Lasalle Hotel Properties (LHO) 10-Q 1 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	LaSalle Hotel Properties
Entity Central Index Key	1,053,532
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		110,397,737

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Investment in hotel properties, net (Note 3)	$ 3,253,874	$ 3,265,615
Property under development	18,681	49,459
Cash and cash equivalents	248,164	400,667
Restricted cash reserves (Note 5)	14,996	14,262
Hotel receivables (net of allowance for doubtful accounts of $395 and $404, respectively)	41,732	35,916
Debt issuance costs for borrowings under credit facilities, net	2,456	3,274
Deferred tax assets	1,678	2,136
Prepaid expenses and other assets	77,870	43,612
Total assets	3,659,451	3,814,941
Liabilities:
Borrowings under credit facilities (Note 4)	0	0
Term loans, net of unamortized debt issuance costs (Note 4)	853,634	853,195
Bonds payable, net of unamortized debt issuance costs (Note 4)	0	42,494
Mortgage loan, net of unamortized debt issuance costs (Note 4)	224,806	224,432
Accounts payable and accrued expenses	152,183	134,216
Advance deposits	33,371	26,625
Accrued interest	2,354	2,383
Distributions payable	4,116	55,135
Deferred deposit on Merger transaction (Note 1)	112,000	0
Total liabilities	1,382,464	1,338,480
Commitments and contingencies (Note 5)
Shareholders’ Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $260,000), 40,000,000 shares authorized; 10,400,000 shares issued and outstanding (Note 6)	104	104
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,251,427 shares issued and 110,397,737 shares outstanding, and 113,251,427 shares issued and 113,209,392 shares outstanding, respectively (Note 6)	1,132	1,132
Treasury shares, at cost (Note 6)	(71,403)	(1,181)
Additional paid-in capital, net of offering costs of $82,865 and $82,842, respectively	2,768,049	2,767,924
Accumulated other comprehensive income (Note 4)	23,242	10,880
Distributions in excess of retained earnings	(447,478)	(305,708)
Total shareholders’ equity	2,273,646	2,473,151
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	16	18
Noncontrolling interests of common units in Operating Partnership (Note 6)	3,325	3,292
Total noncontrolling interests	3,341	3,310
Total equity	2,276,987	2,476,461
Total liabilities and equity	$ 3,659,451	$ 3,814,941

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 395	$ 404
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	$ 260,000
Preferred shares of beneficial interest, shares authorized	40,000,000	40,000,000
Preferred shares of beneficial interest, shares issued	10,400,000	10,400,000
Preferred shares of beneficial interest, shares outstanding	10,400,000	10,400,000
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	113,251,427
Common shares of beneficial interest, shares outstanding	110,397,737	113,209,392
Offering costs	$ 82,865	$ 82,842

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Hotel operating revenues (Note 8):
Room	$ 214,283	$ 209,019	$ 589,371	$ 609,769
Food and beverage	51,212	50,191	151,821	161,803
Other operating department	26,915	24,243	71,543	66,728
Total hotel operating revenues	292,410	283,453	812,735	838,300
Other income	5,588	2,403	12,895	9,005
Total revenues	297,998	285,856	825,630	847,305
Hotel operating expenses:
Room	57,347	55,474	162,418	163,068
Food and beverage	37,574	37,628	111,655	116,908
Other direct	3,683	2,793	10,055	9,631
Other indirect (Note 9)	71,576	69,207	204,823	212,040
Total hotel operating expenses	170,180	165,102	488,951	501,647
Depreciation and amortization	46,318	43,355	138,490	134,684
Real estate taxes, personal property taxes and insurance	17,600	16,663	49,936	46,867
Ground rent (Note 5)	4,790	4,788	12,864	11,996
General and administrative	6,313	6,475	19,496	19,946
Costs related to the Mergers and unsolicited takeover offers (Note 1)	9,917	0	21,248	0
Other expenses	1,351	3,179	4,160	6,656
Total operating expenses	256,469	239,562	735,145	721,796
Operating income	41,529	46,294	90,485	125,509
Interest income	670	951	2,073	1,408
Interest expense	(10,587)	(10,026)	(31,205)	(29,276)
Loss from extinguishment of debt (Note 4)	0	0	0	(1,706)
Merger termination fee (Note 1)	(112,000)	0	(112,000)	0
(Loss) income before income tax expense	(80,388)	37,219	(50,647)	95,935
Income tax expense (Note 10)	(2,850)	(1,978)	(3,816)	(2,208)
(Loss) income before gain on sale of properties	(83,238)	35,241	(54,463)	93,727
Gain on sale of properties (Note 3)	0	31	0	85,545
Net (loss) income	(83,238)	35,272	(54,463)	179,272
Net income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	0	0	(8)	(8)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(55)	(49)	(114)	(242)
Net income attributable to noncontrolling interests	(55)	(49)	(122)	(250)
Net (loss) income attributable to the Company	(83,293)	35,223	(54,585)	179,022
Distributions to preferred shareholders	(4,116)	(4,116)	(12,347)	(13,908)
Issuance costs of redeemed preferred shares (Note 6)	0	0	0	(2,401)
Net (loss) income attributable to common shareholders	$ (87,409)	$ 31,107	$ (66,932)	$ 162,713
Earnings per Common Share - Basic (Note 12):
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ (0.79)	$ 0.27	$ (0.61)	$ 1.44
Earnings per Common Share - Diluted (Note 12):
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ (0.79)	$ 0.27	$ (0.61)	$ 1.43
Weighted average number of common shares outstanding:
Basic (in shares)	110,124,868	113,007,475	110,793,969	112,961,365
Diluted (in shares)	110,124,868	113,383,360	110,793,969	113,343,711
Comprehensive (Loss) Income:
Net (loss) income	$ (83,238)	$ 35,272	$ (54,463)	$ 179,272
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments (Note 4)	2,280	517	14,166	(34)
Reclassification adjustment for amounts recognized in net (loss) income (Note 4)	(1,078)	547	(1,787)	2,030
Comprehensive (loss) income	(82,036)	36,336	(42,084)	181,268
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities	0	0	(8)	(8)
Noncontrolling interests of common units in Operating Partnership (Note 6)	(57)	(51)	(131)	(245)
Comprehensive income attributable to noncontrolling interests	(57)	(51)	(139)	(253)
Comprehensive (loss) income attributable to the Company	$ (82,093)	$ 36,285	$ (42,223)	$ 181,015

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	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, 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	(4,241)	(4,241)			(4,241)
Deferred compensation, net	5,174	5,174		1	651	4,522
Distributions on earned shares from share awards with market conditions	(780)	(780)						(780)
Distributions on common shares/units (in dollars per share) ($1.35 and $0.68 per share/unit, respectively)	(153,172)	(152,976)						(152,976)	(196)		(196)
Distributions on preferred shares	(13,916)	(13,908)						(13,908)	(8)	(8)
Net income (loss)	179,272	179,022						179,022	250	8	242
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	(34)	(34)					(34)
Reclassification adjustment for amounts recognized in net income (loss)	2,030	2,027					2,027		3		3
Balance, Ending at Sep. 30, 2017	2,508,162	2,504,819	104	1,132	(553)	2,766,385	4,358	(266,607)	3,343	17	3,326
Balance, Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	534	534			1,729	(1,195)
Repurchase of common shares into treasury	(75,846)	(75,846)			(75,846)
Deferred compensation, net	5,215	5,215			3,895	1,320
Distributions on earned shares from share awards with market conditions	(262)	(262)						(262)
Distributions on common shares/units (in dollars per share) ($1.35 and $0.68 per share/unit, respectively)	(74,674)	(74,576)						(74,576)	(98)		(98)
Distributions on preferred shares	(12,357)	(12,347)						(12,347)	(10)	(10)
Net income (loss)	(54,463)	(54,585)						(54,585)	122	8	114
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	14,166	14,147					14,147		19		19
Reclassification adjustment for amounts recognized in net income (loss)	(1,787)	(1,785)					(1,785)		(2)		(2)
Balance, Ending at Sep. 30, 2018	$ 2,276,987	$ 2,273,646	$ 104	$ 1,132	$ (71,403)	$ 2,768,049	$ 23,242	$ (447,478)	$ 3,341	$ 16	$ 3,325

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Stockholders' Equity [Abstract]
Distributions on common shares/units (in dollars per share)	$ 0.68	$ 1.35

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net (loss) income	$ (54,463)	$ 179,272
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	138,490	134,684
Amortization of debt issuance costs	1,884	2,098
Loss from extinguishment of debt	0	1,706
Gain on sale of properties	0	(85,545)
Amortization of deferred compensation	5,215	5,174
Deferred income tax expense	458	172
Allowance for doubtful accounts	(9)	118
Other	164	1,352
Business interruption insurance proceeds	3,337	1,399
Deferred deposit on Merger transaction	112,000	0
Changes in assets and liabilities:
Assets held for sale	0	(1,500)
Hotel receivables	(5,807)	(13,114)
Prepaid expenses and other assets	(27,453)	(16,548)
Accounts payable and accrued expenses	21,754	7,088
Advance deposits	6,746	2,772
Accrued interest	(29)	10
Net cash provided by operating activities	202,287	219,138
Cash flows from investing activities:
Additions to properties	(96,351)	(67,023)
Improvements to properties	(2,604)	0
Purchase of office furniture and equipment	(68)	(14)
Proceeds from sale of properties	0	402,400
Insurance proceeds received for damage of property	1,826	1,336
Net cash (used in) provided by investing activities	(97,197)	336,699
Cash flows from financing activities:
Repayment of bonds payable	(42,500)	0
Payment of debt issuance costs	(247)	(4,626)
Purchase of treasury shares	(75,846)	(4,241)
Payment of common offering costs	(24)	0
Distributions on earned shares from share awards with market conditions	(262)	(780)
Redemption of preferred shares	0	(68,750)
Distributions on preferred shares	(12,357)	(15,205)
Distributions on common shares/units	(125,623)	(152,983)
Net cash used in financing activities	(256,859)	(246,585)
Net change in cash and cash equivalents and restricted cash reserves	(151,769)	309,252
Cash and cash equivalents and restricted cash reserves, beginning of period	414,929	149,687
Cash and cash equivalents and restricted cash reserves, end of period	$ 263,160	$ 458,939

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization LaSalle Hotel Properties (the “Company”), a Maryland real estate investment trust organized on January 15, 1998, primarily buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and major urban business markets. The Company is a self-administered and self-managed real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company is generally not subject to federal corporate income tax on that portion of its net income that is currently distributed to its shareholders. The income of LaSalle Hotel Lessee, Inc. (together with its wholly owned subsidiaries, “LHL”), the Company’s wholly owned taxable REIT subsidiary, is subject to taxation at normal corporate rates. As of September 30, 2018 , 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 9) 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 September 30, 2018 . The remaining 0.1% is held by limited partners who held 145,223 common units of the Operating Partnership at September 30, 2018 . See Note 6 for additional disclosures related to common units of the Operating Partnership. Agreement and Plan of Merger On September 6, 2018, the Company, the Operating Partnership, Pebblebrook Hotel Trust (“Pebblebrook”), Pebblebrook Hotel L.P. (“Pebblebrook OP”), Ping Merger Sub, LLC (“Merger Sub”) and Ping Merger OP, LP (“Merger OP”), entered into an Agreement and Plan of Merger (as amended on September 18, 2018, and as it may be amended from time to time, the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger OP will merge with and into the Operating Partnership (the “Partnership Merger”), and, immediately following the Partnership Merger, the Company will merge with and into Merger Sub (the “Company Merger” and, together with the Partnership Merger, the “Mergers”). Upon completion of the Partnership Merger, the Operating Partnership will survive and the separate existence of Merger OP will cease. Upon completion of the Company Merger, Merger Sub will survive and the separate existence of the Company will cease. The Mergers and the other transactions contemplated by the Merger Agreement were approved by the Company’s Board of Trustees. The execution by the Company of the Merger Agreement followed a determination by the Company’s Board of Trustees that the proposal from Pebblebrook reflected in the Merger Agreement constituted a Superior Proposal, as defined in the previously announced Agreement and Plan of Merger, dated as of May 20, 2018 (the “Blackstone Merger Agreement”), by and among BRE Landmark Parent L.P. (“Blackstone”), BRE Landmark L.P., BRE Landmark Acquisition L.P., the Company and the Operating Partnership, and the termination by the Company, on September 6, 2018, of the Blackstone Merger Agreement in accordance with its terms. On September 5, 2018, the Company notified Blackstone that the Company’s Board of Trustees had concluded that the Pebblebrook proposal constituted a Superior Proposal and that, subject to Blackstone’s right to negotiate with the Company during the four business day period after Blackstone’s receipt of such notice, the Company’s Board of Trustees intended to terminate the Blackstone Merger Agreement and enter into a definitive agreement with Pebblebrook. On September 5, 2018, Blackstone delivered a notice to the Company waiving its rights to renegotiate its agreement with the Company subject to the Company’s compliance with the Blackstone Merger Agreement. On September 6, 2018, in connection with the termination by the Company of the Blackstone Merger Agreement, Pebblebrook, on behalf of the Company, paid Blackstone a termination fee of $112,000 as required by the terms of the Blackstone Merger Agreement. The Company recorded an expense of $112,000 related to its obligation to pay the termination fee under the Blackstone Merger Agreement and a corresponding liability on its balance sheet as Pebblebrook was required to fund the termination fee under the terms of the Merger Agreement. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Company Merger (the “Company Merger Effective Time”), each common share of beneficial interest, par value $0.01 per share, of the Company, other than shares held by the Company or held by Pebblebrook, Pebblebrook OP, Merger Sub, Merger OP or any of their respective subsidiaries, that is issued and outstanding immediately prior to the Company Merger Effective Time (including common shares of the Company relating to compensatory awards of the Company that become or are deemed to be issued or outstanding) will be converted into the right to receive, at the election of the holder, either: (i) 0.92 (the “Exchange Ratio”) validly issued, fully paid and nonassessable common shares of beneficial interest, par value $0.01 per share, of Pebblebrook (the “Common Share Consideration”); or (ii) $37.80 in cash, subject to certain adjustments and to any applicable withholding tax (the “Cash Consideration” and, together with the Common Share Consideration, the “Merger Consideration”). The maximum number of common shares of the Company eligible to be converted into the right to receive the Cash Consideration will be equal to 30% of the aggregate number of common shares of the Company issued and outstanding as of immediately prior to the Company Merger Effective Time (including common shares of the Company relating to compensatory awards of the Company that become or are deemed to be issued or outstanding), subject to pro-rata reductions if such maximum is exceeded. Any common shares of the Company held by Pebblebrook or its affiliates immediately prior to the Company Merger Effective Time will be cancelled for no consideration in the Company Merger and excluded from the right to receive the Cash Consideration. Pursuant to the terms and conditions in the Merger Agreement, at the Company Merger Effective Time, (i) each outstanding 6.375% Series I Cumulative Redeemable Preferred Share of Beneficial Interest, par value $0.01 per share, of the Company (the “Series I Preferred Shares”) will be converted into the right to receive one share of a newly designated class of preferred shares of Pebblebrook, the 6.375% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, of Pebblebrook (the “Pebblebrook Series E Preferred Shares”) having the rights, preferences, privileges and voting powers materially unchanged from those of the Series I Preferred Shares immediately prior to the Company Merger, and (ii) each outstanding 6.3% Series J Cumulative Redeemable Preferred Share of Beneficial Interest, par value $0.01 per share, of the Company (the “Series J Preferred Shares” and, together with the Series I Preferred Shares, the “Preferred Shares”) will be converted into the right to receive one share of a newly designated class of preferred shares of Pebblebrook, the 6.3% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, of Pebblebrook (the “Pebblebrook Series F Preferred Shares”) having the rights, preferences, privileges and voting powers materially unchanged from those of the Series J Preferred Shares immediately prior to the Company Merger. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), each common unit of the Operating Partnership, other than common units held by the Company, that is issued and outstanding immediately prior to the Partnership Merger Effective Time will be cancelled and converted into, the right to receive 0.92 newly and validly issued common units of Pebblebrook OP, without interest. Alternatively, each common unit of the Operating Partnership, other than common units held by the Company, may at the holder’s election be converted into the right to receive a number of common shares of Pebblebrook equal to the Exchange Ratio, without interest. Pursuant to the terms and conditions in the Merger Agreement, each restricted share award that is outstanding immediately prior to the Company Merger Effective Time will become fully vested and will be cancelled in exchange for the right to submit an election and receive the Merger Consideration with respect to such restricted share award. Each performance-based share award that is outstanding immediately prior to the Company Merger Effective Time will automatically become earned and vested with respect to 180% of the target number of common shares subject to such performance-based share award and thereafter will be cancelled and exchanged for the right to receive such number of earned and vested common shares of the Company, which shall be considered outstanding as of such time, and the right to submit an election and receive the Merger Consideration with respect to such common shares of the Company. Each award of deferred shares of the Company that is outstanding immediately prior to the Company Merger Effective Time will be cancelled in exchange for the number of common shares of the Company subject to such deferred share award (prior to its cancellation), which common shares of the Company shall be considered outstanding as of such time, and to submit an election and receive the Merger Consideration with respect to such common shares of the Company. Each of the Company and Pebblebrook have made customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants by each party to, in all material respects, use commercially reasonable efforts to carry on its business in the ordinary course of business consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Mergers. The obligations of the parties to consummate the Mergers are not subject to any financing condition or the receipt of any financing by Pebblebrook, Pebblebrook OP, Merger Sub or Merger OP. The consummation of the Mergers is subject to certain customary closing conditions, including, among others, (i) approval of the Company Merger and the other transactions contemplated by the Merger Agreement by the affirmative vote of the holders of at least sixty-six and two-thirds (66 2/3%) percent of the outstanding common shares of the Company entitled to vote on the matter at a special meeting of shareholders of the Company, which will be held on November 27, 2018, (ii) approval of the issuance of the Pebblebrook common shares in the Company Merger by the affirmative vote of not less than a majority of the votes cast by holders of the outstanding common shares of Pebblebrook entitled to vote on the matter at a special meeting of shareholders of Pebblebrook, which will be held on November 27, 2018, (iii) the absence of certain legal impediments to the consummation of the Mergers, (iv) the effectiveness of the registration statement on Form S-4 filed by Pebblebrook in connection with the Mergers, and (v) the approval for listing on the New York Stock Exchange of the Pebblebrook common and preferred shares to be issued in the Company Merger. Each of the Company and Pebblebrook have agreed to covenants prohibiting the Company and Pebblebrook from soliciting, providing non-public information or entering into discussions or agreements concerning proposals relating to alternative business combination transactions, subject to certain limited exceptions. Prior to obtaining the requisite shareholder approval, the Company may terminate the Merger Agreement to enter into an agreement with respect to a Superior Proposal (as defined in the Merger Agreement) and either party’s board of trustees may effect a Change in Recommendation (as defined in the Merger Agreement) only if it has received an unsolicited written acquisition proposal that constitutes a Superior Proposal, and the failure to effect a Change in Recommendation would be inconsistent with the applicable board’s fiduciary obligations under applicable law. Under these no-solicitation provisions, a party must notify the other party if it receives an alternative acquisition proposal and allow for negotiations for a specified period before effecting a Change in Recommendation. The Merger Agreement may be terminated under certain circumstances by either party, including prior to obtaining the requisite shareholder approval, if, after following certain procedures and adhering to certain restrictions, the board of trustees of either party effects a Change in Recommendation in connection with a Superior Proposal and, in the case of the Company, the Company enters into a definitive agreement providing for the implementation of a Superior Proposal, subject to complying with specified notice and other conditions set forth in the Merger Agreement. Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to Pebblebrook of $112,000 . In certain other circumstances, Pebblebrook will be required to pay the Company a termination fee of $81,000 upon termination of the Merger Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), consolidated statements of equity and consolidated statements of cash flows for the periods presented. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 due to seasonal and other factors. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, LHL and their subsidiaries in which they have a controlling interest, including joint ventures. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Substantially all of the Company’s revenues and expenses are generated by the operations of the individual hotels. The Company records revenues and expenses that are estimated by the hotel operators and reviewed by the Company to produce quarterly financial statements because the management contracts do not require the hotel operators to submit actual results within a time frame that permits the Company to use actual results when preparing its Quarterly Reports on Form 10-Q for filing by the deadline prescribed by the SEC. Generally, the Company records actual revenue and expense amounts for the first two months of each quarter and estimated revenue and expense amounts for the last month of each quarter. Each quarter, the Company reviews the estimated revenue and expense amounts provided by the hotel operators for reasonableness based upon historical results for prior periods and internal Company forecasts. The Company records any differences between recorded estimated amounts and actual amounts in the following quarter; historically, these differences have not been material. The Company believes the quarterly revenues and expenses, recorded on the Company’s consolidated statements of operations and comprehensive income (loss) based on an aggregate estimate, are fairly stated. Investment in Hotel Properties Upon acquisition, the Company determines the fair value of the acquired long-lived assets, assumed debt and intangible assets and liabilities. The Company’s investments in hotel properties are carried at cost and depreciated using the straight-line method over an estimated useful life of 30 to 40 years for buildings, 15 years for building improvements, the shorter of the useful life of the improvement or the term of the related tenant lease for tenant improvements, seven years for 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. Revenue Recognition The Company recognizes hotel operating revenues when obligations under the terms of the contracts with hotel guests have been satisfied. Room revenue is recognized when the Company’s hotels satisfy their performance obligations of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage services, including restaurant, outlet, and banquet and catering, are also provided by the Company’s hotels and revenue is recognized at a point in time once food and beverage has been provided. Other operating department revenue, including parking fees, spa services, daily fees and other incidental fees, is recognized at a point in time when the goods and services are provided to the customer. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, the Company allocates revenue based on the stand-alone selling price for each of the components of the package. The Company presents revenue net of taxes and excludes any amounts collected on behalf of third parties. For rental income from retail leases, revenue is recognized on a straight-line basis over the lives of the retail leases and is included in other income in the consolidated statements of operations and comprehensive income (loss). The recognition of revenue from retail leases will be subject to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which will take effect January 1, 2019 for the Company. See “Recently Issued Accounting Pronouncements” below for further discussion of revenue recognition. Share-Based Compensation From time to time, the Company awards shares under the 2014 Equity Incentive Plan, as amended (“2014 Plan”), which has approximately five 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 September 30, 2018 , 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. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 replaced most existing revenue recognition guidance in GAAP. Given the short-term, day-to-day nature of the Company’s hotel operating revenues, the pattern of revenue recognition did not change significantly, and therefore, the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Under ASU No. 2014-09, there was 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 did not affect net income. The Company adopted ASU No. 2014-09 on its effective date of January 1, 2018 under the cumulative effect transition method. No adjustment was 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. 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 either a modified retrospective or proposed cumulative effect approach. 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 under the proposed cumulative effect approach. 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 (loss). 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 revised current assumptions of discount rates and lease terms, expects to record a right of use asset and a related liability between $150,000 and $200,000 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 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 is 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 changed 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 is effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. As a result, restricted cash reserves are included with cash and cash equivalents on the Company’s consolidated statements of cash flows. The adoption did not change the presentation of the Company’s consolidated balance sheets. 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. T he Company does not sell hotel properties to customers as defined by the FASB, but has historically disposed of hotel properties for cash and with no contingencies and no future involvement in the hotel operations. This standard is effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. 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 does not have a material effect on the Company’s consolidated financial statements. Reclassification Certain amounts in the 2017 financial statements have been reclassified to conform with the 2018 presentation.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of September 30, 2018 and December 31, 2017 consists of the following: September 30, 2018 December 31, 2017 Land $ 624,922 $ 624,843 Buildings and improvements 3,310,339 3,271,473 Furniture, fixtures and equipment 849,439 762,150 Investment in hotel properties, gross 4,784,700 4,658,466 Accumulated depreciation (1,530,826 ) (1,392,851 ) Investment in hotel properties, net $ 3,253,874 $ 3,265,615 As of September 30, 2018 and December 31, 2017 , buildings and improvements included capital lease assets of $147,322 and accumulated depreciation included amounts related to capital lease assets of $30,174 and $26,973 , respectively. Depreciation of the capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive (loss) income for all periods presented. Depreciation expense was $46,139 and $137,988 for the three and nine months ended September 30, 2018 , respectively, and $43,205 and $134,264 for the three and nine months ended September 30, 2017 , respectively. Dispositions During the nine months ended September 30, 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 January 19, 2017, the Company sold Hotel Deca for $55,000 . The Company recognized a gain of zero and $30,656 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On March 22, 2017, the Company sold Lansdowne Resort for $133,000 . The Company recognized a gain of zero and $10,253 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On March 31, 2017, the Company sold Alexis Hotel for $71,625 . The Company recognized a gain of zero and $33,420 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On April 11, 2017, the Company sold Hotel Triton for $14,250 . The Company recognized a gain of zero and $6,739 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On June 29, 2017, the Company sold Westin Philadelphia for $135,000 . The Company recognized a gain of $31 and $4,477 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. LHL Substantially all of the Company’s revenues are derived from operating revenues generated by the hotels, all of which are leased by LHL. Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 General and administrative $ 24,006 $ 23,325 $ 70,739 $ 72,885 Sales and marketing 16,820 16,246 49,819 51,813 Repairs and maintenance 9,256 9,115 27,089 28,073 Management and incentive fees 10,086 9,962 26,675 28,131 Utilities and insurance 8,275 7,807 22,517 22,912 Franchise fees 2,236 2,084 6,045 6,422 Other expenses 897 668 1,939 1,804 Total other indirect expenses $ 71,576 $ 69,207 $ 204,823 $ 212,040 As of September 30, 2018 , 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. Hotel Spero (formerly 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. Montrose West Hollywood (formerly 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	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt Summary Debt as of September 30, 2018 and December 31, 2017 consisted of the following: Balance Outstanding as of Debt Interest Maturity September 30, 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 (1,366 ) (1,805 ) Total term loans, net of unamortized debt issuance costs 853,634 853,195 Massport Bonds Hyatt Regency Boston Harbor (taxable) Floating (d) - (d) 0 5,400 Hyatt Regency Boston Harbor (tax exempt) Floating (d) - (d) 0 37,100 Debt issuance costs, net 0 (6 ) Total bonds payable, net of unamortized debt issuance costs 0 42,494 Mortgage loan Westin Copley Place Floating (e) August 2019 (e) 225,000 225,000 Debt issuance costs, net (194 ) (568 ) Total mortgage loan, net of unamortized debt issuance costs 224,806 224,432 Total debt $ 1,078,440 $ 1,120,121 (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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 and December 31, 2017 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At September 30, 2018 and 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). (d) The Company repaid the Massport Bonds on their maturity date, March 1, 2018, with available cash. The bonds bore 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. (e) On June 11, 2018, the Company exercised its first available option to extend the maturity date to August 14, 2019. There are two remaining options to extend the maturity date to January 5, 2021, pursuant to certain terms and conditions. The interest-only mortgage loan bears interest at a variable rate ranging from LIBOR plus 1.75% to LIBOR plus 2.00% , depending on Westin Copley Place’s net cash flow (as defined in the loan agreement). Effective the second quarter of 2018 through August 14, 2019, the mortgage loan bears interest at a variable rate of LIBOR plus 1.75% . The interest rate as of September 30, 2018 was LIBOR plus 1.75% , which equaled 3.91% . The interest rate as of December 31, 2017 was LIBOR plus 1.75% , which equaled 3.23% . The mortgage loan allows for prepayments without penalty, subject to certain terms and conditions. Future scheduled debt principal payments as of September 30, 2018 (refer to previous table for extension options) are as follows: 2018 $ 0 2019 225,000 2020 0 2021 555,000 2022 300,000 Total debt $ 1,080,000 A summary of the Company’s interest expense and weighted average interest rates for unswapped variable rate debt for the three and nine months ended September 30, 2018 and 2017 is as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Interest Expense: Interest incurred $ 10,116 $ 9,561 $ 29,646 $ 27,553 Amortization of debt issuance costs 543 669 1,884 2,098 Capitalized interest (72 ) (204 ) (325 ) (375 ) Interest expense $ 10,587 $ 10,026 $ 31,205 $ 29,276 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility N/A N/A N/A N/A LHL unsecured credit facility N/A N/A N/A N/A Massport Bonds (1) N/A 0.95 % 1.25 % 0.84 % Mortgage loan (Westin Copley Place) 3.84 % 2.97 % 3.62 % 2.76 % (1) The Massport Bonds were repaid on March 1, 2018. Credit Facilities The Company has a $750,000 senior unsecured credit facility with a syndicate of banks. The credit facility 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. LHL has a $25,000 unsecured revolving credit facility to be used for working capital and general lessee corporate purposes. 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 did not initially include any pledges of equity interests in the Company’s subsidiaries, 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 The Company has a $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. The Company has a $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 swap agreements 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 did not initially include any pledges of equity interests in the Company’s subsidiaries, 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 of hedging instruments are reported in other comprehensive income (loss) (“OCI”). 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. As of September 30, 2018 , the Company has 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% . As of September 30, 2018 , 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 tables present the effect of derivative instruments on the Company’s accompanying consolidated statements of operations and comprehensive (loss) income, including the location and amount of unrealized gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the three and nine months ended September 30, 2018 and 2017 : Amount of Gain Recognized in OCI on Derivative Instruments Location of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Amount of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Total Amount of Interest Expense Line Item Presented in the Statement of Operations For the three months ended For the three months ended For the three months ended September 30, September 30, September 30, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,280 $ 517 Interest expense $ (1,078 ) — $ 547 $ 10,587 $ 10,026 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments Location of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Amount of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Total Amount of Interest Expense Line Item Presented in the Statement of Operations For the nine months ended For the nine months ended For the nine months ended September 30, September 30, September 30, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 14,166 $ (34 ) Interest expense $ (1,787 ) $ 2,030 $ 31,205 $ 29,276 As of September 30, 2018 , there was $23,272 in cumulative unrealized gain of which $23,242 was included in AOCI and $30 was attributable to noncontrolling interests. 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. The Company expects that approximately $4,704 will be reclassified from AOCI and noncontrolling interests and recognized as an increase to income in the next 12 months , calculated as estimated interest expense using the interest rates on the derivative instruments as of September 30, 2018 . Extinguishment of Debt 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 zero and $1,706 , which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. 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 September 30, 2018 , 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 and mortgage loan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 is as follows: Lease Properties Lease Type Lease Expiration Date Southernmost Beach Resort Key West (Restaurant facility) Ground lease April 2029 (1) Hyatt Regency Boston Harbor Ground lease April 2077 The Hilton San Diego Resort and Spa Ground lease July 2068 (2) 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) On August 21, 2018, the Company entered into a new ground lease agreement, which commences on May 1, 2019. The current ground lease agreement expires on April 30, 2019. (2) The Company entered into a new 50 year ground lease agreement, which commenced on August 1, 2018. (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 $449 and $1,352 for the three and nine months ended September 30, 2018 , respectively, and $459 and $1,384 for the three and nine months ended September 30, 2017 , respectively, which is included in total ground rent expense. Total ground rent expense, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income, was $4,790 and $12,864 for the three and nine months ended September 30, 2018 , respectively, and $4,788 and $11,996 for the three and nine months ended September 30, 2017 , 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 September 30, 2018 is as follows: Lease Properties Estimated Present Value of Remaining Rent Payments (1) Lease Expiration Date The Roger $ 4,892 December 2044 Harbor Court Hotel $ 18,603 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. Actual base and participating ground rent payments related to The Roger and Harbor Court Hotel were $99 and $372 for the three months ended September 30, 2018 , respectively, and $298 and $937 for the nine months ended September 30, 2018 , respectively. Actual base and participating ground rent payments related to The Roger and Harbor Court Hotel were $99 and $335 for the three months ended September 30, 2017 , respectively, and $298 and $921 for the nine months ended September 30, 2017 , respectively. As of September 30, 2018 , future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2018 $ 2,890 2019 11,730 2020 12,160 2021 12,256 2022 12,320 Thereafter 557,096 $ 608,452 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 September 30, 2018 , $13,267 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 September 30, 2018 , the Company held $14,996 in restricted cash reserves. Included in such amounts are $13,267 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. On June 29, 2018, a purported class action complaint, Erie County Employees Retirement System v. LaSalle Hotel Properties, et al. , No. 24-C-18-003922, was filed in the Circuit Court for Baltimore City, Maryland by purported Company shareholder Erie County Employees Retirement System in connection with the Blackstone Merger Agreement. An amended complaint was filed on July 11, 2018. The amended complaint names as defendants the Company and the members of the Company’s Board of Trustees. The amended complaint alleges, among other things, that the Board of Trustees breached its duties in agreeing to the Blackstone Merger Agreement, in not agreeing to a transaction with Pebblebrook, and in failing to disclose certain supposedly material information to shareholders in the preliminary proxy statement filed in connection with the Blackstone Merger Agreement. The amended complaint sought declaratory and injunctive relief, including a preliminary injunction barring the shareholder vote on the Blackstone Merger Agreement, as well as damages and attorneys’ fees and costs. On August 21, 2018, the plaintiff filed a motion for a preliminary injunction barring the shareholder vote on the Blackstone Merger Agreement. On September 6, 2018, the plaintiff withdrew that motion. The plaintiff’s counsel have advised the Company’s counsel that they believe the Company’s agreement to enter into a transaction with Pebblebrook rendered the case moot and entitled them to an award of attorneys’ fees. On October 10, 2018, the plaintiff’s counsel dismissed the complaint but advised the Court of their intent to seek an award of attorneys’ fees. The Company does not believe that the case played any role in the decision by its Board of Trustees to enter into a transaction with Pebblebrook and intends to oppose any request for an award of attorneys’ fees. The Company is unable to predict the developments in, outcome of, and/or economic or other consequences of this litigation or predict the developments in, outcome of, and/or other consequences arising out of any potential future litigation or government inquiries related to the Mergers.

Equity

Equity	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares of Beneficial Interest 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. Pursuant to the terms and conditions of the Merger Agreement, each award of deferred shares that is outstanding immediately prior to the Company Merger Effective Time will be cancelled in exchange for the number of common shares of the Company subject to such deferred share award (prior to its cancellation), which common shares of the Company shall be considered outstanding as of such time, and to receive the Merger Consideration with respect to such common shares of the Company. On March 2, 2018, the Company issued 16,410 common shares to executives related to the nonvested share awards with either market or performance conditions granted on March 19, 2015. These common shares were issued under the 2014 Plan. See Note 7 for additional details, including vesting information. On March 21, 2018, the Company issued 148,591 nonvested shares with service conditions to the Company’s executives and employees. The nonvested shares will vest in three annual installments starting January 1, 2019, subject to continued employment. These common shares were issued under the 2014 Plan. See Note 7 for additional details, including vesting information. On August 7, 2018, the Company issued 29,044 common shares to executives related to the nonvested share awards with either market or performance conditions granted on March 19, 2015. These common shares were issued under the 2014 Plan. See Note 7 for additional details, including vesting information. Common Dividends The Company paid the following dividends on common shares/units during the nine months ended September 30, 2018 : Dividend per (1) For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 $ 0.45 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.23 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. Under the terms of the Merger Agreement, the Company may not declare or pay any future dividends to the holders of the Company’s common shares during the term of the Merger Agreement without the prior written consent of Pebblebrook, subject to certain exceptions. Treasury Shares Treasury shares are accounted for under the cost method. During the nine months ended September 30, 2018 , the Company received 49,881 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 an expanded 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. During the nine months ended September 30, 2018 , the Company repurchased 2,982,800 common shares under the Repurchase Program for a total of $74,515 , including commissions of $60 . As of September 30, 2018 , the Company has availability under the Repurchase Program to acquire up to $495,351 of common shares. Subject to the restrictions under the Merger Agreement, the timing, manner, price and actual number of shares repurchased, if any, 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 repurchase any specific dollar amount or 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 nine months ended September 30, 2018 , the Company re-issued 19,125 treasury shares related to earned 2017 compensation for the Board of Trustees, 45,454 treasury shares related to the earned share awards with either market or performance conditions and 156,447 treasury shares related to the grants of nonvested shares with service conditions. At September 30, 2018 , there were 2,853,690 common shares in treasury. Preferred Shares The following Preferred Shares were outstanding as of September 30, 2018 : Security Type Number of 6.375% Series I Preferred Shares 4,400,000 6.3% Series J Preferred Shares 6,000,000 On May 4, 2017, the Company redeemed all of the outstanding 7.5% Series H Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share (the “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 nine months ended September 30, 2017 . The $2,401 represents the offering costs related to the redeemed Series H Preferred Shares. 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 is the offering costs. In addition, the Company is not required to set aside funds to redeem the Preferred Shares. As of March 4, 2018, the Company may optionally redeem the Series I Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions to and including the redemption date. The Company may not optionally redeem the Series J Preferred Shares prior to May 25, 2021, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. After May 25, 2021, the Company may, at its option, redeem the Series J Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions to, but not including, the redemption date. 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 Series J Preferred Shares in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the redemption date. If the Company does not exercise its right to redeem the Preferred Shares upon such 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 common shares and 12,842,400 common shares, respectively. Pursuant to the terms and conditions in the Merger Agreement, at the Company Merger Effective Time, (i) each outstanding Series I Preferred Share will be converted into the right to receive one share of a newly designated class of preferred shares of Pebblebrook, the Pebblebrook Series E Preferred Shares, having the rights, preferences, privileges and voting powers materially unchanged from those of the Series I Preferred Shares immediately prior to the Company Merger, and (ii) each outstanding Series J Preferred Share will be converted into the right to receive one share of a newly designated class of preferred shares of Pebblebrook, the Pebblebrook Series F Preferred Shares, having the rights, preferences, privileges and voting powers materially unchanged from those of the Series J Preferred Shares immediately prior to the Company Merger. Preferred Dividends The Company paid the following dividends on the Preferred Shares during the nine months ended September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.3% Series J $ 0.39 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series I $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.3% Series J $ 0.39 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. Noncontrolling Interests of Common Units in Operating Partnership As of September 30, 2018 , 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 September 30, 2018 , approximately $5,023 of cash or the equivalent value in common shares, at the Company’s option, would be paid to the limited partners of the Operating Partnership if the partnership were terminated. The approximate value of $5,023 is based on the Company’s closing common share price of $34.59 on September 30, 2018 , which is assumed to be equal to the value provided to the limited partners upon liquidation of the Operating Partnership. Subject to certain limitations, the outstanding common units of limited partnership interest are redeemable for cash, or at the Company’s option, for a like number of common shares of the Company. Pursuant to the terms and conditions in the Merger Agreement, at the Partnership Merger Effective Time, each common unit of the Operating Partnership, other than common units held by the Company, that is issued and outstanding immediately prior to the Partnership Merger Effective Time will be cancelled and converted into the right to receive 0.92 newly and validly issued common units of Pebblebrook OP, without interest. Alternatively, each common unit of the Operating Partnership, other than common units held by the Company, may at the holder’s election be converted into the right to receive a number of Pebblebrook common shares equal to the Exchange Ratio, without interest.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , there were 2,291,284 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 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 (loss) income. A summary of the Company’s nonvested share awards with service conditions as of September 30, 2018 is as follows: Number of Weighted - Nonvested at January 1, 2018 170,414 $ 28.95 Granted 156,447 25.46 Vested (55,380 ) 31.08 Forfeited (4,732 ) 26.73 Nonvested at September 30, 2018 266,749 $ 26.50 As of September 30, 2018 and December 31, 2017 , there were $4,613 and $3,214 , respectively, of total unrecognized compensation costs related to nonvested share awards with service conditions. As of September 30, 2018 and December 31, 2017 , these costs were expected to be recognized over a weighted-average period of 1.4 years. The total intrinsic value of shares vested (calculated as number of shares multiplied by vesting date share price) during the three and nine months ended September 30, 2018 was zero and $1,555 , respectively, and during the three and nine months ended September 30, 2017 was $20 and $4,437 , respectively. Compensation costs (net of forfeitures) related to nonvested share awards with service conditions that have been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive (loss) income were $818 and $2,457 for the three and nine months ended September 30, 2018 , respectively, and $732 and $2,415 for the three and nine months ended September 30, 2017 , respectively. Pursuant to the terms and conditions in the Merger Agreement, each restricted share award that is outstanding immediately prior to the Company Merger Effective Time will become fully vested and will be cancelled in exchange for the right to receive the Merger Consideration with respect to such restricted share award. Nonvested Share Awards with Market or Performance Conditions 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”). On March 2, 2018, the executives earned 66.7% of the 24,612 target number of shares with a performance period through December 31, 2017, or 16,410 shares, and all of the earned shares vested immediately. The portion of the share awards representing the difference between 66.7% and 100% of the target number of shares, or 8,202 shares, was forfeited on March 2, 2018. The executives also received a cash payment of $87 on the earned shares equal to the value of all dividends paid on common shares from January 1, 2015 until the determination date, March 2, 2018. As of March 3, 2018, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On August 7, 2018, the executives earned 118.0% of the 24,613 target number of shares with a performance period through June 30, 2018, or 29,044 shares, and all of the earned shares vested immediately. The executives also received a cash payment of $175 on the earned shares equal to the value of all dividends paid on common shares from January 1, 2015 until the determination date, August 7, 2018. As of August 8, 2018, the executives are entitled to receive dividends as declared and paid on the earned shares and to vote the shares. On March 21, 2018, the Company’s Board of Trustees granted a target of 152,024 nonvested share awards with either market or performance conditions to executives (the “March 21, 2018 Awards”). The actual number of shares awarded with respect to 76,013 of the 152,024 target number of shares will be determined during the latter half of the first quarter 2021, based on the performance measurement period of January 1, 2018 through December 31, 2020, in accordance with the terms of the agreements. The actual number of shares awarded with respect to the remaining 76,011 of the 152,024 shares will be determined during the latter half of the third quarter 2021, based on the performance measurement period of July 1, 2018 through June 30, 2021, in accordance with the terms of the agreements. The actual number of 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 number of shares 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 during the latter half of the first quarter 2021 and during the latter half of the third quarter 2021, 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 76,013 shares, amortization commenced on March 21, 2018, the beginning of the requisite service period, and, with respect to 76,011 shares, amortization commenced on July 1, 2018, the beginning of the requisite service period. The terms stipulated in the March 21, 2018 Awards used to determine the total number of shares consist of the following three tranches: (1) a comparison of the Company’s total return to the total returns’ of up to 10 companies in a designated peer group of the Company, (2) the Company’s actual total return as compared to a Board-established total return goal and (3) a comparison of the Company’s return on invested capital to the return on invested capital of up to 10 companies in a designated peer group of the Company. The tranches described in (1) and (2) are nonvested share awards with market conditions. For the March 21, 2018 Awards, the grant date fair value of the awards with market conditions were estimated by the Company using historical data under the Monte Carlo valuation method provided by a third party consultant. The final values were determined during the second quarter of 2018 with an insignificant cumulative adjustment to compensation cost recorded. The third tranche is based on “return on invested capital” discussed below, which is a performance condition. The grant date fair values of the tranches with performance conditions were calculated based on the targeted awards, and the valuation is adjusted on a periodic basis. The capital market assumptions used in the valuations consisted of the following: • Factors associated with the underlying performance of the Company’s share price and shareholder returns over the term of the awards including total share return volatility and risk-free interest. • Factors associated with the relative performance of the Company’s share price and shareholder returns when compared to those companies which compose the index including beta as a means to breakdown total volatility into market-related and company specific volatilities. • The valuation has been performed in a risk-neutral framework. • Return on invested capital is a performance condition award measurement. The estimated value was calculated based on the initial face value at the date of grant. The valuation will be adjusted on a periodic basis as the estimated number of awards expected to vest is revised. The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting March 21, 2018 Awards (performance period starting January 1, 2018) Target amounts 27.70 % 2.46 % N/A N/A $ 20.00 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.46 33.30 % Peer companies 27.70 % 2.46 % N/A 1.105 $ 21.43 33.30 % March 21, 2018 Awards (performance period starting July 1, 2018) Target amounts 27.70 % 2.46 % N/A N/A $ 24.11 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.46 33.30 % Peer companies 27.70 % 2.46 % N/A 1.105 $ 23.67 33.30 % A summary of the Company’s nonvested share awards with either market or performance conditions as of September 30, 2018 is as follows: Share Awards (Target Number of Shares) Weighted- Average Grant Date Fair Value Nonvested at January 1, 2018 263,948 $ 27.04 Granted 156,455 23.75 Vested (45,454 ) 36.88 Forfeited (8,202 ) 36.26 Nonvested at September 30, 2018 366,747 $ 24.65 As of September 30, 2018 and December 31, 2017 , there were $6,159 and $4,941 , respectively, of total unrecognized compensation costs related to nonvested share awards with market or performance conditions. As of September 30, 2018 and December 31, 2017 , these costs were expected to be recognized over a weighted-average period of 2.0 years. As of September 30, 2018 and December 31, 2017 , there were 655,221 and 609,767 share awards with market or performance conditions vested, respectively. Compensation costs (net of forfeitures) related to nonvested share awards with market or performance conditions that have been included in general and administrative expense in the accompanying consolidated statements of operations and comprehensive (loss) income were $1,152 and $2,758 for the three and nine months ended September 30, 2018 , respectively, and $798 and $2,638 for the three and nine months ended September 30, 2017 , respectively. Pursuant to the terms and conditions of the Merger Agreement, each performance-based share award that is outstanding immediately prior to the Company Merger Effective Time will automatically become earned and vested with respect to 180% of the target number of common shares subject to such performance-based share award and thereafter will be cancelled and exchanged for the right to receive such number of earned and vested common shares of the Company, which shall be considered outstanding as of such time, and the right to receive the Merger Consideration with respect to such common shares of the Company.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2018
Disaggregation of Revenue [Abstract]
Revenues	Revenues The following tables set forth the Company’s disaggregated hotel operating revenues by the geographic location of its hotels for the three and nine months ended September 30, 2018 and 2017 : For the three months ended September 30, 2018 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 39,709 $ 12,505 $ 3,029 $ 55,243 Chicago 18,723 4,471 1,106 $ 24,300 Key West 7,060 2,136 1,326 $ 10,522 Los Angeles 17,939 2,499 2,030 $ 22,468 New York 25,929 1,089 3,975 $ 30,993 San Diego Downtown 10,151 2,053 1,030 $ 13,234 San Francisco 39,547 6,432 4,066 $ 50,045 Washington, DC 24,110 5,883 3,213 $ 33,206 Other (1) 31,115 14,144 7,140 $ 52,399 $ 214,283 $ 51,212 $ 26,915 $ 292,410 For the nine months ended September 30, 2018 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 99,019 $ 37,606 $ 8,443 $ 145,068 Chicago 45,641 11,326 3,096 $ 60,063 Key West 28,202 7,606 4,150 $ 39,958 Los Angeles 49,166 7,159 5,205 $ 61,530 New York 70,248 4,064 11,390 $ 85,702 San Diego Downtown 28,346 5,664 2,554 $ 36,564 San Francisco 107,851 17,876 11,352 $ 137,079 Washington, DC 84,388 20,067 7,930 $ 112,385 Other (1) 76,510 40,453 17,423 $ 134,386 $ 589,371 $ 151,821 $ 71,543 $ 812,735 (1) For the three and nine months ended September 30, 2018 , other includes Chaminade Resort and Conference Center in Santa Cruz, CA, Embassy Suites Philadelphia - Center City in Philadelphia, PA, L’Auberge Del Mar in Del Mar, CA, San Diego Paradise Point Resort and Spa and The Hilton San Diego Resort and Spa in San Diego, CA and The Heathman Hotel in Portland, OR. For the three months ended September 30, 2017 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 37,866 $ 11,633 $ 2,718 $ 52,217 Chicago 17,567 3,950 1,340 $ 22,857 Key West 5,485 1,592 993 $ 8,070 Los Angeles 19,411 2,651 1,880 $ 23,942 New York 26,266 1,420 3,476 $ 31,162 San Diego Downtown 9,921 2,359 748 $ 13,028 San Francisco (1) 35,390 5,152 4,026 $ 44,568 Washington, DC 26,636 6,701 2,175 $ 35,512 Other (2) 30,477 14,733 6,887 $ 52,097 $ 209,019 $ 50,191 $ 24,243 $ 283,453 For the nine months ended September 30, 2017 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 99,349 $ 37,762 $ 7,367 $ 144,478 Chicago 44,048 11,236 3,654 $ 58,938 Key West 28,205 6,787 3,651 $ 38,643 Los Angeles 53,417 7,928 4,552 $ 65,897 New York 68,502 4,346 9,711 $ 82,559 San Diego Downtown 28,143 6,248 2,117 $ 36,508 San Francisco (1) 103,855 16,093 10,349 $ 130,297 Washington, DC 95,071 22,587 6,254 $ 123,912 Other (2) 89,179 48,816 19,073 $ 157,068 $ 609,769 $ 161,803 $ 66,728 $ 838,300 (1) Includes Hotel Triton which was sold on April 11, 2017. (2) For the three and nine months ended September 30, 2017 , other includes Chaminade Resort and Conference Center in Santa Cruz, CA, Embassy Suites Philadelphia - Center City in Philadelphia, PA, L’Auberge Del Mar in Del Mar, CA, San Diego Paradise Point Resort and Spa and The Hilton San Diego Resort and Spa in San Diego, CA and The Heathman Hotel in Portland, OR. Other also includes the disposition properties of Alexis Hotel (sold on March 31, 2017) and Hotel Deca (sold on January 19, 2017) in Seattle, WA, Westin Philadelphia (sold on June 29, 2017) in Philadelphia, PA and Lansdowne Resort (sold on March 22, 2017) in Lansdowne, VA. The Company’s contract liabilities primarily relate to advance deposits received from guests and groups for future stays or events to be held at the hotels. The contract liabilities are transferred to revenue as room nights are provided and events are held. The Company recognized $1,657 and $24,532 , for the three and nine months ended September 30, 2018 , respectively, and $1,872 and $28,920 for the three and nine months ended September 30, 2017 , respectively, in revenue from the contract liabilities balance at the beginning of the year and expects the remaining contract liabilities to be recognized, generally, over the next 12 months.

LHL

LHL	9 Months Ended
	Sep. 30, 2018
Real Estate Investment Trust, Operating Support [Abstract]
LHL	Investment in Hotel Properties Investment in hotel properties as of September 30, 2018 and December 31, 2017 consists of the following: September 30, 2018 December 31, 2017 Land $ 624,922 $ 624,843 Buildings and improvements 3,310,339 3,271,473 Furniture, fixtures and equipment 849,439 762,150 Investment in hotel properties, gross 4,784,700 4,658,466 Accumulated depreciation (1,530,826 ) (1,392,851 ) Investment in hotel properties, net $ 3,253,874 $ 3,265,615 As of September 30, 2018 and December 31, 2017 , buildings and improvements included capital lease assets of $147,322 and accumulated depreciation included amounts related to capital lease assets of $30,174 and $26,973 , respectively. Depreciation of the capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive (loss) income for all periods presented. Depreciation expense was $46,139 and $137,988 for the three and nine months ended September 30, 2018 , respectively, and $43,205 and $134,264 for the three and nine months ended September 30, 2017 , respectively. Dispositions During the nine months ended September 30, 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 January 19, 2017, the Company sold Hotel Deca for $55,000 . The Company recognized a gain of zero and $30,656 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On March 22, 2017, the Company sold Lansdowne Resort for $133,000 . The Company recognized a gain of zero and $10,253 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On March 31, 2017, the Company sold Alexis Hotel for $71,625 . The Company recognized a gain of zero and $33,420 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On April 11, 2017, the Company sold Hotel Triton for $14,250 . The Company recognized a gain of zero and $6,739 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. On June 29, 2017, the Company sold Westin Philadelphia for $135,000 . The Company recognized a gain of $31 and $4,477 related to the sale of this property, which is included in the accompanying consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 , respectively. LHL Substantially all of the Company’s revenues are derived from operating revenues generated by the hotels, all of which are leased by LHL. Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 General and administrative $ 24,006 $ 23,325 $ 70,739 $ 72,885 Sales and marketing 16,820 16,246 49,819 51,813 Repairs and maintenance 9,256 9,115 27,089 28,073 Management and incentive fees 10,086 9,962 26,675 28,131 Utilities and insurance 8,275 7,807 22,517 22,912 Franchise fees 2,236 2,084 6,045 6,422 Other expenses 897 668 1,939 1,804 Total other indirect expenses $ 71,576 $ 69,207 $ 204,823 $ 212,040 As of September 30, 2018 , 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. Hotel Spero (formerly 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. Montrose West Hollywood (formerly 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	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was comprised of the following for the three and nine months ended September 30, 2018 and 2017 : For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 LHL’s income tax expense $ 2,742 $ 1,530 $ 3,361 $ 1,398 Operating Partnership’s income tax expense 108 448 455 810 Total income tax expense $ 2,850 $ 1,978 $ 3,816 $ 2,208 The Company has estimated LHL’s income tax expense for the nine months ended September 30, 2018 by applying an estimated combined federal and state effective tax rate of 29.5% to LHL’s net income of $11,014 . From time to time, the Company may be subject to federal, state or local tax audits in the normal course of business. On September 6, 2018, in connection with the termination by the Company of the Blackstone Merger Agreement, Pebblebrook, on behalf of the Company, paid Blackstone a termination fee of $112,000 as required by the terms of the Blackstone Merger Agreement. Under Internal Revenue Code Section 361(b)(3), the Company will not recognize gross income or any gain associated with Pebblebrook’s payment of the termination fee to Blackstone due to the fact that the payment was made in connection with the Mergers and distributed to a creditor of the Company.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 December 31, 2017 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 23,272 $ 10,893 Derivative interest rate instruments Accounts payable and accrued expenses $ 0 $ 0 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 September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 0 $ 0 $ 0 $ 0 Term loans $ 855,000 $ 858,271 $ 855,000 $ 857,577 Bonds payable $ 0 $ 0 $ 42,500 $ 42,500 Mortgage loan $ 225,000 $ 224,774 $ 225,000 $ 224,429 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 2.0% as of September 30, 2018 and 1.4% and 2.3% as of December 31, 2017 with a weighted average effective interest rate of 1.5% and 1.6% as of September 30, 2018 and December 31, 2017 , respectively. The assumptions reflect the terms currently available on similar borrowings to borrowers with credit profiles similar to the Company’s. At September 30, 2018 and December 31, 2017 , 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	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The limited partners’ outstanding common units in the Operating Partnership (which may be converted to common shares) 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. For the three and nine months ended September 30, 2018, diluted weighted average common shares do not include the impact of outstanding unvested compensation-related shares because the Company is in a net loss position, the effect of these items on diluted earnings per share would be anti-dilutive. For the three and nine months ended September 30, 2018, there were 466,178 and 434,413 anti-dilutive compensation-related shares outstanding, respectively. The computation of basic and diluted earnings per common share is as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Numerator: Net (loss) income attributable to common shareholders $ (87,409 ) $ 31,107 $ (66,932 ) $ 162,713 Dividends paid on unvested restricted shares 0 (97 ) (179 ) (339 ) Undistributed earnings attributable to unvested restricted shares 0 0 0 (19 ) Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (87,409 ) $ 31,010 $ (67,111 ) $ 162,355 Denominator: Weighted average number of common shares - basic 110,124,868 113,007,475 110,793,969 112,961,365 Effect of dilutive securities: Compensation-related shares 0 375,885 0 382,346 Weighted average number of common shares - diluted 110,124,868 113,383,360 110,793,969 113,343,711 Earnings per Common Share - Basic: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.79 ) $ 0.27 $ (0.61 ) $ 1.44 Earnings per Common Share - Diluted: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.79 ) $ 0.27 $ (0.61 ) $ 1.43

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the nine months ended September 30, 2018 2017 Interest paid, net of capitalized interest $ 29,350 $ 27,168 Interest capitalized 325 375 Income taxes (refunded) paid, net (2,844 ) 633 (Decrease) increase in distributions payable on common shares (51,019 ) 63 Decrease in distributions payable on preferred shares 0 (1,288 ) Write-off of fully depreciated furniture, fixtures and equipment 0 618 Write-off of fully amortized debt issuance costs 3,552 5,119 (Decrease) increase in accrued capital expenditures (3,322 ) 5,089 Grant of nonvested shares and awards to employees and executives, net 7,832 8,313 Issuance of common shares for Board of Trustees compensation 557 1,240 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 0 $ 398,178 Other assets 0 10,847 Liabilities 0 (6,625 ) Proceeds from sale of properties $ 0 $ 402,400

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company paid the following common and preferred dividends subsequent to September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I Preferred Shares $ 0.40 September 30, 2018 October 1, 2018 October 15, 2018 6.3% Series J Preferred Shares $ 0.39 September 30, 2018 October 1, 2018 October 15, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership, LHL and their subsidiaries in which they have a controlling interest, including joint ventures. All significant intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Substantially all of the Company’s revenues and expenses are generated by the operations of the individual hotels. The Company records revenues and expenses that are estimated by the hotel operators and reviewed by the Company to produce quarterly financial statements because the management contracts do not require the hotel operators to submit actual results within a time frame that permits the Company to use actual results when preparing its Quarterly Reports on Form 10-Q for filing by the deadline prescribed by the SEC. Generally, the Company records actual revenue and expense amounts for the first two months of each quarter and estimated revenue and expense amounts for the last month of each quarter. Each quarter, the Company reviews the estimated revenue and expense amounts provided by the hotel operators for reasonableness based upon historical results for prior periods and internal Company forecasts. The Company records any differences between recorded estimated amounts and actual amounts in the following quarter; historically, these differences have not been material. The Company believes the quarterly revenues and expenses, recorded on the Company’s consolidated statements of operations and comprehensive income (loss) based on an aggregate estimate, are fairly stated.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquisition, the Company determines the fair value of the acquired long-lived assets, assumed debt and intangible assets and liabilities. The Company’s investments in hotel properties are carried at cost and depreciated using the straight-line method over an estimated useful life of 30 to 40 years for buildings, 15 years for building improvements, the shorter of the useful life of the improvement or the term of the related tenant lease for tenant improvements, seven years for 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.
Revenue Recognition	Revenue Recognition The Company recognizes hotel operating revenues when obligations under the terms of the contracts with hotel guests have been satisfied. Room revenue is recognized when the Company’s hotels satisfy their performance obligations of providing a hotel room. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage services, including restaurant, outlet, and banquet and catering, are also provided by the Company’s hotels and revenue is recognized at a point in time once food and beverage has been provided. Other operating department revenue, including parking fees, spa services, daily fees and other incidental fees, is recognized at a point in time when the goods and services are provided to the customer. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, the Company allocates revenue based on the stand-alone selling price for each of the components of the package. The Company presents revenue net of taxes and excludes any amounts collected on behalf of third parties. For rental income from retail leases, revenue is recognized on a straight-line basis over the lives of the retail leases and is included in other income in the consolidated statements of operations and comprehensive income (loss). The recognition of revenue from retail leases will be subject to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which will take effect January 1, 2019 for the Company. See “Recently Issued Accounting Pronouncements” below for further discussion of revenue recognition.
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 five 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 September 30, 2018 , 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 replaced most existing revenue recognition guidance in GAAP. Given the short-term, day-to-day nature of the Company’s hotel operating revenues, the pattern of revenue recognition did not change significantly, and therefore, the adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Under ASU No. 2014-09, there was 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 did not affect net income. The Company adopted ASU No. 2014-09 on its effective date of January 1, 2018 under the cumulative effect transition method. No adjustment was 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. 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 either a modified retrospective or proposed cumulative effect approach. 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 under the proposed cumulative effect approach. 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 (loss). 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 revised current assumptions of discount rates and lease terms, expects to record a right of use asset and a related liability between $150,000 and $200,000 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 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 is 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 changed 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 is effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. As a result, restricted cash reserves are included with cash and cash equivalents on the Company’s consolidated statements of cash flows. The adoption did not change the presentation of the Company’s consolidated balance sheets. 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. T he Company does not sell hotel properties to customers as defined by the FASB, but has historically disposed of hotel properties for cash and with no contingencies and no future involvement in the hotel operations. This standard is effective for the first annual period beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018. 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 does not have a material effect on the Company’s consolidated financial statements.
Reclassification	Reclassification Certain amounts in the 2017 financial statements have been reclassified to conform with the 2018 presentation.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of September 30, 2018 and December 31, 2017 consists of the following: September 30, 2018 December 31, 2017 Land $ 624,922 $ 624,843 Buildings and improvements 3,310,339 3,271,473 Furniture, fixtures and equipment 849,439 762,150 Investment in hotel properties, gross 4,784,700 4,658,466 Accumulated depreciation (1,530,826 ) (1,392,851 ) Investment in hotel properties, net $ 3,253,874 $ 3,265,615

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Components of Long-Term Debt	Debt as of September 30, 2018 and December 31, 2017 consisted of the following: Balance Outstanding as of Debt Interest Maturity September 30, 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 (1,366 ) (1,805 ) Total term loans, net of unamortized debt issuance costs 853,634 853,195 Massport Bonds Hyatt Regency Boston Harbor (taxable) Floating (d) - (d) 0 5,400 Hyatt Regency Boston Harbor (tax exempt) Floating (d) - (d) 0 37,100 Debt issuance costs, net 0 (6 ) Total bonds payable, net of unamortized debt issuance costs 0 42,494 Mortgage loan Westin Copley Place Floating (e) August 2019 (e) 225,000 225,000 Debt issuance costs, net (194 ) (568 ) Total mortgage loan, net of unamortized debt issuance costs 224,806 224,432 Total debt $ 1,078,440 $ 1,120,121 (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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 and December 31, 2017 , the Company had interest rate swaps on the full amounts outstanding. See “Derivative and Hedging Activities” below. At September 30, 2018 and 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). (d) The Company repaid the Massport Bonds on their maturity date, March 1, 2018, with available cash. The bonds bore 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. (e) On June 11, 2018, the Company exercised its first available option to extend the maturity date to August 14, 2019. There are two remaining options to extend the maturity date to January 5, 2021, pursuant to certain terms and conditions. The interest-only mortgage loan bears interest at a variable rate ranging from LIBOR plus 1.75% to LIBOR plus 2.00% , depending on Westin Copley Place’s net cash flow (as defined in the loan agreement). Effective the second quarter of 2018 through August 14, 2019, the mortgage loan bears interest at a variable rate of LIBOR plus 1.75% . The interest rate as of September 30, 2018 was LIBOR plus 1.75% , which equaled 3.91% . The interest rate as of December 31, 2017 was LIBOR plus 1.75% , which equaled 3.23% . 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 September 30, 2018 (refer to previous table for extension options) are as follows: 2018 $ 0 2019 225,000 2020 0 2021 555,000 2022 300,000 Total debt $ 1,080,000
Summary Interest Expense and Weighted Average Interest Rates for Borrowings	A summary of the Company’s interest expense and weighted average interest rates for unswapped variable rate debt for the three and nine months ended September 30, 2018 and 2017 is as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Interest Expense: Interest incurred $ 10,116 $ 9,561 $ 29,646 $ 27,553 Amortization of debt issuance costs 543 669 1,884 2,098 Capitalized interest (72 ) (204 ) (325 ) (375 ) Interest expense $ 10,587 $ 10,026 $ 31,205 $ 29,276 Weighted Average Interest Rates for Unswapped Variable Rate Debt: Senior unsecured credit facility N/A N/A N/A N/A LHL unsecured credit facility N/A N/A N/A N/A Massport Bonds (1) N/A 0.95 % 1.25 % 0.84 % Mortgage loan (Westin Copley Place) 3.84 % 2.97 % 3.62 % 2.76 % (1) The Massport Bonds were repaid on March 1, 2018.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables present the effect of derivative instruments on the Company’s accompanying consolidated statements of operations and comprehensive (loss) income, including the location and amount of unrealized gain (loss) on outstanding derivative instruments in cash flow hedging relationships, for the three and nine months ended September 30, 2018 and 2017 : Amount of Gain Recognized in OCI on Derivative Instruments Location of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Amount of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Total Amount of Interest Expense Line Item Presented in the Statement of Operations For the three months ended For the three months ended For the three months ended September 30, September 30, September 30, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,280 $ 517 Interest expense $ (1,078 ) — $ 547 $ 10,587 $ 10,026 Amount of Gain (Loss) Recognized in OCI on Derivative Instruments Location of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Amount of (Gain) Loss Reclassified from AOCI into Net (Loss) Income Total Amount of Interest Expense Line Item Presented in the Statement of Operations For the nine months ended For the nine months ended For the nine months ended September 30, September 30, September 30, 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 14,166 $ (34 ) Interest expense $ (1,787 ) $ 2,030 $ 31,205 $ 29,276

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating Leases of Lessee	A summary of the Company’s hotels subject to non-cancelable operating leases as of September 30, 2018 is as follows: Lease Properties Lease Type Lease Expiration Date Southernmost Beach Resort Key West (Restaurant facility) Ground lease April 2029 (1) Hyatt Regency Boston Harbor Ground lease April 2077 The Hilton San Diego Resort and Spa Ground lease July 2068 (2) 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) On August 21, 2018, the Company entered into a new ground lease agreement, which commences on May 1, 2019. The current ground lease agreement expires on April 30, 2019. (2) The Company entered into a new 50 year ground lease agreement, which commenced on August 1, 2018. (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 September 30, 2018 is as follows: Lease Properties Estimated Present Value of Remaining Rent Payments (1) Lease Expiration Date The Roger $ 4,892 December 2044 Harbor Court Hotel $ 18,603 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.
Future Minimum Rent Payments	As of September 30, 2018 , future minimum rent payments, including capital lease payments, (without reflecting future applicable Consumer Price Index increases) are as follows: 2018 $ 2,890 2019 11,730 2020 12,160 2021 12,256 2022 12,320 Thereafter 557,096 $ 608,452

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on the Preferred Shares during the nine months ended September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.3% Series J $ 0.39 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series I $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.3% Series J $ 0.39 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on common shares/units during the nine months ended September 30, 2018 : Dividend per (1) For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 $ 0.45 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.23 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following common and preferred dividends subsequent to September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I Preferred Shares $ 0.40 September 30, 2018 October 1, 2018 October 15, 2018 6.3% Series J Preferred Shares $ 0.39 September 30, 2018 October 1, 2018 October 15, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes.
Preferred Shares Outstanding	The following Preferred Shares were outstanding as of September 30, 2018 : Security Type Number of 6.375% Series I Preferred Shares 4,400,000 6.3% Series J Preferred Shares 6,000,000

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Awards	A summary of the Company’s nonvested share awards with either market or performance conditions as of September 30, 2018 is as follows: Share Awards (Target Number of Shares) Weighted- Average Grant Date Fair Value Nonvested at January 1, 2018 263,948 $ 27.04 Granted 156,455 23.75 Vested (45,454 ) 36.88 Forfeited (8,202 ) 36.26 Nonvested at September 30, 2018 366,747 $ 24.65 A summary of the Company’s nonvested share awards with service conditions as of September 30, 2018 is as follows: Number of Weighted - Nonvested at January 1, 2018 170,414 $ 28.95 Granted 156,447 25.46 Vested (55,380 ) 31.08 Forfeited (4,732 ) 26.73 Nonvested at September 30, 2018 266,749 $ 26.50
Disclosure of Valuation Assumptions	The assumptions used were as follows for each performance measure: Volatility Interest Dividend Stock Fair Value of Weighting March 21, 2018 Awards (performance period starting January 1, 2018) Target amounts 27.70 % 2.46 % N/A N/A $ 20.00 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.46 33.30 % Peer companies 27.70 % 2.46 % N/A 1.105 $ 21.43 33.30 % March 21, 2018 Awards (performance period starting July 1, 2018) Target amounts 27.70 % 2.46 % N/A N/A $ 24.11 33.40 % Return on invested capital N/A N/A N/A N/A $ 25.46 33.30 % Peer companies 27.70 % 2.46 % N/A 1.105 $ 23.67 33.30 %

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2018
Disaggregation of Revenue [Abstract]
Disaggregated Hotel Operating Revenues	The following tables set forth the Company’s disaggregated hotel operating revenues by the geographic location of its hotels for the three and nine months ended September 30, 2018 and 2017 : For the three months ended September 30, 2018 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 39,709 $ 12,505 $ 3,029 $ 55,243 Chicago 18,723 4,471 1,106 $ 24,300 Key West 7,060 2,136 1,326 $ 10,522 Los Angeles 17,939 2,499 2,030 $ 22,468 New York 25,929 1,089 3,975 $ 30,993 San Diego Downtown 10,151 2,053 1,030 $ 13,234 San Francisco 39,547 6,432 4,066 $ 50,045 Washington, DC 24,110 5,883 3,213 $ 33,206 Other (1) 31,115 14,144 7,140 $ 52,399 $ 214,283 $ 51,212 $ 26,915 $ 292,410 For the nine months ended September 30, 2018 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 99,019 $ 37,606 $ 8,443 $ 145,068 Chicago 45,641 11,326 3,096 $ 60,063 Key West 28,202 7,606 4,150 $ 39,958 Los Angeles 49,166 7,159 5,205 $ 61,530 New York 70,248 4,064 11,390 $ 85,702 San Diego Downtown 28,346 5,664 2,554 $ 36,564 San Francisco 107,851 17,876 11,352 $ 137,079 Washington, DC 84,388 20,067 7,930 $ 112,385 Other (1) 76,510 40,453 17,423 $ 134,386 $ 589,371 $ 151,821 $ 71,543 $ 812,735 (1) For the three and nine months ended September 30, 2018 , other includes Chaminade Resort and Conference Center in Santa Cruz, CA, Embassy Suites Philadelphia - Center City in Philadelphia, PA, L’Auberge Del Mar in Del Mar, CA, San Diego Paradise Point Resort and Spa and The Hilton San Diego Resort and Spa in San Diego, CA and The Heathman Hotel in Portland, OR. For the three months ended September 30, 2017 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 37,866 $ 11,633 $ 2,718 $ 52,217 Chicago 17,567 3,950 1,340 $ 22,857 Key West 5,485 1,592 993 $ 8,070 Los Angeles 19,411 2,651 1,880 $ 23,942 New York 26,266 1,420 3,476 $ 31,162 San Diego Downtown 9,921 2,359 748 $ 13,028 San Francisco (1) 35,390 5,152 4,026 $ 44,568 Washington, DC 26,636 6,701 2,175 $ 35,512 Other (2) 30,477 14,733 6,887 $ 52,097 $ 209,019 $ 50,191 $ 24,243 $ 283,453 For the nine months ended September 30, 2017 Room Food and beverage Other operating department Total hotel operating revenues Boston $ 99,349 $ 37,762 $ 7,367 $ 144,478 Chicago 44,048 11,236 3,654 $ 58,938 Key West 28,205 6,787 3,651 $ 38,643 Los Angeles 53,417 7,928 4,552 $ 65,897 New York 68,502 4,346 9,711 $ 82,559 San Diego Downtown 28,143 6,248 2,117 $ 36,508 San Francisco (1) 103,855 16,093 10,349 $ 130,297 Washington, DC 95,071 22,587 6,254 $ 123,912 Other (2) 89,179 48,816 19,073 $ 157,068 $ 609,769 $ 161,803 $ 66,728 $ 838,300 (1) Includes Hotel Triton which was sold on April 11, 2017. (2) For the three and nine months ended September 30, 2017 , other includes Chaminade Resort and Conference Center in Santa Cruz, CA, Embassy Suites Philadelphia - Center City in Philadelphia, PA, L’Auberge Del Mar in Del Mar, CA, San Diego Paradise Point Resort and Spa and The Hilton San Diego Resort and Spa in San Diego, CA and The Heathman Hotel in Portland, OR. Other also includes the disposition properties of Alexis Hotel (sold on March 31, 2017) and Hotel Deca (sold on January 19, 2017) in Seattle, WA, Westin Philadelphia (sold on June 29, 2017) in Philadelphia, PA and Lansdowne Resort (sold on March 22, 2017) in Lansdowne, VA.

LHL (Tables)

LHL (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate Investment Trust, Operating Support [Abstract]
Summary of Other Indirect Hotel Operating Expenses	Other indirect hotel operating expenses consist of the following expenses incurred by the hotels: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 General and administrative $ 24,006 $ 23,325 $ 70,739 $ 72,885 Sales and marketing 16,820 16,246 49,819 51,813 Repairs and maintenance 9,256 9,115 27,089 28,073 Management and incentive fees 10,086 9,962 26,675 28,131 Utilities and insurance 8,275 7,807 22,517 22,912 Franchise fees 2,236 2,084 6,045 6,422 Other expenses 897 668 1,939 1,804 Total other indirect expenses $ 71,576 $ 69,207 $ 204,823 $ 212,040
Schedule of Hotels Owned	As of September 30, 2018 , 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. Hotel Spero (formerly 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. Montrose West Hollywood (formerly 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)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	Income tax expense was comprised of the following for the three and nine months ended September 30, 2018 and 2017 : For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 LHL’s income tax expense $ 2,742 $ 1,530 $ 3,361 $ 1,398 Operating Partnership’s income tax expense 108 448 455 810 Total income tax expense $ 2,850 $ 1,978 $ 3,816 $ 2,208

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 December 31, 2017 Using Significant Other Observable Inputs (Level 2) Description Consolidated Balance Sheet Location Derivative interest rate instruments Prepaid expenses and other assets $ 23,272 $ 10,893 Derivative interest rate instruments Accounts payable and accrued expenses $ 0 $ 0
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 September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Borrowings under credit facilities $ 0 $ 0 $ 0 $ 0 Term loans $ 855,000 $ 858,271 $ 855,000 $ 857,577 Bonds payable $ 0 $ 0 $ 42,500 $ 42,500 Mortgage loan $ 225,000 $ 224,774 $ 225,000 $ 224,429

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Numerator: Net (loss) income attributable to common shareholders $ (87,409 ) $ 31,107 $ (66,932 ) $ 162,713 Dividends paid on unvested restricted shares 0 (97 ) (179 ) (339 ) Undistributed earnings attributable to unvested restricted shares 0 0 0 (19 ) Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (87,409 ) $ 31,010 $ (67,111 ) $ 162,355 Denominator: Weighted average number of common shares - basic 110,124,868 113,007,475 110,793,969 112,961,365 Effect of dilutive securities: Compensation-related shares 0 375,885 0 382,346 Weighted average number of common shares - diluted 110,124,868 113,383,360 110,793,969 113,343,711 Earnings per Common Share - Basic: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.79 ) $ 0.27 $ (0.61 ) $ 1.44 Earnings per Common Share - Diluted: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.79 ) $ 0.27 $ (0.61 ) $ 1.43

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Information [Abstract]
Supplemental Information to Statements of Cash Flows	For the nine months ended September 30, 2018 2017 Interest paid, net of capitalized interest $ 29,350 $ 27,168 Interest capitalized 325 375 Income taxes (refunded) paid, net (2,844 ) 633 (Decrease) increase in distributions payable on common shares (51,019 ) 63 Decrease in distributions payable on preferred shares 0 (1,288 ) Write-off of fully depreciated furniture, fixtures and equipment 0 618 Write-off of fully amortized debt issuance costs 3,552 5,119 (Decrease) increase in accrued capital expenditures (3,322 ) 5,089 Grant of nonvested shares and awards to employees and executives, net 7,832 8,313 Issuance of common shares for Board of Trustees compensation 557 1,240 In conjunction with the sale of properties, the Company disposed of the following assets and liabilities: Sale proceeds, net of closing costs $ 0 $ 398,178 Other assets 0 10,847 Liabilities 0 (6,625 ) Proceeds from sale of properties $ 0 $ 402,400

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Schedule of Dividends Paid	The Company paid the following dividends on the Preferred Shares during the nine months ended September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I $ 0.40 December 31, 2017 December 29, 2017 January 16, 2018 6.3% Series J $ 0.39 December 31, 2017 December 29, 2017 January 16, 2018 6.375% Series I $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.3% Series J $ 0.39 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series I $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.3% Series J $ 0.39 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following dividends on common shares/units during the nine months ended September 30, 2018 : Dividend per (1) For the Quarter Ended Record Date Date Paid $ 0.45 December 31, 2017 December 29, 2017 January 16, 2018 $ 0.45 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.23 June 30, 2018 June 29, 2018 July 16, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes. The Company paid the following common and preferred dividends subsequent to September 30, 2018 : Security Type Dividend per Share (1) For the Quarter Ended Record Date Date Paid 6.375% Series I Preferred Shares $ 0.40 September 30, 2018 October 1, 2018 October 15, 2018 6.3% Series J Preferred Shares $ 0.39 September 30, 2018 October 1, 2018 October 15, 2018 (1) Amounts are rounded to the nearest whole cent for presentation purposes.

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Sep. 06, 2018USD ($)$ / sharesshares	Sep. 05, 2018	Aug. 07, 2018	Mar. 02, 2018	Sep. 30, 2018USD ($)hotelstateguest_room$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)hotelstateguest_room$ / sharesshares	Sep. 30, 2017USD ($)	Dec. 31, 2017$ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels | hotel					41		41
Number of guest rooms | guest_room					10,450		10,450
Number of states in which hotels located | state					7		7
Ownership percentage by the company					99.90%		99.90%
Ownership percentage by limited partners					0.10%		0.10%
Common units of Operating Partnership interest held by limited partners | shares					145,223		145,223
Business Acquisition [Line Items]
Termination Fee Obligation Expense | $					$ 112,000,000	$ 0	$ 112,000,000	$ 0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01				$ 0.01		$ 0.01		$ 0.01
Preferred shares of beneficial interest, par value (in dollars per share)					$ 0.01		$ 0.01		$ 0.01
Business combination, Termination fee | $	$ 112,000,000
Restricted Shares
Business Acquisition [Line Items]
Number of Shares Earned as a Percentage of Target Shares	180.00%		118.00%	66.70%
Series I Preferred Shares
Business Acquisition [Line Items]
Dividend rate	6.375%						6.375%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Series J Preferred Shares
Business Acquisition [Line Items]
Dividend rate	6.30%						6.30%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
BRE Landmark L.P.
Business Acquisition [Line Items]
Right to Negotiate Period		4 days
Pebblebrook
Business Acquisition [Line Items]
Termination Fee Paid By Third Party | $	$ 112,000,000
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01
Exchange Ratio of Shares/Units	0.92
Business acquisition, Share price	$ 37.80
Maximum Percentage of Common Shares Eligible to be Converted to Cash	30.00%
Business acquisition, Percent of votes required	66.67%
Business combination, Termination fee | $	$ 81,000,000
Pebblebrook | Series E Preferred Shares
Business Acquisition [Line Items]
Dividend rate	6.375%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Conversion of Shares, Shares Converted | shares	1
Pebblebrook | Series F Preferred Shares
Business Acquisition [Line Items]
Dividend rate	6.30%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Conversion of Shares, Shares Converted | shares	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Use of Estimates (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Period of Actual Revenue and Expenses Each Quarter	2 months

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Investment in Hotel Properties (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018
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
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 Accoun_5

Summary of Significant Accounting Policies Share-Based Compensation (Narrative) (Details) - 2014 Plan	9 Months Ended
	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining years	5 years
Vesting period (in years)	3 years

Summary of Significant Accoun_6

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	$ 150,000
Operating Lease, Liability	150,000
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	200,000
Operating Lease, Liability	$ 200,000

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 624,922	$ 624,843
Buildings and improvements	3,310,339	3,271,473
Furniture, fixtures and equipment	849,439	762,150
Investment in hotel properties, gross	4,784,700	4,658,466
Accumulated depreciation	(1,530,826)	(1,392,851)
Investment in hotel properties, net	$ 3,253,874	$ 3,265,615

Investment in Hotel Propertie_3

Investment in Hotel Properties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Real Estate Properties [Line Items]
Buildings and Improvements, Gross	$ 3,310,339		$ 3,310,339		$ 3,271,473
Real Estate Investment Property, Accumulated Depreciation	1,530,826		1,530,826		1,392,851
Depreciation	46,139	$ 43,205	137,988	$ 134,264
Assets Held under Capital Leases
Real Estate Properties [Line Items]
Buildings and Improvements, Gross	147,322		147,322		147,322
Real Estate Investment Property, Accumulated Depreciation	$ 30,174		$ 30,174		$ 26,973

Investment in Hotel Propertie_4

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	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property								$ 0	$ 398,178
Gain on sale of property						$ 0	$ 31	$ 0	85,545
Hotel Deca
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property					$ 55,000
Gain on sale of property							0		30,656
Lansdowne Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property				$ 133,000
Gain on sale of property							0		10,253
Alexis Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property			$ 71,625
Gain on sale of property							0		33,420
Hotel Triton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property		$ 14,250
Gain on sale of property							0		6,739
Westin Philadelphia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property	$ 135,000
Gain on sale of property							$ 31		$ 4,477

Long-Term Debt Summary (Details

Long-Term Debt Summary (Details)	9 Months Ended	12 Months Ended	16 Months Ended
	Sep. 30, 2018USD ($)extension	Dec. 31, 2017USD ($)	Aug. 14, 2019
Debt Instrument [Line Items]
Credit facilities	$ 0	$ 0
Term loans	853,634,000	853,195,000
Massport Bonds	0	42,494,000
Mortgage loan	224,806,000	224,432,000
Debt issuance costs, net	(2,456,000)	(3,274,000)
Total debt	1,080,000,000
Line of Credit | Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facilities	$ 0	0
Number of extension options | extension	2
Extension option period	6 months
Line of Credit | LHL Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facilities	$ 0	0
Number of extension options | extension	2
Extension option period	6 months
Term Loan
Debt Instrument [Line Items]
Debt issuance costs, net	$ (1,366,000)	(1,805,000)
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term loans	$ 300,000,000	$ 300,000,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.23%	3.23%
Term Loan | Second Term Loan
Debt Instrument [Line Items]
Term loans	$ 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	$ 0	$ (6,000)
Bonds Payable | Taxable Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds	0	$ 5,400,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.70%
Bonds Payable | Tax Exempt Bond of Hyatt Regency Boston Harbor
Debt Instrument [Line Items]
Massport Bonds	0	$ 37,100,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.78%
Mortgage
Debt Instrument [Line Items]
Debt issuance costs, net	(194,000)	$ (568,000)
Mortgage | Westin Copley Place
Debt Instrument [Line Items]
Mortgage loan	$ 225,000,000	$ 225,000,000
Debt Instrument, Number of Extension Options | extension	2
Debt Instrument, Interest Rate, Effective Percentage	3.91%	3.23%
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) | Scenario, Forecast
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			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	$ 1,078,440,000	$ 1,120,121,000

Long-Term Debt Future Scheduled

Long-Term Debt Future Scheduled Debt Principal Payments (Details) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,018	$ 0
2,019	225,000
2,020	0
2,021	555,000
2,022	300,000
Total debt	$ 1,080,000

Long-Term Debt Summary of Sched

Long-Term Debt Summary of Schedule of Interest Expense and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Expense: [Abstract]
Interest incurred	$ 10,116	$ 9,561	$ 29,646	$ 27,553
Amortization of debt issuance costs	543	669	1,884	2,098
Capitalized interest	(72)	(204)	(325)	(375)
Interest expense	$ 10,587	$ 10,026	$ 31,205	$ 29,276
Bonds Payable | Massport Bonds
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt		0.95%	1.25%	0.84%
Mortgage | Westin Copley Place
Interest Expense: [Abstract]
Weighted Average Interest Rates for Unswapped Variable Rate Debt	3.84%	2.97%	3.62%	2.76%

Long-Term Debt Credit Facilitie

Long-Term Debt Credit Facilities (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)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
Line of Credit Facility, Number of Extension Options | extension	2
Extension option period	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	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)	9 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Term loans	$ 853,634,000	$ 853,195,000
Debt Instrument, Covenant, Leverage Ratio	6.50
Debt Instrument, Covenant, Leverage Ratio, Number of Quarters, Measurement Period	2
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term loans	$ 300,000,000	300,000,000
Lender commitments	500,000,000
Term Loan | Second Term Loan
Debt Instrument [Line Items]
Term loans	555,000,000	$ 555,000,000
Lender commitments	$ 700,000,000

Long-Term Debt Derivative and H

Long-Term Debt Derivative and Hedging Activities (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated other comprehensive income	$ 23,242,000	$ 10,880,000
Derivative Instruments, Gain Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer (in months)	12 months
Term Loan | First Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.23%	3.23%
Term Loan | Second 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]
Cumulative unrealized gain	$ 23,272,000	$ 10,893,000
Accumulated other comprehensive income	23,242,000	10,880,000
Derivative change in fair value attributable to noncontrolling interests	30,000	$ 13,000
Amount reclassified from AOCI and noncontrolling interests and recognized as an increase to income in the next 12 months	4,704,000
Designated as Hedging Instrument | Interest Rate Swap | First Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	300,000,000
Designated as Hedging Instrument | Interest Rate Swap | Second Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	555,000,000
Designated as Hedging Instrument | Interest Rate Swap | Second Term Loan, Interest Rate Period Hedged from May 16, 2019 through January 29, 2021 | Second Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 377,500,000

Long-Term Debt Derivative and_2

Long-Term Debt Derivative and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total Amount of Interest Expense Line Item Presented in the Statement of Operations	$ 10,587	$ 10,026	$ 31,205	$ 29,276
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative Instruments	2,280	517	14,166	(34)
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Reclassified from AOCI into Net (Loss) Income	(1,078)	547	(1,787)	2,030
Total Amount of Interest Expense Line Item Presented in the Statement of Operations	$ 10,587	$ 10,026	$ 31,205	$ 29,276

Long-Term Debt Extinguishment o

Long-Term Debt Extinguishment of Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Disclosure [Abstract]
Loss from extinguishment of debt	$ 0	$ 0	$ 0	$ 1,706

Commitments and Contingencies G

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Operating Leases (Details) - Hotel	9 Months Ended
	Sep. 30, 2018payment
The Hilton San Diego Resort And Spa
Operating Leased Assets [Line Items]
Lease term (in years)	50 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 Contingencies_2

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Straight-line ground rent	$ 449	$ 459	$ 1,352	$ 1,384
Ground rent	4,790	4,788	12,864	11,996
Hotel | The Roger
Capital Leased Assets [Line Items]
Payments related to leases	99	99	298	298
Hotel | Harbor Court Hotel
Capital Leased Assets [Line Items]
Payments related to leases	$ 372	$ 335	$ 937	$ 921

Commitments and Contingencies_3

Commitments and Contingencies Ground, Land and Building, and Air Rights Leases - Capital Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
The Roger
Capital Leased Assets [Line Items]
Estimated Present Value of Remaining Rent Payments	$ 4,892
Harbor Court Hotel
Capital Leased Assets [Line Items]
Estimated Present Value of Remaining Rent Payments	$ 18,603

Commitments and Contingencies F

Commitments and Contingencies Future Minimum Rent Payments (Details) - Operating and Capital Leases $ in Thousands	Sep. 30, 2018USD ($)
Capital Leased Assets [Line Items]
2,018	$ 2,890
2,019	11,730
2,020	12,160
2,021	12,256
2,022	12,320
Thereafter	557,096
Total	$ 608,452

Commitments and Contingencies R

Commitments and Contingencies Reserve Funds for Future Capital Expenditures (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of reserve funds provided by the company	4.00%
Restricted cash and cash equivalents available for capital expenditures	$ 13,267

Commitments and Contingencies_4

Commitments and Contingencies Restricted Cash Reserves (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Restricted cash reserves	$ 14,996	$ 14,262
Restricted cash and cash equivalents available for capital expenditures	13,267
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) - Common Shares - 2014 Plan	Aug. 07, 2018shares	Mar. 21, 2018installmentshares	Mar. 02, 2018shares	Jan. 01, 2018shares
Board of Trustees
Class of Stock [Line Items]
Shares issued during period, Shares, Share-based compensation				19,125
Additional deferred shares issued				5,832
Executives | Restricted Shares
Class of Stock [Line Items]
Shares issued during period, Shares, Restricted share awards	29,044		16,410
Executives and Employees | Nonvested Share Awards with Service Conditions
Class of Stock [Line Items]
Shares issued during period, Shares, Share-based compensation		148,591
Number of annual installments in which shares vest | installment		3

Equity Common Dividends (Detail

Equity Common Dividends (Details) - $ / shares	Jul. 16, 2018	Apr. 16, 2018	Jan. 16, 2018
Common Shares
Class of Stock [Line Items]
Dividend per Share/Unit (in dollars per share)	$ 0.23	$ 0.45	$ 0.45

Equity Treasury Shares (Narrati

Equity Treasury Shares (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Repurchase of common shares into treasury	49,881
Payments for repurchase of common shares	$ 75,846,000	$ 4,241,000
Common shares held in treasury	2,853,690
Share Awards with Market or Performance Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued	45,454
Share Awards with Service Conditions
Class of Stock [Line Items]
Number of treasury shares re-issued	156,447
Board of Trustees
Class of Stock [Line Items]
Number of treasury shares re-issued	19,125
Repurchase Program
Class of Stock [Line Items]
Repurchase of common shares into treasury	2,982,800
Share repurchase program, authorized	$ 600,000,000
Payments for repurchase of common shares	74,515,000
Payments for commissions	60,000
Share repurchase program, remaining authorized	$ 495,351,000

Equity Preferred Shares Outstan

Equity Preferred Shares Outstanding (Details) - shares	Sep. 06, 2018	Sep. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Number of Shares		10,400,000	10,400,000
6.375% Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.375%	6.375%
Number of Shares		4,400,000
6.3% Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.30%	6.30%
Number of Shares		6,000,000

Equity Preferred Shares (Narrat

Equity Preferred Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 06, 2018	May 04, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	May 25, 2021	Dec. 31, 2017
Class of Stock [Line Items]
Preferred shares of beneficial interest, par value (in dollars per share)			$ 0.01		$ 0.01			$ 0.01
Preferred Shares Redeemed, Value						$ 68,770
Distributions payable			$ 4,116		$ 4,116			$ 55,135
Issuance costs of redeemed preferred shares			0	$ 0	0	2,401
Offering costs			$ 82,865		$ 82,865			$ 82,842
Series H Preferred Shares
Class of Stock [Line Items]
Dividend rate		7.50%
Preferred shares of beneficial interest, par value (in dollars per share)		$ 0.01
Preferred Shares Redeemed, Value		$ 68,750
Redemption price per preferred share (in dollars per share)		$ 25
Distributions payable		$ 272
Issuance costs of redeemed preferred shares						$ 2,401
Offering costs		$ 2,401
Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.375%				6.375%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Redemption price per preferred share (in dollars per share)			$ 25		$ 25
Right to convert to a number of common shares, capped			8,835,200		8,835,200
Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.30%				6.30%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Redemption price per preferred share (in dollars per share)			$ 25		$ 25
Preferred shares redeemable term after change in control (in days)					120 days
Right to convert to a number of common shares, capped			12,842,400		12,842,400
Series J Preferred Shares | Scenario, Forecast
Class of Stock [Line Items]
Redemption price per preferred share (in dollars per share)							$ 25
Series E Preferred Shares | Pebblebrook
Class of Stock [Line Items]
Dividend rate	6.375%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Conversion of Shares, Shares Converted	1
Series F Preferred Shares | Pebblebrook
Class of Stock [Line Items]
Dividend rate	6.30%
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Conversion of Shares, Shares Converted	1

Equity Preferred Dividends (Det

Equity Preferred Dividends (Details) - $ / shares	Sep. 06, 2018	Jul. 16, 2018	Apr. 16, 2018	Jan. 16, 2018	Sep. 30, 2018
6.375% Series I Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.375%				6.375%
Dividend per Share (in dollars per share)		$ 0.40	$ 0.40	$ 0.40
6.3% Series J Preferred Shares
Class of Stock [Line Items]
Dividend rate	6.30%				6.30%
Dividend per Share (in dollars per share)		$ 0.39	$ 0.39	$ 0.39

Equity Noncontrolling Interest

Equity Noncontrolling Interest of Common Units in Operating Partnership (Narrative) (Details) $ / shares in Units, $ in Thousands	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 06, 2018
Class of Stock [Line Items]
Common units of limited partnership | shares	145,223
Partnership interest held by limited partners	0.10%
Common units of operating partnership interest for cash or common shares | $	$ 5,023
Share price (in dollars per share) | $ / shares	$ 34.59
Pebblebrook
Class of Stock [Line Items]
Exchange Ratio of Shares/Units		0.92

Equity Incentive Plan (Narrativ

Equity Incentive Plan (Narrative) (Details) - 2014 Plan	9 Months Ended
	Sep. 30, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common shares to be issued (in shares)	2,900,000
Common shares 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)	2,291,284

Equity Incentive Plan Nonvested

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
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	$ 4,613		$ 4,613		$ 3,214
Weighted-average recognized period (in years)			1 year 4 months 24 days		1 year 4 months 24 days
Total fair value of vested shares	0	$ 20	$ 1,555	$ 4,437
Compensation costs	$ 818	$ 732	$ 2,457	$ 2,415
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 Nonvest_2

Equity Incentive Plan Nonvested Share Awards with Service Conditions (Details) - Nonvested Share Awards with Service Conditions	9 Months Ended
	Sep. 30, 2018$ / 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	170,414
Number of Shares, Granted | shares	156,447
Number of Shares, Vested | shares	(55,380)
Number of Shares, Forfeited | shares	(4,732)
Nonvested, Number of Shares Ending Balance | shares	266,749
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	$ 28.95
Weighted- Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	25.46
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	31.08
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	26.73
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share) | $ / shares	$ 26.50

Equity Incentive Plan Nonvest_3

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Narrative) (Details) $ in Thousands	Sep. 06, 2018	Aug. 07, 2018USD ($)shares	Mar. 21, 2018tranchepeer_companyshares	Mar. 02, 2018USD ($)shares	Mar. 19, 2015shares	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions on earned shares from share awards with market conditions | $								$ (262)	$ (780)
Nonvested Share Awards with Market or Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target			152,024		49,225			156,455
Number of Shares, Earned								45,454
Percentage of target shares					100.00%
Number of Shares, Forfeited								8,202
Share-based Compensation Arrangement by Share-based Payment Award, Performance Shares Outstanding			0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Tranches | tranche			3
Share-based Compensation Arrangement by Share-based Payment Award, Peer Companies | peer_company			10
Unrecognized compensation costs | $						$ 6,159		$ 6,159		$ 4,941
Weighted-average recognized period (in years)								2 years		2 years
Number of Shares, Vested						655,221		655,221		609,767
Compensation costs | $						$ 1,152	$ 798	$ 2,758	$ 2,638
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%
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%
Nonvested Share Awards with Market or Performance Conditions | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target			76,013		24,612
Nonvested Share Awards with Market or Performance Conditions | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Target			76,011		24,613
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					12,435
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Earned as a Percentage of Target Shares	180.00%	118.00%		66.70%
Number of Shares, Earned		29,044		16,410
Number of Shares, Forfeited				8,202
Distributions on earned shares from share awards with market conditions | $		$ 175		$ 87

Equity Incentive Plan Nonvest_4

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Assumptions for Performance Measure) (Details) - Restricted Shares	Mar. 21, 2018$ / shares
March 21, 2018 Awards (performance period starting January 1, 2018)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	27.70%
Volatility, Peer companies	27.70%
Interest Rates, Target amounts	2.46%
Interest Rates, Peer companies	2.46%
Stock Beta, Peer companies	1.105
Fair Value of Components of Award, Target amounts (in dollars per share)	$ 20
Fair Value of Components of Award, Return on invested capital (in dollars per share)	25.46
Fair Value of Components of Award, Peer companies (in dollars per share)	$ 21.43
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%
March 21, 2018 Awards (performance period starting July 1, 2018)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, Target amounts	27.70%
Volatility, Peer companies	27.70%
Interest Rates, Target amounts	2.46%
Interest Rates, Peer companies	2.46%
Stock Beta, Peer companies	1.105
Fair Value of Components of Award, Target amounts (in dollars per share)	$ 24.11
Fair Value of Components of Award, Return on invested capital (in dollars per share)	25.46
Fair Value of Components of Award, Peer companies (in dollars per share)	$ 23.67
Weighting of Total Awards, Target amounts	33.40%
Weighting of Total Awards, Return on invested capital	33.30%
Weighting of Total Awards, Peer companies	33.30%

Equity Incentive Plan Nonvest_5

Equity Incentive Plan Nonvested Share Awards with Market or Performance Conditions (Summary of Nonvested Share Awards) (Details) - Nonvested Share Awards with Market or Performance Conditions - $ / shares	Mar. 21, 2018	Mar. 19, 2015	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested, Number of Shares Beginning Balance			263,948
Number of Shares, Granted	152,024	49,225	156,455
Number of Shares, Vested			(45,454)
Number of Shares, Forfeited			(8,202)
Nonvested, Number of Shares Ending Balance			366,747
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, Weighted - Average Grant Date Fair Value Beginning Balance (in dollars per share)			$ 27.04
Weighted- Average Grant Date Fair Value, Granted (in dollars per share)			23.75
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)			36.88
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)			36.26
Nonvested, Weighted - Average Grant Date Fair Value Ending Balance (in dollars per share)			$ 24.65

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	$ 292,410	$ 283,453	$ 812,735	$ 838,300
Boston
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	55,243	52,217	145,068	144,478
Chicago
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	24,300	22,857	60,063	58,938
Key West
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	10,522	8,070	39,958	38,643
Los Angeles
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	22,468	23,942	61,530	65,897
New York
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	30,993	31,162	85,702	82,559
San Diego Downtown
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	13,234	13,028	36,564	36,508
San Francisco
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	50,045	44,568	137,079	130,297
Washington, DC
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	33,206	35,512	112,385	123,912
Other
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	52,399	52,097	134,386	157,068
Room
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	214,283	209,019	589,371	609,769
Room | Boston
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	39,709	37,866	99,019	99,349
Room | Chicago
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	18,723	17,567	45,641	44,048
Room | Key West
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	7,060	5,485	28,202	28,205
Room | Los Angeles
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	17,939	19,411	49,166	53,417
Room | New York
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	25,929	26,266	70,248	68,502
Room | San Diego Downtown
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	10,151	9,921	28,346	28,143
Room | San Francisco
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	39,547	35,390	107,851	103,855
Room | Washington, DC
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	24,110	26,636	84,388	95,071
Room | Other
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	31,115	30,477	76,510	89,179
Food and beverage
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	51,212	50,191	151,821	161,803
Food and beverage | Boston
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	12,505	11,633	37,606	37,762
Food and beverage | Chicago
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	4,471	3,950	11,326	11,236
Food and beverage | Key West
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	2,136	1,592	7,606	6,787
Food and beverage | Los Angeles
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	2,499	2,651	7,159	7,928
Food and beverage | New York
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	1,089	1,420	4,064	4,346
Food and beverage | San Diego Downtown
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	2,053	2,359	5,664	6,248
Food and beverage | San Francisco
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	6,432	5,152	17,876	16,093
Food and beverage | Washington, DC
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	5,883	6,701	20,067	22,587
Food and beverage | Other
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	14,144	14,733	40,453	48,816
Other operating department
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	26,915	24,243	71,543	66,728
Other operating department | Boston
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	3,029	2,718	8,443	7,367
Other operating department | Chicago
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	1,106	1,340	3,096	3,654
Other operating department | Key West
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	1,326	993	4,150	3,651
Other operating department | Los Angeles
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	2,030	1,880	5,205	4,552
Other operating department | New York
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	3,975	3,476	11,390	9,711
Other operating department | San Diego Downtown
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	1,030	748	2,554	2,117
Other operating department | San Francisco
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	4,066	4,026	11,352	10,349
Other operating department | Washington, DC
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	3,213	2,175	7,930	6,254
Other operating department | Other
Disaggregation of Revenue [Line Items]
Disaggregated hotel operating revenues	$ 7,140	$ 6,887	$ 17,423	$ 19,073

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Abstract]
Revenue recognized from contract liabilities	$ 1,657	$ 1,872	$ 24,532	$ 28,920

LHL Schedule of Other Indirect

LHL Schedule of Other Indirect Hotel Operating Expenses (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)
Real Estate Properties [Line Items]
General and administrative	$ 6,313	$ 6,475	$ 19,496	$ 19,946
Other expenses	1,351	3,179	4,160	6,656
Total other indirect expenses	$ 71,576	69,207	$ 204,823	212,040
Number of hotels | hotel	41		41
LHL
Real Estate Properties [Line Items]
General and administrative	$ 24,006	23,325	$ 70,739	72,885
Sales and marketing	16,820	16,246	49,819	51,813
Repairs and maintenance	9,256	9,115	27,089	28,073
Management and incentive fees	10,086	9,962	26,675	28,131
Utilities and insurance	8,275	7,807	22,517	22,912
Franchise fees	2,236	2,084	6,045	6,422
Other expenses	897	668	1,939	1,804
Total other indirect expenses	$ 71,576	$ 69,207	$ 204,823	$ 212,040
Number of hotels | hotel	41		41

Income Taxes Schedule of Income

Income Taxes Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Income Taxes [Line Items]
Income tax expense	$ 2,850	$ 1,978	$ 3,816	$ 2,208
LHL's income tax expense
Schedule of Income Taxes [Line Items]
Income tax expense	2,742	1,530	3,361	1,398
Operating Partnership's income tax expense
Schedule of Income Taxes [Line Items]
Income tax expense	$ 108	$ 448	$ 455	$ 810

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	Sep. 06, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Income Taxes [Line Items]
Income before income tax expense		$ (80,388,000)	$ 37,219,000	$ (50,647,000)	$ 95,935,000
Pebblebrook
Schedule of Income Taxes [Line Items]
Termination Fee Paid By Third Party	$ 112,000,000
LHL
Schedule of Income Taxes [Line Items]
Federal and state effective tax rate				29.50%
Income before income tax expense				$ 11,014,000

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	Sep. 30, 2018	Dec. 31, 2017
Prepaid Expenses and Other Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative interest rate instruments, Prepaid expenses and other assets	$ 23,272	$ 10,893
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	$ 0

Fair Value Measurements Sched_2

Fair Value Measurements Schedule of Fair Value and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
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 loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	855,000	855,000
Term loan | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	858,271	857,577
Bonds payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0	42,500
Bonds payable | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	0	42,500
Mortgage loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	225,000	225,000
Mortgage loan | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 224,774	$ 224,429

Fair Value Measurements Financi

Fair Value Measurements Financial Instruments Not Measured at Fair Value (Narrative) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Assumptions, Weighted Average Effective Debt Interest Rate	1.50%	1.60%
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	1.40%	1.40%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	2.00%	2.30%

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive compensation-related shares outstanding	466,178	434,413

Earnings Per Common Share Sched

Earnings Per Common Share Schedule of Computation of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net (loss) income attributable to common shareholders	$ (87,409)	$ 31,107	$ (66,932)	$ 162,713
Dividends paid on unvested restricted shares	0	(97)	(179)	(339)
Undistributed earnings attributable to unvested restricted shares	0	0	0	(19)
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (87,409)	$ 31,010	$ (67,111)	$ 162,355
Denominator:
Weighted average number of common shares - basic	110,124,868	113,007,475	110,793,969	112,961,365
Compensation-related shares	0	375,885	0	382,346
Weighted average number of common shares - diluted	110,124,868	113,383,360	110,793,969	113,343,711
Earnings per Common Share - Basic:
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ (0.79)	$ 0.27	$ (0.61)	$ 1.44
Earnings per Common Share - Diluted:
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)	$ (0.79)	$ 0.27	$ (0.61)	$ 1.43

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
Interest paid, net of capitalized interest	$ 29,350	$ 27,168
Interest capitalized	325	375
Income taxes (refunded) paid, net	(2,844)	633
(Decrease) increase in distributions payable on common shares	(51,019)	63
Decrease in distributions payable on preferred shares	0	(1,288)
Write off of fully depreciated furniture, fixtures and equipment	0	618
Write-off of fully amortized debt issuance costs	3,552	5,119
(Decrease) increase in accrued capital expenditures	(3,322)	5,089
Grant of nonvested shares and awards to employees and executives, net	7,832	8,313
Issuance of common shares for Board of Trustees compensation	557	1,240
Sale proceeds, net of closing costs	0	398,178
Other assets	0	10,847
Liabilities	0	(6,625)
Proceeds from sale of properties	$ 0	$ 402,400

Subsequent Events Dividends (De

Subsequent Events Dividends (Details) - $ / shares	Oct. 15, 2018	Sep. 06, 2018	Jul. 16, 2018	Apr. 16, 2018	Jan. 16, 2018	Sep. 30, 2018
6.375% Series I Preferred Shares
Subsequent Event [Line Items]
Dividend rate		6.375%				6.375%
Dividend per Share (in dollars per share)			$ 0.40	$ 0.40	$ 0.40
6.3% Series J Preferred Shares
Subsequent Event [Line Items]
Dividend rate		6.30%				6.30%
Dividend per Share (in dollars per share)			$ 0.39	$ 0.39	$ 0.39
Subsequent Event | 6.375% Series I Preferred Shares
Subsequent Event [Line Items]
Dividend rate	6.375%
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%
Dividend per Share (in dollars per share)	$ 0.39