. Non-amortizable intangible assets are reviewed annually for impairment and more frequently if events or circumstances indicate that the assets may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset. As of December 31, 2016 and 2015 , the Company did not have amortizable intangible assets or any value attributed to such non-amortizable intangible assets in the accompanying consolidated balance sheets. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. Cash and Cash Equivalents All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Restricted Cash Reserves The Company classifies certain cash balances as restricted cash reserves, including (i) reserve funds relating to the hotels with leases or operating agreements requiring the Company to maintain restricted cash to fund future capital expenditures, (ii) cash deposited in mortgage escrow accounts pursuant to mortgage obligations to pre-fund a portion of certain operating expenses and debt payments and (iii) cash held by insurance and management companies on the Company’s behalf to be refunded or applied to future liabilities. Debt Issuance Costs Issuance costs related to long-term debt are recorded at cost and are amortized as interest expense over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The debt issuance costs, net associated with the revolving credit facilities are included in assets and the other debt issuance costs, net are included with the applicable debt instrument. Accumulated amortization at December 31, 2016 and 2015 was $7,642 and $5,109 , respectively. Revenue Recognition The Company recognizes hotel operating revenues on an accrual basis consistent with hotel operations. For retail operations, revenue is recognized on a straight line basis over the lives of the retail leases. Revenue from retail operations is included in other income in the accompanying consolidated statements of operations and comprehensive income. Refer to “Recently Issued Accounting Pronouncements” below for further discussion of revenue recognition. Participating Leases The participating leases have non-cancelable terms of three years (from commencement), subject to earlier termination upon the occurrence of certain contingencies, as defined. Each participating lease requires LHL to pay the Operating Partnership or subsidiary the greater of (i) base rent in a fixed amount or (ii) participating rent based on certain percentages of room revenue, food and beverage revenue, telephone revenue and other revenue at the applicable hotel. Participating rent applicable to room and other hotel revenues varies by lease and is calculated by multiplying fixed percentages by the total amounts of such revenues over specified quarterly threshold amounts. Both the base rent and the participating rent thresholds used in computing percentage rents applicable to room and other hotel revenues, including food and beverage revenues, are subject to annual adjustments based on increases in the United States Consumer Price Index published by the Bureau of Labor Statistics of the United States of America Department of Labor, U.S. City Average, Urban Wage Earners and Clerical Workers. Lease revenue from LHL is eliminated in consolidation. Share-Based Compensation From time to time, the Company awards shares under the 2014 Equity Incentive Plan, as amended (“2014 Plan”), which has approximately seven 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 December 31, 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 the Financial Accounting Standards Board (“FASB”) 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. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 1998. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company’s current intention to adhere to these requirements and maintain the Company’s qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its net income that is currently distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through a TRS is subject to federal, state and local income taxes. As a wholly owned TRS of the Company, LHL is required to pay income taxes at the applicable federal, state and local rates. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The Company’s deferred tax assets balance consists primarily of net operating loss carryforwards (see Note 9). Earnings per Common Share Basic earnings per common share is based on the weighted average number of common shares of beneficial interest outstanding during the year excluding the weighted average number of unvested restricted shares (“participating securities” as defined in Note 11). The basic earnings per share calculation excludes the effect of such participating securities. Diluted earnings per common share is based on the basic weighted average number of common shares of beneficial interest outstanding plus the effect of in-the-money stock options and compensation-related shares. Any anti-dilutive shares are excluded from the diluted earnings per share calculation. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2016 , 2015 and 2014 , comprehensive income was $255,600 , $134,982 and $209,631 , respectively. As of December 31, 2016 , the Company’s accumulated other comprehensive income was $2,365 and, as of December 31, 2015 , the Company’s accumulated other comprehensive loss was $97 . 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 FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , 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 by working with its hotel operators to analyze its revenue streams and to update its accounting policies. The Company continues to evaluate each of its revenue streams under the new model and because of the short-term, day-to-day nature of the Company’s hotel revenues the pattern of revenue recognition is not expected to change significantly. Additionally, the Company has historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, and therefore, does not expect ASU No. 2014-09 to significantly impact the recognition of hotel sales. The Company does not believe ASU No. 2014-09 will have a material impact on its consolidated financial statements and related disclosures and will adopt the new standard on its effective date of January 1, 2018 under the cumulative effect transition method. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): 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 sheets. 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. The Company is analyzing its current ground lease obligations and anticipates recording assets and liabilities on its consolidated balance sheets associated with the ground lease obligations under ASU No. 2016-02. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): 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 early adopted this standard on July 1, 2016 and it did not have an effect on the Company’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which requires companies to measure credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for the first annual period beginning after December 15, 2019 , including interim periods within those periods . The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for the first annual reporting period beginning after December 15, 2017. The Company is evaluating the effect that ASU No. 2016-15 will have on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This standard will be effective for the first annual period beginning after December 15, 2017 , including interim periods within those periods . Early adoption is permitted. The Company is evaluating the effect that ASU 2016-18 will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business and adds further guidance in evaluating whether a transaction should be accounted for as an acquisition of an asset or a business. This standard will be effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company is evaluating the effect that ASU No. 2017-01 will have on its consolidated financial statements and related disclosures. The Company does not anticipate a material impact and intends to adopt this standard on January 1, 2017. Reclassification Certain amounts in the 2014 and 2015 financial statements have been reclassified to conform with the 2016 presentation.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2016 and 2015 consists of the following: December 31, 2016 December 31, 2015 Land $ 727,176 $ 731,796 Buildings and improvements 3,531,280 3,613,724 Furniture, fixtures and equipment 769,671 701,742 Investment in hotel properties, gross 5,028,127 5,047,262 Accumulated depreciation (1,355,918 ) (1,229,586 ) Investment in hotel properties, net $ 3,672,209 $ 3,817,676 The above table excludes Hotel Deca as the property qualified as held for sale as of December 31, 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 January 19, 2017, the Company sold Hotel Deca for $55,000 (see Note 13). As of December 31, 2016 and 2015 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $26,230 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 $191,791 , $180,346 and $154,585 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The December 31, 2016 balance of investment in hotel properties excludes $21,078 classified as property under development primarily at Chamberlain West Hollywood, Embassy Suites Philadelphia - Center City, Harbor Court Hotel, Hilton San Diego Gaslamp Quarter, Hotel Chicago, San Diego Paradise Point Resort and Spa and Southernmost Beach Resort Key West. The December 31, 2015 balance of investment in hotel properties excludes $54,066 classified as property under development primarily at Chaminade Resort and Conference Center, Hotel Palomar, Washington, DC, Lansdowne Resort, Mason & Rook Hotel, The Liberty Hotel and Westin Michigan Avenue. Property under development consists of costs associated with rooms, lobby or outlets that are currently under renovation. Interest, real estate taxes and insurance costs incurred during the renovation or development period are capitalized and depreciated over the lives of the renovated or developed assets. Capitalized interest for the years ended December 31, 2016 , 2015 and 2014 was $398 , $902 and $400 , respectively. The hotels owned as of December 31, 2016 are located in California ( 19 ), the District of Columbia ( nine ), Florida ( two ), Illinois ( two ), Massachusetts ( four ), New York ( four ), Oregon ( one ), Pennsylvania ( two ), Virginia ( one ) and Washington state ( two ). Investment in Joint Venture The Company holds a 99.99% controlling interest in The Liberty Hotel. Since the Company holds a controlling interest, the accounts of the joint venture have been included in the accompanying consolidated financial statements. The 0.01% interest of the outside partner is included in noncontrolling interests in consolidated entities in the accompanying consolidated balance sheets. Acquisitions During 2014, 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 year ended December 31, 2014 Hotel Vitale April 2, 2014 200 San Francisco, CA $ 130,000 Two Roads Hospitality $ 1,864 The Heathman Hotel December 18, 2014 150 Portland, OR 64,325 Provenance Hotels 328 Total for 2014 Acquisitions $ 194,325 $ 2,192 Land purchase (adjacent to Onyx Hotel) 64 Park Central San Francisco (1) 123 Total $ 2,379 (1) On January 23, 2015, the Company acquired Park Central San Francisco. The source of the funding for the April 2, 2014 acquisition was borrowings under the Company’s senior unsecured credit facility. The source of funding for the December 18, 2014 acquisition was cash on hand. Total revenues and net income from the hotels acquired during 2014 of $27,988 and $2,018 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. On April 30, 2014, the Company acquired a parcel of land located adjacent to the Company’s Onyx Hotel in Boston, MA for $2,500 . The land is available for future use. During 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 year ended December 31, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels 214 Total for 2015 Acquisitions $ 446,250 444 Mezzanine Loan (1) 55 Total $ 499 (1) See “Note Receivable” below. The sources of the funding for the January 23, 2015 acquisition were cash on hand and borrowings under the Company’s senior unsecured credit facility. The source of funding for the March 16, 2015 acquisition was borrowings under the Company’s senior unsecured credit facility. Total revenues and net income from the hotels acquired during 2015 of $82,884 and $11,705 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. Dispositions On June 17, 2014, the Company sold Hilton Alexandria Old Town for $93,380 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $43,548 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. The sale of the property was recorded on the full accrual method. On September 10, 2014, the Company sold Hotel Viking for $77,000 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $49,657 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. The sale of the property was recorded on the full accrual method. In conjunction with the sale of Hotel Viking, the Company executed a reverse 1031 exchange with Hotel Vitale, which was purchased on April 2, 2014. The reverse 1031 exchange has no effect on the Company’s GAAP financial reporting and does not have a material impact on the Company’s tax positions and expected tax expense. On July 14, 2016, the Company sold Indianapolis Marriott Downtown for $165,000 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $104,766 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2016. The sale of the property was recorded on the full accrual method. 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. On January 19, 2017, the Company sold Hotel Deca for $55,000 . Substantially all of the assets held for sale consist of investment in hotel properties, net and immaterial prepaid expenses and other assets and the liabilities of assets held for sale consist of accounts payable and accrued expenses. The Company will recognize a gain in the first quarter of 2017 of approximately $30,500 related to the sale of this property (see Note 13). This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. 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% .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. On July 8, 2016, the Company sold the Mezzanine Loan at face value for $80,000 less costs associated with the sale of $288 , which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2016. The proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility. 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 year ended December 31, 2016 2015 2014 General and administrative $ 103,993 $ 101,397 $ 87,210 Sales and marketing 75,212 73,654 61,249 Repairs and maintenance 39,309 39,521 37,169 Management and incentive fees 40,064 39,686 36,463 Utilities and insurance 33,109 34,427 32,296 Franchise fees 10,396 9,836 8,346 Other expenses 3,182 2,483 1,775 Total other indirect expenses $ 305,265 $ 301,004 $ 264,508 As of December 31, 2016 , LHL leased all 46 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, DC 21. Hotel Madera Washington, DC 22. Hotel Palomar, Washington, DC Washington, DC 23. Hotel Rouge Washington, DC 24. Mason & Rook Hotel Washington, DC 25. Sofitel Washington, DC Lafayette Square Washington, DC 26. The Donovan Washington, DC 27. The Liaison Capitol Hill Washington, DC 28. Topaz Hotel Washington, DC 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. Hyatt Regency Boston Harbor Boston, MA 34. Onyx Hotel Boston, MA 35. The Liberty Hotel Boston, MA 36. Westin Copley Place Boston, MA 37. Gild Hall New York, NY 38. The Roger New York, NY 39. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 40. WestHouse Hotel New York New York, NY 41. The Heathman Hotel Portland, OR 42. Embassy Suites Philadelphia - Center City Philadelphia, PA 43. Westin Philadelphia Philadelphia, PA 44. Lansdowne Resort Lansdowne,VA 45. Alexis Hotel Seattle, WA 46. Hotel Deca (1) Seattle, WA (1) Property sold on January 19, 2017 (see Note 13).

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt Summary Debt as of December 31, 2016 and December 31, 2015 consisted of the following: Balance Outstanding as of Debt Interest Maturity December 31, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2018 (a) $ 0 $ 21,000 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 0 21,000 Term loans First Term Loan Floating/Fixed (c) January 2019 (c) 300,000 300,000 Second Term Loan Floating/Fixed (c) January 2021 (c) 555,000 555,000 Debt issuance costs, net (2,242 ) (2,797 ) Total term loans, net of unamortized debt issuance costs 852,758 852,203 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 (45 ) (184 ) Total bonds payable, net of unamortized debt issuance costs 42,455 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 (g) 225,000 225,000 Debt issuance costs, net (1,506 ) (2,490 ) Total mortgage loans, net of unamortized debt issuance costs 223,494 508,804 Total debt $ 1,118,707 $ 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. There were no borrowings outstanding at December 31, 2016 . 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. On January 10, 2017, the Company refinanced its senior unsecured credit facility resulting in a new maturity date of January 8, 2021, subject to two six -month extension options, pursuant to certain terms and conditions. (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 December 31, 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. On January 10, 2017, LHL refinanced its unsecured credit facility resulting in a new maturity date of January 10, 2021, subject to two six -month extension options, pursuant to certain terms and conditions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rates for the First Term Loan (as defined below) and the Second Term Loan (as defined below). At December 31, 2016 and 2015 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At December 31, 2016 and 2015 , the fixed all-in interest rates for the First Term Loan and Second Term Loan were 2.38% and 2.95% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). On January 10, 2017, the Company refinanced its First Term Loan resulting in a new maturity date of January 10, 2022. On January 10, 2017, the Company amended and restated its Second Term Loan to match the financial and other covenants in its refinanced First Term Loan and senior unsecured credit facility. There were no changes to the maturity date. (d) The Massport Bonds are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) that were extended to September 2017. The letters of credit have two one -year extension options, one of which was exercised in July 2016, 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 December 31, 2016 were 0.75% and 0.76% 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 December 31, 2016 was LIBOR plus 1.75% , which equaled 2.46% . 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, subject to certain terms and conditions. Future scheduled debt principal payments as of December 31, 2016 are as follows: 2017 $ 0 2018 267,500 2019 300,000 2020 0 2021 555,000 Total debt $ 1,122,500 A summary of the Company’s interest expense and weighted average interest rates for unswapped variable rate debt for the years ended December 31, 2016 , 2015 and 2014 is as follows: For the year ended December 31, 2016 2015 2014 Interest Expense: Interest incurred $ 40,814 $ 52,604 $ 54,859 Amortization of debt issuance costs 3,359 2,631 2,169 Capitalized interest (398 ) (902 ) (400 ) Interest expense $ 43,775 $ 54,333 $ 56,628 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility 2.14 % 1.89 % 1.86 % LHL unsecured credit facility 2.13 % 1.89 % 1.86 % Massport Bonds 0.44 % 0.06 % 0.35 % Mortgage loan (Westin Copley Place) 2.23 % 2.19 % 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 of 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 10, 2017, the Company refinanced its senior unsecured credit facility (see Note 13). 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. On January 10, 2017, LHL refinanced its unsecured revolving credit facility (see Note 13). The Company’s senior unsecured credit facility and LHL’s unsecured credit facility contain certain financial and other covenants, including covenants relating to net worth requirements, debt ratios and fixed charge coverage ratios. In addition, pursuant to the terms of the agreements, if a default or event of default occurs or is continuing, the Company may be precluded from paying certain distributions or other payments to its shareholders. The Company and certain of its subsidiaries guarantee the obligations under the Company’s senior unsecured credit facility. While the senior unsecured credit facility does not initially include any pledges of equity interests in the Company’s subsidiaries, in connection with the January 10, 2017 refinancing, such pledges and additional subsidiary guarantees would be required in the event that the Company’s leverage ratio later exceeds 6.50 : 1.00 for two consecutive fiscal quarters. In the event that such pledge and guarantee requirement is triggered, the pledges and additional guarantees would ratably benefit the Company’s senior unsecured credit facility, the First Term Loan and the Second Term Loan. If at any time the Company’s leverage ratio falls below 6.50 : 1.00 for two consecutive fiscal quarters, such pledges and additional guarantees may be released. Term Loans On May 16, 2012, the Company entered into a $177,500 unsecured term loan (the “Repaid Term Loan”) with a seven -year term maturing on May 16, 2019. The Repaid Term Loan bore interest at variable rates. On November 5, 2015, the Company repaid the Repaid Term Loan. On January 8, 2014, the Company refinanced its $300,000 unsecured term loan (the “First Term Loan”). The First Term Loan includes an accordion feature, which subject to certain conditions, entitles the Company to request additional lender commitments, allowing for total commitments of up to $500,000 . The First Term Loan has a five -year term maturing on January 8, 2019 and bears interest at variable rates. On January 10, 2017, the Company refinanced its First Term Loan (see Note 13). On November 5, 2015, the Company entered into a $555,000 unsecured term loan (the “Second Term Loan”) with a five -year term maturing on January 29, 2021. 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 of up to $700,000 . The Second Term Loan bears interest at variable rates. On January 10, 2017, the Company amended its Second Term Loan (see Note 13). The Company’s term loans contain certain financial and other covenants, including covenants relating to net worth requirements, debt ratios and fixed charge coverage ratios. In addition, pursuant to the terms of the agreements, if a default or event of default occurs or is continuing, the Company may be precluded from paying certain distributions or other payments to its shareholders. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its term loans (see “Derivative and Hedging Activities” below). The Company and certain of its subsidiaries guarantee the obligations under the Company’s term loans. While the term loans do not initially include any pledges of equity interests in the Company’s subsidiaries, in connection with the January 10, 2017 refinancing, such pledges and additional subsidiary guarantees would be required in the event that the Company’s leverage ratio later exceeds 6.50 : 1.00 for two consecutive fiscal quarters. In the event that such pledge and guarantee requirement is triggered, the pledges and additional guarantees would ratably benefit the Company’s senior unsecured credit facility, the First Term Loan and the Second Term Loan. If at any time the Company’s leverage ratio falls below 6.50 : 1.00 for two consecutive fiscal quarters, such pledges and additional guarantees may be released. 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) (“AOCI”) 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 August 2, 2012, the Company entered into five interest rate swap agreements with an aggregate notional amount of $300,000 to hedge the variable interest rate on the First 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 December 31, 2016 . As of December 31, 2016 , the Company has interest rate swaps with an aggregate notional amount of $555,000 to hedge the variable interest rate on the Second Term Loan and, as a result, the fixed all-in interest rate based on the Company’s current leverage ratio (as defined in the swap agreements) is 2.95% through May 16, 2019. From May 16, 2019 through the term of the Second Term Loan, the Company has interest rate swaps with an aggregate notional amount of $377,500 to hedge a portion of the variable interest rate debt on the Second Term Loan. 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 table presents 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 on outstanding derivative instruments in cash flow hedging relationships, for the years ended December 31, 2016 , 2015 and 2014 : Amount of Loss Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCI into Net Income Amount of Loss Reclassified from AOCI into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the year ended For the year ended December 31, December 31, 2016 2015 2014 2016 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,160 ) $ (5,682 ) $ (8,276 ) Interest expense $ 6,625 $ 4,835 $ 4,410 During the years ended December 31, 2016 , 2015 and 2014 , the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings. As of December 31, 2016 , there was $2,368 in cumulative unrealized gain of which $2,365 was included in AOCI and $3 was attributable to noncontrolling interests. As of December 31, 2015 , there was $97 in cumulative unrealized loss of which $97 was included in AOCI and zero was attributable to noncontrolling interests. The Company expects that approximately $4,890 will be reclassified from AOCI 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 December 31, 2016 . Bonds Payable The Company is the obligor with respect to a $37,100 tax-exempt special project revenue bond and a $5,400 taxable special project revenue bond, both issued by the Massachusetts Port Authority (collectively, the “Massport Bonds”). The Massport Bonds, which mature on March 1, 2018, bear interest based on weekly floating rates and have no principal reductions prior to their scheduled maturities. The Massport Bonds may be redeemed at any time, at the Company’s option, without penalty. The Massport Bonds are secured by letters of credit issued by U.S. Bank that were extended to September 30, 2017. The letters of credit have two one -year extension options, one of which was exercised in July 2016, that the Company may exercise at its option, subject to certain terms and conditions. The letters of credit cannot be extended beyond the Massport Bonds’ maturity date. The Company incurs an annual letter of credit fee of 1.35% . The letters of credit are secured by the Hyatt Regency Boston Harbor. If U.S. Bank fails to renew its letters of credit at expiration and an acceptable replacement provider cannot be found, the Company may be required to pay off the bonds. Extinguishment of Debt As discussed above, on January 8, 2014, the Company refinanced its senior unsecured credit facility and First Term Loan and LHL refinanced its unsecured revolving credit facility. The refinancing arrangements for the senior unsecured credit facility and First Term Loan were considered substantial modifications. The Company recognized a loss from extinguishment of debt of $2,487 , which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. As discussed above, on November 5, 2015, the Company repaid the Repaid Term Loan prior to maturity and recognized a loss from extinguishment of debt of $831 , which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. The loss from extinguishment of debt represents the unamortized deferred financing costs incurred when the original agreements were executed. Mortgage Loans The Company’s mortgage loans are secured by the respective properties. The mortgages are non-recourse to the Company except for fraud or misapplication of funds. On 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 financial and other 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 financial and other 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 December 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 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 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. 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 $1,890 , $1,943 and $1,820 for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is included in total ground rent expense. Total ground rent expense for the years ended December 31, 2016 , 2015 and 2014 was $16,187 , $16,076 and $14,667 , 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 December 31, 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: 2017 $ 13,052 2018 13,195 2019 13,172 2020 13,559 2021 13,713 Thereafter 587,067 $ 653,758 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 December 31, 2016 , $13,073 was available in restricted cash reserves for future capital expenditures. The Company has sufficient cash on hand and availability on its credit facilities to cover capital expenditures under agreements that do not require that the Company separately reserve cash. Restricted Cash Reserves At December 31, 2016 , the Company held $15,035 in restricted cash reserves. Included in such amounts are $13,073 of reserve funds for future capital expenditures and $1,962 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	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares of Beneficial Interest At December 31, 2016 and 2015 , there were 200,000,000 authorized common shares under the Company’s declaration of trust, as amended. On January 1, 2015, the Company issued 11,682 common shares of beneficial interest and authorized an additional 4,183 deferred shares to the independent members of its Board of Trustees for their 2014 compensation. These common shares of beneficial interest were issued under the 2014 Plan. Additionally, the Company issued 9,757 common shares of beneficial interest under the 2009 Plan, related to the resignation of a former trustee, for the second of five payouts of his accumulated deferred shares granted as compensation for years 1999 through 2013. On November 9, 2015, the Company issued 30,388 common shares of beneficial interest for the trustee’s remaining deferred share balance. These common shares of beneficial interest were issued under the 2009 Plan and 2014 Plan. On January 1, 2015, the Company issued 108,779 nonvested shares with service conditions to executives related to the nonvested share awards with market conditions granted on January 26, 2012 (see Note 7 for additional details including vesting information). These common shares of beneficial interest were issued under the 2009 Plan. On March 19, 2015, the Company issued 62,742 nonvested shares with service conditions to the Company’s executives and employees. The nonvested shares will vest in three annual installments starting January 1, 2016, subject to continued employment. These common shares of beneficial interest were issued under the 2014 Plan. On 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 a 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. On August 11, 2016, the Company issued 42,824 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. Common Dividends The Company paid the following dividends on common shares/units during the year ended December 31, 2016 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 $ 0.45 September 30, 2016 September 30, 2016 October 17, 2016 Treasury Shares Treasury shares are accounted for under the cost method. During the year ended December 31, 2016 , the Company received 96,601 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 December 31, 2016 , the Company had availability under the Repurchase Program to acquire up to $69,807 of common shares of beneficial interest. In February 2017, the Company’s Board of Trustees authorized an expansion of the Repurchase Program to acquire up to an additional $500,000 of the Company’s common shares of beneficial interest (see Note 13). 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 year ended December 31, 2016 , the Company re-issued 13,864 treasury shares related to earned 2015 compensation for the Board of Trustees, 100,438 treasury shares related to the earned share awards with market conditions and 110,826 treasury shares related to the grants of nonvested shares with service conditions. At December 31, 2016 , there were 27,368 common shares of beneficial interest in treasury. Preferred Shares At December 31, 2016 and 2015 , there were 40,000,000 authorized preferred shares under the Company’s declaration of trust, as amended. On July 3, 2014, the Company redeemed the remaining 2,348,888 7.25% Series G Cumulative Redeemable Preferred Shares (the “Series G Preferred Shares”) for $58,722 ( $25.00 per share) plus accrued and unpaid dividends through the redemption date, July 3, 2014, of $1,100 . The redemption value of the Series G Preferred Shares exceeded their carrying value by $951 , which is included in the determination of net income attributable to common shareholders for the year ended December 31, 2014. The $951 represents the offering costs related to the redeemed Series G Preferred Shares. On May 25, 2016, the Company issued 6,000,000 6.3% Series J Cumulative Redeemable Preferred Shares ( $0.01 par value) (the “Series J Preferred Shares”) at a price of $25.00 per share and received net proceeds, after deducting underwriting discounts and other offering costs, of $145,078 . The net proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility, and for general corporate purposes. The following Preferred Shares were outstanding as of December 31, 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 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) (i) the full cumulative distributions on the Series H Preferred Shares for the current and all past dividend periods and (ii) the full cumulative distributions on the Series I Preferred Shares and the Series J Preferred Shares for all past dividend periods . 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 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 commons shares and 12,842,400 common shares, respectively. Preferred Dividends The Company paid the following dividends on preferred shares during the year ended December 31, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 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 7.5% Series H $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 7.5% Series H $ 0.47 September 30, 2016 September 30, 2016 October 17, 2016 6.375% Series I $ 0.40 September 30, 2016 September 30, 2016 October 17, 2016 6.3% Series J $ 0.39 September 30, 2016 September 30, 2016 October 17, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares. 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 year ended December 31, 2016 2015 2014 Net income attributable to common shareholders $ 234,575 $ 123,383 $ 197,561 Increase (decrease) in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 0 14 (397 ) Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 234,575 $ 123,397 $ 197,164 There were no redemptions of common units of limited partnership interest held by limited partners of the Operating Partnership in 2016. As of December 31, 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 December 31, 2016 , approximately $4,425 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 $4,425 is based on the Company’s closing common share price of $30.47 on December 31, 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 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	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The 2014 Plan 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 December 31, 2016 , there were 2,663,994 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 shares with service conditions as of December 31, 2016 is as follows: Number of Weighted - Nonvested at January 1, 2016 228,835 $ 33.29 Granted 110,826 25.01 Vested (1) (90,191 ) 31.70 Forfeited (12,711 ) 27.41 Nonvested at December 31, 2016 (2) 236,759 $ 30.78 (1) Amount includes accelerated vesting of the former Chief Financial Officer’s shares. (2) Amount excludes 29,376 share awards with market conditions which were earned but nonvested due to a service condition as of December 31, 2016 . As of December 31, 2016 and 2015 , there were $2,798 and $3,914 , respectively, of total unrecognized compensation costs related to nonvested share awards with service conditions. As of December 31, 2016 and 2015 , these costs were expected to be recognized over a weighted–average period of 1.2 and 1.4 years, respectively. The total intrinsic value of shares vested (calculated as number of shares multiplied by vesting date share price) during the years ended December 31, 2016 , 2015 and 2014 was $2,256 , $3,152 and $5,602 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with service conditions that have been included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income were $3,002 , $3,323 and $3,055 for the years ended December 31, 2016 , 2015 and 2014 , 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 year ended December 31, 2016 . Nonvested Share Awards with Market or Performance Conditions On May 31, 2008, the Company’s Board of Trustees entered into three Performance-Based Share Agreements (the “Share Agreements”), awarding 125,000 nonvested share awards with market conditions, in 25,000 , 50,000 and 50,000 increments, of nonvested shares to an executive. The actual amounts of the shares awarded earned for each of the Share Agreements is based on the specified three -year performance measurement periods ending on July 1, 2011, 2014 and 2017, respectively. The actual amounts of the shares awarded are to range from 0% to 200% of the target amounts, depending on the performance analysis stipulated in the Share Agreements, and none of the shares are outstanding until issued in accordance with the Share Agreements. On July 1, 2014, the Company issued 59,778 shares to an executive who earned 119.6% of the 50,000 target number of shares from the nonvested share awards with market conditions granted on May 31, 2008. All of the shares earned, or 59,778 shares, vested immediately on July 1, 2014. The executive received a cash payment of $239 on the earned shares equal to the value of all dividends paid on common shares from May 31, 2008 until the determination date, July 1, 2014. As of July 1, 2014, the executive is entitled to receive dividends as declared and paid on the earned shares and to vote the shares. These common shares of beneficial interest were issued under the 2009 Plan. With respect to the remaining 50,000 shares with a performance measurement period ending on July 1, 2017, the fair value of these shares was estimated on July 1, 2014, the beginning of the performance measurement period. On January 24 and January 26, 2011, the Company’s Board of Trustees granted a target of 8,925 and 35,920 nonvested share awards with market conditions to executives, respectively. On January 1, 2014, the executives earned 79.5% of the target number of shares, or 35,652 shares. The shares representing the difference between 79.5% and 100% of the target, or 9,193 shares, were forfeited on January 1, 2014. Of the earned shares, 11,885 shares vested immediately on January 1, 2014, 11,884 shares vested on January 1, 2015 and the remaining 11,883 shares vested on January 1, 2016. The executives received cash payments of $75 on the earned shares equal to the value of all dividends paid on common shares from December 31, 2010 until the determination date, January 1, 2014. As of January 1, 2014, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares, including those shares subject to further vesting. On January 26, 2012, the Company’s Board of Trustees granted a target of 79,823 nonvested share awards with market conditions to executives (the “January 26, 2012 Awards”). On January 1, 2015, the executives earned 136.3% of their 79,823 target number of shares, or 108,779 shares. Of the shares earned, 36,261 and 36,260 shares vested on January 1, 2015 and January 1, 2016, respectively. On May 6, 2016, upon his termination, all of the former Chief Financial Officer’s 6,882 earned shares vested immediately. The remaining 29,376 earned shares will vest January 1, 2017 based on continued employment. The executives received a cash payment of $334 on the earned shares equal to the value of all dividends paid on common shares from January 1, 2012 until the determination date, January 1, 2015. As of January 1, 2015, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On 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 (the “January 30, 2013 Awards”). 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. On August 11, 2016, the executives earned 133.2% of their 32,117 remaining target shares exclusive of the 8,162 shares granted to the former Chief Financial Officer, or 42,824 shares, and all of the earned shares vested immediately. The executives also received a cash payment of $214 on the shares equal to the value of all dividends paid on common shares from January 1, 2013 until the determination date, August 11, 2016. As of August 11, 2016, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On March 20, 2014, the Company’s Board of Trustees granted a target of 57,385 nonvested share awards exclusive of the 14,582 shares granted to the former Chief Financial Officer, with either market or performance conditions to executives (the “March 20, 2014 Awards”). The actual amounts of the shares awarded with respect to 28,692 of the 57,385 shares will be determined on January 1, 2017, based on the performance measurement period of January 1, 2014 through December 31, 2016, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 28,693 of the 57,385 shares will be determined on July 1, 2017, based on the performance measurement period of July 1, 2014 through June 30, 2017, 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, 2017 and July 1, 2017, 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 28,692 shares, amortization commenced on March 20, 2014, the beginning of the requisite service period, and, with respect to 28,693 shares, amortization commenced on July 1, 2014, the beginning of the requisite service period. On March 19, 2015, the Company’s Board of Trustees granted a target of 49,225 nonvested share awards exclusive of the 12,435 shares granted to the former Chief Financial Officer, with either market or performance conditions to executives (the “March 19, 2015 Awards”). The actual amounts of the shares awarded with respect to 24,612 of the 49,225 shares will be determined on January 1, 2018, based on the performance measurement period of January 1, 2015 through December 31, 2017, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 24,613 of the 49,225 shares will be determined on July 1, 2018, based on the performance measurement period of July 1, 2015 through June 30, 2018, in accordance with the terms of the agreements. The actual amounts of the shares awarded will range from 0% to 200% of the target amounts, depending on the performance analysis stipulated in the agreements, and none of the shares are outstanding until issued in accordance with award agreements based on performance. After the actual amounts of the awards are determined (or earned) at the end of the respective performance measurement period, all of the earned shares will be issued and outstanding on those dates. The executives will receive cash payments on the earned shares equal to the value of all dividends paid on common shares from the grant date through the respective determination date. Such amounts will be paid to the awardees on or about January 1, 2018 and July 1, 2018, respectively. Thereafter, the executives will be entitled to receive dividends as declared and paid on the earned shares and to vote the shares. With respect to 24,612 shares, amortization commenced on March 19, 2015, the beginning of the requisite service period, and, with respect to 24,613 shares, amortization commenced on July 1, 2015, the beginning of the requisite service period. On March 18, 2016, the Company’s Board of Trustees granted a target of 77,565 nonvested share awards exclusive of the 19,610 shares granted to the former Chief Financial Officer, with either market or performance conditions to executives (the “March 18, 2016 Awards”). The actual amounts of the shares awarded with respect to 38,782 of the 77,565 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 38,783 of the 77,565 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 38,782 shares, amortization commenced on March 18, 2016, the beginning of the requisite service period, and, with respect to 38,783 shares, amortization commenced 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 awardee 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 commenced on July 1, 2016, the beginning of the requisite service period. The grant date fair values of the above described nonvested share awards with market conditions were determined by the Company using data under the Monte Carlo valuation method provided by a third-party consultant. The terms stipulated in the award agreements used to determine the total amount of the shares awarded for all awards granted prior to 2013 consist of the following three tranches: (1) a comparison of the Company’s “total return” (the increase in the market price of a Company’s common shares plus dividends declared thereon and assuming such dividends are reinvested as calculated by the FTSE NAREIT Equity Index) to the total return of the companies in the FTSE NAREIT Equity Index, (2) a comparison of the Company’s total return to the total returns of six companies in a designated peer group of the Company and (3) the Company’s actual performance as compared to a Board-established total return goal. For the awards granted in 2013 and after, the nonvested awards consist of three tranches in each performance measurement period described above. Two of the tranches in the award agreements are nonvested share awards with market conditions, consistent with tranches described in (2) and (3) above, and were valued on the grant date via the methodology described above using a third-party consultant. 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. As of December 31, 2016, a change in the Company’s estimate of probable outcome occurred for all the award tranches with performance conditions as the return on invested capital measurement assumptions (see below) was revised from 100% to 200% resulting in a cumulative adjustment to compensation cost. 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 % March 19, 2015 Awards (performance period starting January 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 29.25 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 40.69 33.30 % March 19, 2015 Awards (performance period starting July 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 31.86 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 41.00 33.30 % May 31, 2008 Awards (performance period starting July 1, 2014) Target amounts 33.30 % 0.90 % N/A N/A $ 32.57 20.00 % NAREIT index 33.30 % 0.90 % N/A 1.356 $ 39.26 40.00 % Peer companies 33.30 % 0.90 % N/A 0.908 $ 38.15 40.00 % March 20, 2014 Awards (performance period starting January 1, 2014) Target amounts 33.70 % 0.90 % N/A N/A $ 31.94 33.40 % Return on invested capital N/A N/A N/A N/A $ 31.82 33.30 % Peer companies 33.70 % 0.90 % N/A 0.938 $ 31.02 33.30 % March 20, 2014 Awards (performance period starting July 1, 2014) Target amounts 33.70 % 0.90 % N/A N/A $ 31.23 33.40 % Return on invested capital N/A N/A N/A N/A $ 31.82 33.30 % Peer companies 33.70 % 0.90 % N/A 0.938 $ 34.53 33.30 % January 30, 2013 Awards (performance period starting January 1, 2013) Target amounts 38.70 % 0.42 % N/A N/A $ 29.38 33.40 % Return on invested capital N/A N/A N/A N/A $ 27.20 33.30 % Peer companies 38.70 % 0.42 % N/A 0.864 $ 30.51 33.30 % January 30, 2013 Awards (performance period starting July 1, 2013) Target amounts 38.70 % 0.42 % N/A N/A $ 27.70 33.40 % Return on invested capital N/A N/A N/A N/A $ 27.20 33.30 % Peer companies 38.70 % 0.42 % N/A 0.864 $ 31.34 33.30 % January 26, 2012 Awards Target amounts 65.30 % 0.31 % N/A N/A $ 36.22 33.40 % NAREIT index 65.30 % 0.31 % N/A 1.370 $ 35.25 33.30 % Peer companies 65.30 % 0.31 % N/A 0.911 $ 35.33 33.30 % A summary of the Company’s restricted share awards with either market or performance conditions as of December 31, 2016 is as follows: Number of Weighted- Nonvested at January 1, 2016 348,587 $ 33.98 Granted (1)(2) 121,372 24.74 Vested (2) (155,463 ) 31.89 Forfeited (2) (38,313 ) 29.26 Nonvested at December 31, 2016 276,183 $ 27.36 (1) Amount includes an additional 10,707 shares issued on August 11, 2016 from the January 30, 2013 grant, which were earned in excess of the target amount. (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 December 31, 2016 and 2015 , there were $3,757 and $5,342 , respectively, of total unrecognized compensation costs related to restricted share awards with market or performance conditions. As of December 31, 2016 and 2015 , these costs were expected to be recognized over a weighted–average period of 1.8 and 1.7 years, respectively. As of December 31, 2016 and 2015 , there were 463,532 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 December 31, 2016 and 2015 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with market or performance conditions are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income were $3,896 , $4,360 and $3,567 for the years ended December 31, 2016 , 2015 and 2014 , 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 year ended December 31, 2016 . For the year ended December 31, 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. Board of Trustees’ Compensation The Company issues common shares of beneficial interest to the independent members of the Board of Trustees for at least half of their compensation in lieu of cash. The Trustees may elect to receive the remaining half in cash or additional common shares. All or a portion of the shares issued may be deferred. The Company issued an aggregate of 25,113 , 18,774 and 15,865 shares, including 9,103 , 4,910 and 4,183 deferred shares, related to the Trustees’ compensation for the years 2016 , 2015 and 2014 , respectively.

LHL

LHL	12 Months Ended
	Dec. 31, 2016
Real Estate Investment Trust, Operating Support [Abstract]
LHL	Investment in Hotel Properties Investment in hotel properties as of December 31, 2016 and 2015 consists of the following: December 31, 2016 December 31, 2015 Land $ 727,176 $ 731,796 Buildings and improvements 3,531,280 3,613,724 Furniture, fixtures and equipment 769,671 701,742 Investment in hotel properties, gross 5,028,127 5,047,262 Accumulated depreciation (1,355,918 ) (1,229,586 ) Investment in hotel properties, net $ 3,672,209 $ 3,817,676 The above table excludes Hotel Deca as the property qualified as held for sale as of December 31, 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 January 19, 2017, the Company sold Hotel Deca for $55,000 (see Note 13). As of December 31, 2016 and 2015 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $26,230 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 $191,791 , $180,346 and $154,585 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The December 31, 2016 balance of investment in hotel properties excludes $21,078 classified as property under development primarily at Chamberlain West Hollywood, Embassy Suites Philadelphia - Center City, Harbor Court Hotel, Hilton San Diego Gaslamp Quarter, Hotel Chicago, San Diego Paradise Point Resort and Spa and Southernmost Beach Resort Key West. The December 31, 2015 balance of investment in hotel properties excludes $54,066 classified as property under development primarily at Chaminade Resort and Conference Center, Hotel Palomar, Washington, DC, Lansdowne Resort, Mason & Rook Hotel, The Liberty Hotel and Westin Michigan Avenue. Property under development consists of costs associated with rooms, lobby or outlets that are currently under renovation. Interest, real estate taxes and insurance costs incurred during the renovation or development period are capitalized and depreciated over the lives of the renovated or developed assets. Capitalized interest for the years ended December 31, 2016 , 2015 and 2014 was $398 , $902 and $400 , respectively. The hotels owned as of December 31, 2016 are located in California ( 19 ), the District of Columbia ( nine ), Florida ( two ), Illinois ( two ), Massachusetts ( four ), New York ( four ), Oregon ( one ), Pennsylvania ( two ), Virginia ( one ) and Washington state ( two ). Investment in Joint Venture The Company holds a 99.99% controlling interest in The Liberty Hotel. Since the Company holds a controlling interest, the accounts of the joint venture have been included in the accompanying consolidated financial statements. The 0.01% interest of the outside partner is included in noncontrolling interests in consolidated entities in the accompanying consolidated balance sheets. Acquisitions During 2014, 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 year ended December 31, 2014 Hotel Vitale April 2, 2014 200 San Francisco, CA $ 130,000 Two Roads Hospitality $ 1,864 The Heathman Hotel December 18, 2014 150 Portland, OR 64,325 Provenance Hotels 328 Total for 2014 Acquisitions $ 194,325 $ 2,192 Land purchase (adjacent to Onyx Hotel) 64 Park Central San Francisco (1) 123 Total $ 2,379 (1) On January 23, 2015, the Company acquired Park Central San Francisco. The source of the funding for the April 2, 2014 acquisition was borrowings under the Company’s senior unsecured credit facility. The source of funding for the December 18, 2014 acquisition was cash on hand. Total revenues and net income from the hotels acquired during 2014 of $27,988 and $2,018 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. On April 30, 2014, the Company acquired a parcel of land located adjacent to the Company’s Onyx Hotel in Boston, MA for $2,500 . The land is available for future use. During 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 year ended December 31, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels 214 Total for 2015 Acquisitions $ 446,250 444 Mezzanine Loan (1) 55 Total $ 499 (1) See “Note Receivable” below. The sources of the funding for the January 23, 2015 acquisition were cash on hand and borrowings under the Company’s senior unsecured credit facility. The source of funding for the March 16, 2015 acquisition was borrowings under the Company’s senior unsecured credit facility. Total revenues and net income from the hotels acquired during 2015 of $82,884 and $11,705 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. Dispositions On June 17, 2014, the Company sold Hilton Alexandria Old Town for $93,380 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $43,548 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. The sale of the property was recorded on the full accrual method. On September 10, 2014, the Company sold Hotel Viking for $77,000 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $49,657 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2014. The sale of the property was recorded on the full accrual method. In conjunction with the sale of Hotel Viking, the Company executed a reverse 1031 exchange with Hotel Vitale, which was purchased on April 2, 2014. The reverse 1031 exchange has no effect on the Company’s GAAP financial reporting and does not have a material impact on the Company’s tax positions and expected tax expense. On July 14, 2016, the Company sold Indianapolis Marriott Downtown for $165,000 . This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. The Company recognized a gain of $104,766 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2016. The sale of the property was recorded on the full accrual method. 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. On January 19, 2017, the Company sold Hotel Deca for $55,000 . Substantially all of the assets held for sale consist of investment in hotel properties, net and immaterial prepaid expenses and other assets and the liabilities of assets held for sale consist of accounts payable and accrued expenses. The Company will recognize a gain in the first quarter of 2017 of approximately $30,500 related to the sale of this property (see Note 13). This sale does not represent a strategic shift in the Company’s business plan or primary markets, and therefore, does not qualify as discontinued operations. 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% .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. On July 8, 2016, the Company sold the Mezzanine Loan at face value for $80,000 less costs associated with the sale of $288 , which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2016. The proceeds were used to pay down amounts outstanding under the Company’s senior unsecured credit facility. 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 year ended December 31, 2016 2015 2014 General and administrative $ 103,993 $ 101,397 $ 87,210 Sales and marketing 75,212 73,654 61,249 Repairs and maintenance 39,309 39,521 37,169 Management and incentive fees 40,064 39,686 36,463 Utilities and insurance 33,109 34,427 32,296 Franchise fees 10,396 9,836 8,346 Other expenses 3,182 2,483 1,775 Total other indirect expenses $ 305,265 $ 301,004 $ 264,508 As of December 31, 2016 , LHL leased all 46 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, DC 21. Hotel Madera Washington, DC 22. Hotel Palomar, Washington, DC Washington, DC 23. Hotel Rouge Washington, DC 24. Mason & Rook Hotel Washington, DC 25. Sofitel Washington, DC Lafayette Square Washington, DC 26. The Donovan Washington, DC 27. The Liaison Capitol Hill Washington, DC 28. Topaz Hotel Washington, DC 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. Hyatt Regency Boston Harbor Boston, MA 34. Onyx Hotel Boston, MA 35. The Liberty Hotel Boston, MA 36. Westin Copley Place Boston, MA 37. Gild Hall New York, NY 38. The Roger New York, NY 39. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 40. WestHouse Hotel New York New York, NY 41. The Heathman Hotel Portland, OR 42. Embassy Suites Philadelphia - Center City Philadelphia, PA 43. Westin Philadelphia Philadelphia, PA 44. Lansdowne Resort Lansdowne,VA 45. Alexis Hotel Seattle, WA 46. Hotel Deca (1) Seattle, WA (1) Property sold on January 19, 2017 (see Note 13).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 1998. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company’s current intention to adhere to these requirements and maintain the Company’s qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its net income that is currently distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through a TRS is subject to federal, state and local income taxes. As a wholly owned TRS of the Company, LHL is required to pay income taxes at the applicable federal, state and local rates. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders of beneficial interest and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 $ % $ % $ % Common shares of beneficial interest Ordinary income $ 1.1631 62.26 % $ 1.6570 100.00 % $ 1.4556 100.00 % Capital gain 0.4550 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.2499 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.8680 100.00 % $ 1.6570 100.00 % $ 1.4556 100.00 % Preferred shares (Series G) (1) Ordinary income $ 0.0000 0.00 % $ 0.0000 0.00 % $ 1.3745 100.00 % Capital gain 0.0000 0.00 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.0000 0.00 % 0.0000 0.00 % 0.0000 0.00 % $ 0.0000 0.00 % $ 0.0000 0.00 % $ 1.3745 100.00 % Preferred shares (Series H) Ordinary income $ 1.4593 62.26 % $ 1.8750 100.00 % $ 1.8750 100.00 % Capital gain 0.5709 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.3136 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 2.3438 100.00 % $ 1.8750 100.00 % $ 1.8750 100.00 % Preferred shares (Series I) Ordinary income $ 1.2404 62.26 % $ 1.5938 100.00 % $ 1.5938 100.00 % Capital gain 0.4853 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.2665 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.9922 100.00 % $ 1.5938 100.00 % $ 1.5938 100.00 % Preferred shares (Series J) (2) Ordinary income $ 0.6265 62.26 % $ 0.0000 0.00 % $ 0.0000 0.00 % Capital gain 0.2451 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.1346 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.0062 100.00 % $ 0.0000 0.00 % $ 0.0000 0.00 % (1) On July 3, 2014, the Company redeemed its remaining Series G Preferred Shares (see Note 6). (2) On May 25, 2016, the Company issued the Series J Preferred Shares (see Note 6). The Company’s federal and state tax returns for the year ended December 31, 2016 have not been filed. The taxability information presented for the Company’s dividends paid in 2016 is based upon management’s estimate. Income tax expense (benefit) was comprised of the following for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 LHL’s income tax expense (benefit) $ 4,491 $ (2,546 ) $ 1,260 Operating Partnership’s income tax expense 1,293 1,254 1,046 Total income tax expense (benefit) $ 5,784 $ (1,292 ) $ 2,306 The components of LHL’s income tax expense (benefit) and income (loss) before income tax expense (benefit) for the years ended December 31, 2016 , 2015 and 2014 were as follows: For the year ended December 31, 2016 2015 2014 LHL’s income tax expense (benefit): Federal Current $ 1,490 $ (510 ) $ 912 Deferred 1,901 (1,251 ) 372 State & local Current 516 83 297 Deferred 584 (868 ) (321 ) Total $ 4,491 $ (2,546 ) $ 1,260 LHL’s income (loss) before income tax expense (benefit) $ 10,255 $ (4,876 ) $ 3,559 LHL’s provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to LHL’s pretax income (loss) for the years ended December 31, 2016 , 2015 and 2014 as a result of the following differences: For the year ended December 31, 2016 2015 2014 “Expected” federal tax expense (benefit) at statutory rate $ 3,487 $ (1,658 ) $ 1,210 State income tax expense (benefit), net of federal income tax effect 776 (443 ) 302 Other, net 228 (445 ) (252 ) Income tax expense (benefit) $ 4,491 $ (2,546 ) $ 1,260 LHL’s deferred tax assets (liabilities) as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Net operating loss carryforwards $ 1,902 $ 4,175 Bad debt reserves (1) 260 255 Golf membership deferred revenue (1)(2) (347 ) (343 ) Straight-line rent (1)(2) (734 ) (643 ) Other 0 122 Net deferred tax assets $ 1,081 $ 3,566 (1) Amounts included in accounts payable and accrued expenses in the accompanying consolidated balance sheets for 2016. (2) For 2015, amounts netted because of the existence of deferred tax assets in both federal and state jurisdictions. As of December 31, 2016 , the Company had net deferred tax assets of $1,081 primarily due to temporary federal differences and current and past years’ state tax net operating losses. These loss carryforwards will generally expire in 2017 through 2035 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when management deems it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets related to state loss carryforwards prior to the expiration of the loss carryforwards and has determined that no valuation allowance is necessary. From time to time, the Company may be subject to federal, state or local tax audits in the normal course of business. Regarding accounting for uncertainty in income taxes, GAAP guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the previously unrecognized benefit associated with the position is recognized in the financial statements. This guidance applies to all positions related to income taxes. The Company has no material unrecognized income tax benefits as of December 31, 2016 and 2015 . As of December 31, 2016 , the tax years that remain subject to examination by major tax jurisdictions generally include 2012 through 2016 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 3,295 $ 1,605 Derivative interest rate instruments Accounts payable and accrued expenses $ 927 $ 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 December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note receivable $ 0 $ 0 $ 80,000 $ 80,000 Borrowings under credit facilities $ 0 $ 0 $ 21,000 $ 21,061 Term loans $ 855,000 $ 857,224 $ 855,000 $ 856,038 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 225,000 $ 225,224 $ 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 December 31, 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 December 31, 2016 and 2015 , respectively. The assumptions reflect the terms currently available on similar borrowings to borrowers with credit profiles similar to the Company’s. At December 31, 2016 and 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	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings per Common Share The limited partners’ outstanding common partnership 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 year ended December 31, 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 234,575 $ 123,383 $ 197,561 Dividends paid on unvested restricted shares (491 ) (542 ) (411 ) Undistributed earnings attributable to unvested restricted shares (70 ) 0 (138 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 234,014 $ 122,841 $ 197,012 Denominator: Weighted average number of common shares - basic 112,791,839 112,685,235 104,188,785 Effect of dilutive securities: Compensation-related shares 372,760 411,185 357,110 Weighted average number of common shares - diluted 113,164,599 113,096,420 104,545,895 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2.07 $ 1.09 $ 1.89 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2.07 $ 1.09 $ 1.88

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the year ended December 31, 2016 2015 2014 Interest paid, net of capitalized interest $ 41,483 $ 52,155 $ 54,558 Interest capitalized 398 902 400 Income taxes paid, net 5,111 3,112 815 Increase in distributions payable on common shares 58 8,477 13,227 Increase (decrease) in distributions payable on preferred shares 2,363 0 (1,064 ) Redemption of common units for common shares 0 3,400 0 Write-off of fully depreciated furniture, fixtures and equipment 0 16,000 582 Write-off of fully amortized debt issuance costs 826 131 273 (Decrease) increase in accrued capital expenditures (6,149 ) 2,334 (994 ) Grant of nonvested shares and awards to employees and executives, net 4,831 5,188 7,953 Issuance of common shares for Board of Trustees compensation (1) 480 1,874 602 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 164,094 $ 0 $ 167,921 Other assets 4,226 0 1,397 Liabilities (1,655 ) 0 (1,480 ) Proceeds from sale of properties $ 166,665 $ 0 $ 167,838 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 ) $ (194,198 ) Other assets 0 (1,897 ) (1,361 ) Liabilities 0 8,474 4,448 Acquisition of properties $ 0 $ (439,157 ) $ (191,111 ) (1) Refer to Note 6 for issuances of previously deferred shares.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 1, 2017 , the Company issued 16,010 common shares of beneficial interest and authorized an additional 9,103 deferred shares to the independent members of its Board of Trustees for their 2016 compensation. These common shares of beneficial interest were issued under the 2014 Plan. On January 4, 2017 , the Company received 54,410 common shares of beneficial interest related to executives and employees surrendering shares to pay taxes at the time restricted shares vested. On January 31, 2017 the Company issued 27,767 common shares of beneficial interest, related to a former Board of Trustee member, for his accumulated deferred shares granted as compensation for years 2001 through 2016. Of the common shares of beneficial interest issued, 4,888 were issued under the 2014 Plan and the remaining 22,879 were issued under the 2009 Plan. The Company paid the following common and preferred share dividends subsequent to December 31, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H Preferred Shares $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I Preferred Shares $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J Preferred Shares $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes. On January 10, 2017, the Company refinanced its senior unsecured credit facility and First Term Loan. The $750,000 senior unsecured credit facility has a revised accordion feature which, subject to certain terms and conditions, entitles the Company to request additional lender commitments, allowing for total commitments of up to $1,250,000 . The new maturity date is January 8, 2021, subject to two six -month extension options, pursuant to certain terms and conditions, including payment of an extension fee. Borrowings bear interest at variable 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. The $300,000 First Term Loan includes an accordion feature, which subject to certain terms and conditions, entitles the Company to request additional lender commitments, allowing for total commitments of up to $500,000 . The First Term Loan matures on January 10, 2022 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) through August 2, 2017 (see Note 4). On January 10, 2017, the Company amended and restated its $555,000 Second Term Loan to match the financial and other covenants in its refinanced First Term Loan and senior unsecured credit facility. There were no changes to the maturity date or the accordion feature. The Second Term Loan 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) through May 16, 2019 for $177,500 of the Second Term Loan and through January 29, 2021 for the remaining $377,500 of the Second Term Loan (see Note 4). Additionally, LHL refinanced its unsecured revolving credit facility with no change in capacity of $25,000 , on similar terms as the senior unsecured credit facility. The new maturity date is January 10, 2021, subject to two six -month extension options, pursuant to certain terms and conditions, including payment of an extension fee. On January 19, 2017, the Company sold Hotel Deca for $55,000 . Substantially all of the assets held for sale consist of investment in hotel properties, net and immaterial prepaid expenses and other assets and the liabilities of assets held for sale consist of accounts payable and accrued expenses. The Company will recognize a gain in the first quarter of 2017 of approximately $30,500 related to the sale of this property. The proceeds will be used for general corporate purposes. In February 2017, the Company’s Board of Trustees authorized an expansion of the Repurchase Program to acquire up to an additional $500,000 of the Company’s common shares of beneficial interest. Including the previous authorization, the Company now has availability under the Repurchase Program to acquire up to $569,807 of common shares of beneficial interest as of February 22, 2017.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2016 and 2015 (in thousands, except per share data) follows. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management’s opinion, however, that quarterly operating data for hotel enterprises are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2016 First Second Third Fourth Total revenues $ 261,758 $ 352,763 $ 431,652 $ 289,477 Total expenses 252,684 293,143 273,974 262,714 Net income 9,074 59,620 157,678 26,763 Net income attributable to noncontrolling interests (15 ) (89 ) (203 ) (47 ) Distributions to preferred shareholders (3,042 ) (4,355 ) (5,405 ) (5,404 ) Net income attributable to common shareholders $ 6,017 $ 55,176 $ 152,070 $ 21,312 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.49 $ 1.34 $ 0.19 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.49 $ 1.34 $ 0.19 Weighted average number of common shares outstanding: Basic 112,748,492 112,784,976 112,811,403 112,821,939 Diluted 113,108,158 113,113,253 113,159,844 113,185,883 Year Ended December 31, 2015 First Second Third Fourth Total revenues $ 250,809 $ 341,387 $ 331,004 $ 296,322 Total expenses 248,071 282,376 283,462 269,784 Net income 2,738 59,011 47,542 26,538 Net income attributable to noncontrolling interests (15 ) (147 ) (75 ) (40 ) Distributions to preferred shareholders (3,042 ) (3,042 ) (3,043 ) (3,042 ) Net (loss) income attributable to common shareholders $ (319 ) $ 55,822 $ 44,424 $ 23,456 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.00 $ 0.49 $ 0.39 $ 0.21 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.00 $ 0.49 $ 0.39 $ 0.21 Weighted average number of common shares outstanding: Basic 112,647,715 112,728,085 112,731,358 112,633,429 Diluted 112,647,715 113,141,908 113,137,284 113,028,661

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Disclosure	Initial Cost Cost Capitalized Subsequent to Acquisition (1) Gross Amount at End of Year Life on Encum- Land Building Furniture, Land Building Furniture, Land Building Furniture, Accumu- Net Book Date of Date of 1. Le Montrose Suite Hotel $ 0 $ 5,004 $ 19,752 $ 2,951 $ 0 $ 5,764 $ 14,418 $ 5,004 $ 25,516 $ 17,369 $ 29,951 $ 17,938 1976 4/29/1998 3-40 years 2. San Diego Paradise Point Resort and Spa 0 0 69,639 3,665 154 43,196 35,711 154 112,835 39,376 95,926 56,439 1962 6/1/1998 3-40 years 3. Hyatt Regency Boston Harbor 42,500 0 66,159 5,246 16 5,059 15,952 16 71,218 21,198 58,736 33,696 1993 6/24/1998 3-40 years 4. Topaz Hotel 0 2,137 8,549 0 12 4,307 6,845 2,149 12,856 6,845 12,719 9,131 1963 3/8/2001 3-40 years 5. Hotel Madera 0 1,682 6,726 0 15 5,559 6,643 1,697 12,285 6,643 11,685 8,940 1963 3/8/2001 3-40 years 6. Hotel Rouge 0 2,162 8,647 0 17 5,071 8,233 2,179 13,718 8,233 14,764 9,366 1963 3/8/2001 3-40 years 7. Mason & Rook Hotel 0 2,636 10,546 0 14 26,545 8,718 2,650 37,091 8,718 12,087 36,372 1962 3/8/2001 3-40 years 8. The Liaison Capitol Hill 0 8,353 33,412 2,742 19 15,647 23,494 8,372 49,059 26,236 48,663 35,004 1968 6/1/2001 3-40 years 9. Lansdowne Resort 0 27,421 74,835 3,114 33,333 28,210 37,225 60,754 103,045 40,339 83,776 120,362 1991 6/17/2003 3-40 years 10. Hotel George 0 1,743 22,221 531 0 1,141 8,745 1,743 23,362 9,276 16,849 17,532 1928 9/18/2003 3-40 years 11. Chaminade Resort and Conference Center 0 5,240 13,111 299 24 9,124 17,817 5,264 22,235 18,116 21,544 24,071 1985 11/18/2004 3-40 years 12. Hilton San Diego Gaslamp Quarter 0 5,008 77,892 2,250 0 1,508 11,897 5,008 79,400 14,147 34,054 64,501 2000 1/6/2005 3-40 years 13. The Grafton on Sunset 0 1,882 23,226 431 11 3,695 9,666 1,893 26,921 10,097 13,966 24,945 1954 1/10/2005 3-40 years 14. Onyx Hotel 0 6,963 21,262 445 3,568 212 3,943 10,531 21,474 4,388 9,286 27,107 2004 5/18/2005 3-40 years 15. Westin Copley Place 225,000 0 295,809 28,223 0 24,909 51,845 0 320,718 80,068 160,192 240,594 1983 8/31/2005 3-40 years 16. Hotel Deca (2) 0 4,938 21,720 577 0 885 6,315 4,938 22,605 6,892 11,555 22,880 1931 12/8/2005 3-40 years 17. The Hilton San Diego Resort and Spa 0 0 85,572 4,800 122 15,900 20,377 122 101,472 25,177 55,135 71,636 1962 12/15/2005 3-40 years 18. The Donovan 0 11,384 34,573 0 0 36,539 15,751 11,384 71,112 15,751 42,445 55,802 1972 12/16/2005 3-40 years 19. Le Parc Suite Hotel 0 13,971 31,742 2,741 3 2,550 10,684 13,974 34,292 13,425 21,131 40,560 1970 1/27/2006 3-40 years 20. Westin Michigan Avenue 0 38,158 154,181 24,112 17 19,557 39,639 38,175 173,738 63,751 95,259 180,405 1963/1972 3/1/2006 3-40 years 21. Hotel Chicago 0 9,403 104,148 889 155 32,177 29,433 9,558 136,325 30,322 65,165 111,040 1998 3/1/2006 3-40 years 22. Alexis Hotel 0 6,581 31,062 578 13 10,716 8,562 6,594 41,778 9,140 21,434 36,078 1901/1982 6/15/2006 3-40 years 23. Hotel Solamar 0 0 79,111 7,890 0 717 12,715 0 79,828 20,605 33,157 67,276 2005 8/1/2006 3-40 years 24. Gild Hall 0 6,732 45,016 984 2 3,157 13,557 6,734 48,173 14,541 24,501 44,947 1999 11/17/2006 3-40 years 25. Hotel Amarano Burbank 0 5,982 29,292 1,253 329 6,394 8,193 6,311 35,686 9,446 14,716 36,727 2002 12/19/2006 3-40 years 26. Sofitel Washington, DC Lafayette Square 0 11,082 80,342 2,619 0 409 14,111 11,082 80,751 16,730 23,507 85,056 2002 3/1/2010 3-40 years 27. The Marker San Francisco 0 11,435 53,186 3,736 0 1,930 9,832 11,435 55,116 13,568 17,806 62,313 1910/1995 9/1/2010 3-40 years 28. Westin Philadelphia 0 35,100 106,100 3,776 0 817 9,974 35,100 106,917 13,750 25,205 130,562 1990 9/1/2010 3-40 years 29. Embassy Suites Philadelphia - Center City 0 13,600 62,900 2,504 0 2,554 8,536 13,600 65,454 11,040 17,193 72,901 1963/1993 9/1/2010 3-40 years 30. The Roger 0 0 95,079 3,509 0 122 12,310 0 95,201 15,819 31,446 79,574 1930/1998 10/6/2010 3-34 years 31. Chamberlain West Hollywood 0 6,470 29,085 2,895 0 356 4,185 6,470 29,441 7,080 9,650 33,341 1970/2005 12/6/2010 3-40 years 32. Viceroy Santa Monica 0 0 75,270 4,747 0 390 5,168 0 75,660 9,915 18,639 66,936 1967/2002 3/16/2011 3-40 years 33. Villa Florence 0 12,413 50,997 3,202 0 0 9,912 12,413 50,997 13,114 14,041 62,483 1908 10/5/2011 3-40 years 34/35. Park Central Hotel New York/WestHouse Hotel New York 0 135,306 250,262 9,004 0 41,840 50,830 135,306 292,102 59,834 77,758 409,484 1928 12/29/2011 3-40 years 36. Hotel Palomar, Washington, DC 0 26,859 111,214 5,648 0 890 12,678 26,859 112,104 18,326 22,096 135,193 1962 3/8/2012 3-40 years 37. L’Auberge Del Mar 0 13,475 59,481 3,628 125 19 4,476 13,600 59,500 8,104 9,940 71,264 1989 12/6/2012 3-40 years 38. The Liberty Hotel 0 0 160,731 9,040 0 263 14,288 0 160,994 23,328 26,350 157,972 1851/2007 12/28/2012 3-40 years 39. Harbor Court Hotel 0 0 54,563 714 0 701 455 0 55,264 1,169 5,953 50,480 1926/1991 8/1/2013 3-35 years 40. Hotel Triton 0 0 37,253 1,379 0 (2,284 ) 718 0 34,969 2,097 4,693 32,373 1912/1991 8/1/2013 3-34.5 years 41. Serrano Hotel 0 20,475 48,501 2,500 0 219 1,055 20,475 48,720 3,555 6,864 65,886 1928/1999 8/21/2013 3-40 years 42. Southernmost Beach Resort Key West 0 101,517 79,795 3,105 0 1,676 3,054 101,517 81,471 6,159 10,016 179,131 1958-2008 8/27/2013 3-40 years 43. Hotel Vitale 0 0 125,150 4,766 0 (241 ) 735 0 124,909 5,501 11,321 119,089 2005 4/2/2014 3-40 years 44. The Heathman Hotel 0 10,280 50,001 4,002 0 1,268 352 10,280 51,269 4,354 4,142 61,761 1927 12/18/2014 3-40 years 45. Pack Central San Francisco 0 80,640 255,105 14,057 0 56 1,586 80,640 255,161 15,643 18,008 333,436 1984 1/23/2015 3-40 years 46. The Marker Waterfront Resort 0 48,133 41,143 6,656 0 0 722 48,133 41,143 7,378 4,149 92,505 2014 3/16/2015 3-40 years Total $ 267,500 $ 694,165 $ 3,194,361 $ 185,208 $ 37,949 $ 359,524 $ 591,355 $ 732,114 $ 3,553,885 $ 776,563 $ 1,367,473 $ 3,695,089 (1) Costs of disposals, impairments and reclassifications to property under development are reflected as reductions to cost capitalized subsequent to acquisition. Reclassifications from property under development are reflected as increases to cost capitalized subsequent to acquisition. (2) As of December 31, 2016, Hotel Deca was classified as held for sale. The property was sold on January 19, 2017. Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2013 $ 4,351,073 Acquisition of hotel properties 194,198 Improvements and additions to hotel properties 66,706 Reclassification from property under development 14,163 Disposal of hotels (130,846 ) Disposal of assets (1,220 ) Balance at December 31, 2014 $ 4,494,074 Acquisition of hotel properties 445,734 Improvements and additions to hotel properties 93,599 Reclassification from property under development 30,343 Disposal of assets (16,488 ) Balance at December 31, 2015 $ 5,047,262 Improvements and additions to hotel properties 82,148 Reclassification from property under development 46,292 Disposal of hotel (112,718 ) Disposal of assets (422 ) Balance at December 31, 2016 $ 5,062,562 Reconciliation of Accumulated Depreciation: Balance at December 31, 2013 $ 967,885 Depreciation 154,585 Disposal of hotels (56,130 ) Disposal of assets (822 ) Balance at December 31, 2014 $ 1,065,518 Depreciation 180,346 Disposal of assets (16,278 ) Balance at December 31, 2015 $ 1,229,586 Depreciation 191,791 Disposal of hotel (53,697 ) Disposal of assets (207 ) Balance at December 31, 2016 $ 1,367,473

Schedule III - Reconciliation o

Schedule III - Reconciliation of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Reconciliation of Real Estate and Accumulated Depreciation	Initial Cost Cost Capitalized Subsequent to Acquisition (1) Gross Amount at End of Year Life on Encum- Land Building Furniture, Land Building Furniture, Land Building Furniture, Accumu- Net Book Date of Date of 1. Le Montrose Suite Hotel $ 0 $ 5,004 $ 19,752 $ 2,951 $ 0 $ 5,764 $ 14,418 $ 5,004 $ 25,516 $ 17,369 $ 29,951 $ 17,938 1976 4/29/1998 3-40 years 2. San Diego Paradise Point Resort and Spa 0 0 69,639 3,665 154 43,196 35,711 154 112,835 39,376 95,926 56,439 1962 6/1/1998 3-40 years 3. Hyatt Regency Boston Harbor 42,500 0 66,159 5,246 16 5,059 15,952 16 71,218 21,198 58,736 33,696 1993 6/24/1998 3-40 years 4. Topaz Hotel 0 2,137 8,549 0 12 4,307 6,845 2,149 12,856 6,845 12,719 9,131 1963 3/8/2001 3-40 years 5. Hotel Madera 0 1,682 6,726 0 15 5,559 6,643 1,697 12,285 6,643 11,685 8,940 1963 3/8/2001 3-40 years 6. Hotel Rouge 0 2,162 8,647 0 17 5,071 8,233 2,179 13,718 8,233 14,764 9,366 1963 3/8/2001 3-40 years 7. Mason & Rook Hotel 0 2,636 10,546 0 14 26,545 8,718 2,650 37,091 8,718 12,087 36,372 1962 3/8/2001 3-40 years 8. The Liaison Capitol Hill 0 8,353 33,412 2,742 19 15,647 23,494 8,372 49,059 26,236 48,663 35,004 1968 6/1/2001 3-40 years 9. Lansdowne Resort 0 27,421 74,835 3,114 33,333 28,210 37,225 60,754 103,045 40,339 83,776 120,362 1991 6/17/2003 3-40 years 10. Hotel George 0 1,743 22,221 531 0 1,141 8,745 1,743 23,362 9,276 16,849 17,532 1928 9/18/2003 3-40 years 11. Chaminade Resort and Conference Center 0 5,240 13,111 299 24 9,124 17,817 5,264 22,235 18,116 21,544 24,071 1985 11/18/2004 3-40 years 12. Hilton San Diego Gaslamp Quarter 0 5,008 77,892 2,250 0 1,508 11,897 5,008 79,400 14,147 34,054 64,501 2000 1/6/2005 3-40 years 13. The Grafton on Sunset 0 1,882 23,226 431 11 3,695 9,666 1,893 26,921 10,097 13,966 24,945 1954 1/10/2005 3-40 years 14. Onyx Hotel 0 6,963 21,262 445 3,568 212 3,943 10,531 21,474 4,388 9,286 27,107 2004 5/18/2005 3-40 years 15. Westin Copley Place 225,000 0 295,809 28,223 0 24,909 51,845 0 320,718 80,068 160,192 240,594 1983 8/31/2005 3-40 years 16. Hotel Deca (2) 0 4,938 21,720 577 0 885 6,315 4,938 22,605 6,892 11,555 22,880 1931 12/8/2005 3-40 years 17. The Hilton San Diego Resort and Spa 0 0 85,572 4,800 122 15,900 20,377 122 101,472 25,177 55,135 71,636 1962 12/15/2005 3-40 years 18. The Donovan 0 11,384 34,573 0 0 36,539 15,751 11,384 71,112 15,751 42,445 55,802 1972 12/16/2005 3-40 years 19. Le Parc Suite Hotel 0 13,971 31,742 2,741 3 2,550 10,684 13,974 34,292 13,425 21,131 40,560 1970 1/27/2006 3-40 years 20. Westin Michigan Avenue 0 38,158 154,181 24,112 17 19,557 39,639 38,175 173,738 63,751 95,259 180,405 1963/1972 3/1/2006 3-40 years 21. Hotel Chicago 0 9,403 104,148 889 155 32,177 29,433 9,558 136,325 30,322 65,165 111,040 1998 3/1/2006 3-40 years 22. Alexis Hotel 0 6,581 31,062 578 13 10,716 8,562 6,594 41,778 9,140 21,434 36,078 1901/1982 6/15/2006 3-40 years 23. Hotel Solamar 0 0 79,111 7,890 0 717 12,715 0 79,828 20,605 33,157 67,276 2005 8/1/2006 3-40 years 24. Gild Hall 0 6,732 45,016 984 2 3,157 13,557 6,734 48,173 14,541 24,501 44,947 1999 11/17/2006 3-40 years 25. Hotel Amarano Burbank 0 5,982 29,292 1,253 329 6,394 8,193 6,311 35,686 9,446 14,716 36,727 2002 12/19/2006 3-40 years 26. Sofitel Washington, DC Lafayette Square 0 11,082 80,342 2,619 0 409 14,111 11,082 80,751 16,730 23,507 85,056 2002 3/1/2010 3-40 years 27. The Marker San Francisco 0 11,435 53,186 3,736 0 1,930 9,832 11,435 55,116 13,568 17,806 62,313 1910/1995 9/1/2010 3-40 years 28. Westin Philadelphia 0 35,100 106,100 3,776 0 817 9,974 35,100 106,917 13,750 25,205 130,562 1990 9/1/2010 3-40 years 29. Embassy Suites Philadelphia - Center City 0 13,600 62,900 2,504 0 2,554 8,536 13,600 65,454 11,040 17,193 72,901 1963/1993 9/1/2010 3-40 years 30. The Roger 0 0 95,079 3,509 0 122 12,310 0 95,201 15,819 31,446 79,574 1930/1998 10/6/2010 3-34 years 31. Chamberlain West Hollywood 0 6,470 29,085 2,895 0 356 4,185 6,470 29,441 7,080 9,650 33,341 1970/2005 12/6/2010 3-40 years 32. Viceroy Santa Monica 0 0 75,270 4,747 0 390 5,168 0 75,660 9,915 18,639 66,936 1967/2002 3/16/2011 3-40 years 33. Villa Florence 0 12,413 50,997 3,202 0 0 9,912 12,413 50,997 13,114 14,041 62,483 1908 10/5/2011 3-40 years 34/35. Park Central Hotel New York/WestHouse Hotel New York 0 135,306 250,262 9,004 0 41,840 50,830 135,306 292,102 59,834 77,758 409,484 1928 12/29/2011 3-40 years 36. Hotel Palomar, Washington, DC 0 26,859 111,214 5,648 0 890 12,678 26,859 112,104 18,326 22,096 135,193 1962 3/8/2012 3-40 years 37. L’Auberge Del Mar 0 13,475 59,481 3,628 125 19 4,476 13,600 59,500 8,104 9,940 71,264 1989 12/6/2012 3-40 years 38. The Liberty Hotel 0 0 160,731 9,040 0 263 14,288 0 160,994 23,328 26,350 157,972 1851/2007 12/28/2012 3-40 years 39. Harbor Court Hotel 0 0 54,563 714 0 701 455 0 55,264 1,169 5,953 50,480 1926/1991 8/1/2013 3-35 years 40. Hotel Triton 0 0 37,253 1,379 0 (2,284 ) 718 0 34,969 2,097 4,693 32,373 1912/1991 8/1/2013 3-34.5 years 41. Serrano Hotel 0 20,475 48,501 2,500 0 219 1,055 20,475 48,720 3,555 6,864 65,886 1928/1999 8/21/2013 3-40 years 42. Southernmost Beach Resort Key West 0 101,517 79,795 3,105 0 1,676 3,054 101,517 81,471 6,159 10,016 179,131 1958-2008 8/27/2013 3-40 years 43. Hotel Vitale 0 0 125,150 4,766 0 (241 ) 735 0 124,909 5,501 11,321 119,089 2005 4/2/2014 3-40 years 44. The Heathman Hotel 0 10,280 50,001 4,002 0 1,268 352 10,280 51,269 4,354 4,142 61,761 1927 12/18/2014 3-40 years 45. Pack Central San Francisco 0 80,640 255,105 14,057 0 56 1,586 80,640 255,161 15,643 18,008 333,436 1984 1/23/2015 3-40 years 46. The Marker Waterfront Resort 0 48,133 41,143 6,656 0 0 722 48,133 41,143 7,378 4,149 92,505 2014 3/16/2015 3-40 years Total $ 267,500 $ 694,165 $ 3,194,361 $ 185,208 $ 37,949 $ 359,524 $ 591,355 $ 732,114 $ 3,553,885 $ 776,563 $ 1,367,473 $ 3,695,089 (1) Costs of disposals, impairments and reclassifications to property under development are reflected as reductions to cost capitalized subsequent to acquisition. Reclassifications from property under development are reflected as increases to cost capitalized subsequent to acquisition. (2) As of December 31, 2016, Hotel Deca was classified as held for sale. The property was sold on January 19, 2017. Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2013 $ 4,351,073 Acquisition of hotel properties 194,198 Improvements and additions to hotel properties 66,706 Reclassification from property under development 14,163 Disposal of hotels (130,846 ) Disposal of assets (1,220 ) Balance at December 31, 2014 $ 4,494,074 Acquisition of hotel properties 445,734 Improvements and additions to hotel properties 93,599 Reclassification from property under development 30,343 Disposal of assets (16,488 ) Balance at December 31, 2015 $ 5,047,262 Improvements and additions to hotel properties 82,148 Reclassification from property under development 46,292 Disposal of hotel (112,718 ) Disposal of assets (422 ) Balance at December 31, 2016 $ 5,062,562 Reconciliation of Accumulated Depreciation: Balance at December 31, 2013 $ 967,885 Depreciation 154,585 Disposal of hotels (56,130 ) Disposal of assets (822 ) Balance at December 31, 2014 $ 1,065,518 Depreciation 180,346 Disposal of assets (16,278 ) Balance at December 31, 2015 $ 1,229,586 Depreciation 191,791 Disposal of hotel (53,697 ) Disposal of assets (207 ) Balance at December 31, 2016 $ 1,367,473

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 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 U.S. generally accepted accounting principles (“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.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company’s financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations.
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. The Company reviews each hotel for impairment at the end of each reporting period or as events and circumstances dictate throughout the year. A property is considered impaired when the sum of estimated future undiscounted cash flows over the estimated remaining holding period is less than the carrying amount of a property. At the end of each reporting period, the Company assesses whether any quantitative or qualitative triggering events have occurred in relation to a property. Examples of situations considered to be triggering events include: • a substantial decline in operating cash flows during the period, including declines related to decreased occupancy, average daily rate or revenue per available room; • a current or projected loss from operations; • a significant cost accumulation above the original acquisition/development estimate; • a change in plan to sell the property prior to the end of its useful life or holding period; • a significant decrease in market price not in line with general market trends; and • any other quantitative or qualitative events deemed significant by the Company’s management or the Company’s Board of Trustees. If the presence of one or more triggering events as described above is identified at the end of a reporting period or throughout the year with respect to a hotel, the Company performs a recoverability test. In doing so, an estimate of undiscounted future cash flows over the estimated remaining holding period is compared to the carrying amount of the hotel. Impairment is indicated if the results of a recoverability analysis indicate that the carrying amount of a hotel exceeds the estimated future undiscounted cash flows. An impairment charge is recorded equal to the excess of the carrying value of the hotel over the fair value. When determining the fair value of a property, the Company makes certain assumptions including, but not limited to, consideration of: • projected operating cash flows – considering factors such as booking pace, growth rates, occupancy, room rates, property-specific operating costs and future capital expenditures; • projected cash flows from the eventual disposition of the hotel based upon the Company’s estimation of a property-specific capitalization rate; • property-specific discount rates; and • comparable selling prices. The Company considers a hotel as held for sale when a contract for sale is entered into, a substantial nonrefundable deposit has been received from the purchaser and sale is expected to occur within one year. Upon sale of a hotel, the Company determines its profit from the sale under the full accrual method provided the following applicable criteria are met: a sale is consummated; the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; the Company’s receivable, if applicable, is not subject to future subordination; the Company has transferred to the buyer the usual risks and rewards of ownership; and the Company does not have a substantial continuing involvement with the property. If all of these conditions are met, the Company will recognize the full profit on the sale.
Intangible Assets	Intangible Assets The Company does not amortize intangible assets with indefinite useful lives. Non-amortizable intangible assets are reviewed annually for impairment and more frequently if events or circumstances indicate that the assets may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset. As of December 31, 2016 and 2015 , the Company did not have amortizable intangible assets or any value attributed to such non-amortizable intangible assets in the accompanying consolidated balance sheets.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents.
Restricted Cash Reserves	Restricted Cash Reserves The Company classifies certain cash balances as restricted cash reserves, including (i) reserve funds relating to the hotels with leases or operating agreements requiring the Company to maintain restricted cash to fund future capital expenditures, (ii) cash deposited in mortgage escrow accounts pursuant to mortgage obligations to pre-fund a portion of certain operating expenses and debt payments and (iii) cash held by insurance and management companies on the Company’s behalf to be refunded or applied to future liabilities.
Debt Issuance Costs	Debt Issuance Costs Issuance costs related to long-term debt are recorded at cost and are amortized as interest expense over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The debt issuance costs, net associated with the revolving credit facilities are included in assets and the other debt issuance costs, net are included with the applicable debt instrument. Accumulated amortization at December 31, 2016 and 2015 was $7,642 and $5,109 , respectively.
Revenue Recognition	Revenue Recognition The Company recognizes hotel operating revenues on an accrual basis consistent with hotel operations. For retail operations, revenue is recognized on a straight line basis over the lives of the retail leases. Revenue from retail operations is included in other income in the accompanying consolidated statements of operations and comprehensive income. Refer to “Recently Issued Accounting Pronouncements” below for further discussion of revenue recognition.
Participating Leases	Participating Leases The participating leases have non-cancelable terms of three years (from commencement), subject to earlier termination upon the occurrence of certain contingencies, as defined. Each participating lease requires LHL to pay the Operating Partnership or subsidiary the greater of (i) base rent in a fixed amount or (ii) participating rent based on certain percentages of room revenue, food and beverage revenue, telephone revenue and other revenue at the applicable hotel. Participating rent applicable to room and other hotel revenues varies by lease and is calculated by multiplying fixed percentages by the total amounts of such revenues over specified quarterly threshold amounts. Both the base rent and the participating rent thresholds used in computing percentage rents applicable to room and other hotel revenues, including food and beverage revenues, are subject to annual adjustments based on increases in the United States Consumer Price Index published by the Bureau of Labor Statistics of the United States of America Department of Labor, U.S. City Average, Urban Wage Earners and Clerical Workers. Lease revenue from LHL is eliminated in consolidation.
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 seven 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 December 31, 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 the Financial Accounting Standards Board (“FASB”) 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.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 1998. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company’s current intention to adhere to these requirements and maintain the Company’s qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its net income that is currently distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through a TRS is subject to federal, state and local income taxes. As a wholly owned TRS of the Company, LHL is required to pay income taxes at the applicable federal, state and local rates. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The Company’s deferred tax assets balance consists primarily of net operating loss carryforwards (see Note 9).
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is based on the weighted average number of common shares of beneficial interest outstanding during the year excluding the weighted average number of unvested restricted shares (“participating securities” as defined in Note 11). The basic earnings per share calculation excludes the effect of such participating securities. Diluted earnings per common share is based on the basic weighted average number of common shares of beneficial interest outstanding plus the effect of in-the-money stock options and compensation-related shares. Any anti-dilutive shares are excluded from the diluted earnings per share calculation.
Comprehensive Income	Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2016 , 2015 and 2014 , comprehensive income was $255,600 , $134,982 and $209,631 , respectively. As of December 31, 2016 , the Company’s accumulated other comprehensive income was $2,365 and, as of December 31, 2015 , the Company’s accumulated other comprehensive loss was $97 .
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 FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , 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 by working with its hotel operators to analyze its revenue streams and to update its accounting policies. The Company continues to evaluate each of its revenue streams under the new model and because of the short-term, day-to-day nature of the Company’s hotel revenues the pattern of revenue recognition is not expected to change significantly. Additionally, the Company has historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, and therefore, does not expect ASU No. 2014-09 to significantly impact the recognition of hotel sales. The Company does not believe ASU No. 2014-09 will have a material impact on its consolidated financial statements and related disclosures and will adopt the new standard on its effective date of January 1, 2018 under the cumulative effect transition method. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): 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 sheets. 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. The Company is analyzing its current ground lease obligations and anticipates recording assets and liabilities on its consolidated balance sheets associated with the ground lease obligations under ASU No. 2016-02. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): 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 early adopted this standard on July 1, 2016 and it did not have an effect on the Company’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which requires companies to measure credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for the first annual period beginning after December 15, 2019 , including interim periods within those periods . The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for the first annual reporting period beginning after December 15, 2017. The Company is evaluating the effect that ASU No. 2016-15 will have on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This standard will be effective for the first annual period beginning after December 15, 2017 , including interim periods within those periods . Early adoption is permitted. The Company is evaluating the effect that ASU 2016-18 will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business and adds further guidance in evaluating whether a transaction should be accounted for as an acquisition of an asset or a business. This standard will be effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company is evaluating the effect that ASU No. 2017-01 will have on its consolidated financial statements and related disclosures. The Company does not anticipate a material impact and intends to adopt this standard on January 1, 2017.
Reclassification	Reclassification Certain amounts in the 2014 and 2015 financial statements have been reclassified to conform with the 2016 presentation.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of December 31, 2016 and 2015 consists of the following: December 31, 2016 December 31, 2015 Land $ 727,176 $ 731,796 Buildings and improvements 3,531,280 3,613,724 Furniture, fixtures and equipment 769,671 701,742 Investment in hotel properties, gross 5,028,127 5,047,262 Accumulated depreciation (1,355,918 ) (1,229,586 ) Investment in hotel properties, net $ 3,672,209 $ 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 year ended December 31, 2014 Hotel Vitale April 2, 2014 200 San Francisco, CA $ 130,000 Two Roads Hospitality $ 1,864 The Heathman Hotel December 18, 2014 150 Portland, OR 64,325 Provenance Hotels 328 Total for 2014 Acquisitions $ 194,325 $ 2,192 Land purchase (adjacent to Onyx Hotel) 64 Park Central San Francisco (1) 123 Total $ 2,379 (1) On January 23, 2015, the Company acquired Park Central San Francisco. The following is a summary of the acquisitions: Acquisition Hotel Name Acquisition Date Number of Location Purchase Manager For the year ended December 31, 2015 Park Central San Francisco January 23, 2015 681 San Francisco, CA $ 350,000 Highgate Hotels $ 230 The Marker Waterfront Resort March 16, 2015 96 Key West, FL 96,250 Highgate Hotels 214 Total for 2015 Acquisitions $ 446,250 444 Mezzanine Loan (1) 55 Total $ 499 (1) See “Note Receivable” below.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Components of Long-Term Debt	Debt as of December 31, 2016 and December 31, 2015 consisted of the following: Balance Outstanding as of Debt Interest Maturity December 31, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2018 (a) $ 0 $ 21,000 LHL unsecured credit facility Floating (b) January 2018 (b) 0 0 Total borrowings under credit facilities 0 21,000 Term loans First Term Loan Floating/Fixed (c) January 2019 (c) 300,000 300,000 Second Term Loan Floating/Fixed (c) January 2021 (c) 555,000 555,000 Debt issuance costs, net (2,242 ) (2,797 ) Total term loans, net of unamortized debt issuance costs 852,758 852,203 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 (45 ) (184 ) Total bonds payable, net of unamortized debt issuance costs 42,455 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 (g) 225,000 225,000 Debt issuance costs, net (1,506 ) (2,490 ) Total mortgage loans, net of unamortized debt issuance costs 223,494 508,804 Total debt $ 1,118,707 $ 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. There were no borrowings outstanding at December 31, 2016 . 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. On January 10, 2017, the Company refinanced its senior unsecured credit facility resulting in a new maturity date of January 8, 2021, subject to two six -month extension options, pursuant to certain terms and conditions. (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 December 31, 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. On January 10, 2017, LHL refinanced its unsecured credit facility resulting in a new maturity date of January 10, 2021, subject to two six -month extension options, pursuant to certain terms and conditions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rates for the First Term Loan (as defined below) and the Second Term Loan (as defined below). At December 31, 2016 and 2015 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At December 31, 2016 and 2015 , the fixed all-in interest rates for the First Term Loan and Second Term Loan were 2.38% and 2.95% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). On January 10, 2017, the Company refinanced its First Term Loan resulting in a new maturity date of January 10, 2022. On January 10, 2017, the Company amended and restated its Second Term Loan to match the financial and other covenants in its refinanced First Term Loan and senior unsecured credit facility. There were no changes to the maturity date. (d) The Massport Bonds are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) that were extended to September 2017. The letters of credit have two one -year extension options, one of which was exercised in July 2016, 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 December 31, 2016 were 0.75% and 0.76% 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 December 31, 2016 was LIBOR plus 1.75% , which equaled 2.46% . 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, subject to certain terms and conditions.
Future Scheduled Debt Principal Payments	Future scheduled debt principal payments as of December 31, 2016 are as follows: 2017 $ 0 2018 267,500 2019 300,000 2020 0 2021 555,000 Total debt $ 1,122,500
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 years ended December 31, 2016 , 2015 and 2014 is as follows: For the year ended December 31, 2016 2015 2014 Interest Expense: Interest incurred $ 40,814 $ 52,604 $ 54,859 Amortization of debt issuance costs 3,359 2,631 2,169 Capitalized interest (398 ) (902 ) (400 ) Interest expense $ 43,775 $ 54,333 $ 56,628 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility 2.14 % 1.89 % 1.86 % LHL unsecured credit facility 2.13 % 1.89 % 1.86 % Massport Bonds 0.44 % 0.06 % 0.35 % Mortgage loan (Westin Copley Place) 2.23 % 2.19 % N/A
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents 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 on outstanding derivative instruments in cash flow hedging relationships, for the years ended December 31, 2016 , 2015 and 2014 : Amount of Loss Recognized in OCI on Derivative Instruments Location of Loss Reclassified from AOCI into Net Income Amount of Loss Reclassified from AOCI into Net Income (Effective Portion) (Effective Portion) (Effective Portion) For the year ended For the year ended December 31, December 31, 2016 2015 2014 2016 2015 2014 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,160 ) $ (5,682 ) $ (8,276 ) Interest expense $ 6,625 $ 4,835 $ 4,410

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 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.
Capital Leases of Lessee	A summary of the Company’s hotels subject to capital leases of land and building as of December 31, 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: 2017 $ 13,052 2018 13,195 2019 13,172 2020 13,559 2021 13,713 Thereafter 587,067 $ 653,758

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on preferred shares during the year ended December 31, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 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 7.5% Series H $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 7.5% Series H $ 0.47 September 30, 2016 September 30, 2016 October 17, 2016 6.375% Series I $ 0.40 September 30, 2016 September 30, 2016 October 17, 2016 6.3% Series J $ 0.39 September 30, 2016 September 30, 2016 October 17, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares. The Company paid the following dividends on common shares/units during the year ended December 31, 2016 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 $ 0.45 September 30, 2016 September 30, 2016 October 17, 2016 The Company paid the following common and preferred share dividends subsequent to December 31, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H Preferred Shares $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I Preferred Shares $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J Preferred Shares $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes.
Preferred Shares Outstanding	The following Preferred Shares were outstanding as of December 31, 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 year ended December 31, 2016 2015 2014 Net income attributable to common shareholders $ 234,575 $ 123,383 $ 197,561 Increase (decrease) in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 0 14 (397 ) Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 234,575 $ 123,397 $ 197,164

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity	A summary of the Company’s nonvested shares with service conditions as of December 31, 2016 is as follows: Number of Weighted - Nonvested at January 1, 2016 228,835 $ 33.29 Granted 110,826 25.01 Vested (1) (90,191 ) 31.70 Forfeited (12,711 ) 27.41 Nonvested at December 31, 2016 (2) 236,759 $ 30.78 (1) Amount includes accelerated vesting of the former Chief Financial Officer’s shares. (2) Amount excludes 29,376 share awards with market conditions which were earned but nonvested due to a service condition as of December 31, 2016 .
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 % March 19, 2015 Awards (performance period starting January 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 29.25 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 40.69 33.30 % March 19, 2015 Awards (performance period starting July 1, 2015) Target amounts 24.40 % 0.99 % N/A N/A $ 31.86 33.40 % Return on invested capital N/A N/A N/A N/A $ 38.84 33.30 % Peer companies 24.40 % 0.99 % N/A 1.011 $ 41.00 33.30 % May 31, 2008 Awards (performance period starting July 1, 2014) Target amounts 33.30 % 0.90 % N/A N/A $ 32.57 20.00 % NAREIT index 33.30 % 0.90 % N/A 1.356 $ 39.26 40.00 % Peer companies 33.30 % 0.90 % N/A 0.908 $ 38.15 40.00 % March 20, 2014 Awards (performance period starting January 1, 2014) Target amounts 33.70 % 0.90 % N/A N/A $ 31.94 33.40 % Return on invested capital N/A N/A N/A N/A $ 31.82 33.30 % Peer companies 33.70 % 0.90 % N/A 0.938 $ 31.02 33.30 % March 20, 2014 Awards (performance period starting July 1, 2014) Target amounts 33.70 % 0.90 % N/A N/A $ 31.23 33.40 % Return on invested capital N/A N/A N/A N/A $ 31.82 33.30 % Peer companies 33.70 % 0.90 % N/A 0.938 $ 34.53 33.30 % January 30, 2013 Awards (performance period starting January 1, 2013) Target amounts 38.70 % 0.42 % N/A N/A $ 29.38 33.40 % Return on invested capital N/A N/A N/A N/A $ 27.20 33.30 % Peer companies 38.70 % 0.42 % N/A 0.864 $ 30.51 33.30 % January 30, 2013 Awards (performance period starting July 1, 2013) Target amounts 38.70 % 0.42 % N/A N/A $ 27.70 33.40 % Return on invested capital N/A N/A N/A N/A $ 27.20 33.30 % Peer companies 38.70 % 0.42 % N/A 0.864 $ 31.34 33.30 % January 26, 2012 Awards Target amounts 65.30 % 0.31 % N/A N/A $ 36.22 33.40 % NAREIT index 65.30 % 0.31 % N/A 1.370 $ 35.25 33.30 % Peer companies 65.30 % 0.31 % N/A 0.911 $ 35.33 33.30 %
Schedule of Nonvested Performance-based Units Activity	A summary of the Company’s restricted share awards with either market or performance conditions as of December 31, 2016 is as follows: Number of Weighted- Nonvested at January 1, 2016 348,587 $ 33.98 Granted (1)(2) 121,372 24.74 Vested (2) (155,463 ) 31.89 Forfeited (2) (38,313 ) 29.26 Nonvested at December 31, 2016 276,183 $ 27.36 (1) Amount includes an additional 10,707 shares issued on August 11, 2016 from the January 30, 2013 grant, which were earned in excess of the target amount. (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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2016 2015 2014 General and administrative $ 103,993 $ 101,397 $ 87,210 Sales and marketing 75,212 73,654 61,249 Repairs and maintenance 39,309 39,521 37,169 Management and incentive fees 40,064 39,686 36,463 Utilities and insurance 33,109 34,427 32,296 Franchise fees 10,396 9,836 8,346 Other expenses 3,182 2,483 1,775 Total other indirect expenses $ 305,265 $ 301,004 $ 264,508
Schedule of Hotels Owned	As of December 31, 2016 , LHL leased all 46 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, DC 21. Hotel Madera Washington, DC 22. Hotel Palomar, Washington, DC Washington, DC 23. Hotel Rouge Washington, DC 24. Mason & Rook Hotel Washington, DC 25. Sofitel Washington, DC Lafayette Square Washington, DC 26. The Donovan Washington, DC 27. The Liaison Capitol Hill Washington, DC 28. Topaz Hotel Washington, DC 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. Hyatt Regency Boston Harbor Boston, MA 34. Onyx Hotel Boston, MA 35. The Liberty Hotel Boston, MA 36. Westin Copley Place Boston, MA 37. Gild Hall New York, NY 38. The Roger New York, NY 39. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 40. WestHouse Hotel New York New York, NY 41. The Heathman Hotel Portland, OR 42. Embassy Suites Philadelphia - Center City Philadelphia, PA 43. Westin Philadelphia Philadelphia, PA 44. Lansdowne Resort Lansdowne,VA 45. Alexis Hotel Seattle, WA 46. Hotel Deca (1) Seattle, WA (1) Property sold on January 19, 2017 (see Note 13).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Share on a Tax Basis	The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 $ % $ % $ % Common shares of beneficial interest Ordinary income $ 1.1631 62.26 % $ 1.6570 100.00 % $ 1.4556 100.00 % Capital gain 0.4550 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.2499 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.8680 100.00 % $ 1.6570 100.00 % $ 1.4556 100.00 % Preferred shares (Series G) (1) Ordinary income $ 0.0000 0.00 % $ 0.0000 0.00 % $ 1.3745 100.00 % Capital gain 0.0000 0.00 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.0000 0.00 % 0.0000 0.00 % 0.0000 0.00 % $ 0.0000 0.00 % $ 0.0000 0.00 % $ 1.3745 100.00 % Preferred shares (Series H) Ordinary income $ 1.4593 62.26 % $ 1.8750 100.00 % $ 1.8750 100.00 % Capital gain 0.5709 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.3136 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 2.3438 100.00 % $ 1.8750 100.00 % $ 1.8750 100.00 % Preferred shares (Series I) Ordinary income $ 1.2404 62.26 % $ 1.5938 100.00 % $ 1.5938 100.00 % Capital gain 0.4853 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.2665 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.9922 100.00 % $ 1.5938 100.00 % $ 1.5938 100.00 % Preferred shares (Series J) (2) Ordinary income $ 0.6265 62.26 % $ 0.0000 0.00 % $ 0.0000 0.00 % Capital gain 0.2451 24.36 % 0.0000 0.00 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.1346 13.38 % 0.0000 0.00 % 0.0000 0.00 % $ 1.0062 100.00 % $ 0.0000 0.00 % $ 0.0000 0.00 % (1) On July 3, 2014, the Company redeemed its remaining Series G Preferred Shares (see Note 6). (2) On May 25, 2016, the Company issued the Series J Preferred Shares (see Note 6).
Summary of Income Tax Expense	Income tax expense (benefit) was comprised of the following for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 LHL’s income tax expense (benefit) $ 4,491 $ (2,546 ) $ 1,260 Operating Partnership’s income tax expense 1,293 1,254 1,046 Total income tax expense (benefit) $ 5,784 $ (1,292 ) $ 2,306 The components of LHL’s income tax expense (benefit) and income (loss) before income tax expense (benefit) for the years ended December 31, 2016 , 2015 and 2014 were as follows: For the year ended December 31, 2016 2015 2014 LHL’s income tax expense (benefit): Federal Current $ 1,490 $ (510 ) $ 912 Deferred 1,901 (1,251 ) 372 State & local Current 516 83 297 Deferred 584 (868 ) (321 ) Total $ 4,491 $ (2,546 ) $ 1,260 LHL’s income (loss) before income tax expense (benefit) $ 10,255 $ (4,876 ) $ 3,559
Schedule of Difference of provision for Income Taxes From Income Tax Determined By Applying The U.S. Statutory Federal Income Tax Rate	LHL’s provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to LHL’s pretax income (loss) for the years ended December 31, 2016 , 2015 and 2014 as a result of the following differences: For the year ended December 31, 2016 2015 2014 “Expected” federal tax expense (benefit) at statutory rate $ 3,487 $ (1,658 ) $ 1,210 State income tax expense (benefit), net of federal income tax effect 776 (443 ) 302 Other, net 228 (445 ) (252 ) Income tax expense (benefit) $ 4,491 $ (2,546 ) $ 1,260
Components of LHL's Deferred Tax Assets (Liabilities)	LHL’s deferred tax assets (liabilities) as of December 31, 2016 and 2015 were as follows: December 31, 2016 2015 Net operating loss carryforwards $ 1,902 $ 4,175 Bad debt reserves (1) 260 255 Golf membership deferred revenue (1)(2) (347 ) (343 ) Straight-line rent (1)(2) (734 ) (643 ) Other 0 122 Net deferred tax assets $ 1,081 $ 3,566 (1) Amounts included in accounts payable and accrued expenses in the accompanying consolidated balance sheets for 2016. (2) For 2015, amounts netted because of the existence of deferred tax assets in both federal and state jurisdictions.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 3,295 $ 1,605 Derivative interest rate instruments Accounts payable and accrued expenses $ 927 $ 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 December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Note receivable $ 0 $ 0 $ 80,000 $ 80,000 Borrowings under credit facilities $ 0 $ 0 $ 21,000 $ 21,061 Term loans $ 855,000 $ 857,224 $ 855,000 $ 856,038 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loans $ 225,000 $ 225,224 $ 511,294 $ 511,786

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 234,575 $ 123,383 $ 197,561 Dividends paid on unvested restricted shares (491 ) (542 ) (411 ) Undistributed earnings attributable to unvested restricted shares (70 ) 0 (138 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 234,014 $ 122,841 $ 197,012 Denominator: Weighted average number of common shares - basic 112,791,839 112,685,235 104,188,785 Effect of dilutive securities: Compensation-related shares 372,760 411,185 357,110 Weighted average number of common shares - diluted 113,164,599 113,096,420 104,545,895 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2.07 $ 1.09 $ 1.89 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 2.07 $ 1.09 $ 1.88

Supplemental Information to S34

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2016 2015 2014 Interest paid, net of capitalized interest $ 41,483 $ 52,155 $ 54,558 Interest capitalized 398 902 400 Income taxes paid, net 5,111 3,112 815 Increase in distributions payable on common shares 58 8,477 13,227 Increase (decrease) in distributions payable on preferred shares 2,363 0 (1,064 ) Redemption of common units for common shares 0 3,400 0 Write-off of fully depreciated furniture, fixtures and equipment 0 16,000 582 Write-off of fully amortized debt issuance costs 826 131 273 (Decrease) increase in accrued capital expenditures (6,149 ) 2,334 (994 ) Grant of nonvested shares and awards to employees and executives, net 4,831 5,188 7,953 Issuance of common shares for Board of Trustees compensation (1) 480 1,874 602 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 164,094 $ 0 $ 167,921 Other assets 4,226 0 1,397 Liabilities (1,655 ) 0 (1,480 ) Proceeds from sale of properties $ 166,665 $ 0 $ 167,838 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 ) $ (194,198 ) Other assets 0 (1,897 ) (1,361 ) Liabilities 0 8,474 4,448 Acquisition of properties $ 0 $ (439,157 ) $ (191,111 ) (1) Refer to Note 6 for issuances of previously deferred shares.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on preferred shares during the year ended December 31, 2016 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 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 7.5% Series H $ 0.47 June 30, 2016 July 1, 2016 July 15, 2016 6.375% Series I $ 0.40 June 30, 2016 July 1, 2016 July 15, 2016 6.3% Series J (2) $ 0.22 June 30, 2016 July 1, 2016 July 15, 2016 7.5% Series H $ 0.47 September 30, 2016 September 30, 2016 October 17, 2016 6.375% Series I $ 0.40 September 30, 2016 September 30, 2016 October 17, 2016 6.3% Series J $ 0.39 September 30, 2016 September 30, 2016 October 17, 2016 (1) Amounts are rounded to the nearest whole cent for presentation purposes. (2) Partial dividend for newly issued preferred shares. The Company paid the following dividends on common shares/units during the year ended December 31, 2016 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2015 December 31, 2015 January 15, 2016 $ 0.45 March 31, 2016 March 31, 2016 April 15, 2016 $ 0.45 June 30, 2016 June 30, 2016 July 15, 2016 $ 0.45 September 30, 2016 September 30, 2016 October 17, 2016 The Company paid the following common and preferred share dividends subsequent to December 31, 2016 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H Preferred Shares $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I Preferred Shares $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J Preferred Shares $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes.

Quarterly Operating Results (36

Quarterly Operating Results (Unaudited) Quarterly Operating Results (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Operating Data	The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2016 and 2015 (in thousands, except per share data) follows. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management’s opinion, however, that quarterly operating data for hotel enterprises are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2016 First Second Third Fourth Total revenues $ 261,758 $ 352,763 $ 431,652 $ 289,477 Total expenses 252,684 293,143 273,974 262,714 Net income 9,074 59,620 157,678 26,763 Net income attributable to noncontrolling interests (15 ) (89 ) (203 ) (47 ) Distributions to preferred shareholders (3,042 ) (4,355 ) (5,405 ) (5,404 ) Net income attributable to common shareholders $ 6,017 $ 55,176 $ 152,070 $ 21,312 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.49 $ 1.34 $ 0.19 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.05 $ 0.49 $ 1.34 $ 0.19 Weighted average number of common shares outstanding: Basic 112,748,492 112,784,976 112,811,403 112,821,939 Diluted 113,108,158 113,113,253 113,159,844 113,185,883 Year Ended December 31, 2015 First Second Third Fourth Total revenues $ 250,809 $ 341,387 $ 331,004 $ 296,322 Total expenses 248,071 282,376 283,462 269,784 Net income 2,738 59,011 47,542 26,538 Net income attributable to noncontrolling interests (15 ) (147 ) (75 ) (40 ) Distributions to preferred shareholders (3,042 ) (3,042 ) (3,043 ) (3,042 ) Net (loss) income attributable to common shareholders $ (319 ) $ 55,822 $ 44,424 $ 23,456 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.00 $ 0.49 $ 0.39 $ 0.21 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.00 $ 0.49 $ 0.39 $ 0.21 Weighted average number of common shares outstanding: Basic 112,647,715 112,728,085 112,731,358 112,633,429 Diluted 112,647,715 113,141,908 113,137,284 113,028,661

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Dec. 31, 2016statehotelguest_roomshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels | hotel	46
Number of guest rooms | guest_room	11,450
Number of states in which hotels located | state	9
Ownership percentage by the company	99.90%
Ownership percentage by limited partners	0.10%
Common units of Operating Partnership interest held by limited partners (in shares) | shares	145,223

Summary of Significant Accoun38

Summary of Significant Accounting Policies Investment in Hotel Properties (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Building | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	40 years
Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	15 years
Land Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	7 years
Golf Course Land Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	20 years
Swimming Pool Assets
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	20 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	3 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (in years)	5 years

Summary of Significant Accoun39

Summary of Significant Accounting Policies Debt Issuance Costs (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accumulated amortization, Debt issuance costs	$ 7,642	$ 5,109

Summary of Significant Accoun40

Summary of Significant Accounting Policies Participating Leases (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Participating Lease Term (in years)	3 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies Share-Based Compensation (Narrative) (Details) - 2014 Plan	12 Months Ended
	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining years	7 years
Vesting period (in years)	3 years

Summary of Significant Accoun42

Summary of Significant Accounting Policies Income Taxes (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Required percentage of adjusted taxable income distributed to shareholders in order to quality as REIT	90.00%
Number of years unable to qualify as real estate investment trust	4 years

Summary of Significant Accoun43

Summary of Significant Accounting Policies Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Comprehensive income	$ 255,600	$ 134,982	$ 209,631
Accumulated other comprehensive income (loss)	$ 2,365	$ (97)

Investment in Hotel Propertie44

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 727,176	$ 731,796
Buildings and improvements	3,531,280	3,613,724
Furniture, fixtures and equipment	769,671	701,742
Investment in hotel properties, gross	5,028,127	5,047,262
Accumulated depreciation	(1,355,918)	(1,229,586)
Investment in hotel properties, net	$ 3,672,209	$ 3,817,676

Investment in Hotel Propertie45

Investment in Hotel Properties (Narrative) (Details) $ in Thousands	Jan. 19, 2017USD ($)	Dec. 31, 2016USD ($)hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Proceeds from sale of properties | $		$ 164,094	$ 0	$ 167,921
Buildings and improvements | $		3,531,280	3,613,724
Accumulated depreciation | $		1,355,918	1,229,586
Depreciation | $		191,791	180,346	154,585
Property under development | $		21,078	54,066
Capitalized interest | $		$ 398	902	$ 400
Number of hotels		46
California
Real Estate Properties [Line Items]
Number of hotels		19
District of Columbia
Real Estate Properties [Line Items]
Number of hotels		9
Florida
Real Estate Properties [Line Items]
Number of hotels		2
Illinois
Real Estate Properties [Line Items]
Number of hotels		2
Massachusetts
Real Estate Properties [Line Items]
Number of hotels		4
New York
Real Estate Properties [Line Items]
Number of hotels		4
Oregon
Real Estate Properties [Line Items]
Number of hotels		1
Pennsylvania
Real Estate Properties [Line Items]
Number of hotels		2
Virginia
Real Estate Properties [Line Items]
Number of hotels		1
Washington State
Real Estate Properties [Line Items]
Number of hotels		2
Assets Held under Capital Leases
Real Estate Properties [Line Items]
Buildings and improvements | $		$ 183,503	183,503
Accumulated depreciation | $		$ 26,230	$ 20,915
Hotel Deca | Subsequent Event
Real Estate Properties [Line Items]
Proceeds from sale of properties | $	$ 55,000

Investment in Hotel Propertie46

Investment in Hotel Properties Investment in Joint Venture (Narrative) (Details)	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	99.90%
Ownership percentage by limited partners	0.10%
The Liberty Hotel
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	99.99%
Ownership percentage by limited partners	0.01%

Investment in Hotel Propertie47

Investment in Hotel Properties Acquisitions (Narrative) (Details) $ in Thousands	Apr. 30, 2014USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)hotel
Acquisition [Line Items]
Ownership percent		100.00%	100.00%
Number of hotels acquired | hotel		2	2
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 82,884	$ 27,988
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 11,705	$ 2,018
Onyx Hotel
Acquisition [Line Items]
Payments to acquire land	$ 2,500

Investment in Hotel Propertie48

Investment in Hotel Properties Acquisitions (Details) $ in Thousands	Mar. 16, 2015USD ($)guest_room	Jan. 23, 2015USD ($)guest_room	Dec. 18, 2014USD ($)guest_room	Apr. 02, 2014USD ($)guest_room	Dec. 31, 2016USD ($)guest_room	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Acquisition [Line Items]
Number of Rooms | guest_room					11,450
Purchase Price						$ 446,250	$ 194,325
Acquisition Transaction Costs					$ 0	499	2,379
Hotel Vitale
Acquisition [Line Items]
Number of Rooms | guest_room				200
Purchase Price				$ 130,000
Acquisition Transaction Costs							1,864
The Heathman Hotel
Acquisition [Line Items]
Number of Rooms | guest_room			150
Purchase Price			$ 64,325
Acquisition Transaction Costs							328
2014 Acquisitions
Acquisition [Line Items]
Acquisition Transaction Costs							2,192
Park Central San Francisco
Acquisition [Line Items]
Number of Rooms | guest_room		681
Purchase Price		$ 350,000
Acquisition Transaction Costs						230	123
The Marker Waterfront Resort
Acquisition [Line Items]
Number of Rooms | guest_room	96
Purchase Price	$ 96,250
Acquisition Transaction Costs						214
2015 Acquisitions
Acquisition [Line Items]
Acquisition Transaction Costs						444
Mezzanine Loan
Acquisition [Line Items]
Acquisition Transaction Costs						$ 55
Onyx Hotel
Acquisition [Line Items]
Acquisition Transaction Costs							$ 64

Investment in Hotel Propertie49

Investment in Hotel Properties Dispositions (Narrative) (Details) - USD ($) $ in Thousands	Jan. 19, 2017	Jul. 14, 2016	Sep. 10, 2014	Jun. 17, 2014	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties						$ 164,094	$ 0	$ 167,921
Gain on sale of properties						104,478	$ 0	93,205
Hilton Alexandria Old Town
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties				$ 93,380
Gain on sale of properties								43,548
Hotel Viking
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties			$ 77,000
Gain on sale of properties								$ 49,657
Indianapolis Marriott Downtown
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties		$ 165,000
Gain on sale of properties						$ 104,766
Hotel Deca | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties	$ 55,000
Gain on sale of properties					$ 30,500

Investment in Hotel Propertie50

Investment in Hotel Properties Note Receivable (Narrative) (Details) $ in Thousands	Jul. 08, 2016USD ($)	Jul. 20, 2015USD ($)extension	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from sale of note receivable			$ 79,712	$ 0	$ 0
Mezzanine Loan
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable with variable rates of interest		$ 80,000
Loan Receivable, Number of Extension Options | extension		5
Loan Receivable, Term of Extension Option		1 year
Proceeds from sale of note receivable	$ 80,000
Loan Receivable, Transaction Costs Related to Sale			$ 288
Mezzanine Loan | London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Loans Receivable, Basis Spread on Variable Rate		7.75%
Mortgage Receivable
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable with variable rates of interest		$ 235,000
Senior Mezzanine Loan
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable with variable rates of interest		$ 90,000

Long-Term Debt Debt Summary (De

Long-Term Debt Debt Summary (Details) $ in Thousands	Jan. 10, 2017USD ($)extension	Jan. 08, 2014USD ($)	Dec. 31, 2016USD ($)extension	Dec. 31, 2015USD ($)	Nov. 05, 2015USD ($)
Debt Instrument [Line Items]
Credit facilities			$ 0	$ 21,000
Term loans			852,758	852,203
Massport Bonds			42,455	42,316
Mortgage loans			223,494	508,804
Debt issuance costs, net			(1,699)	(3,347)
Total Debt			1,122,500
Line of Credit | Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facilities			$ 0	$ 21,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate				2.13%
Number of extension options | extension			2
Extension option period		6 months
Line of Credit | Senior Unsecured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Number of extension options | extension	2
Extension option period	6 months
Line of Credit | LHL Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facilities			$ 0	$ 0
Number of extension options | extension			2
Extension option period		6 months
Line of Credit | LHL Unsecured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Number of extension options | extension	2
Extension option period	6 months
Term Loan
Debt Instrument [Line Items]
Debt issuance costs, net			$ (2,242)	$ (2,797)
Term Loan | First Term Loan
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
Term Loan | First Term Loan | Subsequent Event
Debt Instrument [Line Items]
Term loans	$ 300,000
Term Loan | Second Term Loan
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
Term Loan | Second Term Loan | Subsequent Event
Debt Instrument [Line Items]
Term loans	$ 555,000
Bonds Payable
Debt Instrument [Line Items]
Debt issuance costs, net			(45)	(184)
Bonds Payable | Taxable Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds			$ 5,400	$ 5,400
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate			0.75%	0.39%
Bonds Payable | Tax Exempted Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds			$ 37,100	$ 37,100
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate			0.76%	0.02%
Bonds Payable | Massport Bonds
Debt Instrument [Line Items]
Number of extension options | extension			2
Extension option period			1 year
Line of Credit Annual Fees Percentage			1.35%
Mortgage
Debt Instrument [Line Items]
Debt issuance costs, net			$ (1,506)	$ (2,490)
Mortgage | Westin Michigan Avenue
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			5.75%
Mortgage loans			$ 0	131,262
Mortgage | Indianapolis Marriott Downtown
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			5.99%
Mortgage loans			$ 0	96,097
Mortgage | The Roger
Debt Instrument [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			6.31%
Mortgage loans			$ 0	58,935
Mortgage | Westin Copley Place
Debt Instrument [Line Items]
Mortgage loans			$ 225,000	$ 225,000
Debt Instrument, Number of Extension Options | extension			3
Debt Instrument, Interest Rate, Effective Percentage			2.46%	2.09%
Mortgage | Westin Copley Place | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.75%	1.75%
Mortgage | Westin Copley Place | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.75%
Mortgage | Westin Copley Place | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.00%
Debt
Debt Instrument [Line Items]
Total Debt			$ 1,118,707	$ 1,424,323

Long-Term Debt Future Scheduled

Long-Term Debt Future Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 0
2,018	267,500
2,019	300,000
2,020	0
2,021	555,000
Total Debt	$ 1,122,500

Long-Term Debt Summary of Inter

Long-Term Debt Summary of Interest Expense and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest Expense [Abstract]
Interest incurred	$ 40,814	$ 52,604	$ 54,859
Amortization of debt issuance costs	3,359	2,631	2,169
Capitalized interest	(398)	(902)	(400)
Interest expense	$ 43,775	$ 54,333	$ 56,628
Senior Unsecured Credit Facility | Line of Credit
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.14%	1.89%	1.86%
LHL Unsecured Credit Facility | Line of Credit
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.13%	1.89%	1.86%
Massport Bonds | Bonds Payable
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	0.44%	0.06%	0.35%
Westin Copley Place | Mortgage
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.23%	2.19%

Long-Term Debt Credit Facilitie

Long-Term Debt Credit Facilities (Narrative) (Details) $ in Thousands	Jan. 10, 2017USD ($)extension	Jan. 08, 2014USD ($)	Dec. 31, 2016extension
Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio	6.50
Debt Instrument, Covenant, Leverage Ratio, Number of Quarters, Measurement Period	2
Line of Credit | Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 750,000
Maximum borrowing capacity under unsecured credit facility		$ 1,050,000
Line of Credit Facility, Number of extension options | extension			2
Extension option period		6 months
Line of Credit | Senior Unsecured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 750,000
Maximum borrowing capacity under unsecured credit facility	$ 1,250,000
Line of Credit Facility, Number of extension options | extension	2
Extension option period	6 months
Line of Credit | Senior Unsecured Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Line of Credit | Senior Unsecured Credit Facility | Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
Line of Credit | LHL Unsecured Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 25,000
Line of Credit Facility, Number of extension options | extension			2
Extension option period		6 months
Line of Credit | LHL Unsecured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 25,000
Line of Credit Facility, Number of extension options | extension	2
Extension option period	6 months
Line of Credit | LHL Unsecured Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Line of Credit | LHL Unsecured Credit Facility | Maximum
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) $ in Thousands	Jan. 10, 2017USD ($)	Nov. 05, 2015USD ($)	Jan. 08, 2014USD ($)	May 16, 2012USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Term loans					$ 852,758	$ 852,203
Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio	6.50
Debt Instrument, Covenant, Leverage Ratio, Number of Quarters, Measurement Period	2
Term Loan | Repaid Term Loan
Debt Instrument [Line Items]
Term loans				$ 177,500
Debt Instrument, Term				7 years
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term loans			$ 300,000		300,000	300,000
Debt Instrument, Term			5 years
Total lender commitments			$ 500,000
Term Loan | First Term Loan | Subsequent Event
Debt Instrument [Line Items]
Term loans	$ 300,000
Total lender commitments	500,000
Term Loan | Second Term Loan
Debt Instrument [Line Items]
Term loans		$ 555,000			$ 555,000	$ 555,000
Debt Instrument, Term		5 years
Total lender commitments		$ 700,000
Term Loan | Second Term Loan | Subsequent Event
Debt Instrument [Line Items]
Term loans	$ 555,000

Long-Term Debt Derivative and H

Long-Term Debt Derivative and Hedging Activities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 02, 2012USD ($)agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated other comprehensive income (loss)	$ 2,365	$ (97)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
First Term Loan | Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.38%	2.38%
Second Term Loan | Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%	2.95%
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swap agreements | agreement			5
Derivative, Notional Amount	$ 555,000		$ 300,000
Unrealized gain (loss) included in accumulated other comprehensive income (loss)	2,368	$ (97)
Accumulated other comprehensive income (loss)	2,365	(97)
Derivative change in fair value recorded in other comprehensive income attributable to noncontrolling interests	3	$ 0
Amount reclassified from AOCI and noncontrolling interests and recognized as a reduction to income in the next 12 months	4,890
Designated as Hedging Instrument | Interest Rate Swap | Second Term Loan, Interest Rate Period Hedged from May 16, 2019 through January 29, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 377,500

Long-Term Debt Derivative and57

Long-Term Debt Derivative and Hedging Activities (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivative Instruments (Effective Portion)	$ (4,160)	$ (5,682)	$ (8,276)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCI into Net Income (Effective Portion)	$ 6,625	$ 4,835	$ 4,410

Long-Term Debt Long-term Debt (

Long-Term Debt Long-term Debt (Bonds Payable) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)extension	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Massport Bonds	$ 42,455	$ 42,316
Bonds Payable | Tax Exempted Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds	37,100	37,100
Bonds Payable | Taxable Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds	$ 5,400	$ 5,400
Bonds Payable | Massport Bonds
Debt Instrument [Line Items]
Number of extension options | extension	2
Extension option period	1 year
Line of Credit Annual Fees Percentage	1.35%

Long-Term Debt Extinguishment o

Long-Term Debt Extinguishment of Debt (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Loss from extinguishment of debt	$ 0	$ 831	$ 2,487

Long-Term Debt Mortgage Loans (

Long-Term Debt Mortgage Loans (Narrative) (Details) - USD ($) $ in Thousands	Feb. 11, 2016	Jan. 04, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Repayments of Secured Debt			$ 286,294	$ 214,796	$ 13,325
Mortgage | Westin Michigan Avenue
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 131,262
Mortgage | Indianapolis Marriott Downtown
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 96,097
Mortgage | The Roger
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 - Operating Leases (Details)	12 Months Ended
	Dec. 31, 2016payment
Southernmost Beach Resort Key West
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Renewal Period (in years)	1 year
Hyatt Regency Boston Harbor
Operating Leased Assets [Line Items]
Lease Renewal Term (in years)	51 years
Hotel Vitale
Operating Leased Assets [Line Items]
Lease Renewal Term (in years)	14 years
Westin Copley Place
Operating Leased Assets [Line Items]
Future Ground Rent Payments Per Year	0

Commitments and Contingencies62

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Straight-line ground rent	$ 1,890	$ 1,943	$ 1,820
Ground rent	$ 16,187	$ 16,076	$ 14,667

Commitments and Contingencies63

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Capital Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jan. 01, 2015
The Roger
Capital Leased Assets [Line Items]
Estimated Fair Value of Remaining Rent Payments	$ 4,892
Harbor Court Hotel
Capital Leased Assets [Line Items]
Estimated Fair Value of Remaining Rent Payments	18,424
Hotel Triton
Capital Leased Assets [Line Items]
Estimated Fair Value of Remaining Rent Payments	$ 25,625	$ 27,752

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Rent Payments (Details) - Operating and Capital Leases $ in Thousands	Dec. 31, 2016USD ($)
Capital Leased Assets [Line Items]
2,017	$ 13,052
2,018	13,195
2,019	13,172
2,020	13,559
2,021	13,713
Thereafter	587,067
Total future minimum rent payments	$ 653,758

Commitments and Contingencies R

Commitments and Contingencies Reserve Funds for Future Capital Expenditures (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of reserve funds provided by the Company	4.00%
Restricted cash and cash equivalents available for capital expenditures	$ 13,073

Commitments and Contingencies66

Commitments and Contingencies Restricted Cash Reserves (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Restricted cash and reserves	$ 15,035	$ 26,443
Restricted cash and cash equivalents available for capital expenditures	13,073
Restricted cash and cash equivalents available for insurance or management liabilities	$ 1,962

Equity Common Shares of Benefic

Equity Common Shares of Beneficial Interest (Narrative) (Details)

Aug. 11, 2016shares

May 09, 2016shares

Apr. 25, 2016installmentshares

Mar. 18, 2016installmentshares

Mar. 01, 2016shares

Jan. 01, 2016shares

Nov. 09, 2015shares

Mar. 19, 2015installmentshares

Jan. 01, 2015installmentshares

Mar. 20, 2014shares

Jan. 30, 2013shares

Jan. 26, 2012shares

Jan. 26, 2011shares

Jan. 24, 2011shares

May 31, 2008shares

Dec. 31, 2016shares

Dec. 31, 2015shares

Class of Stock [Line Items]

Common shares of beneficial interest, shares authorized

200,000,000

200,000,000

Share Based Compensation Arrangements, Earned Compensation, Number of Installments | installment

5

Restricted Stock

Class of Stock [Line Items]

Number of Shares, Granted

12,632

77,565

49,225

57,385

80,559

79,823

35,920

8,925

125,000

121,372

Number of Shares, Vested

155,463

Restricted Stock | Former Chief Financial Officer

Class of Stock [Line Items]

Number of Shares, Granted

19,610

12,435

14,582

Number of Shares, Vested

27,570

2009 Plan | Restricted Stock

Class of Stock [Line Items]

Number of Shares, Granted

108,779

Number of Shares, Vested

42,824

36,926

2009 Plan | Restricted Stock | Former Chief Financial Officer

Class of Stock [Line Items]

Number of Shares, Vested

15,320

2009 and 2014 Plan | Restricted Stock | Former Chief Financial Officer

Class of Stock [Line Items]

Number of Shares, Vested

20,688

2014 Plan

Class of Stock [Line Items]

Additional deferred shares issued

4,910

4,183

2014 Plan | Restricted Stock

Class of Stock [Line Items]

Number of Shares, Granted

10,526

98,787

62,742

Number of annual installments in which shares vest | installment

3

3

3

2014 Plan | Restricted Stock | Former Chief Financial Officer

Class of Stock [Line Items]

Number of Shares, Vested

5,368

Common Shares of Beneficial Interest | 2009 Plan

Class of Stock [Line Items]

Common shares, shares issued

9,757

Common Shares of Beneficial Interest | 2009 and 2014 Plan

Class of Stock [Line Items]

Common shares, shares issued

30,388

Common Shares of Beneficial Interest | 2014 Plan

Class of Stock [Line Items]

Common shares, shares issued

13,864

11,682

Equity Common Dividends (Detail

Equity Common Dividends (Details) - $ / shares	Oct. 17, 2016	Jul. 15, 2016	Apr. 15, 2016	Jan. 15, 2016
Common Shares of Beneficial Interest
Class of Stock [Line Items]
Dividend per Share/Unit (in dollars per share)	$ 0.45	$ 0.45	$ 0.45	$ 0.45

Equity Treasury Shares (Narrati

Equity Treasury Shares (Narrative) (Details) - USD ($)	Jan. 04, 2017	Dec. 31, 2016	Feb. 22, 2017	Feb. 21, 2017
Class of Stock [Line Items]
Number of common shares of beneficial interest received		96,601
Stock repurchase program, Authorized		$ 100,000,000
Stock repurchase program, remaining authorized		$ 69,807,000
Number of treasury shares re-issued		13,864
Common shares held in treasury (in shares)		27,368
Subsequent Event
Class of Stock [Line Items]
Number of common shares of beneficial interest received	54,410
Stock repurchase program, Authorized			$ 569,807,000	$ 500,000,000
Nonvested Share Awards with Market or Performance Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued		100,438
Nonvested Share Awards with Service Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued		110,826

Equity Preferred Shares (Narrat

Equity Preferred Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 25, 2021	Mar. 04, 2018	May 25, 2016	Jan. 24, 2016	Jul. 03, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred shares of beneficial interest, shares authorized						40,000,000	40,000,000
Redemption value of preferred shares								$ 58,731
Distributions payable						$ 56,360	$ 53,939
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs						$ 85,223	$ 80,205
Preferred shares of beneficial interest, shares issued						13,150,000	7,150,000
Preferred shares of beneficial interest, par value (in dollars per share)						$ 0.01	$ 0.01
Share price (in dollars per share)						$ 30.47
Proceeds from issuance of preferred shares						$ 150,000	$ 0	$ 0
Series G Preferred Shares
Class of Stock [Line Items]
Dividend rate					7.25%
Number of preferred shares redeemed					2,348,888
Redemption value of preferred shares					$ 58,722
Redeemable preferred share redemption price per share (in dollars per share)					$ 25
Distributions payable					$ 1,100
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs					$ 951
Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate						7.50%
Redeemable preferred share redemption price per share (in dollars per share)				$ 25
Preferred stock redeemable term (in days)				120 days
Right to convert a number of common shares, capped				4,680,500
Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate						6.375%
Right to convert a number of common shares, capped						8,835,200
Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate						6.30%
Preferred shares of beneficial interest, shares issued			6,000,000
Preferred shares of beneficial interest, par value (in dollars per share)			$ 0.01
Share price (in dollars per share)			$ 25
Proceeds from issuance of preferred shares			$ 145,078
Right to convert a number of common shares, capped						12,842,400
Scenario, Forecast | Series I Preferred Shares
Class of Stock [Line Items]
Redeemable preferred share redemption price per share (in dollars per share)		$ 25
Preferred stock redeemable term (in days)		120 days
Scenario, Forecast | Series J Preferred Shares
Class of Stock [Line Items]
Redeemable preferred share redemption price per share (in dollars per share)	$ 25
Preferred stock redeemable term (in days)	120 days

Equity Preferred Shares Outstan

Equity Preferred Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Number of Preferred Shares	13,150,000	7,150,000
7.5% Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate	7.50%
Number of Preferred Shares	2,750,000
6.375% Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.375%
Number of Preferred Shares	4,400,000
6.3% Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.30%
Number of Preferred Shares	6,000,000

Equity Preferred Dividends (Det

Equity Preferred Dividends (Details) - $ / shares	Oct. 17, 2016	Jul. 15, 2016	Apr. 15, 2016	Jan. 15, 2016	Dec. 31, 2016
7.5% Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate					7.50%
Dividend per Share (in dollars per share)	$ 0.47	$ 0.47	$ 0.47	$ 0.47
6.375% Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate					6.375%
Dividend per Share (in dollars per share)	0.40	0.40	$ 0.40	$ 0.40
6.3% Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate					6.30%
Dividend per Share (in dollars per share)	$ 0.39	$ 0.22

Equity Noncontrolling Interests

Equity Noncontrolling Interests of Common Units in Operating Partnership (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 13, 2015	Dec. 31, 2016
Class of Stock [Line Items]
Common units of limited partnership (in shares)		145,223
Partnership interest held by limited partners		0.10%
Common units of operating partnership interest for cash or common shares		$ 4,425
Share price (in dollars per share)		$ 30.47
Common Shares of Beneficial Interest
Class of Stock [Line Items]
Aggregate number of common shares of beneficial interest issued	151,077
Noncontrolling Interests of Common Units in Operating Partnership
Class of Stock [Line Items]
Number of common units of limited partnership redeemed	151,077	0

Equity Schedule of Effects of C

Equity Schedule of Effects of Changes in the Company's Ownership Interest in the Operating Partnership on the Company's Equity (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Net income attributable to common shareholders	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 23,456	$ 44,424	$ 55,822	$ (319)	$ 234,575	$ 123,383	$ 197,561
Increase (decrease) in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership									0	14	(397)
Change from net income attributable to common shareholders and adjustments to noncontrolling interests									$ 234,575	$ 123,397	$ 197,164

Equity Incentive Plan (Narrativ

Equity Incentive Plan (Narrative) (Details) - 2014 Plan	12 Months Ended
	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common shares of beneficial interest to be issued (in shares)	2,900,000
Common shares of beneficial interest to be issued per individual limit (in shares)	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 (in shares)	2,663,994

Equity Incentive Plan Nonvested

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 3,757	$ 5,342
Weighted-average recognized period (in years)	1 year 9 months 18 days	1 year 8 months 12 days
Compensation costs	$ 3,896	$ 4,360	$ 3,567
Restricted Stock | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	96
Restricted Stock | Nonvested Share Awards with Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 2,798	$ 3,914
Weighted-average recognized period (in years)	1 year 2 months 12 days	1 year 4 months 24 days
Total fair value of vested shares	$ 2,256	$ 3,152	5,602
Compensation costs	3,002	$ 3,323	$ 3,055
Restricted Stock | Nonvested Share Awards with Service Conditions | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs	$ 538
Restricted Stock | Nonvested Share Awards with Service Conditions | 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years

Equity Incentive Plan Nonvest77

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Details) - Restricted Stock - $ / shares	Aug. 11, 2016	Apr. 25, 2016	Mar. 18, 2016	Mar. 01, 2016	Mar. 19, 2015	Mar. 20, 2014	Jan. 01, 2014	Jan. 30, 2013	Jan. 26, 2012	Jan. 26, 2011	Jan. 24, 2011	May 31, 2008	Dec. 31, 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	77,565		49,225	57,385		80,559	79,823	35,920	8,925	125,000	121,372
Number of Shares, Vested													(155,463)
Number of Shares, Forfeited				(3,354)			(9,193)						(38,313)
Nonvested, Number of Shares Ending Balance													276,183
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 (in dollars per share)													$ 33.98
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)													24.74
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)													31.89
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)													29.26
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share)													$ 27.36
Nonvested Share Awards with Service Conditions
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													110,826
Number of Shares, Vested													(90,191)
Number of Shares, Forfeited													(12,711)
Nonvested, Number of Shares Ending Balance													236,759
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 (in dollars per share)													$ 33.29
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)													25.01
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)													31.70
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)													27.41
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share)													$ 30.78
Nonvested Share Awards with Market or Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted	10,707
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 (in shares)													29,376	84,401

Equity Incentive Plan Nonvest78

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Narrative) (Details) $ in Thousands	Jan. 01, 2017shares	Aug. 11, 2016USD ($)shares	May 09, 2016shares	May 06, 2016shares	Apr. 25, 2016shares	Mar. 18, 2016shares	Mar. 01, 2016USD ($)shares	Jan. 01, 2016shares	Dec. 31, 2015USD ($)shares	Mar. 19, 2015shares	Jan. 01, 2015USD ($)shares	Jul. 01, 2014USD ($)shares	Mar. 20, 2014shares	Jan. 01, 2014USD ($)shares	Jan. 30, 2013shares	Jan. 26, 2012shares	Jan. 26, 2011shares	Jan. 24, 2011shares	May 31, 2008shares	Dec. 31, 2016USD ($)peer_companytrancheshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on earned shares from share awards with market conditions | $																				$ (365)	$ (334)	$ (314)
General and Administrative Expense | $																				26,529	25,197	23,832
Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and Administrative Expense | $																				$ 1,576
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares					12,632	77,565				49,225			57,385		80,559	79,823	35,920	8,925	125,000	121,372
Performance measurement period (in years)																			3 years
Percentage of Target Shares			100.00%						100.00%						100.00%		100.00%
Performance Shares Outstanding					0	0				0			0						0
Number of Shares Earned as Percentage of Target Shares		133.20%					91.70%				136.30%	119.60%		79.50%
Distributions on earned shares from share awards with market conditions | $		$ 214					$ 151				$ 334	$ 239		$ 75
Number of Shares, Earned		42,824					36,926				108,779			35,652
Number of Shares, Forfeited							3,354							9,193						38,313
Number of Shares, Vested																				155,463
Percentage of target shares, Revised									200.00%
Unrecognized compensation costs | $									$ 5,342											$ 3,757	$ 5,342
Weighted-average recognized period (in years)																				1 year 9 months 18 days	1 year 8 months 12 days
Compensation costs | $																				$ 3,896	$ 4,360	$ 3,567
Restricted Stock | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares						19,610				12,435			14,582
Number of Shares, Earned			858
Number of Shares, Forfeited			34,959
Number of Shares, Vested			27,570
Compensation costs | $																				$ 96
Restricted Stock | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares											108,779
Number of nonvested shares with market conditions issued												59,778
Number of Shares, Earned												59,778
Number of Shares, Vested		42,824					36,926
Restricted Stock | 2009 Plan | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested			15,320
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares					0.00%	0.00%				0.00%			0.00%						0.00%
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Target Shares					200.00%	200.00%				200.00%			200.00%						200.00%
Restricted Stock | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares					6,316	38,782				24,612			28,692		40,280				25,000
Restricted Stock | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares					6,316	38,783				24,613			28,693		32,117				50,000
Restricted Stock | Share-based Compensation Award, Tranche Two | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares															8,162
Restricted Stock | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares																			50,000
Restricted Stock | January 24 and 26, 2011 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested								11,883			11,884			11,885
Restricted Stock | January 26, 2012 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested								36,260			36,261
Restricted Stock | January 26, 2012 Awards | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested				6,882
Restricted Stock | Share-based Compensation Award, Prior to 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Tranche | tranche																				3
Share-based Compensation Arrangement by Share-based Payment Award, Peer Companies | peer_company																				6
Restricted Stock | Share-based Compensation Award, After 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Tranche | tranche																				3
Restricted Stock | Share-based Compensation Award, Tranches One and Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Tranches Based on Market Conditions | tranche																				2
Restricted Stock | Nonvested Share Awards with Market or Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares		10,707
Number of share awards vested									308,069											463,532	308,069
Shares awards with market conditions which were earned but nonvested (in shares)									84,401											29,376	84,401
Restricted Stock | Scenario, Forecast | January 26, 2012 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested	29,376

Equity Incentive Plan Nonvest79

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Assumptions for Performance Measure) (Details) - Restricted Stock	Apr. 25, 2016$ / shares	Mar. 18, 2016$ / shares	Mar. 19, 2015$ / shares	Mar. 20, 2014$ / shares	Jan. 30, 2013$ / shares	Jan. 26, 2012$ / shares	May 31, 2008$ / shares
April 25, 2016 Awards (performance period starting January 1, 2016)
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 Award, Target amounts (in dollars per share)	$ 18.61
Fair Value of Components of Award, Return on invested capital (in dollars per share)	23.75
Fair Value of Components of Award, Peer companies (in dollar per shares)	$ 23.63
Weighting of Total Awards, Target amounts	33.40%
Weighing of Total Awards, Return on invested capital	33.30%
Weighing of Total Awards, Peer companies	33.30%
April 25, 2016 Awards (performance period starting July 1, 2016)
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 Award, Target amounts (in dollars per share)	$ 20.47
Fair Value of Components of Award, Return on invested capital (in dollars per share)	23.75
Fair Value of Components of Award, Peer companies (in dollar per shares)	$ 26.10
Weighting of Total Awards, Target amounts	33.40%
Weighing of Total Awards, Return on invested capital	33.30%
Weighing of Total Awards, Peer companies	33.30%
March 18, 2016 Awards (performance period starting January 1, 2016)
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 Award, Target amounts (in dollars per share)		$ 22.23
Fair Value of Components of Award, Return on invested capital (in dollars per share)		25.14
Fair Value of Components of Award, Peer companies (in dollar per shares)		$ 25.18
Weighting of Total Awards, Target amounts		33.40%
Weighing of Total Awards, Return on invested capital		33.30%
Weighing of Total Awards, Peer companies		33.30%
March 18, 2016 Awards (performance period starting July 1, 2016)
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 Award, Target amounts (in dollars per share)		$ 21.65
Fair Value of Components of Award, Return on invested capital (in dollars per share)		25.14
Fair Value of Components of Award, Peer companies (in dollar per shares)		$ 27.81
Weighting of Total Awards, Target amounts		33.40%
Weighing of Total Awards, Return on invested capital		33.30%
Weighing of Total Awards, Peer companies		33.30%
March 19, 2015 Awards (performance period starting January 1, 2015)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts			24.40%
Volatility, Peer companies			24.40%
Interest Rates, Target amounts			0.99%
Interest Rates, Peer companies			0.99%
Stock Beta, Peer companies			1.011
Fair Value of Components of Award, Target amounts (in dollars per share)			$ 29.25
Fair Value of Components of Award, Return on invested capital (in dollars per share)			38.84
Fair Value of Components of Award, Peer companies (in dollar per shares)			$ 40.69
Weighting of Total Awards, Target amounts			33.40%
Weighing of Total Awards, Return on invested capital			33.30%
Weighing of Total Awards, Peer companies			33.30%
March 19, 2015 Awards (performance period starting July 1, 2015)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts			24.40%
Volatility, Peer companies			24.40%
Interest Rates, Target amounts			0.99%
Interest Rates, Peer companies			0.99%
Stock Beta, Peer companies			1.011
Fair Value of Components of Award, Target amounts (in dollars per share)			$ 31.86
Fair Value of Components of Award, Return on invested capital (in dollars per share)			38.84
Fair Value of Components of Award, Peer companies (in dollar per shares)			$ 41
Weighting of Total Awards, Target amounts			33.40%
Weighing of Total Awards, Return on invested capital			33.30%
Weighing of Total Awards, Peer companies			33.30%
May 31, 2008 Awards (performance period starting July 1, 2014)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts							33.30%
Volatility, NAREIT Index							33.30%
Volatility, Peer companies							33.30%
Interest Rates, Target amounts							0.90%
Interest Rates, NAREIT Index							0.90%
Interest Rates, Peer companies							0.90%
Stock Beta, NAREIT Index							1.356
Stock Beta, Peer companies							0.908
Fair Value of Components of Award, Target amounts (in dollars per share)							$ 32.57
Fair Value of Components of Award, NAREIT Index (in dollars per share)							39.26
Fair Value of Components of Award, Peer companies (in dollar per shares)							$ 38.15
Weighting of Total Awards, Target amounts							20.00%
Weighing of Total Awards, NAREIT Index							40.00%
Weighing of Total Awards, Peer companies							40.00%
March 20, 2014 Awards (performance period starting January 1, 2014)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts				33.70%
Volatility, Peer companies				33.70%
Interest Rates, Target amounts				0.90%
Interest Rates, Peer companies				0.90%
Stock Beta, Peer companies				0.938
Fair Value of Components of Award, Target amounts (in dollars per share)				$ 31.94
Fair Value of Components of Award, Return on invested capital (in dollars per share)				31.82
Fair Value of Components of Award, Peer companies (in dollar per shares)				$ 31.02
Weighting of Total Awards, Target amounts				33.40%
Weighing of Total Awards, Return on invested capital				33.30%
Weighing of Total Awards, Peer companies				33.30%
March 20, 2014 Awards (performance period starting July 1, 2014)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts				33.70%
Volatility, Peer companies				33.70%
Interest Rates, Target amounts				0.90%
Interest Rates, Peer companies				0.90%
Stock Beta, Peer companies				0.938
Fair Value of Components of Award, Target amounts (in dollars per share)				$ 31.23
Fair Value of Components of Award, Return on invested capital (in dollars per share)				31.82
Fair Value of Components of Award, Peer companies (in dollar per shares)				$ 34.53
Weighting of Total Awards, Target amounts				33.40%
Weighing of Total Awards, Return on invested capital				33.30%
Weighing of Total Awards, Peer companies				33.30%
January 30, 2013 Awards (performance period starting January 1, 2013)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts					38.70%
Volatility, Peer companies					38.70%
Interest Rates, Target amounts					0.42%
Interest Rates, Peer companies					0.42%
Stock Beta, Peer companies					0.864
Fair Value of Components of Award, Target amounts (in dollars per share)					$ 29.38
Fair Value of Components of Award, Return on invested capital (in dollars per share)					27.20
Fair Value of Components of Award, Peer companies (in dollar per shares)					$ 30.51
Weighting of Total Awards, Target amounts					33.40%
Weighing of Total Awards, Return on invested capital					33.30%
Weighing of Total Awards, Peer companies					33.30%
January 30, 2013 Awards (performance period starting July 1, 2013)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts					38.70%
Volatility, Peer companies					38.70%
Interest Rates, Target amounts					0.42%
Interest Rates, Peer companies					0.42%
Stock Beta, Peer companies					0.864
Fair Value of Components of Award, Target amounts (in dollars per share)					$ 27.70
Fair Value of Components of Award, Return on invested capital (in dollars per share)					27.20
Fair Value of Components of Award, Peer companies (in dollar per shares)					$ 31.34
Weighting of Total Awards, Target amounts					33.40%
Weighing of Total Awards, Return on invested capital					33.30%
Weighing of Total Awards, Peer companies					33.30%
January 26, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts						65.30%
Volatility, NAREIT Index						65.30%
Volatility, Peer companies						65.30%
Interest Rates, Target amounts						0.31%
Interest Rates, NAREIT Index						0.31%
Interest Rates, Peer companies						0.31%
Stock Beta, NAREIT Index						1.370
Stock Beta, Peer companies						0.911
Fair Value of Components of Award, Target amounts (in dollars per share)						$ 36.22
Fair Value of Components of Award, NAREIT Index (in dollars per share)						35.25
Fair Value of Components of Award, Peer companies (in dollar per shares)						$ 35.33
Weighting of Total Awards, Target amounts						33.40%
Weighing of Total Awards, NAREIT Index						33.30%
Weighing of Total Awards, Peer companies						33.30%

Equity Incentive Plan Nonvest80

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Summary of Restricted Shares) (Details) - Restricted Stock - $ / shares	Aug. 11, 2016	May 09, 2016	Apr. 25, 2016	Mar. 18, 2016	Mar. 01, 2016	Mar. 19, 2015	Jan. 01, 2015	Mar. 20, 2014	Jan. 01, 2014	Jan. 30, 2013	Jan. 26, 2012	Jan. 26, 2011	Jan. 24, 2011	May 31, 2008	Dec. 31, 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	77,565		49,225		57,385		80,559	79,823	35,920	8,925	125,000	121,372
Number of Shares, Vested															(155,463)
Number of Shares, Forfeited					(3,354)				(9,193)						(38,313)
Nonvested, Number of Shares Ending Balance															276,183
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 (in dollars per share)															$ 33.98
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)															24.74
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)															31.89
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)															29.26
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share)															$ 27.36
Number of Shares, Earned	42,824				36,926		108,779		35,652
Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted				19,610		12,435		14,582
Number of Shares, Vested		(27,570)
Number of Shares, Forfeited		(34,959)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Number of Shares, Earned		858
Nonvested Share Awards with Market or Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Granted	10,707

Equity Incentive Plan Board of

Equity Incentive Plan Board of Trustees' Compensation (Details) - Board of Trustees Compensation - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued related to trustees compensation	25,113	18,774	15,865
Deferred shares related to trustees compensation	9,103	4,910	4,183

LHL Summary of Other Indirect H

LHL Summary of Other Indirect Hotel Operating Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
General and administrative	$ 26,529	$ 25,197	$ 23,832
Other expenses	6,283	17,225	7,369
Total other indirect expenses	$ 305,265	301,004	264,508
Number of hotels | hotel	46
LHL
Real Estate Properties [Line Items]
General and administrative	$ 103,993	101,397	87,210
Sales and marketing	75,212	73,654	61,249
Repairs and maintenance	39,309	39,521	37,169
Management and incentive fees	40,064	39,686	36,463
Utilities and insurance	33,109	34,427	32,296
Franchise fees	10,396	9,836	8,346
Other expenses	3,182	2,483	1,775
Total other indirect expenses	$ 305,265	$ 301,004	$ 264,508
Number of hotels | hotel	46

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Required percentage of adjusted taxable income distributed to shareholders in order to quality as REIT	90.00%
Number of years unable to qualify as real estate investment trust	4 years
Net deferred tax asset due to federal differences and state tax net operating losses	$ 1,081
Unrecognized Tax Benefits	$ 0	$ 0

Income Taxes Distributions Paid

Income Taxes Distributions Paid Per Common Share of Beneficial Interest and Preferred Share on a Tax Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common Shares of Beneficial Interest
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 1.1631	$ 1.6570	$ 1.4556
Ordinary income (%)	62.26%	100.00%	100.00%
Capital gain (in dollars per share)	$ 0.4550	$ 0	$ 0
Capital gain (%)	24.36%	0.00%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.2499	$ 0	$ 0
Unrecaptured Section 1250 gain (%)	13.38%	0.00%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.8680	$ 1.6570	$ 1.4556
(Tax basis) (%)	100.00%	100.00%	100.00%
Series G Preferred Shares
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0	$ 0	$ 1.3745
Ordinary income (%)	0.00%	0.00%	100.00%
Capital gain (in dollars per share)	$ 0	$ 0	$ 0
Capital gain (%)	0.00%	0.00%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0	$ 0	$ 0
Unrecaptured Section 1250 gain (%)	0.00%	0.00%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 0	$ 0	$ 1.3745
(Tax basis) (%)	0.00%	0.00%	100.00%
Series H Preferred Shares
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 1.4593	$ 1.8750	$ 1.8750
Ordinary income (%)	62.26%	100.00%	100.00%
Capital gain (in dollars per share)	$ 0.5709	$ 0	$ 0
Capital gain (%)	24.36%	0.00%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.3136	$ 0	$ 0
Unrecaptured Section 1250 gain (%)	13.38%	0.00%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 2.3438	$ 1.8750	$ 1.8750
(Tax basis) (%)	100.00%	100.00%	100.00%
Series I Preferred Shares
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 1.2404	$ 1.5938	$ 1.5938
Ordinary income (%)	62.26%	100.00%	100.00%
Capital gain (in dollars per share)	$ 0.4853	$ 0	$ 0
Capital gain (%)	24.36%	0.00%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.2665	$ 0	$ 0
Unrecaptured Section 1250 gain (%)	13.38%	0.00%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.9922	$ 1.5938	$ 1.5938
(Tax basis) (%)	100.00%	100.00%	100.00%
Series J Preferred Shares
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0.6265	$ 0	$ 0
Ordinary income (%)	62.26%	0.00%	0.00%
Capital gain (in dollars per share)	$ 0.2451	$ 0	$ 0
Capital gain (%)	24.36%	0.00%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.1346	$ 0	$ 0
Unrecaptured Section 1250 gain (%)	13.38%	0.00%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.0062	$ 0	$ 0
(Tax basis) (%)	100.00%	0.00%	0.00%

Income Taxes Schedule of Income

Income Taxes Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 5,784	$ (1,292)	$ 2,306
LHL
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	4,491	(2,546)	1,260
Operating Partnership
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 1,293	$ 1,254	$ 1,046

Income Taxes Components of Inco

Income Taxes Components of Income Tax Expense (Benefit) and Income Before income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 5,784	$ (1,292)	$ 2,306
LHL's income (loss) before income tax expense (benefit)	154,441	134,537	122,598
LHL
Schedule of Income Tax [Line Items]
Federal, Current income tax expense (benefit)	1,490	(510)	912
Federal, Deferred income tax expense (benefit)	1,901	(1,251)	372
State & local, Current income tax expense	516	83	297
State & local, Deferred income tax expense (benefit)	584	(868)	(321)
Income tax expense (benefit)	4,491	(2,546)	1,260
LHL's income (loss) before income tax expense (benefit)	$ 10,255	$ (4,876)	$ 3,559

Income Taxes Schedule of Differ

Income Taxes Schedule of Difference of Provision for Income Taxes from Income Tax Determined by Applying the U.S. Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 5,784	$ (1,292)	$ 2,306
LHL
Schedule of Income Tax [Line Items]
“Expected” federal tax expense (benefit) at statutory rate	3,487	(1,658)	1,210
State income tax expense (benefit), net of federal income tax effect	776	(443)	302
Other, net	228	(445)	(252)
Income tax expense (benefit)	$ 4,491	$ (2,546)	$ 1,260

Income Taxes Components of LHL'

Income Taxes Components of LHL's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Income Tax [Line Items]
Net deferred tax assets	$ 1,081
LHL
Schedule of Income Tax [Line Items]
Net operating loss carryforwards	1,902	$ 4,175
Bad debt reserves	260	255
Golf membership deferred revenue	(347)	(343)
Straight-line rent	(734)	(643)
Other	0	122
Net deferred tax assets	$ 1,081	$ 3,566

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Prepaid expenses and other assets	$ 3,295	$ 1,605
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest Rate Swap | Accounts Payable and Accrued Expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Accounts payable and accrued expenses	$ 927	$ 1,702

Fair Value Measurements Sched90

Fair Value Measurements Schedule of Fair Value and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	$ 0	$ 80,000
Borrowings under credit facilities	0	21,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	0	80,000
Borrowings under credit facilities	0	21,061
Term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	855,000	855,000
Term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	857,224	856,038
Bonds payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	42,500	42,500
Bonds payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	42,500	42,500
Mortgage loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	225,000	511,294
Mortgage loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 225,224	$ 511,786

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Not Measured at Fair Value (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Assumptions, Weighted Average Effective Debt Interest Rate	1.50%	2.10%
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	1.50%	1.50%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	1.80%	4.40%

Schedule of Computation of Basi

Schedule of Computation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to common shareholders	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 23,456	$ 44,424	$ 55,822	$ (319)	$ 234,575	$ 123,383	$ 197,561
Dividends paid on unvested restricted shares									(491)	(542)	(411)
Undistributed earnings attributable to unvested restricted shares									(70)	0	(138)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares									$ 234,014	$ 122,841	$ 197,012
Denominator:
Weighted average number of common shares - basic	112,821,939	112,811,403	112,784,976	112,748,492	112,633,429	112,731,358	112,728,085	112,647,715	112,791,839	112,685,235	104,188,785
Compensation-related shares									372,760	411,185	357,110
Weighted average number of common shares - diluted	113,185,883	113,159,844	113,113,253	113,108,158	113,028,661	113,137,284	113,141,908	112,647,715	113,164,599	113,096,420	104,545,895
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Basic (in dollars per share)	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 0.21	$ 0.39	$ 0.49	$ 0	$ 2.07	$ 1.09	$ 1.89
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share)	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 0.21	$ 0.39	$ 0.49	$ 0	$ 2.07	$ 1.09	$ 1.88

Supplemental Information to S93

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest paid, net of capitalized interest	$ 41,483	$ 52,155	$ 54,558
Interest capitalized	398	902	400
Income taxes paid, net	5,111	3,112	815
Increase in distributions payable on common shares	58	8,477	13,227
Increase (decrease) in distributions payable on preferred shares	2,363	0	(1,064)
Redemption of common units for common shares	0	3,400	0
Write-off of fully depreciated furniture, fixtures and equipment	0	16,000	582
Write-off of fully amortized debt issuance costs	826	131	273
(Decrease) increase in accrued capital expenditures	(6,149)	2,334	(994)
Issuance of restricted shares to employees and executives, net	4,831	5,188	7,953
Issuance of common shares for Board of Trustees compensation	480	1,874	602
Sale proceeds, net of closing costs	164,094	0	167,921
Other assets	4,226	0	1,397
Liabilities	(1,655)	0	(1,480)
Proceeds from sale of properties	166,665	0	167,838
Investment in properties (after credits at closing)	0	(445,734)	(194,198)
Other assets	0	(1,897)	(1,361)
Liabilities	0	8,474	4,448
Acquisition of properties	$ 0	$ (439,157)	$ (191,111)

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Narrative) (Details)

Jan. 31, 2017shares

Jan. 19, 2017USD ($)

Jan. 10, 2017USD ($)extension

Jan. 04, 2017shares

Jan. 01, 2017shares

Jan. 01, 2016shares

Nov. 09, 2015shares

Jan. 01, 2015shares

Jan. 08, 2014USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)extensionshares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Feb. 22, 2017USD ($)

Feb. 21, 2017USD ($)

Nov. 05, 2015USD ($)

Subsequent Event [Line Items]

Number of common shares of beneficial interest received | shares

96,601

Term loans

$ 852,758,000

$ 852,203,000

Proceeds from sale of properties

164,094,000

0

$ 167,921,000

Gain on sale of properties

104,478,000

0

$ 93,205,000

Stock Repurchase Program, Authorized Amount

$ 100,000,000

Line of Credit | Senior Unsecured Credit Facility

Subsequent Event [Line Items]

Line of Credit Facility, Borrowing Capacity

$ 750,000,000

Maximum borrowing capacity under unsecured credit facility

$ 1,050,000,000

Line of Credit Facility, Number of extension options | extension

2

Line of Credit Facility Extension Option Period

6 months

Line of Credit | LHL Unsecured Credit Facility

Subsequent Event [Line Items]

Line of Credit Facility, Borrowing Capacity

$ 25,000,000

Line of Credit Facility, Number of extension options | extension

2

Line of Credit Facility Extension Option Period

6 months

Term loans | First Term Loan

Subsequent Event [Line Items]

Term loans

$ 300,000,000

$ 300,000,000

300,000,000

Total lender commitments

$ 500,000,000

Term loans | Second Term Loan

Subsequent Event [Line Items]

Term loans

$ 555,000,000

$ 555,000,000

$ 555,000,000

Total lender commitments

$ 700,000,000

2014 Plan

Subsequent Event [Line Items]

Deferred shares | shares

4,910

4,183

Common Shares of Beneficial Interest | 2014 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

13,864

11,682

Common Shares of Beneficial Interest | 2009 and 2014 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

30,388

Common Shares of Beneficial Interest | 2009 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

9,757

Subsequent Event

Subsequent Event [Line Items]

Number of common shares of beneficial interest received | shares

54,410

Stock Repurchase Program, Authorized Amount

$ 569,807,000

$ 500,000,000

Subsequent Event | Hotel Deca

Subsequent Event [Line Items]

Proceeds from sale of properties

$ 55,000,000

Gain on sale of properties

$ 30,500,000

Subsequent Event | Line of Credit | Senior Unsecured Credit Facility

Subsequent Event [Line Items]

Line of Credit Facility, Borrowing Capacity

$ 750,000,000

Maximum borrowing capacity under unsecured credit facility

$ 1,250,000,000

Line of Credit Facility, Number of extension options | extension

2

Line of Credit Facility Extension Option Period

6 months

Subsequent Event | Line of Credit | LHL Unsecured Credit Facility

Subsequent Event [Line Items]

Line of Credit Facility, Borrowing Capacity

$ 25,000,000

Line of Credit Facility, Number of extension options | extension

2

Line of Credit Facility Extension Option Period

6 months

Subsequent Event | Term loans | First Term Loan

Subsequent Event [Line Items]

Term loans

$ 300,000,000

Total lender commitments

500,000,000

Subsequent Event | Term loans | Second Term Loan

Subsequent Event [Line Items]

Term loans

555,000,000

Subsequent Event | Term loans | Second Term Loan | Tranche One

Subsequent Event [Line Items]

Term loans

177,500,000

Subsequent Event | Term loans | Second Term Loan | Tranche Two

Subsequent Event [Line Items]

Term loans

$ 377,500,000

Subsequent Event | 2014 Plan

Subsequent Event [Line Items]

Deferred shares | shares

9,103

Subsequent Event | Common Shares of Beneficial Interest | 2014 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

4,888

16,010

Subsequent Event | Common Shares of Beneficial Interest | 2009 and 2014 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

27,767

Subsequent Event | Common Shares of Beneficial Interest | 2009 Plan

Subsequent Event [Line Items]

Common shares, shares issued | shares

22,879

Subsequent Events Dividends (De

Subsequent Events Dividends (Details) - $ / shares	Jan. 17, 2017	Oct. 17, 2016	Jul. 15, 2016	Apr. 15, 2016	Jan. 15, 2016	Dec. 31, 2016
Common Shares of Beneficial Interest
Subsequent Event [Line Items]
Common Dividend per Share/Unit (in dollars per share)		$ 0.45	$ 0.45	$ 0.45	$ 0.45
7.5% Series H Preferred Shares
Subsequent Event [Line Items]
Dividend rate						7.50%
Preferred Dividend per Share (in dollars per share)		0.47	0.47	0.47	0.47
6.375% Series I Preferred Shares
Subsequent Event [Line Items]
Dividend rate						6.375%
Preferred Dividend per Share (in dollars per share)		0.40	0.40	$ 0.40	$ 0.40
6.3% Series J Preferred Shares
Subsequent Event [Line Items]
Dividend rate						6.30%
Preferred Dividend per Share (in dollars per share)		$ 0.39	$ 0.22
Subsequent Event | Common Shares of Beneficial Interest
Subsequent Event [Line Items]
Common Dividend per Share/Unit (in dollars per share)	$ 0.45
Subsequent Event | 7.5% Series H Preferred Shares
Subsequent Event [Line Items]
Dividend rate	7.50%
Preferred Dividend per Share (in dollars per share)	$ 0.47
Subsequent Event | 6.375% Series I Preferred Shares
Subsequent Event [Line Items]
Dividend rate	6.375%
Preferred Dividend per Share (in dollars per share)	$ 0.40
Subsequent Event | 6.3% Series J Preferred Shares
Subsequent Event [Line Items]
Dividend rate	6.30%
Preferred Dividend per Share (in dollars per share)	$ 0.39

Quarterly Operating Results (96

Quarterly Operating Results (Unaudited) Quarterly Operating Results (Schedule of Quarterly Operating Data)(Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 289,477	$ 431,652	$ 352,763	$ 261,758	$ 296,322	$ 331,004	$ 341,387	$ 250,809
Total expenses	262,714	273,974	293,143	252,684	269,784	283,462	282,376	248,071
Net income	26,763	157,678	59,620	9,074	26,538	47,542	59,011	2,738	$ 253,135	$ 135,829	$ 213,497
Net income attributable to noncontrolling interests	(47)	(203)	(89)	(15)	(40)	(75)	(147)	(15)	(354)	(277)	(652)
Distributions to preferred shareholders	(5,404)	(5,405)	(4,355)	(3,042)	(3,042)	(3,043)	(3,042)	(3,042)	(18,206)	(12,169)	(14,333)
Net income attributable to common shareholders	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 23,456	$ 44,424	$ 55,822	$ (319)	$ 234,575	$ 123,383	$ 197,561
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Basic (in dollars per share)	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 0.21	$ 0.39	$ 0.49	$ 0	$ 2.07	$ 1.09	$ 1.89
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share)	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 0.21	$ 0.39	$ 0.49	$ 0	$ 2.07	$ 1.09	$ 1.88
Weighted average number of common shares outstanding, Basic and Diluted:
Basic (in shares)	112,821,939	112,811,403	112,784,976	112,748,492	112,633,429	112,731,358	112,728,085	112,647,715	112,791,839	112,685,235	104,188,785
Diluted (in shares)	113,185,883	113,159,844	113,113,253	113,108,158	113,028,661	113,137,284	113,141,908	112,647,715	113,164,599	113,096,420	104,545,895

Schedule III - Real Estate an97

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 267,500
Initial Cost, Land	694,165
Initial Cost, Buildings and Improvements	3,194,361
Initial Cost, Furniture, Fixtures and Equipment	185,208
Costs Capitalized Subsequent to Acquisition, Land	37,949
Costs Capitalized Subsequent to Acquisition, Building and Improvements	359,524
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	591,355
Gross Amount at End of Year, Land	732,114
Gross Amount at End of Year, Building and Improvements	3,553,885
Gross Amount at End of Year, Furniture, Fixtures and Equipment	776,563
Gross Amount at End of Year, Accumulated Depreciation	1,367,473	$ 1,229,586	$ 1,065,518	$ 967,885
Net Book Value	3,695,089
Le Montrose Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,004
Initial Cost, Buildings and Improvements	19,752
Initial Cost, Furniture, Fixtures and Equipment	2,951
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	5,764
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	14,418
Gross Amount at End of Year, Land	5,004
Gross Amount at End of Year, Building and Improvements	25,516
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,369
Gross Amount at End of Year, Accumulated Depreciation	29,951
Net Book Value	17,938
San Diego Paradise Point Resort And Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	69,639
Initial Cost, Furniture, Fixtures and Equipment	3,665
Costs Capitalized Subsequent to Acquisition, Land	154
Costs Capitalized Subsequent to Acquisition, Building and Improvements	43,196
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	35,711
Gross Amount at End of Year, Land	154
Gross Amount at End of Year, Building and Improvements	112,835
Gross Amount at End of Year, Furniture, Fixtures and Equipment	39,376
Gross Amount at End of Year, Accumulated Depreciation	95,926
Net Book Value	56,439
Hyatt Regency Boston Harbor
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,500
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	66,159
Initial Cost, Furniture, Fixtures and Equipment	5,246
Costs Capitalized Subsequent to Acquisition, Land	16
Costs Capitalized Subsequent to Acquisition, Building and Improvements	5,059
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	15,952
Gross Amount at End of Year, Land	16
Gross Amount at End of Year, Building and Improvements	71,218
Gross Amount at End of Year, Furniture, Fixtures and Equipment	21,198
Gross Amount at End of Year, Accumulated Depreciation	58,736
Net Book Value	33,696
Topaz Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,137
Initial Cost, Buildings and Improvements	8,549
Initial Cost, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition, Land	12
Costs Capitalized Subsequent to Acquisition, Building and Improvements	4,307
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,845
Gross Amount at End of Year, Land	2,149
Gross Amount at End of Year, Building and Improvements	12,856
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,845
Gross Amount at End of Year, Accumulated Depreciation	12,719
Net Book Value	9,131
Hotel Madera
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,682
Initial Cost, Buildings and Improvements	6,726
Initial Cost, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition, Land	15
Costs Capitalized Subsequent to Acquisition, Building and Improvements	5,559
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,643
Gross Amount at End of Year, Land	1,697
Gross Amount at End of Year, Building and Improvements	12,285
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,643
Gross Amount at End of Year, Accumulated Depreciation	11,685
Net Book Value	8,940
Hotel Rouge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,162
Initial Cost, Buildings and Improvements	8,647
Initial Cost, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition, Land	17
Costs Capitalized Subsequent to Acquisition, Building and Improvements	5,071
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,233
Gross Amount at End of Year, Land	2,179
Gross Amount at End of Year, Building and Improvements	13,718
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,233
Gross Amount at End of Year, Accumulated Depreciation	14,764
Net Book Value	9,366
Mason & Rook Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,636
Initial Cost, Buildings and Improvements	10,546
Initial Cost, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition, Land	14
Costs Capitalized Subsequent to Acquisition, Building and Improvements	26,545
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,718
Gross Amount at End of Year, Land	2,650
Gross Amount at End of Year, Building and Improvements	37,091
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,718
Gross Amount at End of Year, Accumulated Depreciation	12,087
Net Book Value	36,372
The Liaison Capitol Hill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	8,353
Initial Cost, Buildings and Improvements	33,412
Initial Cost, Furniture, Fixtures and Equipment	2,742
Costs Capitalized Subsequent to Acquisition, Land	19
Costs Capitalized Subsequent to Acquisition, Building and Improvements	15,647
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	23,494
Gross Amount at End of Year, Land	8,372
Gross Amount at End of Year, Building and Improvements	49,059
Gross Amount at End of Year, Furniture, Fixtures and Equipment	26,236
Gross Amount at End of Year, Accumulated Depreciation	48,663
Net Book Value	35,004
Lansdowne Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	27,421
Initial Cost, Buildings and Improvements	74,835
Initial Cost, Furniture, Fixtures and Equipment	3,114
Costs Capitalized Subsequent to Acquisition, Land	33,333
Costs Capitalized Subsequent to Acquisition, Building and Improvements	28,210
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	37,225
Gross Amount at End of Year, Land	60,754
Gross Amount at End of Year, Building and Improvements	103,045
Gross Amount at End of Year, Furniture, Fixtures and Equipment	40,339
Gross Amount at End of Year, Accumulated Depreciation	83,776
Net Book Value	120,362
Hotel George
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,743
Initial Cost, Buildings and Improvements	22,221
Initial Cost, Furniture, Fixtures and Equipment	531
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	1,141
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,745
Gross Amount at End of Year, Land	1,743
Gross Amount at End of Year, Building and Improvements	23,362
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,276
Gross Amount at End of Year, Accumulated Depreciation	16,849
Net Book Value	17,532
Chaminade Resort and Conference Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,240
Initial Cost, Buildings and Improvements	13,111
Initial Cost, Furniture, Fixtures and Equipment	299
Costs Capitalized Subsequent to Acquisition, Land	24
Costs Capitalized Subsequent to Acquisition, Building and Improvements	9,124
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	17,817
Gross Amount at End of Year, Land	5,264
Gross Amount at End of Year, Building and Improvements	22,235
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,116
Gross Amount at End of Year, Accumulated Depreciation	21,544
Net Book Value	24,071
Hilton San Diego Gaslamp Quarter
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,008
Initial Cost, Buildings and Improvements	77,892
Initial Cost, Furniture, Fixtures and Equipment	2,250
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	1,508
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	11,897
Gross Amount at End of Year, Land	5,008
Gross Amount at End of Year, Building and Improvements	79,400
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,147
Gross Amount at End of Year, Accumulated Depreciation	34,054
Net Book Value	64,501
The Grafton on Sunset
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,882
Initial Cost, Buildings and Improvements	23,226
Initial Cost, Furniture, Fixtures and Equipment	431
Costs Capitalized Subsequent to Acquisition, Land	11
Costs Capitalized Subsequent to Acquisition, Building and Improvements	3,695
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	9,666
Gross Amount at End of Year, Land	1,893
Gross Amount at End of Year, Building and Improvements	26,921
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,097
Gross Amount at End of Year, Accumulated Depreciation	13,966
Net Book Value	24,945
Onyx Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,963
Initial Cost, Buildings and Improvements	21,262
Initial Cost, Furniture, Fixtures and Equipment	445
Costs Capitalized Subsequent to Acquisition, Land	3,568
Costs Capitalized Subsequent to Acquisition, Building and Improvements	212
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	3,943
Gross Amount at End of Year, Land	10,531
Gross Amount at End of Year, Building and Improvements	21,474
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,388
Gross Amount at End of Year, Accumulated Depreciation	9,286
Net Book Value	27,107
Westin Copley Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	225,000
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	295,809
Initial Cost, Furniture, Fixtures and Equipment	28,223
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	24,909
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	51,845
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	320,718
Gross Amount at End of Year, Furniture, Fixtures and Equipment	80,068
Gross Amount at End of Year, Accumulated Depreciation	160,192
Net Book Value	240,594
Hotel Deca
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,938
Initial Cost, Buildings and Improvements	21,720
Initial Cost, Furniture, Fixtures and Equipment	577
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	885
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,315
Gross Amount at End of Year, Land	4,938
Gross Amount at End of Year, Building and Improvements	22,605
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,892
Gross Amount at End of Year, Accumulated Depreciation	11,555
Net Book Value	22,880
The Hilton San Diego Resort and Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	85,572
Initial Cost, Furniture, Fixtures and Equipment	4,800
Costs Capitalized Subsequent to Acquisition, Land	122
Costs Capitalized Subsequent to Acquisition, Building and Improvements	15,900
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	20,377
Gross Amount at End of Year, Land	122
Gross Amount at End of Year, Building and Improvements	101,472
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,177
Gross Amount at End of Year, Accumulated Depreciation	55,135
Net Book Value	71,636
The Donovan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	11,384
Initial Cost, Buildings and Improvements	34,573
Initial Cost, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	36,539
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	15,751
Gross Amount at End of Year, Land	11,384
Gross Amount at End of Year, Building and Improvements	71,112
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,751
Gross Amount at End of Year, Accumulated Depreciation	42,445
Net Book Value	55,802
Le Parc Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	13,971
Initial Cost, Buildings and Improvements	31,742
Initial Cost, Furniture, Fixtures and Equipment	2,741
Costs Capitalized Subsequent to Acquisition, Land	3
Costs Capitalized Subsequent to Acquisition, Building and Improvements	2,550
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	10,684
Gross Amount at End of Year, Land	13,974
Gross Amount at End of Year, Building and Improvements	34,292
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,425
Gross Amount at End of Year, Accumulated Depreciation	21,131
Net Book Value	40,560
Westin Michigan Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	38,158
Initial Cost, Buildings and Improvements	154,181
Initial Cost, Furniture, Fixtures and Equipment	24,112
Costs Capitalized Subsequent to Acquisition, Land	17
Costs Capitalized Subsequent to Acquisition, Building and Improvements	19,557
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	39,639
Gross Amount at End of Year, Land	38,175
Gross Amount at End of Year, Building and Improvements	173,738
Gross Amount at End of Year, Furniture, Fixtures and Equipment	63,751
Gross Amount at End of Year, Accumulated Depreciation	95,259
Net Book Value	180,405
Hotel Chicago
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	9,403
Initial Cost, Buildings and Improvements	104,148
Initial Cost, Furniture, Fixtures and Equipment	889
Costs Capitalized Subsequent to Acquisition, Land	155
Costs Capitalized Subsequent to Acquisition, Building and Improvements	32,177
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	29,433
Gross Amount at End of Year, Land	9,558
Gross Amount at End of Year, Building and Improvements	136,325
Gross Amount at End of Year, Furniture, Fixtures and Equipment	30,322
Gross Amount at End of Year, Accumulated Depreciation	65,165
Net Book Value	111,040
Alexis Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,581
Initial Cost, Buildings and Improvements	31,062
Initial Cost, Furniture, Fixtures and Equipment	578
Costs Capitalized Subsequent to Acquisition, Land	13
Costs Capitalized Subsequent to Acquisition, Building and Improvements	10,716
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,562
Gross Amount at End of Year, Land	6,594
Gross Amount at End of Year, Building and Improvements	41,778
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,140
Gross Amount at End of Year, Accumulated Depreciation	21,434
Net Book Value	36,078
Hotel Solamar
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	79,111
Initial Cost, Furniture, Fixtures and Equipment	7,890
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	717
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,715
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	79,828
Gross Amount at End of Year, Furniture, Fixtures and Equipment	20,605
Gross Amount at End of Year, Accumulated Depreciation	33,157
Net Book Value	67,276
Gild Hall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,732
Initial Cost, Buildings and Improvements	45,016
Initial Cost, Furniture, Fixtures and Equipment	984
Costs Capitalized Subsequent to Acquisition, Land	2
Costs Capitalized Subsequent to Acquisition, Building and Improvements	3,157
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	13,557
Gross Amount at End of Year, Land	6,734
Gross Amount at End of Year, Building and Improvements	48,173
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,541
Gross Amount at End of Year, Accumulated Depreciation	24,501
Net Book Value	44,947
Hotel Amarano Burbank
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,982
Initial Cost, Buildings and Improvements	29,292
Initial Cost, Furniture, Fixtures and Equipment	1,253
Costs Capitalized Subsequent to Acquisition, Land	329
Costs Capitalized Subsequent to Acquisition, Building and Improvements	6,394
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,193
Gross Amount at End of Year, Land	6,311
Gross Amount at End of Year, Building and Improvements	35,686
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,446
Gross Amount at End of Year, Accumulated Depreciation	14,716
Net Book Value	36,727
Sofitel Washington, DC Lafayette Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	11,082
Initial Cost, Buildings and Improvements	80,342
Initial Cost, Furniture, Fixtures and Equipment	2,619
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	409
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	14,111
Gross Amount at End of Year, Land	11,082
Gross Amount at End of Year, Building and Improvements	80,751
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,730
Gross Amount at End of Year, Accumulated Depreciation	23,507
Net Book Value	85,056
The Marker San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	11,435
Initial Cost, Buildings and Improvements	53,186
Initial Cost, Furniture, Fixtures and Equipment	3,736
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	1,930
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	9,832
Gross Amount at End of Year, Land	11,435
Gross Amount at End of Year, Building and Improvements	55,116
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,568
Gross Amount at End of Year, Accumulated Depreciation	17,806
Net Book Value	62,313
Westin Philadelphia
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	35,100
Initial Cost, Buildings and Improvements	106,100
Initial Cost, Furniture, Fixtures and Equipment	3,776
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	817
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	9,974
Gross Amount at End of Year, Land	35,100
Gross Amount at End of Year, Building and Improvements	106,917
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,750
Gross Amount at End of Year, Accumulated Depreciation	25,205
Net Book Value	130,562
Embassy Suites Philadelphia - Center City
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	13,600
Initial Cost, Buildings and Improvements	62,900
Initial Cost, Furniture, Fixtures and Equipment	2,504
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	2,554
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,536
Gross Amount at End of Year, Land	13,600
Gross Amount at End of Year, Building and Improvements	65,454
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,040
Gross Amount at End of Year, Accumulated Depreciation	17,193
Net Book Value	72,901
The Roger
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	95,079
Initial Cost, Furniture, Fixtures and Equipment	3,509
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	122
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,310
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	95,201
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,819
Gross Amount at End of Year, Accumulated Depreciation	31,446
Net Book Value	79,574
Chamberlain West Hollywood
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,470
Initial Cost, Buildings and Improvements	29,085
Initial Cost, Furniture, Fixtures and Equipment	2,895
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	356
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	4,185
Gross Amount at End of Year, Land	6,470
Gross Amount at End of Year, Building and Improvements	29,441
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,080
Gross Amount at End of Year, Accumulated Depreciation	9,650
Net Book Value	33,341
Viceroy Santa Monica
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	75,270
Initial Cost, Furniture, Fixtures and Equipment	4,747
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	390
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	5,168
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	75,660
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,915
Gross Amount at End of Year, Accumulated Depreciation	18,639
Net Book Value	66,936
Villa Florence
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	12,413
Initial Cost, Buildings and Improvements	50,997
Initial Cost, Furniture, Fixtures and Equipment	3,202
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	0
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	9,912
Gross Amount at End of Year, Land	12,413
Gross Amount at End of Year, Building and Improvements	50,997
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,114
Gross Amount at End of Year, Accumulated Depreciation	14,041
Net Book Value	62,483
Park Central Hotel New York/WestHouse Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	135,306
Initial Cost, Buildings and Improvements	250,262
Initial Cost, Furniture, Fixtures and Equipment	9,004
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	41,840
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	50,830
Gross Amount at End of Year, Land	135,306
Gross Amount at End of Year, Building and Improvements	292,102
Gross Amount at End of Year, Furniture, Fixtures and Equipment	59,834
Gross Amount at End of Year, Accumulated Depreciation	77,758
Net Book Value	409,484
Hotel Palomar, Washington, DC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	26,859
Initial Cost, Buildings and Improvements	111,214
Initial Cost, Furniture, Fixtures and Equipment	5,648
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	890
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,678
Gross Amount at End of Year, Land	26,859
Gross Amount at End of Year, Building and Improvements	112,104
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,326
Gross Amount at End of Year, Accumulated Depreciation	22,096
Net Book Value	135,193
L'Auberge Del Mar
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	13,475
Initial Cost, Buildings and Improvements	59,481
Initial Cost, Furniture, Fixtures and Equipment	3,628
Costs Capitalized Subsequent to Acquisition, Land	125
Costs Capitalized Subsequent to Acquisition, Building and Improvements	19
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	4,476
Gross Amount at End of Year, Land	13,600
Gross Amount at End of Year, Building and Improvements	59,500
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,104
Gross Amount at End of Year, Accumulated Depreciation	9,940
Net Book Value	71,264
The Liberty Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	160,731
Initial Cost, Furniture, Fixtures and Equipment	9,040
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	263
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	14,288
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	160,994
Gross Amount at End of Year, Furniture, Fixtures and Equipment	23,328
Gross Amount at End of Year, Accumulated Depreciation	26,350
Net Book Value	157,972
Harbor Court Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	54,563
Initial Cost, Furniture, Fixtures and Equipment	714
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	701
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	455
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	55,264
Gross Amount at End of Year, Furniture, Fixtures and Equipment	1,169
Gross Amount at End of Year, Accumulated Depreciation	5,953
Net Book Value	50,480
Hotel Triton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	37,253
Initial Cost, Furniture, Fixtures and Equipment	1,379
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	(2,284)
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	718
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	34,969
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,097
Gross Amount at End of Year, Accumulated Depreciation	4,693
Net Book Value	32,373
Serrano Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	20,475
Initial Cost, Buildings and Improvements	48,501
Initial Cost, Furniture, Fixtures and Equipment	2,500
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	219
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	1,055
Gross Amount at End of Year, Land	20,475
Gross Amount at End of Year, Building and Improvements	48,720
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,555
Gross Amount at End of Year, Accumulated Depreciation	6,864
Net Book Value	65,886
Southernmost Beach Resort Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	101,517
Initial Cost, Buildings and Improvements	79,795
Initial Cost, Furniture, Fixtures and Equipment	3,105
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	1,676
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	3,054
Gross Amount at End of Year, Land	101,517
Gross Amount at End of Year, Building and Improvements	81,471
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,159
Gross Amount at End of Year, Accumulated Depreciation	10,016
Net Book Value	179,131
Hotel Vitale
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings and Improvements	125,150
Initial Cost, Furniture, Fixtures and Equipment	4,766
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	(241)
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	735
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	124,909
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,501
Gross Amount at End of Year, Accumulated Depreciation	11,321
Net Book Value	119,089
The Heathman Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	10,280
Initial Cost, Buildings and Improvements	50,001
Initial Cost, Furniture, Fixtures and Equipment	4,002
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	1,268
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	352
Gross Amount at End of Year, Land	10,280
Gross Amount at End of Year, Building and Improvements	51,269
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,354
Gross Amount at End of Year, Accumulated Depreciation	4,142
Net Book Value	61,761
Park Central San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	80,640
Initial Cost, Buildings and Improvements	255,105
Initial Cost, Furniture, Fixtures and Equipment	14,057
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	56
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	1,586
Gross Amount at End of Year, Land	80,640
Gross Amount at End of Year, Building and Improvements	255,161
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,643
Gross Amount at End of Year, Accumulated Depreciation	18,008
Net Book Value	333,436
The Marker Waterfront Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	48,133
Initial Cost, Buildings and Improvements	41,143
Initial Cost, Furniture, Fixtures and Equipment	6,656
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Building and Improvements	0
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	722
Gross Amount at End of Year, Land	48,133
Gross Amount at End of Year, Building and Improvements	41,143
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,378
Gross Amount at End of Year, Accumulated Depreciation	4,149
Net Book Value	$ 92,505
Minimum | Le Montrose Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | San Diego Paradise Point Resort And Spa
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hyatt Regency Boston Harbor
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Topaz Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Madera
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Rouge
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Mason & Rook Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Liaison Capitol Hill
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Lansdowne Resort
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel George
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Chaminade Resort and Conference Center
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hilton San Diego Gaslamp Quarter
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Grafton on Sunset
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Onyx Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Westin Copley Place
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Deca
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Hilton San Diego Resort and Spa
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Donovan
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Le Parc Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Westin Michigan Avenue
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Chicago
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Alexis Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Solamar
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Gild Hall
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Amarano Burbank
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Sofitel Washington, DC Lafayette Square
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Marker San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Westin Philadelphia
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Embassy Suites Philadelphia - Center City
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Roger
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Chamberlain West Hollywood
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Viceroy Santa Monica
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Villa Florence
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Park Central Hotel New York/WestHouse Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Palomar, Washington, DC
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | L'Auberge Del Mar
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Liberty Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Harbor Court Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Triton
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Serrano Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Southernmost Beach Resort Key West
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Hotel Vitale
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Heathman Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | Park Central San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Minimum | The Marker Waterfront Resort
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	3 years
Maximum | Le Montrose Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | San Diego Paradise Point Resort And Spa
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hyatt Regency Boston Harbor
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Topaz Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Madera
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Rouge
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Mason & Rook Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Liaison Capitol Hill
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Lansdowne Resort
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel George
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Chaminade Resort and Conference Center
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hilton San Diego Gaslamp Quarter
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Grafton on Sunset
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Onyx Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Westin Copley Place
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Deca
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Hilton San Diego Resort and Spa
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Donovan
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Le Parc Suite Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Westin Michigan Avenue
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Chicago
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Alexis Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Solamar
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Gild Hall
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Amarano Burbank
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Sofitel Washington, DC Lafayette Square
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Marker San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Westin Philadelphia
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Embassy Suites Philadelphia - Center City
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Roger
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Chamberlain West Hollywood
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Viceroy Santa Monica
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Villa Florence
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Park Central Hotel New York/WestHouse Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Palomar, Washington, DC
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | L'Auberge Del Mar
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Liberty Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Harbor Court Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Triton
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Serrano Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Southernmost Beach Resort Key West
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Hotel Vitale
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Heathman Hotel
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | Park Central San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years
Maximum | The Marker Waterfront Resort
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depreciation in Statement of Operations is Computed (in years)	40 years

Schedule III - Reconciliation98

Schedule III - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Real Estate and Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 5,047,262	$ 4,494,074	$ 4,351,073
Acquisition of hotel properties		445,734	194,198
Improvements and additions to hotel properties	82,148	93,599	66,706
Reclassification from property under develoment	46,292	30,343	14,163
Disposal of hotels	(112,718)		(130,846)
Disposal of assets	(422)	(16,488)	(1,220)
Ending Balance	5,062,562	5,047,262	4,494,074
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning Balance	1,229,586	1,065,518	967,885
Depreciation	191,791	180,346	154,585
Disposals of hotels	(53,697)		(56,130)
Disposal of assets	(207)	(16,278)	(822)
Ending Balance	$ 1,367,473	$ 1,229,586	$ 1,065,518