Sunstone Hotel Investors (SHO) 10-K 25 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 14, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'Sunstone Hotel Investors, Inc.	'	'
Entity Central Index Key	'0001295810	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$1.90
Entity Common Stock, Shares Outstanding	'	182,860,469	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$104,363	$157,217
Restricted cash	89,306	78,394
Accounts receivable, net	29,941	27,498
Inventories	1,464	1,377
Prepaid expenses	12,612	10,739
Assets held for sale, net	'	132,335
Total current assets	237,686	407,560
Investment in hotel properties, net	3,231,382	2,681,877
Deferred financing fees, net	9,219	11,931
Goodwill	9,405	9,405
Other assets, net	21,106	25,902
Total assets	3,508,798	3,136,675
Current liabilities:	'	'
Accounts payable and accrued expenses	25,116	22,646
Accrued payroll and employee benefits	29,933	26,738
Dividends payable	11,443	7,437
Other current liabilities	30,288	30,963
Current portion of notes payable	23,289	76,723
Notes payable of assets held for sale	'	27,270
Liabilities of assets held for sale	'	8,228
Total current liabilities	120,069	200,005
Notes payable, less current portion	1,380,786	1,286,666
Capital lease obligations, less current portion	15,586	15,621
Other liabilities	39,958	15,070
Total liabilities	1,556,399	1,517,362
Commitments and contingencies (Note 14)	'	'
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, $0.01 par value, 4,102,564 shares authorized, zero shares issued and outstanding at December 31, 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, 180,858,699 shares issued and outstanding at December 31, 2013 and 135,237,438 shares issued and outstanding at December 31, 2012	1,809	1,352
Additional paid in capital	2,068,721	1,493,397
Retained earnings	224,364	158,376
Cumulative dividends	-511,444	-475,144
Accumulated other comprehensive loss	'	-5,335
Total stockholders' equity	1,898,450	1,463,896
Non-controlling interest in consolidated joint ventures	53,949	55,417
Total equity	1,952,399	1,519,313
Total liabilities and equity	3,508,798	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 $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, par value (in dollars per share)	$0.01	$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)	180,858,699	135,237,438
Common stock, shares outstanding (in shares)	180,858,699	135,237,438
Series A Cumulative Redeemable Preferred Stock	'	'
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares issued (in shares)	0	7,050,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	0	7,050,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	'	8.00%
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	'	$25
Series D Cumulative Redeemable Preferred Stock	'	'
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares issued (in shares)	4,600,000	4,600,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	4,600,000	4,600,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	8.00%	8.00%
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	$25	$25

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
REVENUES	'	'	'
Room	$653,955	$576,146	$501,183
Food and beverage	213,346	200,810	175,103
Other operating	56,523	52,128	45,508
Total revenues	923,824	829,084	721,794
OPERATING EXPENSES	'	'	'
Room	170,361	147,932	128,225
Food and beverage	147,713	139,106	126,139
Other operating	16,819	16,162	14,004
Advertising and promotion	47,306	42,474	37,226
Repairs and maintenance	35,884	32,042	29,067
Utilities	27,006	25,596	25,537
Franchise costs	32,932	30,067	25,595
Property tax, ground lease and insurance	79,004	66,830	58,010
Property general and administrative	103,454	94,642	85,293
Corporate overhead	26,671	24,316	25,453
Depreciation and amortization	137,476	130,907	113,708
Impairment loss	'	'	10,862
Total operating expenses	824,626	750,074	679,119
Operating income	99,198	79,010	42,675
Equity in earnings of unconsolidated joint ventures	'	'	21
Interest and other income	2,821	297	3,115
Interest expense	-72,239	-76,821	-74,195
Loss on extinguishment of debt	-44	-191	'
Gain on remeasurement of equity interests	'	'	69,230
Income before income taxes and discontinued operations	29,736	2,295	40,846
Income tax provision	-8,145	-1,148	'
Income from continuing operations	21,591	1,147	40,846
Income from discontinued operations	48,410	48,410	40,453
NET INCOME	70,001	49,557	81,299
Income from consolidated joint venture attributable to non-controlling interest	-4,013	-1,761	-312
Distributions to non-controlling interest	-32	-31	-30
Dividends paid on unvested restricted stock compensation	-201	0	0
Preferred stock dividends and redemption charges	-19,013	-29,748	-27,321
Undistributed income allocated to unvested restricted stock compensation	-235	-203	-636
INCOME AVAILABLE TO COMMON STOCKHOLDERS	$46,507	$17,814	$53,000
Basic and diluted per share amounts:	'	'	'
Income (loss) from continuing operations available (attributable) to common stockholders (in dollars per share)	($0.01)	($0.24)	$0.11
Income from discontinued operations (in dollars per share)	$0.30	$0.38	$0.34
Basic and diluted income available to common stockholders per common share (in dollars per share)	$0.29	$0.14	$0.45
Basic and diluted weighted average common shares outstanding (in shares)	161,784	127,027	117,206

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'
Net income	$70,001	$49,557	$81,299
Pension liability adjustment	'	-419	-1,779
Reclassification to income from discontinued operations	-5,335	'	'
Comprehensive income	75,336	49,138	79,520
Income from consolidated joint venture attributable to non-controlling interest	-4,013	-1,761	-312
Distributions to non-controlling interest	-32	-31	-30
Dividends paid on unvested restricted stock compensation	-201	0	0
Preferred stock dividends and redemption charges	-19,013	-29,748	-27,321
Undistributed comprehensive income allocated to unvested restricted stock compensation	-235	-203	-636
Comprehensive income available to common stockholders	$51,842	$17,395	$51,221

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS 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 A

Preferred Stock, Series D

Preferred Stock, Series D

Preferred Stock, Series D

In Thousands, except Share data, unless otherwise specified

Preferred Stock

Cumulative Dividends

Preferred Stock

Cumulative Dividends

Balance at Dec. 31, 2010

$1,099,299

$1,170

$1,313,498

$29,593

($418,075)

($3,137)

'

'

$176,250

'

'

'

'

Balance (in shares) at Dec. 31, 2010

'

116,950,504

'

'

'

'

'

'

7,050,000

'

'

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of preferred stock

110,948

'

-4,052

'

'

'

'

'

'

'

'

115,000

'

Net proceeds from sale of preferred stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

4,600,000

'

Vesting of restricted common stock

3,123

3

3,120

'

'

'

'

'

'

'

'

'

'

Vesting of restricted common stock (in shares)

'

314,586

'

'

'

'

'

'

'

'

'

'

'

Non-controlling interest assumed at acquisition

61,067

'

'

'

'

'

61,067

'

'

'

'

'

'

Distributions to non-controlling interests

-1,342

'

'

'

'

'

-1,342

'

'

'

'

'

'

Preferred dividends and dividends payable

'

'

'

'

'

'

'

-14,100

'

-14,100

-6,773

'

-6,773

Series C preferred dividends and dividends payable at $0.786, $1.572 and $1.572 per share in 2013 (through redemption date), 2012 and 2011 respectively

-6,448

'

'

'

-6,448

'

'

'

'

'

'

'

'

Net income

81,299

'

'

80,987

'

'

312

'

'

'

'

'

'

Pension liability adjustment

-1,779

'

'

'

'

-1,779

'

'

'

'

'

'

'

Balance at Dec. 31, 2011

1,325,294

1,173

1,312,566

110,580

-445,396

-4,916

60,037

'

176,250

'

'

115,000

'

Balance (in shares) at Dec. 31, 2011

'

117,265,090

'

'

'

'

'

'

7,050,000

'

'

4,600,000

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock

126,179

121

126,058

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock (in shares)

'

12,143,273

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock in connection with hotel acquisitions, net

51,063

55

51,008

'

'

'

'

'

'

'

'

'

'

Issuance of common stock in connection with hotel acquisitions, net (in shares)

'

5,454,164

'

'

'

'

'

'

'

'

'

'

'

Vesting of restricted common stock

3,768

3

3,765

'

'

'

'

'

'

'

'

'

'

Vesting of restricted common stock (in shares)

'

374,911

'

'

'

'

'

'

'

'

'

'

'

Distributions to non-controlling interests

-6,381

'

'

'

'

'

-6,381

'

'

'

'

'

'

Preferred dividends and dividends payable

'

'

'

'

'

'

'

-14,100

'

-14,100

-9,200

'

-9,200

Series C preferred dividends and dividends payable at $0.786, $1.572 and $1.572 per share in 2013 (through redemption date), 2012 and 2011 respectively

-6,448

'

'

'

-6,448

'

'

'

'

'

'

'

'

Net income

49,557

'

'

47,796

'

'

1,761

'

'

'

'

'

'

Pension liability adjustment

-419

'

'

'

'

-419

'

'

'

'

'

'

'

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

565,760

453

565,307

'

'

'

'

'

'

'

'

'

'

Net proceeds from sale of common stock (in shares)

'

45,300,000

'

'

'

'

'

'

'

'

'

'

'

Vesting of restricted common stock

5,251

4

5,247

'

'

'

'

'

'

'

'

'

'

Vesting of restricted common stock (in shares)

'

321,261

'

'

'

'

'

'

'

'

'

'

'

Redemptions of Series A and Series C preferred stock

-176,250

'

4,770

'

-4,770

'

'

'

-176,250

'

'

'

'

Redemptions of Series A and Series C preferred stock (in shares)

'

'

'

'

'

'

'

-7,050,000

-7,050,000

'

'

'

'

Distributions to non-controlling interests

-5,481

'

'

'

'

'

-5,481

'

'

'

'

'

'

Common stock dividends and dividends payable at $0.10 per share

-17,287

'

'

'

-17,287

'

'

'

'

'

'

'

'

Preferred dividends and dividends payable

'

'

'

'

'

'

'

-2,350

'

-2,350

-9,200

'

-9,200

Series C preferred dividends and dividends payable at $0.786, $1.572 and $1.572 per share in 2013 (through redemption date), 2012 and 2011 respectively

-2,693

'

'

'

-2,693

'

'

'

'

'

'

'

'

Net income

70,001

'

'

65,988

'

'

4,013

'

'

'

'

'

'

Pension liability reclassification

5,335

'

'

'

'

5,335

'

'

'

'

'

'

'

Balance at Dec. 31, 2013

$1,952,399

$1,809

$2,068,721

$224,364

($511,444)

'

$53,949

'

'

'

'

$115,000

'

Balance (in shares) at Dec. 31, 2013

'

180,858,699

'

'

'

'

'

'

'

'

'

4,600,000

'

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF EQUITY	'	'	'
Common stock dividends and dividends payable (in dollars per share)	$0.10	'	'
Series A preferred dividends and dividends payable, per share (in dollars per share)	$0.50	$2	$2
Series C preferred dividends and dividends payable, per share (in dollars per share)	$0.79	$1.57	$1.57
Series D preferred dividends and dividends payable, per share (in dollars per share)	$2	$2	$1.47

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net income	$70,001	$49,557	$81,299
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Bad debt expense	294	410	630
Gain on sales of hotel properties and other assets, net	-51,632	-38,274	-14,995
(Gain) loss on extinguishment of debt	3,159	191	-18,145
Gain on remeasurement of equity interests	'	'	-69,230
(Gain) loss on derivatives, net	-525	406	2,655
Depreciation	131,793	128,206	118,834
Amortization of franchise fees and other intangibles	10,115	20,198	15,069
Amortization and write-off of deferred financing fees	2,957	3,952	3,305
Amortization of loan discounts	3	1,058	1,062
Amortization of deferred stock compensation	4,858	3,466	2,745
Impairment loss	'	'	12,357
Equity in earnings of unconsolidated joint ventures	'	'	-21
Changes in operating assets and liabilities:	'	'	'
Restricted cash	-11,688	-249	13,322
Accounts receivable	1,740	4,587	-4,123
Inventories	1,524	-271	-316
Prepaid expenses and other assets	2,724	-7,906	2,558
Accounts payable and other liabilities	7,001	2,279	5,422
Accrued payroll and employee benefits	-1,637	2,983	2,020
Discontinued operations	432	903	730
Net cash provided by operating activities	171,119	171,496	155,178
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Proceeds from sales of hotel properties and other assets	195,628	46,367	44,576
Restricted cash - replacement reserve	1,272	-10,743	-8,143
Proceeds received from sale of note receivable	'	'	79,194
Acquisitions of hotel properties and other assets	-450,544	-120,003	-263,264
Renovations and additions to hotel properties and other assets	-117,694	-109,321	-100,400
Payments for interest rate derivatives	-12	'	-1,082
Net cash used in investing activities	-371,350	-193,700	-249,119
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Redemptions of preferred stock	-276,250	'	'
Proceeds from preferred stock offering	'	'	115,000
Payment of preferred stock offering costs	'	'	-4,052
Proceeds from common stock offerings	566,451	126,533	'
Payment of common stock offering costs	-691	-451	'
Proceeds from notes payable and credit facility	35,750	15,000	460,000
Payments on notes payable and credit facility	-141,527	-73,328	-568,308
Payments for costs related to extinguishment of notes payable	-3,108	-70	'
Payments of deferred financing costs	-243	-1,332	-9,049
Dividends paid	-27,524	-29,748	-25,021
Distributions to non-controlling interests	-5,481	-6,381	-1,342
Net cash provided by (used in) financing activities	147,377	30,223	-32,772
Net (decrease) increase in cash and cash equivalents	-52,854	8,019	-126,713
Cash and cash equivalents, beginning of year	157,217	149,198	275,911
Cash and cash equivalents, end of year	104,363	157,217	149,198
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'	'
Cash paid for interest	71,563	78,234	76,015
Cash paid for income taxes	7,143	1,023	'
NONCASH INVESTING ACTIVITY	'	'	'
Accounts payable related to renovations and additions to hotel properties and other real estate	7,842	5,897	8,304
Amortization of deferred stock compensation - construction activities	393	302	376
Amortization of deferred stock compensation - unconsolidated joint venture	'	'	2
NONCASH FINANCING ACTIVITY	'	'	'
Issuance of note receivable	'	'	90,000
Issuance of common stock in connection with acquisition of hotel property	'	51,160	'
Assignment of debt in connection with dispositions of hotel properties	'	-122,622	-11,532
Assumption of debt in connection with acquisitions of hotel properties	119,190	'	545,952
Dividends payable	$11,443	$7,437	$7,437

Organization_and_Description_o

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 2013, the Company had interests in 29 hotels (the “29 hotels”) held for investment, and the Company’s third-party managers included the following:
		Number of Hotels
	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
	Hyatt Corporation	2
	Crestline Hotels & Resorts	1
	Dimension Development Company	1
	Fairmont Hotels & Resorts (U.S.)	1
	Total hotels held for investment	29
	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	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011, 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. Based on its review, the Company determined that all of its subsidiaries were properly consolidated as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011.
	Non-controlling interests at both December 31, 2013 and 2012 represent the outside equity interests in various consolidated affiliates of the Company.
	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 accounting principles generally accepted in the United States (“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 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, 2012 and 2011 results of operations for the Marriott-managed hotels are reported using the following reporting periods:
		2013		2012		Number of		2011		Number of
						days in 2013				days in 2013
						versus 2012 (1)				versus 2011
	First quarter	December 29 — March 31		December 31 — March 23		8 days		January 1 — March 25		9 days
	Second quarter	April 1 — June 30		March 24 — June 15		7 days		March 26 — June 17		7 days
	Third quarter	July 1 — September 30		June 16 — September 7		8 days		June 18 — September 9		8 days
	Fourth quarter	October 1 — December 31		September 8 — December 28		(20 days)		September 10 — December 30		(20 days)
	Full year	December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days		January 1, 2011 — December 30, 2011		4 days
	(1)         Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.
	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2013, 2012 and 2011 as follows (in thousands):
		2013 (1)			2012 (1)			2011 (1)
	Total revenue	$	2,300		$	(1,251	)	$	(1,048	)
	Net income	$	672		$	(328	)	$	(273	)
	(1)         Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days), 2012 (364 days) and 2011 (364 days) versus a standard 365 day year.
	Cash and Cash Equivalents
	Cash and cash equivalents are defined as cash on hand and in various bank accounts plus all short-term investments with an original maturity of three months or less.
	The Company maintains cash and cash equivalents and certain other financial instruments with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2013 and 2012, the Company had amounts in banks that were in excess of federally insured amounts.
	Restricted Cash
	Restricted cash is comprised of reserve accounts for debt service, interest reserves, capital replacements, ground leases, and property taxes. These restricted funds are subject to supervision and disbursement approval by certain of the Company’s lenders and/or hotel managers.
	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 includes an allowance for doubtful accounts of $0.2 million at both December 31, 2013 and 2012.
	Inventories
	Inventories, consisting primarily of food and beverages at the hotels, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis.
	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 2013, 2012 and 2011, the Company used all available information to make these fair value determinations, and engaged independent valuation specialists to assist in the fair value determination of the long-lived assets acquired and the liabilities assumed in the Company’s purchases of the Hilton New Orleans St. Charles, the Boston Park Plaza, the Hyatt Regency San Francisco, the Hyatt Chicago Magnificent Mile, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the outside 62.0% equity interests in the Doubletree Guest Suites Times Square joint venture, the outside 50.0% equity interests in the BuyEfficient joint venture, the JW Marriott New Orleans and the 75.0% majority interest in the entity that owns the Hilton San Diego Bayfront. 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.
	Investments In Hotel Properties and Other Assets
	Hotel properties and other investments are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 35 years for buildings and improvements and three to 12 years for furniture, fixtures and equipment. Intangible assets are amortized using the straight-line method over their estimated useful life or over the length of the related agreement, whichever is shorter.
	The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the lives of the franchise agreements ranging from 14 to 27 years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.
	The Company follows the requirements of the Property, Plant and Equipment Topic of the FASB ASC, which requires impairment losses to be recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows expected to be generated by those assets are less than the assets’ carrying amount. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment is recognized. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In computing fair value, the Company uses 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 include anticipated operating cash flow in the year of disposition and terminal capitalization rate. In both 2013 and 2012, the Company did not identify any properties or other assets with indicators of impairment. In 2011, the Company did not recognize any impairments on its hotel properties, but did recognize a $1.5 million impairment on its commercial laundry facility located in Salt Lake City, Utah based on proceeds received from its sale in July 2011. Based on the Company’s review, management believes that there were no other impairments on its long-lived assets, and that the carrying values of its hotel properties and other assets are recoverable at December 31, 2013.
	Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties and other real estate is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.
	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, among other requirements. 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. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. Once a hotel or other asset is designated as held for sale, the hotel or other asset is included in discontinued operations, and operating results are removed from income from continuing operations and reported as discontinued operations. The operating results for any such assets for any prior periods presented must also be reclassified as discontinued operations. As of December 31, 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.
	During 2013, the Company paid deferred financing fees of $0.2 million 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 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment of its credit facility. During 2011, approximately $9.0 million of deferred financing fees were incurred and paid related to the Company’s assumptions of debt on the Doubletree Guest Suites Times Square and the JW Marriott New Orleans in connection with the acquisitions of these hotels, the issuance of a note payable to the Company’s Hilton San Diego Bayfront joint venture, the refinancing of debt secured by the Doubletree Guest Suites Times Square, as well as costs related to the Company’s credit facility.
	During 2012, the Company wrote-off $0.2 million in deferred financing fees related to its sales of the Marriott Del Mar, the Doubletree Guest Suites Minneapolis, the Hilton Del Mar and the Marriott Troy, along with its repayment of the non-recourse mortgage secured by the Renaissance Long Beach. During 2011, the Company wrote-off $0.1 million in deferred financing fees related to its sale of the Valley River Inn, along with its refinancing of debt secured by the Doubletree Guest Suites Times Square.
	Total amortization and write-off of deferred financing fees for 2013, 2012 and 2011 was as follows (in thousands):
		2013			2012			2011
	Continuing operations:
	Amortization of deferred financing fees	$	2,955		$	3,690		$	3,138
	Write-off of deferred financing fees	—			3			21
	Total deferred financing fees — continuing operations	2,955			3,693			3,159
	Discontinued operations:
	Amortization of deferred financing fees	2			74			104
	Write-off of deferred financing fees	—			185			42
	Total deferred financing fees — discontinued operations	2			259			146
	Total amortization and write-off of deferred financing fees	$	2,957		$	3,952		$	3,305
	Goodwill and BuyEfficient Intangibles
	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 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.
	During 2011, the Company recorded goodwill of $8.4 million related to its purchase of the outside equity interest in its BuyEfficient joint venture.
	Based on its annual impairment evaluations for both 2013 and 2012, the Company determined that no adjustments to its goodwill were required.
	The Company’s other assets, net includes BuyEfficient’s intangibles related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straight-line method over their useful lives ranging between seven to 20 years.
	Property and Equipment
	Property and equipment is stated on the cost basis and includes computer equipment and other corporate office equipment and furniture. Property and equipment is depreciated on a straight-line basis over the estimated useful lives ranging from three to 12 years. The Company includes property and equipment, net of related accumulated depreciation, in its other assets, net on the accompanying consolidated balance sheets.
Fair Value of Financial Instruments
As of December 31, 2013 and 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 Disclosures 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 6, during 2011, the Company entered into interest rate protection agreements to manage, or hedge, interest rate risks in conjunction with its acquisitions of the outside equity interests in the Doubletree Guest Suites Times Square, the JW Marriott New Orleans, a majority interest in the entity that owns the Hilton San Diego Bayfront and the refinancing of the debt secured by the Doubletree Guest Suites Times Square. 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 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 related to the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront using Level 2 measurements as an asset of $16,000 and $48,000 as of December 31, 2013 and 2012, respectively. The interest rate cap agreements are included in other assets, net, in the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement related to the JW Marriott New Orleans using Level 2 measurements as a liability of $1.1 million and $1.6 million as of December 31, 2013 and 2012, respectively. The interest rate swap agreement is included in other liabilities in 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 include 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 either 2013 or 2012. In 2011, the Company recognized a $1.5 million impairment on its commercial laundry facility located in Salt Lake City, Utah based on proceeds received from its sale in July 2011. Also in 2011, the Company recognized a $10.9 million impairment on the $90.0 million mortgage-secured purchase money loan received from the buyer of the Royal Palm Miami Beach (the “Royal Palm note”) due to its sale in October 2011.
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 in 2013, 2012 or 2011.
As of December 31, 2013 and 2012, 70.7% 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 December 31, 2013 and 2012. Using Level 3 measurements, including the Company’s weighted average cost of capital 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 December 31, 2013 and 2012, respectively.
The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at December 31, 2013 and 2012 (in thousands):
				Fair Value Measurements at Reporting Date
	Total			Level 1			Level 2			Level 3
December 31, 2013:
Interest rate cap derivative agreements	$	16		$	—		$	16		$	—
Life insurance policy (1)	1,385			—			1,385			—
Total assets at December 31, 2013	$	1,401		$	—		$	1,401		$	—
December 31, 2012:
Interest rate cap derivative agreements	$	48		$	—		$	48		$	—
Life insurance policy (1)	1,494			—			1,494			—
Total assets at December 31, 2012	$	1,542		$	—		$	1,542		$	—
(1)         Includes the split life insurance policy for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. These amounts are included in other assets, net on the accompanying consolidated balance sheets, and will be used to reimburse the Company for payments made to Mr. Alter associated with a retirement benefit agreement.
The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at December 31, 2013 and 2012 (in thousands):
				Fair Value Measurements at Reporting Date
	Total			Level 1			Level 2			Level 3
December 31, 2013:
Interest rate swap derivative agreement	$	1,066		$	—		$	1,066		$	—
Retirement benefit agreement (1)	1,385			—			1,385			—
Total liabilities at December 31, 2013	$	2,451		$	—		$	2,451		$	—
December 31, 2012:
Interest rate swap derivative agreement	$	1,636		$	—		$	1,636		$	—
Retirement benefit agreement (1)	1,494			—			1,494			—
Total liabilities at December 31, 2012	$	3,130		$	—		$	3,130		$	—
(1)         Includes the retirement benefit agreement for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. The agreement calls for the balance of the retirement benefit agreement to be paid out to Mr. Alter in 10 annual installments, beginning in 2011. As such, the Company paid Mr. Alter a total of $0.6 million through December 31, 2013, which was reimbursed to the Company using funds from the split life insurance policy. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.
The following table presents the gains and impairment charges included in earnings as a result of applying Level 3 measurements for the years ended December 31, 2013, 2012 and 2011 (in thousands):
	2013			2012			2011
Gains:
Investment in unconsolidated joint ventures (1)	$	—		$	—		$	69,230
Impairment charges:
Other assets, net (2)	—			—			(10,862		)
Assets held for sale, net (3)	—			—			(1,495		)
Total impairment charges	—			—			(12,357		)
Total Level 3 measurement charges included in earnings (4)	$	—		$	—		$	56,873
(1)         Includes the gains recorded by the Company on the remeasurements of the Company’s equity interests in its Doubletree Guest Suites Times Square and BuyEfficient joint ventures.
(2)         Includes the impairment loss recorded by the Company on the Royal Palm note due to the note’s sale in October 2011.
(3)         Includes the $1.5 million impairment loss recorded on a commercial laundry facility in Salt Lake City, Utah which the Company sold in July 2011.
(4)         There were no transfers into or out of Level 3 of the fair value hierarchy during either of the years ended December 31, 2013, 2012 or 2011.
Revenue Recognition
Room revenue and food and beverage revenue are recognized as earned, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. Revenue for these rooms is booked at the price the Company sold the room to the independent internet travel intermediary less any discount or commission paid.
Other operating revenue consists of revenue derived from incidental hotel services such as telephone, transportation, parking, spa, entertainment and other guest services, along with sublease revenues relating to the restaurants and retail shops. Other operating revenue also includes revenue generated by BuyEfficient. Revenues from incidental hotel services and BuyEfficient are recognized in the period the related services are provided or the revenue is earned.
Advertising and Promotion Costs
Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.
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.
Income Taxes
The Company has elected to be treated as a REIT pursuant to the Internal Revenue Code, as amended (the “Code”). Management believes that the Company has qualified and intends to continue to qualify as a REIT. Therefore, the Company is permitted to deduct distributions paid to its stockholders, eliminating the federal taxation of income represented by such distributions at the company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on taxable income at regular corporate tax rates.
With respect to taxable subsidiaries, the Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse.
The Income Taxes Topic of the FASB ASC addresses how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.
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, 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 December 31, 2013, 2012 and 2011, 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 during 2013, 2012 and 2011 are represented as distributions to non-controlling interests on the Company’s statements of operations.
Dividends
In August 2013, the Company’s board of directors reinstated a quarterly dividend payable to the Company’s common stockholders. In addition, the Company currently pays quarterly dividends to the preferred stockholders of its 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) as declared by the Company’s board of directors. Prior to their redemption dates in March 2013 and May 2013, respectively, the Company also paid quarterly dividends to the preferred stockholders of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) and its Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) as declared by the Board of Directors. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.
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 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. During 2013, distributed earnings representing nonforfeitable dividends of $0.2 million were allocated to the participating securities. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities during either 2012 or 2011. Undistributed earnings representing nonforfeitable dividends of $0.2 million, $0.2 million and $0.6 million were allocated to the participating securities for 2013, 2012 and 2011, respectively.
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):
	Year Ended			Year Ended			Year Ended
	December 31, 2013			December 31, 2012			December 31, 2011
Numerator:
Net income	$	70,001		$	49,557		$	81,299
Income from consolidated joint venture attributable to non-controlling interest	(4,013		)	(1,761		)	(312		)
Distributions to non-controlling interest	(32		)	(31		)	(30		)
Dividends paid on unvested restricted stock compensation	(201		)	—			—
Preferred stock dividends and redemption charges	(19,013		)	(29,748		)	(27,321		)
Undistributed income allocated to unvested restricted stock compensation	(235		)	(203		)	(636		)
Numerator for basic and diluted earnings available to common stockholders	$	46,507		$	17,814		$	53,000
Denominator:
Weighted average basic and diluted common shares outstanding	161,784			127,027			117,206
Basic and diluted earnings available to common stockholders per common share	$	0.29		$	0.14		$	0.45
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 years ended December 31, 2013, 2012 and 2011, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C preferred stock issuable upon conversion were excluded from the above calculation of earnings per share for the years ended December 31, 2013, 2012 and 2011, as their inclusion would have been anti-dilutive.
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.
Recent Accounting Pronouncements
In December 2011, the FASB issued Accounting Standards Update No. 2011-10, “Property, Plant and Equipment: Derecognition of in Substance Real Estate — a Scope Clarification” (“ASU No. 2011-10”). Under the amendments in ASU No. 2011-10, when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse debt, the reporting entity should apply the guidance in Subtopic 360-20 to determine whether it should derecognize the in substance real estate. Generally, a reporting entity would not satisfy the requirements to derecognize the in substance real estate before the legal transfer of the real estate to the lender and the extinguishment of the related non-recourse indebtedness. That is, even if the reporting entity ceases to have a controlling financial interest under Subtopic 810-10, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of ASU No. 2011-10 in the first quarter of 2013 did not have any effect on the Company’s financial statements.

Investment_in_Hotel_Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 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):
		December 31,
		2013			2012
	Land	$	439,304		$	260,939
	Buildings and improvements	2,977,458			2,541,024
	Furniture, fixtures and equipment	414,192			329,770
	Intangibles	171,889			167,467
	Franchise fees	1,346			1,261
	Construction in process	34,643			48,388
		4,038,832			3,348,849
	Accumulated depreciation and amortization	(807,450		)	(666,972		)
		$	3,231,382		$	2,681,877
	Acquisitions - 2013
	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 incurred acquisition-related costs of $0.4 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hilton New Orleans St. Charles have been included in the Company’s consolidated statements of operations from the acquisition date of May 1, 2013 through the year ended December 31, 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), the assumption of a $119.2 million non-recourse loan secured by the hotel, as well as with proceeds received from the Company’s February 2013 issuance of common stock and with cash on hand. 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 incurred acquisition-related costs of $0.9 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Boston Park Plaza have been included in the Company’s consolidated statements of operations from the acquisition date of July 2, 2013 through the year ended December 31, 2013.
	In December 2013, the Company purchased the 802-room Hyatt Regency San Francisco for a net purchase price of $262.5 million, including $5.5 million of purchase price adjustments comprised of restricted cash and other adjustments received from the seller. The acquisition was funded with proceeds generated by the Company’s November 2013 issuance of common stock. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price and other adjustments allocated to investment in hotel properties, prepaid expenses and other current liabilities. The Company incurred acquisition-related costs of $0.5 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hyatt Regency San Francisco have been included in the Company’s consolidated statements of operations from the acquisition date of December 2, 2013 through the year ended December 31, 2013.
	The fair values of the assets acquired and liabilities assumed at the dates of acquisition for the Hilton New Orleans St. Charles, the Boston Park Plaza and the Hyatt Regency San Francisco were allocated based on an independent third-party analysis. The following table summarizes the fair values of assets acquired, liabilities assumed and adjustments recorded in these acquisitions (in thousands):
	Assets:
	Investment in hotel properties	$	570,420
	Accounts receivable	3,024
	Inventory	160
	Prepaid expenses	1,126
	Total assets acquired	574,730
	Liabilities:
	Accounts payable	295
	Accrued payroll and employee benefits	2,777
	Other current liabilities	1,924
	Note payable	119,190
	Total liabilities assumed	124,186
	Total cash paid for acquisitions	$	450,544
	Investment in hotel properties was allocated to land ($178.4 million), buildings and improvements ($355.6 million), furniture, fixtures and equipment ($31.9 million), intangibles ($4.4 million) related to advanced bookings and tenant 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):
		Value at			Expected Life
		acquisition
	Advanced bookings	$	6,414		49 to 60 months
	Above/(below) market lease agreements, net	(3,635		)	12 to 215 months
	In-place lease agreements	1,643			12 to 169 months
	Franchise agreement	85			15 years
	Total intangibles and franchise fees related to 2013 acquisitions	4,507
	Accumulated amortization	(607		)
	Net balance of intangibles at December 31, 2013	$	3,900
	During 2013, the Company recorded amortization expense related to its Hilton New Orleans St. Charles, Boston Park Plaza and Hyatt Regency San Francisco intangibles as follows (in thousands):
		2013
	Advanced bookings	$	632
	Above/(below) market lease agreements, net	(134		)
	In-place lease agreements	105
	Franchise agreement	4
		$	607
	Acquisitions - 2012
	In June 2012, the Company purchased the leasehold interest in the 417-room Wyndham Chicago for a contractual purchase price of $88.425 million. The Company funded the acquisition with $29.7 million of cash on hand (including $0.3 million of proration credits) and the issuance of 5,454,164 shares of the Company’s common stock, the “Wyndham stock consideration.” The Wyndham stock consideration was determined by dividing $58.425 million by the product of (1) the closing price of $10.40 on the NYSE of the Company’s common stock on May 2, 2012 and (2) 1.03. In connection with this acquisition, the Company entered into a registration rights agreement requiring the Company to register the Wyndham stock consideration. The Company prepared the registration statement on Form S-3, which was filed with the SEC as required on June 4, 2012. Based on the $9.38 closing price of the Company’s common stock on the NYSE on June 4, 2012, the date the acquisition closed, the total purchase price of the Wyndham Chicago hotel for accounting purposes was $81.16 million, excluding proration adjustments and closing costs. Immediately upon acquisition, the Company rebranded the hotel the Hyatt Chicago Magnificent Mile. 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 and liabilities, obligations under capital lease and the Company’s common stock. During 2012, the Company incurred acquisition-related costs of $1.3 million, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hyatt Chicago Magnificent Mile have been included in the Company’s consolidated statements of operations from the acquisition date of June 4, 2012 through the year ended December 31, 2013.
	In July 2012, the Company purchased the 357-room Hilton Garden Inn Chicago Downtown/Magnificent Mile for a net purchase price of $90.3 million, including $1.45 million of proration credits. 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 incurred acquisition-related costs of $0.7 million and $0.2 million during 2012 and 2011, respectively, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hilton Garden Inn Chicago Downtown/Magnificent Mile have been included in the Company’s consolidated statements of operations from the acquisition date of July 19, 2012 through the year ended December 31, 2013.
	Acquisitions - 2011
	In January 2011, the Company purchased the outside 62.0% equity interests in its Doubletree Guest Suites Times Square joint venture for $37.5 million and, as a result, became the sole owner of the entity that owns the 460-room Doubletree Guest Suites Times Square hotel located in New York City, New York. The purchase price included $13.0 million of unrestricted cash held on the partnership’s balance sheet. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, notes payable and hotel working capital assets and liabilities. The Company incurred acquisition-related costs of $2.5 million during 2011, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Doubletree Guest Suites Times Square have been included in the Company’s consolidated statements of operations from the acquisition date of January 14, 2011 through the year ended December 31, 2013. Preferred dividends earned by investors from an entity that owns the Doubletree Guest Suites Times Square, less administrative fees, totaled $32,000 for the year ended December 31, 2013, $31,000 for the year ended December 31, 2012, and $30,000 for the year ended December 31, 2011, and are included in distributions to non-controlling interest on the Company’s consolidated statements of operations.
	In February 2011, the Company purchased the 494-room JW Marriott New Orleans located in New Orleans, Louisiana for approximately $51.6 million in cash and the assumption of a $42.2 million floating-rate, non-recourse senior mortgage. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, notes payable and hotel working capital assets. The Company incurred acquisition-related costs of $0.4 million during 2011, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the JW Marriott New Orleans have been included in the Company’s consolidated statements of operations from the acquisition date of February 15, 2011 through the year ended December 31, 2013.
	In April 2011, the Company paid $182.8 million to acquire a 75.0% majority interest in the joint venture that owns the 1,190-room Hilton San Diego Bayfront hotel located in San Diego, California, which implied a gross value of approximately $475.0 million. The purchase price included $3.7 million of unrestricted cash held on the joint venture’s balance sheet. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, notes payable and hotel working capital assets and liabilities. The Company incurred acquisition-related costs of $0.5 million during 2011, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hilton San Diego Bayfront have been included in the Company’s consolidated statements of operations from the acquisition date of April 15, 2011 through the year ended December 31, 2013. The remaining 25.0% interest in the joint venture continues to be owned by Hilton Worldwide, and is included in non-controlling interest in consolidated joint ventures on the Company’s consolidated balance sheets and in income from consolidated joint venture attributable to non-controlling interest in the Company’s consolidated statements of operations.
	Acquired properties are included in the Company’s results of operations 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 Regency San Francisco in December 2013, the Hyatt Chicago Magnificent Mile in June 2012, the Hilton Garden Inn Chicago Downtown/Magnificent Mile in July 2012, the Doubletree Guest Suites Times Square in January 2011, the JW Marriott New Orleans in February 2011 and the Hilton San Diego Bayfront in April 2011 had occurred on January 1, 2011. 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):
		2013			2012			2011
	Revenues	$	1,043,203		$	1,004,300		$	1,062,319
	Income available (loss attributable) to common stockholders from continuing operations	$	7,509		$	(23,741	)	$	23,221
	Income (loss) per diluted share available (attributable) to common stockholders from continuing operations	$	0.05		$	(0.19	)	$	0.2
	For the year ended December 31, 2013, the Company included $51.0 million of revenues, and net income of $2.8 million in its consolidated statements of operations related to the Company’s 2013 acquisitions. For the year ended December 31, 2012, the Company included $27.7 million of revenues, and a net loss of $1.1 million in its consolidated statements of operations related to the Company’s 2012 acquisitions. For the year ended December 31, 2011, the Company included $169.1 million of revenues, and a net loss of $0.5 million in its consolidated statements of operations related to the Company’s 2011 acquisitions.
	Intangible Assets
	As of December 31, 2013 and 2012, intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):
	2013			2012
Advanced bookings (1)	$	35,154		$	28,740
Easement agreement (2)	9,727			9,727
Ground/air lease agreements (3)	121,850			121,850
In-place lease agreements (4)	6,223			4,580
Above/(below) market lease agreements, net (5)	(3,915		)	(280		)
Below market management agreement (6)	2,850			2,850
	171,889			167,467
Accumulated amortization	(44,426		)	(34,978		)
	$	127,463		$	132,489
Amortization expense on these intangible assets for the years ended December 31, 2013, 2012 and 2011 consisted of the following (in thousands):
	2013			2012			2011
Advanced bookings (1)	$	4,560		$	14,824		$	9,988
Ground/air lease agreements (3)	4,113			4,113			3,978
In-place lease agreements (4)	454			348			299
Above/(below) market lease agreements, net (5)	(148		)	(6		)	—
Below market management agreement (6)	469			212			—
	$	9,448		$	19,491		$	14,265
(1)         Advanced bookings consist of advance deposits related to the purchases of the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hyatt Chicago Magnificent Mile, the Hyatt Regency San Francisco, and the JW Marriott New Orleans. The contractual advance hotel bookings were recorded at a discounted present value based on estimated collectability, and are amortized using the straight-line method based over the periods the amounts are expected to be collected. The contractual advance hotel bookings for the Doubletree Guest Suites Times Square, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hyatt Chicago Magnificent Mile, and the JW Marriott New Orleans are fully amortized as of December 31, 2013. The contractual advance hotel bookings for the Boston Park Plaza and the Hyatt Regency San Francisco will be fully amortized by June 30, 2018.
(2)         The Easement agreement at the Hilton Times Square was valued at fair value at the date of acquisition. The Hilton Times Square easement agreement has an indefinite useful life, and, therefore, is not amortized. This non-amortizable intangible asset is reviewed annually for impairment and more frequently if events or circumstances indicate that the asset may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset.
(3)         Ground/air lease agreements at the Doubletree Guest Suites Times Square, the Hilton Times Square and the JW Marriott New Orleans were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately 23 and 77 years as of December 31, 2013.
(4)         In-place lease agreements at the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton New Orleans St. Charles, the Hilton San Diego Bayfront and the Hyatt Regency San Francisco, were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately seven months and 14 years as of December 31, 2013.
(5)         The above/(below) market lease agreements, net consist of unfavorable tenant lease liabilities at the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Hyatt Regency San Francisco, and favorable tenant lease assets at the Hilton New Orleans St. Charles and the Hyatt Regency San Francisco. These agreements were valued at fair value at the dates of acquisition, and are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately seven months and 18 years as of December 31, 2013.
(6)         The below market management agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile was valued at fair value at the acquisition date. The agreement is comprised of two components, one for the management of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, and the other for the potential management of a future hotel. The agreement is amortized using the straight-line method over the remaining non-cancelable terms of the two components, approximately 4 and 9 years each as of December 31, 2013.
For the next five years, amortization expense for the intangible assets noted above is expected to be as follows, (in thousands):
2014	$	6,344
2015	$	6,167
2016	$	6,110
2017		5,884
2018	$	4,994

Discontinued_Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 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 December 31, 2013. During 2013, the Company recognized $2.6 million in dividends on the Preferred Equity Investment, which is included in interest and other income on the Company’s consolidated statements of operations. 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 December 31, 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 December 31, 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 on the Company’s consolidated statements of operations. The Company reclassified the Rochester Portfolio’s results of operations for January 2013 and the years ended December 31, 2012 and 2011, to discontinued operations on its consolidated statements of operations.
	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
	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, as well as for the year ended December 31, 2011 to discontinued operations on its consolidated statements of operations.
	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 net 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, as well as for the year ended December 31, 2011 on its consolidated statements of operations.
	During 2011, the Company sold two hotels and a commercial laundry facility. In April 2011, the Company sold the Royal Palm Miami Beach hotel for net proceeds of $129.8 million, including $39.8 million in cash and the $90.0 million Royal Palm note, and recognized a gain on the sale of $14.0 million. The Company reclassified the hotel’s results of operations for the first four months of 2011 to discontinued operations on its consolidated statements of operations. The Company retained an earn-out right on the Royal Palm hotel which will enable it to receive future payments of up to $20.0 million in the event the hotel achieves certain return hurdles. In March 2012, the Company recorded additional gain of $0.2 million on the sale of the Royal Palm Miami Beach for property tax refunds and reimbursements for certain transaction related invoices, which is included in discontinued operations on the Company’s consolidated statements of operations.
	In July 2011, the Company sold its commercial laundry facility located in Salt Lake City, Utah for net proceeds of $0.1 million, and recognized a loss on the sale of $0.1 million. In anticipation of this sale, the Company recorded an impairment loss of $1.5 million to discontinued operations in June 2011. The Company reclassified the laundry’s results of operations for the first seven months of 2011 to discontinued operations on its consolidated statements of operations.
	In October 2011, the Company sold the Valley River Inn located in Eugene, Oregon for net proceeds of $16.1 million, including the assumption of the existing mortgage secured by the hotel which totaled $11.5 million on the date of sale, and recognized a gain on the sale of $0.9 million. The Company reclassified the hotel’s results of operations for the first 10 months of 2011 to discontinued operations on its consolidated statements of operations.
	The following sets forth the discontinued operations for the years ended December 31, 2013, 2012 and 2011 for the four hotels and the commercial laundry facility sold in 2013, the four hotels and the office building sold in 2012, and the two hotel properties and the commercial laundry facility sold in 2011, which all met the “held for sale” and “discontinued operations” criteria in accordance with the Property, Plant and Equipment Topic of the FASB ASC (in thousands):
		2013			2012			2011
	Operating revenues	$	3,690		$	100,861		$	130,997
	Operating expenses	(3,686		)	(71,089		)	(96,581		)
	Interest expense	(99		)	(6,490		)	(9,337		)
	Depreciation and amortization expense	—			(13,164		)	(16,188		)
	Impairment loss	—			—			(1,495		)
	Gain (loss) on extinguishment of debt	(3,115		)	—			18,145
	Gain on sale of hotels and other assets, net	51,620			38,292			14,912
	Income from discontinued operations	$	48,410		$	48,410		$	40,453

Investments_in_Unconsolidated_

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2013
Investments in Unconsolidated Joint Ventures	'
Investments in Unconsolidated Joint Ventures	'
	5. Investments in Unconsolidated Joint Ventures
	In December 2006, the Company entered into a joint venture agreement to obtain a 38.0% interest in the Doubletree Guest Suites Times Square located in New York City, New York. The Company accounted for its ownership interest in the hotel using the equity method, and its accounting policies were consistent with those of the unconsolidated joint venture. In January 2011, the Company purchased the outside 62.0% equity interests in its Doubletree Guest Suites Times Square joint venture, and, as a result, became the sole owner of the entity that owns the hotel. In conjunction with this purchase, the Company recognized a gain of $30.1 million on the remeasurement of the Company’s equity interest in this joint venture to its fair market value, and a gain of $30.4 million on the remeasurement of the Company’s investment in a $30.0 million, 8.5% mezzanine loan secured by the hotel which it purchased in April 2010 to its fair market value. Subsequent to this acquisition, the Company has consolidated the results of operations of the Doubletree Guest Suites Times Square with its continuing operations, and the mezzanine loan was eliminated in consolidation on the Company’s balance sheet until the mezzanine loan was satisfied in conjunction with the Company’s refinancing of the debt secured by the Doubletree Guest Suites Times Square in October 2011.
	In December 2007, the Company entered into a joint venture agreement with Strategic Hotels & Resorts (“Strategic”) to own and operate BuyEfficient. Under the terms of the agreement, Strategic acquired a 50.0% interest in BuyEfficient from the Company. The Company accounted for its ownership interest in BuyEfficient using the equity method, and its accounting policies were consistent with those of the unconsolidated joint venture. In January 2011, the Company repurchased Strategic’s 50.0% share in BuyEfficient. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to intangibles (which are included in other assets, net on the Company’s consolidated balance sheets as of December 31, 2013 and 2012), goodwill and other working capital assets and liabilities. In conjunction with this purchase, the Company recognized a gain of $8.7 million on the remeasurement of the Company’s equity interest in this joint venture to its fair market value. Subsequent to this acquisition, the Company is the sole owner of BuyEfficient, and has consolidated BuyEfficient’s results of operations with its continuing operations.

Interest_Rate_Derivative_Agree

Interest Rate Derivative Agreements	12 Months Ended
	Dec. 31, 2013
Interest Rate Derivative Agreements	'
Interest Rate Derivative Agreements	'
	6. Interest Rate Derivative Agreements
	At December 31, 2013 and 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. The initial interest rate cap agreement, whose strike rate was 3.75%, matured in April 2013. 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 and $120.0 million at December 31, 2013 and 2012, respectively. 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 $179.6 million and $180.0 million at December 31, 2013 and 2012, respectively.
	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 $39.8 million and $40.7 million as of December 31, 2013 and 2012, respectively.
	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 resulted in a net gain of $0.5 million for the year ended December 31, 2013, and net losses of $0.4 million and $2.7 million for the years ended December 31, 2012 and 2011, respectively, which have been reflected as a decrease in interest expense for 2013, and as increases in interest expense for 2012 and 2011. As of December 31, 2013 and 2012, the fair values of the interest rate cap agreements totaled an asset of $16,000 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 $1.1 million and $1.6 million as of December 31, 2013 and 2012, respectively, and is included in other liabilities on the Company’s consolidated balance sheets.

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2013
Other Assets	'
Other Assets	'
	7. Other Assets
	Other assets, net consisted of the following (in thousands):
		December 31,
		2013			2012
	Property and equipment, net	$	2,478		$	2,529
	Land held for development	188			188
	Intangibles, net	7,277			7,877
	Interest rate cap derivative agreements	16			48
	Cash trap receivables	4,443			8,208
	Other receivables	3,942			4,130
	Other	2,762			2,922
		$	21,106		$	25,902
	As of December 31, 2013 and 2012, property and equipment, net consisted of the following (in thousands):
		2013			2012
	Cost basis	$	10,933		$	10,153
	Accumulated depreciation	(8,455		)	(7,624		)
	Property and equipment, net	$	2,478		$	2,529
	The Company’s other assets, net as of December 31, 2013 and 2012, include BuyEfficient’s intangible assets totaling $7.3 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 straight-line method over their useful lives ranging between seven and 20 years. Accumulated amortization totaled $1.8 million and $1.2 million at December 31, 2013 and 2012, respectively. Amortization expense totaled $0.6 million for the years ended December 31, 2013, 2012 and 2011. For the next five years, amortization expense for the BuyEfficient intangible assets is expected to be as follows, (in thousands):
	2014	$	600
	2015	$	600
	2016	$	600
	2017	$	600
	2018	$	351
	In conjunction with the Company’s 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 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. As of December 31, 2013, the remaining $4.4 million remained trapped by the lender associated with the mortgage secured by the Hilton Del Mar. In February 2014, the lender released the cash, and the entire $4.4 million was returned to the Company.

Notes_Payable

Notes Payable	12 Months Ended
	Dec. 31, 2013
Notes Payable	'
Notes Payable	'
	8. Notes Payable
	Notes payable consisted of the following at December 31 (in thousands):
		2013			2012
	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 December 31, 2013, and 13 hotel properties at December 31, 2012.	$	993,164		$	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.	231,451			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.	179,460			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
		1,404,075			1,363,392
	Less: discount on Senior Notes	—			(3		)
		1,404,075			1,363,389
	Less: current portion	(23,289		)	(76,723		)
		$	1,380,786		$	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 term of the amended credit facility.
	Total interest incurred and expensed on the notes payable is as follows (in thousands):
		2013			2012			2011
	Interest expense	$	69,806		$	71,664		$	67,319
	(Gain) loss on derivatives, net	(525		)	406			2,655
	Accretion of Senior Notes	3			1,058			1,062
	Amortization of deferred financing fees	2,955			3,690			3,138
	Write-off of deferred financing fees	—			3			21
		$	72,239		$	76,821		$	74,195
	Aggregate future principal maturities and amortization of notes payable at December 31, 2013, are as follows (in thousands):
	2014	$	23,289
	2015	160,275
	2016	425,723
	2017	252,472
	2018	285,675
	Thereafter	256,641
	Total	$	1,404,075

Other_Current_Liabilities_and_

Other Current Liabilities and Other Liabilities	12 Months Ended
	Dec. 31, 2013
Other Current Liabilities and Other Liabilities	'
Other Current Liabilities and Other Liabilities	'
	9. Other Current Liabilities and Other Liabilities
	Other Current Liabilities
	Other current liabilities consisted of the following (in thousands):
		December 31,
		2013		2012
	Property, sales, and use taxes payable	$	14,482	$	13,254
	Income tax payable	—		125
	Accrued interest	3,078		4,901
	Advance deposits	8,259		6,938
	Management fees payable	1,077		2,346
	Other	3,392		3,399
		$	30,288	$	30,963
	Other Liabilities
	Other liabilities consisted of the following (in thousands):
		December 31,
		2013		2012
	Deferred gain on sale of asset	$	14,000	$	—
	Interest rate swap derivative agreement	1,066		1,636
	Accrued income tax	1,491		—
	Deferred revenue	6,918		1,089
	Deferred rent	12,270		9,459
	Deferred incentive management fees	1,714		—
	Other	2,499		2,886
		$	39,958	$	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 accrued income tax of $1.5 million. Based on the Company’s ongoing evaluations of its uncertain tax positions related to the years ended December 31, 2013 and 2012, the Company adjusted for an unrecognized tax benefit of $1.5 million during 2013, which is included in the Company’s consolidated statement of operations.
	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 2014 in accounts payable and accrued expenses, and includes the long-term portion of $6.1 million in other liabilities in its consolidated balance sheet for the year ended December 31, 2013.
	The Company’s other liabilities also include deferred incentive management fees of $1.7 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.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Income Taxes	'
	10. Income Taxes
	The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to corporate level federal income taxes on net income it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company may also be subject to federal and/or state income taxes when using net operating loss carryforwards to offset current taxable income. During 2013 and 2012, the Company’s use of net operating loss carryforwards resulted in federal and state income tax expense of $1.9 million and $1.1 million, respectively.
	The Company leases its hotels to the TRS Lessee and its subsidiaries, which are subject to federal and state income taxes. The Company accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases.
	During the first quarter of 2013, the Internal Revenue Service (“IRS”) issued a notice of proposed adjustment to the Company, challenging certain aspects of the Company’s leases with its TRS Lessee and its subsidiaries. Though the Company believes its leases comply with all applicable IRS requirements, the Company determined that the costs associated with defending its position were greater than the benefits that might result therefrom. As such, the Company accrued $4.7 million in March 2013 related to the IRS’s audit of tax years 2008, 2009 and 2010, including $0.6 million in accrued interest, all of which is included in income tax provision on the Company’s consolidated statement of operations. The Company recorded additional income tax expense of $1.5 million during 2013 based on the 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. No amounts were accrued under the Income Taxes Topic of the FASB ASC as of December 31, 2012, as the Company believed it had no uncertain tax positions that warranted accrual. During 2013, the Company
	recorded additional tax expense of $1.9 million related to estimated 2013 federal alternative minimum tax resulting from its use of net operating loss carryforwards, as well as state income tax where the Company’s use of net operating loss carryforwards was either limited or unavailable. During 2012, the Company’s federal alternative minimum tax resulting from its use of net operating loss carryforwards combined with the Company’s state income tax expense where the use of net operating loss carryforwards was either limited or unavailable to total $1.1 million of income tax expense. The Company recognizes penalties and interest related to unrecognized tax benefits in income tax expense. During 2013, the Company recognized $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 2012 or 2011.
	The income tax provision for the Company is included in the consolidated financial statements as follows (in thousands):
		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2013			2012			2011
	Current:
	Federal	$	6,371		$	850		$	—
	State	1,774			298			—
	Total current income tax provision	$	8,145		$	1,148		$	—
	Deferred:
	Federal	$	(9,488	)	$	1,031		$	345
	State	(2,426		)	278			96
		(11,914		)	1,309			441
	Valuation allowance	11,914			(1,309		)	(441		)
	Total deferred income tax provision	$	—		$	—		$	—
	The tax effects of temporary differences giving rise to the deferred tax assets (liabilities) are as follows (in thousands):
		December 31,
		2013			2012
	NOL carryover	$	31,258		$	40,330
	Other reserves	3,270			2,919
	State taxes and other	(4,909		)	(1,534		)
	Deferred tax asset before valuation allowance	29,619			41,715
	Depreciation	133			(49		)
	Deferred tax liability before valuation allowance	133			(49		)
	Deferred tax assets, net	29,752			41,666
	Valuation allowance	(29,752		)	(41,666		)
		$	—		$	—
	The Company has provided a valuation allowance against its net deferred tax asset at December 31, 2013 and 2012. The valuation allowance is due to the uncertainty of realizing the Company’s historical operating losses. Accordingly, no provision or benefit for income taxes related to the Company is reflected in the accompanying consolidated statements of operations.
	At December 31, 2013 and 2012, the net operating loss carryforwards for federal income tax purposes totaled approximately $80.3 million and $102.6 million, respectively. These losses, which begin to expire in 2024, are available to offset future income through 2032.
	Characterization of Distributions
	For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2013, 2012 and 2011, distributions paid per share were characterized as follows (unaudited):
		2013					2012					2011
		Amount			%		Amount			%		Amount		%
	Common Stock:
	Ordinary income	$	0.1		100	%	$	—		—	%	$	—	—	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.1		100	%	$	—		—	%	$	—	—	%
	Preferred Stock — Series A
	Ordinary income	$	0.33		100	%	$	2		100	%	$	2.5	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.33		100	%	$	2		100	%	$	2.5	100	%
	Preferred Stock — Series C
	Ordinary income	$	0.656		100	%	$	1.572		100	%	$	1.965	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.656		100	%	$	1.572		100	%	$	1.965	100	%
	Preferred Stock — Series D
	Ordinary income	$	2		100	%	$	2		100	%	$	1.472	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	2		100	%	$	2		100	%	$	1.472	100	%

Series_C_Cumulative_Convertibl

Series C Cumulative Convertible Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2013
Series C Cumulative Convertible Redeemable Preferred Stock	'
Series C Cumulative Convertible Redeemable Preferred Stock	'
	11. 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	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	12. Stockholders’ Equity
	Series A Cumulative Redeemable Preferred Stock
	In March 2013, the Company redeemed all 7,050,000 shares of its 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
	In April 2011, the Company sold an aggregate of 4,600,000 shares, including the full exercise of the underwriters’ overallotment option, of Series D preferred stock with a liquidation preference of $25.00 per share for net proceeds of $110.9 million. The proceeds were used to partially fund the Company’s acquisition of the Hilton San Diego Bayfront. 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 in 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 up 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 towards the acquisitions of the Hilton New Orleans St. Charles and the Boston Park Plaza.
	In November 2013, the Company issued 20,000,000 shares of its common stock for net proceeds of $270.9 million. The Company used 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.
	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.
	Dividends
	The Company declared dividends per share on its Series A preferred stock, Series D preferred stock and common stock during 2013, 2012 and 2011 as follows:
		2013		2012		2011
	Series A preferred stock	$	0.5	$	2	$	2
	Series D preferred stock	2		2		1.472
	Common stock - cash	0.1		—		—
		$	2.6	$	4	$	3.472
	Operating Partnership Units
	As of December 31, 2013, the Operating Partnership had 180,858,699 units outstanding, all of which are held by the Company.

LongTerm_Incentive_Plan

Long-Term Incentive Plan	12 Months Ended
	Dec. 31, 2013
Long-Term Incentive Plan	'
Long-Term Incentive Plan	'
	13. Long-Term Incentive Plan
	Stock Grants
	The Company’s Long-Term Incentive Plan (“LTIP”) provides for the granting to directors, officers and eligible employees incentive or nonqualified share options, restricted shares, deferred shares, share purchase rights and share appreciation rights in tandem with options, or any combination thereof. The Company has reserved 6,050,000 common shares for issuance under the LTIP, and 1,211,566 shares remain available for future issuance as of December 31, 2013.
	Restricted shares granted pursuant to the Company’s 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.
	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.
	The Company’s compensation expense and forfeitures related to restricted shares and performance awards for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands):
		2013			2012			2011
	Compensation expense, including forfeitures	$	7,189		$	5,139		$	4,135
	The Company’s total compensation expense differs from the vesting of restricted common stock amount presented in the Company’s consolidated statements of equity due to the Company withholding and using a portion of its restricted shares granted pursuant to its LTIP for purposes of remitting statutory 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 statements of equity for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands):
		2013			2012			2011
	Total compensation expense, including forfeitures	$	7,189		$	5,139		$	4,135
	Net-settle adjustment	(2,331		)	(1,673		)	(1,390		)
	Amortization related to shares issued to design and construction employees	393			302			376
	Amortization related to shares issued to unconsolidated joint venture	—			—			2
	Vesting of restricted stock presented on statement of equity	$	5,251		$	3,768		$	3,123
	The following is a summary of non-vested stock grant activity:
		2013					2012				2011
		Shares		Weighted			Shares		Weighted		Shares		Weighted
				Average					Average				Average
				Price					Price				Price
	Outstanding at beginning of year	1,539,992		$	9.11		1,407,152		$	8.55	668,934		$	7.7
	Granted	975,711		11.82			647,171		9.51		1,260,845		9.1
	Vested	(497,199	)	9.89			(513,095	)	8.08		(428,935	)	8.85
	Forfeited	(9,092	)	10.89			(1,236	)	9.38		(93,692	)	8.43
	Outstanding at end of year	2,009,412		10.23			1,539,992		9.11		1,407,152		8.55
	At December 31, 2013, there were no deferred shares, share purchase rights, or share appreciation rights issued or outstanding under the LTIP.
	Stock Options
	In April 2008, the Compensation Committee of the Company’s board of directors approved a grant of 200,000 non-qualified stock options (the “Options”) to Robert A. Alter, the Company’s former Executive Chairman and Chief Executive Officer. The Options fully vested in April 2009, and will expire in April 2018. The exercise price of the Options is $17.71 per share.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	14. 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 years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property general and administrative expense, and corporate overhead expense	$	25,218		$	22,807		$	19,549
	Discontinued operations	65			2,061			2,643
		$	25,283		$	24,868		$	22,192
	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 years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property general and administrative expense	$	3,025		$	2,738		$	2,916
	Discontinued operations	—			587			675
		$	3,025		$	3,325		$	3,591
	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 fees incurred by the Company during the years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — franchise costs	$	32,932		$	30,067		$	25,595
	Discontinued operations	73			2,996			3,520
		$	33,005		$	33,063		$	29,115
	Total license and franchise costs included royalties of $10.8 million, $10.6 million and $8.8 million incurred by the Company during the years ended December 31, 2013, 2012 and 2011, respectively. The remaining costs included advertising, reservation and priority club assessments.
	Renovation and Construction Commitments
	At December 31, 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 December 31, 2013 totaled $43.5 million.
	Capital Leases
	The Hyatt Chicago Magnificent Mile is subject to a building lease which expires in December 2097 (see Note 3). 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. 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):
		December 31,
		2013			2012
	Buildings and improvements	$	58,799		$	58,799
	Furniture, fixtures and equipment	104			104
		58,903			58,903
	Accumulated depreciation	(2,356		)	(871		)
		$	56,547		$	58,032
	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2013 are as follows (in thousands):
	2014	$	1,437
	2015	1,411
	2016	1,403
	2017	1,403
	2018	1,403
	Thereafter	110,817
	Total minimum lease payments (1)	117,874
	Less: Amount representing interest (2)	(102,253		)
	Present value of net minimum lease payments (3)	$	15,621
	(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. The Company recorded zero and $3,000 in percentage rent during 2013 and 2012, respectively.
	(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 sheet as of December 31, 2013 as a current obligation of $35,000, which is included in accounts payable and accrued expenses, and as a long-term obligation of $15.6 million, which is included in capital lease obligations, less current portion.
	Ground, Building and Air Leases
	During 2013, 2012 and 2011, certain of the Company’s 29 hotels were obligated to unaffiliated third parties under the terms of ground, building and air leases as follows:
		2013		2012		2011
	Number of hotels with ground, building and/or air leases	10		10		9
	Number of ground leases	9		9		9
	Number of building leases	1		1		—
	Number of air leases	3		3		3
	Total number of ground, building and air leases	13		13		12
	At December 31, 2013, the ground, building and air leases mature in dates ranging from 2037 through 2097, excluding renewal options. One of the air leases requires a payment of $1.00 annually, which the Company has paid in full for the life of the lease. Total rent expense incurred pursuant to ground, building and air lease agreements for the years ended December 31, 2013, 2012 and 2011 was included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property tax, ground lease and insurance	$	17,359		$	16,950		$	14,787
	Discontinued operations	—			14			52
		$	17,359		$	16,964		$	14,839
	At December 31, 2013, the Company was obligated to an unaffiliated party under the terms of a sublease on the corporate facility, which matures in 2018. Rent expense incurred pursuant to leases on the corporate facility totaled $0.4 million for both of the years ended December 31, 2013 and 2012, and $0.3 million for the year ended December 31, 2011, and was included in corporate overhead expense.
	Future minimum payments under the terms of the 13 ground, building and air leases, as well as the sublease on the corporate facility, in effect at December 31, 2013 are as follows (in thousands):
	2014	$	10,476
	2015	10,536
2016	10,597
2017	13,620
2018	13,548
Thereafter	504,774
Total	$	563,551
Employment Agreements
As of December 31, 2013, the Company has employment agreements with certain executive employees, which expire in August 2016. The terms of the agreements stipulate payments of base salaries and bonuses.
Approximate minimum future obligations under employment agreements are as follows as of December 31, 2013 (in thousands):
2014	$	1,435
2015	1,435
2016	837
	$	3,707
Collective Bargaining Agreements
The Company is subject to exposure to collective bargaining agreements at certain hotels operated by its management companies. At December 31, 2013, approximately 30.2% of workers employed by the Company’s third-party managers were covered by such collective bargaining agreements.
401(k) Savings and Retirement Plan
The Company’s employees may participate, subject to eligibility, in the Company’s 401(k) Savings and Retirement Plan (the “401(k) Plan”). Employees are eligible to participate in the 401(k) Plan after attaining 21 years of age and after the first of the month following the performance of six months of service. Three percent of eligible employee annual base earnings are contributed by the Company as a Safe Harbor elective contribution. Safe Harbor contributions made by the Company totaled $0.2 million for each of the years ended December 31, 2013, 2012 and 2011, and were included in corporate overhead expense.
The Company is also responsible for funding various retirement plans at certain hotels operated by its management companies. Property general and administrative expense on the Company’s consolidated statements of operations includes matching contributions into these various retirement plans of $1.1 million, $0.9 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Discontinued operations on the Company’s consolidated statements of operations includes matching contributions into these retirement plans of $3,000 for the year ended December 31, 2013, and $0.1 million for both the years ended December 31, 2012 and 2011.
Concentrationof Risk
The concentration of the Company’s hotels in California, New York, Illinois, Massachusetts and the greater Washington DC area exposes the Company’s business to economic conditions, competition and real and personal property tax rates unique to these locales. As of December 31, 2013, the Company’s 29 hotels were concentrated in California, New York, Illinois, Massachusetts and the greater Washington DC area as follows:
	California		New York		Illinois		Massachusetts		Greater
									Washington DC
									Area
Number of hotels	9		3		3		3		3
Percentage of total rooms	32	%	9	%	8	%	14	%	13	%
Percentage of total revenue for the year ended December 31, 2013	34	%	13	%	7	%	14	%	13	%
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 December 31, 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 December 31, 2013.

Quarterly_Operating_Results_Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2013
Quarterly Operating Results (Unaudited)	'
Quarterly Operating Results (Unaudited)	'
	15. Quarterly Operating Results (Unaudited)
	The consolidated quarterly results for the years ended December 31, 2013 and 2012, of the Company are as follows (in thousands):
		First			Second		Third		Fourth
		Quarter			Quarter		Quarter		Quarter
	Revenues — Continuing Operations
	2013	$	194,921		$	234,638	$	250,370	$	243,895
	2012	$	178,234		$	212,842	$	205,041	$	232,967
	Operating income — Continuing Operations
	2013	$	3,568		$	36,622	$	34,368	$	24,640
	2012	$	5,151		$	28,614	$	16,248	$	28,997
	Net income (loss)
	2013	$	28,926		$	20,009	$	15,817	$	5,249
	2012	$	(12,968	)	$	11,855	$	39,556	$	11,114
	Income available (loss attributable) to common stockholders per share — basic and diluted
	2013	$	0.12		$	0.09	$	0.07	$	0.01
	2012	$	(0.18	)	$	0.03	$	0.23	$	0.03
	Income available (loss attributable) to common stockholders per share is computed independently for each of the quarters presented and therefore may not sum to the annual amount for the year.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	16. Subsequent Events
	In January 2014, the Company was notified of its successful appeal of the real estate valuation for the Hilton San Diego Bayfront with the San Diego County Assessor’s office. Based on current property tax rates, the Company expects to receive a refund of approximately $4.0 million related to current and prior year real estate taxes.
	In February 2014, the Company entered into separate Equity Distribution Agreements (the “Agreements”) with Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Managers”). Under the terms of the Agreements, the Company may issue and sell from time to time through or to the Managers, as sales agents and/or principals, shares of the Company’s common stock having an aggregate offering amount of up to $150.0 million.

SCHEDULE_IIVALUATION_AND_QUALI

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2013
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	'
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	'
	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
	31-Dec-13
	(In Thousands)
		Balance at		Additions			Uncollectible			Balance at End
		Beginning of		Charged to			Accounts			of Year (1)
		Year (1)		Operations (1)			Written Off (1)
	Year ended December 31, 2013
	Allowance for doubtful accounts	$	177	$	(44	)	$	2		$	135
	Reserve for loan losses	$	217	$	—		$	—		$	217
	Year ended December 31, 2012
	Allowance for doubtful accounts	$	222	$	(29	)	$	(16	)	$	177
	Reserve for loan losses	$	—	$	217		$	—		$	217
	Year ended December 31, 2011
	Allowance for doubtful accounts	$	114	$	129		$	(21	)	$	222
	(1)                  Includes all hotel properties owned on December 31, 2013.

SCHEDULE_IIIREAL_ESTATE_AND_AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2013
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	'
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	'
	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-13
	(In Thousands)
					Initial costs						Cost Capitalized						Gross Amount at
											Subsequent to Acquisition						December 31, 2013 (1)
		Encmbr			Land			Bldg. and			Land			Bldg. and			Land		Bldg. and		Totals		Accum.		Date	Depr.
								Impr						Impr.					Impr.				Depr.		Acq./Constr.	Life
	Boston Park Plaza	$	118,256		$	58,527		$	170,589		$	—		$	247		$	58,527	$	170,836	$	229,363	$	3,294	2013	May-35
	Courtyard by Marriott Los Angeles			(a)	—			8,446			—			12,354			—		20,800		20,800		8,475		1999	May-35
	Doubletree Guest Suites Times Square	179,460			27,351			201,660			—			2,222			27,351		203,882		231,233		14,416		2011	May-35
	Embassy Suites Chicago	70,967			79			46,886			6,348			20,273			6,427		67,159		73,586		21,633		2002	May-35
	Embassy Suites La Jolla	67,908			27,900			70,450			—			7,832			27,900		78,282		106,182		20,570		2006	May-35
	Fairmont Newport Beach			(a)	—			65,769			—			33,272			—		99,041		99,041		27,369		2005	May-35
	Hilton New Orleans St. Charles	—			3,698			53,578			—			5			3,698		53,583		57,281		773		2013	May-35
	Hilton North Houston	31,800			6,184			35,628			—			22,840			6,184		58,468		64,652		17,978		2002	May-35
	Hilton San Diego Bayfront	231,451			—			424,992			—			6,643			—		431,635		431,635		21,267		2011	May-57
	Hilton Times Square	88,139			—			221,488			—			24,039			—		245,527		245,527		63,543		2006	May-35
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	—			14,040			66,350			—			688			14,040		67,038		81,078		2,006		2012	May-50
	Hyatt Chicago Magnificent Mile	—			—			91,964			—			16,357			—		108,321		108,321		5,415		2012	May-40
	Hyatt Regency Newport Beach			(a)	—			30,549			—			24,620			—		55,169		55,169		15,575		2002	May-35
	Hyatt Regency San Francisco	—			116,140			131,430			—			—			116,140		131,430		247,570		549		2013	May-35
	JW Marriott New Orleans	39,703			—			73,420			—			3,923			—		77,343		77,343		6,299		2011	May-35
	Marriott Boston Long Wharf	176,000			51,598			170,238			—			36,567			51,598		206,805		258,403		46,517		2007	May-35
	Marriott Houston	21,623			4,167			19,155			—			13,325			4,167		32,480		36,647		9,864		2002	May-35
	Marriott Park City	14,096			2,260			17,778			—			11,490			2,260		29,268		31,528		10,940		1999	May-35
	Marriott Philadelphia	25,540			3,297			29,710			—			8,216			3,297		37,926		41,223		13,232		2002	May-35
	Marriott Portland			(a)	5,341			20,705			—			6,776			5,341		27,481		32,822		10,607		2000	May-35
	Marriott Quincy			(a)	14,375			97,875			—			4,306			14,375		102,181		116,556		23,859		2007	May-35
	Marriott Tysons Corner	42,193			3,897			43,528			(250		)	15,726			3,647		59,254		62,901		20,101		2002	May-35
	Renaissance Harborplace	92,389			25,085			102,707			—			20,417			25,085		123,124		148,209		34,281		2005	May-35
	Renaissance Los Angeles Airport			(a)	7,800			52,506			—			4,050			7,800		56,556		64,356		13,601		2007	May-35
	Renaissance Long Beach			(a)	10,437			37,300			—			12,795			10,437		50,095		60,532		13,848		2005	May-35
	Renaissance Orlando at SeaWorld ®	78,105			—			119,733			30,716			31,976			30,716		151,709		182,425		41,495		2005	May-35
	Renaissance Washington DC	126,445			14,563			132,800			—			36,854			14,563		169,654		184,217		44,468		2005	May-35
	Renaissance Westchester (2)			(a)	5,751			17,069			—			13,546			5,751		30,615		36,366		3,449		2010	May-35
	Sheraton Cerritos			(a)	—			24,737			—			7,059			—		31,796		31,796		8,590		2005	May-35
		$	1,404,075		$	402,490		$	2,579,040		$	36,814		$	398,418		$	439,304	$	2,977,458	$	3,416,762	$	524,014
	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-13
	(In Thousands)
					Initial costs						Cost Capitalized						Gross Amount at
											Subsequent to Acquisition						December 31, 2013 (1)
		Encmbr.			Land			Bldg. and			Land			Bldg. and			Land		Bldg. and		Totals		Accum.		Date	Depr.
								Impr.						Impr					Impr.				Depr.		Acq./Constr.	Life
	Investments in Other Real Estate
	Land held for future development or sale	$	—		$	4,500		$	—		$	(4,312	)	$	—		$	188	$	—	$	188	$	—	1999	NA
		$	—		$	4,500		$	—		$	(4,312	)	$	—		$	188	$	—	$	188	$	—
	(1)                 The aggregate cost of properties for federal income tax purposes is approximately $3.5 billion (unaudited) at December 31, 2013.
	(2)                 Hotel originally acquired in 2005. Possession and control of the hotel transferred to a receiver in December 2009, and the Company reacquired the hotel in June 2010.
		Hotel Properties									Other Real Estate Investments
		2013			2012			2011			2013			2012			2011
	(1)   Reconciliation of land and buildings and improvements:
	Balance at the beginning of the year	$	2,801,963		$	2,904,975		$	2,239,125		$	188		$	12,437		$	12,253
	Additions during year:
	Acquisitions	533,962			172,354			727,423			—			—			—
	Improvements	80,923			46,831			72,169			—			50			184
	Changes in reporting presentation (b)	—			(163,455		)	—			—			(9,793		)	—
	Disposals during the year (b)	(86		)	(158,742		)	(133,742		)	—			(2,506		)	—
	Balance at the end of the year	$	3,416,762		$	2,801,963		$	2,904,975		$	188		$	188		$	12,437
	(2)   Reconciliation of accumulated depreciation:
	Balance at the beginning of the year	$	439,446		$	457,431		$	384,931		$	—		$	2,865		$	2,561
	Depreciation for the year	84,568			82,871			79,011			—			301			304
	Changes in reporting presentation	—			(58,364		)	—			—			(2,740		)	—
Retirement	—			(42,492		)	(6,511		)	—			(426		)	—
Balance at the end of the year	$	524,014		$	439,446		$	457,431		$	—		$	—		$	2,865
(a)         Hotel is pledged as collateral by the credit facility entered into in November 2010. As of December 31, 2013, the Company has no outstanding indebtedness under its credit facility.
(b)         2012 changes in reporting presentation and 2013 disposals during the year represent the Rochester Portfolio classified as held for sale as of December 31, 2012 due to its sale in January 2013.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying consolidated financial statements as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011, 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. Based on its review, the Company determined that all of its subsidiaries were properly consolidated as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011.
	Non-controlling interests at both December 31, 2013 and 2012 represent the outside equity interests in various consolidated affiliates of the Company.
	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 accounting principles generally accepted in the United States (“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 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, 2012 and 2011 results of operations for the Marriott-managed hotels are reported using the following reporting periods:
		2013		2012		Number of		2011		Number of
						days in 2013				days in 2013
						versus 2012 (1)				versus 2011
	First quarter	December 29 — March 31		December 31 — March 23		8 days		January 1 — March 25		9 days
	Second quarter	April 1 — June 30		March 24 — June 15		7 days		March 26 — June 17		7 days
	Third quarter	July 1 — September 30		June 16 — September 7		8 days		June 18 — September 9		8 days
	Fourth quarter	October 1 — December 31		September 8 — December 28		(20 days)		September 10 — December 30		(20 days)
	Full year	December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days		January 1, 2011 — December 30, 2011		4 days
	(1)         Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.
	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2013, 2012 and 2011 as follows (in thousands):
		2013 (1)			2012 (1)			2011 (1)
	Total revenue	$	2,300		$	(1,251	)	$	(1,048	)
	Net income	$	672		$	(328	)	$	(273	)
	(1)         Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days), 2012 (364 days) and 2011 (364 days) versus a standard 365 day year.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents are defined as cash on hand and in various bank accounts plus all short-term investments with an original maturity of three months or less.
	The Company maintains cash and cash equivalents and certain other financial instruments with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2013 and 2012, the Company had amounts in banks that were in excess of federally insured amounts.
Restricted Cash	'
	Restricted Cash
	Restricted cash is comprised of reserve accounts for debt service, interest reserves, capital replacements, ground leases, and property taxes. These restricted funds are subject to supervision and disbursement approval by certain of the Company’s lenders and/or hotel managers.
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 includes an allowance for doubtful accounts of $0.2 million at both December 31, 2013 and 2012.
Inventories	'
	Inventories
	Inventories, consisting primarily of food and beverages at the hotels, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis.
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 2013, 2012 and 2011, the Company used all available information to make these fair value determinations, and engaged independent valuation specialists to assist in the fair value determination of the long-lived assets acquired and the liabilities assumed in the Company’s purchases of the Hilton New Orleans St. Charles, the Boston Park Plaza, the Hyatt Regency San Francisco, the Hyatt Chicago Magnificent Mile, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the outside 62.0% equity interests in the Doubletree Guest Suites Times Square joint venture, the outside 50.0% equity interests in the BuyEfficient joint venture, the JW Marriott New Orleans and the 75.0% majority interest in the entity that owns the Hilton San Diego Bayfront. 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.
Investments In Hotel Properties and Other Assets	'
	Investments In Hotel Properties and Other Assets
	Hotel properties and other investments are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 35 years for buildings and improvements and three to 12 years for furniture, fixtures and equipment. Intangible assets are amortized using the straight-line method over their estimated useful life or over the length of the related agreement, whichever is shorter.
	The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the lives of the franchise agreements ranging from 14 to 27 years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.
	The Company follows the requirements of the Property, Plant and Equipment Topic of the FASB ASC, which requires impairment losses to be recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows expected to be generated by those assets are less than the assets’ carrying amount. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment is recognized. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In computing fair value, the Company uses 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 include anticipated operating cash flow in the year of disposition and terminal capitalization rate. In both 2013 and 2012, the Company did not identify any properties or other assets with indicators of impairment. In 2011, the Company did not recognize any impairments on its hotel properties, but did recognize a $1.5 million impairment on its commercial laundry facility located in Salt Lake City, Utah based on proceeds received from its sale in July 2011. Based on the Company’s review, management believes that there were no other impairments on its long-lived assets, and that the carrying values of its hotel properties and other assets are recoverable at December 31, 2013.
	Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties and other real estate is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.
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, among other requirements. 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. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. Once a hotel or other asset is designated as held for sale, the hotel or other asset is included in discontinued operations, and operating results are removed from income from continuing operations and reported as discontinued operations. The operating results for any such assets for any prior periods presented must also be reclassified as discontinued operations. As of December 31, 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.
	During 2013, the Company paid deferred financing fees of $0.2 million 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 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment of its credit facility. During 2011, approximately $9.0 million of deferred financing fees were incurred and paid related to the Company’s assumptions of debt on the Doubletree Guest Suites Times Square and the JW Marriott New Orleans in connection with the acquisitions of these hotels, the issuance of a note payable to the Company’s Hilton San Diego Bayfront joint venture, the refinancing of debt secured by the Doubletree Guest Suites Times Square, as well as costs related to the Company’s credit facility.
	During 2012, the Company wrote-off $0.2 million in deferred financing fees related to its sales of the Marriott Del Mar, the Doubletree Guest Suites Minneapolis, the Hilton Del Mar and the Marriott Troy, along with its repayment of the non-recourse mortgage secured by the Renaissance Long Beach. During 2011, the Company wrote-off $0.1 million in deferred financing fees related to its sale of the Valley River Inn, along with its refinancing of debt secured by the Doubletree Guest Suites Times Square.
	Total amortization and write-off of deferred financing fees for 2013, 2012 and 2011 was as follows (in thousands):
		2013			2012			2011
	Continuing operations:
	Amortization of deferred financing fees	$	2,955		$	3,690		$	3,138
	Write-off of deferred financing fees	—			3			21
	Total deferred financing fees — continuing operations	2,955			3,693			3,159
	Discontinued operations:
	Amortization of deferred financing fees	2			74			104
	Write-off of deferred financing fees	—			185			42
	Total deferred financing fees — discontinued operations	2			259			146
	Total amortization and write-off of deferred financing fees	$	2,957		$	3,952		$	3,305
Goodwill and BuyEfficient Intangibles	'
	Goodwill and BuyEfficient Intangibles
	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 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.
	During 2011, the Company recorded goodwill of $8.4 million related to its purchase of the outside equity interest in its BuyEfficient joint venture.
	Based on its annual impairment evaluations for both 2013 and 2012, the Company determined that no adjustments to its goodwill were required.
	The Company’s other assets, net includes BuyEfficient’s intangibles related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straight-line method over their useful lives ranging between seven to 20 years.
Property and Equipment	'
	Property and Equipment
	Property and equipment is stated on the cost basis and includes computer equipment and other corporate office equipment and furniture. Property and equipment is depreciated on a straight-line basis over the estimated useful lives ranging from three to 12 years. The Company includes property and equipment, net of related accumulated depreciation, in its other assets, net on the accompanying consolidated balance sheets.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	As of December 31, 2013 and 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 Disclosures 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 6, during 2011, the Company entered into interest rate protection agreements to manage, or hedge, interest rate risks in conjunction with its acquisitions of the outside equity interests in the Doubletree Guest Suites Times Square, the JW Marriott New Orleans, a majority interest in the entity that owns the Hilton San Diego Bayfront and the refinancing of the debt secured by the Doubletree Guest Suites Times Square. 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 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 related to the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront using Level 2 measurements as an asset of $16,000 and $48,000 as of December 31, 2013 and 2012, respectively. The interest rate cap agreements are included in other assets, net, in the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement related to the JW Marriott New Orleans using Level 2 measurements as a liability of $1.1 million and $1.6 million as of December 31, 2013 and 2012, respectively. The interest rate swap agreement is included in other liabilities in 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 include 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 either 2013 or 2012. In 2011, the Company recognized a $1.5 million impairment on its commercial laundry facility located in Salt Lake City, Utah based on proceeds received from its sale in July 2011. Also in 2011, the Company recognized a $10.9 million impairment on the $90.0 million mortgage-secured purchase money loan received from the buyer of the Royal Palm Miami Beach (the “Royal Palm note”) due to its sale in October 2011.
	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 in 2013, 2012 or 2011.
	As of December 31, 2013 and 2012, 70.7% 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 December 31, 2013 and 2012. Using Level 3 measurements, including the Company’s weighted average cost of capital 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 December 31, 2013 and 2012, respectively.
	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at December 31, 2013 and 2012 (in thousands):
					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	December 31, 2013:
	Interest rate cap derivative agreements	$	16		$	—		$	16		$	—
	Life insurance policy (1)	1,385			—			1,385			—
	Total assets at December 31, 2013	$	1,401		$	—		$	1,401		$	—
	December 31, 2012:
	Interest rate cap derivative agreements	$	48		$	—		$	48		$	—
	Life insurance policy (1)	1,494			—			1,494			—
	Total assets at December 31, 2012	$	1,542		$	—		$	1,542		$	—
	(1)         Includes the split life insurance policy for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. These amounts are included in other assets, net on the accompanying consolidated balance sheets, and will be used to reimburse the Company for payments made to Mr. Alter associated with a retirement benefit agreement.
	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at December 31, 2013 and 2012 (in thousands):
					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	December 31, 2013:
	Interest rate swap derivative agreement	$	1,066		$	—		$	1,066		$	—
	Retirement benefit agreement (1)	1,385			—			1,385			—
	Total liabilities at December 31, 2013	$	2,451		$	—		$	2,451		$	—
	December 31, 2012:
	Interest rate swap derivative agreement	$	1,636		$	—		$	1,636		$	—
	Retirement benefit agreement (1)	1,494			—			1,494			—
	Total liabilities at December 31, 2012	$	3,130		$	—		$	3,130		$	—
	(1)         Includes the retirement benefit agreement for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. The agreement calls for the balance of the retirement benefit agreement to be paid out to Mr. Alter in 10 annual installments, beginning in 2011. As such, the Company paid Mr. Alter a total of $0.6 million through December 31, 2013, which was reimbursed to the Company using funds from the split life insurance policy. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.
	The following table presents the gains and impairment charges included in earnings as a result of applying Level 3 measurements for the years ended December 31, 2013, 2012 and 2011 (in thousands):
		2013			2012			2011
	Gains:
	Investment in unconsolidated joint ventures (1)	$	—		$	—		$	69,230
	Impairment charges:
	Other assets, net (2)	—			—			(10,862		)
	Assets held for sale, net (3)	—			—			(1,495		)
	Total impairment charges	—			—			(12,357		)
	Total Level 3 measurement charges included in earnings (4)	$	—		$	—		$	56,873
	(1)         Includes the gains recorded by the Company on the remeasurements of the Company’s equity interests in its Doubletree Guest Suites Times Square and BuyEfficient joint ventures.
	(2)         Includes the impairment loss recorded by the Company on the Royal Palm note due to the note’s sale in October 2011.
	(3)         Includes the $1.5 million impairment loss recorded on a commercial laundry facility in Salt Lake City, Utah which the Company sold in July 2011.
	(4)         There were no transfers into or out of Level 3 of the fair value hierarchy during either of the years ended December 31, 2013, 2012 or 2011.
Revenue Recognition	'
	Revenue Recognition
	Room revenue and food and beverage revenue are recognized as earned, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. Revenue for these rooms is booked at the price the Company sold the room to the independent internet travel intermediary less any discount or commission paid.
	Other operating revenue consists of revenue derived from incidental hotel services such as telephone, transportation, parking, spa, entertainment and other guest services, along with sublease revenues relating to the restaurants and retail shops. Other operating revenue also includes revenue generated by BuyEfficient. Revenues from incidental hotel services and BuyEfficient are recognized in the period the related services are provided or the revenue is earned.
Advertising and Promotion Costs	'
	Advertising and Promotion Costs
	Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.
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.
Income Taxes	'
	Income Taxes
	The Company has elected to be treated as a REIT pursuant to the Internal Revenue Code, as amended (the “Code”). Management believes that the Company has qualified and intends to continue to qualify as a REIT. Therefore, the Company is permitted to deduct distributions paid to its stockholders, eliminating the federal taxation of income represented by such distributions at the company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on taxable income at regular corporate tax rates.
	With respect to taxable subsidiaries, the Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse.
	The Income Taxes Topic of the FASB ASC addresses how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.
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, 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 December 31, 2013, 2012 and 2011, 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 during 2013, 2012 and 2011 are represented as distributions to non-controlling interests on the Company’s statements of operations.
Dividends	'
	Dividends
	In August 2013, the Company’s board of directors reinstated a quarterly dividend payable to the Company’s common stockholders. In addition, the Company currently pays quarterly dividends to the preferred stockholders of its 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) as declared by the Company’s board of directors. Prior to their redemption dates in March 2013 and May 2013, respectively, the Company also paid quarterly dividends to the preferred stockholders of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) and its Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) as declared by the Board of Directors. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.
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 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. During 2013, distributed earnings representing nonforfeitable dividends of $0.2 million were allocated to the participating securities. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities during either 2012 or 2011. Undistributed earnings representing nonforfeitable dividends of $0.2 million, $0.2 million and $0.6 million were allocated to the participating securities for 2013, 2012 and 2011, respectively.
	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):
		Year Ended			Year Ended			Year Ended
		December 31, 2013			December 31, 2012			December 31, 2011
	Numerator:
	Net income	$	70,001		$	49,557		$	81,299
	Income from consolidated joint venture attributable to non-controlling interest	(4,013		)	(1,761		)	(312		)
	Distributions to non-controlling interest	(32		)	(31		)	(30		)
	Dividends paid on unvested restricted stock compensation	(201		)	—			—
	Preferred stock dividends and redemption charges	(19,013		)	(29,748		)	(27,321		)
	Undistributed income allocated to unvested restricted stock compensation	(235		)	(203		)	(636		)
	Numerator for basic and diluted earnings available to common stockholders	$	46,507		$	17,814		$	53,000
	Denominator:
	Weighted average basic and diluted common shares outstanding	161,784			127,027			117,206
	Basic and diluted earnings available to common stockholders per common share	$	0.29		$	0.14		$	0.45
	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 years ended December 31, 2013, 2012 and 2011, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C preferred stock issuable upon conversion were excluded from the above calculation of earnings per share for the years ended December 31, 2013, 2012 and 2011, as their inclusion would have been anti-dilutive.
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.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In December 2011, the FASB issued Accounting Standards Update No. 2011-10, “Property, Plant and Equipment: Derecognition of in Substance Real Estate — a Scope Clarification” (“ASU No. 2011-10”). Under the amendments in ASU No. 2011-10, when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse debt, the reporting entity should apply the guidance in Subtopic 360-20 to determine whether it should derecognize the in substance real estate. Generally, a reporting entity would not satisfy the requirements to derecognize the in substance real estate before the legal transfer of the real estate to the lender and the extinguishment of the related non-recourse indebtedness. That is, even if the reporting entity ceases to have a controlling financial interest under Subtopic 810-10, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of ASU No. 2011-10 in the first quarter of 2013 did not have any effect on the Company’s financial statements.

Organization_and_Description_o1

Organization and Description of Business (Tables)	12 Months Ended
	Dec. 31, 2013
Organization and Description of Business	'
Schedule of number of hotels managed by each third-party manager	'
		Number of Hotels
	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
	Hyatt Corporation	2
	Crestline Hotels & Resorts	1
	Dimension Development Company	1
	Fairmont Hotels & Resorts (U.S.)	1
	Total hotels held for investment	29

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies	'
Summary of changes in reporting period	'
		2013		2012		Number of		2011		Number of
						days in 2013				days in 2013
						versus 2012 (1)				versus 2011
	First quarter	December 29 — March 31		December 31 — March 23		8 days		January 1 — March 25		9 days
	Second quarter	April 1 — June 30		March 24 — June 15		7 days		March 26 — June 17		7 days
	Third quarter	July 1 — September 30		June 16 — September 7		8 days		June 18 — September 9		8 days
	Fourth quarter	October 1 — December 31		September 8 — December 28		(20 days)		September 10 — December 30		(20 days)
	Full year	December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days		January 1, 2011 — December 30, 2011		4 days
	(1)         Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.
Schedule of estimated effects of a Third-Party manager's fiscal calendar on calendar year total revenue and net income	'
	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2013, 2012 and 2011 as follows (in thousands):
		2013 (1)			2012 (1)			2011 (1)
	Total revenue	$	2,300		$	(1,251	)	$	(1,048	)
	Net income	$	672		$	(328	)	$	(273	)
	(1)         Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days), 2012 (364 days) and 2011 (364 days) versus a standard 365 day year.
Schedule of amortization and write-off of deferred financing fees	'
	Total amortization and write-off of deferred financing fees for 2013, 2012 and 2011 was as follows (in thousands):
		2013			2012			2011
	Continuing operations:
	Amortization of deferred financing fees	$	2,955		$	3,690		$	3,138
	Write-off of deferred financing fees	—			3			21
	Total deferred financing fees — continuing operations	2,955			3,693			3,159
	Discontinued operations:
	Amortization of deferred financing fees	2			74			104
	Write-off of deferred financing fees	—			185			42
	Total deferred financing fees — discontinued operations	2			259			146
	Total amortization and write-off of deferred financing fees	$	2,957		$	3,952		$	3,305
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 December 31, 2013 and 2012 (in thousands):
					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	December 31, 2013:
	Interest rate cap derivative agreements	$	16		$	—		$	16		$	—
	Life insurance policy (1)	1,385			—			1,385			—
	Total assets at December 31, 2013	$	1,401		$	—		$	1,401		$	—
	December 31, 2012:
	Interest rate cap derivative agreements	$	48		$	—		$	48		$	—
	Life insurance policy (1)	1,494			—			1,494			—
	Total assets at December 31, 2012	$	1,542		$	—		$	1,542		$	—
	(1)         Includes the split life insurance policy for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. These amounts are included in other assets, net on the accompanying consolidated balance sheets, and will be used to reimburse the Company for payments made to Mr. Alter associated with a retirement benefit agreement.
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 December 31, 2013 and 2012 (in thousands):
					Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
	December 31, 2013:
	Interest rate swap derivative agreement	$	1,066		$	—		$	1,066		$	—
	Retirement benefit agreement (1)	1,385			—			1,385			—
	Total liabilities at December 31, 2013	$	2,451		$	—		$	2,451		$	—
	December 31, 2012:
	Interest rate swap derivative agreement	$	1,636		$	—		$	1,636		$	—
	Retirement benefit agreement (1)	1,494			—			1,494			—
	Total liabilities at December 31, 2012	$	3,130		$	—		$	3,130		$	—
	(1)         Includes the retirement benefit agreement for the Company’s former Chairman and Chief Executive Officer, Robert A. Alter, which the Company has valued using Level 2 measurements. The agreement calls for the balance of the retirement benefit agreement to be paid out to Mr. Alter in 10 annual installments, beginning in 2011. As such, the Company paid Mr. Alter a total of $0.6 million through December 31, 2013, which was reimbursed to the Company using funds from the split life insurance policy. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.
Schedule of gains and impairment charges included in earnings as a result of applying Level 3 measurements	'
	The following table presents the gains and impairment charges included in earnings as a result of applying Level 3 measurements for the years ended December 31, 2013, 2012 and 2011 (in thousands):
		2013			2012			2011
	Gains:
	Investment in unconsolidated joint ventures (1)	$	—		$	—		$	69,230
	Impairment charges:
	Other assets, net (2)	—			—			(10,862		)
	Assets held for sale, net (3)	—			—			(1,495		)
	Total impairment charges	—			—			(12,357		)
	Total Level 3 measurement charges included in earnings (4)	$	—		$	—		$	56,873
	(1)         Includes the gains recorded by the Company on the remeasurements of the Company’s equity interests in its Doubletree Guest Suites Times Square and BuyEfficient joint ventures.
	(2)         Includes the impairment loss recorded by the Company on the Royal Palm note due to the note’s sale in October 2011.
	(3)         Includes the $1.5 million impairment loss recorded on a commercial laundry facility in Salt Lake City, Utah which the Company sold in July 2011.
	(4)         There were no transfers into or out of Level 3 of the fair value hierarchy during either of the years ended December 31, 2013, 2012 or 2011.
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):
		Year Ended			Year Ended			Year Ended
		December 31, 2013			December 31, 2012			December 31, 2011
	Numerator:
	Net income	$	70,001		$	49,557		$	81,299
	Income from consolidated joint venture attributable to non-controlling interest	(4,013		)	(1,761		)	(312		)
	Distributions to non-controlling interest	(32		)	(31		)	(30		)
	Dividends paid on unvested restricted stock compensation	(201		)	—			—
	Preferred stock dividends and redemption charges	(19,013		)	(29,748		)	(27,321		)
	Undistributed income allocated to unvested restricted stock compensation	(235		)	(203		)	(636		)
	Numerator for basic and diluted earnings available to common stockholders	$	46,507		$	17,814		$	53,000
	Denominator:
	Weighted average basic and diluted common shares outstanding	161,784			127,027			117,206
	Basic and diluted earnings available to common stockholders per common share	$	0.29		$	0.14		$	0.45

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2013
Investment in Hotel Properties	'
Schedule of investment in hotel properties	'
	Investment in hotel properties, net consisted of the following (in thousands):
		December 31,
		2013			2012
	Land	$	439,304		$	260,939
	Buildings and improvements	2,977,458			2,541,024
	Furniture, fixtures and equipment	414,192			329,770
	Intangibles	171,889			167,467
	Franchise fees	1,346			1,261
	Construction in process	34,643			48,388
		4,038,832			3,348,849
	Accumulated depreciation and amortization	(807,450		)	(666,972		)
		$	3,231,382		$	2,681,877
Schedule of fair values of assets acquired, liabilities assumed and adjustments recorded in hotel acquisitions	'
	The following table summarizes the fair values of assets acquired, liabilities assumed and adjustments recorded in these acquisitions (in thousands):
	Assets:
	Investment in hotel properties	$	570,420
	Accounts receivable	3,024
	Inventory	160
	Prepaid expenses	1,126
	Total assets acquired	574,730
	Liabilities:
	Accounts payable	295
	Accrued payroll and employee benefits	2,777
	Other current liabilities	1,924
	Note payable	119,190
	Total liabilities assumed	124,186
	Total cash paid for acquisitions	$	450,544
Schedule of acquired finite lived intangible assets and franchise agreement	'
	Investment in hotel properties was allocated to land ($178.4 million), buildings and improvements ($355.6 million), furniture, fixtures and equipment ($31.9 million), intangibles ($4.4 million) related to advanced bookings and tenant 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):
		Value at			Expected Life
		acquisition
	Advanced bookings	$	6,414		49 to 60 months
	Above/(below) market lease agreements, net	(3,635		)	12 to 215 months
	In-place lease agreements	1,643			12 to 169 months
	Franchise agreement	85			15 years
	Total intangibles and franchise fees related to 2013 acquisitions	4,507
	Accumulated amortization	(607		)
	Net balance of intangibles at December 31, 2013	$	3,900
Schedule of amortization expense related to acquisitions	'
	During 2013, the Company recorded amortization expense related to its Hilton New Orleans St. Charles, Boston Park Plaza and Hyatt Regency San Francisco intangibles as follows (in thousands):
		2013
	Advanced bookings	$	632
	Above/(below) market lease agreements, net	(134		)
	In-place lease agreements	105
	Franchise agreement	4
		$	607
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):
		2013			2012			2011
	Revenues	$	1,043,203		$	1,004,300		$	1,062,319
	Income available (loss attributable) to common stockholders from continuing operations	$	7,509		$	(23,741	)	$	23,221
	Income (loss) per diluted share available (attributable) to common stockholders from continuing operations	$	0.05		$	(0.19	)	$	0.2
Schedule of intangible assets included in investment in hotel properties	'
	As of December 31, 2013 and 2012, intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):
		2013			2012
	Advanced bookings (1)	$	35,154		$	28,740
	Easement agreement (2)	9,727			9,727
	Ground/air lease agreements (3)	121,850			121,850
	In-place lease agreements (4)	6,223			4,580
	Above/(below) market lease agreements, net (5)	(3,915		)	(280		)
	Below market management agreement (6)	2,850			2,850
		171,889			167,467
	Accumulated amortization	(44,426		)	(34,978		)
		$	127,463		$	132,489
Schedule of amortization expense on intangible assets included in investment in hotel properties	'
	Amortization expense on these intangible assets for the years ended December 31, 2013, 2012 and 2011 consisted of the following (in thousands):
		2013			2012			2011
	Advanced bookings (1)	$	4,560		$	14,824		$	9,988
	Ground/air lease agreements (3)	4,113			4,113			3,978
	In-place lease agreements (4)	454			348			299
	Above/(below) market lease agreements, net (5)	(148		)	(6		)	—
	Below market management agreement (6)	469			212			—
		$	9,448		$	19,491		$	14,265
	(1)         Advanced bookings consist of advance deposits related to the purchases of the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hyatt Chicago Magnificent Mile, the Hyatt Regency San Francisco, and the JW Marriott New Orleans. The contractual advance hotel bookings were recorded at a discounted present value based on estimated collectability, and are amortized using the straight-line method based over the periods the amounts are expected to be collected. The contractual advance hotel bookings for the Doubletree Guest Suites Times Square, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hyatt Chicago Magnificent Mile, and the JW Marriott New Orleans are fully amortized as of December 31, 2013. The contractual advance hotel bookings for the Boston Park Plaza and the Hyatt Regency San Francisco will be fully amortized by June 30, 2018.
	(2)         The Easement agreement at the Hilton Times Square was valued at fair value at the date of acquisition. The Hilton Times Square easement agreement has an indefinite useful life, and, therefore, is not amortized. This non-amortizable intangible asset is reviewed annually for impairment and more frequently if events or circumstances indicate that the asset may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset.
	(3)         Ground/air lease agreements at the Doubletree Guest Suites Times Square, the Hilton Times Square and the JW Marriott New Orleans were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately 23 and 77 years as of December 31, 2013.
	(4)         In-place lease agreements at the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton New Orleans St. Charles, the Hilton San Diego Bayfront and the Hyatt Regency San Francisco, were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately seven months and 14 years as of December 31, 2013.
	(5)         The above/(below) market lease agreements, net consist of unfavorable tenant lease liabilities at the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Hyatt Regency San Francisco, and favorable tenant lease assets at the Hilton New Orleans St. Charles and the Hyatt Regency San Francisco. These agreements were valued at fair value at the dates of acquisition, and are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately seven months and 18 years as of December 31, 2013.
	(6)         The below market management agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile was valued at fair value at the acquisition date. The agreement is comprised of two components, one for the management of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, and the other for the potential management of a future hotel. The agreement is amortized using the straight-line method over the remaining non-cancelable terms of the two components, approximately 4 and 9 years each as of December 31, 2013.
Schedule of amortization expense for next five years	'
	For the next five years, amortization expense for the intangible assets noted above is expected to be as follows, (in thousands):
	2014	$	6,344
	2015	$	6,167
	2016	$	6,110
	2017		5,884
	2018	$	4,994

Discontinued_Operations_Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2013
Discontinued Operations	'
Schedule of operating results of discontinued operations	'
	The following sets forth the discontinued operations for the years ended December 31, 2013, 2012 and 2011 for the four hotels and the commercial laundry facility sold in 2013, the four hotels and the office building sold in 2012, and the two hotel properties and the commercial laundry facility sold in 2011, which all met the “held for sale” and “discontinued operations” criteria in accordance with the Property, Plant and Equipment Topic of the FASB ASC (in thousands):
		2013			2012			2011
	Operating revenues	$	3,690		$	100,861		$	130,997
	Operating expenses	(3,686		)	(71,089		)	(96,581		)
	Interest expense	(99		)	(6,490		)	(9,337		)
	Depreciation and amortization expense	—			(13,164		)	(16,188		)
	Impairment loss	—			—			(1,495		)
	Gain (loss) on extinguishment of debt	(3,115		)	—			18,145
	Gain on sale of hotels and other assets, net	51,620			38,292			14,912
	Income from discontinued operations	$	48,410		$	48,410		$	40,453
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
	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)	12 Months Ended
	Dec. 31, 2013
Other Assets	'
Schedule of other assets	'
	Other assets, net consisted of the following (in thousands):
		December 31,
		2013			2012
	Property and equipment, net	$	2,478		$	2,529
	Land held for development	188			188
	Intangibles, net	7,277			7,877
	Interest rate cap derivative agreements	16			48
	Cash trap receivables	4,443			8,208
	Other receivables	3,942			4,130
	Other	2,762			2,922
		$	21,106		$	25,902
Schedule of property and equipment	'
	As of December 31, 2013 and 2012, property and equipment, net consisted of the following (in thousands):
		2013			2012
	Cost basis	$	10,933		$	10,153
	Accumulated depreciation	(8,455		)	(7,624		)
	Property and equipment, net	$	2,478		$	2,529
Amortization expense	'
Schedule of amortization expense for next five years	'
	For the next five years, amortization expense for the intangible assets noted above is expected to be as follows, (in thousands):
	2014	$	6,344
	2015	$	6,167
	2016	$	6,110
	2017		5,884
	2018	$	4,994
BuyEfficient, LLC	'
Amortization expense	'
Schedule of amortization expense for next five years	'
	For the next five years, amortization expense for the BuyEfficient intangible assets is expected to be as follows, (in thousands):
	2014	$	600
	2015	$	600
	2016	$	600
	2017	$	600
	2018	$	351

Notes_Payable_Tables

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2013
Notes Payable	'
Schedule of notes payable	'
	Notes payable consisted of the following at December 31 (in thousands):
		2013			2012
	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 December 31, 2013, and 13 hotel properties at December 31, 2012.	$	993,164		$	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.	231,451			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.	179,460			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
		1,404,075			1,363,392
	Less: discount on Senior Notes	—			(3		)
		1,404,075			1,363,389
	Less: current portion	(23,289		)	(76,723		)
		$	1,380,786		$	1,286,666
Schedule of interest incurred and expensed on the notes payable	'
	Total interest incurred and expensed on the notes payable is as follows (in thousands):
		2013			2012			2011
	Interest expense	$	69,806		$	71,664		$	67,319
	(Gain) loss on derivatives, net	(525		)	406			2,655
	Accretion of Senior Notes	3			1,058			1,062
	Amortization of deferred financing fees	2,955			3,690			3,138
	Write-off of deferred financing fees	—			3			21
		$	72,239		$	76,821		$	74,195
Schedule of aggregate future principal maturities and amortization of notes payable	'
	Aggregate future principal maturities and amortization of notes payable at December 31, 2013, are as follows (in thousands):
	2014	$	23,289
	2015	160,275
	2016	425,723
	2017	252,472
	2018	285,675
	Thereafter	256,641
	Total	$	1,404,075

Other_Current_Liabilities_and_1

Other Current Liabilities and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2013
Other Current Liabilities and Other Liabilities	'
Schedule of other current liabilities	'
	Other current liabilities consisted of the following (in thousands):
		December 31,
		2013		2012
	Property, sales, and use taxes payable	$	14,482	$	13,254
	Income tax payable	—		125
	Accrued interest	3,078		4,901
	Advance deposits	8,259		6,938
	Management fees payable	1,077		2,346
	Other	3,392		3,399
		$	30,288	$	30,963
Schedule of other liabilities	'
	Other liabilities consisted of the following (in thousands):
		December 31,
		2013		2012
	Deferred gain on sale of asset	$	14,000	$	—
	Interest rate swap derivative agreement	1,066		1,636
	Accrued income tax	1,491		—
	Deferred revenue	6,918		1,089
	Deferred rent	12,270		9,459
	Deferred incentive management fees	1,714		—
	Other	2,499		2,886
		$	39,958	$	15,070

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Schedule of income tax provision	'
	The income tax provision for the Company is included in the consolidated financial statements as follows (in thousands):
		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2013			2012			2011
	Current:
	Federal	$	6,371		$	850		$	—
	State	1,774			298			—
	Total current income tax provision	$	8,145		$	1,148		$	—
	Deferred:
	Federal	$	(9,488	)	$	1,031		$	345
	State	(2,426		)	278			96
		(11,914		)	1,309			441
	Valuation allowance	11,914			(1,309		)	(441		)
	Total deferred income tax provision	$	—		$	—		$	—
Schedule of tax effects of temporary differences that gave rise to the deferred tax assets (liabilities)	'
	The tax effects of temporary differences giving rise to the deferred tax assets (liabilities) are as follows (in thousands):
		December 31,
		2013			2012
	NOL carryover	$	31,258		$	40,330
	Other reserves	3,270			2,919
	State taxes and other	(4,909		)	(1,534		)
	Deferred tax asset before valuation allowance	29,619			41,715
	Depreciation	133			(49		)
	Deferred tax liability before valuation allowance	133			(49		)
	Deferred tax assets, net	29,752			41,666
	Valuation allowance	(29,752		)	(41,666		)
		$	—		$	—
Schedule of characterization of distributions	'
	For the years ended December 31, 2013, 2012 and 2011, distributions paid per share were characterized as follows (unaudited):
		2013					2012					2011
		Amount			%		Amount			%		Amount		%
	Common Stock:
	Ordinary income	$	0.1		100	%	$	—		—	%	$	—	—	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.1		100	%	$	—		—	%	$	—	—	%
	Preferred Stock — Series A
	Ordinary income	$	0.33		100	%	$	2		100	%	$	2.5	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.33		100	%	$	2		100	%	$	2.5	100	%
	Preferred Stock — Series C
	Ordinary income	$	0.656		100	%	$	1.572		100	%	$	1.965	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	0.656		100	%	$	1.572		100	%	$	1.965	100	%
	Preferred Stock — Series D
	Ordinary income	$	2		100	%	$	2		100	%	$	1.472	100	%
	Capital gain	—			—		—			—		—		—
	Return of capital	—			—		—			—		—		—
	Total	$	2		100	%	$	2		100	%	$	1.472	100	%

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity	'
Schedule of dividends declared per share	'
		2013		2012		2011
	Series A preferred stock	$	0.5	$	2	$	2
	Series D preferred stock	2		2		1.472
	Common stock - cash	0.1		—		—
		$	2.6	$	4	$	3.472

LongTerm_Incentive_Plan_Tables

Long-Term Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2013
Long-Term Incentive Plan	'
Schedule of compensation expense related to restricted shares and performance awards	'
	The Company’s compensation expense and forfeitures related to restricted shares and performance awards for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands):
		2013			2012			2011
	Compensation expense, including forfeitures	$	7,189		$	5,139		$	4,135
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 statements of equity for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands):
		2013			2012			2011
	Total compensation expense, including forfeitures	$	7,189		$	5,139		$	4,135
	Net-settle adjustment	(2,331		)	(1,673		)	(1,390		)
	Amortization related to shares issued to design and construction employees	393			302			376
	Amortization related to shares issued to unconsolidated joint venture	—			—			2
	Vesting of restricted stock presented on statement of equity	$	5,251		$	3,768		$	3,123
Schedule of non-vested stock grant activity	'
		2013					2012				2011
		Shares		Weighted			Shares		Weighted		Shares		Weighted
				Average					Average				Average
				Price					Price				Price
	Outstanding at beginning of year	1,539,992		$	9.11		1,407,152		$	8.55	668,934		$	7.7
	Granted	975,711		11.82			647,171		9.51		1,260,845		9.1
	Vested	(497,199	)	9.89			(513,095	)	8.08		(428,935	)	8.85
	Forfeited	(9,092	)	10.89			(1,236	)	9.38		(93,692	)	8.43
	Outstanding at end of year	2,009,412		10.23			1,539,992		9.11		1,407,152		8.55

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Schedule of basic management fees	'
	Total basic management fees incurred by the Company during the years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property general and administrative expense, and corporate overhead expense	$	25,218		$	22,807		$	19,549
	Discontinued operations	65			2,061			2,643
		$	25,283		$	24,868		$	22,192
Schedule of incentive management fees	'
	Total incentive management fees incurred by the Company during the years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property general and administrative expense	$	3,025		$	2,738		$	2,916
	Discontinued operations	—			587			675
		$	3,025		$	3,325		$	3,591
Schedule of license and franchise costs	'
	Total license and franchise fees incurred by the Company during the years ended December 31, 2013, 2012 and 2011 were included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — franchise costs	$	32,932		$	30,067		$	25,595
	Discontinued operations	73			2,996			3,520
		$	33,005		$	33,063		$	29,115
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):
		December 31,
		2013			2012
	Buildings and improvements	$	58,799		$	58,799
	Furniture, fixtures and equipment	104			104
		58,903			58,903
	Accumulated depreciation	(2,356		)	(871		)
		$	56,547		$	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 December 31, 2013 are as follows (in thousands):
	2014	$	1,437
	2015	1,411
	2016	1,403
	2017	1,403
	2018	1,403
	Thereafter	110,817
	Total minimum lease payments (1)	117,874
	Less: Amount representing interest (2)	(102,253		)
	Present value of net minimum lease payments (3)	$	15,621
	(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. The Company recorded zero and $3,000 in percentage rent during 2013 and 2012, respectively.
	(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 sheet as of December 31, 2013 as a current obligation of $35,000, which is included in accounts payable and accrued expenses, and as a long-term obligation of $15.6 million, which is included in capital lease obligations, less current portion.
Entity's hotels obligated to unaffiliated third parties under the terms of ground, building and air leases	'
		2013		2012		2011
	Number of hotels with ground, building and/or air leases	10		10		9
	Number of ground leases	9		9		9
	Number of building leases	1		1		—
	Number of air leases	3		3		3
	Total number of ground, building and air leases	13		13		12
Schedule of ground, building and air lease rent	'
	Total rent expense incurred pursuant to ground, building and air lease agreements for the years ended December 31, 2013, 2012 and 2011 was included in the Company’s consolidated statements of operations as follows (in thousands):
		2013			2012			2011
	Continuing operations — property tax, ground lease and insurance	$	17,359		$	16,950		$	14,787
	Discontinued operations	—			14			52
		$	17,359		$	16,964		$	14,839
Schedule of future minimum payments of operating leases	'
	Future minimum payments under the terms of the 13 ground, building and air leases, as well as the sublease on the corporate facility, in effect at December 31, 2013 are as follows (in thousands):
	2014	$	10,476
	2015	10,536
	2016	10,597
	2017	13,620
	2018	13,548
	Thereafter	504,774
	Total	$	563,551
Schedule of future minimum payments of obligations under employment agreements	'
	Approximate minimum future obligations under employment agreements are as follows as of December 31, 2013 (in thousands):
	2014	$	1,435
	2015	1,435
	2016	837
		$	3,707
Schedule of hotel geographic concentration of risk	'
		California		New York		Illinois		Massachusetts		Greater
										Washington DC
										Area
	Number of hotels	9		3		3		3		3
	Percentage of total rooms	32	%	9	%	8	%	14	%	13	%
	Percentage of total revenue for the year ended December 31, 2013	34	%	13	%	7	%	14	%	13	%

Quarterly_Operating_Results_Un1

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Operating Results (Unaudited)	'
Schedule of consolidated quarterly results	'
	The consolidated quarterly results for the years ended December 31, 2013 and 2012, of the Company are as follows (in thousands):
		First			Second		Third		Fourth
		Quarter			Quarter		Quarter		Quarter
	Revenues — Continuing Operations
	2013	$	194,921		$	234,638	$	250,370	$	243,895
	2012	$	178,234		$	212,842	$	205,041	$	232,967
	Operating income — Continuing Operations
	2013	$	3,568		$	36,622	$	34,368	$	24,640
	2012	$	5,151		$	28,614	$	16,248	$	28,997
	Net income (loss)
	2013	$	28,926		$	20,009	$	15,817	$	5,249
	2012	$	(12,968	)	$	11,855	$	39,556	$	11,114
	Income available (loss attributable) to common stockholders per share — basic and diluted
	2013	$	0.12		$	0.09	$	0.07	$	0.01
	2012	$	(0.18	)	$	0.03	$	0.23	$	0.03

Organization_and_Description_o2

Organization and Description of Business (Details)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

item

item

item

Marriott

Interstate Hotels & Resorts, Inc

Highgate Hotels L.P. and an affiliate

Davidson Hotels & Resorts

Hilton Worldwide

Hyatt Corporation

Crestline Hotels & Resorts

Dimension Development Company

Fairmont Hotels & Resorts (U.S.)

Sunstone Hotel Partnership, LLC

item

item

item

item

item

item

item

item

item

Organization and Description of Business

'

'

'

'

'

'

'

'

'

'

'

'

'

Controlling interest owned (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

Number of hotels in which the company has interests

29

29

29

'

'

'

'

'

'

'

'

'

'

Number of hotels managed by third parties

'

'

'

10

6

4

2

2

2

1

1

1

'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts Receivable	'	'	'	'	'	'	'	'	'	'	'
Allowance for doubtful accounts (in dollars)	200,000	'	'	'	200,000	'	'	'	$200,000	$200,000	'
Marriott	'	'	'	'	'	'	'	'	'	'	'
Reporting Periods	'	'	'	'	'	'	'	'	'	'	'
Weeks reported in quarter	'	'	'	'	'	'84 days	'84 days	'84 days	'	'	'
Number of additional days included in most recent calendar year	'	'	'	'	'	'	'	'	'3 days	'	'
Number of additional days included in fiscal period	'	'	'	'	'	'	'	'	'3 days	'4 days	'
Number of days less in previous year's quarter	'	'8 days	'7 days	'8 days	'	'8 days	'7 days	'9 days	'	'	'
Number of days more in previous year's quarter	'20 days	'	'	'	'20 days	'	'	'	'	'	'
Total revenue (in dollars)	'	'	'	'	'	'	'	'	2,300,000	-1,251,000	-1,048,000
Net Income (in dollars)	'	'	'	'	'	'	'	'	$672,000	($328,000)	($273,000)
Number of days reported in a year	'	'	'	'	'	'	'	'	'368 days	'364 days	'364 days
Number of standard days in a year	'	'	'	'	'	'	'	'	'365 days	'	'
Marriott | Minimum	'	'	'	'	'	'	'	'	'	'	'
Reporting Periods	'	'	'	'	'	'	'	'	'	'	'
Weeks reported in quarter	'	'	'	'	'112 days	'	'	'	'	'	'
Marriott | Maximum	'	'	'	'	'	'	'	'	'	'	'
Reporting Periods	'	'	'	'	'	'	'	'	'	'	'
Weeks reported in quarter	'	'	'	'	'119 days	'	'	'	'	'	'

Summary_of_Significant_Account4

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

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2011

Jun. 30, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2011

Jan. 14, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2011

Apr. 15, 2011

Commercial laundry facility located in Salt Lake City, Utah

Commercial laundry facility located in Salt Lake City, Utah

Franchise fees

Franchise fees

Buildings and improvements

Buildings and improvements

Furniture, fixtures and equipment

Furniture, fixtures and equipment

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

Entity that owns the Hilton San Diego Bayfront

Entity that owns the Hilton San Diego Bayfront

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Investments in Hotel Properties and Other Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest acquired (as a percent)

'

'

'

'

'

'

'

'

'

62.00%

62.00%

50.00%

'

'

75.00%

75.00%

Estimated useful life

'

'

'

'

'

'5 years

'35 years

'3 years

'12 years

'

'

'

'

'

'

'

Estimated useful life

'

'

'

'14 years

'27 years

'

'

'

'

'

'

'

'7 years

'20 years

'

'

Impairment recognized in discontinued operations

$1,495

$1,500

$1,500

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	item
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	0	4	'
Debt instrument	'	'	'
Payment of deferred financing fees	$243,000	$1,332,000	$9,049,000
Total amortization and write-off of deferred financing fees	2,957,000	3,952,000	3,305,000
Continuing Operations Member	'	'	'
Debt instrument	'	'	'
Amortization of deferred financing fees	2,955,000	3,690,000	3,138,000
Write-off of deferred financing fees	'	3,000	21,000
Total deferred financing fees	2,955,000	3,693,000	3,159,000
Discontinued Operations Member	'	'	'
Debt instrument	'	'	'
Amortization of deferred financing fees	2,000	74,000	104,000
Write-off of deferred financing fees	'	185,000	42,000
Total deferred financing fees	2,000	259,000	146,000
Hilton San Diego Bayfront mortgage | Doubletree Guest Suites Times Square and the JW Marriott New Orleans	'	'	'
Debt instrument	'	'	'
Payment of deferred financing fees	'	'	9,000,000
Hilton San Diego Bayfront mortgage | Interest rate cap derivative agreement | Boston Park Plaza	'	'	'
Debt instrument	'	'	'
Payment of deferred financing fees	200,000	'	'
Senior unsecured revolving credit facility	'	'	'
Debt instrument	'	'	'
Payment of deferred financing fees	'	1,300,000	'
Valley River Inn and the Doubletree Guest Suites Times debt obligations | Valley River Inn and the Doubletree Guest Suites Times Square	'	'	'
Debt instrument	'	'	'
Write-off of deferred financing fees	'	'	100,000
Marriott Del Mar, Doubletree Guest Suites Minneapolis, Hilton Del Mar, Marriott Troy and Renaissance Long Beach debt obligations | Marriott Del Mar, Doubletree Guest Suites Minneapolis, Hilton Del Mar, Marriott Troy and Renaissance Long Beach	'	'	'
Debt instrument	'	'	'
Write-off of deferred financing fees	'	$200,000	'

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (BuyEfficient, LLC, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill	'	'	'
Goodwill impairment loss	$0	$0	'
Amount of goodwill from purchase of outside equity interest	'	'	$8,400,000
Minimum	'	'	'
Intangible Assets	'	'	'
Expected Life at Acquisition	'7 years	'	'
Maximum	'	'	'
Intangible Assets	'	'	'
Expected Life at Acquisition	'20 years	'	'

Summary_of_Significant_Account7

Summary of Significant Accounting Policies (Details 5) (Corporate Office furniture, fixtures and equipment)	12 Months Ended
	Dec. 31, 2013
Minimum	'
Corporate Office	'
Estimated useful life of property and equipment	'3 years
Maximum	'
Corporate Office	'
Estimated useful life of property and equipment	'12 years

Summary_of_Significant_Account8

Summary of Significant Accounting Policies (Details 6) (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

Oct. 31, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 30, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Robert A. Alter

Commercial laundry facility located in Salt Lake City, Utah

Commercial laundry facility located in Salt Lake City, Utah

Total at the end of the period

Total at the end of the period

Level 2

Level 2

Level 3

Level 3

Level 3

Level 3

JW Marriott New Orleans

JW Marriott New Orleans

Doubletree Guest Suites Times Square and Hilton San Diego Bayfront hotel

Doubletree Guest Suites Times Square and Hilton San Diego Bayfront hotel

item

Commercial laundry facility located in Salt Lake City, Utah

Level 2

Level 2

Level 2

Level 2

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment loss on discontinued operations

'

$1,495,000

'

'

'

$1,500,000

$1,500,000

'

'

'

'

'

'

$1,495,000

$1,500,000

'

'

'

'

Impairment loss on continuing operations

'

10,862,000

'

'

'

'

'

'

'

'

'

'

'

10,862,000

'

'

'

'

'

Mortgage-secured purchase money loan received on sale of Royal Palm Miami Beach

90,000,000

90,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of debt having fixed interest rates

'

'

70.70%

69.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of secured debt

'

'

1,404,075,000

1,363,389,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average cost of capital (as a percent)

'

'

'

'

'

'

'

'

'

'

'

5.00%

5.50%

'

'

'

'

'

'

Fair value of debt

'

'

'

'

'

'

'

'

'

'

'

1,400,000,000

1,300,000,000

'

'

'

'

'

'

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate cap derivative agreements

'

'

16,000

48,000

'

'

'

16,000

48,000

16,000

48,000

'

'

'

'

'

'

16,000

48,000

Life insurance policy

'

'

'

'

'

'

'

1,385,000

1,494,000

1,385,000

1,494,000

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

1,401,000

1,542,000

1,401,000

1,542,000

'

'

'

'

'

'

'

'

Liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swap derivative agreements

'

'

'

'

'

'

'

1,066,000

1,636,000

1,066,000

1,636,000

'

'

'

'

1,100,000

1,600,000

'

'

Retirement benefit agreement

'

'

'

'

'

'

'

1,385,000

1,494,000

1,385,000

1,494,000

'

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

'

'

2,451,000

3,130,000

2,451,000

3,130,000

'

'

'

'

'

'

'

'

Number of installments to be paid out under the Retirement Benefit Agreement

'

'

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount paid under the Retirement Benefit Agreement

'

'

'

'

$600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account9

Summary of Significant Accounting Policies (Details 7) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Gains:	'	'	'
Investment in unconsolidated joint ventures	'	'	$69,230
Impairment charges:	'	'	'
Other assets, net	'	'	-10,862
Assets held for sale, net	'	'	-1,495
Total impairment charges	'	'	-12,357
Transfers into or out of Level 3	0	0	0
Level 3	'	'	'
Gains:	'	'	'
Investment in unconsolidated joint ventures	'	'	69,230
Impairment charges:	'	'	'
Other assets, net	'	'	-10,862
Assets held for sale, net	'	'	-1,495
Total impairment charges	'	'	-12,357
Total Level 3 measurement charges included in earnings	'	'	$56,873

Recovered_Sheet1

Summary of Significant Accounting Policies (Details 8)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Series D Cumulative Redeemable Preferred Stock	'	'
Dividend rate (as a percent)	8.00%	8.00%
Series A Cumulative Redeemable Preferred Stock	'	'
Dividend rate (as a percent)	'	8.00%

Recovered_Sheet2

Summary of Significant Accounting Policies (Details 9) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
									item
Non-Controlling Interests	'	'	'	'	'	'	'	'	'	'	'
Minority interest percentage in Hilton San Diego Bayfront	25.00%	'	'	'	25.00%	'	'	'	25.00%	25.00%	25.00%
Numerator:	'	'	'	'	'	'	'	'	'	'	'
Net income	$5,249	$15,817	$20,009	$28,926	$11,114	$39,556	$11,855	($12,968)	$70,001	$49,557	$81,299
Income from consolidated joint venture attributable to non-controlling interest	'	'	'	'	'	'	'	'	-4,013	-1,761	-312
Distributions to non-controlling interest	'	'	'	'	'	'	'	'	-32	-31	-30
Dividends paid on unvested restricted stock compensation	'	'	'	'	'	'	'	'	-201	0	0
Preferred stock dividends and redemption charges	'	'	'	'	'	'	'	'	-19,013	-29,748	-27,321
Undistributed income allocated to unvested restricted stock compensation	'	'	'	'	'	'	'	'	-235	-203	-636
INCOME AVAILABLE TO COMMON STOCKHOLDERS	'	'	'	'	'	'	'	'	$46,507	$17,814	$53,000
Denominator:	'	'	'	'	'	'	'	'	'	'	'
Weighted average basic and diluted common shares outstanding (in shares)	'	'	'	'	'	'	'	'	161,784	127,027	117,206
Basic and diluted earnings available to common stockholders per common share (in dollars per share)	$0.01	$0.07	$0.09	$0.12	$0.03	$0.23	$0.03	($0.18)	$0.29	$0.14	$0.45
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Number of operating segments	'	'	'	'	'	'	'	'	1	'	'

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment in Hotel Properties	'	'
Land	$439,304	$260,939
Buildings and improvements	2,977,458	2,541,024
Furniture, fixtures and equipment	414,192	329,770
Intangibles	171,889	167,467
Franchise fees	1,346	1,261
Construction in process	34,643	48,388
Investment in hotel properties, gross	4,038,832	3,348,849
Accumulated depreciation and amortization	-807,450	-666,972
Investment in hotel properties, net	$3,231,382	$2,681,877

Investment_in_Hotel_Properties3

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

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

31-May-13

Dec. 31, 2013

Jul. 02, 2013

Dec. 31, 2013

Jul. 02, 2013

Dec. 02, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 04, 2012

2-May-12

Jun. 30, 2012

Dec. 31, 2012

Jul. 19, 2012

Dec. 31, 2012

Dec. 31, 2011

Jan. 14, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 15, 2011

Dec. 31, 2011

Apr. 15, 2011

Dec. 31, 2011

Easement agreements

Easement agreements

In-place lease agreements

In-place lease agreements

In-place lease agreements

In-place lease agreements

In-place lease agreements

Advanced bookings

Advanced bookings

Advanced bookings

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Franchise agreement

Franchise agreement

Ground/air lease agreements

Ground/air lease agreements

Ground/air lease agreements

Ground/air lease agreements

Ground/air lease agreements

Below-market management agreement

Below-market management agreement

Below-market management agreement

Below-market management agreement

Intangible assets included in hotel properties

Intangible assets included in hotel properties

Intangible assets included in hotel properties

Hilton New Orleans St. Charles

Hilton New Orleans St. Charles

Boston Park Plaza

Boston Park Plaza

Boston Park Plaza

Hyatt Regency San Francisco

Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hilton New Orleans St. Charles, the Boston Park Plaza and Hyatt Regency San Francisco

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hilton Garden Inn

Hilton Garden Inn

Hilton Garden Inn

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

JW Marriott New Orleans

JW Marriott New Orleans

Entity that owns the Hilton San Diego Bayfront

Entity that owns the Hilton San Diego Bayfront

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

item

item

Non-recourse loan secured

item

Advanced bookings and tenant lease agreements

In-place lease agreements

In-place lease agreements

In-place lease agreements

Advanced bookings

Advanced bookings

Advanced bookings

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Franchise agreement

Land

Buildings and improvements

Furniture, fixtures and equipment

item

item

item

item

item

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Investment in Hotel Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms in acquired hotel

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250

'

1,053

'

'

802

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

417

'

'

'

357

'

'

460

'

'

'

494

'

1,190

'

Purchase price of acquired entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$59,100,000

'

$248,000,000

'

'

$262,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$88,425,000

'

'

'

$90,300,000

'

'

$37,500,000

'

'

'

'

'

'

'

Proration and other credits

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

2,000,000

'

'

5,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

1,450,000

'

'

'

'

'

'

'

'

'

'

Acquisition-related costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

'

900,000

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

700,000

200,000

'

'

'

2,500,000

'

400,000

'

500,000

Total proceeds held by accomodator to facilitate tax deferred exchange

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,200,000

'

92,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisitions of hotel properties and other assets

450,544,000

120,003,000

263,264,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

450,544,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total cash paid for acquisitions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,700,000

'

'

'

'

'

'

'

'

'

'

51,600,000

'

182,800,000

'

Debt assumed at acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

119,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,200,000

'

'

'

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in hotel properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

570,420,000

4,400,000

'

'

'

'

'

'

'

'

'

100,000

178,400,000

355,600,000

31,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,024,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Inventory

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

160,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepaid expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,126,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

574,730,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

295,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued payroll and employee benefits

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,777,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other current liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,924,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

119,190,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities assumed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

124,186,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,454,164

'

5,454,164

'

'

'

'

'

'

'

'

'

'

'

'

Contractual purchase price value of common stock consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

58,425,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Closing price of common stock on entity acquisition price determination date (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.40

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock consideration premium

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.03

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Closing price of common stock on entity acquisition date (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.38

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross purchase price of acquired entity for accounting purposes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

81,160,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest acquired (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

62.00%

'

'

62.00%

'

'

75.00%

75.00%

Unrestricted cash held

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,000,000

'

'

'

'

'

3,700,000

'

Distributions to non-controlling interest

32,000

31,000

30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32,000

31,000

30,000

'

'

'

'

Implicit gross value of acquired entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

475,000,000

'

Minority interest percentage in Hilton San Diego Bayfront

25.00%

25.00%

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

Intangible Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of intangibles at acquisition

171,889,000

167,467,000

'

9,727,000

9,727,000

6,223,000

4,580,000

'

'

'

35,154,000

28,740,000

'

-3,915,000

-280,000

'

'

'

'

121,850,000

121,850,000

'

'

'

2,850,000

2,850,000

'

'

'

'

'

'

'

'

'

'

'

'

4,507,000

'

1,643,000

'

'

6,414,000

'

'

-3,635,000

'

'

85,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated amortization

-44,426,000

-34,978,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-607,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net balance of intangibles at end of period

127,463,000

132,489,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected Life at Acquisition

'

'

'

'

'

'

'

'

'7 months

'14 years

'

'

'

'

'

'7 months

'18 years

'14 years

'27 years

'

'

'

'23 years

'77 years

'

'

'4 years

'9 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'169 months

'

'49 months

'60 months

'

'12 months

'215 months

'15 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization expense

$10,115,000

$20,198,000

$15,069,000

'

'

$454,000

$348,000

$299,000

'

'

$4,560,000

$14,824,000

$9,988,000

($148,000)

($6,000)

'

'

'

'

$4,113,000

$4,113,000

$3,978,000

'

'

$469,000

$212,000

'

'

$9,448,000

$19,491,000

$14,265,000

'

'

'

'

'

'

'

$607,000

'

$105,000

'

'

$632,000

'

'

($134,000)

'

'

$4,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment_in_Hotel_Properties4

Investment in Hotel Properties (Details 3) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Unaudited pro forma results of operations	'	'	'	'	'	'	'	'	'	'	'
Revenues	'	'	'	'	'	'	'	'	$1,043,203	$1,004,300	$1,062,319
Income available (loss attributable) to common stockholders from continuing operations	'	'	'	'	'	'	'	'	7,509	-23,741	23,221
Income (loss) per diluted share available (attributable) to common stockholders from continuing operations (in dollars per share)	'	'	'	'	'	'	'	'	$0.05	($0.19)	$0.20
Total revenue	243,895	250,370	234,638	194,921	232,967	205,041	212,842	178,234	923,824	829,084	721,794
Net income (loss)	5,249	15,817	20,009	28,926	11,114	39,556	11,855	-12,968	70,001	49,557	81,299
Acquisitions 2013	'	'	'	'	'	'	'	'	'	'	'
Unaudited pro forma results of operations	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	51,000	'	'
Net income (loss)	'	'	'	'	'	'	'	'	2,800	'	'
Acquisitions 2012	'	'	'	'	'	'	'	'	'	'	'
Unaudited pro forma results of operations	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	'	27,700	'
Net income (loss)	'	'	'	'	'	'	'	'	'	-1,100	'
Acquisitions 2011	'	'	'	'	'	'	'	'	'	'	'
Unaudited pro forma results of operations	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	'	'	169,100
Net income (loss)	'	'	'	'	'	'	'	'	'	'	($500)

Investment_in_Hotel_Properties5

Investment in Hotel Properties (Details 4) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in Hotel Properties	'
Future amortization expense on intangible assets in 2014	$6,344
Future amortization expense on intangible assets in 2015	6,167
Future amortization expense on intangible assets in 2016	6,110
Future amortization expense on intangible assets in 2017	5,884
Future amortization expense on intangible assets in 2018	$4,994

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Jan. 31, 2013

Oct. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 31, 2013

Dec. 31, 2013

Jan. 31, 2013

Dec. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Aug. 31, 2012

Mar. 31, 2012

Apr. 30, 2011

Dec. 31, 2013

Sep. 30, 2012

Jul. 31, 2011

Jun. 30, 2011

Dec. 31, 2011

Oct. 31, 2011

item

item

item

Preferred equity investment

Preferred equity investment

Rochester Portfolio

Rochester Portfolio

Kahler Grand

Commercial laundry facility

Kahler Inn & Suites

Marriott Rochester

Residence Inn by Marriott Rochester

Marriott Del Mar

Royal Palm Miami Beach

Royal Palm Miami Beach

Royal Palm Miami Beach

Portfolio sale

Commercial laundry facility located in Salt Lake City, Utah

Commercial laundry facility located in Salt Lake City, Utah

Commercial laundry facility located in Salt Lake City, Utah

Valley River Inn

item

item

item

item

item

item

Discontinued Operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels and/or other assets sold

'

'

4

4

2

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms sold

'

'

'

'

'

'

'

1,222

'

660

'

271

202

89

'

'

'

'

'

'

'

'

'

Net proceeds received from sale of hotel properties and other assets

'

'

'

'

'

'

'

$195,600,000

'

'

'

'

'

'

$17,700,000

'

$39,800,000

'

$28,600,000

$100,000

'

'

$16,100,000

Cash proceeds held by accommodator

'

'

'

'

'

'

'

145,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of mortgage extinguished

'

'

'

-122,622,000

-11,532,000

'

'

'

'

'

'

'

'

'

47,100,000

'

'

'

75,600,000

'

'

'

11,500,000

Gain (loss) on sale

'

'

51,620,000

38,292,000

14,912,000

'

'

51,600,000

'

'

'

'

'

'

25,500,000

200,000

14,000,000

'

12,700,000

-100,000

'

'

900,000

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

'

14,000,000

'

'

25,000,000

'

3,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends on the preferred equity investment

'

'

'

'

'

'

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Working cash advance provided to buyer

'

'

'

'

'

'

'

3,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of asset net of deferred gain

'

'

'

'

'

'

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

-5,335,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sale of Rochester Portfolio - pension liability reclassification

5,335,000

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Consideration form sale of hotel properties and other assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

129,800,000

'

'

'

'

'

'

Issuance of note receivable

'

90,000,000

'

'

90,000,000

'

'

'

'

'

'

'

'

'

'

'

90,000,000

'

'

'

'

'

'

Maximum future payments which the entity may receive as per an earn-out right

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

'

'

Impairment loss

'

'

'

'

$1,495,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,500,000

$1,500,000

'

Discontinued_Operations_Detail1

Discontinued Operations (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations	'	'	'
Operating revenues	$3,690	$100,861	$130,997
Operating expenses	-3,686	-71,089	-96,581
Interest expense	-99	-6,490	-9,337
Depreciation and amortization expense	'	-13,164	-16,188
Impairment Loss	'	'	-1,495
Gain/(loss) on extinguishment of debt	-3,115	'	18,145
Gain on sale of hotels and other assets, net	51,620	38,292	14,912
Income from discontinued operations	$48,410	$48,410	$40,453

Investments_in_Unconsolidated_1

Investments in Unconsolidated Joint Ventures (Details) (USD $)	12 Months Ended	1 Months Ended		1 Months Ended		1 Months Ended
	Dec. 31, 2011	Jan. 31, 2011	Dec. 31, 2006	Jan. 31, 2011	Apr. 30, 2010	Jan. 31, 2011	Dec. 31, 2007	Jan. 31, 2011
		Doubletree Guest Suites Times Square	Doubletree Guest Suites Times Square	Doubletree Guest Suites Times Square	Doubletree Guest Suites Times Square	BuyEfficient, LLC	BuyEfficient, LLC	BuyEfficient, LLC
				8.5% Hotel Mezzanine loan receivable	8.5% Hotel Mezzanine loan receivable			Strategic Hotels and Resorts, Inc. ("Strategic")
Investments in unconsolidated joint ventures	'	'	'	'	'	'	'	'
Ownership interest acquired (as a percent)	'	62.00%	38.00%	'	'	'	'	50.00%
Gain on remeasurement of equity interests	$69,230,000	$30,100,000	'	'	'	$8,700,000	'	'
Gain on remeasurement of investment	'	'	'	30,400,000	'	'	'	'
Principal amount of purchased subordinate debt	'	'	'	'	$30,000,000	'	'	'
Interest rate on loans receivable (as a percent)	'	'	'	'	8.50%	'	'	'
Ownership interest sold to Strategic (as a percent)	'	'	'	'	'	'	50.00%	'

Interest_Rate_Derivative_Agree1

Interest Rate Derivative Agreements (Details) (USD $)

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Apr. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Doubletree Guest Suites Times Square Mortgage Payable

Doubletree Guest Suites Times Square Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Interest rate contracts

Interest rate contracts

Interest rate contracts

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Swap Agreement

Interest Rate Swap Agreement

Interest Rate Swap Agreement

Interest Rate Swap Agreement

Designated as hedging instrument

Designated as hedging instrument

Designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

Not designated as hedging instrument

item

item

item

Other assets, net

Other assets, net

Doubletree Guest Suites Times Square Mortgage Payable

Doubletree Guest Suites Times Square Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Other liabilities

Other liabilities

JW Marriott New Orleans Mortgage Payable

JW Marriott New Orleans Mortgage Payable

item

item

item

item

Interest Rate Derivative Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

0

0

0

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

'

'

Interest rate, description of reference rate

'

'

'

'3-Month LIBOR

'3-Month LIBOR

'3-Month LIBOR

'3-Month LIBOR

'

'

'

'

'

'3-Month LIBOR

'

'

'3-Month LIBOR

'

'

'

'LIBOR

'

Interest rate added to base rate (as a percent)

'

'

'

3.25%

3.25%

3.25%

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,100,000

$1,600,000

'

'

Fair values of derivative assets

16,000

48,000

'

'

'

'

'

'

'

'

16,000

48,000

'

'

'

'

'

'

'

'

'

Notional amount

'

'

'

'

'

'

'

'

'

'

'

'

179,600,000

180,000,000

'

117,000,000

120,000,000

'

'

39,800,000

40,700,000

Cost of new interest rate cap agreement

12,000

'

1,082,000

'

'

'

'

'

'

'

'

'

'

'

12,000

'

'

'

'

'

'

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

$525,000

($406,000)

($2,655,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other_Assets_Details

Other Assets (Details) (USD $)	12 Months Ended			1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 28, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013
	item			Subsequent event	BuyEfficient, LLC	BuyEfficient, LLC	BuyEfficient, LLC	BuyEfficient, LLC	BuyEfficient, LLC
								Minimum	Maximum
Other assets, net	'	'	'	'	'	'	'	'	'
Property and equipment, net	$2,478,000	$2,529,000	'	'	'	'	'	'	'
Land held for development	188,000	188,000	'	'	'	'	'	'	'
Intangibles, net	7,277,000	7,877,000	'	'	'	'	'	'	'
Interest rate cap derivative agreements	16,000	48,000	'	'	'	'	'	'	'
Cash trap receivables	4,443,000	8,208,000	'	'	'	'	'	'	'
Other receivables	3,942,000	4,130,000	'	'	'	'	'	'	'
Other	2,762,000	2,922,000	'	'	'	'	'	'	'
Total other assets, net	21,106,000	25,902,000	'	'	'	'	'	'	'
Cost basis	10,933,000	10,153,000	'	'	'	'	'	'	'
Accumulated depreciation	-8,455,000	-7,624,000	'	'	'	'	'	'	'
Useful life of intangibles	'	'	'	'	'	'	'	'7 years	'20 years
Accumulated amortization	44,426,000	34,978,000	'	'	1,800,000	1,200,000	'	'	'
Amortization expense	10,115,000	20,198,000	15,069,000	'	600,000	600,000	600,000	'	'
Proceeds from collection of cash trap receivables	3,800,000	'	'	4,400,000	'	'	'	'	'
Number of hotels with cash trap provisions	3	'	'	'	'	'	'	'	'
Amortization expense	'	'	'	'	'	'	'	'	'
2014	6,344,000	'	'	'	600,000	'	'	'	'
2015	6,167,000	'	'	'	600,000	'	'	'	'
2016	6,110,000	'	'	'	600,000	'	'	'	'
2017	5,884,000	'	'	'	600,000	'	'	'	'
2018	$4,994,000	'	'	'	$351,000	'	'	'	'

Notes_Payable_Details

Notes Payable (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 31, 2013

Feb. 29, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2012

Apr. 30, 2012

Jan. 31, 2013

Jan. 31, 2013

Aug. 31, 2012

Sep. 30, 2012

Jul. 02, 2013

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

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

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Senior Notes maturing in July 2027

Senior Notes maturing in July 2027

Senior Notes maturing in July 2027

Doubletree Guest Suites Times Square Mortgage Payable

Doubletree Guest Suites Times Square Mortgage Payable

Senior unsecured revolving credit facility

Senior unsecured revolving credit facility

Senior unsecured revolving credit facility

Senior unsecured revolving credit facility

Senior unsecured revolving credit facility

Renaissance Long Beach

Kahler Grand

Commercial laundry facility

Marriott Del Mar

Portfolio sale

Non-recourse loan secured

item

item

item

item

item

item

Minimum

Maximum

item

Boston Park Plaza

Notes payable:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total notes payable

$1,404,075,000

$1,363,392,000

'

$993,164,000

$890,668,000

$231,451,000

$234,724,000

'

'

$58,000,000

$179,460,000

$180,000,000

'

'

'

'

'

'

'

'

'

'

'

Less: discount on Senior Notes

'

-3,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total notes payable, net

1,404,075,000

1,363,389,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: current portion

-23,289,000

-76,723,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable, less current portion

1,380,786,000

1,286,666,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

4.40%

4.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

6.60%

6.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels provided as collateral

'

'

'

14

13

1

1

'

'

'

1

1

'

'

'

'

'

'

'

'

'

3

'

Interest rate, description of reference rate

'

'

'

'

'

'3-Month LIBOR

'3-Month LIBOR

'

'

'

'3-Month LIBOR

'3-Month LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

Interest rate added to base rate (as a percent)

'

'

'

'

'

3.25%

3.25%

'

'

'

3.25%

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

-11,532,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

150,000,000

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

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

350,000,000

'

'

'

'

'

'

'

'

'

Financing costs incurred and paid

$243,000

$1,332,000

$9,049,000

'

'

'

'

'

'

'

'

'

'

'

$1,300,000

'

'

'

'

'

'

'

'

Notes_Payable_Details_2

Notes Payable (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest incurred and expensed on the notes payable	'	'	'
(Gain) loss on derivatives, net	($525,000)	$406,000	$2,655,000
Accretion of Senior Notes	3,000	1,058,000	1,062,000
Total interest incurred and expensed on the notes payable	72,239,000	76,821,000	74,195,000
Aggregate future principal maturities and amortization of notes payable	'	'	'
2014	23,289,000	'	'
2015	160,275,000	'	'
2016	425,723,000	'	'
2017	252,472,000	'	'
2018	285,675,000	'	'
Thereafter	256,641,000	'	'
Total	1,404,075,000	1,363,392,000	'
Notes payable.	'	'	'
Interest incurred and expensed on the notes payable	'	'	'
Interest expense	69,806,000	71,664,000	67,319,000
(Gain) loss on derivatives, net	-525,000	406,000	2,655,000
Accretion of Senior Notes	3,000	1,058,000	1,062,000
Amortization of deferred financing fees	2,955,000	3,690,000	3,138,000
Write-off of deferred financing fees	'	3,000	21,000
Total interest incurred and expensed on the notes payable	$72,239,000	$76,821,000	$74,195,000

Other_Current_Liabilities_and_2

Other Current Liabilities and Other Liabilities (Details) (USD $)	Dec. 31, 2013	Jan. 31, 2013	Dec. 31, 2012	Jun. 30, 2013	Dec. 31, 2013	Jan. 31, 2013
				Rebranding Incentive	Rebranding Incentive	Rochester Portfolio
Other Current Liabilities	'	'	'	'	'	'
Property, sales and use taxes payable	$14,482,000	'	$13,254,000	'	'	'
Income tax payable	'	'	125,000	'	'	'
Accrued interest	3,078,000	'	4,901,000	'	'	'
Advanced deposits	8,259,000	'	6,938,000	'	'	'
Management fees payable	1,077,000	'	2,346,000	'	'	'
Other	3,392,000	'	3,399,000	'	'	'
Other Current Liabilities	30,288,000	'	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	1,066,000	'	1,636,000	'	'	'
Accrued income tax	1,491,000	'	'	'	'	'
Deferred revenue	6,918,000	'	1,089,000	'	6,100,000	'
Deferred rent	12,270,000	'	9,459,000	'	'	'
Deferred incentive management fees	1,714,000	'	'	'	'	'
Other	2,499,000	'	2,886,000	'	'	'
Other Liabilities	39,958,000	'	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	$6,918,000	'	$1,089,000	'	$6,100,000	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 31, 2013
Current:	'	'	'	'
Federal	$6,371,000	$850,000	'	'
State	1,774,000	298,000	'	'
Total current income tax provision	8,145,000	1,148,000	'	'
Deferred:	'	'	'	'
Federal	-9,488,000	1,031,000	345,000	'
State	-2,426,000	278,000	96,000	'
Deferred income tax benefit (provision)	-11,914,000	1,309,000	441,000	'
Valuation allowance	11,914,000	-1,309,000	-441,000	'
Deferred tax assets (liabilities)	'	'	'	'
NOL carryover	31,258,000	40,330,000	'	'
Other reserves	3,270,000	2,919,000	'	'
State taxes and other	-4,909,000	-1,534,000	'	'
Deferred tax asset before valuation allowance	29,619,000	41,715,000	'	'
Depreciation	133,000	-49,000	'	'
Deferred tax liability before valuation allowance	133,000	-49,000	'	'
Deferred tax assets, net	29,752,000	41,666,000	'	'
Valuation allowance	-29,752,000	-41,666,000	'	'
Net operating loss carryforwards for federal income tax purposes	80,300,000	102,600,000	'	'
Amount accrued related to the IRS's audit	'	'	'	4,700,000
Interest on income tax accrued related to the IRS's audit	'	'	'	600,000
Uncertain tax positions	1,500,000	0	'	'
Additional Federal and State income tax expense (benefit)	1,900,000	1,100,000	'	'
Income tax penalties and interest expense recognized	'	$0	$0	'

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Common Stock	'	'	'
Income Taxes	'	'	'
Ordinary income (in dollars per share)	$0.10	'	'
Total (in dollars per share)	$0.10	'	'
Ordinary income (as a percent)	100.00%	'	'
Total (as a percent)	100.00%	'	'
Preferred Stock, Series A	'	'	'
Income Taxes	'	'	'
Ordinary income (in dollars per share)	$0.33	$2	$2.50
Total (in dollars per share)	$0.33	$2	$2.50
Ordinary income (as a percent)	100.00%	100.00%	100.00%
Total (as a percent)	100.00%	100.00%	100.00%
Preferred Stock, Series C	'	'	'
Income Taxes	'	'	'
Ordinary income (in dollars per share)	$0.66	$1.57	$1.97
Total (in dollars per share)	$0.66	$1.57	$1.97
Ordinary income (as a percent)	100.00%	100.00%	100.00%
Total (as a percent)	100.00%	100.00%	100.00%
Preferred Stock, Series D	'	'	'
Income Taxes	'	'	'
Ordinary income (in dollars per share)	$2	$2	$1.47
Total (in dollars per share)	$2	$2	$1.47
Ordinary income (as a percent)	100.00%	100.00%	100.00%
Total (as a percent)	100.00%	100.00%	100.00%

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	Dec. 31, 2013	Dec. 31, 2012
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	'	'
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, shares outstanding (in shares)	'	0	4,102,564

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 04, 2012

Jun. 30, 2012

Jul. 02, 2013

Apr. 15, 2011

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Apr. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Nov. 30, 2013

Feb. 28, 2013

Jun. 30, 2012

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Boston Park Plaza

Entity that owns Hilton San Diego Bayfront

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series A Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Common Stock

Common Stock

Common Stock

item

Maximum

Minimum

Q

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares redeemed

'

'

'

'

'

'

'

7,050,000

7,050,000

'

'

'

'

'

'

'

'

'

Number of shares of stock issued

'

'

'

'

'

'

'

'

0

7,050,000

4,600,000

4,600,000

4,600,000

'

'

'

'

'

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

'

'

'

'

'

'

'

'

0

7,050,000

'

4,600,000

4,600,000

'

'

'

'

'

Liquidation preference (in dollars per share)

'

'

'

'

'

'

'

'

'

$25

$25

$25

$25

'

'

'

'

'

Net proceeds from issuance of preferred stock

'

'

110,948,000

'

'

'

'

'

'

'

110,900,000

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

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

5,454,164

'

'

'

'

'

'

'

'

'

'

'

'

'

Underwriting and other costs of the offering

691,000

451,000

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of common stock

565,760,000

126,179,000

'

'

'

'

'

'

'

'

'

'

'

'

'

270,900,000

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total proceeds held by accomodator to facilitate tax deferred exchange

'

'

'

'

'

92,300,000

'

'

'

'

'

'

'

'

'

'

'

'

Total cash paid for acquisitions

'

'

'

$29,700,000

'

'

$182,800,000

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, net (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

25,300,000

12,143,273

Number of shares of the underwriters' over-allotment issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,300,000

'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Dividends	'	'	'
Preferred stock dividends declared (in dollars per share)	$0.50	$2	$2
Common stock, cash dividends declared (in dollars per share)	$0.10	'	'
Dividends declared (in dollars per share)	$2.60	$4	$3.47
Sunstone Hotel Partnership, LLC	'	'	'
Operating Partnership Units	'	'	'
Operating partnership units (in units)	180,858,699	'	'
Preferred Stock, Series A	'	'	'
Dividends	'	'	'
Preferred stock dividends declared (in dollars per share)	$0.50	$2	$2
Preferred Stock, Series D	'	'	'
Dividends	'	'	'
Preferred stock dividends declared (in dollars per share)	$2	$2	$1.47

LongTerm_Incentive_Plan_Detail

Long-Term Incentive Plan (Details) (USD $)

12 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Aug. 31, 2011

Aug. 31, 2011

Apr. 30, 2008

Dec. 31, 2013

Restricted Shares and Performance awards

Restricted Shares and Performance awards

Restricted Shares and Performance awards

Restricted Shares and Performance awards

Restricted Shares and Performance awards

Time-based shares

Performance-based shares

Stock Options

Deferred shares, share purchase rights, or share appreciation rights issued or outstanding under the LTIP

Minimum

Maximum

Kenneth E. Cruse

Kenneth E. Cruse

Robert A. Alter

Long-Term Incentive Plan

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'3 years

'5 years

'

'

'

'

Percentage of total shares granted represented by each award

'

'

'

'

'

'

'

'

60.00%

40.00%

'

'

Period after the grant date for vesting (in years)

'

'

'

'

'

'

'

'

'third, fourth and fifth anniversary

'fifth anniversary

'

'

Total compensation expense, including forfeitures

'

'

'

$7,189

$5,139

$4,135

'

'

'

'

'

'

Net-settle adjustment

'

'

'

-2,331

-1,673

-1,390

'

'

'

'

'

'

Amortization related to shares issued to design and construction employees

-393

-302

-376

393

302

376

'

'

'

'

'

'

Amortization related to shares issued to unconsolidated joint venture

'

'

-2

'

'

2

'

'

'

'

'

'

Vesting of restricted stock presented on statement of equity

$5,251

$3,768

$3,123

$5,251

$3,768

$3,123

'

'

'

'

'

'

Non-vested stock grant, number of shares

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

1,539,992

1,407,152

668,934

'

'

'

'

'

'

'

'

0

Granted (in shares)

975,711

647,171

1,260,845

'

'

'

'

'

'

'

'

'

Vested (in shares)

-497,199

-513,095

-428,935

'

'

'

'

'

'

'

'

'

Forfeited (in shares)

-9,092

-1,236

-93,692

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in shares)

2,009,412

1,539,992

1,407,152

'

'

'

'

'

'

'

'

0

Non-vested stock grants, weighted average price

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in dollars per share)

$9.11

$8.55

$7.70

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$11.82

$9.51

$9.10

'

'

'

'

'

'

'

'

'

Vested (in dollars per share)

$9.89

$8.08

$8.85

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

$10.89

$9.38

$8.43

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in dollars per share)

$10.23

$9.11

$8.55

'

'

'

'

'

'

'

'

'

Stock options

'

'

'

'

'

'

'

'

'

'

'

'

Number of nonqualified stock options approved by the compensation committee of the Company's board of directors (in shares)

'

'

'

'

'

'

'

'

'

'

200,000

'

Exercise price of options vested (in dollars per share)

'

'

'

'

'

'

'

'

'

'

$17.71

'

Number of common shares reserved for issuance under LTIP (in shares)

6,050,000

'

'

'

'

'

'

'

'

'

'

'

Number of shares available for future issuance (in shares)

1,211,566

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

item

item

item

Buildings and improvements

Buildings and improvements

Furniture, fixtures and equipment

Furniture, fixtures and equipment

Property general and administrative

Property general and administrative

Property general and administrative

Discontinued operations

Discontinued operations

Discontinued operations

Safe harbor elective contribution

Safe harbor elective contribution

Safe harbor elective contribution

Minimum

Maximum

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Number of rooms

Number of rooms

Number of rooms

Number of rooms

Number of rooms

Revenue generated by hotels

Revenue generated by hotels

Revenue generated by hotels

Revenue generated by hotels

Revenue generated by hotels

Collective Bargaining Agreements

Renovation and Construction Commitments

Workers' compensation insurance programs

Employment Agreements

California

New York

Illinois

Massachusetts

Greater Washington DC Area

California

New York

Illinois

Massachusetts

Greater Washington DC Area

item

item

item

item

item

Management Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic management fees (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic management fees incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - property general and administrative expense, and corporate overhead expense

$25,218,000

$22,807,000

$19,549,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

65,000

2,061,000

2,643,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total basic management fees

25,283,000

24,868,000

22,192,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive management fees incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - property general and administrative expense

3,025,000

2,738,000

2,916,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

'

587,000

675,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total incentive management fees

3,025,000

3,325,000

3,591,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

License and Franchise Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Royalty expense

10,800,000

10,600,000

8,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - franchise costs

32,932,000

30,067,000

25,595,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

73,000

2,996,000

3,520,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

License and franchise costs incurred

33,005,000

33,063,000

29,115,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Renovation and Construction Commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining construction commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,500,000

'

'

Capital Leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease obligation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,600,000

15,600,000

15,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease obligation, current

35,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease contingent rent criteria (as a percent)

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage rent paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

3,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets under capital lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease assets, gross

58,903,000

58,903,000

'

58,799,000

58,799,000

104,000

104,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated depreciation

-2,356,000

-871,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease assets, net

56,547,000

58,032,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum lease payments under capital leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

1,437,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

1,411,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

110,817,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total minimum lease payments

117,874,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Amount representing interest

-102,253,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Present value of net minimum lease payments

15,621,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ground and Operating Leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels which are held for investment

29

29

29

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

3

3

3

3

'

'

'

'

'

'

'

'

'

Number of hotels with ground, building and/or air leases

10

10

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of ground leases

9

9

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of building leases

1

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of air leases

3

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total number of ground, building and air leases

13

13

12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual rent payment required under one of the air leases

1

1

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - property tax, ground lease and insurance expense

17,359,000

16,950,000

14,787,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

'

14,000

52,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total rent expense

17,359,000

16,964,000

14,839,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Lease expense on corporate facility

400,000

400,000

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum payments under the terms of 13 ground, building and air leases, and the lease on the corporate facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

10,476,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

10,536,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

10,597,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

13,620,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

13,548,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

504,774,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

563,551,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Employment Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,435,000

2015

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,435,000

2016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

837,000

Total

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,707,000

401(k) Savings and Retirement Plan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Age required for participating in 401(k) plan

'21 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Service period required for participating in 401(k) plan

'6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of eligible employee annual base earnings contributed by the company (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contributions to retirement plans

'

'

'

'

'

'

'

1,100,000

900,000

300,000

3,000

100,000

100,000

200,000

200,000

200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration of Risk

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels which are held for investment

29

29

29

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

3

3

3

3

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32.00%

9.00%

8.00%

14.00%

13.00%

34.00%

13.00%

7.00%

14.00%

13.00%

30.20%

'

'

'

Other

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding irrevocable letters of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

'

Term of unsecured environmental indemnities

'0 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Damage limitation of unsecured environmental indemnities

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds received from draw on line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

Quarterly_Operating_Results_Un2

Quarterly Operating Results (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Operating Results (Unaudited)	'	'	'	'	'	'	'	'	'	'	'
Revenues from Continuing Operations	$243,895	$250,370	$234,638	$194,921	$232,967	$205,041	$212,842	$178,234	$923,824	$829,084	$721,794
Operating income (loss) from Continuing Operations	24,640	34,368	36,622	3,568	28,997	16,248	28,614	5,151	99,198	79,010	42,675
Net income (loss)	$5,249	$15,817	$20,009	$28,926	$11,114	$39,556	$11,855	($12,968)	$70,001	$49,557	$81,299
Income available (loss attributable) to common stockholders per share - basic and diluted (in dollars per share)	$0.01	$0.07	$0.09	$0.12	$0.03	$0.23	$0.03	($0.18)	$0.29	$0.14	$0.45

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended					0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2014	Feb. 28, 2014
			Common stock	Common stock	Subsequent event	Subsequent event
					Refund from County of San Diego	Common stock
						Equity Distribution Agreements
						Maximum
Subsequent Events	'	'	'	'	'	'
Refund receivable	'	'	'	'	$4,000,000	'
Net proceeds from issuance of common stock	$565,760,000	$126,179,000	$453,000	$121,000	'	$150,000,000

SCHEDULE_IIVALUATION_AND_QUALI1

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts	'	'	'
VALUATION AND QUALIFYING ACCOUNTS	'	'	'
Balance at the beginning of the period	$177	$222	$114
Additions Charged to Operations	-44	-29	129
Uncollectible Accounts Written Off	2	-16	-21
Balance at the end of the period	135	177	222
Reserve for loan losses	'	'	'
VALUATION AND QUALIFYING ACCOUNTS	'	'	'
Additions Charged to Operations	'	217	'
Balance at the end of the period	$217	$217	'

SCHEDULE_IIIREAL_ESTATE_AND_AC1

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Investments in Other Real Estate

Investments in Other Real Estate

Investments in Other Real Estate

Investments in Other Real Estate

Boston Park Plaza

Boston Park Plaza

Boston Park Plaza

Courtyard by Marriott Los Angeles

Courtyard by Marriott Los Angeles

Courtyard by Marriott Los Angeles

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

Doubletree Guest Suites Times Square

Embassy Suites Chicago

Embassy Suites Chicago

Embassy Suites Chicago

Embassy Suites La Jolla

Embassy Suites La Jolla

Embassy Suites La Jolla

Fairmont Newport Beach

Fairmont Newport Beach

Fairmont Newport Beach

Hilton New Orleans St. Charles

Hilton New Orleans St. Charles

Hilton New Orleans St. Charles

Hilton North Houston

Hilton North Houston

Hilton North Houston

Hilton San Diego Bayfront

Hilton San Diego Bayfront

Hilton San Diego Bayfront

Hilton Times Square

Hilton Times Square

Hilton Times Square

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Regency Newport Beach

Hyatt Regency Newport Beach

Hyatt Regency Newport Beach

Hyatt Regency San Francisco

Hyatt Regency San Francisco

Hyatt Regency San Francisco

JW Marriott New Orleans

JW Marriott New Orleans

JW Marriott New Orleans

Marriott Boston Long Wharf

Marriott Boston Long Wharf

Marriott Boston Long Wharf

Marriott Houston

Marriott Houston

Marriott Houston

Marriott Park City

Marriott Park City

Marriott Park City

Marriott Philadelphia

Marriott Philadelphia

Marriott Philadelphia

Marriott Portland

Marriott Portland

Marriott Portland

Marriott Quincy

Marriott Quincy

Marriott Quincy

Marriott Tysons Corner

Marriott Tysons Corner

Marriott Tysons Corner

Renaissance Harborplace

Renaissance Harborplace

Renaissance Harborplace

Renaissance Los Angeles Airport

Renaissance Los Angeles Airport

Renaissance Los Angeles Airport

Renaissance Long Beach

Renaissance Long Beach

Renaissance Long Beach

Renaissance Orlando at SeaWorld

Renaissance Orlando at SeaWorld

Renaissance Orlando at SeaWorld

Renaissance Washington D.C.

Renaissance Washington D.C.

Renaissance Washington D.C.

Renaissance Westchester

Renaissance Westchester

Renaissance Westchester

Sheraton Cerritos

Sheraton Cerritos

Sheraton Cerritos

Land held for future development or sale

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Hotel properties

Investments in Other Real Estate

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

REAL ESTATE AND ACCUMULATED DEPRECIATION

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Encmbr

$1,404,075,000

'

'

'

'

'

'

'

$118,256,000

'

'

'

'

'

$179,460,000

'

'

$70,967,000

'

'

$67,908,000

'

'

'

'

'

'

'

'

$31,800,000

'

'

$231,451,000

'

'

$88,139,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$39,703,000

'

'

$176,000,000

'

'

$21,623,000

'

'

$14,096,000

'

'

$25,540,000

'

'

'

'

'

'

'

'

$42,193,000

'

'

$92,389,000

'

'

'

'

'

'

'

'

$78,105,000

'

'

$126,445,000

'

'

'

'

'

'

'

'

'

Initial costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

402,490,000

'

'

'

4,500,000

'

'

'

58,527,000

'

'

'

'

'

27,351,000

'

'

79,000

'

'

27,900,000

'

'

'

'

'

3,698,000

'

'

6,184,000

'

'

'

'

'

'

'

'

14,040,000

'

'

'

'

'

'

'

'

116,140,000

'

'

'

'

'

51,598,000

'

'

4,167,000

'

'

2,260,000

'

'

3,297,000

'

'

5,341,000

'

'

14,375,000

'

'

3,897,000

'

'

25,085,000

'

'

7,800,000

'

'

10,437,000

'

'

'

'

'

14,563,000

'

'

5,751,000

'

'

'

'

'

4,500,000

Bldg. and Impr

2,579,040,000

'

'

'

'

'

'

'

170,589,000

'

'

8,446,000

'

'

201,660,000

'

'

46,886,000

'

'

70,450,000

'

'

65,769,000

'

'

53,578,000

'

'

35,628,000

'

'

424,992,000

'

'

221,488,000

'

'

66,350,000

'

'

91,964,000

'

'

30,549,000

'

'

131,430,000

'

'

73,420,000

'

'

170,238,000

'

'

19,155,000

'

'

17,778,000

'

'

29,710,000

'

'

20,705,000

'

'

97,875,000

'

'

43,528,000

'

'

102,707,000

'

'

52,506,000

'

'

37,300,000

'

'

119,733,000

'

'

132,800,000

'

'

17,069,000

'

'

24,737,000

'

'

'

Cost Capitalized Subsequent to Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

36,814,000

'

'

'

-4,312,000

'

'

'

'

'

'

'

'

'

'

'

'

6,348,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-250,000

'

'

'

'

'

'

'

'

'

'

'

30,716,000

'

'

'

'

'

'

'

'

'

'

'

-4,312,000

Bldg. and Impr

398,418,000

'

'

'

'

'

'

'

247,000

'

'

12,354,000

'

'

2,222,000

'

'

20,273,000

'

'

7,832,000

'

'

33,272,000

'

'

5,000

'

'

22,840,000

'

'

6,643,000

'

'

24,039,000

'

'

688,000

'

'

16,357,000

'

'

24,620,000

'

'

'

'

'

3,923,000

'

'

36,567,000

'

'

13,325,000

'

'

11,490,000

'

'

8,216,000

'

'

6,776,000

'

'

4,306,000

'

'

15,726,000

'

'

20,417,000

'

'

4,050,000

'

'

12,795,000

'

'

31,976,000

'

'

36,854,000

'

'

13,546,000

'

'

7,059,000

'

'

'

Gross Amount at year end

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

439,304,000

'

'

'

188,000

'

'

'

58,527,000

'

'

'

'

'

27,351,000

'

'

6,427,000

'

'

27,900,000

'

'

'

'

'

3,698,000

'

'

6,184,000

'

'

'

'

'

'

'

'

14,040,000

'

'

'

'

'

'

'

'

116,140,000

'

'

'

'

'

51,598,000

'

'

4,167,000

'

'

2,260,000

'

'

3,297,000

'

'

5,341,000

'

'

14,375,000

'

'

3,647,000

'

'

25,085,000

'

'

7,800,000

'

'

10,437,000

'

'

30,716,000

'

'

14,563,000

'

'

5,751,000

'

'

'

'

'

188,000

Bldg. and Impr

2,977,458,000

'

'

'

'

'

'

'

170,836,000

'

'

20,800,000

'

'

203,882,000

'

'

67,159,000

'

'

78,282,000

'

'

99,041,000

'

'

53,583,000

'

'

58,468,000

'

'

431,635,000

'

'

245,527,000

'

'

67,038,000

'

'

108,321,000

'

'

55,169,000

'

'

131,430,000

'

'

77,343,000

'

'

206,805,000

'

'

32,480,000

'

'

29,268,000

'

'

37,926,000

'

'

27,481,000

'

'

102,181,000

'

'

59,254,000

'

'

123,124,000

'

'

56,556,000

'

'

50,095,000

'

'

151,709,000

'

'

169,654,000

'

'

30,615,000

'

'

31,796,000

'

'

'

Totals

3,416,762,000

2,801,963,000

2,904,975,000

2,239,125,000

188,000

188,000

12,437,000

12,253,000

229,363,000

'

'

20,800,000

'

'

231,233,000

'

'

73,586,000

'

'

106,182,000

'

'

99,041,000

'

'

57,281,000

'

'

64,652,000

'

'

431,635,000

'

'

245,527,000

'

'

81,078,000

'

'

108,321,000

'

'

55,169,000

'

'

247,570,000

'

'

77,343,000

'

'

258,403,000

'

'

36,647,000

'

'

31,528,000

'

'

41,223,000

'

'

32,822,000

'

'

116,556,000

'

'

62,901,000

'

'

148,209,000

'

'

64,356,000

'

'

60,532,000

'

'

182,425,000

'

'

184,217,000

'

'

36,366,000

'

'

31,796,000

'

'

188,000

Accum. Depr.

524,014,000

439,446,000

457,431,000

384,931,000

'

'

2,865,000

2,561,000

3,294,000

'

'

8,475,000

'

'

14,416,000

'

'

21,633,000

'

'

20,570,000

'

'

27,369,000

'

'

773,000

'

'

17,978,000

'

'

21,267,000

'

'

63,543,000

'

'

2,006,000

'

'

5,415,000

'

'

15,575,000

'

'

549,000

'

'

6,299,000

'

'

46,517,000

'

'

9,864,000

'

'

10,940,000

'

'

13,232,000

'

'

10,607,000

'

'

23,859,000

'

'

20,101,000

'

'

34,281,000

'

'

13,601,000

'

'

13,848,000

'

'

41,495,000

'

'

44,468,000

'

'

3,449,000

'

'

8,590,000

'

'

'

Depr. Life

'

'

'

'

'

'

'

'

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'57 years

'

'5 years

'35 years

'

'5 years

'50 years

'

'5 years

'40 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

'5 years

'35 years

'

Aggregate cost of properties for federal income tax purposes

$3,500,000,000

'

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'

'

SCHEDULE_IIIREAL_ESTATE_AND_AC2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Senior unsecured revolving credit facility	'	'	'
Reconciliation of accumulated depreciation	'	'	'
Outstanding indebtedness under credit facility	$0	'	'
Hotel properties	'	'	'
Reconciliation of land and buildings and improvements	'	'	'
Balance at the beginning of the period	2,801,963	2,904,975	2,239,125
Acquisitions	533,962	172,354	727,423
Improvements	80,923	46,831	72,169
Changes in reporting presentation	'	-163,455	'
Disposals during the period	-86	-158,742	-133,742
Balance at the end of the period	3,416,762	2,801,963	2,904,975
Reconciliation of accumulated depreciation	'	'	'
Balance at the beginning of the period	439,446	457,431	384,931
Depreciation for the period	84,568	82,871	79,011
Changes in reporting presentation	'	-58,364	'
Retirement	'	-42,492	-6,511
Balance at the end of the period	524,014	439,446	457,431
Investments in Other Real Estate	'	'	'
Reconciliation of land and buildings and improvements	'	'	'
Balance at the beginning of the period	'	12,437	12,253
Improvements	'	50	184
Changes in reporting presentation	'	-9,793	'
Disposals during the period	'	-2,506	'
Balance at the end of the period	188	188	12,437
Reconciliation of accumulated depreciation	'	'	'
Balance at the beginning of the period	'	2,865	2,561
Depreciation for the period	'	301	304
Changes in reporting presentation	'	-2,740	'
Retirement	'	-426	'
Balance at the end of the period	'	'	$2,865