Lasalle Hotel Properties (LHO) 10-K 20 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 13, 2018	Jun. 30, 2017
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		113,205,006
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 3.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Investment in hotel properties, net (Note 3)	$ 3,265,615	$ 3,672,209
Property under development (Note 3)	49,459	21,078
Assets held for sale (Note 3)	0	23,283
Cash and cash equivalents	400,667	134,652
Restricted cash reserves (Note 5)	14,262	15,035
Hotel receivables (net of allowance for doubtful accounts of $404 and $279, respectively)	35,916	35,403
Debt issuance costs for borrowings under credit facilities, net	3,274	1,699
Deferred tax assets (Note 9)	2,136	1,902
Prepaid expenses and other assets	43,612	38,818
Total assets	3,814,941	3,944,079
Liabilities:
Borrowings under credit facilities (Note 4)	0	0
Term loans, net of unamortized debt issuance costs (Note 4)	853,195	852,758
Bonds payable, net of unamortized debt issuance costs (Note 4)	42,494	42,455
Mortgage loan, net of unamortized debt issuance costs (Note 4)	224,432	223,494
Accounts payable and accrued expenses	134,216	171,965
Liabilities of assets held for sale (Note 3)	0	247
Advance deposits	26,625	33,232
Accrued interest	2,383	2,209
Distributions payable	55,135	56,360
Total liabilities	1,338,480	1,382,720
Commitments and contingencies (Note 5)
Shareholders’ Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $260,000 and $328,750, respectively), 40,000,000 shares authorized; 10,400,000 and 13,150,000 shares issued and outstanding, respectively (Note 6)	104	132
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,251,427 shares issued and 113,209,392 shares outstanding, respectively, and 113,115,442 shares issued and 113,088,074 shares outstanding, respectively (Note 6)	1,132	1,131
Treasury shares, at cost (Note 6)	(1,181)	(739)
Additional paid-in capital, net of offering costs of $82,842 and $85,223, respectively	2,767,924	2,830,740
Accumulated other comprehensive income (Note 4)	10,880	2,365
Distributions in excess of retained earnings	(305,708)	(275,564)
Total shareholders’ equity	2,473,151	2,558,065
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	18	17
Noncontrolling interests of common units in Operating Partnership (Note 6)	3,292	3,277
Total noncontrolling interests	3,310	3,294
Total equity	2,476,461	2,561,359
Total liabilities and equity	$ 3,814,941	$ 3,944,079

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 404	$ 279
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, liquidation preference value	$ 260,000	$ 328,750
Preferred shares of beneficial interest, shares authorized	40,000,000	40,000,000
Preferred shares of beneficial interest, shares issued	10,400,000	13,150,000
Preferred shares of beneficial interest, shares outstanding	10,400,000	13,150,000
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	113,251,427	113,115,442
Common shares of beneficial interest, shares outstanding	113,209,392	113,088,074
Offering costs	$ 82,842	$ 85,223

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Hotel operating revenues:
Room	$ 791,287	$ 867,882	$ 849,523
Food and beverage	214,280	259,658	274,286
Other operating department	87,315	93,072	84,782
Total hotel operating revenues	1,092,882	1,220,612	1,208,591
Other income	11,933	7,007	7,993
Total revenues	1,104,815	1,227,619	1,216,584
Hotel operating expenses:
Room	214,843	226,349	215,944
Food and beverage	154,371	179,637	190,069
Other direct	11,920	16,978	17,514
Other indirect (Note 8)	278,076	305,265	301,004
Total hotel operating expenses	659,210	728,229	724,531
Depreciation and amortization	178,374	192,322	180,855
Real estate taxes, personal property taxes and insurance	62,238	63,406	65,438
Ground rent (Note 5)	15,718	16,187	16,076
General and administrative	26,751	26,529	25,197
Acquisition transaction costs (Note 3)	0	0	499
Other expenses	12,550	6,283	17,225
Total operating expenses	954,841	1,032,956	1,029,821
Operating income	149,974	194,663	186,763
Interest income	2,568	3,553	2,938
Interest expense	(39,366)	(43,775)	(54,333)
Loss from extinguishment of debt (Note 4)	(1,706)	0	(831)
Income before income tax (expense) benefit	111,470	154,441	134,537
Income tax (expense) benefit (Note 9)	(1,699)	(5,784)	1,292
Income before net gain on sale of properties and sale of note receivable	109,771	148,657	135,829
Net gain on sale of properties and sale of note receivable (Note 3)	85,545	104,478	0
Net income	195,316	253,135	135,829
Net income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(16)	(17)	(16)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(266)	(337)	(261)
Net income attributable to noncontrolling interests	(282)	(354)	(277)
Net income attributable to the Company	195,034	252,781	135,552
Distributions to preferred shareholders	(18,024)	(18,206)	(12,169)
Issuance costs of redeemed preferred shares (Note 6)	(2,401)	0	0
Net income attributable to common shareholders	$ 174,609	$ 234,575	$ 123,383
Earnings per Common Share - Basic (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 1.54	$ 2.07	$ 1.09
Earnings per Common Share - Diluted (Note 11):
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ 1.54	$ 2.07	$ 1.09
Weighted average number of common shares outstanding:
Basic (in shares)	112,975,329	112,791,839	112,685,235
Diluted (in shares)	113,364,092	113,164,599	113,096,420
Comprehensive Income:
Net income	$ 195,316	$ 253,135	$ 135,829
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments (Note 4)	5,815	(4,160)	(5,682)
Reclassification adjustment for amounts recognized in net income (Note 4)	2,710	6,625	4,835
Comprehensive income	203,841	255,600	134,982
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	(16)	(17)	(16)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(276)	(340)	(259)
Comprehensive income attributable to noncontrolling interests	(292)	(357)	(275)
Comprehensive income attributable to the Company	$ 203,549	$ 255,243	$ 134,707

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 Income (Loss)	Distributions in Excess of Retained Earnings	Total Noncontrolling Interests	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests of Common Units in Operating Partnership
Balance, Beginning 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		2	955	838
Repurchase of common shares into treasury	(7,424)	(7,424)			(7,424)
Unit conversion		3,400		2		3,398			(3,400)		(3,400)
Deferred compensation, net	7,681	7,681			1,809	5,872
Adjustments to noncontrolling interests		14				14			(14)		(14)
Distributions on earned shares from share awards with market conditions	(334)	(334)						(334)
Distributions on common shares/units (in dollars per share) ($1.73, $1.80 and $1.80 per share/unit, respectively)	(195,419)	(195,112)						(195,112)	(307)		(307)
Distributions on preferred shares	(12,184)	(12,169)						(12,169)	(15)	(15)
Net income	135,829	135,552						135,552	277	16	261
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	(5,682)	(5,668)					(5,668)		(14)		(14)
Reclassification adjustment for amounts recognized in net income	4,835	4,823					4,823		12		12
Balance, Ending 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		3,196	142,206
Repurchase of common shares into treasury	(2,145)	(2,145)			(2,145)
Deferred compensation, net	7,532	7,532			3,008	4,524
Distributions on earned shares from share awards with market conditions	(365)	(365)						(365)
Distributions on common shares/units (in dollars per share) ($1.73, $1.80 and $1.80 per share/unit, respectively)	(203,984)	(203,723)						(203,723)	(261)		(261)
Distributions on preferred shares	(18,224)	(18,206)						(18,206)	(18)	(18)
Net income	253,135	252,781						252,781	354	17	337
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	(4,160)	(4,155)					(4,155)		(5)		(5)
Reclassification adjustment for amounts recognized in net income	6,625	6,617					6,617		8		8
Balance, Ending 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	1,240	1,240			3,776	(2,536)
Redemption of preferred shares	(68,770)	(68,770)	(28)			(66,341)		(2,401)
Repurchase of common shares into treasury	(4,869)	(4,869)			(4,869)
Deferred compensation, net	6,713	6,713		1	651	6,061
Distributions on earned shares from share awards with market conditions	(780)	(780)						(780)
Distributions on common shares/units (in dollars per share) ($1.73, $1.80 and $1.80 per share/unit, respectively)	(204,234)	(203,973)						(203,973)	(261)		(261)
Distributions on preferred shares	(18,039)	(18,024)						(18,024)	(15)	(15)
Net income	195,316	195,034						195,034	282	16	266
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	5,815	5,808					5,808		7		7
Reclassification adjustment for amounts recognized in net income	2,710	2,707					2,707		3		3
Balance, Ending at Dec. 31, 2017	$ 2,476,461	$ 2,473,151	$ 104	$ 1,132	$ (1,181)	$ 2,767,924	$ 10,880	$ (305,708)	$ 3,310	$ 18	$ 3,292

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Distributions on common shares/units (in dollars per share)	$ 1.80	$ 1.80	$ 1.73

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 195,316	$ 253,135	$ 135,829
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	178,374	192,322	180,855
Amortization of debt issuance costs	2,771	3,359	2,631
Loss from extinguishment of debt	1,706	0	831
Net gain on sale of properties and sale of note receivable	(85,545)	(104,478)	0
Amortization of deferred compensation	6,713	7,532	7,681
Deferred income tax (benefit) expense	(234)	1,664	(1,734)
Allowance for doubtful accounts	125	(76)	55
Other	6,807	221	466
Changes in assets and liabilities:
Restricted cash reserves	233	3,079	2,332
Hotel receivables	(5,542)	417	(7,384)
Prepaid expenses and other assets	(7,187)	(1,448)	(4,965)
Accounts payable and accrued expenses	(9,633)	(174)	14,416
Advance deposits	(2,287)	4,765	6,959
Accrued interest	174	(1,067)	(453)
Net cash provided by operating activities	281,791	359,251	337,519
Cash flows from investing activities:
Additions to properties	(120,294)	(88,437)	(129,963)
Improvements to properties	0	(14,082)	(12,965)
Acquisition of properties	0	0	(439,157)
Deposit on acquisition	0	0	25,000
Purchase of office furniture and equipment	(14)	(37)	(143)
Acquisition of note receivable	0	0	(80,000)
Proceeds from sale of note receivable	0	79,712	0
Restricted cash reserves	(960)	8,329	(7,205)
Proceeds from sale of properties	402,400	166,665	0
Property insurance proceeds	5,460	2,004	2,431
Net cash provided by (used in) investing activities	286,592	154,154	(642,002)
Cash flows from financing activities:
Borrowings under credit facilities	0	431,496	830,807
Repayments under credit facilities	0	(452,496)	(809,807)
Borrowings on term loan	0	0	555,000
Repayments of term loan	0	0	(177,500)
Proceeds from mortgage loan	0	0	225,000
Repayments of mortgage loans	0	(286,294)	(214,796)
Payment of debt issuance costs	(4,638)	(33)	(5,716)
Purchase of treasury shares	(4,869)	(2,145)	(7,424)
Proceeds from issuance of preferred shares	0	150,000	0
Payment of preferred offering costs	0	(4,922)	0
Payment of common offering costs	0	(96)	(251)
Distributions on earned shares from share awards with market conditions	(780)	(365)	(334)
Redemption of preferred shares	(68,750)	0	0
Distributions on preferred shares	(19,328)	(15,861)	(12,184)
Distributions on common shares/units	(204,003)	(203,737)	(186,743)
Net cash (used in) provided by financing activities	(302,368)	(384,453)	196,052
Net change in cash and cash equivalents	266,015	128,952	(108,431)
Cash and cash equivalents, beginning of year	134,652	5,700	114,131
Cash and cash equivalents, end of year	$ 400,667	$ 134,652	$ 5,700

Organization

Organization	12 Months Ended
	Dec. 31, 2017
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, 2017 , the Company owned interests in 41 hotels with approximately 10,450 guest rooms located in seven 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 2018 and December 2020 . 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, 2017 . The remaining 0.1% is held by limited partners who owned 145,223 common units of the Operating Partnership at December 31, 2017 . 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, 2017
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, seven years for land improvements, 20 years for golf course land improvements, 20 years for swimming pool assets and three to five 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 hotel 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 hotel. At the end of each reporting period, the Company assesses whether any quantitative or qualitative triggering events have occurred in relation to a hotel. 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 hotel 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 hotel, 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, hotel-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 hotel-specific capitalization rate; • hotel-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 hotel; 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 hotel. 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, 2017 and 2016 , 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 reserve funds relating to the hotels with leases or operating agreements requiring the Company to maintain restricted cash to fund future capital expenditures and 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, 2017 and 2016 was $5,294 and $7,642 , 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 six 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 Company estimates forfeiture amounts for the first three quarters of the year and adjusts for actual forfeiture amounts at year end. 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, 2017 , 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 The Operating Partnership is a variable interest entity. The Company’s only 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 prior to when the new rates become effective. 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 of state 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 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, 2017 , 2016 and 2015 , comprehensive income was $203,841 , $255,600 and $134,982 , respectively. As of December 31, 2017 and 2016 , the Company’s accumulated other comprehensive income was $10,880 and $2,365 , respectively. Notes Receivable Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest method. Any costs related to notes receivable are expensed as incurred. Interest income is recorded on the accrual basis consistent with the terms of the notes receivable. A note is deemed to be impaired when, based on current information and events, including a review of factors that would impact the fair value of the underlying collateral, it is probable that the Company will be unable to collect all principal and interest contractually due. The Company considers current and projected cash flow, historical payment patterns, general and industry specific economic factors and operating results in determining the probability of default. Interest previously accrued but not collected becomes part of the Company’s recorded investment in the note receivable for purposes of assessing impairment. The Company applies interest payments received on non-accrual notes receivable first to accrued interest and then as interest income. Notes receivable return to accrual status when contractually current and the collection of future payments is reasonably assured. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. By working in conjunction with its hotel operators, the Company completed its evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and its evaluation of each of its revenue streams under the new standard. Because of the short-term, day-to-day nature of the Company’s hotel revenues, the Company determined that the pattern of revenue recognition will not change significantly. Under ASU No. 2014-09, there will be a recharacterization of certain revenue streams affecting both gross and net revenue reporting due to changes in principal versus agency guidance, which presentation is deemed immaterial for the Company and will not affect net income. Additionally, the Company does not sell hotel properties to customers as defined by FASB, but has historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, and therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. The Company finalized its expanded disclosure for the notes to the consolidated financial statements pursuant to the new requirements. The Company adopted this standard on its effective date of January 1, 2018 under the cumulative effect transition method. No adjustment will be recorded to the Company’s opening balance of retained earnings on January 1, 2018 as there was no impact to net income for the Company. Additionally, comparative information beginning in 2018 will not be restated and will continue to be reported under Revenue Recognition (Topic 605) . The Company also expects that the effect of ASU No. 2014-09 will be immaterial to the Company on an on-going basis. 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. The standard requires a modified retrospective approach, with restatement of the prior periods presented in the year of adoption, subject to any FASB modifications. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company anticipates adopting the standard on January 1, 2019. In evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures, the Company believes the impact will be minimal to its consolidated statements of operations and comprehensive income. The Company will recognize a lease liability and right of use asset on its consolidated balance sheets due to the change in accounting treatment of the Company ’ s operating ground leases and corporate office lease. The Company is analyzing its current lease obligations and, based on current assumptions of discount rates and lease terms, expects to record a right of use asset and a related liability between $200,000 and $240,000 on its consolidated balance sheets, which may change significantly by the date of adoption based on changes to the discount rate, lease terms and other variables. 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 on the shares upon settlement of an award without causing the award to be classified as a 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 adopted this standard on January 1, 2018. As a result, the classification of certain insurance proceeds will change from investing activities to operating activities on the Company ’ s consolidated statements of cash flows. 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 adopted this standard on January 1, 2018. As a result, restricted cash reserves will be included with cash and cash equivalents on the Company’s consolidated statements of cash flows. The adoption will not change the presentation of the Company’s consolidated balance sheets. 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 early adopted this standard on January 1, 2017 and it did not affect the Company’s consolidated statements of operations and comprehensive income as there were no acquisitions in 2017. In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. ASU No. 2017-05 will impact the recognition of gains and losses from hotel sales. 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 adopted this standard on January 1, 2018 and does not anticipate that ASU No. 2017-05 will affect the Company’s consolidated statements of operations and comprehensive income . In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplifies the application of hedge accounting. This standard will be effective for the first annual period beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The Company adopted this standard on January 1, 2018 and aside from minor presentation changes in its disclosure on derivative and hedging activities, it will not have a material effect on the Company’s consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2017 and 2016 consists of the following: December 31, 2017 December 31, 2016 Land $ 624,843 $ 727,176 Buildings and improvements 3,271,473 3,531,280 Furniture, fixtures and equipment 762,150 769,671 Investment in hotel properties, gross 4,658,466 5,028,127 Accumulated depreciation (1,392,851 ) (1,355,918 ) Investment in hotel properties, net $ 3,265,615 $ 3,672,209 For 2016, the above table excludes Hotel Deca as the property qualified as held for sale as of December 31, 2016 and its net cost basis had 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 (see “Dispositions” below). As of December 31, 2017 , buildings and improvements included capital lease assets of $147,322 and accumulated depreciation included amounts related to capital lease assets of $26,973 . As of December 31, 2016 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $26,230 . 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 $177,800 , $191,791 and $180,346 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The December 31, 2017 balance of investment in hotel properties excludes $49,459 classified as property under development primarily at Chamberlain West Hollywood, Harbor Court Hotel, Hotel Chicago, Le Montrose Suite Hotel, San Diego Paradise Point Resort and Spa, Serrano Hotel, Sofitel Washington, DC Lafayette Square, The Heathman Hotel and Westin Copley Place. 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. 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, 2017 , 2016 and 2015 was $762 , $398 and $902 , respectively. The hotels owned as of December 31, 2017 are located in California ( 18 ), the District of Columbia ( nine ), Florida ( two ), Illinois ( two ), Massachusetts ( four ), New York ( four ), Oregon ( one ) and Pennsylvania ( one ). 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 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 During the year ended December 31, 2016, the Company sold Indianapolis Marriott Downtown, and during the year ended December 31, 2017, the Company sold Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia. These dispositions do not represent a strategic shift in the Company’s business plan or primary markets, and therefore, do not qualify as discontinued operations. The sale of each property was recorded on the full accrual method. On July 14, 2016, the Company sold Indianapolis Marriott Downtown for $165,000 . 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. On January 19, 2017, the Company sold Hotel Deca for $55,000 . As of December 31, 2016, Hotel Deca qualified as held for sale. Substantially all of the assets held for sale consisted of investment in hotel properties, net and immaterial prepaid expenses and other assets and the liabilities of assets held for sale consisted of accounts payable and accrued expenses. The Company recognized a gain of $30,656 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, 2017. The proceeds were used for general corporate purposes. On March 22, 2017, the Company sold Lansdowne Resort for $133,000 . The Company recognized a gain of $10,253 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, 2017. The proceeds were used for general corporate purposes and the redemption of the 7.5% Series H Cumulative Redeemable Preferred Shares (the “Series H Preferred Shares”) on May 4, 2017 (see Note 6). On March 31, 2017, the Company sold Alexis Hotel for $71,625 . The Company recognized a gain of $33,420 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, 2017. The proceeds were used for general corporate purposes and the redemption of the Series H Preferred Shares on May 4, 2017 (see Note 6). On April 11, 2017, the Company sold Hotel Triton for $14,250 . The Company recognized a gain of $6,739 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, 2017. The proceeds were used for general corporate purposes and the redemption of the Series H Preferred Shares on May 4, 2017 (see Note 6). On June 29, 2017, the Company sold Westin Philadelphia for $135,000 . The Company recognized a gain of $4,477 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, 2017. The proceeds were used for general corporate purposes. 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. 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. 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, 2017 2016 2015 General and administrative $ 96,190 $ 103,993 $ 101,397 Sales and marketing 67,421 75,212 73,654 Repairs and maintenance 36,795 39,309 39,521 Management and incentive fees 36,832 40,064 39,686 Utilities and insurance 30,016 33,109 34,427 Franchise fees 8,163 10,396 9,836 Other expenses 2,659 3,182 2,483 Total other indirect expenses $ 278,076 $ 305,265 $ 301,004 As of December 31, 2017 , LHL leased all 41 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 Vitale San Francisco, CA 9. Park Central San Francisco San Francisco, CA 10. Serrano Hotel San Francisco, CA 11. The Marker San Francisco San Francisco, CA 12. Villa Florence San Francisco, CA 13. Chaminade Resort and Conference Center Santa Cruz, CA 14. Viceroy Santa Monica Santa Monica, CA 15. Chamberlain West Hollywood West Hollywood, CA 16. Le Montrose Suite Hotel West Hollywood, CA 17. Le Parc Suite Hotel West Hollywood, CA 18. The Grafton on Sunset West Hollywood, CA 19. Hotel George Washington, DC 20. Hotel Madera Washington, DC 21. Hotel Palomar, Washington, DC Washington, DC 22. Hotel Rouge Washington, DC 23. Mason & Rook Hotel Washington, DC 24. Sofitel Washington, DC Lafayette Square Washington, DC 25. The Donovan Washington, DC 26. The Liaison Capitol Hill Washington, DC 27. Topaz Hotel Washington, DC 28. Southernmost Beach Resort Key West Key West, FL 29. The Marker Waterfront Resort Key West, FL 30. Hotel Chicago Chicago, IL 31. Westin Michigan Avenue Chicago, IL 32. Hyatt Regency Boston Harbor Boston, MA 33. Onyx Hotel Boston, MA 34. The Liberty Hotel Boston, MA 35. Westin Copley Place Boston, MA 36. Gild Hall New York, NY 37. The Roger New York, NY 38. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 39. WestHouse Hotel New York New York, NY 40. The Heathman Hotel Portland, OR 41. Embassy Suites Philadelphia - Center City Philadelphia, PA

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt Summary Debt as of December 31, 2017 and December 31, 2016 consisted of the following: Balance Outstanding as of Debt Interest Maturity December 31, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2021 (a) $ 0 $ 0 LHL unsecured credit facility Floating (b) January 2021 (b) 0 0 Total borrowings under credit facilities 0 0 Term loans First Term Loan Floating/Fixed (c) January 2022 300,000 300,000 Second Term Loan Floating/Fixed (c) January 2021 555,000 555,000 Debt issuance costs, net (1,805 ) (2,242 ) Total term loans, net of unamortized debt issuance costs 853,195 852,758 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 (6 ) (45 ) Total bonds payable, net of unamortized debt issuance costs 42,494 42,455 Mortgage loan Westin Copley Place Floating (e) August 2018 (e) 225,000 225,000 Debt issuance costs, net (568 ) (1,506 ) Total mortgage loan, net of unamortized debt issuance costs 224,432 223,494 Total debt $ 1,120,121 $ 1,118,707 (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, 2017 and 2016 . The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (b) Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at December 31, 2017 and 2016 . LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into 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, 2017 and 2016 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At December 31, 2017 , the fixed all-in interest rates for the First Term Loan and Second Term Loan were 3.23% and 2.95% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). At December 31, 2016 , 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). (d) The Massport Bonds (as defined below) are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) and the letters of credit are secured by the Hyatt Regency Boston Harbor. In August 2017, the Company exercised its final extension option to extend the letters of credit through March 1, 2018, the Massport Bonds’ maturity date. Upon maturity, the Company intends to repay the Massport Bonds with available cash. The bonds bear interest based on weekly floating rates. The interest rates as of December 31, 2017 were 1.70% and 1.78% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2016 were 0.75% and 0.76% for the $5,400 and $37,100 bonds, respectively. The Company incurs an annual letter of credit fee of 1.35% . (e) 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 Company anticipates exercising all available options. 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, 2017 was LIBOR plus 1.75% , which equaled 3.23% . The interest rate as of December 31, 2016 was LIBOR plus 1.75% , which equaled 2.46% . The mortgage loan allows for prepayments without penalty, subject to certain terms and conditions. Future scheduled debt principal payments as of December 31, 2017 are as follows: 2018 $ 267,500 2019 0 2020 0 2021 555,000 2022 300,000 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, 2017 , 2016 and 2015 is as follows: For the year ended December 31, 2017 2016 2015 Interest Expense: Interest incurred $ 37,357 $ 40,814 $ 52,604 Amortization of debt issuance costs 2,771 3,359 2,631 Capitalized interest (762 ) (398 ) (902 ) Interest expense $ 39,366 $ 43,775 $ 54,333 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility N/A 2.14 % 1.89 % LHL unsecured credit facility N/A 2.13 % 1.89 % Massport Bonds 0.91 % 0.44 % 0.06 % Mortgage loan (Westin Copley Place) 2.83 % 2.23 % 2.19 % Credit Facilities On January 10, 2017, the Company refinanced its $750,000 senior unsecured credit facility with a syndicate of banks. As amended, the credit facility now matures on January 8, 2021, 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 $1,250,000 . 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 0.20% 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, LHL also refinanced its $25,000 unsecured revolving credit facility to be used for working capital and general lessee corporate purposes. As amended, the LHL credit facility matures on January 10, 2021, 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 0.20% or 0.30% of the unused portion of the credit facility, depending on the average daily unused portion of the LHL unsecured credit facility. 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 10, 2017, the Company refinanced its $300,000 unsecured term loan (the “First Term Loan”) that matures on January 10, 2022. 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 bears interest at variable rates. On January 10, 2017, the Company amended and restated its $555,000 unsecured term loan (the “Second Term Loan”) that matures 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. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for the term loans (see “Derivative and Hedging Activities” below). 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 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. Effective August 2, 2017, the Company entered into six new interest rate swap agreements with an aggregate notional amount of $300,000 to hedge the variable interest rate on the First Term Loan through January 10, 2022, resulting in a fixed all-in interest rate based on the Company’s current leverage ratio (as defined in the swap agreements), which interest rate was 3.23% at December 31, 2017 . As of December 31, 2017 , 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 gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the years ended December 31, 2017 , 2016 and 2015 : Amount of Gain (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, 2017 2016 2015 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ 5,815 $ (4,160 ) $ (5,682 ) Interest expense $ 2,710 $ 6,625 $ 4,835 During the years ended December 31, 2017 , 2016 and 2015 , the Company did not have any hedge ineffectiveness or amounts that were excluded from the assessment of hedge effectiveness recorded in earnings. As of December 31, 2017 , there was $10,893 in cumulative unrealized gain of which $10,880 was included in AOCI and $13 was attributable to noncontrolling interests. 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. The Company expects that approximately $1,230 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, 2017 . 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 through the maturity date. Upon maturity, the Company intends to repay the Massport Bonds with available cash. The Company incurs an annual letter of credit fee of 1.35% . The letters of credit are secured by the Hyatt Regency Boston Harbor. Extinguishment of Debt 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. As discussed above, on January 10, 2017, 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 $1,706 , which is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2017. The loss from extinguishment of debt represents a portion of the unamortized debt issuance costs incurred for the senior unsecured credit facility when the original agreement was executed and the debt issuance costs incurred in connection with the refinancing of the First Term Loan. Mortgage Loan The Company’s mortgage loan is secured by the property. The mortgage is non-recourse to the Company except for fraud or misapplication of funds. The Company’s mortgage loan contains debt service coverage ratio tests related to the mortgaged property. If the debt service coverage ratio for the 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 mortgage 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, 2017 , 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 and mortgage loan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
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, 2017 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 April 2077 (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) In 2017, the Company exercised its option to extend the ground lease for 51 years from March 2026 to April 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 $1,842 , $1,890 and $1,943 for the years ended December 31, 2017 , 2016 and 2015 , respectively, which is included in total ground rent expense. Total ground rent expense for the years ended December 31, 2017 , 2016 and 2015 was $15,718 , $16,187 and $16,076 , 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, 2017 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 (2) $18,603 August 2052 (1) At acquisition or as amended, the estimated present value of the remaining rent payments was 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 November 2017, the hotel lease was amended, extending the lease expiration date from April 2048 to August 2052. At acquisition, the estimated present value of the remaining rent payments recorded as a capital lease obligation was $18,424 . Due to the lease amendment, the recalculated estimated present value of the remaining rent payments is $18,603 , 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: 2018 $ 11,321 2019 11,249 2020 11,581 2021 11,682 2022 11,747 Thereafter 513,389 $ 570,969 Actual base ground rent payments for The Roger were $397 , $397 and $372 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Actual base and participating ground rent payments for Harbor Court Hotel were $1,172 , $1,279 and $1,328 for the years ended December 31, 2017 , 2016 and 2015 , respectively. 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 (i) certain non-routine repairs and maintenance to the hotels and (ii) 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, 2017 , $12,533 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, 2017 , the Company held $14,262 in restricted cash reserves. Included in such amounts are $12,533 of reserve funds for future capital expenditures and $1,729 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 ordinary course of 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, 2017
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares of Beneficial Interest At December 31, 2017 and 2016 , there were 200,000,000 authorized common shares under the Company’s declaration of trust, as amended. On January 1, 2016, the Company issued 13,864 common shares and authorized an additional 4,910 deferred shares to the independent members of its Board of Trustees for their 2015 compensation. These common shares were issued under the 2014 Plan. On March 1, 2016, the Company issued 36,926 common shares to executives related to the nonvested share awards with either market or performance conditions granted on January 30, 2013 (see Note 7 for additional details including vesting information). These common shares 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 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 were issued under the 2014 Plan. On May 9, 2016, the Company issued 20,688 common shares 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 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 to executives related to the nonvested share awards with either market or performance conditions granted on January 30, 2013 (see Note 7 for additional details including vesting information). These common shares were issued under the 2009 Plan. On January 1, 2017, the Company issued 16,010 common shares and authorized an additional 9,103 deferred shares to the independent members of its Board of Trustees for their 2016 compensation. These common shares were issued under the 2014 Plan. On January 31, 2017, the Company issued 27,767 common shares related to the resignation of a former member of its Board of Trustees for his accumulated deferred shares granted as compensation for 2001 through 2016. These common shares were issued under the 2009 Plan and 2014 Plan. On March 2, 2017, the Company issued 38,599 common shares to executives related to the nonvested share awards with either market or performance conditions granted on March 20, 2014 (see Note 7 for additional details including vesting information). These common shares were issued under the 2009 Plan. On March 23, 2017, the Company issued 122,816 nonvested shares with service conditions to the Company’s executives and employees. The nonvested shares will vest in three annual installments starting January 1, 2018, subject to continued employment. These common shares were issued under the 2014 Plan. On July 1, 2017, the Company issued 40,000 common shares to an executive related to the nonvested share awards with market conditions granted on May 31, 2008 (see Note 7 for additional details including vesting information). All of the shares vested immediately on July 1, 2017. These common shares were issued under the 2009 Plan. On August 11, 2017, the Company issued 38,260 common shares to executives related to the nonvested share awards with either market or performance conditions granted on March 20, 2014 (see Note 7 for additional details, including vesting information). These common shares were issued under the 2009 Plan. Common Dividends The Company paid the following dividends on common shares/units during the year ended December 31, 2017 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 $ 0.45 March 31, 2017 March 31, 2017 April 17, 2017 $ 0.45 June 30, 2017 June 30, 2017 July 17, 2017 $ 0.45 September 30, 2017 September 29, 2017 October 16, 2017 Treasury Shares Treasury shares are accounted for under the cost method. During the year ended December 31, 2017 , the Company received 165,535 common shares related to employees surrendering shares to pay minimum withholding taxes on the vesting date and forfeiting nonvested shares upon resignation. The Company’s Board of Trustees has authorized a share repurchase program (the “Repurchase Program”) to acquire up to $600,000 of the Company’s common shares, with repurchased shares recorded at cost in treasury. As of December 31, 2017 , the Company has availability under the Repurchase Program to acquire up to $569,807 of common shares. 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, 2017 , the Company re-issued 16,010 treasury shares related to earned 2016 compensation for the Board of Trustees, 27,767 treasury shares related to the resignation of a former member of the Board of Trustees for his accumulated deferred shares granted as compensation for 2001 through 2016, 84,316 treasury shares related to the earned share awards with either market or performance conditions and 22,775 treasury shares related to the grants of nonvested shares with service conditions. At December 31, 2017 , there were 42,035 common shares in treasury. Preferred Shares At December 31, 2017 and 2016 , there were 40,000,000 authorized preferred shares of beneficial interest under the Company’s declaration of trust, as amended. On May 25, 2016, the Company issued 6,000,000 6.3% Series J Cumulative Redeemable Preferred Shares (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 . On May 4, 2017, the Company redeemed all of the outstanding Series H Preferred Shares for $68,750 ( $25.00 per share) plus $272 of accrued and unpaid dividends through the redemption date. The redemption value of the Series H Preferred Shares exceeded their carrying value by $2,401 , which is included in the determination of net income attributable to common shareholders for the year ended December 31, 2017 . The $2,401 represents the offering costs related to the redeemed Series H Preferred Shares. The following Preferred Shares were outstanding as of December 31, 2017 : Security Type Number of 6.375% Series I Preferred Shares 4,400,000 6.3% Series J Preferred Shares 6,000,000 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 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 unless it has also paid (or set aside for payment) the full cumulative distributions on the 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. 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 declaration of trust), the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American 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 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 based on a defined formula subject to a cap of 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, 2017 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 7.5% Series H $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H $ 0.47 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 6.3% Series J $ 0.39 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 June 30, 2017 June 30, 2017 July 17, 2017 6.3% Series J $ 0.39 June 30, 2017 June 30, 2017 July 17, 2017 6.375% Series I $ 0.40 September 30, 2017 September 29, 2017 October 16, 2017 6.3% Series J $ 0.39 September 30, 2017 September 29, 2017 October 16, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes. In addition, the final dividend payment of $0.10 per Series H Preferred Share for the period April 15, 2017 through the redemption date of May 4, 2017 was included in the redemption price. Noncontrolling Interests of Common Units in Operating Partnership On May 13, 2015, the Company issued an aggregate of 151,077 common shares 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 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. 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, 2017 2016 2015 Net income attributable to common shareholders $ 174,609 $ 234,575 $ 123,383 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 0 0 14 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 174,609 $ 234,575 $ 123,397 There were no redemptions of common units of limited partnership interest held by limited partners of the Operating Partnership during the years ended December 31, 2017 and 2016 . As of December 31, 2017 , 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, 2017 , approximately $4,076 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 $4,076 is based on the Company’s closing common share price of $28.07 on December 31, 2017 , 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 the Company.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2017
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 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, 2017 , there were 2,511,504 common shares available for future grant under the 2014 Plan. 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, 2017 is as follows: Number of Weighted - Nonvested at January 1, 2017 236,759 $ 30.78 Granted 126,217 29.04 Vested (192,119 ) 30.72 Forfeited (443 ) 28.72 Nonvested at December 31, 2017 170,414 $ 28.95 As of December 31, 2017 and 2016 , there were $3,214 and $2,798 , respectively, of total unrecognized compensation costs related to nonvested share awards with service conditions. As of December 31, 2017 and 2016 , these costs were expected to be recognized over a weighted–average period of 1.4 years and 1.2 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, 2017 , 2016 and 2015 was $5,696 , $2,256 and $3,152 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with service conditions that have been included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income were $3,115 , $3,002 and $3,323 for the years ended December 31, 2017 , 2016 and 2015 , respectively. On April 9, 2016, the Company finalized the former Chief Financial Officer’s severance package and the termination date was set to be no later than April 29, 2016. Pursuant to the terms of the award agreements, all of his nonvested share awards with service conditions would vest upon termination. Accordingly, the Company accelerated the recognition of previously unrecognized compensation costs related to his nonvested share awards with service conditions over the estimated remaining service period. On May 6, 2016, all of his nonvested share awards with service conditions vested with all remaining previously unrecognized compensation costs recognized. The compensation cost (net of forfeitures) that has been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income was $538 for the 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 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, 2017, the Company issued 40,000 nonvested shares to an executive who earned 80.0% 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 vested immediately on July 1, 2017. The executive received a cash payment of $367 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, 2017. As of July 1, 2017, 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. 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 vested on January 4, 2017. 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”). On February 24, 2017, the executives earned 134.5% of the 28,692 target number of shares, or 38,599 shares, and all of the earned shares vested immediately. The executives also received a cash payment of $190 on the shares equal to the value of all dividends paid on common shares from January 1, 2014 until the determination date, February 24, 2017. As of February 25, 2017, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On August 11, 2017, the executives earned 133.3% of the 28,693 target number of shares, or 38,260 shares, and all of the earned shares vested immediately. The executives also received a cash payment of $223 on the shares equal to the value of all dividends paid on common shares from January 1, 2014 until the determination date, August 11, 2017. As of August 11, 2017, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On March 19, 2015, the Company’s Board of Trustees granted a target of 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 the latter half of the first quarter 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 the latter half of the third quarter 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 the latter half of the first quarter 2018 and the latter half of the third quarter 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 the latter half of the first quarter 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 the latter half of the third quarter 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 the latter half of the first quarter 2019 and the latter half of the third quarter 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 the latter half of the first quarter 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 the latter half of the third quarter 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 the latter half of the first quarter 2019 and the latter half of the third quarter 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. On March 23, 2017, the Company’s Board of Trustees granted a target of 124,526 nonvested share awards with either market or performance conditions to executives (the “March 23, 2017 Awards”). The actual amounts of the shares awarded with respect to 62,264 of the 124,526 shares will be determined the latter half of the first quarter 2020, based on the performance measurement period of January 1, 2017 through December 31, 2019, in accordance with the terms of the agreements. The actual amounts of the shares awarded with respect to the remaining 62,262 of the 124,526 shares will be determined the latter half of the third quarter 2020, based on the performance measurement period of July 1, 2017 through June 30, 2020, 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 the latter half of the first quarter 2020 and the latter half of the third quarter 2020, 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 62,264 shares, amortization commenced on March 23, 2017, the beginning of the requisite service period, and, with respect to 62,262 shares, amortization commenced on July 1, 2017, 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, 2017, 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 March 23, 2017 Awards (performance period starting January 1, 2017) Target amounts 27.30 % 1.52 % N/A N/A $ 21.13 33.40 % Return on invested capital N/A N/A N/A N/A $ 29.03 33.30 % Peer companies 27.30 % 1.52 % N/A 0.987 $ 31.12 33.30 % March 23, 2017 Awards (performance period starting July 1, 2017) Target amounts 27.30 % 1.52 % N/A N/A $ 25.34 33.40 % Return on invested capital N/A N/A N/A N/A $ 29.03 33.30 % Peer companies 27.30 % 1.52 % N/A 0.987 $ 30.82 33.30 % 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, 2017 is as follows: Number of Weighted- Nonvested at January 1, 2017 276,183 $ 27.36 Granted (1) 144,000 28.33 Vested (146,235 ) 34.25 Forfeited (10,000 ) 37.48 Nonvested at December 31, 2017 263,948 $ 27.04 (1) Amount includes 9,907 shares and 9,567 shares that were issued on February 24, 2017 and August 11, 2017, respectively, from the March 20, 2014 grant, which were earned in excess of the target amount. As of December 31, 2017 and 2016 , there were $4,941 and $3,757 , respectively, of total unrecognized compensation costs related to restricted share awards with market or performance conditions. As of December 31, 2017 and 2016 , these costs were expected to be recognized over a weighted–average period of 2.0 years and 1.8 years, respectively. As of December 31, 2017 and 2016 , there were 609,767 and 463,532 share awards with market or performance conditions vested, respectively. Additionally, there were zero and 29,376 nonvested share awards with market or performance conditions earned but nonvested due to a service condition as of December 31, 2017 and 2016 , 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 $3,476 , $3,896 and $4,360 for the years ended December 31, 2017 , 2016 and 2015 , respectively. On April 9, 2016, the Company finalized the former Chief Financial Officer’s severance package and the termination date was set to be no later than April 29, 2016. Pursuant to the terms of the award agreements, a portion of his nonvested share awards with market or performance conditions would vest upon termination. Accordingly, the Company accelerated the recognition of previously unrecognized compensation costs on his nonvested share awards with market or performance conditions over the estimated remaining service period. On May 6, 2016 and May 9, 2016, a portion of his nonvested share awards with market or performance conditions vested, a portion was forfeited and additional shares were earned for awards valued at over 100% of the target, with all remaining previously unrecognized compensation costs recognized. The compensation cost (net of forfeitures) related to his nonvested share awards with market or performance conditions that has been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive income was $96 for the 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 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 24,957 , 25,113 and 18,774 shares, including 5,832 , 9,103 and 4,910 deferred shares, related to the Trustees’ compensation for the years 2017 , 2016 and 2015 , respectively.

LHL

LHL	12 Months Ended
	Dec. 31, 2017
Real Estate Investment Trust, Operating Support [Abstract]
LHL	Investment in Hotel Properties Investment in hotel properties as of December 31, 2017 and 2016 consists of the following: December 31, 2017 December 31, 2016 Land $ 624,843 $ 727,176 Buildings and improvements 3,271,473 3,531,280 Furniture, fixtures and equipment 762,150 769,671 Investment in hotel properties, gross 4,658,466 5,028,127 Accumulated depreciation (1,392,851 ) (1,355,918 ) Investment in hotel properties, net $ 3,265,615 $ 3,672,209 For 2016, the above table excludes Hotel Deca as the property qualified as held for sale as of December 31, 2016 and its net cost basis had 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 (see “Dispositions” below). As of December 31, 2017 , buildings and improvements included capital lease assets of $147,322 and accumulated depreciation included amounts related to capital lease assets of $26,973 . As of December 31, 2016 , buildings and improvements included capital lease assets of $183,503 and accumulated depreciation included amounts related to capital lease assets of $26,230 . 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 $177,800 , $191,791 and $180,346 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The December 31, 2017 balance of investment in hotel properties excludes $49,459 classified as property under development primarily at Chamberlain West Hollywood, Harbor Court Hotel, Hotel Chicago, Le Montrose Suite Hotel, San Diego Paradise Point Resort and Spa, Serrano Hotel, Sofitel Washington, DC Lafayette Square, The Heathman Hotel and Westin Copley Place. 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. 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, 2017 , 2016 and 2015 was $762 , $398 and $902 , respectively. The hotels owned as of December 31, 2017 are located in California ( 18 ), the District of Columbia ( nine ), Florida ( two ), Illinois ( two ), Massachusetts ( four ), New York ( four ), Oregon ( one ) and Pennsylvania ( one ). 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 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 During the year ended December 31, 2016, the Company sold Indianapolis Marriott Downtown, and during the year ended December 31, 2017, the Company sold Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia. These dispositions do not represent a strategic shift in the Company’s business plan or primary markets, and therefore, do not qualify as discontinued operations. The sale of each property was recorded on the full accrual method. On July 14, 2016, the Company sold Indianapolis Marriott Downtown for $165,000 . 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. On January 19, 2017, the Company sold Hotel Deca for $55,000 . As of December 31, 2016, Hotel Deca qualified as held for sale. Substantially all of the assets held for sale consisted of investment in hotel properties, net and immaterial prepaid expenses and other assets and the liabilities of assets held for sale consisted of accounts payable and accrued expenses. The Company recognized a gain of $30,656 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, 2017. The proceeds were used for general corporate purposes. On March 22, 2017, the Company sold Lansdowne Resort for $133,000 . The Company recognized a gain of $10,253 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, 2017. The proceeds were used for general corporate purposes and the redemption of the 7.5% Series H Cumulative Redeemable Preferred Shares (the “Series H Preferred Shares”) on May 4, 2017 (see Note 6). On March 31, 2017, the Company sold Alexis Hotel for $71,625 . The Company recognized a gain of $33,420 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, 2017. The proceeds were used for general corporate purposes and the redemption of the Series H Preferred Shares on May 4, 2017 (see Note 6). On April 11, 2017, the Company sold Hotel Triton for $14,250 . The Company recognized a gain of $6,739 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, 2017. The proceeds were used for general corporate purposes and the redemption of the Series H Preferred Shares on May 4, 2017 (see Note 6). On June 29, 2017, the Company sold Westin Philadelphia for $135,000 . The Company recognized a gain of $4,477 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, 2017. The proceeds were used for general corporate purposes. 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. 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. 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, 2017 2016 2015 General and administrative $ 96,190 $ 103,993 $ 101,397 Sales and marketing 67,421 75,212 73,654 Repairs and maintenance 36,795 39,309 39,521 Management and incentive fees 36,832 40,064 39,686 Utilities and insurance 30,016 33,109 34,427 Franchise fees 8,163 10,396 9,836 Other expenses 2,659 3,182 2,483 Total other indirect expenses $ 278,076 $ 305,265 $ 301,004 As of December 31, 2017 , LHL leased all 41 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 Vitale San Francisco, CA 9. Park Central San Francisco San Francisco, CA 10. Serrano Hotel San Francisco, CA 11. The Marker San Francisco San Francisco, CA 12. Villa Florence San Francisco, CA 13. Chaminade Resort and Conference Center Santa Cruz, CA 14. Viceroy Santa Monica Santa Monica, CA 15. Chamberlain West Hollywood West Hollywood, CA 16. Le Montrose Suite Hotel West Hollywood, CA 17. Le Parc Suite Hotel West Hollywood, CA 18. The Grafton on Sunset West Hollywood, CA 19. Hotel George Washington, DC 20. Hotel Madera Washington, DC 21. Hotel Palomar, Washington, DC Washington, DC 22. Hotel Rouge Washington, DC 23. Mason & Rook Hotel Washington, DC 24. Sofitel Washington, DC Lafayette Square Washington, DC 25. The Donovan Washington, DC 26. The Liaison Capitol Hill Washington, DC 27. Topaz Hotel Washington, DC 28. Southernmost Beach Resort Key West Key West, FL 29. The Marker Waterfront Resort Key West, FL 30. Hotel Chicago Chicago, IL 31. Westin Michigan Avenue Chicago, IL 32. Hyatt Regency Boston Harbor Boston, MA 33. Onyx Hotel Boston, MA 34. The Liberty Hotel Boston, MA 35. Westin Copley Place Boston, MA 36. Gild Hall New York, NY 37. The Roger New York, NY 38. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 39. WestHouse Hotel New York New York, NY 40. The Heathman Hotel Portland, OR 41. Embassy Suites Philadelphia - Center City Philadelphia, PA

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 and 2015 : 2017 2016 2015 $ % $ % $ % Common shares of beneficial interest Ordinary income $ 0.9794 54.41 % $ 1.1631 62.26 % $ 1.6570 100.00 % Capital gain 0.3627 20.15 % 0.4550 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4579 25.44 % 0.2499 13.38 % 0.0000 0.00 % $ 1.8000 100.00 % $ 1.8680 100.00 % $ 1.6570 100.00 % Preferred shares (Series H) (1) Ordinary income $ 0.3089 54.41 % $ 1.4593 62.26 % $ 1.8750 100.00 % Capital gain 0.1144 20.15 % 0.5709 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.1444 25.44 % 0.3136 13.38 % 0.0000 0.00 % $ 0.5677 100.00 % $ 2.3438 100.00 % $ 1.8750 100.00 % Preferred shares (Series I) Ordinary income $ 0.8672 54.41 % $ 1.2404 62.26 % $ 1.5938 100.00 % Capital gain 0.3211 20.15 % 0.4853 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4055 25.44 % 0.2665 13.38 % 0.0000 0.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % $ 1.5938 100.00 % Preferred shares (Series J) (2) Ordinary income $ 0.8570 54.41 % $ 0.6265 62.26 % $ 0.0000 0.00 % Capital gain 0.3173 20.15 % 0.2451 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4007 25.44 % 0.1346 13.38 % 0.0000 0.00 % $ 1.5750 100.00 % $ 1.0062 100.00 % $ 0.0000 0.00 % (1) On May 4, 2017, the Company redeemed the Series H 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, 2017 have not been filed. The taxability information presented for the Company’s dividends paid in 2017 is based upon management’s estimate. Income tax expense (benefit) was comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : For the year ended December 31, 2017 2016 2015 LHL’s income tax expense (benefit) $ 983 $ 4,491 $ (2,546 ) Operating Partnership’s income tax expense 716 1,293 1,254 Total income tax expense (benefit) $ 1,699 $ 5,784 $ (1,292 ) The components of LHL’s income tax expense (benefit) and income (loss) before income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 were as follows: For the year ended December 31, 2017 2016 2015 LHL’s income tax expense (benefit): Federal Current $ 1,162 $ 1,490 $ (510 ) Deferred (365 ) 1,901 (1,251 ) State & local Current 420 516 83 Deferred (234 ) 584 (868 ) Total $ 983 $ 4,491 $ (2,546 ) LHL’s income (loss) before income tax expense (benefit) $ 3,563 $ 10,255 $ (4,876 ) 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, 2017 , 2016 and 2015 as a result of the following differences: For the year ended December 31, 2017 2016 2015 “Expected” federal tax expense (benefit) at statutory rate $ 1,211 $ 3,487 $ (1,658 ) State income tax expense (benefit), net of federal income tax effect 262 776 (443 ) Other, net (490 ) 228 (445 ) Income tax expense (benefit) $ 983 $ 4,491 $ (2,546 ) LHL’s deferred tax assets (liabilities) as of December 31, 2017 and 2016 were as follows: December 31, 2017 2016 Net operating loss carryforwards $ 2,136 $ 1,902 Bad debt reserves (1) 122 260 Golf membership deferred revenue (1) 0 (347 ) Straight-line rent (1) (578 ) (734 ) Net deferred tax assets $ 1,680 $ 1,081 (1) Amounts included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. As of December 31, 2017 , the Company had net deferred tax assets of $1,680 primarily due to temporary federal differences and current and past years’ state tax net operating losses. These loss carryforwards will generally expire in 2018 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, 2017 and 2016 . As of December 31, 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2013 through 2017 . The recently enacted tax reform bill, informally known as the Tax Cuts and Jobs Act, made significant changes to the U.S. federal income tax laws. For example, the top corporate income tax rate was reduced to 21% , and the corporate alternative minimum tax was repealed. Additionally, for taxable years beginning after December 31, 2017, the Tax Cuts and Jobs Act limits interest deductions for businesses, whether in corporate or pass-through form, to the sum of the taxpayer’s business interest income for the tax year and 30% of the taxpayer’s adjusted taxable income for the tax year, but the tax rules do permit a real estate business, such as a REIT, to elect out of the interest limitation rules in exchange for depreciating its real estate assets using alternative depreciation system principles. Technical corrections or other amendments to, or administrative guidance interpreting, the Tax Cuts and Job Act may be forthcoming at any time. We cannot predict the long-term effect of the Tax Cuts and Jobs Act or any future changes on REITs and their shareholders. For the Company, the reduction in the federal corporate income tax rate resulted in a change to the net deferred tax assets of the TRS, with a minimal impact to the current year federal income tax expense.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
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, 2017 December 31, 2016 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 10,893 $ 3,295 Derivative interest rate instruments Accounts payable and accrued expenses $ 0 $ 927 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, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 0 $ 0 $ 0 $ 0 Term loans $ 855,000 $ 857,577 $ 855,000 $ 857,224 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loan $ 225,000 $ 224,429 $ 225,000 $ 225,224 The Company estimated the fair value of its borrowings under credit facilities, term loans, bonds payable and mortgage loan using interest rates ranging from 1.4% to 2.3% as of December 31, 2017 and from 1.5% to 1.8% as of December 31, 2016 with a weighted average effective interest rate of 1.6% and 1.5% as of December 31, 2017 and 2016 , respectively. The assumptions reflect the terms currently available on similar borrowings to borrowers with credit profiles similar to the Company’s. At December 31, 2017 and 2016 , 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, 2017
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) 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, 2017 2016 2015 Numerator: Net income attributable to common shareholders $ 174,609 $ 234,575 $ 123,383 Dividends paid on unvested restricted shares (435 ) (491 ) (542 ) Undistributed earnings attributable to unvested restricted shares 0 (70 ) 0 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 174,174 $ 234,014 $ 122,841 Denominator: Weighted average number of common shares - basic 112,975,329 112,791,839 112,685,235 Effect of dilutive securities: Compensation-related shares 388,763 372,760 411,185 Weighted average number of common shares - diluted 113,364,092 113,164,599 113,096,420 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 1.54 $ 2.07 $ 1.09 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 1.54 $ 2.07 $ 1.09

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Interest paid, net of capitalized interest $ 36,421 $ 41,483 $ 52,155 Interest capitalized 762 398 902 Income taxes paid, net 730 5,111 3,112 Increase in distributions payable on common shares 63 58 8,477 (Decrease) increase in distributions payable on preferred shares (1,288 ) 2,363 0 Redemption of common units for common shares 0 0 3,400 Write-off of fully depreciated furniture, fixtures and equipment 618 0 16,000 Write-off of fully amortized debt issuance costs 5,119 826 131 Increase (decrease) in accrued capital expenditures 4,461 (6,149 ) 2,334 Grant of nonvested shares and awards to employees and executives, net 8,313 4,831 5,188 Issuance of common shares for Board of Trustees compensation (1) 1,240 480 1,874 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 398,178 $ 164,094 $ 0 Other assets 10,847 4,226 0 Liabilities (6,625 ) (1,655 ) 0 Proceeds from sale of properties $ 402,400 $ 166,665 $ 0 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ 0 $ 0 $ (445,734 ) Other assets 0 0 (1,897 ) Liabilities 0 0 8,474 Acquisition of properties $ 0 $ 0 $ (439,157 ) (1) Refer to Note 6 for issuances of previously deferred shares.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 1, 2018 , the Company issued 19,125 common shares and authorized an additional 5,832 deferred shares to the independent members of its Board of Trustees for their 2017 compensation. These common shares were issued under the 2014 Plan. On January 2, 2018 , the Company received 23,511 common shares related to executives and employees surrendering shares to pay taxes at the time restricted shares vested. The Company paid the following common and preferred share dividends subsequent to December 31, 2017 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I Preferred Shares $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J Preferred Shares $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 (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, 2017 First Second Third Fourth Total revenues $ 328,905 $ 318,515 $ 286,838 $ 258,670 Total expenses 247,306 256,114 251,566 242,626 Net income 81,599 62,401 35,272 16,044 Net income attributable to noncontrolling interests (110 ) (91 ) (49 ) (32 ) Distributions to preferred shareholders (5,405 ) (4,387 ) (4,116 ) (4,116 ) Issuance costs of redeemed preferred shares 0 (2,401 ) 0 0 Net income attributable to common shareholders $ 76,084 $ 55,522 $ 31,107 $ 11,896 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.67 $ 0.49 $ 0.27 $ 0.10 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.67 $ 0.49 $ 0.27 $ 0.10 Weighted average number of common shares outstanding: Basic 112,923,719 112,951,714 113,007,475 113,016,763 Diluted 113,306,209 113,342,151 113,383,360 113,372,555 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
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 $ 8,428 $ 15,546 $ 5,004 $ 28,180 $ 18,497 $ 31,894 $ 19,787 1976 4/29/1998 3-40 years 2. San Diego Paradise Point Resort and Spa 0 0 69,639 3,665 154 48,131 42,331 154 117,770 45,996 103,127 60,793 1962 6/1/1998 3-40 years 3. Hyatt Regency Boston Harbor 42,500 0 66,159 5,246 16 5,188 16,930 16 71,347 22,176 63,288 30,251 1993 6/24/1998 3-40 years 4. Topaz Hotel 0 2,137 8,549 0 12 4,326 6,854 2,149 12,875 6,854 13,299 8,579 1963 3/8/2001 3-40 years 5. Hotel Madera 0 1,682 6,726 0 15 5,600 6,635 1,697 12,326 6,635 12,488 8,170 1963 3/8/2001 3-40 years 6. Hotel Rouge 0 2,162 8,647 0 17 4,990 8,682 2,179 13,637 8,682 15,327 9,171 1963 3/8/2001 3-40 years 7. Mason & Rook Hotel 0 2,636 10,546 0 14 26,615 8,972 2,650 37,161 8,972 15,573 33,210 1962 3/8/2001 3-40 years 8. The Liaison Capitol Hill 0 8,353 33,412 2,742 19 16,159 24,166 8,372 49,571 26,908 51,821 33,030 1968 6/1/2001 3-40 years 9. Hotel George 0 1,743 22,221 531 0 1,141 8,963 1,743 23,362 9,494 18,821 15,778 1928 9/18/2003 3-40 years 10. Chaminade Resort and Conference Center 0 5,240 13,111 299 27 9,176 18,760 5,267 22,287 19,059 24,549 22,064 1985 11/18/2004 3-40 years 11. Hilton San Diego Gaslamp Quarter 0 5,008 77,892 2,250 0 1,642 14,039 5,008 79,534 16,289 37,764 63,067 2000 1/6/2005 3-40 years 12. The Grafton on Sunset 0 1,882 23,226 431 11 3,729 9,974 1,893 26,955 10,405 16,238 23,015 1954 1/10/2005 3-40 years 13. Onyx Hotel 0 6,963 21,262 445 3,574 212 4,231 10,537 21,474 4,676 10,672 26,015 2004 5/18/2005 3-40 years 14. Westin Copley Place 225,000 0 295,809 28,223 0 27,397 60,954 0 323,206 89,177 173,504 238,879 1983 8/31/2005 3-40 years 15. The Hilton San Diego Resort and Spa 0 0 85,572 4,800 173 15,900 20,820 173 101,472 25,620 59,492 67,773 1962 12/15/2005 3-40 years 16. The Donovan 0 11,384 34,573 0 0 36,539 16,377 11,384 71,112 16,377 46,925 51,948 1972 12/16/2005 3-40 years 17. Le Parc Suite Hotel 0 13,971 31,742 2,741 3 2,579 12,722 13,974 34,321 15,463 23,030 40,728 1970 1/27/2006 3-40 years 18. Westin Michigan Avenue 0 38,158 154,181 24,112 17 20,438 40,457 38,175 174,619 64,569 105,526 171,837 1963/1972 3/1/2006 3-40 years 19. Hotel Chicago 0 9,403 104,148 889 155 36,819 29,925 9,558 140,967 30,814 72,994 108,345 1998 3/1/2006 3-40 years 20. Hotel Solamar 0 0 79,111 7,890 0 717 13,274 0 79,828 21,164 37,470 63,522 2005 8/1/2006 3-40 years 21. Gild Hall 0 6,732 45,016 984 2 3,171 13,678 6,734 48,187 14,662 26,691 42,892 1999 11/17/2006 3-40 years 22. Hotel Amarano Burbank 0 5,982 29,292 1,253 329 6,394 8,327 6,311 35,686 9,580 16,735 34,842 2002 12/19/2006 3-40 years 23. Sofitel Washington, DC Lafayette Square 0 11,082 80,342 2,619 0 464 15,028 11,082 80,806 17,647 27,974 81,561 2002 3/1/2010 3-40 years 24. The Marker San Francisco 0 11,435 53,186 3,736 0 1,974 10,287 11,435 55,160 14,023 21,197 59,421 1910/1995 9/1/2010 3-40 years 25. Embassy Suites Philadelphia - Center City 0 13,600 62,900 2,504 0 2,638 15,799 13,600 65,538 18,303 21,359 76,082 1963/1993 9/1/2010 3-40 years 26. The Roger 0 0 95,079 3,509 0 289 12,599 0 95,368 16,108 35,318 76,158 1930/1998 10/6/2010 3-34 years 27. Chamberlain West Hollywood 0 6,470 29,085 2,895 0 820 5,910 6,470 29,905 8,805 11,107 34,073 1970/2005 12/6/2010 3-40 years 28. Viceroy Santa Monica 0 0 75,270 4,747 0 1,169 5,451 0 76,439 10,198 21,514 65,123 1967/2002 3/16/2011 3-40 years 29. Villa Florence 0 12,413 50,997 3,202 0 5,217 10,630 12,413 56,214 13,832 17,392 65,067 1908 10/5/2011 3-40 years 30/31. Park Central Hotel New York/WestHouse Hotel New York 0 135,306 250,262 9,004 34 43,213 51,356 135,340 293,475 60,360 98,583 390,592 1928 12/29/2011 3-40 years 32. Hotel Palomar, Washington, DC 0 26,859 111,214 5,648 0 984 12,801 26,859 112,198 18,449 27,620 129,886 1962 3/8/2012 3-40 years 33. L’Auberge Del Mar 0 13,475 59,481 3,628 146 40 6,938 13,621 59,521 10,566 13,408 70,300 1989 12/6/2012 3-40 years 34. The Liberty Hotel 0 0 160,731 9,040 0 263 14,989 0 160,994 24,029 34,740 150,283 1851/2007 12/28/2012 3-40 years 35. Harbor Court Hotel 0 0 54,563 714 0 (205 ) 3,041 0 54,358 3,755 7,864 50,249 1926/1991 8/1/2013 3-35 years 36. Serrano Hotel 0 20,475 48,501 2,500 0 3,198 6,433 20,475 51,699 8,933 8,405 72,702 1928/1999 8/21/2013 3-40 years 37. Southernmost Beach Resort Key West 0 101,517 79,795 3,105 0 1,572 6,753 101,517 81,367 9,858 13,340 179,402 1958-2008 8/27/2013 3-40 years 38. Hotel Vitale 0 0 125,150 4,766 0 (187 ) 965 0 124,963 5,731 15,537 115,157 2005 4/2/2014 3-40 years 39. The Heathman Hotel 0 10,280 50,001 4,002 0 1,443 2,681 10,280 51,444 6,683 6,448 61,959 1927 12/18/2014 3-40 years 40. Pack Central San Francisco 0 80,640 255,105 14,057 0 56 1,757 80,640 255,161 15,814 27,559 324,056 1984 1/23/2015 3-40 years 41. The Marker Waterfront Resort 0 48,133 41,143 6,656 0 (157 ) 331 48,133 40,986 6,987 6,258 89,848 2014 3/16/2015 3-40 years Total $ 267,500 $ 620,125 $ 2,923,391 $ 175,784 $ 4,718 $ 348,082 $ 586,366 $ 624,843 $ 3,271,473 $ 762,150 $ 1,392,851 $ 3,265,615 (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. Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: 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 Improvements and additions to hotel properties 76,843 Reclassification from property under development 16,107 Disposal of hotels (488,678 ) Disposal of assets (8,368 ) Balance at December 31, 2017 $ 4,658,466 Reconciliation of Accumulated Depreciation: 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 Depreciation 177,800 Disposal of hotels (150,861 ) Disposal of assets (1,561 ) Balance at December 31, 2017 $ 1,392,851

Schedule III - Reconciliation o

Schedule III - Reconciliation of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
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 $ 8,428 $ 15,546 $ 5,004 $ 28,180 $ 18,497 $ 31,894 $ 19,787 1976 4/29/1998 3-40 years 2. San Diego Paradise Point Resort and Spa 0 0 69,639 3,665 154 48,131 42,331 154 117,770 45,996 103,127 60,793 1962 6/1/1998 3-40 years 3. Hyatt Regency Boston Harbor 42,500 0 66,159 5,246 16 5,188 16,930 16 71,347 22,176 63,288 30,251 1993 6/24/1998 3-40 years 4. Topaz Hotel 0 2,137 8,549 0 12 4,326 6,854 2,149 12,875 6,854 13,299 8,579 1963 3/8/2001 3-40 years 5. Hotel Madera 0 1,682 6,726 0 15 5,600 6,635 1,697 12,326 6,635 12,488 8,170 1963 3/8/2001 3-40 years 6. Hotel Rouge 0 2,162 8,647 0 17 4,990 8,682 2,179 13,637 8,682 15,327 9,171 1963 3/8/2001 3-40 years 7. Mason & Rook Hotel 0 2,636 10,546 0 14 26,615 8,972 2,650 37,161 8,972 15,573 33,210 1962 3/8/2001 3-40 years 8. The Liaison Capitol Hill 0 8,353 33,412 2,742 19 16,159 24,166 8,372 49,571 26,908 51,821 33,030 1968 6/1/2001 3-40 years 9. Hotel George 0 1,743 22,221 531 0 1,141 8,963 1,743 23,362 9,494 18,821 15,778 1928 9/18/2003 3-40 years 10. Chaminade Resort and Conference Center 0 5,240 13,111 299 27 9,176 18,760 5,267 22,287 19,059 24,549 22,064 1985 11/18/2004 3-40 years 11. Hilton San Diego Gaslamp Quarter 0 5,008 77,892 2,250 0 1,642 14,039 5,008 79,534 16,289 37,764 63,067 2000 1/6/2005 3-40 years 12. The Grafton on Sunset 0 1,882 23,226 431 11 3,729 9,974 1,893 26,955 10,405 16,238 23,015 1954 1/10/2005 3-40 years 13. Onyx Hotel 0 6,963 21,262 445 3,574 212 4,231 10,537 21,474 4,676 10,672 26,015 2004 5/18/2005 3-40 years 14. Westin Copley Place 225,000 0 295,809 28,223 0 27,397 60,954 0 323,206 89,177 173,504 238,879 1983 8/31/2005 3-40 years 15. The Hilton San Diego Resort and Spa 0 0 85,572 4,800 173 15,900 20,820 173 101,472 25,620 59,492 67,773 1962 12/15/2005 3-40 years 16. The Donovan 0 11,384 34,573 0 0 36,539 16,377 11,384 71,112 16,377 46,925 51,948 1972 12/16/2005 3-40 years 17. Le Parc Suite Hotel 0 13,971 31,742 2,741 3 2,579 12,722 13,974 34,321 15,463 23,030 40,728 1970 1/27/2006 3-40 years 18. Westin Michigan Avenue 0 38,158 154,181 24,112 17 20,438 40,457 38,175 174,619 64,569 105,526 171,837 1963/1972 3/1/2006 3-40 years 19. Hotel Chicago 0 9,403 104,148 889 155 36,819 29,925 9,558 140,967 30,814 72,994 108,345 1998 3/1/2006 3-40 years 20. Hotel Solamar 0 0 79,111 7,890 0 717 13,274 0 79,828 21,164 37,470 63,522 2005 8/1/2006 3-40 years 21. Gild Hall 0 6,732 45,016 984 2 3,171 13,678 6,734 48,187 14,662 26,691 42,892 1999 11/17/2006 3-40 years 22. Hotel Amarano Burbank 0 5,982 29,292 1,253 329 6,394 8,327 6,311 35,686 9,580 16,735 34,842 2002 12/19/2006 3-40 years 23. Sofitel Washington, DC Lafayette Square 0 11,082 80,342 2,619 0 464 15,028 11,082 80,806 17,647 27,974 81,561 2002 3/1/2010 3-40 years 24. The Marker San Francisco 0 11,435 53,186 3,736 0 1,974 10,287 11,435 55,160 14,023 21,197 59,421 1910/1995 9/1/2010 3-40 years 25. Embassy Suites Philadelphia - Center City 0 13,600 62,900 2,504 0 2,638 15,799 13,600 65,538 18,303 21,359 76,082 1963/1993 9/1/2010 3-40 years 26. The Roger 0 0 95,079 3,509 0 289 12,599 0 95,368 16,108 35,318 76,158 1930/1998 10/6/2010 3-34 years 27. Chamberlain West Hollywood 0 6,470 29,085 2,895 0 820 5,910 6,470 29,905 8,805 11,107 34,073 1970/2005 12/6/2010 3-40 years 28. Viceroy Santa Monica 0 0 75,270 4,747 0 1,169 5,451 0 76,439 10,198 21,514 65,123 1967/2002 3/16/2011 3-40 years 29. Villa Florence 0 12,413 50,997 3,202 0 5,217 10,630 12,413 56,214 13,832 17,392 65,067 1908 10/5/2011 3-40 years 30/31. Park Central Hotel New York/WestHouse Hotel New York 0 135,306 250,262 9,004 34 43,213 51,356 135,340 293,475 60,360 98,583 390,592 1928 12/29/2011 3-40 years 32. Hotel Palomar, Washington, DC 0 26,859 111,214 5,648 0 984 12,801 26,859 112,198 18,449 27,620 129,886 1962 3/8/2012 3-40 years 33. L’Auberge Del Mar 0 13,475 59,481 3,628 146 40 6,938 13,621 59,521 10,566 13,408 70,300 1989 12/6/2012 3-40 years 34. The Liberty Hotel 0 0 160,731 9,040 0 263 14,989 0 160,994 24,029 34,740 150,283 1851/2007 12/28/2012 3-40 years 35. Harbor Court Hotel 0 0 54,563 714 0 (205 ) 3,041 0 54,358 3,755 7,864 50,249 1926/1991 8/1/2013 3-35 years 36. Serrano Hotel 0 20,475 48,501 2,500 0 3,198 6,433 20,475 51,699 8,933 8,405 72,702 1928/1999 8/21/2013 3-40 years 37. Southernmost Beach Resort Key West 0 101,517 79,795 3,105 0 1,572 6,753 101,517 81,367 9,858 13,340 179,402 1958-2008 8/27/2013 3-40 years 38. Hotel Vitale 0 0 125,150 4,766 0 (187 ) 965 0 124,963 5,731 15,537 115,157 2005 4/2/2014 3-40 years 39. The Heathman Hotel 0 10,280 50,001 4,002 0 1,443 2,681 10,280 51,444 6,683 6,448 61,959 1927 12/18/2014 3-40 years 40. Pack Central San Francisco 0 80,640 255,105 14,057 0 56 1,757 80,640 255,161 15,814 27,559 324,056 1984 1/23/2015 3-40 years 41. The Marker Waterfront Resort 0 48,133 41,143 6,656 0 (157 ) 331 48,133 40,986 6,987 6,258 89,848 2014 3/16/2015 3-40 years Total $ 267,500 $ 620,125 $ 2,923,391 $ 175,784 $ 4,718 $ 348,082 $ 586,366 $ 624,843 $ 3,271,473 $ 762,150 $ 1,392,851 $ 3,265,615 (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. Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: 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 Improvements and additions to hotel properties 76,843 Reclassification from property under development 16,107 Disposal of hotels (488,678 ) Disposal of assets (8,368 ) Balance at December 31, 2017 $ 4,658,466 Reconciliation of Accumulated Depreciation: 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 Depreciation 177,800 Disposal of hotels (150,861 ) Disposal of assets (1,561 ) Balance at December 31, 2017 $ 1,392,851

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2017
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, seven years for land improvements, 20 years for golf course land improvements, 20 years for swimming pool assets and three to five 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 hotel 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 hotel. At the end of each reporting period, the Company assesses whether any quantitative or qualitative triggering events have occurred in relation to a hotel. 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 hotel 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 hotel, 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, hotel-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 hotel-specific capitalization rate; • hotel-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 hotel; 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 hotel. 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, 2017 and 2016 , 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 reserve funds relating to the hotels with leases or operating agreements requiring the Company to maintain restricted cash to fund future capital expenditures and 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, 2017 and 2016 was $5,294 and $7,642 , 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 six 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 Company estimates forfeiture amounts for the first three quarters of the year and adjusts for actual forfeiture amounts at year end. 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, 2017 , 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 The Operating Partnership is a variable interest entity. The Company’s only 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 prior to when the new rates become effective. 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 of state 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 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, 2017 , 2016 and 2015 , comprehensive income was $203,841 , $255,600 and $134,982 , respectively. As of December 31, 2017 and 2016 , the Company’s accumulated other comprehensive income was $10,880 and $2,365 , respectively.
Notes Receivable	Notes Receivable Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest method. Any costs related to notes receivable are expensed as incurred. Interest income is recorded on the accrual basis consistent with the terms of the notes receivable. A note is deemed to be impaired when, based on current information and events, including a review of factors that would impact the fair value of the underlying collateral, it is probable that the Company will be unable to collect all principal and interest contractually due. The Company considers current and projected cash flow, historical payment patterns, general and industry specific economic factors and operating results in determining the probability of default. Interest previously accrued but not collected becomes part of the Company’s recorded investment in the note receivable for purposes of assessing impairment. The Company applies interest payments received on non-accrual notes receivable first to accrued interest and then as interest income. Notes receivable return to accrual status when contractually current and the collection of future payments is reasonably assured.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. By working in conjunction with its hotel operators, the Company completed its evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and its evaluation of each of its revenue streams under the new standard. Because of the short-term, day-to-day nature of the Company’s hotel revenues, the Company determined that the pattern of revenue recognition will not change significantly. Under ASU No. 2014-09, there will be a recharacterization of certain revenue streams affecting both gross and net revenue reporting due to changes in principal versus agency guidance, which presentation is deemed immaterial for the Company and will not affect net income. Additionally, the Company does not sell hotel properties to customers as defined by FASB, but has historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, and therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. The Company finalized its expanded disclosure for the notes to the consolidated financial statements pursuant to the new requirements. The Company adopted this standard on its effective date of January 1, 2018 under the cumulative effect transition method. No adjustment will be recorded to the Company’s opening balance of retained earnings on January 1, 2018 as there was no impact to net income for the Company. Additionally, comparative information beginning in 2018 will not be restated and will continue to be reported under Revenue Recognition (Topic 605) . The Company also expects that the effect of ASU No. 2014-09 will be immaterial to the Company on an on-going basis. 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. The standard requires a modified retrospective approach, with restatement of the prior periods presented in the year of adoption, subject to any FASB modifications. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company anticipates adopting the standard on January 1, 2019. In evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures, the Company believes the impact will be minimal to its consolidated statements of operations and comprehensive income. The Company will recognize a lease liability and right of use asset on its consolidated balance sheets due to the change in accounting treatment of the Company ’ s operating ground leases and corporate office lease. The Company is analyzing its current lease obligations and, based on current assumptions of discount rates and lease terms, expects to record a right of use asset and a related liability between $200,000 and $240,000 on its consolidated balance sheets, which may change significantly by the date of adoption based on changes to the discount rate, lease terms and other variables. 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 on the shares upon settlement of an award without causing the award to be classified as a 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 adopted this standard on January 1, 2018. As a result, the classification of certain insurance proceeds will change from investing activities to operating activities on the Company ’ s consolidated statements of cash flows. 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 adopted this standard on January 1, 2018. As a result, restricted cash reserves will be included with cash and cash equivalents on the Company’s consolidated statements of cash flows. The adoption will not change the presentation of the Company’s consolidated balance sheets. 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 early adopted this standard on January 1, 2017 and it did not affect the Company’s consolidated statements of operations and comprehensive income as there were no acquisitions in 2017. In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. ASU No. 2017-05 will impact the recognition of gains and losses from hotel sales. 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 adopted this standard on January 1, 2018 and does not anticipate that ASU No. 2017-05 will affect the Company’s consolidated statements of operations and comprehensive income . In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplifies the application of hedge accounting. This standard will be effective for the first annual period beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The Company adopted this standard on January 1, 2018 and aside from minor presentation changes in its disclosure on derivative and hedging activities, it will not have a material effect on the Company’s consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of December 31, 2017 and 2016 consists of the following: December 31, 2017 December 31, 2016 Land $ 624,843 $ 727,176 Buildings and improvements 3,271,473 3,531,280 Furniture, fixtures and equipment 762,150 769,671 Investment in hotel properties, gross 4,658,466 5,028,127 Accumulated depreciation (1,392,851 ) (1,355,918 ) Investment in hotel properties, net $ 3,265,615 $ 3,672,209
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, 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, 2017
Debt Disclosure [Abstract]
Components of Long-Term Debt	Debt as of December 31, 2017 and December 31, 2016 consisted of the following: Balance Outstanding as of Debt Interest Maturity December 31, December 31, Credit facilities Senior unsecured credit facility Floating (a) January 2021 (a) $ 0 $ 0 LHL unsecured credit facility Floating (b) January 2021 (b) 0 0 Total borrowings under credit facilities 0 0 Term loans First Term Loan Floating/Fixed (c) January 2022 300,000 300,000 Second Term Loan Floating/Fixed (c) January 2021 555,000 555,000 Debt issuance costs, net (1,805 ) (2,242 ) Total term loans, net of unamortized debt issuance costs 853,195 852,758 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 (6 ) (45 ) Total bonds payable, net of unamortized debt issuance costs 42,494 42,455 Mortgage loan Westin Copley Place Floating (e) August 2018 (e) 225,000 225,000 Debt issuance costs, net (568 ) (1,506 ) Total mortgage loan, net of unamortized debt issuance costs 224,432 223,494 Total debt $ 1,120,121 $ 1,118,707 (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, 2017 and 2016 . The Company has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (b) Borrowings bear interest at floating rates equal to, at LHL’s option, either (i) LIBOR plus an applicable margin, or (ii) an Adjusted Base Rate (as defined in the credit agreement) plus an applicable margin. There were no borrowings outstanding at December 31, 2017 and 2016 . LHL has the option, pursuant to certain terms and conditions, to extend the maturity date for two six -month extensions. (c) Term loans bear interest at floating rates equal to LIBOR plus an applicable margin. The Company entered into 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, 2017 and 2016 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At December 31, 2017 , the fixed all-in interest rates for the First Term Loan and Second Term Loan were 3.23% and 2.95% , respectively, at the Company’s current leverage ratio (as defined in the swap agreements). At December 31, 2016 , 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). (d) The Massport Bonds (as defined below) are secured by letters of credit issued by U.S. Bank National Association (“U.S. Bank”) and the letters of credit are secured by the Hyatt Regency Boston Harbor. In August 2017, the Company exercised its final extension option to extend the letters of credit through March 1, 2018, the Massport Bonds’ maturity date. Upon maturity, the Company intends to repay the Massport Bonds with available cash. The bonds bear interest based on weekly floating rates. The interest rates as of December 31, 2017 were 1.70% and 1.78% for the $5,400 and $37,100 bonds, respectively. The interest rates as of December 31, 2016 were 0.75% and 0.76% for the $5,400 and $37,100 bonds, respectively. The Company incurs an annual letter of credit fee of 1.35% . (e) 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 Company anticipates exercising all available options. 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, 2017 was LIBOR plus 1.75% , which equaled 3.23% . The interest rate as of December 31, 2016 was LIBOR plus 1.75% , which equaled 2.46% . 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, 2017 are as follows: 2018 $ 267,500 2019 0 2020 0 2021 555,000 2022 300,000 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, 2017 , 2016 and 2015 is as follows: For the year ended December 31, 2017 2016 2015 Interest Expense: Interest incurred $ 37,357 $ 40,814 $ 52,604 Amortization of debt issuance costs 2,771 3,359 2,631 Capitalized interest (762 ) (398 ) (902 ) Interest expense $ 39,366 $ 43,775 $ 54,333 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility N/A 2.14 % 1.89 % LHL unsecured credit facility N/A 2.13 % 1.89 % Massport Bonds 0.91 % 0.44 % 0.06 % Mortgage loan (Westin Copley Place) 2.83 % 2.23 % 2.19 %
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 gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the years ended December 31, 2017 , 2016 and 2015 : Amount of Gain (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, 2017 2016 2015 2017 2016 2015 Derivatives in cash flow hedging relationships: Interest rate swaps $ 5,815 $ (4,160 ) $ (5,682 ) Interest expense $ 2,710 $ 6,625 $ 4,835

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 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 April 2077 (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) In 2017, the Company exercised its option to extend the ground lease for 51 years from March 2026 to April 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, 2017 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 (2) $18,603 August 2052 (1) At acquisition or as amended, the estimated present value of the remaining rent payments was 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 November 2017, the hotel lease was amended, extending the lease expiration date from April 2048 to August 2052. At acquisition, the estimated present value of the remaining rent payments recorded as a capital lease obligation was $18,424 . Due to the lease amendment, the recalculated estimated present value of the remaining rent payments is $18,603 , 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: 2018 $ 11,321 2019 11,249 2020 11,581 2021 11,682 2022 11,747 Thereafter 513,389 $ 570,969

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on preferred shares during the year ended December 31, 2017 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 7.5% Series H $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H $ 0.47 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 6.3% Series J $ 0.39 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 June 30, 2017 June 30, 2017 July 17, 2017 6.3% Series J $ 0.39 June 30, 2017 June 30, 2017 July 17, 2017 6.375% Series I $ 0.40 September 30, 2017 September 29, 2017 October 16, 2017 6.3% Series J $ 0.39 September 30, 2017 September 29, 2017 October 16, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on common shares/units during the year ended December 31, 2017 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 $ 0.45 March 31, 2017 March 31, 2017 April 17, 2017 $ 0.45 June 30, 2017 June 30, 2017 July 17, 2017 $ 0.45 September 30, 2017 September 29, 2017 October 16, 2017 The Company paid the following common and preferred share dividends subsequent to December 31, 2017 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I Preferred Shares $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J Preferred Shares $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 (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, 2017 : Security Type Number of 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, 2017 2016 2015 Net income attributable to common shareholders $ 174,609 $ 234,575 $ 123,383 Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership 0 0 14 Change from net income attributable to common shareholders and adjustments to noncontrolling interests $ 174,609 $ 234,575 $ 123,397

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity	A summary of the Company’s restricted share awards with either market or performance conditions as of December 31, 2017 is as follows: Number of Weighted- Nonvested at January 1, 2017 276,183 $ 27.36 Granted (1) 144,000 28.33 Vested (146,235 ) 34.25 Forfeited (10,000 ) 37.48 Nonvested at December 31, 2017 263,948 $ 27.04 (1) Amount includes 9,907 shares and 9,567 shares that were issued on February 24, 2017 and August 11, 2017, respectively, from the March 20, 2014 grant, which were earned in excess of the target amount. A summary of the Company’s nonvested shares with service conditions as of December 31, 2017 is as follows: Number of Weighted - Nonvested at January 1, 2017 236,759 $ 30.78 Granted 126,217 29.04 Vested (192,119 ) 30.72 Forfeited (443 ) 28.72 Nonvested at December 31, 2017 170,414 $ 28.95
Disclosure of Valuation Assumptions	The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting March 23, 2017 Awards (performance period starting January 1, 2017) Target amounts 27.30 % 1.52 % N/A N/A $ 21.13 33.40 % Return on invested capital N/A N/A N/A N/A $ 29.03 33.30 % Peer companies 27.30 % 1.52 % N/A 0.987 $ 31.12 33.30 % March 23, 2017 Awards (performance period starting July 1, 2017) Target amounts 27.30 % 1.52 % N/A N/A $ 25.34 33.40 % Return on invested capital N/A N/A N/A N/A $ 29.03 33.30 % Peer companies 27.30 % 1.52 % N/A 0.987 $ 30.82 33.30 % 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 %

LHL (Tables)

LHL (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 General and administrative $ 96,190 $ 103,993 $ 101,397 Sales and marketing 67,421 75,212 73,654 Repairs and maintenance 36,795 39,309 39,521 Management and incentive fees 36,832 40,064 39,686 Utilities and insurance 30,016 33,109 34,427 Franchise fees 8,163 10,396 9,836 Other expenses 2,659 3,182 2,483 Total other indirect expenses $ 278,076 $ 305,265 $ 301,004
Schedule of Hotels Owned	As of December 31, 2017 , LHL leased all 41 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 Vitale San Francisco, CA 9. Park Central San Francisco San Francisco, CA 10. Serrano Hotel San Francisco, CA 11. The Marker San Francisco San Francisco, CA 12. Villa Florence San Francisco, CA 13. Chaminade Resort and Conference Center Santa Cruz, CA 14. Viceroy Santa Monica Santa Monica, CA 15. Chamberlain West Hollywood West Hollywood, CA 16. Le Montrose Suite Hotel West Hollywood, CA 17. Le Parc Suite Hotel West Hollywood, CA 18. The Grafton on Sunset West Hollywood, CA 19. Hotel George Washington, DC 20. Hotel Madera Washington, DC 21. Hotel Palomar, Washington, DC Washington, DC 22. Hotel Rouge Washington, DC 23. Mason & Rook Hotel Washington, DC 24. Sofitel Washington, DC Lafayette Square Washington, DC 25. The Donovan Washington, DC 26. The Liaison Capitol Hill Washington, DC 27. Topaz Hotel Washington, DC 28. Southernmost Beach Resort Key West Key West, FL 29. The Marker Waterfront Resort Key West, FL 30. Hotel Chicago Chicago, IL 31. Westin Michigan Avenue Chicago, IL 32. Hyatt Regency Boston Harbor Boston, MA 33. Onyx Hotel Boston, MA 34. The Liberty Hotel Boston, MA 35. Westin Copley Place Boston, MA 36. Gild Hall New York, NY 37. The Roger New York, NY 38. Park Central Hotel New York (shared lease with WestHouse Hotel New York) New York, NY 39. WestHouse Hotel New York New York, NY 40. The Heathman Hotel Portland, OR 41. Embassy Suites Philadelphia - Center City Philadelphia, PA

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 and 2015 : 2017 2016 2015 $ % $ % $ % Common shares of beneficial interest Ordinary income $ 0.9794 54.41 % $ 1.1631 62.26 % $ 1.6570 100.00 % Capital gain 0.3627 20.15 % 0.4550 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4579 25.44 % 0.2499 13.38 % 0.0000 0.00 % $ 1.8000 100.00 % $ 1.8680 100.00 % $ 1.6570 100.00 % Preferred shares (Series H) (1) Ordinary income $ 0.3089 54.41 % $ 1.4593 62.26 % $ 1.8750 100.00 % Capital gain 0.1144 20.15 % 0.5709 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.1444 25.44 % 0.3136 13.38 % 0.0000 0.00 % $ 0.5677 100.00 % $ 2.3438 100.00 % $ 1.8750 100.00 % Preferred shares (Series I) Ordinary income $ 0.8672 54.41 % $ 1.2404 62.26 % $ 1.5938 100.00 % Capital gain 0.3211 20.15 % 0.4853 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4055 25.44 % 0.2665 13.38 % 0.0000 0.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % $ 1.5938 100.00 % Preferred shares (Series J) (2) Ordinary income $ 0.8570 54.41 % $ 0.6265 62.26 % $ 0.0000 0.00 % Capital gain 0.3173 20.15 % 0.2451 24.36 % 0.0000 0.00 % Unrecaptured Section 1250 gain 0.4007 25.44 % 0.1346 13.38 % 0.0000 0.00 % $ 1.5750 100.00 % $ 1.0062 100.00 % $ 0.0000 0.00 % (1) On May 4, 2017, the Company redeemed the Series H 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	The components of LHL’s income tax expense (benefit) and income (loss) before income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 were as follows: For the year ended December 31, 2017 2016 2015 LHL’s income tax expense (benefit): Federal Current $ 1,162 $ 1,490 $ (510 ) Deferred (365 ) 1,901 (1,251 ) State & local Current 420 516 83 Deferred (234 ) 584 (868 ) Total $ 983 $ 4,491 $ (2,546 ) LHL’s income (loss) before income tax expense (benefit) $ 3,563 $ 10,255 $ (4,876 ) Income tax expense (benefit) was comprised of the following for the years ended December 31, 2017 , 2016 and 2015 : For the year ended December 31, 2017 2016 2015 LHL’s income tax expense (benefit) $ 983 $ 4,491 $ (2,546 ) Operating Partnership’s income tax expense 716 1,293 1,254 Total income tax expense (benefit) $ 1,699 $ 5,784 $ (1,292 )
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, 2017 , 2016 and 2015 as a result of the following differences: For the year ended December 31, 2017 2016 2015 “Expected” federal tax expense (benefit) at statutory rate $ 1,211 $ 3,487 $ (1,658 ) State income tax expense (benefit), net of federal income tax effect 262 776 (443 ) Other, net (490 ) 228 (445 ) Income tax expense (benefit) $ 983 $ 4,491 $ (2,546 )
Components of LHL's Deferred Tax Assets (Liabilities)	LHL’s deferred tax assets (liabilities) as of December 31, 2017 and 2016 were as follows: December 31, 2017 2016 Net operating loss carryforwards $ 2,136 $ 1,902 Bad debt reserves (1) 122 260 Golf membership deferred revenue (1) 0 (347 ) Straight-line rent (1) (578 ) (734 ) Net deferred tax assets $ 1,680 $ 1,081 (1) Amounts included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 December 31, 2016 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 10,893 $ 3,295 Derivative interest rate instruments Accounts payable and accrued expenses $ 0 $ 927
Schedule of Carrying Value and Estimated Fair 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, 2017 and 2016 : December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 0 $ 0 $ 0 $ 0 Term loans $ 855,000 $ 857,577 $ 855,000 $ 857,224 Bonds payable $ 42,500 $ 42,500 $ 42,500 $ 42,500 Mortgage loan $ 225,000 $ 224,429 $ 225,000 $ 225,224

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Numerator: Net income attributable to common shareholders $ 174,609 $ 234,575 $ 123,383 Dividends paid on unvested restricted shares (435 ) (491 ) (542 ) Undistributed earnings attributable to unvested restricted shares 0 (70 ) 0 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 174,174 $ 234,014 $ 122,841 Denominator: Weighted average number of common shares - basic 112,975,329 112,791,839 112,685,235 Effect of dilutive securities: Compensation-related shares 388,763 372,760 411,185 Weighted average number of common shares - diluted 113,364,092 113,164,599 113,096,420 Earnings per Common Share - Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 1.54 $ 2.07 $ 1.09 Earnings per Common Share - Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 1.54 $ 2.07 $ 1.09

Supplemental Information to S34

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2017 2016 2015 Interest paid, net of capitalized interest $ 36,421 $ 41,483 $ 52,155 Interest capitalized 762 398 902 Income taxes paid, net 730 5,111 3,112 Increase in distributions payable on common shares 63 58 8,477 (Decrease) increase in distributions payable on preferred shares (1,288 ) 2,363 0 Redemption of common units for common shares 0 0 3,400 Write-off of fully depreciated furniture, fixtures and equipment 618 0 16,000 Write-off of fully amortized debt issuance costs 5,119 826 131 Increase (decrease) in accrued capital expenditures 4,461 (6,149 ) 2,334 Grant of nonvested shares and awards to employees and executives, net 8,313 4,831 5,188 Issuance of common shares for Board of Trustees compensation (1) 1,240 480 1,874 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 398,178 $ 164,094 $ 0 Other assets 10,847 4,226 0 Liabilities (6,625 ) (1,655 ) 0 Proceeds from sale of properties $ 402,400 $ 166,665 $ 0 In conjunction with the acquisition of properties, the Company assumed the following assets and liabilities: Investment in properties (after credits at closing) $ 0 $ 0 $ (445,734 ) Other assets 0 0 (1,897 ) Liabilities 0 0 8,474 Acquisition of properties $ 0 $ 0 $ (439,157 ) (1) Refer to Note 6 for issuances of previously deferred shares.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on preferred shares during the year ended December 31, 2017 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 7.5% Series H $ 0.47 December 31, 2016 December 30, 2016 January 17, 2017 6.375% Series I $ 0.40 December 31, 2016 December 30, 2016 January 17, 2017 6.3% Series J $ 0.39 December 31, 2016 December 30, 2016 January 17, 2017 7.5% Series H $ 0.47 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 6.3% Series J $ 0.39 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series I $ 0.40 June 30, 2017 June 30, 2017 July 17, 2017 6.3% Series J $ 0.39 June 30, 2017 June 30, 2017 July 17, 2017 6.375% Series I $ 0.40 September 30, 2017 September 29, 2017 October 16, 2017 6.3% Series J $ 0.39 September 30, 2017 September 29, 2017 October 16, 2017 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on common shares/units during the year ended December 31, 2017 : Dividend per For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2016 December 30, 2016 January 17, 2017 $ 0.45 March 31, 2017 March 31, 2017 April 17, 2017 $ 0.45 June 30, 2017 June 30, 2017 July 17, 2017 $ 0.45 September 30, 2017 September 29, 2017 October 16, 2017 The Company paid the following common and preferred share dividends subsequent to December 31, 2017 : Security Type Dividend per Share/Unit (1) For the Quarter Ended Record Date Date Paid Common Shares/Units $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I Preferred Shares $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J Preferred Shares $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 (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, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Operating Data	The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2017 and 2016 (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, 2017 First Second Third Fourth Total revenues $ 328,905 $ 318,515 $ 286,838 $ 258,670 Total expenses 247,306 256,114 251,566 242,626 Net income 81,599 62,401 35,272 16,044 Net income attributable to noncontrolling interests (110 ) (91 ) (49 ) (32 ) Distributions to preferred shareholders (5,405 ) (4,387 ) (4,116 ) (4,116 ) Issuance costs of redeemed preferred shares 0 (2,401 ) 0 0 Net income attributable to common shareholders $ 76,084 $ 55,522 $ 31,107 $ 11,896 Earnings per Common Share—Basic: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.67 $ 0.49 $ 0.27 $ 0.10 Earnings per Common Share—Diluted: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.67 $ 0.49 $ 0.27 $ 0.10 Weighted average number of common shares outstanding: Basic 112,923,719 112,951,714 113,007,475 113,016,763 Diluted 113,306,209 113,342,151 113,383,360 113,372,555 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

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Dec. 31, 2017statehotelguest_roomshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels | hotel	41
Number of guest rooms | guest_room	10,450
Number of states in which hotels located | state	7
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, 2017
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, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accumulated amortization, Debt issuance costs	$ 5,294	$ 7,642

Summary of Significant Accoun40

Summary of Significant Accounting Policies Participating Leases (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
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, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining years	6 years
Vesting period (in years)	3 years

Summary of Significant Accoun42

Summary of Significant Accounting Policies Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
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 (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Comprehensive income	$ 203,841	$ 255,600	$ 134,982
Accumulated other comprehensive income	$ 10,880	$ 2,365

Summary of Significant Accoun44

Summary of Significant Accounting Policies Recently Issued Accounting Pronouncements (Narrative) (Details) - Accounting Standards Update 2016-02 - Scenario, Forecast $ in Thousands	Jan. 01, 2019USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 200,000
Operating Lease, Liability	200,000
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	240,000
Operating Lease, Liability	$ 240,000

Investment in Hotel Propertie45

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 624,843	$ 727,176
Buildings and improvements	3,271,473	3,531,280
Furniture, fixtures and equipment	762,150	769,671
Investment in hotel properties, gross	4,658,466	5,028,127
Accumulated depreciation	(1,392,851)	(1,355,918)
Investment in hotel properties, net	$ 3,265,615	$ 3,672,209

Investment in Hotel Propertie46

Investment in Hotel Properties (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Buildings and improvements | $	$ 3,271,473	$ 3,531,280
Accumulated depreciation | $	1,392,851	1,355,918
Depreciation | $	177,800	191,791	$ 180,346
Property under development | $	49,459	21,078
Capitalized interest | $	$ 762	398	$ 902
Number of hotels	41
California
Real Estate Properties [Line Items]
Number of hotels	18
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	1
Assets Held under Capital Leases
Real Estate Properties [Line Items]
Buildings and improvements | $	$ 147,322	183,503
Accumulated depreciation | $	$ 26,973	$ 26,230

Investment in Hotel Propertie47

Investment in Hotel Properties Investment in Joint Venture (Narrative) (Details)	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Ownership percentage by the company	99.90%
Ownership percentage by limited partners	0.10%
The Liberty Hotel
Noncontrolling Interest [Line Items]
Ownership percentage by the company	99.99%
Ownership percentage by limited partners	0.01%

Investment in Hotel Propertie48

Investment in Hotel Properties Acquisitions (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)hotel
Real Estate [Abstract]
Ownership percent	100.00%
Number of hotels acquired | hotel	2
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 82,884
Business Combination, Pro Forma Information, Earnings of Acquiree since Acquisition Date, Actual	$ 11,705

Investment in Hotel Propertie49

Investment in Hotel Properties Acquisitions (Details) $ in Thousands	Mar. 16, 2015USD ($)guest_room	Jan. 23, 2015USD ($)guest_room	Dec. 31, 2017USD ($)guest_room	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Acquisition [Line Items]
Number of Rooms | guest_room			10,450
Purchase Price					$ 446,250
Acquisition Transaction Costs			$ 0	$ 0	499
Park Central San Francisco
Acquisition [Line Items]
Number of Rooms | guest_room		681
Purchase Price		$ 350,000
Acquisition Transaction Costs					230
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

Investment in Hotel Propertie50

Investment in Hotel Properties Dispositions (Narrative) (Details) - USD ($) $ in Thousands	Jun. 29, 2017	Apr. 11, 2017	Mar. 31, 2017	Mar. 22, 2017	Jan. 19, 2017	Jul. 14, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties							$ 398,178	$ 164,094	$ 0
Gain on sale of properties							$ 85,545	104,478	$ 0
Series H Preferred Shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dividend rate							7.50%
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
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							$ 30,656
Lansdowne Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties				$ 133,000
Gain on sale of properties							10,253
Alexis Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties			$ 71,625
Gain on sale of properties							33,420
Hotel Triton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties		$ 14,250
Gain on sale of properties							6,739
Westin Philadelphia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of properties	$ 135,000
Gain on sale of properties							$ 4,477

Investment in Hotel Propertie51

Investment in Hotel Properties Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	Jul. 08, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 20, 2015
Loans and Leases Receivable Disclosure [Line Items]
Proceeds from sale of note receivable		$ 0	$ 79,712	$ 0
Mezzanine Loan
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable with variable rates of interest					$ 80,000
Proceeds from sale of note receivable	$ 80,000
Loan Receivable, Transaction Costs Related to Sale			$ 288

Long-Term Debt Debt Summary (De

Long-Term Debt Debt Summary (Details)	Jan. 10, 2017USD ($)	Dec. 31, 2017USD ($)extension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Credit facilities		$ 0	$ 0
Term loans		853,195,000	852,758,000
Massport Bonds		42,494,000	42,455,000
Mortgage loan		224,432,000	223,494,000
Debt issuance costs, net		(3,274,000)	(1,699,000)
Total Debt		1,122,500,000
Line of Credit | Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facilities		$ 0	0
Number of extension options | extension		2
Extension option period (in months)	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 (in months)	6 months
Term Loan
Debt Instrument [Line Items]
Debt issuance costs, net		$ (1,805,000)	(2,242,000)
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term loans	$ 300,000,000	$ 300,000,000	$ 300,000,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		3.23%	2.38%
Term Loan | Second Term Loan
Debt Instrument [Line Items]
Term loans	$ 555,000,000	$ 555,000,000	$ 555,000,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		2.95%	2.95%
Bonds Payable
Debt Instrument [Line Items]
Debt issuance costs, net		$ (6,000)	$ (45,000)
Bonds Payable | Taxable Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds		$ 5,400,000	$ 5,400,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.70%	0.75%
Bonds Payable | Tax Exempt Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds		$ 37,100,000	$ 37,100,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.78%	0.76%
Bonds Payable | Massport Bonds
Debt Instrument [Line Items]
Line of Credit Annual Fees Percentage		1.35%
Mortgage
Debt Instrument [Line Items]
Debt issuance costs, net		$ (568,000)	$ (1,506,000)
Mortgage | Westin Copley Place
Debt Instrument [Line Items]
Mortgage loan		$ 225,000,000	$ 225,000,000
Debt Instrument, Number of Extension Options | extension		3
Debt Instrument, Interest Rate, Effective Percentage		3.23%	2.46%
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		$ 1,120,121,000	$ 1,118,707,000

Long-Term Debt Future Scheduled

Long-Term Debt Future Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 267,500
2,019	0
2,020	0
2,021	555,000
2,022	300,000
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Expense [Abstract]
Interest incurred	$ 37,357	$ 40,814	$ 52,604
Amortization of debt issuance costs	2,771	3,359	2,631
Capitalized interest	(762)	(398)	(902)
Interest expense	$ 39,366	$ 43,775	$ 54,333
Senior Unsecured Credit Facility | Line of Credit
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt		2.14%	1.89%
LHL Unsecured Credit Facility | Line of Credit
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt		2.13%	1.89%
Massport Bonds | Bonds Payable
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	0.91%	0.44%	0.06%
Westin Copley Place | Mortgage
Interest Expense [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	2.83%	2.23%	2.19%

Long-Term Debt Credit Facilitie

Long-Term Debt Credit Facilities (Narrative) (Details)	Jan. 10, 2017USD ($)	Dec. 31, 2017USD ($)extension
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	$ 750,000,000	$ 750,000,000
Line of Credit Facility, Number of extension options | extension		2
Extension option period (in months)	6 months
Maximum borrowing capacity under unsecured credit facility	$ 1,250,000,000
Line of Credit | Senior Unsecured Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
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	$ 25,000,000
Line of Credit Facility, Number of extension options | extension		2
Extension option period (in months)	6 months
Line of Credit | LHL Unsecured Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
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)	Jan. 10, 2017USD ($)	May 16, 2012USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Term loans			$ 853,195,000	$ 852,758,000
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		$ 177,500,000
Debt Instrument, Term		7 years
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term loans	$ 300,000,000		300,000,000	300,000,000
Total lender commitments	500,000,000
Term Loan | Second Term Loan
Debt Instrument [Line Items]
Term loans	555,000,000		$ 555,000,000	$ 555,000,000
Total lender commitments	$ 700,000,000

Long-Term Debt Derivative and H

Long-Term Debt Derivative and Hedging Activities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)	Aug. 02, 2017USD ($)agreement	Dec. 31, 2016USD ($)	Aug. 02, 2012USD ($)agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated other comprehensive income	$ 10,880,000		$ 2,365,000
Derivative Instruments, 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	3.23%		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		6		5
Derivative, Notional Amount	$ 555,000,000	$ 300,000,000		$ 300,000,000
Unrealized gain included in accumulated other comprehensive income	10,893,000		$ 2,368,000
Accumulated other comprehensive income	10,880,000		2,365,000
Derivative change in fair value recorded in other comprehensive income attributable to noncontrolling interests	13,000		$ 3,000
Amount reclassified from AOCI and noncontrolling interests and recognized as a reduction to income in the next 12 months	1,230,000
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	$ 377,500,000

Long-Term Debt Derivative and58

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative Instruments (Effective Portion)	$ 5,815	$ (4,160)	$ (5,682)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCI into Net Income (Effective Portion)	$ 2,710	$ 6,625	$ 4,835

Long-Term Debt Bonds Payable (N

Long-Term Debt Bonds Payable (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Massport Bonds	$ 42,494	$ 42,455
Bonds Payable | Tax Exempt 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]
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Loss from extinguishment of debt	$ 1,706	$ 0	$ 831

Commitments and Contingencies G

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Operating Leases (Details) - Hotel	12 Months Ended
	Dec. 31, 2017payment
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 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Straight-line ground rent	$ 1,842	$ 1,890	$ 1,943
Ground rent	15,718	16,187	16,076
Hotel | The Roger
Capital Leased Assets [Line Items]
Payments related to leases	397	397	372
Hotel | Harbor Court Hotel
Capital Leased Assets [Line Items]
Payments related to leases	$ 1,172	$ 1,279	$ 1,328

Commitments and Contingencies63

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Capital Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Oct. 31, 2017
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	$ 18,603	$ 18,424

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Rent Payments (Details) - Operating and Capital Leases $ in Thousands	Dec. 31, 2017USD ($)
Capital Leased Assets [Line Items]
2,018	$ 11,321
2,019	11,249
2,020	11,581
2,021	11,682
2,022	11,747
Thereafter	513,389
Total future minimum rent payments	$ 570,969

Commitments and Contingencies R

Commitments and Contingencies Reserve Funds for Future Capital Expenditures (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of reserve funds provided by the Company	4.00%
Restricted cash and cash equivalents available for capital expenditures	$ 12,533

Commitments and Contingencies66

Commitments and Contingencies Restricted Cash Reserves (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Restricted cash and reserves	$ 14,262	$ 15,035
Restricted cash and cash equivalents available for capital expenditures	12,533
Restricted cash and cash equivalents available for insurance or management liabilities	$ 1,729

Equity Common Shares of Benefic

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

Aug. 11, 2017shares

Jul. 01, 2017shares

Mar. 23, 2017installmentshares

Mar. 02, 2017shares

Jan. 31, 2017shares

Jan. 01, 2017shares

Aug. 11, 2016shares

May 09, 2016shares

Apr. 25, 2016installmentshares

Mar. 18, 2016installmentshares

Mar. 01, 2016shares

Jan. 01, 2016shares

Dec. 31, 2017shares

Dec. 31, 2016shares

Dec. 31, 2015shares

Class of Stock [Line Items]

Common shares of beneficial interest, shares authorized

200,000,000

200,000,000

Board of Trustees

Class of Stock [Line Items]

Shares issued related to compensation

24,957

25,113

18,774

Deferred shares

5,832

9,103

4,910

Common Shares of Beneficial Interest | 2014 Plan | Board of Trustees

Class of Stock [Line Items]

Shares issued related to compensation

16,010

13,864

Deferred shares

9,103

4,910

Common Shares of Beneficial Interest | 2014 Plan | Executives | Nonvested Share Awards with Service Conditions

Class of Stock [Line Items]

Shares issued related to compensation

10,526

Number of annual installments in which shares vest | installment

3

Common Shares of Beneficial Interest | 2014 Plan | Executives and Employees | Nonvested Share Awards with Service Conditions

Class of Stock [Line Items]

Shares issued related to compensation

122,816

98,787

Number of annual installments in which shares vest | installment

3

3

Common Shares of Beneficial Interest | 2014 Plan | Former Chief Financial Officer | Restricted Shares

Class of Stock [Line Items]

Shares Issued During Period, Shares, Restricted Share Award

5,368

Common Shares of Beneficial Interest | 2009 Plan | Executives | Restricted Shares

Class of Stock [Line Items]

Shares Issued During Period, Shares, Restricted Share Award

38,260

40,000

38,599

42,824

36,926

Common Shares of Beneficial Interest | 2009 Plan | Former Chief Financial Officer | Restricted Shares

Class of Stock [Line Items]

Shares Issued During Period, Shares, Restricted Share Award

15,320

Common Shares of Beneficial Interest | 2009 and 2014 Plan | Former Chief Financial Officer | Restricted Shares

Class of Stock [Line Items]

Shares Issued During Period, Shares, Restricted Share Award

20,688

Common Shares of Beneficial Interest | 2009 and 2014 Plan | Former Board of Trustee

Class of Stock [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

27,767

Equity Common Dividends (Detail

Equity Common Dividends (Details) - $ / shares	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017	Jan. 17, 2017
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)	12 Months Ended
	Dec. 31, 2017USD ($)shares
Class of Stock [Line Items]
Number of common shares of beneficial interest received	165,535
Share repurchase program, Authorized | $	$ 600,000,000
Share repurchase program, remaining authorized | $	$ 569,807,000
Common shares held in treasury (in shares)	42,035
Share Awards with Market or Performance Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued	84,316
Share Awards with Service Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued	22,775
Board of Trustees
Class of Stock [Line Items]
Number of treasury shares re-issued	16,010
Former Board of Trustee
Class of Stock [Line Items]
Number of treasury shares re-issued	27,767

Equity Preferred Shares (Narrat

Equity Preferred Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 25, 2021	Mar. 04, 2018	May 04, 2017	May 25, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Preferred shares of beneficial interest, shares authorized					40,000,000	40,000,000
Preferred shares, shares issued					10,400,000	13,150,000
Preferred share price (in dollars per share)					$ 28.07
Proceeds from issuance of preferred shares					$ 0	$ 150,000	$ 0
Redemption of preferred shares, value					68,770
Distributions payable					55,135	56,360
Offering costs					$ 82,842	$ 85,223
Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate					6.30%
Preferred shares, shares issued				6,000,000
Preferred share price (in dollars per share)				$ 25
Proceeds from issuance of preferred shares				$ 145,078
Right to convert to a number of common shares, capped					12,842,400
Series J Preferred Shares | Scenario, Forecast
Class of Stock [Line Items]
Redemption price per preferred share (in dollars per share)	$ 25
Preferred shares redeemable term (in days)	120 days
Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate					7.50%
Redemption of preferred shares, value			$ 68,750
Redemption price per preferred share (in dollars per share)			$ 25
Distributions payable			$ 272
Redemption value exceeded carrying value					$ 2,401
Offering costs			$ 2,401
Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate					6.375%
Right to convert to a number of common shares, capped					8,835,200
Series I Preferred Shares | Scenario, Forecast
Class of Stock [Line Items]
Redemption price per preferred share (in dollars per share)		$ 25
Preferred shares redeemable term (in days)		120 days

Equity Preferred Shares Outstan

Equity Preferred Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Number of Preferred Shares	10,400,000	13,150,000
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. 16, 2017	Jul. 17, 2017	May 04, 2017	Apr. 17, 2017	Jan. 17, 2017	Dec. 31, 2017
7.5% Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate						7.50%
Dividend per Share (in dollars per share)			$ 0.10	$ 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	$ 0.39		$ 0.39	$ 0.39

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, 2017	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		$ 4,076
Share price (in dollars per share)		$ 28.07
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	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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Net income attributable to common shareholders	$ 11,896	$ 31,107	$ 55,522	$ 76,084	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 174,609	$ 234,575	$ 123,383
Increase in additional paid-in capital from adjustments to noncontrolling interests of common units in Operating Partnership									0	0	14
Change from net income attributable to common shareholders and adjustments to noncontrolling interests									$ 174,609	$ 234,575	$ 123,397

Equity Incentive Plan (Narrativ

Equity Incentive Plan (Narrative) (Details) - 2014 Plan	12 Months Ended
	Dec. 31, 2017shares
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)	2,511,504

Equity Incentive Plan Nonvested

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Nonvested Share Awards with Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 3,214	$ 2,798
Weighted-average recognized period (in years)	1 year 4 months 24 days	1 year 2 months 12 days
Total fair value of vested shares	$ 5,696	$ 2,256	$ 3,152
Compensation costs	$ 3,115	3,002	$ 3,323
Nonvested Share Awards with Service Conditions | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs		$ 538
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) - Nonvested Share Awards with Service Conditions	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance | shares	236,759
Number of Shares, Granted | shares	126,217
Number of Shares, Vested | shares	(192,119)
Number of Shares, Forfeited | shares	(443)
Nonvested, Number of Shares Ending Balance | shares	170,414
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) | $ / shares	$ 30.78
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	29.04
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	30.72
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	28.72
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share) | $ / shares	$ 28.95

Equity Incentive Plan Nonvest78

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Narrative) (Details) $ in Thousands	Dec. 31, 2017USD ($)peer_companytrancheshares	Aug. 11, 2017USD ($)shares	Jul. 01, 2017USD ($)shares	Mar. 23, 2017shares	Feb. 24, 2017USD ($)shares	Jan. 04, 2017shares	Aug. 11, 2016USD ($)shares	May 09, 2016	May 06, 2016shares	Apr. 25, 2016shares	Mar. 18, 2016shares	Mar. 01, 2016USD ($)shares	Jan. 01, 2016shares	Mar. 19, 2015shares	Jan. 01, 2015USD ($)shares	Mar. 20, 2014shares	Jan. 30, 2013shares	Jan. 26, 2012shares	May 31, 2008shares	Dec. 31, 2017USD ($)peer_companytrancheshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on earned shares from share awards with market conditions | $																				$ (780)	$ (365)	$ (334)
General and Administrative Expense | $																				$ 26,751	26,529	25,197
Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and Administrative Expense | $																					1,576
Nonvested Share Awards with Market or Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target		9,567		124,526	9,907					12,632	77,565			49,225		57,385	80,559	79,823	125,000	144,000
Performance measurement period (in years)																			3 years
Percentage of Target Shares	100.00%																100.00%
Performance Shares Outstanding				0						0	0			0					0
Number of Shares, Earned, Vested																				146,235
Number of Shares, Forfeited																				10,000
Percentage of target shares, Revised	200.00%
Unrecognized compensation costs | $	$ 4,941																			$ 4,941	$ 3,757
Weighted-average recognized period (in years)																				2 years	1 year 9 months 18 days
Number of share awards vested	609,767																			609,767	463,532
Shares awards with market conditions which were earned but nonvested (in shares)	0																			0	29,376
Compensation costs | $																				$ 3,476	$ 3,896	$ 4,360
Nonvested Share Awards with Market or Performance Conditions | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target											19,610			12,435		14,582
Percentage of Target Shares								100.00%
Nonvested Share Awards with Market or Performance Conditions | 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%
Nonvested Share Awards with Market or Performance Conditions | 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%
Nonvested Share Awards with Market or Performance Conditions | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target				62,264						6,316	38,782			24,612		28,692	40,280		25,000
Nonvested Share Awards with Market or Performance Conditions | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target				62,262						6,316	38,783			24,613		28,693	32,117		50,000
Nonvested Share Awards with Market or Performance Conditions | Share-based Compensation Award, Tranche Two | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target																	8,162
Nonvested Share Awards with Market or Performance Conditions | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target																			50,000
Nonvested Share Awards with Market or Performance Conditions | 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																			3
Share-based Compensation Arrangement by Share-based Payment Award, Peer Companies | peer_company	6																			6
Nonvested Share Awards with Market or Performance Conditions | Share-based Compensation Award, 2013 and After
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Tranche | tranche	3																			3
Nonvested Share Awards with Market or Performance Conditions | 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																			2
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Earned, Vested		38,260	40,000		38,599		42,824					36,926
Number of Shares Earned as Percentage of Target Shares		133.30%	80.00%		134.50%		133.20%					91.70%			136.30%
Distributions on earned shares from share awards with market conditions | $		$ 223	$ 367		$ 190		$ 214					$ 151			$ 334
Number of Shares, Earned, Unvested															108,779
Number of Shares, Forfeited												3,354
Restricted Shares | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs | $																					$ 96
Restricted Shares | Share-based Compensation Award, January 26, 2012 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Earned, Vested						29,376							36,260		36,261
Restricted Shares | Share-based Compensation Award, January 26, 2012 Awards | Former Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Earned, Vested									6,882

Equity Incentive Plan Nonvest79

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Assumptions for Performance Measure) (Details) - Restricted Shares	Mar. 23, 2017$ / shares	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
March 23, 2017 Awards (performance period starting January 1, 2017)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	27.30%
Volatility, Peer companies	27.30%
Interest Rates, Target amounts	1.52%
Interest Rates, Peer companies	1.52%
Stock Beta, Peer companies	0.987
Fair Value of Components of Award, Target amounts (in dollars per share)	$ 21.13
Fair Value of Components of Award, Return on invested capital (in dollars per share)	29.03
Fair Value of Components of Award, Peer companies (in dollar per shares)	$ 31.12
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 23, 2017 Awards (performance period starting July 1, 2017)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	27.30%
Volatility, Peer companies	27.30%
Interest Rates, Target amounts	1.52%
Interest Rates, Peer companies	1.52%
Stock Beta, Peer companies	0.987
Fair Value of Components of Award, Target amounts (in dollars per share)	$ 25.34
Fair Value of Components of Award, Return on invested capital (in dollars per share)	29.03
Fair Value of Components of Award, Peer companies (in dollar per shares)	$ 30.82
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 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 Awards
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) - Nonvested Share Awards with Market or Performance Conditions - $ / shares	Aug. 11, 2017	Mar. 23, 2017	Feb. 24, 2017	Apr. 25, 2016	Mar. 18, 2016	Mar. 19, 2015	Mar. 20, 2014	Jan. 30, 2013	Jan. 26, 2012	May 31, 2008	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance											276,183
Number of Shares, Granted	9,567	124,526	9,907	12,632	77,565	49,225	57,385	80,559	79,823	125,000	144,000
Number of Shares, Vested											(146,235)
Number of Shares, Forfeited											(10,000)
Nonvested, Number of Shares Ending Balance											263,948
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)											$ 27.36
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)											28.33
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)											34.25
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)											37.48
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share)											$ 27.04

Equity Incentive Plan Board of

Equity Incentive Plan Board of Trustees' Compensation (Narrative) (Details) - Board of Trustees - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued related to compensation	24,957	25,113	18,774
Deferred shares	5,832	9,103	4,910

LHL Summary of Other Indirect H

LHL Summary of Other Indirect Hotel Operating Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
General and administrative	$ 26,751	$ 26,529	$ 25,197
Other expenses	12,550	6,283	17,225
Total other indirect expenses	$ 278,076	305,265	301,004
Number of hotels | hotel	41
LHL
Real Estate Properties [Line Items]
General and administrative	$ 96,190	103,993	101,397
Sales and marketing	67,421	75,212	73,654
Repairs and maintenance	36,795	39,309	39,521
Management and incentive fees	36,832	40,064	39,686
Utilities and insurance	30,016	33,109	34,427
Franchise fees	8,163	10,396	9,836
Other expenses	2,659	3,182	2,483
Total other indirect expenses	$ 278,076	$ 305,265	$ 301,004
Number of hotels | hotel	41

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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	$ 1,680
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Shares of Beneficial Interest
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0.9794	$ 1.1631	$ 1.6570
Ordinary income (%)	54.41%	62.26%	100.00%
Capital gain (in dollars per share)	$ 0.3627	$ 0.4550	$ 0
Capital gain (%)	20.15%	24.36%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.4579	$ 0.2499	$ 0
Unrecaptured Section 1250 gain (%)	25.44%	13.38%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.8000	$ 1.8680	$ 1.6570
(Tax basis) (%)	100.00%	100.00%	100.00%
Series H Preferred Shares
Class of Stock [Line Items]
Ordinary income (in dollars per share)	$ 0.3089	$ 1.4593	$ 1.8750
Ordinary income (%)	54.41%	62.26%	100.00%
Capital gain (in dollars per share)	$ 0.1144	$ 0.5709	$ 0
Capital gain (%)	20.15%	24.36%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.1444	$ 0.3136	$ 0
Unrecaptured Section 1250 gain (%)	25.44%	13.38%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 0.5677	$ 2.3438	$ 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)	$ 0.8672	$ 1.2404	$ 1.5938
Ordinary income (%)	54.41%	62.26%	100.00%
Capital gain (in dollars per share)	$ 0.3211	$ 0.4853	$ 0
Capital gain (%)	20.15%	24.36%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.4055	$ 0.2665	$ 0
Unrecaptured Section 1250 gain (%)	25.44%	13.38%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.5938	$ 1.9922	$ 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)	$ 0.8570	$ 0.6265	$ 0
Ordinary income (%)	54.41%	62.26%	0.00%
Capital gain (in dollars per share)	$ 0.3173	$ 0.2451	$ 0
Capital gain (%)	20.15%	24.36%	0.00%
Unrecaptured Section 1250 gain (in dollars per share)	$ 0.4007	$ 0.1346	$ 0
Unrecaptured Section 1250 gain (%)	25.44%	13.38%	0.00%
Distributions paid per share (Tax basis) (in dollars per share)	$ 1.5750	$ 1.0062	$ 0
(Tax basis) (%)	100.00%	100.00%	0.00%

Income Taxes Schedule of Income

Income Taxes Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 1,699	$ 5,784	$ (1,292)
LHL
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	983	4,491	(2,546)
Operating Partnership
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 716	$ 1,293	$ 1,254

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 1,699	$ 5,784	$ (1,292)
LHL's income (loss) before income tax expense (benefit)	111,470	154,441	134,537
LHL
Schedule of Income Tax [Line Items]
Federal, Current LHL's income tax expense (benefit)	1,162	1,490	(510)
Federal, Deferred LHL's income tax (benefit) expense	(365)	1,901	(1,251)
State & local, Current LHL's income tax expense	420	516	83
State & local, Deferred LHL's income tax (benefit) expense	(234)	584	(868)
Income tax expense (benefit)	983	4,491	(2,546)
LHL's income (loss) before income tax expense (benefit)	$ 3,563	$ 10,255	$ (4,876)

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Income Tax [Line Items]
Income tax expense (benefit)	$ 1,699	$ 5,784	$ (1,292)
LHL
Schedule of Income Tax [Line Items]
“Expected” federal tax expense (benefit) at statutory rate	1,211	3,487	(1,658)
State income tax expense (benefit), net of federal income tax effect	262	776	(443)
Other, net	(490)	228	(445)
Income tax expense (benefit)	$ 983	$ 4,491	$ (2,546)

Income Taxes Components of LHL'

Income Taxes Components of LHL's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Income Tax [Line Items]
Net deferred tax assets	$ 1,680
LHL
Schedule of Income Tax [Line Items]
Net operating loss carryforwards	2,136	$ 1,902
Bad debt reserves	122	260
Golf membership deferred revenue	0	(347)
Straight-line rent	(578)	(734)
Net deferred tax assets	$ 1,680	$ 1,081

Fair Value Measurements Schedul

Fair Value Measurements Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Inputs, Level 2 - Designated as Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Prepaid expenses and other assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Prepaid expenses and other assets	$ 10,893	$ 3,295
Accounts Payable and accrued expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Accounts payable and accrued expenses	$ 0	$ 927

Fair Value Measurements Sched90

Fair Value Measurements Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings under credit facilities	$ 0	$ 0
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Borrowings under credit facilities	0	0
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	857,577	857,224
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 loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	225,000	225,000
Mortgage loan | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 224,429	$ 225,224

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Not Measured at Fair Value (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Assumptions, Weighted Average Effective Debt Interest Rate	1.60%	1.50%
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	1.40%	1.50%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	2.30%	1.80%

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income attributable to common shareholders	$ 11,896	$ 31,107	$ 55,522	$ 76,084	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 174,609	$ 234,575	$ 123,383
Dividends paid on unvested restricted shares									(435)	(491)	(542)
Undistributed earnings attributable to unvested restricted shares									0	(70)	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares									$ 174,174	$ 234,014	$ 122,841
Denominator:
Weighted average number of common shares - basic	113,016,763	113,007,475	112,951,714	112,923,719	112,821,939	112,811,403	112,784,976	112,748,492	112,975,329	112,791,839	112,685,235
Compensation-related shares									388,763	372,760	411,185
Weighted average number of common shares - diluted	113,372,555	113,383,360	113,342,151	113,306,209	113,185,883	113,159,844	113,113,253	113,108,158	113,364,092	113,164,599	113,096,420
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Basic (in dollars per share)	$ 0.10	$ 0.27	$ 0.49	$ 0.67	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 1.54	$ 2.07	$ 1.09
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share)	$ 0.10	$ 0.27	$ 0.49	$ 0.67	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 1.54	$ 2.07	$ 1.09

Supplemental Information to S93

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Information [Abstract]
Interest paid, net of capitalized interest	$ 36,421	$ 41,483	$ 52,155
Interest capitalized	762	398	902
Income taxes paid, net	730	5,111	3,112
Increase in distributions payable on common shares	63	58	8,477
(Decrease) increase in distributions payable on preferred shares	(1,288)	2,363	0
Redemption of common units for common shares	0	0	3,400
Write-off of fully depreciated furniture, fixtures and equipment	618	0	16,000
Write-off of fully amortized debt issuance costs	5,119	826	131
Increase (decrease) in accrued capital expenditures	4,461	(6,149)	2,334
Grant of nonvested shares and awards to employees and executives, net	8,313	4,831	5,188
Issuance of common shares for Board of Trustees compensation	1,240	480	1,874
Sale proceeds, net of closing costs	398,178	164,094	0
Other assets	10,847	4,226	0
Liabilities	(6,625)	(1,655)	0
Proceeds from sale of properties	402,400	166,665	0
Investment in properties (after credits at closing)	0	0	(445,734)
Other assets	0	0	(1,897)
Liabilities	0	0	8,474
Acquisition of properties	$ 0	$ 0	$ (439,157)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - shares	Jan. 02, 2018	Jan. 01, 2018	Jan. 01, 2017	Jan. 01, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Number of common shares of beneficial interest received					165,535
Board of Trustees
Subsequent Event [Line Items]
Shares issued related to compensation					24,957	25,113	18,774
Deferred shares					5,832	9,103	4,910
Common Shares of Beneficial Interest | Board of Trustees | 2014 Plan
Subsequent Event [Line Items]
Shares issued related to compensation			16,010	13,864
Deferred shares			9,103	4,910
Subsequent Event
Subsequent Event [Line Items]
Number of common shares of beneficial interest received	23,511
Subsequent Event | Common Shares of Beneficial Interest | Board of Trustees | 2014 Plan
Subsequent Event [Line Items]
Shares issued related to compensation		19,125
Deferred shares		5,832

Subsequent Events Dividends (De

Subsequent Events Dividends (Details) - $ / shares	Jan. 16, 2018	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017	Jan. 17, 2017	Dec. 31, 2017
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
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	$ 0.39	$ 0.39	$ 0.39
Subsequent Event | Common Shares of Beneficial Interest
Subsequent Event [Line Items]
Common Dividend per Share/Unit (in dollars per share)	$ 0.45
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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 258,670	$ 286,838	$ 318,515	$ 328,905	$ 289,477	$ 431,652	$ 352,763	$ 261,758
Total expenses	242,626	251,566	256,114	247,306	262,714	273,974	293,143	252,684
Net income	16,044	35,272	62,401	81,599	26,763	157,678	59,620	9,074	$ 195,316	$ 253,135	$ 135,829
Net income attributable to noncontrolling interests	(32)	(49)	(91)	(110)	(47)	(203)	(89)	(15)	(282)	(354)	(277)
Distributions to preferred shareholders	(4,116)	(4,116)	(4,387)	(5,405)	(5,404)	(5,405)	(4,355)	(3,042)	(18,024)	(18,206)	(12,169)
Issuance costs of redeemed preferred shares	0	0	(2,401)	0					(2,401)	0	0
Net income attributable to common shareholders	$ 11,896	$ 31,107	$ 55,522	$ 76,084	$ 21,312	$ 152,070	$ 55,176	$ 6,017	$ 174,609	$ 234,575	$ 123,383
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Basic (in dollars per share)	$ 0.10	$ 0.27	$ 0.49	$ 0.67	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 1.54	$ 2.07	$ 1.09
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share)	$ 0.10	$ 0.27	$ 0.49	$ 0.67	$ 0.19	$ 1.34	$ 0.49	$ 0.05	$ 1.54	$ 2.07	$ 1.09
Weighted average number of common shares outstanding, Basic and Diluted:
Basic (in shares)	113,016,763	113,007,475	112,951,714	112,923,719	112,821,939	112,811,403	112,784,976	112,748,492	112,975,329	112,791,839	112,685,235
Diluted (in shares)	113,372,555	113,383,360	113,342,151	113,306,209	113,185,883	113,159,844	113,113,253	113,108,158	113,364,092	113,164,599	113,096,420

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, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 267,500
Initial Cost, Land	620,125
Initial Cost, Buildings and Improvements	2,923,391
Initial Cost, Furniture, Fixtures and Equipment	175,784
Costs Capitalized Subsequent to Acquisition, Land	4,718
Costs Capitalized Subsequent to Acquisition, Building and Improvements	348,082
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	586,366
Gross Amount at End of Year, Land	624,843
Gross Amount at End of Year, Building and Improvements	3,271,473
Gross Amount at End of Year, Furniture, Fixtures and Equipment	762,150
Gross Amount at End of Year, Accumulated Depreciation	1,392,851	$ 1,367,473	$ 1,229,586	$ 1,065,518
Net Book Value	3,265,615
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	8,428
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	15,546
Gross Amount at End of Year, Land	5,004
Gross Amount at End of Year, Building and Improvements	28,180
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,497
Gross Amount at End of Year, Accumulated Depreciation	31,894
Net Book Value	19,787
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	48,131
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	42,331
Gross Amount at End of Year, Land	154
Gross Amount at End of Year, Building and Improvements	117,770
Gross Amount at End of Year, Furniture, Fixtures and Equipment	45,996
Gross Amount at End of Year, Accumulated Depreciation	103,127
Net Book Value	60,793
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	5,188
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	16,930
Gross Amount at End of Year, Land	16
Gross Amount at End of Year, Building and Improvements	71,347
Gross Amount at End of Year, Furniture, Fixtures and Equipment	22,176
Gross Amount at End of Year, Accumulated Depreciation	63,288
Net Book Value	30,251
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	4,326
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,854
Gross Amount at End of Year, Land	2,149
Gross Amount at End of Year, Building and Improvements	12,875
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,854
Gross Amount at End of Year, Accumulated Depreciation	13,299
Net Book Value	8,579
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	5,600
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,635
Gross Amount at End of Year, Land	1,697
Gross Amount at End of Year, Building and Improvements	12,326
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,635
Gross Amount at End of Year, Accumulated Depreciation	12,488
Net Book Value	8,170
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	4,990
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,682
Gross Amount at End of Year, Land	2,179
Gross Amount at End of Year, Building and Improvements	13,637
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,682
Gross Amount at End of Year, Accumulated Depreciation	15,327
Net Book Value	9,171
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	26,615
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	8,972
Gross Amount at End of Year, Land	2,650
Gross Amount at End of Year, Building and Improvements	37,161
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,972
Gross Amount at End of Year, Accumulated Depreciation	15,573
Net Book Value	33,210
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	16,159
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	24,166
Gross Amount at End of Year, Land	8,372
Gross Amount at End of Year, Building and Improvements	49,571
Gross Amount at End of Year, Furniture, Fixtures and Equipment	26,908
Gross Amount at End of Year, Accumulated Depreciation	51,821
Net Book Value	33,030
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	8,963
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	9,494
Gross Amount at End of Year, Accumulated Depreciation	18,821
Net Book Value	15,778
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	27
Costs Capitalized Subsequent to Acquisition, Building and Improvements	9,176
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	18,760
Gross Amount at End of Year, Land	5,267
Gross Amount at End of Year, Building and Improvements	22,287
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,059
Gross Amount at End of Year, Accumulated Depreciation	24,549
Net Book Value	22,064
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	1,642
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	14,039
Gross Amount at End of Year, Land	5,008
Gross Amount at End of Year, Building and Improvements	79,534
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,289
Gross Amount at End of Year, Accumulated Depreciation	37,764
Net Book Value	63,067
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	3,729
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	9,974
Gross Amount at End of Year, Land	1,893
Gross Amount at End of Year, Building and Improvements	26,955
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,405
Gross Amount at End of Year, Accumulated Depreciation	16,238
Net Book Value	23,015
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	3,574
Costs Capitalized Subsequent to Acquisition, Building and Improvements	212
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	4,231
Gross Amount at End of Year, Land	10,537
Gross Amount at End of Year, Building and Improvements	21,474
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,676
Gross Amount at End of Year, Accumulated Depreciation	10,672
Net Book Value	26,015
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	27,397
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	60,954
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	323,206
Gross Amount at End of Year, Furniture, Fixtures and Equipment	89,177
Gross Amount at End of Year, Accumulated Depreciation	173,504
Net Book Value	238,879
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	173
Costs Capitalized Subsequent to Acquisition, Building and Improvements	15,900
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	20,820
Gross Amount at End of Year, Land	173
Gross Amount at End of Year, Building and Improvements	101,472
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,620
Gross Amount at End of Year, Accumulated Depreciation	59,492
Net Book Value	67,773
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	16,377
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	16,377
Gross Amount at End of Year, Accumulated Depreciation	46,925
Net Book Value	51,948
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	2,579
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,722
Gross Amount at End of Year, Land	13,974
Gross Amount at End of Year, Building and Improvements	34,321
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,463
Gross Amount at End of Year, Accumulated Depreciation	23,030
Net Book Value	40,728
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	20,438
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	40,457
Gross Amount at End of Year, Land	38,175
Gross Amount at End of Year, Building and Improvements	174,619
Gross Amount at End of Year, Furniture, Fixtures and Equipment	64,569
Gross Amount at End of Year, Accumulated Depreciation	105,526
Net Book Value	171,837
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	36,819
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	29,925
Gross Amount at End of Year, Land	9,558
Gross Amount at End of Year, Building and Improvements	140,967
Gross Amount at End of Year, Furniture, Fixtures and Equipment	30,814
Gross Amount at End of Year, Accumulated Depreciation	72,994
Net Book Value	108,345
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	13,274
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	21,164
Gross Amount at End of Year, Accumulated Depreciation	37,470
Net Book Value	63,522
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	3,171
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	13,678
Gross Amount at End of Year, Land	6,734
Gross Amount at End of Year, Building and Improvements	48,187
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,662
Gross Amount at End of Year, Accumulated Depreciation	26,691
Net Book Value	42,892
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	8,327
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	9,580
Gross Amount at End of Year, Accumulated Depreciation	16,735
Net Book Value	34,842
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	464
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	15,028
Gross Amount at End of Year, Land	11,082
Gross Amount at End of Year, Building and Improvements	80,806
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,647
Gross Amount at End of Year, Accumulated Depreciation	27,974
Net Book Value	81,561
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	1,974
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	10,287
Gross Amount at End of Year, Land	11,435
Gross Amount at End of Year, Building and Improvements	55,160
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,023
Gross Amount at End of Year, Accumulated Depreciation	21,197
Net Book Value	59,421
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	2,638
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	15,799
Gross Amount at End of Year, Land	13,600
Gross Amount at End of Year, Building and Improvements	65,538
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,303
Gross Amount at End of Year, Accumulated Depreciation	21,359
Net Book Value	76,082
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	289
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,599
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	95,368
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,108
Gross Amount at End of Year, Accumulated Depreciation	35,318
Net Book Value	76,158
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	820
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	5,910
Gross Amount at End of Year, Land	6,470
Gross Amount at End of Year, Building and Improvements	29,905
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,805
Gross Amount at End of Year, Accumulated Depreciation	11,107
Net Book Value	34,073
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	1,169
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	5,451
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	76,439
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,198
Gross Amount at End of Year, Accumulated Depreciation	21,514
Net Book Value	65,123
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	5,217
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	10,630
Gross Amount at End of Year, Land	12,413
Gross Amount at End of Year, Building and Improvements	56,214
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,832
Gross Amount at End of Year, Accumulated Depreciation	17,392
Net Book Value	65,067
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	34
Costs Capitalized Subsequent to Acquisition, Building and Improvements	43,213
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	51,356
Gross Amount at End of Year, Land	135,340
Gross Amount at End of Year, Building and Improvements	293,475
Gross Amount at End of Year, Furniture, Fixtures and Equipment	60,360
Gross Amount at End of Year, Accumulated Depreciation	98,583
Net Book Value	390,592
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	984
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	12,801
Gross Amount at End of Year, Land	26,859
Gross Amount at End of Year, Building and Improvements	112,198
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,449
Gross Amount at End of Year, Accumulated Depreciation	27,620
Net Book Value	129,886
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	146
Costs Capitalized Subsequent to Acquisition, Building and Improvements	40
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,938
Gross Amount at End of Year, Land	13,621
Gross Amount at End of Year, Building and Improvements	59,521
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,566
Gross Amount at End of Year, Accumulated Depreciation	13,408
Net Book Value	70,300
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	14,989
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	24,029
Gross Amount at End of Year, Accumulated Depreciation	34,740
Net Book Value	150,283
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	(205)
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	3,041
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	54,358
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,755
Gross Amount at End of Year, Accumulated Depreciation	7,864
Net Book Value	50,249
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	3,198
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,433
Gross Amount at End of Year, Land	20,475
Gross Amount at End of Year, Building and Improvements	51,699
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,933
Gross Amount at End of Year, Accumulated Depreciation	8,405
Net Book Value	72,702
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	1,572
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	6,753
Gross Amount at End of Year, Land	101,517
Gross Amount at End of Year, Building and Improvements	81,367
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,858
Gross Amount at End of Year, Accumulated Depreciation	13,340
Net Book Value	179,402
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	(187)
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	965
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	124,963
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,731
Gross Amount at End of Year, Accumulated Depreciation	15,537
Net Book Value	115,157
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	1,443
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	2,681
Gross Amount at End of Year, Land	10,280
Gross Amount at End of Year, Building and Improvements	51,444
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,683
Gross Amount at End of Year, Accumulated Depreciation	6,448
Net Book Value	61,959
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	1,757
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	15,814
Gross Amount at End of Year, Accumulated Depreciation	27,559
Net Book Value	324,056
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	(157)
Costs Capitalized Subsequent to Acquisition, Furniture, Fixtures and Equipment	331
Gross Amount at End of Year, Land	48,133
Gross Amount at End of Year, Building and Improvements	40,986
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,987
Gross Amount at End of Year, Accumulated Depreciation	6,258
Net Book Value	$ 89,848
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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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)	34 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)	35 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate and Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 5,062,562	$ 5,047,262	$ 4,494,074
Acquisition of hotel properties			445,734
Improvements and additions to hotel properties	76,843	82,148	93,599
Reclassification from property under development	16,107	46,292	30,343
Disposal of hotels	(488,678)	(112,718)
Disposal of assets	(8,368)	(422)	(16,488)
Ending Balance	4,658,466	5,062,562	5,047,262
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Beginning Balance	1,367,473	1,229,586	1,065,518
Depreciation	177,800	191,791	180,346
Disposals of hotels	(150,861)	(53,697)
Disposal of assets	(1,561)	(207)	(16,278)
Ending Balance	$ 1,392,851	$ 1,367,473	$ 1,229,586