Sunstone Hotel Investors (SHO) 10-Q12 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 01, 2013
Document and Entity Information	'	'
Entity Registrant Name	'Sunstone Hotel Investors, Inc.	'
Entity Central Index Key	'0001295810	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	182,870,062
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets:	'	'
Cash and cash equivalents	$100,225	$157,217
Restricted cash	84,139	78,394
Accounts receivable, net	41,223	27,498
Inventories	1,288	1,377
Prepaid expenses	10,815	10,739
Assets held for sale, net	'	132,335
Total current assets	237,690	407,560
Investment in hotel properties, net	2,977,049	2,681,877
Deferred financing fees, net	9,955	11,931
Goodwill	9,405	9,405
Other assets, net	21,587	25,902
Total assets	3,255,686	3,136,675
Current liabilities:	'	'
Accounts payable and accrued expenses	25,806	22,646
Accrued payroll and employee benefits	28,650	26,738
Dividends payable	10,444	7,437
Other current liabilities	36,097	30,963
Current portion of notes payable	23,351	76,723
Notes payable of assets held for sale	'	27,270
Liabilities of assets held for sale	'	8,228
Total current liabilities	124,348	200,005
Notes payable, less current portion	1,387,006	1,286,666
Capital lease obligations, less current portion	15,594	15,621
Other liabilities	39,901	15,070
Total liabilities	1,566,849	1,517,362
Commitments and contingencies (Note 12)	'	'
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, $0.01 par value, 4,102,564 shares authorized, zero shares issued and outstanding at September 30, 2013 and 4,102,564 shares issued and outstanding at December 31, 2012, liquidation preference of $24.375 per share	'	100,000
Preferred stock	'	'
Common stock, $0.01 par value, 500,000,000 shares authorized, 160,855,950 shares issued and outstanding at September 30, 2013 and 135,237,438 shares issued and outstanding at December 31, 2012	1,609	1,352
Additional paid in capital	1,796,656	1,493,397
Retained earnings	219,837	158,376
Cumulative dividends	-500,001	-475,144
Accumulated other comprehensive loss	'	-5,335
Total stockholders' equity	1,633,101	1,463,896
Non-controlling interest in consolidated joint ventures	55,736	55,417
Total equity	1,688,837	1,519,313
Total liabilities and equity	3,255,686	3,136,675
Series A Cumulative Redeemable Preferred Stock	'	'
Preferred stock	'	'
Preferred stock 8.0% Cumulative Redeemable Preferred Stock	'	176,250
Series D Cumulative Redeemable Preferred Stock	'	'
Preferred stock	'	'
Preferred stock 8.0% Cumulative Redeemable Preferred Stock	$115,000	$115,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, par value (in dollars per share)	'	$0.01
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, shares authorized (in shares)	4,102,564	4,102,564
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, shares issued (in shares)	0	4,102,564
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, shares outstanding (in shares)	0	4,102,564
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, liquidation preference (in dollars per share)	'	$24.38
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	160,855,950	135,237,438
Common stock, shares outstanding (in shares)	160,855,950	135,237,438

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
Room	$181,708	$147,405	$482,591	$415,329
Food and beverage	53,080	44,007	155,550	143,010
Other operating	15,582	13,629	41,788	37,778
Total revenues	250,370	205,041	679,929	596,117
OPERATING EXPENSES	'	'	'	'
Room	46,347	38,062	124,338	107,019
Food and beverage	37,913	32,888	108,067	99,770
Other operating	4,284	4,151	12,413	11,774
Advertising and promotion	12,261	10,280	34,766	30,374
Repairs and maintenance	9,394	7,721	26,043	22,797
Utilities	7,895	6,943	20,207	18,839
Franchise costs	8,770	7,957	24,019	21,421
Property tax, ground lease and insurance	20,435	17,405	58,200	50,243
Property general and administrative	27,067	22,891	75,961	68,412
Corporate overhead	6,586	6,114	20,116	18,887
Depreciation and amortization	35,050	34,381	101,241	96,568
Total operating expenses	216,002	188,793	605,371	546,104
Operating income	34,368	16,248	74,558	50,013
Interest and other income	727	18	2,078	155
Interest expense	-18,854	-19,312	-53,540	-58,100
Loss on extinguishment of debt	'	'	-44	-191
Income (loss) before income taxes and discontinued operations	16,241	-3,046	23,052	-8,123
Income tax provision	-424	'	-6,710	'
Income (loss) from continuing operations	15,817	-3,046	16,342	-8,123
Income from discontinued operations	'	42,602	48,410	46,566
NET INCOME	15,817	39,556	64,752	38,443
Income from consolidated joint venture attributable to non-controlling interest	-1,768	-827	-3,291	-1,694
Distributions to non-controlling interest	-8	-8	-24	-24
Dividends paid on unvested restricted stock compensation	-101	'	-101	'
Preferred stock dividends and redemption charges	-2,300	-7,437	-16,713	-22,311
Undistributed income allocated to unvested restricted stock compensation	-30	-352	-295	-162
INCOME AVAILABLE TO COMMON STOCKHOLDERS	11,610	30,932	44,328	14,252
COMPREHENSIVE INCOME	$11,610	$39,615	$44,328	$38,619
Basic and diluted per share amounts:	'	'	'	'
Income (loss) from continuing operations available (attributable) to common stockholders (in dollars per share)	$0.07	($0.09)	($0.02)	($0.26)
Income from discontinued operations (in dollars per share)	'	$0.32	$0.30	$0.37
Basic and diluted income available to common stockholders per common share (in dollars per share)	$0.07	$0.23	$0.28	$0.11
Basic and diluted weighted average common shares outstanding (in shares)	160,856	135,236	157,628	124,271
Dividends declared per common share (in dollars per share)	$0.05	'	$0.05	'

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (USD $)	Total	Common Stock	Additional Paid In Capital	Retained Earnings	Cumulative Dividends	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Consolidated Joint Ventures	Preferred Stock, Series A	Preferred Stock, Series A	Preferred Stock, Series D
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)		Preferred Stock	Preferred Stock
									USD ($)	USD ($)
Balance at Dec. 31, 2012	$1,519,313	$1,352	$1,493,397	$158,376	($475,144)	($5,335)	$55,417	'	$176,250	$115,000
Balance (in shares) at Dec. 31, 2012	'	135,237,438	'	'	'	'	'	'	7,050,000	4,600,000
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock	294,875	253	294,622	'	'	'	'	'	'	'
Net proceeds from sale of common stock (in shares)	'	25,300,000	'	'	'	'	'	'	'	'
Vesting of restricted common stock	3,871	4	3,867	'	'	'	'	'	'	'
Vesting of restricted common stock (in shares)	'	318,512	'	'	'	'	'	'	'	'
Redemption of Series A and Series C preferred stock	-176,250	'	4,770	'	-4,770	'	'	'	-176,250	'
Redemption of Series A and Series C preferred stock (in shares)	'	'	'	'	'	'	'	-7,050,000	-7,050,000	'
Distributions to non-controlling interest	-2,972	'	'	'	'	'	-2,972	'	'	'
Common stock dividends payable at $0.05 per share year-to-date	-8,144	'	'	'	-8,144	'	'	'	'	'
Series A preferred dividends at $0.50 per share through redemption date	-2,350	'	'	'	-2,350	'	'	'	'	'
Series C preferred dividends at $0.786 per share through redemption date	-2,693	'	'	'	-2,693	'	'	'	'	'
Series D preferred dividends and dividends payable at $1.50 per share year-to-date	-6,900	'	'	'	-6,900	'	'	'	'	'
Net income	64,752	'	'	61,461	'	'	3,291	'	'	'
Pension liability adjustment	5,335	'	'	'	'	5,335	'	'	'	'
Balance at Sep. 30, 2013	$1,688,837	$1,609	$1,796,656	$219,837	($500,001)	'	$55,736	'	'	$115,000
Balance (in shares) at Sep. 30, 2013	'	160,855,950	'	'	'	'	'	'	'	4,600,000

CONSOLIDATED_STATEMENT_OF_EQUI1

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $)	9 Months Ended
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $)	Sep. 30, 2013
CONSOLIDATED STATEMENT OF EQUITY	'
Common stock dividends payable (in dollars per share)	$0.05
Series A preferred dividends, per share (in dollars per share)	$0.50
Series C preferred dividends, per share (in dollars per share)	$0.79
Series D preferred dividends and dividends payable, per share (in dollars per share)	$1.50

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$64,752,000	$38,443,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Bad debt expense	252,000	22,000
Gain on sales of hotel properties and other assets, net	-51,625,000	-38,270,000
Loss on extinguishment of debt	3,159,000	191,000
(Gain) loss on derivatives, net	-429,000	595,000
Depreciation	96,345,000	95,905,000
Amortization of franchise fees and other intangibles	8,255,000	14,835,000
Amortization and write-off of deferred financing fees	2,221,000	3,059,000
Amortization of loan discounts	3,000	791,000
Amortization of deferred stock compensation	3,578,000	2,654,000
Changes in operating assets and liabilities:	'	'
Restricted cash	-11,679,000	30,000
Accounts receivable	-9,500,000	5,176,000
Inventories	1,700,000	-107,000
Prepaid expenses and other assets	4,285,000	-6,778,000
Accounts payable and other liabilities	16,084,000	10,765,000
Accrued payroll and employee benefits	-2,920,000	1,274,000
Discontinued operations	432,000	163,000
Net cash provided by operating activities	124,913,000	128,748,000
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Proceeds from sales of hotel properties and other assets	195,621,000	46,363,000
Restricted cash - replacement reserve	6,430,000	-8,922,000
Acquisitions of hotel properties and other assets	-188,019,000	-120,003,000
Renovations and additions to hotel properties and other assets	-91,652,000	-76,639,000
Payment for interest rate derivative	-12,000	'
Net cash used in investing activities	-77,632,000	-159,201,000
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Redemption of preferred stock	-276,250,000	'
Proceeds from common stock offering	295,251,000	126,533,000
Payment of common stock offering costs	-376,000	-431,000
Proceeds from credit facility	35,750,000	15,000,000
Payments on notes payable and credit facility	-135,245,000	-68,039,000
Payment for costs related to extinguishment of notes payable	-3,108,000	-70,000
Payments of deferred financing costs	-243,000	-1,320,000
Dividends paid	-17,080,000	-22,311,000
Distributions to non-controlling interest	-2,972,000	-4,810,000
Net cash (used in) provided by financing activities	-104,273,000	44,552,000
Net (decrease) increase in cash and cash equivalents	-56,992,000	14,099,000
Cash and cash equivalents, beginning of period	157,217,000	149,198,000
Cash and cash equivalents, end of period	100,225,000	163,297,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'
Cash paid for interest	52,498,000	60,139,000
Cash paid for income taxes	5,396,000	'
NONCASH INVESTING ACTIVITY	'	'
Accounts payable related to renovations and additions to hotel properties and other assets	5,432,000	6,347,000
Amortization of deferred stock compensation - construction activities	293,000	225,000
NONCASH FINANCING ACTIVITY	'	'
Assumption of debt in connection with acquisition of hotel property	119,190,000	'
Issuance of common stock in connection with acquisition of hotel property	'	51,160,000
Assignment of debt in connection with dispositions of hotel properties	'	-122,622,000
Dividends payable	$10,444,000	$7,437,000

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2013
Organization and Description of Business	'
Organization and Description of Business	'
	1. Organization and Description of Business

	Sunstone Hotel Investors, Inc. (the “Company”) was incorporated in Maryland on June 28, 2004 in anticipation of an initial public offering of common stock, which was consummated on October 26, 2004. The Company, through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the “Operating Partnership”), of which the Company is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the “TRS Lessee”) and its subsidiaries, is currently engaged in acquiring, owning, asset managing and renovating hotel properties. The Company may also sell certain hotel properties from time to time. The Company operates as a real estate investment trust (“REIT”) for federal income tax purposes.

	As a REIT, certain tax laws limit the amount of “non-qualifying” income the Company can earn, including income derived directly from the operation of hotels. As a result, the Company leases all of its hotels to its TRS Lessee, which in turn enters into long-term management agreements with third parties to manage the operations of the Company’s hotels. As of September 30, 2013, the Company had interests in 28 hotels (the “28 hotels”) held for investment, and the Company’s third-party managers included the following:

		Number of Hotels
		(unaudited)
	Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc. (collectively, “Marriott”)	10
	Interstate Hotels & Resorts, Inc.	6
	Highgate Hotels L.P. and an affiliate	4
	Davidson Hotels & Resorts	2
	Hilton Worldwide	2
	Crestline Hotels & Resorts	1
	Dimension Development Company	1
	Fairmont Hotels & Resorts (U.S.)	1
	Hyatt Corporation	1

	Total hotels held for investment	28

	In addition, the Company owns BuyEfficient, LLC (“BuyEfficient”), an electronic purchasing platform that allows members to procure food, operating supplies, furniture, fixtures and equipment.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies

	Basis of Presentation

	The accompanying consolidated financial statements as of September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company consolidates subsidiaries when it has the ability to direct the activities that most significantly impact the economic performance of the entity. The Company also evaluates its subsidiaries to determine if they should be considered variable interest entities (“VIEs”). Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. The Company considers an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company reviewed its subsidiaries to determine if (i) they should be considered VIEs, and (ii) whether the Company should change its consolidation determination based on changes in the characteristics of these entities.

	Non-controlling interests at both September 30, 2013 and December 31, 2012 represent the outside equity interests in various consolidated affiliates of the Company.

	The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission on February 25, 2013.

	Certain prior year amounts have been reclassified in the consolidated financial statements in order to conform to the current year presentation.

	The Company has evaluated subsequent events through the date of issuance of these financial statements.

	Use of Estimates

	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

	Reporting Periods

	The results the Company reports in its consolidated statements of operations and comprehensive income are based on results reported to the Company by its hotel managers. Prior to 2013, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations each for the first three quarters of the year, and sixteen or seventeen weeks of operations for the fourth quarter of the year. Beginning in 2013, Marriott switched its reporting to a standard monthly calendar; however, Marriott’s 2013 calendar contains an additional three days, December 29, 2012 through December 31, 2012. The Company and its other hotel managers use a standard monthly calendar to report their financial information. The Company has elected to adopt quarterly close periods of March 31, June 30 and September 30, and an annual year end of December 31. As a result, the Company’s 2013 results of operations for the Marriott-managed hotels are reported on a calendar basis; however, the 2012 results of operations for the Marriott-managed hotels include results from December 31 through March 23 for the first quarter (nine less days than the first quarter 2013), March 24 through June 15 for the second quarter (seven less days than the second quarter 2013), June 16 through September 7 for the third quarter (eight less days than the third quarter 2013), and September 8 through December 28 for the fourth quarter (twenty more days than the fourth quarter 2013).

	Fair Value of Financial Instruments

	As of September 30, 2013 and December 31, 2012, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments.

	The Company follows the requirements of the Fair Value Measurements and Disclosure Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

	Level 1		Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

	Level 2		Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

	Level 3		Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

	As discussed in Note 5, at September 30, 2013, the Company held two interest rate cap agreements and one interest rate swap agreement to manage its exposure to the interest rate risks related to its floating debt. The Company records interest rate protection agreements on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations and comprehensive income as they are not designated as hedges. In accordance with the Fair Value Measurements and Disclosure Topic of the FASB ASC, the Company estimates the fair value of its interest rate protection agreements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements. The Company has valued the derivative interest rate cap agreements using Level 2 measurements as an asset of $49,000 and $48,000 as of September 30, 2013 and December 31, 2012, respectively. The interest rate cap agreements are included in other assets, net, on the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $1.2 million and $1.6 million as of September 30, 2013 and December 31, 2012, respectively. The interest rate swap agreement is included in other liabilities on the accompanying consolidated balance sheets.

	On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition included anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company did not identify any properties or other assets with indicators of impairment during the nine months ended September 30, 2013 and 2012.

	On an annual basis and periodically when indicators of impairment exist, the Company also analyzes the carrying value of its goodwill using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its reporting units. The Company did not identify any properties with indicators of goodwill impairment during the three and nine months ended September 30, 2013 and 2012.

	As of September 30, 2013 and December 31, 2012, 70.8% and 69.6%, respectively, of the Company’s outstanding debt included in continuing operations had fixed interest rates, including the effect of an interest rate swap agreement. The Company’s carrying value of its debt secured by properties not classified as discontinued operations totaled $1.4 billion as of both September 30, 2013 and December 31, 2012. Using Level 3 measurements, including the Company’s weighted average cost of debt ranging from 5.0% to 5.5%, the Company estimates that the fair market value of its debt included in continuing operations totaled $1.4 billion and $1.3 billion as of September 30, 2013 and December 31, 2012, respectively.

	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

						Fair Value Measurements at Reporting Date
			Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
	Interest rate cap derivative agreements		$	49		$	—		$	49		$	—
	Life insurance policy		1,376			—			1,376			—

	Total assets at September 30, 2013		$	1,425		$	—		$	1,425		$	—

	December 31, 2012:
	Interest rate cap derivative agreements		$	48		$	—		$	48		$	—
	Life insurance policy		1,494			—			1,494			—

	Total assets at December 31, 2012		$	1,542		$	—		$	1,542		$	—

	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

						Fair Value Measurements at Reporting Date
			Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
Interest rate swap derivative agreement		$	1,196		$	—		$	1,196		$	—
Retirement benefit agreement		1,376			—			1,376			—

Total liabilities at September 30, 2013		$	2,572		$	—		$	2,572		$	—

December 31, 2012:
Interest rate swap derivative agreement		$	1,636		$	—		$	1,636		$	—
Retirement benefit agreement		1,494			—			1,494			—

Total liabilities at December 31, 2012		$	3,130		$	—		$	3,130		$	—

Accounts Receivable

Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from customers who utilize purchase volume rebates through BuyEfficient, as well as tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. The Company’s accounts receivable at both September 30, 2013 and December 31, 2012 includes an allowance for doubtful accounts of $0.2 million.

Acquisitions of Hotel Properties and Other Entities

Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, intangible assets and any capital lease obligations that are assumed as part of the acquisition of a leasehold interest. During 2012 and the first nine months of 2013, the Company used all available information to make these fair value determinations, and engaged an independent valuation specialist to assist in the fair value determination of the long-lived assets acquired and the liabilities assumed in the Company’s purchases of the Hyatt Chicago Magnificent Mile, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, and the Boston Park Plaza. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.

Assets Held for Sale

The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months. A sale is determined to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, and the Company has received a substantial non-refundable deposit. The Company tests hotels or other assets held for sale for impairment each reporting period, and records them at the lower of their carrying amounts or fair value less costs to sell. Once a hotel or other asset is designated as held for sale, depreciation is ceased and the hotel or other asset is included in discontinued operations. As of September 30, 2013, the Company had no hotels or other assets held for sale. As of December 31, 2012, the Company classified four hotels and a commercial laundry facility as held for sale due to their sale in January 2013.

Deferred Financing Fees

Deferred financing fees consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments, and are amortized to interest expense over the terms of the related debt or commitment. Upon repayment or refinancing of the underlying debt, any related unamortized deferred financing fee is charged to interest expense. Upon any loan modification, any related unamortized deferred financing fee is amortized over the remaining terms of the modified loan.

The Company paid deferred financing fees of $0.2 million during both the three and nine months ended September 30, 2013 related to the assumption of a mortgage in connection with the acquisition of the Boston Park Plaza and the purchase of an interest rate cap derivative agreement on the Hilton San Diego Bayfront mortgage. During both the three and nine months ended September 30, 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment and extension of its credit facility.

In the second quarter of 2012, the Company wrote off $3,000 in deferred financing fees related to its repayment of a non-recourse mortgage secured by the Renaissance Long Beach. In the third quarter of 2012, the Company wrote off $0.2 million in deferred financing fees related to its sales of the Marriott Del Mar in August 2012, and the Doubletree Guest Suites Minneapolis, Hilton Del Mar and Marriott Troy in September 2012.

Total amortization and write-off of deferred financing fees for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Continuing operations:
Amortization of deferred financing fees		$	736		$	922		$	2,219		$	2,804
Write-off of deferred financing fees		—			—			—			3
Total — continuing operations		736			922			2,219			2,807

Discontinued operations:
Amortization of deferred financing fees		—			20			2			67
Write-off of deferred financing fees		—			185			—			185
Total — discontinued operations		—			205			2			252

Total amortization and write-off of deferred financing fees		$	736		$	1,127		$	2,221		$	3,059

Earnings Per Share

The Company applies the two-class method when computing its earnings per share as required by the Earnings Per Share Topic of the FASB ASC, which requires the net income per share for each class of stock (common stock and convertible preferred stock) to be calculated assuming that all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights. To the extent the Company has undistributed earnings in any calendar quarter, the Company will follow the two-class method of computing earnings per share.

The Company follows the requirements of the Earnings Per Share Topic of the FASB ASC, which states that unvested share-based payment awards that contain non-forfeitable 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. Distributed earnings representing nonforfeitable dividends of $0.1 million were allocated to the participating securities for the three and nine months ended September 30, 2013. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities for either the three or nine months ended September 30, 2012. For the three and nine months ended September 30, 2013, undistributed earnings representing nonforfeitable dividends of $30,000 and $0.3 million, respectively, were allocated to the participating securities. For the three and nine months ended September 30, 2012, undistributed earnings representing nonforfeitable dividends of $0.4 million and $0.2 million, respectively, were allocated to the participating securities.

In accordance with the Earnings Per Share Topic of the FASB ASC, basic earnings available (loss attributable) to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings available (loss attributable) to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock awards and the incremental common shares issuable upon the exercise of stock options, using the more dilutive of either the two-class method or the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Net income		$	15,817		$	39,556		$	64,752		$	38,443
Income from consolidated joint venture attributable to non-controlling interest		(1,768		)	(827		)	(3,291		)	(1,694		)
Distributions to non-controlling interest		(8		)	(8		)	(24		)	(24		)
Dividends paid on unvested restricted stock compensation		(101		)	—			(101		)	—
Preferred stock dividends and redemption charges		(2,300		)	(7,437		)	(16,713		)	(22,311		)
Undistributed income allocated to unvested restricted stock compensation		(30		)	(352		)	(295		)	(162		)

Numerator for basic and diluted earnings available to common stockholders		$	11,610		$	30,932		$	44,328		$	14,252

Denominator:
Weighted average basic and diluted common shares outstanding		160,856			135,236			157,628			124,271

Basic and diluted earnings available to common stockholders per common share		$	0.07		$	0.23		$	0.28		$	0.11

The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the three and nine months ended September 30, 2013 and 2012, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) issuable upon conversion were excluded from the above calculation of earnings per share for the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012, as their inclusion would have been anti-dilutive.

Goodwill

The Company follows the requirements of the Intangibles — Goodwill and Other Topic of the FASB ASC, which states that goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. As a result, the carrying value of goodwill allocated to the hotel properties and other assets is reviewed at least annually for impairment. In addition, when facts and circumstances suggest that the Company’s goodwill may be impaired, an interim evaluation of goodwill is prepared. Such review entails comparing the carrying value of the individual hotel property or other asset (the reporting unit) including the allocated goodwill to the fair value determined for that reporting unit (see Fair Value of Financial Instruments for detail on the Company’s valuation methodology). If the aggregate carrying value of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired to the extent of the difference between the fair value and the aggregate carrying value, not to exceed the carrying amount of the allocated goodwill. The Company’s annual impairment evaluation is performed each year as of December 31.

Non-Controlling Interests

The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling 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, 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 non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of shareholders’ equity, non-controlling interests and total equity.

At both September 30, 2013 and December 31, 2012, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the Hilton San Diego Bayfront. In addition, the Company is the sole common stockholder of the captive REIT that owns the Doubletree Guest Suites Times Square; however, there are also preferred investors in the captive REIT whose preferred dividends less administrative fees for the three and nine months ended September 30, 2013 and 2012 are represented as distributions to non-controlling interests on the Company’s statements of operations and comprehensive income.

Segment Reporting

The Company reports its consolidated financial statements in accordance with the Segment Reporting Topic of the FASB ASC. Currently, the Company operates in one segment, operations held for investment.

Stock Based Compensation

Compensation expense related to awards of restricted shares and performance shares are measured at fair value on the date of grant and amortized over the relevant requisite service period or derived service period.

Investment_in_Hotel_Properties

Investment in Hotel Properties	9 Months Ended
Investment in Hotel Properties	Sep. 30, 2013
Investment in Hotel Properties	'
Investment in Hotel Properties	'
	3. Investment in Hotel Properties

	Investment in hotel properties, net consisted of the following (in thousands):

			September 30,			December 31,
			2013			2012
			(unaudited)
	Land		$	323,164		$	260,939
	Buildings and improvements		2,835,056			2,541,024
	Furniture, fixtures and equipment		387,680			329,770
	Intangibles		171,289			167,467
	Franchise fees		1,346			1,261
	Construction in process		29,041			48,388
			3,747,576			3,348,849
	Accumulated depreciation and amortization		(770,527		)	(666,972		)

			$	2,977,049		$	2,681,877

	In May 2013, the Company purchased the 250-room Hilton New Orleans St. Charles for a net purchase price of $59.1 million, including $0.2 million of proration credits and unrestricted cash received from the seller. The acquisition was funded with $53.2 million of proceeds generated by the Company’s January 2013 sale of four hotels and a commercial laundry facility located in Rochester, Minnesota (see Note 4), as well as with proceeds received from the Company’s February 2013 issuance of common stock. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties and hotel working capital assets and liabilities. The Company recognized acquisition-related costs of $0.1 million and $0.4 million for the three and nine months ended September 30, 2013, respectively, which are included in corporate overhead on the Company’s consolidated statements of operations and comprehensive income. The results of operations for the Hilton New Orleans St. Charles have been included in the Company’s consolidated statements of operations and comprehensive income from the acquisition date of May 1, 2013 through the third quarter ended September 30, 2013.

	In July 2013, the Company purchased the 1,053-room Boston Park Plaza for a net purchase price of $248.0 million, including $2.0 million of proration credits, unrestricted and restricted cash and other adjustments received from the seller. The acquisition was funded with $92.3 million of proceeds generated by the Company’s January 2013 sale of four hotels and a commercial laundry facility located in Rochester, Minnesota (see Note 4), as well as with a total of $36.5 million of proceeds received from the Company’s February 2013 issuance of common stock and cash on hand, plus the assumption of a $119.2 million non-recourse loan secured by the hotel. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, hotel working capital assets, notes payable and hotel working capital liabilities. The Company recognized acquisition-related costs of $0.3 million and $0.9 million for the three and nine months ended September 30, 2013, respectively, which are included in corporate overhead on the Company’s consolidated statements of operations and comprehensive income. The results of operations for the Boston Park Plaza have been included in the Company’s consolidated statements of operations and comprehensive income from the acquisition date of July 2, 2013 through the third quarter ended September 30, 2013.

	The fair values of the assets acquired and liabilities assumed at the dates of acquisition for the Hilton New Orleans St. Charles and the Boston Park Plaza were allocated based on an independent third-party analysis. The following table summarizes the fair values of assets acquired and liabilities assumed in these acquisitions (in thousands):

	Assets:
	Investment in hotel properties		$	307,744
	Accounts receivable		3,024
	Inventory		160
	Prepaid expenses		924

	Total assets acquired		311,852

	Liabilities:
	Accounts payable		295
	Accrued payroll and employee benefits		2,777
	Other current liabilities		1,571
	Note payable		119,190

	Total liabilities assumed		123,833

	Total cash paid for acquisitions		$	188,019

	Investment in hotel properties was allocated to land ($62.2 million), buildings and improvements ($224.2 million), furniture, fixtures and equipment ($17.4 million), intangibles ($3.8 million) related to advanced bookings and above/(below) market lease

	agreements, and franchise fees ($0.1 million) related to a franchise agreement. Details of the intangibles and the franchise agreement are as follows (in thousands):

			September 30,			Expected Life
			2013			Expected Life
			(unaudited)
	Value at acquisition:
	Advanced bookings		$	6,294		60 months
	Above/(below) market lease agreements, net		(3,645		)	13 to 215 months
	In-place lease agreements		1,173			13 to 169 months
	Franchise agreement		85			15 years

	Total intangibles and franchise fees related to 2013 acquisitions		3,907
	Accumulated amortization		(296		)
			$	3,611

	During the three and nine months ended September 30, 2013, the Company recorded amortization expense related to its Hilton New Orleans St. Charles and Boston Park Plaza intangibles as follows (in thousands):

			Three Months Ended			Nine Months Ended
			September 30, 2013			September 30, 2013
		(unaudited)			(unaudited)
Advanced bookings		$	315		$	315
Above/(below) market lease agreements, net		(66		)	(67		)
In-place lease agreements		36			46
Franchise agreement		1			2

		$	286		$	296

The Company acquired two hotels during the nine months ended September 30, 2013, and two hotels during 2012: the Hilton New Orleans St. Charles in May 2013; the Boston Park Plaza in July 2013; the Hyatt Chicago Magnificent Mile in June 2012; and the Hilton Garden Inn Chicago Downtown/Magnificent Mile in July 2012. Acquired properties are included in the Company’s results of operations and comprehensive income from the date of acquisition. The following unaudited pro forma results of operations reflect the Company’s results as if the acquisitions of the Hilton New Orleans St. Charles in May 2013, the Boston Park Plaza in July 2013, the Hyatt Chicago Magnificent Mile in June 2012 and the Hilton Garden Inn Chicago Downtown/Magnificent Mile in July 2012 had occurred on January 1, 2012. In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues		$	250,370		$	226,093		$	717,931		$	673,841

Income available (loss attributable) to common stockholders from continuing operations		$	11,610		$	(8,948	)	$	(1,291	)	$	(27,986	)

Income (loss) per diluted share available (attributable) to common stockholders from continuing operations		$	0.07		$	(0.07	)	$	(0.01	)	$	(0.23	)

For the three months ended September 30, 2013, the Company has included $22.3 million of revenue and net income of $2.6 million in its consolidated statements of operations and comprehensive income related to the Company’s 2013 acquisitions. For the nine months ended September 30, 2013, the Company has included $24.2 million of revenue and net income of $3.0 million in its consolidated statements of operations and comprehensive income related to the Company’s 2013 acquisitions.

For the three months ended September 30, 2012, the Company has included $12.6 million of revenue and a net loss of $0.3 million in its consolidated statements of operations and comprehensive income related to the Company’s 2012 acquisitions. For the nine months ended September 30, 2012, the Company has included $15.3 million of revenue and a net loss of $1.3 million in its consolidated statements of operations and comprehensive income related to the Company’s 2012 acquisitions.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations	'
Discontinued Operations	'
	4. Discontinued Operations

	In January 2013, the Company sold a four-hotel, 1,222-room portfolio (the “Rochester Hotels”) and a commercial laundry facility (together with the Rochester Hotels, the “Rochester Portfolio”) in Rochester, Minnesota, to an unaffiliated third party, for net proceeds of $195.6 million, of which $145.7 million was deposited with an accommodator in order to facilitate tax-deferred exchanges. The Rochester Hotels include the 660-room Kahler Grand, the 271-room Kahler Inn & Suites, the 202-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The Company recognized a net gain on the sale of $51.6 million. The Company retained a $25.0 million preferred equity investment (the “Preferred Equity Investment”) in the Rochester Hotels that yields an 11% dividend, resulting in a deferred gain on the sale of $25.0 million. The $25.0 million gain will be deferred until the Preferred Equity Investment is redeemed. The Preferred Equity Investment is recorded at face value on the Company’s consolidated balance sheet net of the deferred gain, resulting in a net book value of zero on the Company’s consolidated balance sheet as of September 30, 2013. During the three and nine months ended September 30, 2013, the Company recognized $0.7 million and $1.9 million, respectively, in dividends on the Preferred Equity Investment, which is included in interest and other income on the Company’s consolidated statements of operations and comprehensive income. The Company also provided a $3.7 million working cash advance to the buyer, resulting in a deferred gain on the sale of $3.7 million. The $3.7 million gain will be deferred until the Company is repaid from the Rochester Portfolio’s available cash flow. The working cash advance is recorded at face value on the Company’s consolidated balance sheet net of the deferred gain, resulting in a net book value of zero on the Company’s consolidated balance sheet as of September 30, 2013. In addition, the Company retained a liability not to exceed $14.0 million related to the Rochester Portfolio’s pension plan, which could be triggered in certain circumstances, including termination of the pension plan. The $14.0 million pension plan liability is included in other liabilities on the Company’s consolidated balance sheet as of September 30, 2013. The recognition of the $14.0 million pension plan liability reduced the Company’s gain on the sale of the Rochester Portfolio. The $14.0 million gain will be recognized, if at all, when and to the extent the Company is released from any potential liability related to the Rochester Portfolio’s pension plan. Concurrent with the Rochester Portfolio sale, the Company extinguished the outstanding $26.7 million mortgage secured by the Kahler Grand for a total cost of $29.8 million, prepaid the $0.4 million loan secured by the commercial laundry facility, and recorded a loss on extinguishment of debt of $3.1 million which is included in discontinued operations. The Company reclassified the Rochester Portfolio’s results of operations for January 2013 and the three and nine months ended September 30, 2012, to discontinued operations on its consolidated statements of operations and comprehensive income.

	Prior to the sale of the Rochester Portfolio, pension liability adjustments related to the Rochester Portfolio’s defined benefit retirement plan were recorded as other comprehensive loss. The following table details the activity in accumulated other comprehensive loss in January 2013 due to the sale of the Rochester Portfolio (in thousands):

		One Month Ended			Affected Line in the Company’s Statements of
		January 31, 2013			Operations and Comprehensive Income
		(unaudited)
	Beginning balance of accumulated other comprehensive loss	$	(5,335	)
	Sale of Rochester Portfolio — pension liability adjustment	5,335			Income from discontinued operations
	Ending balance of accumulated other comprehensive loss	$	—

	During 2012, the Company sold four hotels and an office building adjacent to one of the sold hotels. In August 2012, the Company sold the Marriott Del Mar located in San Diego, California for net proceeds of $17.7 million, including the assumption of the existing mortgage secured by the hotel which totaled $47.1 million on the date of sale, and recognized a gain on the sale of $25.5 million. In addition, the Company wrote off $48,000 in deferred financing fees in conjunction with the buyer’s assumption of the debt secured by the hotel. The Company reclassified the hotel’s results of operations for the first eight months of 2012 to discontinued operations on its consolidated statements of operations and comprehensive income.

	In September 2012, the Company sold a portfolio of assets that included the Doubletree Guest Suites Minneapolis, the Hilton Del Mar, the Marriott Troy (located in Minneapolis, Minnesota, San Diego, California, and Troy, Michigan, respectively) and an office building adjacent to the Marriott Troy for net proceeds of $28.6 million, including the assumptions of three separate mortgages secured by the hotels totaling $75.6 million, as well as a $2.2 million liability for deferred management fees payable to the Marriott Troy’s third-party manager. The Company recognized a gain on the sale of $12.7 million. In addition, the Company wrote off $0.1 million in deferred financing fees in conjunction with the buyer’s assumption of the debt secured by the three hotels. The Company reclassified the results of operations for the Doubletree Guest Suites Minneapolis, the Hilton Del Mar, the Marriott Troy and the office building to discontinued operations for the first nine months of 2012 on its consolidated statements of operations and comprehensive income.

	In March 2012, the Company recorded additional gain of $0.2 million on the sale of the Royal Palm Miami Beach, which the Company sold in April 2011. The $0.2 million gain was comprised of reimbursements to the Company for certain transaction related invoices, and is included in discontinued operations on the Company’s consolidated statements of operations and comprehensive income.

	The following table sets forth the discontinued operations for the three and nine months ended September 30, 2013 and 2012 for the four hotels and the commercial laundry facility sold in 2013, as well as the four hotels and the office building sold in 2012 and the Royal Palm Miami Beach sold in 2011 (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Operating revenues	$	—		$	29,450		$	3,690		$	85,570
	Operating expenses	—			(20,006		)	(3,686		)	(60,211		)
	Interest expense	—			(1,832		)	(99		)	(6,103		)
	Depreciation and amortization expense	—			(3,125		)	—			(10,982		)
	Loss on extinguishment of debt	—			—			(3,115		)	—
	Gain on sale of hotels and other assets, net	—			38,115			51,620			38,292

	Income from discontinued operations	$	—		$	42,602		$	48,410		$	46,566

Interest_Rate_Derivative_Agree

Interest Rate Derivative Agreements	9 Months Ended
Interest Rate Derivative Agreements	Sep. 30, 2013
Interest Rate Derivative Agreements	'
Interest Rate Derivative Agreements	'
	5. Interest Rate Derivative Agreements

	At September 30, 2013 and December 31, 2012, the Company held two interest rate cap agreements and one interest rate swap agreement to manage its exposure to the interest rate risks related to its floating rate debt. The first interest rate cap agreement is on the Hilton San Diego Bayfront mortgage, which mortgage bears an interest rate of 3-month LIBOR plus 325 basis points. In April 2013, the Company purchased a new interest rate cap agreement on the Hilton San Diego Bayfront mortgage for a cost of $12,000 which extended the maturity date from April 2013 to April 2015. The new interest rate cap agreement on the Hilton San Diego Bayfront continues to cap the 3-month LIBOR rate at 3.75%. The notional amount of the related debt capped totaled $117.0 million at September 30, 2013 and $120.0 million at December 31, 2012. The second interest rate cap agreement is on the Doubletree Guest Suites Times Square mortgage, which mortgage bears an interest rate of 3-month LIBOR plus 325 basis points. The Doubletree Guest Suites Times Square cap agreement caps the 3-month LIBOR rate at 4.0% until October 2015. The notional amount of the related debt capped totaled $180.0 million at September 30, 2013.

	The interest rate swap agreement is on the JW Marriott New Orleans mortgage. The interest rate swap agreement caps the LIBOR interest rate on the underlying debt at a total interest rate of 5.45%, and the maturity date is in September 2015. The notional amount of the related debt totaled $40.0 million at September 30, 2013.

	None of the interest rate derivative agreements qualify for effective hedge accounting treatment. Accordingly, changes in the fair value of the Company’s interest rate derivative agreements during the three and nine months ended September 30, 2013 resulted in net gains of $12,000 and $0.4 million, respectively, which have been reflected as decreases in interest expense for the three and nine months ended September 30, 2013. Changes in the fair value of the Company’s interest rate derivative agreements during the three and nine months ended September 30, 2012 resulted in net losses of $0.1 million and $0.6 million, respectively, which have been reflected as increases in interest expense for the three and nine months ended September 30, 2012. As of September 30, 2013 and December 31, 2012, the fair values of the interest rate cap agreements totaled an asset of $49,000 and $48,000, respectively. The interest rate cap agreements are included in other assets, net on the Company’s consolidated balance sheets. The fair value of the interest rate swap agreement was a liability of $1.2 million and $1.6 million as of September 30, 2013 and December 31, 2012, respectively, and is included in other liabilities on the Company’s consolidated balance sheets.

Other_Assets

Other Assets	9 Months Ended
	Sep. 30, 2013
Other Assets	'
Other Assets	'
	6. Other Assets

	Other assets, net consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Property and equipment, net	$	2,561		$	2,529
	Land held for development	188			188
	Intangibles, net	7,427			7,877
	Preferred dividends receivable	229			—
	Interest rate cap derivative agreements	49			48
	Cash trap receivables	4,443			8,208
	Other receivables	3,923			4,130
	Other	2,767			2,922
		$	21,587		$	25,902

	Property and equipment, net consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Cost basis	$	10,779		$	10,153
	Accumulated depreciation	(8,218		)	(7,624		)
	Property and equipment, net	$	2,561		$	2,529

	The Company’s other assets, net as of September 30, 2013 and December 31, 2012, include BuyEfficient’s intangible assets totaling $7.4 million and $7.9 million, respectively, net of accumulated amortization related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straightline method over their useful lives ranging between seven to 20 years. Accumulated amortization totaled $1.6 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively. Amortization expense totaled $0.1 million for both the three months ended September 30, 2013 and 2012, and $0.4 million for both the nine months ended September 30, 2013 and 2012.

	The Company’s other assets, net as of September 30, 2013 include $0.2 million in preferred dividends to be received for the month of September on the Preferred Equity Investment. During the three and nine months ended September 30, 2013, the Company recognized a total of $0.7 million and $1.9 million, respectively, in preferred dividends on the Preferred Equity Investment, which are included in interest and other income on the Company’s consolidated statements of operations and comprehensive income.

	In conjunction with the Company’s third quarter 2012 sales of the Marriott Del Mar, the Hilton Del Mar and the Marriott Troy, the mortgages secured by these hotels were assumed by the buyers of the hotels. These mortgages contain “cash trap” provisions that were triggered in prior years due to the decline in the performance of the three hotels. Once triggered, substantially all of the excess cash flow from operations generated by the three hotels was deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of the lenders. Cash was distributed to the Company only after certain items were paid, including deposits into leasing and maintenance reserve accounts and the payment of debt service, insurance, taxes, operating expenses, and extraordinary capital expenditures and leasing expenses. During the nine months ended September 30, 2013, a total of $3.8 million was returned to the Company related to the mortgages secured by the Marriott Del Mar and the Marriott Troy. The remaining $4.4 million continues to be held by the lender associated with the mortgage secured by the Hilton Del Mar. The remaining cash will be returned to the Company once the lender releases the cash to the buyer, which is expected to occur within the near term.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2013
Notes Payable	'
Notes Payable	'
	7. Notes Payable

	Notes payable consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.4% to 6.6%; maturing at dates ranging from May 2015 through May 2021. The notes are collateralized by first deeds of trust on 14 hotel properties at September 30, 2013, and 13 hotel properties at December 31, 2012.	$	998,069		$	890,668
	Note payable requiring payments of interest and principal, bearing a blended rate of 3-month LIBOR plus 325 basis points; maturing in April 2016. The note is collateralized by a first deed of trust on one hotel property.	232,288			234,724
	Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of 3-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.	180,000			180,000
	Senior Notes, with a fixed interest rate of 4.60%, maturing in July 2027. Repurchased and redeemed in January 2013. The notes were guaranteed by the Company and certain of its subsidiaries.	—			58,000
		1,410,357			1,363,392
	Less: discount on Senior Notes	—			(3		)
		1,410,357			1,363,389
	Less: current portion	(23,351		)	(76,723		)
		$	1,387,006		$	1,286,666

	In January 2013, the Company repurchased $42.0 million of the Senior Notes, and redeemed the remaining $16.0 million of the Senior Notes. The Company funded the total $58.0 million in Senior Note repurchases and redemptions with available cash, leaving no future amounts outstanding related to the Senior Notes.

	Concurrent with the Rochester Portfolio sale in January 2013, the Company extinguished the outstanding $26.7 million mortgage secured by the Kahler Grand for a total cost of $29.8 million, prepaid the $0.4 million loan secured by the commercial laundry facility, and recorded a loss on extinguishment of debt of $3.1 million which is included in discontinued operations.

	In conjunction with the Company’s acquisition of the Boston Park Plaza in July 2013, the Company assumed a $119.2 million non-recourse mortgage secured by the hotel. The mortgage bears interest at a fixed rate of 4.4%, and matures in February 2018.

	In February 2012, the Company used its existing cash to repurchase $4.5 million in aggregate principal amount of the Senior Notes for $4.57 million. After the repurchase, such Senior Notes were cancelled. The Company wrote off $47,000 in deferred financing fees and $0.1 million of the Senior Notes discount, and recognized a loss of $0.2 million on this early extinguishment of debt.

	In April 2012, the Company used existing cash to repay the remaining balance on its $32.2 million non-recourse mortgage secured by the Renaissance Long Beach, which was scheduled to mature in July 2012. The Company wrote off $3,000 in deferred financing fees in connection with the repayment of this debt.

	In August 2012, the buyer of the Marriott Del Mar assumed the $47.1 million existing mortgage secured by the hotel, and the Company wrote off $48,000 in related deferred financing fees.

	In September 2012, the buyer of the portfolio that included the Doubletree Guest Suites Minneapolis, the Hilton Del Mar, the Marriott Troy and an office building adjacent to the Marriott Troy assumed $75.6 million in existing mortgages secured by the three hotels in the portfolio, and the Company wrote off $0.1 million in related deferred financing fees.

	In September 2012, the Company amended and restated its $150.0 million senior unsecured revolving credit facility, which was scheduled to mature in November 2013. The pricing on the amended revolving credit facility was reduced and the 1% LIBOR floor was eliminated. The maturity of the credit facility was extended by two years to November 2015 with an option to extend to November 2016. The amended credit facility’s interest rate is based on a pricing grid with a range of 175 to 350 basis points, which represents a reduction from the previous grid that ranged from 325 to 425 basis points over LIBOR depending on the Company’s leverage ratio. The credit facility also includes an accordion option that allows the Company to request additional lender commitments up to a total of $350.0 million. The Company paid $1.3 million in deferred financing fees in conjunction with this amendment, which will be amortized over the extended term of the amended credit facility.

	Total interest incurred and expensed on the notes payable was as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Interest expense	$	18,130		$	18,027		$	51,747		$	53,907
	(Gain) loss on derivatives	(12		)	96			(429		)	595
	Accretion of Senior Notes	—			267			3			791
	Amortization of deferred financing fees	736			922			2,219			2,804
	Write-off of deferred financing fees	—			—			—			3
		$	18,854		$	19,312		$	53,540		$	58,100

Other_Current_Liabilities_and_

Other Current Liabilities and Other Liabilities	9 Months Ended
	Sep. 30, 2013
Other Current Liabilities and Other Liabilities	'
Other Current Liabilities and Other Liabilities	'
	8. Other Current Liabilities and Other Liabilities

	Other current liabilities consisted of the following (in thousands):

		September 30,		December 31,
		2013		2012
		(unaudited)
	Property, sales and use taxes payable	$	17,988	$	13,254
	Income tax payable	200		125
	Accrued interest	4,160		4,901
	Advance deposits	9,206		6,938
	Management fees payable	1,089		2,346
	Other	3,454		3,399
		$	36,097	$	30,963

	Other liabilities consisted of the following (in thousands):

		September 30,		December 31,
		2013		2012
		(unaudited)
	Deferred gain on sale of asset	$	14,000	$	—
	Interest rate swap derivative agreement	1,196		1,636
	Accrued income tax	1,489		—
	Deferred revenue	7,018		1,089
	Deferred rent	11,568		9,459
	Deferred incentive management fees	1,645		—
	Other	2,985		2,886
		$	39,901	$	15,070

	In conjunction with the Rochester Portfolio sale, the Company retained a $14.0 million liability related to the Rochester Portfolio’s pension plan, which could be triggered in certain circumstances, including termination of the pension plan. Accordingly, the Company has deferred $14.0 million of gain on the sale of the Rochester Portfolio, which $14.0 million in gain will be recognized, if at all, when and to the extent the Company is released from any potential liability related to the Rochester Portfolio’s pension plan.

	The Company’s other liabilities include a long-term income tax payable of $1.5 million. Based on the Company’s ongoing evaluations of its uncertain tax positions related to the year ended December 31, 2012, and as a result of its recent resolution of outstanding issues with the IRS, the Company adjusted for an unrecognized tax benefit of $1.5 million during the first quarter of 2013, which is included in the Company’s consolidated statement of operations and comprehensive income. The Company recognizes penalties and interest related to unrecognized tax benefits in income tax expense. During the three and nine months ended September 30, 2013, the Company recognized $33,000 and $0.6 million in interest expense related to its tax provisions. The Company recognized no penalties or interest related to its tax provisions for either the three or nine months ended September 30, 2012.

	In June 2013, the Company received a $6.5 million incentive from Hyatt Franchising L.L.C. for rebranding the Company’s Hyatt Chicago Magnificent Mile from a Wyndham to a Hyatt. The Company is amortizing this incentive on a straightline basis over the remaining 25-year term of its franchise agreement with Hyatt. The Company includes the $0.3 million portion of the incentive to be recognized during the next 12 months in accounts payable and accrued expenses, and includes the long-term portion of $6.2 million in other liabilities in its consolidated balance sheets.

	The Company’s other liabilities also include deferred incentive management fees of $1.6 million related to one of its hotels. Per the Company’s management agreement with the hotel’s third-party manager, payment of the incentive management fees will be deferred until such time as the hotel’s adjusted cash flow, as defined in the management agreement, surpasses a certain threshold.

Series_C_Cumulative_Convertibl

Series C Cumulative Convertible Redeemable Preferred Stock	9 Months Ended
Series C Cumulative Convertible Redeemable Preferred Stock	Sep. 30, 2013
Series C Cumulative Convertible Redeemable Preferred Stock	'
Series C Cumulative Convertible Redeemable Preferred Stock	'
	9. Series C Cumulative Convertible Redeemable Preferred Stock

	In May 2013, the Company redeemed all 4,102,564 shares of its Series C preferred stock for an aggregate redemption price of $101.1 million, including $1.1 million in accrued dividends. In accordance with the FASB’s Emerging Issues Task Force Topic D-42, an additional redemption charge of $0.1 million was recognized related to the original issuance costs of the Series C preferred stock, which were previously included in additional paid in capital. The Company redeemed the Series C preferred shares using cash received from its February 2013 common stock offering. After the redemption date, the Company has no outstanding shares of Series C preferred stock, and all rights of the holders of such shares were terminated.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	10. Stockholders’ Equity

	Series A Cumulative Redeemable Preferred Stock

	In March 2013, the Company redeemed all 7,050,000 shares of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) for an aggregate redemption price of $178.6 million, including $2.3 million in accrued dividends. In accordance with the FASB’s Emerging Issues Task Force Topic D-42, an additional redemption charge of $4.6 million was recognized related to the original issuance costs of the Series A preferred stock, which were previously included in additional paid in capital. The Company redeemed the Series A preferred shares using cash received from its February 2013 common stock offering. After the redemption date, the Company has no outstanding shares of Series A preferred stock, and all rights of the holders of such shares were terminated. Because the redemption of the Series A preferred stock is a redemption in full, trading of the Series A preferred stock on the New York Stock Exchange ceased after the redemption date.

	Series D Cumulative Redeemable Preferred Stock

	The Company’s 4,600,000 shares of 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) have a liquidation preference of $25.00 per share. On or after April 6, 2016, the Series D preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control of the Company, (i) the Company may, at its option, redeem the Series D preferred stock in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date, and (ii) holders of Series D preferred stock will have the right (unless, prior to the change of control conversion date, the Company has provided or provides notice of its election to redeem the Series D preferred stock) to convert some or all of their shares of Series D preferred stock into shares of the Company’s common stock. Holders of Series D preferred stock generally have no voting rights. However, if the Company is in arrears on dividends on the Series D preferred stock for six or more quarterly periods, whether or not consecutive, holders of the Series D preferred stock will be entitled to vote at its next annual meeting and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the Company’s board of directors until all unpaid dividends and the dividend for the then-current period with respect to the Series D preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. The Series D preferred stock has no maturity date and the Company is not required to redeem the Series D preferred stock at any time, unless the Company decides, at its option, to exercise its redemption right or, under circumstances where the holders of Series D preferred stock decide to convert the Series D preferred stock. If the Company does not exercise its right to redeem the Series D preferred stock upon a change of control, holders of the Series D preferred stock 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 22,571,280 common shares.

	Common Stock

	In February 2013, the Company issued 25,300,000 shares of its common stock, including the underwriters’ over-allotment of 3,300,000 shares, for net proceeds of approximately $294.9 million. The Company used $279.7 million of these proceeds to redeem all of its Series A preferred stock in March 2013, and its Series C preferred stock in May 2013, including accrued interest, and used portions of the remaining proceeds in the amounts of $6.3 million and $8.9 million towards the acquisitions of the Hilton New Orleans St. Charles and the Boston Park Plaza, respectively.

	In June 2012, the Company issued 5,454,164 shares of its common stock to the seller of the Wyndham Chicago (which the Company rebranded the Hyatt Chicago Magnificent Mile) in connection with the Company’s acquisition of the hotel. The Company incurred offering costs of $0.1 million related to this transaction.

	In June 2012, the Company issued 12,143,273 shares of its common stock for net proceeds of approximately $126.2 million. The Company used a portion of these proceeds to fund the purchase of the Hilton Garden Inn Chicago Downtown/Magnificent Mile in July 2012, and used the remaining proceeds for capital investment in the Company’s portfolio, including the renovation of the Hyatt Chicago Magnificent Mile, and other general corporate purposes, including working capital.

LongTerm_Incentive_Plan

Long-Term Incentive Plan

9 Months Ended

Sep. 30, 2013

Long-Term Incentive Plan

11. Long-Term Incentive Plan

Stock Grants

Restricted shares granted pursuant to the Company’s Long-Term Incentive Plan (“LTIP”) generally vest over periods from three to five years from the date of grant. In August 2011, the Company granted both time-based and performance-based shares to Kenneth E. Cruse upon Mr. Cruse’s appointment as the Company’s Chief Executive Officer. The time-based shares, representing 60.0% of the total shares granted, will vest on a pro-rata basis commencing on the third anniversary of the grant date, and will vest in equal amounts on each of the third, fourth and fifth anniversary of the grant date. The remaining 40.0% of the total shares granted to Mr. Cruse are subject to performance- or market-based, cliff vesting on the fifth anniversary of the grant date, depending on the satisfaction of the following measures: the Company’s total stockholder return (“TSR”); the Company’s TSR relative to companies in the NAREIT Equity Index; and the ratio of the Company’s total net debt to the Company’s adjusted EBITDA.

The Company’s compensation expense related to restricted shares and performance awards for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):

Three Months Ended

Nine Months Ended

September 30, 2013

September 30, 2012

September 30, 2013

September 30, 2012

(unaudited)

Compensation expense, including forfeitures

1,861

1,195

5,301

3,946

The Company’s total compensation expense differs from the vesting of restricted common stock amount presented in the Company’s consolidated statement of equity due to the fact that the Company withholds and uses a portion of its restricted shares granted pursuant to its LTIP for purposes of remitting minimum withholding and payroll taxes in connection with the release of restricted common shares to plan participants (“net-settle”). In addition, the Company capitalizes all restricted shares granted to certain of those employees who work on the design and construction of its hotels. The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statement of equity for the nine months ended September 30, 2013 is as follows (in thousands):

Nine Months Ended

September 30, 2013

(unaudited)

Total compensation expense, including forfeitures

5,301

Net-settle adjustment

(1,723

)

Amortization related to shares issued to design and construction employees

293

Vesting of restricted stock presented on statement of equity

3,871

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	12. Commitments and Contingencies

	Management Agreements

	Management agreements with the Company’s third-party hotel managers require the Company to pay between 2% and 3.5% of total revenue of the managed hotels to the third-party managers each month as a basic management fee. Total basic management fees incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense, and corporate overhead expense		$	6,746		$	5,566		$	18,564		$	16,252
	Discontinued operations		—			620			65			1,802
			$	6,746		$	6,186		$	18,629		$	18,054

	In addition to basic management fees, provided that certain operating thresholds are met, the Company may also be required to pay incentive management fees to certain of its third-party managers. Total incentive management fees incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense		$	800		$	425		$	2,286		$	1,985
	Discontinued operations		—			202			—			560
			$	800		$	627		$	2,286		$	2,545

	License and Franchise Agreements

	The Company has entered into license and franchise agreements related to certain of its hotel properties. The license and franchise agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. The license and franchise agreements generally contain specific standards for, and restrictions and limitations on, the operation and maintenance of the hotels which are established by the franchisors to maintain uniformity in the system created by each such franchisor. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with such standards may from time to time require the Company to make significant expenditures for capital improvements.

	Total license and franchise costs incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — franchise costs		$	8,770		$	7,957		$	24,019		$	21,421
	Discontinued operations		—			956			73			2,653
			$	8,770		$	8,913		$	24,092		$	24,074

	Total license and franchise costs included royalties of $3.0 million for both the three months ended September 30, 2013 and 2012, and $8.0 million and $7.7 million, respectively, for the nine months ended September 30, 2013 and 2012. The remaining costs included advertising, reservation and priority club assessments.

	Renovation and Construction Commitments

	At September 30, 2013, the Company had various contracts outstanding with third parties in connection with the renovation of certain of its hotel properties aimed at maintaining the appearance and quality of its hotels. The remaining commitments under these contracts at September 30, 2013 totaled $36.9 million.

	Capital Leases

	The Hyatt Chicago Magnificent Mile is subject to a building lease which expires in December 2097. The Company evaluated the terms of the lease agreement and determined the lease to be a capital lease pursuant to the Leases Topic of the FASB ASC. Upon acquisition of the hotel in June 2012, the Company recorded a capital asset related to its leasehold interest of $58.8 million to buildings and improvements, and a capital lease obligation of $15.6 million, based upon the fair value of the remaining rent payments. In addition to minimum rent, the capital lease is subject to percentage rent equal to 4.0% of the hotel’s gross room revenues over a certain threshold.

	The Company leases certain printers and copiers which leases have been determined to be capital leases pursuant to the Leases Topic of the FASB ASC. All of the leases expire in December 2014.

	Assets under capital lease were included in investment in hotel properties, net on the Company’s consolidated balance sheets as follows (in thousands):

			September 30,			December 31,
			2013			2012
			(unaudited)
	Buildings and improvements		$	58,799		$	58,799
	Furniture, fixtures and equipment		104			104
			58,903			58,903
	Accumulated depreciation		(1,985		)	(871		)
			$	56,918		$	58,032

	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of September 30, 2013 are as follows (in thousands):

	2013		$	1,437
	2014		1,420
	2015		1,403
2016		1,403
2017		1,403
Thereafter		111,167
Total minimum lease payments (1)		118,233
Less: Amount representing interest (2)		(102,604		)
Present value of net minimum lease payments (3)		$	15,629

(1) Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. No percentage rent was due for either the three or nine months ended September 30, 2013.

(2) Interest includes the amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at lease inception.

(3) The present value of net minimum lease payments are reflected in the Company’s consolidated balance sheets as a current obligation of $35,000 and as long-term obligations of $15.6 million as of both September 30, 2013 and December 31, 2012. The current obligations are included in accounts payable and accrued expenses, and the long-term obligations are included in capital lease obligations, less current portion.

Ground, Building and Air Leases

Total rent expense incurred pursuant to ground, building and air lease agreements for the three and nine months ended September 30, 2013 and 2012 was included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Continuing operations — property tax, ground lease and insurance		$	4,524		$	4,354		$	13,110		$	12,814
Discontinued operations		—			—			—			14
		$	4,524		$	4,354		$	13,110		$	12,828

Rent expense incurred pursuant to leases on the corporate facility totaled $0.1 million for both the three months ended September 30, 2013 and 2012, and $0.3 million for both the nine months ended September 30, 2013 and 2012, and was included in corporate overhead expense.

Concentration of Risk

The concentration of the Company’s hotels in California, New York, Illinois, Massachusetts and the greater Washington D.C. area exposes the Company’s business to economic conditions, competition and real and personal property tax rates unique to these locales. As of September 30, 2013, the Company’s 28 hotels were concentrated in California, New York, Illinois, Massachusetts and the greater Washington D.C. area as follows:

		California		New York		Illinois		Massachusetts		Greater
										Washington
										D.C. Area
		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Number of hotels		8		3		3		3		3
Percentage of total rooms		28	%	10	%	9	%	15	%	14	%
Percentage of total revenue for the three months ended September 30, 2013		30	%	15	%	9	%	17	%	13	%
Percentage of total revenue for the nine months ended September 30, 2013		29	%	14	%	8	%	16	%	15	%

Other

The Company has provided customary unsecured environmental indemnities to certain lenders. The Company has performed due diligence on the potential environmental risks, including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the indemnified parties for damages related to certain environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners or a claim against its environmental insurance policies.

At September 30, 2013, the Company had $0.8 million of outstanding irrevocable letters of credit to guaranty the Company’s financial obligations related to workers’ compensation insurance programs from prior policy years. The beneficiaries of these letters of credit may draw upon these letters of credit in the event of a contractual default by the Company relating to each respective obligation. No draws have been made through September 30, 2013.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events	'
Subsequent Events	'
	13. Subsequent Events

	On October 28, 2013, the Company entered into a purchase and sale agreement to acquire the 802-room Hyatt Regency San Francisco for an investment value of $262.5 million. Hyatt Corporation will continue to operate the hotel under an operating lease with economics that follow a typical management fee structure. The acquisition of the hotel is subject to the satisfactory completion of customary closing procedures. Accordingly there can be no assurance that the acquisition of the hotel will close. The Company expects to fund the acquisition using proceeds received from its November 2013 issuance of common stock.

	On November 1, 2013, the Company issued 20,000,000 shares of its common stock for gross proceeds of $271.2 million. The Company expects to use the net proceeds from this offering to purchase the Hyatt Regency San Francisco, and will use the remaining proceeds for potential future acquisitions, capital investment in the Company’s portfolio and other general corporate purposes, including working capital.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation

	The accompanying consolidated financial statements as of September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company consolidates subsidiaries when it has the ability to direct the activities that most significantly impact the economic performance of the entity. The Company also evaluates its subsidiaries to determine if they should be considered variable interest entities (“VIEs”). Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. The Company considers an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company reviewed its subsidiaries to determine if (i) they should be considered VIEs, and (ii) whether the Company should change its consolidation determination based on changes in the characteristics of these entities.

	Non-controlling interests at both September 30, 2013 and December 31, 2012 represent the outside equity interests in various consolidated affiliates of the Company.

	The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission on February 25, 2013.

	Certain prior year amounts have been reclassified in the consolidated financial statements in order to conform to the current year presentation.

	The Company has evaluated subsequent events through the date of issuance of these financial statements.
Use of Estimates	'
	Use of Estimates

	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Reporting Periods	'
	Reporting Periods

	The results the Company reports in its consolidated statements of operations and comprehensive income are based on results reported to the Company by its hotel managers. Prior to 2013, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations each for the first three quarters of the year, and sixteen or seventeen weeks of operations for the fourth quarter of the year. Beginning in 2013, Marriott switched its reporting to a standard monthly calendar; however, Marriott’s 2013 calendar contains an additional three days, December 29, 2012 through December 31, 2012. The Company and its other hotel managers use a standard monthly calendar to report their financial information. The Company has elected to adopt quarterly close periods of March 31, June 30 and September 30, and an annual year end of December 31. As a result, the Company’s 2013 results of operations for the Marriott-managed hotels are reported on a calendar basis; however, the 2012 results of operations for the Marriott-managed hotels include results from December 31 through March 23 for the first quarter (nine less days than the first quarter 2013), March 24 through June 15 for the second quarter (seven less days than the second quarter 2013), June 16 through September 7 for the third quarter (eight less days than the third quarter 2013), and September 8 through December 28 for the fourth quarter (twenty more days than the fourth quarter 2013).
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments

	As of September 30, 2013 and December 31, 2012, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments.

	The Company follows the requirements of the Fair Value Measurements and Disclosure Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

	Level 1	Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

	Level 2	Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

	Level 3	Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

	As discussed in Note 5, at September 30, 2013, the Company held two interest rate cap agreements and one interest rate swap agreement to manage its exposure to the interest rate risks related to its floating debt. The Company records interest rate protection agreements on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations and comprehensive income as they are not designated as hedges. In accordance with the Fair Value Measurements and Disclosure Topic of the FASB ASC, the Company estimates the fair value of its interest rate protection agreements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements. The Company has valued the derivative interest rate cap agreements using Level 2 measurements as an asset of $49,000 and $48,000 as of September 30, 2013 and December 31, 2012, respectively. The interest rate cap agreements are included in other assets, net, on the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $1.2 million and $1.6 million as of September 30, 2013 and December 31, 2012, respectively. The interest rate swap agreement is included in other liabilities on the accompanying consolidated balance sheets.

	On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition included anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company did not identify any properties or other assets with indicators of impairment during the nine months ended September 30, 2013 and 2012.

	On an annual basis and periodically when indicators of impairment exist, the Company also analyzes the carrying value of its goodwill using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its reporting units. The Company did not identify any properties with indicators of goodwill impairment during the three and nine months ended September 30, 2013 and 2012.

	As of September 30, 2013 and December 31, 2012, 70.8% and 69.6%, respectively, of the Company’s outstanding debt included in continuing operations had fixed interest rates, including the effect of an interest rate swap agreement. The Company’s carrying value of its debt secured by properties not classified as discontinued operations totaled $1.4 billion as of both September 30, 2013 and December 31, 2012. Using Level 3 measurements, including the Company’s weighted average cost of debt ranging from 5.0% to 5.5%, the Company estimates that the fair market value of its debt included in continuing operations totaled $1.4 billion and $1.3 billion as of September 30, 2013 and December 31, 2012, respectively.

	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
	Interest rate cap derivative agreements	$	49		$	—		$	49		$	—
	Life insurance policy	1,376			—			1,376			—

	Total assets at September 30, 2013	$	1,425		$	—		$	1,425		$	—

	December 31, 2012:
	Interest rate cap derivative agreements	$	48		$	—		$	48		$	—
	Life insurance policy	1,494			—			1,494			—

	Total assets at December 31, 2012	$	1,542		$	—		$	1,542		$	—

	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
	Interest rate swap derivative agreement	$	1,196		$	—		$	1,196		$	—
	Retirement benefit agreement	1,376			—			1,376			—

	Total liabilities at September 30, 2013	$	2,572		$	—		$	2,572		$	—

	December 31, 2012:
	Interest rate swap derivative agreement	$	1,636		$	—		$	1,636		$	—
	Retirement benefit agreement	1,494			—			1,494			—

	Total liabilities at December 31, 2012	$	3,130		$	—		$	3,130		$	—
Accounts Receivable	'
	Accounts Receivable

	Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from customers who utilize purchase volume rebates through BuyEfficient, as well as tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. The Company’s accounts receivable at both September 30, 2013 and December 31, 2012 includes an allowance for doubtful accounts of $0.2 million.
Acquisitions of Hotel Properties and Other Entities	'
	Acquisitions of Hotel Properties and Other Entities

	Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, intangible assets and any capital lease obligations that are assumed as part of the acquisition of a leasehold interest. During 2012 and the first nine months of 2013, the Company used all available information to make these fair value determinations, and engaged an independent valuation specialist to assist in the fair value determination of the long-lived assets acquired and the liabilities assumed in the Company’s purchases of the Hyatt Chicago Magnificent Mile, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, and the Boston Park Plaza. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.
Assets Held for Sale	'
	Assets Held for Sale

	The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months. A sale is determined to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, and the Company has received a substantial non-refundable deposit. The Company tests hotels or other assets held for sale for impairment each reporting period, and records them at the lower of their carrying amounts or fair value less costs to sell. Once a hotel or other asset is designated as held for sale, depreciation is ceased and the hotel or other asset is included in discontinued operations. As of September 30, 2013, the Company had no hotels or other assets held for sale. As of December 31, 2012, the Company classified four hotels and a commercial laundry facility as held for sale due to their sale in January 2013.
Deferred Financing Fees	'
	Deferred Financing Fees

	Deferred financing fees consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments, and are amortized to interest expense over the terms of the related debt or commitment. Upon repayment or refinancing of the underlying debt, any related unamortized deferred financing fee is charged to interest expense. Upon any loan modification, any related unamortized deferred financing fee is amortized over the remaining terms of the modified loan.

	The Company paid deferred financing fees of $0.2 million during both the three and nine months ended September 30, 2013 related to the assumption of a mortgage in connection with the acquisition of the Boston Park Plaza and the purchase of an interest rate cap derivative agreement on the Hilton San Diego Bayfront mortgage. During both the three and nine months ended September 30, 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment and extension of its credit facility.

	In the second quarter of 2012, the Company wrote off $3,000 in deferred financing fees related to its repayment of a non-recourse mortgage secured by the Renaissance Long Beach. In the third quarter of 2012, the Company wrote off $0.2 million in deferred financing fees related to its sales of the Marriott Del Mar in August 2012, and the Doubletree Guest Suites Minneapolis, Hilton Del Mar and Marriott Troy in September 2012.

	Total amortization and write-off of deferred financing fees for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations:
	Amortization of deferred financing fees	$	736		$	922		$	2,219		$	2,804
	Write-off of deferred financing fees	—			—			—			3
	Total — continuing operations	736			922			2,219			2,807

	Discontinued operations:
	Amortization of deferred financing fees	—			20			2			67
	Write-off of deferred financing fees	—			185			—			185
	Total — discontinued operations	—			205			2			252

	Total amortization and write-off of deferred financing fees	$	736		$	1,127		$	2,221		$	3,059
Earnings Per Share	'
	Earnings Per Share

	The Company applies the two-class method when computing its earnings per share as required by the Earnings Per Share Topic of the FASB ASC, which requires the net income per share for each class of stock (common stock and convertible preferred stock) to be calculated assuming that all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights. To the extent the Company has undistributed earnings in any calendar quarter, the Company will follow the two-class method of computing earnings per share.

	The Company follows the requirements of the Earnings Per Share Topic of the FASB ASC, which states that unvested share-based payment awards that contain non-forfeitable 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. Distributed earnings representing nonforfeitable dividends of $0.1 million were allocated to the participating securities for the three and nine months ended September 30, 2013. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities for either the three or nine months ended September 30, 2012. For the three and nine months ended September 30, 2013, undistributed earnings representing nonforfeitable dividends of $30,000 and $0.3 million, respectively, were allocated to the participating securities. For the three and nine months ended September 30, 2012, undistributed earnings representing nonforfeitable dividends of $0.4 million and $0.2 million, respectively, were allocated to the participating securities.

	In accordance with the Earnings Per Share Topic of the FASB ASC, basic earnings available (loss attributable) to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings available (loss attributable) to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock awards and the incremental common shares issuable upon the exercise of stock options, using the more dilutive of either the two-class method or the treasury stock method.

	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Numerator:
	Net income	$	15,817		$	39,556		$	64,752		$	38,443
	Income from consolidated joint venture attributable to non-controlling interest	(1,768		)	(827		)	(3,291		)	(1,694		)
	Distributions to non-controlling interest	(8		)	(8		)	(24		)	(24		)
	Dividends paid on unvested restricted stock compensation	(101		)	—			(101		)	—
	Preferred stock dividends and redemption charges	(2,300		)	(7,437		)	(16,713		)	(22,311		)
	Undistributed income allocated to unvested restricted stock compensation	(30		)	(352		)	(295		)	(162		)

	Numerator for basic and diluted earnings available to common stockholders	$	11,610		$	30,932		$	44,328		$	14,252

	Denominator:
	Weighted average basic and diluted common shares outstanding	160,856			135,236			157,628			124,271

	Basic and diluted earnings available to common stockholders per common share	$	0.07		$	0.23		$	0.28		$	0.11

	The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the three and nine months ended September 30, 2013 and 2012, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) issuable upon conversion were excluded from the above calculation of earnings per share for the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012, as their inclusion would have been anti-dilutive.
Goodwill	'
	Goodwill

	The Company follows the requirements of the Intangibles — Goodwill and Other Topic of the FASB ASC, which states that goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. As a result, the carrying value of goodwill allocated to the hotel properties and other assets is reviewed at least annually for impairment. In addition, when facts and circumstances suggest that the Company’s goodwill may be impaired, an interim evaluation of goodwill is prepared. Such review entails comparing the carrying value of the individual hotel property or other asset (the reporting unit) including the allocated goodwill to the fair value determined for that reporting unit (see Fair Value of Financial Instruments for detail on the Company’s valuation methodology). If the aggregate carrying value of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired to the extent of the difference between the fair value and the aggregate carrying value, not to exceed the carrying amount of the allocated goodwill. The Company’s annual impairment evaluation is performed each year as of December 31.
Non-Controlling Interests	'
	Non-Controlling Interests

	The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling 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, 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 non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of shareholders’ equity, non-controlling interests and total equity.

	At both September 30, 2013 and December 31, 2012, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the Hilton San Diego Bayfront. In addition, the Company is the sole common stockholder of the captive REIT that owns the Doubletree Guest Suites Times Square; however, there are also preferred investors in the captive REIT whose preferred dividends less administrative fees for the three and nine months ended September 30, 2013 and 2012 are represented as distributions to non-controlling interests on the Company’s statements of operations and comprehensive income.
Segment Reporting	'
	Segment Reporting

	The Company reports its consolidated financial statements in accordance with the Segment Reporting Topic of the FASB ASC. Currently, the Company operates in one segment, operations held for investment.
Stock Based Compensation	'
	Stock Based Compensation

	Compensation expense related to awards of restricted shares and performance shares are measured at fair value on the date of grant and amortized over the relevant requisite service period or derived service period.

Organization_and_Description_o1

Organization and Description of Business (Tables)	9 Months Ended
Organization and Description of Business (Tables)	Sep. 30, 2013
Organization and Description of Business	'
Schedule of number of hotels managed by each third-party manager	'
	As of September 30, 2013, the Company had interests in 28 hotels (the “28 hotels”) held for investment, and the Company’s third-party managers included the following:

		Number of Hotels
		(unaudited)
	Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc. (collectively, “Marriott”)	10
	Interstate Hotels & Resorts, Inc.	6
	Highgate Hotels L.P. and an affiliate	4
	Davidson Hotels & Resorts	2
	Hilton Worldwide	2
	Crestline Hotels & Resorts	1
	Dimension Development Company	1
	Fairmont Hotels & Resorts (U.S.)	1
	Hyatt Corporation	1

	Total hotels held for investment	28

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Schedule of assets measured at fair value on a recurring and non-recurring basis	'
	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
	Interest rate cap derivative agreements	$	49		$	—		$	49		$	—
	Life insurance policy	1,376			—			1,376			—

	Total assets at September 30, 2013	$	1,425		$	—		$	1,425		$	—

	December 31, 2012:
	Interest rate cap derivative agreements	$	48		$	—		$	48		$	—
	Life insurance policy	1,494			—			1,494			—

	Total assets at December 31, 2012	$	1,542		$	—		$	1,542		$	—
Schedule of liabilities measured at fair value on a recurring and non-recurring basis	'
	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2013 and December 31, 2012 (in thousands):

					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	September 30, 2013 (unaudited):
	Interest rate swap derivative agreement	$	1,196		$	—		$	1,196		$	—
	Retirement benefit agreement	1,376			—			1,376			—

	Total liabilities at September 30, 2013	$	2,572		$	—		$	2,572		$	—

	December 31, 2012:
	Interest rate swap derivative agreement	$	1,636		$	—		$	1,636		$	—
	Retirement benefit agreement	1,494			—			1,494			—

	Total liabilities at December 31, 2012	$	3,130		$	—		$	3,130		$	—
Schedule of amortization and write-off of deferred financing fees	'
	Total amortization and write-off of deferred financing fees for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations:
	Amortization of deferred financing fees	$	736		$	922		$	2,219		$	2,804
	Write-off of deferred financing fees	—			—			—			3
	Total — continuing operations	736			922			2,219			2,807

	Discontinued operations:
	Amortization of deferred financing fees	—			20			2			67
	Write-off of deferred financing fees	—			185			—			185
	Total — discontinued operations	—			205			2			252

	Total amortization and write-off of deferred financing fees	$	736		$	1,127		$	2,221		$	3,059
Schedule of computation of basic and diluted earnings per common share	'
	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Numerator:
	Net income	$	15,817		$	39,556		$	64,752		$	38,443
	Income from consolidated joint venture attributable to non-controlling interest	(1,768		)	(827		)	(3,291		)	(1,694		)
	Distributions to non-controlling interest	(8		)	(8		)	(24		)	(24		)
	Dividends paid on unvested restricted stock compensation	(101		)	—			(101		)	—
	Preferred stock dividends and redemption charges	(2,300		)	(7,437		)	(16,713		)	(22,311		)
	Undistributed income allocated to unvested restricted stock compensation	(30		)	(352		)	(295		)	(162		)

	Numerator for basic and diluted earnings available to common stockholders	$	11,610		$	30,932		$	44,328		$	14,252

	Denominator:
	Weighted average basic and diluted common shares outstanding	160,856			135,236			157,628			124,271

	Basic and diluted earnings available to common stockholders per common share	$	0.07		$	0.23		$	0.28		$	0.11

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	9 Months Ended
Investment in Hotel Properties (Tables)	Sep. 30, 2013
Investment in Hotel Properties	'
Schedule of investment in hotel properties	'
	Investment in hotel properties, net consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Land	$	323,164		$	260,939
	Buildings and improvements	2,835,056			2,541,024
	Furniture, fixtures and equipment	387,680			329,770
	Intangibles	171,289			167,467
	Franchise fees	1,346			1,261
	Construction in process	29,041			48,388
		3,747,576			3,348,849
	Accumulated depreciation and amortization	(770,527		)	(666,972		)

		$	2,977,049		$	2,681,877
Summary of fair values of assets acquired and liabilities assumed in acquisitions	'
	The following table summarizes the fair values of assets acquired and liabilities assumed in these acquisitions (in thousands):

	Assets:
	Investment in hotel properties	$	307,744
	Accounts receivable	3,024
	Inventory	160
	Prepaid expenses	924

	Total assets acquired	311,852

	Liabilities:
	Accounts payable	295
	Accrued payroll and employee benefits	2,777
	Other current liabilities	1,571
	Note payable	119,190

	Total liabilities assumed	123,833

	Total cash paid for acquisitions	$	188,019
Schedule of acquired finite lived intangible assets and franchise agreement	'
	Details of the intangibles and the franchise agreement are as follows (in thousands):

		September 30,			Expected Life
		2013			Expected Life
		(unaudited)
	Value at acquisition:
	Advanced bookings	$	6,294		60 months
	Above/(below) market lease agreements, net	(3,645		)	13 to 215 months
	In-place lease agreements	1,173			13 to 169 months
	Franchise agreement	85			15 years

	Total intangibles and franchise fees related to 2013 acquisitions	3,907
	Accumulated amortization	(296		)
		$	3,611
Schedule of amortization expense related to acquisitions	'
	During the three and nine months ended September 30, 2013, the Company recorded amortization expense related to its Hilton New Orleans St. Charles and Boston Park Plaza intangibles as follows (in thousands):

		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
		(unaudited)			(unaudited)
	Advanced bookings	$	315		$	315
	Above/(below) market lease agreements, net	(66		)	(67		)
	In-place lease agreements	36			46
	Franchise agreement	1			2

		$	286		$	296
Effects of acquisitions on results of operations	'
	In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Revenues	$	250,370		$	226,093		$	717,931		$	673,841

	Income available (loss attributable) to common stockholders from continuing operations	$	11,610		$	(8,948	)	$	(1,291	)	$	(27,986	)

	Income (loss) per diluted share available (attributable) to common stockholders from continuing operations	$	0.07		$	(0.07	)	$	(0.01	)	$	(0.23	)

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations	'
Schedule of operating results of discontinued operations	'
	The following table sets forth the discontinued operations for the three and nine months ended September 30, 2013 and 2012 for the four hotels and the commercial laundry facility sold in 2013, as well as the four hotels and the office building sold in 2012 and the Royal Palm Miami Beach sold in 2011 (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Operating revenues	$	—		$	29,450		$	3,690		$	85,570
	Operating expenses	—			(20,006		)	(3,686		)	(60,211		)
	Interest expense	—			(1,832		)	(99		)	(6,103		)
	Depreciation and amortization expense	—			(3,125		)	—			(10,982		)
	Loss on extinguishment of debt	—			—			(3,115		)	—
	Gain on sale of hotels and other assets, net	—			38,115			51,620			38,292

	Income from discontinued operations	$	—		$	42,602		$	48,410		$	46,566
Rochester Portfolio	'
Discontinued Operations	'
Schedule of activity in accumulated other comprehensive loss	'
	The following table details the activity in accumulated other comprehensive loss in January 2013 due to the sale of the Rochester Portfolio (in thousands):

		One Month Ended			Affected Line in the Company’s Statements of
		January 31, 2013			Operations and Comprehensive Income
		(unaudited)
	Beginning balance of accumulated other comprehensive loss	$	(5,335	)
	Sale of Rochester Portfolio — pension liability adjustment	5,335			Income from discontinued operations
	Ending balance of accumulated other comprehensive loss	$	—

Other_Assets_Tables

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Other Assets	'
Schedule of other assets	'
	Other assets, net consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Property and equipment, net	$	2,561		$	2,529
	Land held for development	188			188
	Intangibles, net	7,427			7,877
	Preferred dividends receivable	229			—
	Interest rate cap derivative agreements	49			48
	Cash trap receivables	4,443			8,208
	Other receivables	3,923			4,130
	Other	2,767			2,922
		$	21,587		$	25,902
Schedule of property and equipment	'
	Property and equipment, net consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Cost basis	$	10,779		$	10,153
	Accumulated depreciation	(8,218		)	(7,624		)
	Property and equipment, net	$	2,561		$	2,529

Notes_Payable_Tables

Notes Payable (Tables)	9 Months Ended
Notes Payable (Tables)	Sep. 30, 2013
Notes Payable	'
Schedule of notes payable	'
	Notes payable consisted of the following (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.4% to 6.6%; maturing at dates ranging from May 2015 through May 2021. The notes are collateralized by first deeds of trust on 14 hotel properties at September 30, 2013, and 13 hotel properties at December 31, 2012.	$	998,069		$	890,668
	Note payable requiring payments of interest and principal, bearing a blended rate of 3-month LIBOR plus 325 basis points; maturing in April 2016. The note is collateralized by a first deed of trust on one hotel property.	232,288			234,724
	Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of 3-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.	180,000			180,000
	Senior Notes, with a fixed interest rate of 4.60%, maturing in July 2027. Repurchased and redeemed in January 2013. The notes were guaranteed by the Company and certain of its subsidiaries.	—			58,000
		1,410,357			1,363,392
	Less: discount on Senior Notes	—			(3		)
		1,410,357			1,363,389
	Less: current portion	(23,351		)	(76,723		)
		$	1,387,006		$	1,286,666
Schedule of interest incurred and expensed on the notes payable	'
	Total interest incurred and expensed on the notes payable was as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Interest expense	$	18,130		$	18,027		$	51,747		$	53,907
	(Gain) loss on derivatives	(12		)	96			(429		)	595
	Accretion of Senior Notes	—			267			3			791
	Amortization of deferred financing fees	736			922			2,219			2,804
	Write-off of deferred financing fees	—			—			—			3
		$	18,854		$	19,312		$	53,540		$	58,100

Other_Current_Liabilities_and_1

Other Current Liabilities and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2013
Other Current Liabilities and Other Liabilities	'
Schedule of other current liabilities	'
	Other current liabilities consisted of the following (in thousands):

		September 30,		December 31,
		2013		2012
		(unaudited)
	Property, sales and use taxes payable	$	17,988	$	13,254
	Income tax payable	200		125
	Accrued interest	4,160		4,901
	Advance deposits	9,206		6,938
	Management fees payable	1,089		2,346
	Other	3,454		3,399
		$	36,097	$	30,963
Schedule of other liabilities	'
	Other liabilities consisted of the following (in thousands):

		September 30,		December 31,
		2013		2012
		(unaudited)
	Deferred gain on sale of asset	$	14,000	$	—
	Interest rate swap derivative agreement	1,196		1,636
	Accrued income tax	1,489		—
	Deferred revenue	7,018		1,089
	Deferred rent	11,568		9,459
	Deferred incentive management fees	1,645		—
	Other	2,985		2,886
		$	39,901	$	15,070

LongTerm_Incentive_Plan_Tables

Long-Term Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2013

Long-Term Incentive Plan

Schedule of compensation expense related to restricted shares and performance awards

The Company’s compensation expense related to restricted shares and performance awards for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):

Three Months Ended

Nine Months Ended

September 30, 2013

September 30, 2012

September 30, 2013

September 30, 2012

(unaudited)

Compensation expense, including forfeitures

1,861

1,195

5,301

3,946

Summary of total compensation expense in relation to vesting of restricted common stock

The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statement of equity for the nine months ended September 30, 2013 is as follows (in thousands):

Nine Months Ended

September 30, 2013

(unaudited)

Total compensation expense, including forfeitures

5,301

Net-settle adjustment

(1,723

)

Amortization related to shares issued to design and construction employees

293

Vesting of restricted stock presented on statement of equity

3,871

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2013
Commitments and Contingencies	'
Schedule of basic management fees	'
	Total basic management fees incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense, and corporate overhead expense	$	6,746		$	5,566		$	18,564		$	16,252
	Discontinued operations	—			620			65			1,802
		$	6,746		$	6,186		$	18,629		$	18,054
Schedule of incentive management fees	'
	Total incentive management fees incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense	$	800		$	425		$	2,286		$	1,985
	Discontinued operations	—			202			—			560
		$	800		$	627		$	2,286		$	2,545
Schedule of license and franchise costs	'
	Total license and franchise costs incurred by the Company during the three and nine months ended September 30, 2013 and 2012 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — franchise costs	$	8,770		$	7,957		$	24,019		$	21,421
	Discontinued operations	—			956			73			2,653
		$	8,770		$	8,913		$	24,092		$	24,074
Schedule of assets under capital lease	'
	Assets under capital lease were included in investment in hotel properties, net on the Company’s consolidated balance sheets as follows (in thousands):

		September 30,			December 31,
		2013			2012
		(unaudited)
	Buildings and improvements	$	58,799		$	58,799
	Furniture, fixtures and equipment	104			104
		58,903			58,903
	Accumulated depreciation	(1,985		)	(871		)
		$	56,918		$	58,032
Schedule of future minimum lease payments under capital leases	'
	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of September 30, 2013 are as follows (in thousands):

	2013	$	1,437
	2014	1,420
	2015	1,403
	2016	1,403
	2017	1,403
	Thereafter	111,167
	Total minimum lease payments (1)	118,233
	Less: Amount representing interest (2)	(102,604		)
	Present value of net minimum lease payments (3)	$	15,629

	(1) Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. No percentage rent was due for either the three or nine months ended September 30, 2013.

	(2) Interest includes the amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at lease inception.

	(3) The present value of net minimum lease payments are reflected in the Company’s consolidated balance sheets as a current obligation of $35,000 and as long-term obligations of $15.6 million as of both September 30, 2013 and December 31, 2012. The current obligations are included in accounts payable and accrued expenses, and the long-term obligations are included in capital lease obligations, less current portion.
Schedule of ground lease rent	'
	Total rent expense incurred pursuant to ground, building and air lease agreements for the three and nine months ended September 30, 2013 and 2012 was included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property tax, ground lease and insurance	$	4,524		$	4,354		$	13,110		$	12,814
	Discontinued operations	—			—			—			14
		$	4,524		$	4,354		$	13,110		$	12,828
Schedule of hotel geographic concentration of risk	'
	As of September 30, 2013, the Company’s 28 hotels were concentrated in California, New York, Illinois, Massachusetts and the greater Washington D.C. area as follows:

		California		New York		Illinois		Massachusetts		Greater
										Washington
										D.C. Area
		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Number of hotels	8		3		3		3		3
	Percentage of total rooms	28	%	10	%	9	%	15	%	14	%
	Percentage of total revenue for the three months ended September 30, 2013	30	%	15	%	9	%	17	%	13	%
	Percentage of total revenue for the nine months ended September 30, 2013	29	%	14	%	8	%	16	%	15	%

Organization_and_Description_o2

Organization and Description of Business (Details)	9 Months Ended
Organization and Description of Business (Details)	Sep. 30, 2013
Organization and Description of Business	'
Number of hotels in which the company has interests	28
Marriott	'
Organization and Description of Business	'
Number of hotels managed by third parties	10
Interstate Hotels & Resorts, Inc	'
Organization and Description of Business	'
Number of hotels managed by third parties	6
Highgate Hotels L.P. and an affiliate	'
Organization and Description of Business	'
Number of hotels managed by third parties	4
Davidson Hotels & Resorts	'
Organization and Description of Business	'
Number of hotels managed by third parties	2
Hilton Worldwide	'
Organization and Description of Business	'
Number of hotels managed by third parties	2
Crestline Hotels & Resorts	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Dimension Development Company	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Fairmont Hotels & Resorts (U.S.)	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Hyatt Corporation	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Sunstone Hotel Partnership, LLC	'
Organization and Description of Business	'
Controlling interest owned (as a percent)	100.00%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (Marriott)	3 Months Ended						9 Months Ended	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Maximum	Minimum
Reporting Periods	'	'	'	'	'	'	'	'	'
Weeks reported in quarter	'	'	'	'84 days	'84 days	'84 days	'	'119 days	'112 days
Number of additional days included in fiscal period	'	'	'	'	'	'	'3 days	'	'
Number of days less in previous quarter	'8 days	'7 days	'9 days	'	'	'	'	'	'
Number of days more in fourth quarter	'	'	'	'	'	'	'20 days	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Total at the end of the period

Level 2

Level 3

Interest Rate Cap Agreement

Interest Rate Swap Agreement

Maximum

Minimum

item

Fair value of assets and liabilities measured at fair value on a recurring and non-recurring basis

Number of derivative agreements

Percentage of debt having fixed interest rates

70.80%

69.60%

Carrying value of secured debt

$1,410,357,000

$1,363,389,000

Weighted average cost of debt (as a percent)

5.50%

5.00%

Fair value of debt

1,400,000,000

1,300,000,000

Assets:

Interest rate cap derivative agreements

49,000

48,000

49,000

48,000

49,000

48,000

49,000

48,000

Life insurance policy

1,376,000

1,494,000

1,376,000

1,494,000

Total assets

1,425,000

1,542,000

1,425,000

1,542,000

Liabilities:

Interest rate swap derivative agreements

1,196,000

1,636,000

1,196,000

1,636,000

1,200,000

1,600,000

Retirement benefit agreement

1,376,000

1,494,000

1,376,000

1,494,000

Total liabilities

2,572,000

3,130,000

2,572,000

3,130,000

Accounts Receivable

Allowance for doubtful accounts

$200,000

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

item

Continuing Operations Member

Discontinued Operations Member

Renaissance Long Beach

Hilton San Diego Bayfront mortgage

Senior unsecured revolving credit facility

Interest rate cap derivative agreement

Boston Park Plaza

Assets Held for Sale

Maximum time period for sale for classification of asset as held for sale

'12 months

Number of hotels and/or other assets held for sale

Debt instrument

Payment of deferred financing fees

$243,000

$1,320,000

$200,000

$1,300,000

Amortization of deferred financing fees

736,000

922,000

2,219,000

2,804,000

20,000

2,000

67,000

Write-off of deferred financing fees

3,000

185,000

3,000

Total

736,000

922,000

2,219,000

2,807,000

205,000

2,000

252,000

Total amortization and write-off of deferred financing fees

$736,000

$1,127,000

$2,221,000

$3,059,000

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	Sep. 30, 2013	Sep. 30, 2012	item	Sep. 30, 2012	Dec. 31, 2012
Numerator:	'	'	'	'	'
Net income	$15,817	$39,556	$64,752	$38,443	'
Income from consolidated joint venture attributable to non-controlling interest	-1,768	-827	-3,291	-1,694	'
Distributions to non-controlling interest	-8	-8	-24	-24	'
Dividends paid on unvested restricted stock compensation	-101	'	-101	'	'
Preferred stock dividends and redemption charges	-2,300	-7,437	-16,713	-22,311	'
Undistributed income allocated to unvested restricted stock compensation	-30	-352	-295	-162	'
INCOME AVAILABLE TO COMMON STOCKHOLDERS	$11,610	$30,932	$44,328	$14,252	'
Denominator:	'	'	'	'	'
Weighted average basic and diluted common shares outstanding	160,856	135,236	157,628	124,271	'
Basic and diluted earnings available to common stockholders per common share	$0.07	$0.23	$0.28	$0.11	'
Non-Controlling Interests	'	'	'	'	'
Minority interest percentage in Hilton San Diego Bayfront	25.00%	'	25.00%	'	25.00%
Segment Reporting	'	'	'	'	'
Number of operating segments	'	'	1	'	'

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	$3,747,576	$3,348,849
Accumulated depreciation and amortization	-770,527	-666,972
Investment in hotel properties, net	2,977,049	2,681,877
Land	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	323,164	260,939
Buildings and improvements	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	2,835,056	2,541,024
Furniture, fixtures and equipment	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	387,680	329,770
Intangibles	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	171,289	167,467
Franchise fees	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	1,346	1,261
Construction in process	'	'
Investment in Hotel Properties	'	'
Investment in hotel properties, gross	$29,041	$48,388

Investment_in_Hotel_Properties3

Investment in Hotel Properties (Details 2) (USD $)

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

31-May-13

Sep. 30, 2013

Jul. 02, 2013

Feb. 28, 2013

Sep. 30, 2013

Jul. 02, 2013

item

Hilton New Orleans St. Charles and the Boston Park Plaza

Hilton New Orleans St. Charles

Boston Park Plaza

Advanced bookings and above/(below) market lease agreements

In-place lease agreements

Advanced bookings

Above/(below) market lease agreements, net

Franchise agreement

Land

Buildings and improvements

Furniture, fixtures and equipment

item

Non-recourse loan secured

Minimum

Maximum

Minimum

Maximum

Investment in Hotel Properties

Number of rooms in acquired hotel

250

1,053

Purchase price of acquired entity

$59,100,000

$248,000,000

Proration and other credits

200,000

2,000,000

Acquisition-related costs

100,000

400,000

300,000

900,000

Portion of acquisition price paid with cash received from issuance of common stock and with cash on hand

6,300,000

36,500,000

8,900,000

Debt assumed at acquisition

119,200,000

Assets:

Investment in hotel properties

307,744,000

3,800,000

100,000

62,200,000

224,200,000

17,400,000

Accounts receivable

3,024,000

Inventory

160,000

Prepaid expenses

924,000

Total assets acquired

311,852,000

Liabilities:

Accounts payable

295,000

Accrued payroll and employee benefits

2,777,000

Other current liabilities

1,571,000

Note payable

119,190,000

Total liabilities assumed

123,833,000

Total cash paid for acquisitions

188,019,000

53,200,000

92,300,000

Value of intangibles at acquisition

3,907,000

1,173,000

6,294,000

-3,645,000

85,000

Accumulated amortization

-296,000

Total

3,611,000

Expected Life at Acquisition

'13 months

'169 months

'60 months

'13 months

'215 months

'15 years

Amortization expense

$8,255,000

$14,835,000

$286,000

$296,000

$36,000

$46,000

$315,000

($66,000)

($67,000)

$1,000

$2,000

Number of hotels acquired

Investment_in_Hotel_Properties4

Investment in Hotel Properties (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unaudited pro forma results of operations	'	'	'	'
Revenues	$250,370	$226,093	$717,931	$673,841
Income available (loss attributable) to common stockholders from continuing operations	11,610	-8,948	-1,291	-27,986
Income (loss) per diluted share available (attributable) to common stockholders from continuing operations	$0.07	($0.07)	($0.01)	($0.23)
Total revenue	250,370	205,041	679,929	596,117
Net income (loss)	15,817	39,556	64,752	38,443
Acquisitions 2013	'	'	'	'
Unaudited pro forma results of operations	'	'	'	'
Total revenue	22,300	'	24,200	'
Net income (loss)	2,600	'	3,000	'
Acquisitions 2012	'	'	'	'
Unaudited pro forma results of operations	'	'	'	'
Total revenue	'	12,600	'	15,300
Net income (loss)	'	($300)	'	($1,300)

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

Jan. 31, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Jan. 31, 2013

Sep. 30, 2013

Jan. 31, 2013

Sep. 30, 2013

Jan. 31, 2013

Aug. 31, 2012

Mar. 31, 2012

Sep. 30, 2012

item

Preferred equity investment

Rochester Portfolio

Kahler Grand

Commercial laundry facility

Kahler Inn & Suites

Marriott Rochester

Residence Inn by Marriott Rochester

Marriott Del Mar

Royal Palm Miami Beach

Portfolio sale

item

Discontinued Operations

Number of hotels and/or other assets sold

Number of rooms sold

1,222

660

271

202

Net proceeds received from sale of hotel properties and other assets

$195,600,000

$17,700,000

$28,600,000

Cash proceeds held by accommodator

145,700,000

Amount of mortgage extinguished

-122,622,000

47,100,000

75,600,000

Gain (loss) on sale

38,115,000

51,620,000

38,292,000

51,600,000

25,500,000

200,000

12,700,000

Preferred equity investment

25,000,000

Dividend yield on preferred equity investment (as a percent)

11.00%

Deferred gain on sale of asset

14,000,000

25,000,000

3,700,000

Dividends on the preferred equity investment

700,000

1,900,000

Working cash advance provided to buyer

3,700,000

Carrying value of asset net of deferred gain

Portfolio pension plan liability

14,000,000

Repayment of mortgage debt

26,700,000

400,000

Loss on extinguishment of debt

44,000

191,000

3,100,000

Total cost to extinguish debt

29,800,000

Write-off of deferred financing fees

48,000

100,000

Accumulated other comprehensive loss

Beginning balance of accumulated other comprehensive loss

-5,335,000

Sale of Rochester Portfolio - pension liability adjustment

5,335,000

Ending balance of accumulated other comprehensive loss

-5,335,000

Discontinued Operations

Deferred incentive management fees liability assumed by buyer of hotel

$2,200,000

Number of separate mortgages

Discontinued_Operations_Detail1

Discontinued Operations (Details 2) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations	'	'	'
Operating revenues	$29,450	$3,690	$85,570
Operating expenses	-20,006	-3,686	-60,211
Interest expense	-1,832	-99	-6,103
Depreciation and amortization expense	-3,125	'	-10,982
Loss on extinguishment of debt	'	-3,115	'
Gain on sale of hotels and other assets, net	38,115	51,620	38,292
Income from discontinued operations	$42,602	$48,410	$46,566

Interest_Rate_Derivative_Agree1

Interest Rate Derivative Agreements (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Apr. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Doubletree Guest Suites Times Square Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

JW Marriott New Orleans Mortgage Payable

Derivative agreements qualifying as a hedge of interest rates

Interest Rate Cap Agreement

Interest Rate Swap Agreement

item

Doubletree Guest Suites Times Square Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

item

JW Marriott New Orleans Mortgage Payable

Interest Rate Derivative Agreements

Number of derivative agreements that qualify for effective hedge accounting treatment

Number of derivative agreements

Interest rate, description of reference rate

'3-Month LIBOR

'LIBOR

'3-Month LIBOR

Interest rate added to base rate (as a percent)

3.25%

Strike rate under interest rate cap agreement

4.00%

3.75%

Fixed rate under interest rate swap agreement

5.45%

Fair values of derivative agreements

$1,200,000

$1,600,000

Fair values of derivative assets

49,000

48,000

49,000

48,000

Notional amount

180,000,000

117,000,000

120,000,000

40,000,000

Cost of new interest rate cap agreement

12,000

Net gain/loss due to changes in the fair value of the company's derivative agreements

$12,000

($100,000)

$429,000

($595,000)

Other_Assets_Details

Other Assets (Details) (USD $)	3 Months Ended		9 Months Ended
Other Assets (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Other assets, net	'	'	'	'	'
Property and equipment, net	$2,561,000	'	$2,561,000	'	$2,529,000
Land held for development	188,000	'	188,000	'	188,000
Intangibles, net	7,427,000	'	7,427,000	'	7,877,000
Preferred dividends receivable	229,000	'	229,000	'	'
Interest rate cap derivative agreements	49,000	'	49,000	'	48,000
Cash trap receivables	4,443,000	'	4,443,000	'	8,208,000
Other receivables	3,923,000	'	3,923,000	'	4,130,000
Other	2,767,000	'	2,767,000	'	2,922,000
Total other assets, net	21,587,000	'	21,587,000	'	25,902,000
Cost basis	10,779,000	'	10,779,000	'	10,153,000
Accumulated depreciation	-8,218,000	'	-8,218,000	'	-7,624,000
Amortization expense	'	'	8,255,000	14,835,000	'
Long term investments	'	'	'	'	'
Proceeds from collection of cash trap receivables	3,800,000	'	3,800,000	'	'
Number of hotels with cash trap provisions	'	'	3	'	'
Preferred equity investment	'	'	'	'	'
Long term investments	'	'	'	'	'
Preferred dividends on the preferred equity investment	700,000	'	1,900,000	'	'
BuyEfficient, LLC	'	'	'	'	'
Other assets, net	'	'	'	'	'
Accumulated amortization	1,600,000	'	1,600,000	'	1,200,000
Amortization expense	$100,000	$100,000	$400,000	$400,000	'
BuyEfficient, LLC \| Maximum	'	'	'	'	'
Other assets, net	'	'	'	'	'
Useful life of intangibles	'	'	'20 years	'	'
BuyEfficient, LLC \| Minimum	'	'	'	'	'
Other assets, net	'	'	'	'	'
Useful life of intangibles	'	'	'7 years	'	'

Notes_Payable_Details

Notes Payable (Details) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Jan. 31, 2013

Feb. 29, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Apr. 30, 2012

Jan. 31, 2013

Aug. 31, 2012

Sep. 30, 2012

Jul. 02, 2013

Notes payable maturing at dates ranging from May 2015 through May 2021

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Senior Notes maturing in July 2027

Doubletree Guest Suites Times Square Mortgage Payable

Senior unsecured revolving credit facility

Renaissance Long Beach

Kahler Grand

Commercial laundry facility

Marriott Del Mar

Portfolio sale

Non-recourse loan secured

item

Minimum

Maximum

item

Boston Park Plaza

Notes payable:

Total notes payable

$1,410,357,000

$1,363,392,000

$998,069,000

$890,668,000

$232,288,000

$234,724,000

$58,000,000

$180,000,000

Less: discount on Senior Notes

-3,000

Total notes payable, net

1,410,357,000

1,363,389,000

Less: current portion

-23,351,000

-76,723,000

Notes payable, less current portion

1,387,006,000

1,286,666,000

Fixed interest rate, low end of range (as a percent)

4.40%

Fixed interest rate, high end of range (as a percent)

6.60%

Number of hotels provided as collateral

Interest rate, description of reference rate

'3-Month LIBOR

'LIBOR

Interest rate added to base rate (as a percent)

3.25%

1.75%

3.50%

Fixed interest rate (as a percent)

4.60%

4.40%

Repurchase of senior notes

42,000,000

Redemption of senior notes

16,000,000

Aggregate principal amount of debt repurchased or redeemed

58,000,000

4,500,000

Total cost to extinguish debt

-122,622,000

47,100,000

75,600,000

Repayment of mortgage debt

32,200,000

26,700,000

400,000

Total cost to extinguish debt

29,800,000

Aggregate principal amount of debt repurchased, plus accrued interest and related costs

4,570,000

Write-off of deferred financing fees

47,000

3,000

48,000

100,000

Write-off of Senior Notes discount

100,000

Loss on extinguishment of debt

44,000

191,000

200,000

3,100,000

Debt assumed at acquisition

119,200,000

Maximum borrowing capacity of credit facility

150,000,000

Interest rate floor on base rate eliminated (as a percent)

1.00%

Extended maturity period

'2 years

Interest rate added to base rate before amendment (as a percent)

3.25%

4.25%

Maximum borrowing capacity of credit facility with lender approval

350,000,000

Financing costs incurred and paid

$243,000

$1,320,000

$1,300,000

Notes_Payable_Details_2

Notes Payable (Details 2) (USD $)	3 Months Ended		9 Months Ended
Notes Payable (Details 2) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest incurred and expensed on the notes payable	'	'	'	'
(Gain) loss on derivatives	($12,000)	$100,000	($429,000)	$595,000
Accretion of Senior Notes	'	'	3,000	791,000
Total interest incurred and expensed on the notes payable	18,854,000	19,312,000	53,540,000	58,100,000
Notes payable.	'	'	'	'
Interest incurred and expensed on the notes payable	'	'	'	'
Interest expense	18,130,000	18,027,000	51,747,000	53,907,000
(Gain) loss on derivatives	-12,000	96,000	-429,000	595,000
Accretion of Senior Notes	'	267,000	3,000	791,000
Amortization of deferred financing fees	736,000	922,000	2,219,000	2,804,000
Write-off of deferred financing fees	'	'	'	3,000
Total interest incurred and expensed on the notes payable	$18,854,000	$19,312,000	$53,540,000	$58,100,000

Other_Current_Liabilities_and_2

Other Current Liabilities and Other Liabilities (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013	Jan. 31, 2013	Dec. 31, 2012	Jun. 30, 2013	Sep. 30, 2013	Jan. 31, 2013
	Sep. 30, 2013	Mar. 31, 2013	Jan. 31, 2013	Dec. 31, 2012	Rebranding Incentive	Rebranding Incentive	Rochester Portfolio
Other Current Liabilities	'	'	'	'	'	'	'
Property, sales and use taxes payable	$17,988,000	'	'	$13,254,000	'	'	'
Income tax payable	200,000	'	'	125,000	'	'	'
Accrued interest	4,160,000	'	'	4,901,000	'	'	'
Advanced deposits	9,206,000	'	'	6,938,000	'	'	'
Management fees payable	1,089,000	'	'	2,346,000	'	'	'
Other	3,454,000	'	'	3,399,000	'	'	'
Other Current Liabilities	36,097,000	'	'	30,963,000	'	'	'
Other liabilities	'	'	'	'	'	'	'
Deferred gain on sale of asset	14,000,000	'	14,000,000	'	'	'	3,700,000
Interest rate swap derivative agreement	1,196,000	'	'	1,636,000	'	'	'
Accrued income tax	1,489,000	1,500,000	'	'	'	'	'
Deferred revenue	7,018,000	'	'	1,089,000	'	6,200,000	'
Deferred rent	11,568,000	'	'	9,459,000	'	'	'
Deferred incentive management fees	1,645,000	'	'	'	'	'	'
Other	2,985,000	'	'	2,886,000	'	'	'
Other liabilities	39,901,000	'	'	15,070,000	'	'	'
Other Current Liabilities and Other Liabilities	'	'	'	'	'	'	'
Portfolio's pension plan liability	'	'	'	'	'	'	14,000,000
Amount of incentive fee received for rebranding hotel	'	'	'	'	6,500,000	'	'
Incentive amortization period	'	'	'	'	'	'25 years	'
Current portion of deferred revenue rebranding incentive	'	'	'	'	'	300,000	'
Noncurrent portion of deferred rebranding incentive	$7,018,000	'	'	$1,089,000	'	$6,200,000	'

Other_Current_Liabilities_and_3

Other Current Liabilities and Other Liabilities (Details 2) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Mar. 31, 2013
Unrecognized tax benefits	'	'	'
Long term uncertain tax position	$1,489,000	$1,489,000	$1,500,000
Recognized interest expense related to tax provisions	33,000	600,000	'
Recognized penalties or interest expense related to tax provisions	$0	$0	'

Series_C_Cumulative_Convertibl1

Series C Cumulative Convertible Redeemable Preferred Stock (Details) (USD $)	1 Months Ended
In Millions, except Share data, unless otherwise specified	31-May-13
Series C Cumulative Convertible Redeemable Preferred Stock	'
Preferred stock redeemed (in shares)	4,102,564
Amount paid to redeem Series C preferred stock	$101.10
Accrued dividends	1.1
Additional redemption charge	$0.10

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Feb. 28, 2013

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Feb. 28, 2013

Jun. 30, 2012

Hyatt Chicago Magnificent Mile

Boston Park Plaza

Hilton New Orleans St. Charles

Series A Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Common Stock

item

Maximum

Minimum

Stockholders' equity

Number of shares redeemed

7,050,000

Number of shares of stock issued

7,050,000

4,600,000

Dividend rate (as a percent)

8.00%

Amount paid to redeem Series A preferred stock

$178,600,000

Accrued dividends paid on redemption

2,300,000

Additional redemption charges

4,600,000

Preferred stock, outstanding shares

7,050,000

4,600,000

Liquidation preference (in dollars per share)

$25

Future redemption price (in dollars per share)

$25

Number of days after first date of change of control within which the entity may redeem the preferred stock

'120 days

Number of quarters preferred stock dividends must be in arrears before preferred stockholders have certain voting rights

Number of additional directors preferred stockholders will be entitled to vote for if dividends are in arrears for six or more quarterly periods

Number of common shares which preferred stockholders may convert their shares into upon a change of control

22,571,280

Number of shares issued

5,454,164

Underwriting and other costs of the offering

376,000

431,000

100,000

Net proceeds from issuance of common stock

294,875,000

294,900,000

126,200,000

Proceeds from stock issuance used to redeem Series A preferred stock and Series C preferred stock

279,700,000

Proceeds from stock issued used towards payment of acquisition

$36,500,000

$8,900,000

$6,300,000

Issuance of common stock, net (in shares)

25,300,000

12,143,273

Number of shares of the underwriters' over-allotment issued

3,300,000

LongTerm_Incentive_Plan_Detail

Long-Term Incentive Plan (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Long-Term Incentive Plan	'	'	'	'
Amortization related to shares issued to design and construction employees	'	'	$293	$225
Vesting of restricted stock presented on statement of equity	'	'	-3,871	'
Restricted Shares and Performance awards	'	'	'	'
Long-Term Incentive Plan	'	'	'	'
Total compensation expense, including forfeitures	1,861	1,195	5,301	3,946
Net-settle adjustment	'	'	-1,723	'
Amortization related to shares issued to design and construction employees	'	'	293	'
Vesting of restricted stock presented on statement of equity	'	'	$3,871	'
Restricted Shares and Performance awards \| Maximum	'	'	'	'
Long-Term Incentive Plan	'	'	'	'
Vesting period	'	'	'5 years	'
Restricted Shares and Performance awards \| Minimum	'	'	'	'
Long-Term Incentive Plan	'	'	'	'
Vesting period	'	'	'3 years	'
Time-based shares \| Kenneth E. Cruse	'	'	'	'
Long-Term Incentive Plan	'	'	'	'
Percentage of total shares granted represented by each award	'	'	60.00%	'
Period after the grant date for vesting (in years)	'	'	'third, fourth and fifth anniversary	'
Performance-based shares \| Kenneth E. Cruse	'	'	'	'
Long-Term Incentive Plan	'	'	'	'
Percentage of total shares granted represented by each award	'	'	40.00%	'
Period after the grant date for vesting (in years)	'	'	'fifth anniversary	'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Jun. 30, 2012
	item	Sep. 30, 2012	item	Sep. 30, 2012	Dec. 31, 2012	Jun. 30, 2012
Basic management fees incurred	'	'	'	'	'	'
Continuing operations - property general and administrative expense, and corporate overhead expense	$6,746,000	$5,566,000	$18,564,000	$16,252,000	'	'
Discontinued operations	'	620,000	65,000	1,802,000	'	'
Total basic management fees	6,746,000	6,186,000	18,629,000	18,054,000	'	'
Incentive management fees incurred	'	'	'	'	'	'
Continuing operations - property general and administrative expense	800,000	425,000	2,286,000	1,985,000	'	'
Discontinued operations	'	202,000	'	560,000	'	'
Total incentive management fees	800,000	627,000	2,286,000	2,545,000	'	'
License and Franchise Agreements	'	'	'	'	'	'
Royalty expense	3,000,000	3,000,000	8,000,000	7,700,000	'	'
Continuing operations - franchise costs	8,770,000	7,957,000	24,019,000	21,421,000	'	'
Discontinued operations	'	956,000	73,000	2,653,000	'	'
License and franchise costs incurred	8,770,000	8,913,000	24,092,000	24,074,000	'	'
Capital Leases	'	'	'	'	'	'
Capital lease obligation, current	35,000	'	35,000	'	'	'
Capital lease contingent rent criteria (as a percent)	'	'	4.00%	'	'	'
Assets under capital lease	'	'	'	'	'	'
Buildings and improvements	58,799,000	'	58,799,000	'	58,799,000	58,799,000
Furniture, fixtures and equipment	104,000	'	104,000	'	104,000	'
Capital lease assets, gross	58,903,000	'	58,903,000	'	58,903,000	'
Accumulated depreciation	-1,985,000	'	-1,985,000	'	-871,000	'
Capital lease assets, net	56,918,000	'	56,918,000	'	58,032,000	'
Future minimum lease payments under capital leases	'	'	'	'	'	'
2013	1,437,000	'	1,437,000	'	'	'
2014	1,420,000	'	1,420,000	'	'	'
2015	1,403,000	'	1,403,000	'	'	'
2016	1,403,000	'	1,403,000	'	'	'
2017	1,403,000	'	1,403,000	'	'	'
Thereafter	111,167,000	'	111,167,000	'	'	'
Total minimum lease payments	118,233,000	'	118,233,000	'	'	'
Less: Amount representing interest	-102,604,000	'	-102,604,000	'	'	'
Present value of net minimum lease payments	15,629,000	'	15,629,000	'	'	'
Ground and Operating Leases	'	'	'	'	'	'
Continuing operations - property tax, ground lease and insurance expense	4,524,000	4,354,000	13,110,000	12,814,000	'	'
Discontinued operations	'	'	'	14,000	'	'
Total rent expense	4,524,000	4,354,000	13,110,000	12,828,000	'	'
Lease expense on corporate facility	100,000	100,000	300,000	300,000	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	28	'	28	'	'	'
Other	'	'	'	'	'	'
Term of unsecured environmental indemnities	'	'	'0 years	'	'	'
Damage limitation of unsecured environmental indemnities	'	'	0	'	'	'
Minimum	'	'	'	'	'	'
Management Agreements	'	'	'	'	'	'
Basic management fees (as a percent)	'	'	2.00%	'	'	'
Maximum	'	'	'	'	'	'
Management Agreements	'	'	'	'	'	'
Basic management fees (as a percent)	'	'	3.50%	'	'	'
Hyatt Chicago Magnificent Mile	'	'	'	'	'	'
Capital Leases	'	'	'	'	'	'
Capital lease obligation	15,600,000	'	15,600,000	'	15,600,000	15,600,000
Percentage rent paid	0	'	0	'	'	'
Number of rooms \| California	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	8	'	8	'	'	'
Concentration risk (as a percent)	28.00%	'	28.00%	'	'	'
Number of rooms \| New York	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	3	'	3	'	'	'
Concentration risk (as a percent)	10.00%	'	10.00%	'	'	'
Number of rooms \| Illinois	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	3	'	3	'	'	'
Concentration risk (as a percent)	9.00%	'	9.00%	'	'	'
Number of rooms \| Massachusetts	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	3	'	3	'	'	'
Concentration risk (as a percent)	15.00%	'	15.00%	'	'	'
Number of rooms \| Greater Washington D.C. Area	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Number of hotels which are held for investment	3	'	3	'	'	'
Concentration risk (as a percent)	14.00%	'	14.00%	'	'	'
Revenue generated by hotels \| California	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Concentration risk (as a percent)	30.00%	'	29.00%	'	'	'
Revenue generated by hotels \| New York	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Concentration risk (as a percent)	15.00%	'	14.00%	'	'	'
Revenue generated by hotels \| Illinois	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Concentration risk (as a percent)	9.00%	'	8.00%	'	'	'
Revenue generated by hotels \| Massachusetts	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Concentration risk (as a percent)	17.00%	'	16.00%	'	'	'
Revenue generated by hotels \| Greater Washington D.C. Area	'	'	'	'	'	'
Concentration of Risk	'	'	'	'	'	'
Concentration risk (as a percent)	13.00%	'	15.00%	'	'	'
Renovation and Construction Commitments	'	'	'	'	'	'
Renovation and Construction Commitments	'	'	'	'	'	'
Remaining construction commitments	36,900,000	'	36,900,000	'	'	'
Workers' compensation insurance programs	'	'	'	'	'	'
Other	'	'	'	'	'	'
Outstanding irrevocable letters of credit	800,000	'	800,000	'	'	'
Proceeds received from draw on line of credit	'	'	$0	'	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	9 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Nov. 01, 2013	Oct. 28, 2013
		Common stock	Subsequent event	Subsequent event
			Common stock	Hyatt Regency San Francisco
				item
Subsequent Events	'	'	'	'
Number of rooms in acquired hotel	'	'	'	802
Number of shares issued	'	25,300,000	20,000,000	'
Gross proceeds from issuance of common stock	$294,875	$253	$273,000	'
Purchase and sale agreement, investment value	'	'	'	$262,500