Sunstone Hotel Investors (SHO) 10-Q 4 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 03, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Sunstone Hotel Investors, Inc.	'
Entity Central Index Key	'0001295810	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	205,396,771
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$135,427	$104,363
Restricted cash	93,124	89,306
Accounts receivable, net	48,149	29,941
Inventories	1,339	1,464
Prepaid expenses	12,471	12,612
Total current assets	290,510	237,686
Investment in hotel properties, net	3,546,528	3,231,382
Deferred financing fees, net	7,900	9,219
Goodwill	9,405	9,405
Other assets, net	14,987	21,106
Total assets	3,869,330	3,508,798
Current liabilities:	'	'
Accounts payable and accrued expenses	32,491	25,116
Accrued payroll and employee benefits	30,867	29,933
Dividends payable	12,570	11,443
Other current liabilities	43,755	30,288
Current portion of notes payable	159,696	23,289
Total current liabilities	279,379	120,069
Notes payable, less current portion	1,226,796	1,380,786
Capital lease obligations, less current portion	15,576	15,586
Other liabilities	34,934	39,958
Total liabilities	1,556,685	1,556,399
Commitments and contingencies (Note 12)	'	'
Preferred stock	'	'
Common stock, $0.01 par value, 500,000,000 shares authorized, 203,513,475 shares issued and outstanding at September 30, 2014 and 180,858,699 shares issued and outstanding at December 31, 2013	2,035	1,809
Additional paid in capital	2,397,196	2,068,721
Retained earnings	292,366	224,364
Cumulative dividends	-547,851	-511,444
Total stockholders' equity	2,258,746	1,898,450
Non-controlling interest in consolidated joint ventures	53,899	53,949
Total equity	2,312,645	1,952,399
Total liabilities and equity	3,869,330	3,508,798
Series D Cumulative Redeemable Preferred Stock	'	'
Preferred stock	'	'
Preferred stock 8.0% Cumulative Redeemable Preferred Stock	$115,000	$115,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
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)	203,513,475	180,858,699
Common stock, shares outstanding (in shares)	203,513,475	180,858,699

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Room	$223,877	$181,708	$606,944	$482,591
Food and beverage	64,273	53,080	192,917	155,550
Other operating	19,633	15,582	52,257	41,788
Total revenues	307,783	250,370	852,118	679,929
OPERATING EXPENSES	'	'	'	'
Room	57,492	46,347	159,829	124,338
Food and beverage	45,649	37,913	133,666	108,067
Other operating	5,475	4,284	15,476	12,413
Advertising and promotion	14,114	12,261	40,740	34,766
Repairs and maintenance	12,053	9,394	33,640	26,043
Utilities	9,511	7,895	25,588	20,207
Franchise costs	10,022	8,770	28,360	24,019
Property tax, ground lease and insurance	22,550	20,435	63,015	58,200
Property general and administrative	32,908	27,067	93,793	75,961
Corporate overhead	7,177	6,586	21,410	20,116
Depreciation and amortization	40,000	35,050	115,588	101,241
Total operating expenses	256,951	216,002	731,105	605,371
Operating income	50,832	34,368	121,013	74,558
Interest and other income	981	727	2,588	2,078
Interest expense	-18,052	-18,854	-54,666	-53,540
Loss on extinguishment of debt	-531	'	-531	-44
Income before income taxes and discontinued operations	33,230	16,241	68,404	23,052
Income tax benefit (provision)	413	-424	79	-6,710
Income from continuing operations	33,643	15,817	68,483	16,342
Income from discontinued operations	'	'	5,199	48,410
NET INCOME	33,643	15,817	73,682	64,752
Income from consolidated joint venture attributable to non-controlling interest	-1,795	-1,768	-5,680	-3,291
Distributions to non-controlling interest	-8	-8	-24	-24
Dividends paid on unvested restricted stock compensation	-94	-101	-291	-101
Preferred stock dividends and redemption charges	-2,300	-2,300	-6,900	-16,713
Undistributed income allocated to unvested restricted stock compensation	-119	-30	-213	-295
Income available to common stockholders	29,327	11,610	60,574	44,328
COMPREHENSIVE INCOME AVAILABLE TO COMMON STOCKHOLDERS	$29,327	$11,610	$60,574	$44,328
Basic and diluted per share amounts:	'	'	'	'
Income (loss) from continuing operations available (attributable) to common stockholders (in dollars per share)	$0.14	$0.07	$0.29	($0.02)
Income from discontinued operations (in dollars per share)	'	'	$0.03	$0.30
Basic and diluted income available to common stockholders per common share (in dollars per share)	$0.14	$0.07	$0.32	$0.28
Basic and diluted weighted average common shares outstanding (in shares)	202,800	160,856	188,901	157,628
Dividend declared per common share	$0.05	$0.05	$0.15	$0.05

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Series D Cumulative Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid In Capital	Retained Earnings	Cumulative Dividends	Non-Controlling Interest in Consolidated Joint Ventures	Total
In Thousands, except Share data, unless otherwise specified	Preferred Stock	Cumulative Dividends
Beginning Balance at Dec. 31, 2013	$115,000	'	$1,809	$2,068,721	$224,364	($511,444)	$53,949	$1,952,399
Beginning Balance (in shares) at Dec. 31, 2013	4,600,000	'	180,858,699	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock	'	'	181	263,463	'	'	'	263,644
Net proceeds from sale of common stock (in shares)	'	'	18,099,460	'	'	'	'	'
Issuance of common stock in connection with hotel acquisition, net	'	'	40	59,894	'	'	'	59,934
Issuance of common stock in connection with hotel acquisition, net (in shares)	'	'	4,034,970	'	'	'	'	'
Vesting of restricted common stock	'	'	5	5,118	'	'	'	5,123
Vesting of restricted common stock (in shares)	'	'	520,346	'	'	'	'	'
Distributions to non-controlling interests	'	'	'	'	'	'	-5,730	-5,730
Common stock dividends and dividends payable at $0.15 per share year to date	'	'	'	'	'	-29,507	'	-29,507
Series D preferred dividends and dividends payable at $1.50 per share year to date	'	-6,900	'	'	'	'	'	-6,900
Net income	'	'	'	'	68,002	'	5,680	73,682
Ending Balance at Sep. 30, 2014	$115,000	'	$2,035	$2,397,196	$292,366	($547,851)	$53,899	$2,312,645
Ending Balance (in shares) at Sep. 30, 2014	4,600,000	'	203,513,475	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF EQUITY	'
Common stock dividends and dividends payable (in dollars per share)	$0.15
Series D preferred dividends and dividends payable, per share (in dollars per share)	$1.50

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$73,682,000	$64,752,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Bad debt expense	216,000	252,000
Gain on sales of assets	-5,281,000	-51,625,000
Loss on extinguishment of debt	531,000	3,159,000
Gain on derivatives, net	-395,000	-429,000
Depreciation	113,297,000	96,345,000
Amortization of franchise fees and other intangibles	5,507,000	8,255,000
Amortization of deferred financing fees	2,145,000	2,221,000
Amortization of loan discounts	'	3,000
Amortization of deferred stock compensation	4,769,000	3,578,000
Changes in operating assets and liabilities:	'	'
Restricted cash	-803,000	-11,679,000
Accounts receivable	-15,302,000	-9,500,000
Inventories	200,000	1,700,000
Prepaid expenses and other assets	5,441,000	4,285,000
Accounts payable and other liabilities	15,475,000	16,084,000
Accrued payroll and employee benefits	792,000	-2,920,000
Discontinued operations	'	432,000
Net cash provided by operating activities	200,274,000	124,913,000
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Proceeds from sales of hotel properties and other assets	99,000	195,621,000
Restricted cash - replacement reserve	-3,015,000	6,430,000
Acquisitions of hotel properties and other assets	-276,558,000	-188,019,000
Renovations and additions to hotel properties	-93,364,000	-91,652,000
Payment for interest rate derivative	'	-12,000
Net cash used in investing activities	-372,838,000	-77,632,000
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Redemptions of preferred stock	'	-276,250,000
Proceeds from common stock offerings	264,192,000	295,251,000
Payment of common stock offering costs	-614,000	-376,000
Proceeds from credit facility	23,250,000	35,750,000
Payments on notes payable and credit facility	-40,833,000	-135,245,000
Payments for costs related to extinguishment of notes payable	-25,000	-3,108,000
Payments of deferred financing costs	-1,332,000	-243,000
Dividends paid	-35,280,000	-17,080,000
Distributions to non-controlling interests	-5,730,000	-2,972,000
Net cash provided by (used in) financing activities	203,628,000	-104,273,000
Net increase (decrease) in cash and cash equivalents	31,064,000	-56,992,000
Cash and cash equivalents, beginning of period	104,363,000	157,217,000
Cash and cash equivalents, end of period	135,427,000	100,225,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'
Cash paid for interest	51,654,000	52,498,000
Cash paid for income taxes, net of refunds	166,000	5,396,000
NONCASH INVESTING ACTIVITY	'	'
Accounts payable related to renovations and additions to hotel properties	8,863,000	5,432,000
Amortization of deferred stock compensation - construction activities	354,000	293,000
NONCASH FINANCING ACTIVITY	'	'
Dividends payable	12,570,000	10,444,000
Acquisitions 2013	'	'
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	'	3,000,000
Marriott Wailea | Acquisitions 2014	'	'
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	900,000	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of franchise fees and other intangibles	242,000	'
NONCASH FINANCING ACTIVITY	'	'
Issuance of common stock in connection with acquisition of hotel property	60,000,000	'
Boston Park Plaza | Acquisitions 2013	'	'
NONCASH FINANCING ACTIVITY	'	'
Assumption of debt in connection with acquisition of hotel property	'	$119,190,000

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
	Sep. 30, 2014
Organization and Description of Business	'
Organization and Description of Business	'
	1. Organization and Description of Business
	Sunstone Hotel Investors, Inc. (the “Company”) was incorporated in Maryland on June 28, 2004 in anticipation of an initial public offering of common stock, which was consummated on October 26, 2004. The Company, through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the “Operating Partnership”), of which the Company is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the “TRS Lessee”) and its subsidiaries, is currently engaged in acquiring, owning, asset managing and renovating hotel properties. The Company may also sell certain hotel properties from time to time. The Company operates as a real estate investment trust (“REIT”) for federal income tax purposes.
	As a REIT, certain tax laws limit the amount of “non-qualifying” income the Company can earn, including income derived directly from the operation of hotels. As a result, the Company leases all of its hotels to its TRS Lessee, which in turn enters into long-term management agreements with third parties to manage the operations of the Company’s hotels. As of September 30, 2014, the Company had interests in 30 hotels (the “30 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”)	11
	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	30
	In addition, as of September 30, 2014, the Company owned BuyEfficient, LLC (“BuyEfficient”), an electronic purchasing platform that allows members to procure food, operating supplies, furniture, fixtures and equipment.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying consolidated financial statements as of September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013, 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 September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013.
	Non-controlling interests at both September 30, 2014 and December 31, 2013 represent the outside equity interests in various consolidated affiliates of the Company.
	The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on February 25, 2014.
	The Company has evaluated subsequent events through the date of issuance of these financial statements.
	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
	Reporting Periods
	The results the Company reports in its consolidated statements of operations and comprehensive income are based on results reported to the Company by its hotel managers, all of whom currently use a standard monthly calendar. Prior to 2013, however, Marriott used a 13-period fiscal calendar with the year ending on the Friday closest to December 31. Since Marriott’s 2012 fiscal year ended on December 28, 2012, Marriott’s 2013 first quarter and calendar year contain an additional three days, December 29, 2012 through December 31, 2012.
	Fair Value of Financial Instruments
	As of September 30, 2014 and December 31, 2013, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments.
	The Company follows the requirements of the Fair Value Measurements and Disclosure Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
	Level 1	Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2	Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	Level 3	Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
	As discussed in Note 5, at September 30, 2014 and December 31, 2013, the Company held two interest rate cap agreements and one interest rate swap agreement to manage, or hedge, interest rate risks related to its floating rate debt. The Company records interest rate protection agreements on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations and comprehensive income as they are not designated as hedges. In accordance with the Fair Value Measurements and Disclosure Topic of the FASB ASC, the Company estimates the fair value of its interest rate protection agreements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements. The Company has valued the derivative interest rate cap agreements using Level 2 measurements as an asset of $2,000 and $16,000 as of September 30, 2014 and December 31, 2013, respectively. The interest rate cap agreements are included in other assets, net on the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $0.7 million and $1.1 million as of September 30, 2014 and December 31, 2013, respectively. The interest rate swap agreement is included in other liabilities on the accompanying consolidated balance sheets.
	On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition 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 the three or nine months ended September 30, 2014 and 2013.
	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 or other assets with indicators of goodwill impairment during either the three or nine months ended September 30, 2014 and 2013.
	As of both September 30, 2014 and December 31, 2013, 70.7% of the Company’s outstanding debt had fixed interest rates, including the effect of an interest rate swap agreement. The Company’s carrying value of its debt totaled $1.4 billion as of both September 30, 2014 and December 31, 2013. Using Level 3 measurements, including the Company’s weighted average cost of debt of 5.0%, the Company estimates that the fair market value of its debt totaled $1.4 billion as of both September 30, 2014 and December 31, 2013.
	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate cap derivative agreements		$	2	$	—	$	2	$	—
	Life insurance policy (1)			1,201		—		1,201		—
	Total assets at September 30, 2014		$	1,203	$	—	$	1,203	$	—
	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	$	—
		-1		Includes the split life insurance policy for one of the Company’s former associates, which the Company values 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 the former associate from the related retirement benefit agreement included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate swap derivative agreement		$	657	$	—	$	657	$	—
	Retirement benefit agreement (1)			1,201		—		1,201		—
	Total liabilities at September 30, 2014		$	1,858	$	—	$	1,858	$	—
	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	$	—
		-1		Includes the retirement benefit agreement for one of the Company’s former associates, which the Company values using Level 2 measurements. The agreement calls for the balance of the retirement benefit to be paid out to the former associate in 10 annual installments, beginning in 2011. As such, the Company has paid the former associate a total of $0.8 million through September 30, 2014, which was reimbursed to the Company using funds from the related split life insurance policy. These amounts are included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
	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 September 30, 2014 and December 31, 2013.
	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 and the first nine months of 2014, 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 and the Marriott Wailea. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.
	Assets Held for Sale
	The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months, 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. Should the sale of a hotel or other asset represent a strategic shift that will have a major effect on the Company’s operations and financial results, 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 both September 30, 2014 and December 31, 2013, the Company had no hotels or other assets held for sale.
	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. If a loan is refinanced or repaid before its maturity, any unamortized deferred financing costs will generally be expensed unless specific rules are met that would allow for the carryover of such costs to the refinanced debt.
	In August 2014, the Company amended the mortgage secured by the Hilton San Diego Bayfront (see Note 7). In conjunction with the amendment, the Company paid additional deferred financing fees of $1.3 million, which are amortized over the remaining term of the modified loan, and wrote off $0.5 million of deferred financing fees, which are included in the Company’s results of operations as loss on extinguishment of debt.
	During the three and nine months ended September 30, 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.
	Total amortization of deferred financing fees for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):
			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Continuing operations:
	Amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,219
	Discontinued operations:
	Amortization of deferred financing fees			—		—		—		2
	Total amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,221
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. For both the three months ended September 30, 2014 and 2013, distributed earnings representing nonforfeitable dividends of $0.1 million were allocated to the participating securities. For the nine months ended September 30, 2014 and 2013, distributed earnings representing nonforfeitable dividends of $0.3 million and $0.1 million, respectively, were allocated to the participating securities. Undistributed earnings representing nonforfeitable dividends of $0.1 million and $30,000, respectively, were allocated to the participating securities for the three months ended September 30, 2014 and 2013. Undistributed earnings representing nonforfeitable dividends of $0.2 million and $0.3 million, respectively, were allocated to the participating securities for the nine months ended September 30, 2014 and 2013.
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, the incremental common shares issuable upon the exercise of stock options, using the more dilutive of either the two-class method or the treasury stock method.
The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Numerator:
Net income		$	33,643	$	15,817	$	73,682	$	64,752
Income from consolidated joint venture attributable to non-controlling interest			-1,795		-1,768		-5,680		-3,291
Distributions to non-controlling interest			-8		-8		-24		-24
Dividends paid on unvested restricted stock compensation			-94		-101		-291		-101
Preferred stock dividends and redemption charges			-2,300		-2,300		-6,900		-16,713
Undistributed income allocated to unvested restricted stock compensation			-119		-30		-213		-295
Numerator for basic and diluted earnings available to common stockholders		$	29,327	$	11,610	$	60,574	$	44,328
Denominator:
Weighted average basic and diluted common shares outstanding			202,800		160,856		188,901		157,628
Basic and diluted earnings available to common stockholders per common share		$	0.14	$	0.07	$	0.32	$	0.28
The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the three and nine months ended September 30, 2014 and 2013, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, shares of the Company’s Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) issuable upon conversion were excluded from the above calculation of earnings per share for the nine months ended September 30, 2013, as their inclusion would have been anti-dilutive.
Goodwill
The Company follows the requirements of the Intangibles — Goodwill and Other Topic of the FASB ASC, which states that goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. As a result, the carrying value of goodwill allocated to hotel properties and other assets is reviewed at least annually for impairment. In addition, when facts and circumstances suggest that the Company’s goodwill may be impaired, an interim evaluation of goodwill is prepared. Such review entails comparing the carrying value of the individual hotel property or other asset (the reporting unit) including the allocated goodwill to the fair value determined for that reporting unit (see Fair Value of Financial Instruments for detail on the Company’s valuation methodology). If the aggregate carrying value of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired to the extent of the difference between the fair value and the aggregate carrying value, not to exceed the carrying amount of the allocated goodwill. The Company’s annual impairment evaluation is performed each year as of December 31.
Non-Controlling Interests
The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of shareholders’ equity, non-controlling interests and total equity.
At both September 30, 2014 and December 31, 2013, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the partnerships that own the Hilton San Diego Bayfront (the “Hilton San Diego Bayfront Partnership”). 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 totaled $8,000 and $24,000 during both the three and nine months ended September 30, 2014 and 2013. These preferred dividends are represented as distributions to non-controlling interests on the Company’s consolidated statements of operations and comprehensive income.
Segment Reporting
The Company reports its consolidated financial statements in accordance with the Segment Reporting Topic of the FASB ASC. Currently, the Company operates in one segment, operations held for investment.

Investment_in_Hotel_Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2014
Investment in Hotel Properties	'
Investment in Hotel Properties	'
	3. Investment in Hotel Properties
	Investment in hotel properties, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Land	$	570,011	$	439,304
	Buildings and improvements		3,216,923		2,977,458
	Furniture, fixtures and equipment		447,712		414,192
	Intangibles		176,797		171,889
	Franchise fees		1,167		1,346
	Construction in process		58,775		34,643
			4,471,385		4,038,832
	Accumulated depreciation and amortization		-924,857		-807,450
		$	3,546,528	$	3,231,382
	In June 2014, the Company acquired approximately seven acres of land underlying the Fairmont Newport Beach for $11.0 million, using net proceeds from the March 2014 issuance of its common stock in connection with its Equity Distribution Agreements, combined with cash on hand. Prior to the Company’s acquisition, the land was leased to the Company by a third party.
	In July 2014, the Company purchased the 544-room Marriott Wailea for a net purchase price of $325.6 million, which was comprised of $265.6 million in cash, including $4.4 million of proration credits and unrestricted and restricted cash received from the seller, and $60.0 million of the Company’s common stock issued directly to the seller (the “Wailea stock consideration”). The acquisition was funded with proceeds received from the Company’s June 2014 common stock offering, as well as with the Wailea stock consideration, consisting of 4,034,970 shares of the Company’s common stock valued at $60.0 million. The Wailea stock consideration was determined by dividing $60.0 million by $14.87,  which was the NYSE closing price of the Company’s common stock on June 19, 2014, the date the Marriott Wailea purchase and sale agreement was executed. In connection with this acquisition, the Company entered into a registration rights agreement requiring the Company to register the Wailea stock consideration. On July 17, 2014, the Company filed a prospectus supplement with the SEC, which registered the shares comprising the Wailea stock consideration for resale in accordance with the registration rights agreement. Based on the $14.87 closing price of the Company’s common stock on the NYSE on July 17, 2014, the date the acquisition closed, the total purchase price of the Marriott Wailea for accounting purposes was also $325.6 million. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties and hotel working capital assets and liabilities. The Company recognized acquisition related costs of $0.4 million and $0.5 million for the three and nine months ended September 30, 2014, respectively, which are included in corporate overhead on the Company’s consolidated statements of operations and comprehensive income. The results of operations for the Marriott Wailea have been included in the Company’s statements of operations and comprehensive income from the acquisition date of July 17, 2014 through the third quarter ended September 30, 2014. Subsequent to the Company’s acquisition of the hotel, three rooms were temporarily taken out of service, leaving 541 rooms available for sale.
	The fair values of the assets acquired and liabilities assumed at the Marriott Wailea’s acquisition date were allocated based on an independent third-party analysis. The following table summarizes the fair values of assets acquired, liabilities assumed and equity issued in this acquisition (in thousands):
	Assets:
	Investment in hotel properties	$	327,035
	Accounts receivable		3,122
	Inventory		75
	Prepaid expenses		238
	Other assets		150
	Total assets acquired		330,620
	Liabilities:
	Accounts payable		3,534
	Accrued payroll and employee benefits		142
	Other current liabilities		1,371
	Other liabilities		15
	Total liabilities assumed		5,062
	Total equity issued directly to seller		60,000
	Total cash paid for acquisition	$	265,558
	Investment in hotel properties was allocated to land ($119.7 million), buildings and improvements ($194.2 million), furniture, fixtures and equipment ($8.2 million), and intangibles ($4.9 million) related to advanced bookings and above/(below) market lease agreements. Details of the intangibles acquired are as follows (in thousands):
		Value at
		Acquisition			Expected Life
		(unaudited)
	Value at acquisition:
	Advanced bookings	$	4,207		48 months
	Above/(Below) market lease agreements, net		15		18 to 102 months
	In-place lease agreements		686		18 to 102 months
	Total intangibles related to the 2014 acquisition		4,908
	Accumulated amortization		-242
	Net book value of intangibles related to 2014 acquisition	$	4,666
	During the three and nine months ended September 30, 2014, the Company recorded amortization expense related to its Marriott Wailea intangibles as follows (in thousands):
		Three Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2014
		(unaudited)		(unaudited)
	Advanced bookings	$	218	$	218
	Above/(Below) market lease agreements, net		-9		-9
	In-place lease agreements		33		33
	Total amortization expense on intangibles related to the 2014 acquisition	$	242	$	242
	During the nine months ended September 30, 2014, the Company acquired one hotel, the Marriott Wailea, as well as the land underlying the Fairmont Newport Beach. The Company acquired three hotels in 2013: the Hilton New Orleans St. Charles in May 2013; the Boston Park Plaza in July 2013; and the Hyatt Regency San Francisco in December 2013. Acquired properties are included in the Company’s results of operations and comprehensive income from the date of acquisition. The following unaudited pro forma results of operations reflect the Company’s results as if the acquisitions of the Marriott Wailea, the land underlying the Fairmont Newport Beach, the Hilton New Orleans St. Charles, the Boston Park Plaza, and the Hyatt Regency San Francisco had occurred on January 1, 2013. In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Revenues	$	310,268	$	286,641	$	885,487	$	825,753
	Income available to common stockholders from continuing operations	$	30,177	$	16,610	$	63,004	$	13,030
	Income per diluted share available to common stockholders from continuing operations	$	0.15	$	0.10	$	0.33	$	0.08
	For both the three and nine months ended September 30, 2014, the Company has included $11.3 million of revenue and net income of $0.9 million in its consolidated statements of operations and comprehensive income related to the Company’s acquisition of the Marriott Wailea.
	For the three and nine months ended September 30, 2013, the Company has included $22.3 million and $24.2 million, respectively, of revenue and $2.6 million and $3.0 million, respectively, of net income in its consolidated statements of operations and comprehensive income related to the Company’s 2013 acquisitions.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2014
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 sheets net of the deferred gain, resulting in a net book value of zero on the Company’s consolidated balance sheets as of both September 30, 2014 and December 31, 2013. During both the three months ended September 30, 2014 and 2013, the Company recognized $0.7 million in dividends on the Preferred Equity Investment. During the nine months ended September 30, 2014 and 2013, the Company recognized $2.1 million and $1.9 million, respectively, in dividends on the Preferred Equity Investment. All of the dividends earned on the Preferred Equity Investment are included in interest and other income on the Company’s consolidated statements of operations and comprehensive income. The Company also provided a $3.7 million working cash advance to the buyer, resulting in a deferred gain on the sale of $3.7 million. The $3.7 million gain will be deferred until the Company is repaid from the Rochester Portfolio’s available cash flow. The working cash advance is recorded at face value on the Company’s consolidated balance sheets net of the deferred gain, resulting in a net book value of zero on the Company’s consolidated balance sheets as of both September 30, 2014 and December 31, 2013.
	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 and comprehensive income. The Company reclassified the Rochester Portfolio’s results of operations for January 2013 to discontinued operations on its consolidated statements of operations and comprehensive income.
	In addition, at the time the Company sold the Rochester Portfolio, 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 recognition of the $14.0 million pension plan liability reduced the Company’s gain on the sale of the Rochester Portfolio. In May 2014, the Company was released from $7.0 million of its pension plan liability, causing the Company to recognize additional gain on the sale of the Rochester Portfolio of $7.0 million, which is included in discontinued operations for the nine months ended September 30, 2014. The pension plan liability, totaling $7.0 million as of September 30, 2014 and $14.0 million as of December 31, 2013, is included in other liabilities on the Company’s consolidated balance sheets. The remaining $7.0 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.
	In accordance with the Contingencies Topic of the FASB ASC, which requires a liability be recorded based on the Company’s estimate of the probable cost of the resolution of a contingency, the Company accrued $0.3 million when it sold the Rochester Portfolio related to potential future costs for certain capital expenditures at one of the hotels in the Rochester Portfolio. During the second quarter of 2014, the Company determined that its total costs for these capital expenditures may range from $2.0 million to $3.0 million. As such, the Company accrued an additional $1.8 million during the second quarter of 2014 in accordance with the Contingencies Topic of the FASB ASC, which is included in discontinued operations for the nine months ended September 30, 2014, bringing the total amount accrued for this contingency to $2.1 million. During the third quarter of 2014, the Company paid $1.3 million of the liability, reducing the accrued balance for this contingency to $0.8 million as of September 30, 2014. The Company expects to resolve this contingency in early 2015.
	The following table sets forth the discontinued operations for the three and nine months ended September 30, 2014 and 2013 for the four hotels and the commercial laundry facility sold in 2013 (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Operating revenues	$	—	$	—	$	—	$	3,690
	Operating expenses		—		—		—		-3,686
	Interest expense		—		—		—		-99
	Loss on extinguishment of debt		—		—		—		-3,115
	Gain on sale of assets, net		—		—		5,199		51,620
	Income from discontinued operations	$	—	$	—	$	5,199	$	48,410

Interest_Rate_Derivative_Agree

Interest Rate Derivative Agreements	9 Months Ended
	Sep. 30, 2014
Interest Rate Derivative Agreements	'
Interest Rate Derivative Agreements	'
	5. Interest Rate Derivative Agreements
	At September 30, 2014 and December 31, 2013, the Company held two interest rate cap agreements and one interest rate swap agreement to manage its exposure to the interest rate risks related to its floating rate debt. The first interest rate cap agreement is on the Hilton San Diego Bayfront mortgage, which mortgage currently bears an interest rate of one-month LIBOR plus 225 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 LIBOR rate at 3.75%. The notional amount of the related debt capped totaled $117.0 million at both September 30, 2014 and December 31, 2013. The second interest rate cap agreement is on the Doubletree Guest Suites Times Square mortgage, which mortgage currently bears an interest rate of one-month LIBOR plus 325 basis points. The Doubletree Guest Suites Times Square cap agreement caps the LIBOR rate at 4.0% until October 2015. The notional amount of the related debt capped totaled $178.0 million and $179.6 million at September 30, 2014 and December 31, 2013, 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 $39.1 million and $39.8 million at September 30, 2014 and December 31, 2013, 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 net gains of $0.2 million and $12,000 for the three months ended September 30, 2014 and 2013, respectively, which are reflected as decreases in interest expense for both the three months ended September 30, 2014 and 2013. For both the nine months ended September 30, 2014 and 2013, changes in the fair value of the Company’s interest rate derivative agreements resulted in net gains of $0.4 million, which are reflected as decreases in interest expense for both the nine months ended September 30, 2014 and 2013. As of September 30, 2014 and December 31, 2013, the fair values of the interest rate cap agreements totaled an asset of $2,000 and $16,000, 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 $0.7 million and $1.1 million as of September 30, 2014 and December 31, 2013, respectively, and is included in other liabilities on the Company’s consolidated balance sheets.

Other_Assets

Other Assets	9 Months Ended
	Sep. 30, 2014
Other Assets	'
Other Assets	'
	6. Other Assets
	Other assets, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Property and equipment, net	$	2,234	$	2,478
	Land held for development		188		188
	Intangibles, net		6,827		7,277
	Interest rate cap derivative agreements		2		16
	Cash trap receivables		—		4,443
	Other receivables		2,414		3,942
	Other		3,322		2,762
		$	14,987	$	21,106
	Property and equipment, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Cost basis	$	11,426	$	10,933
	Accumulated depreciation		-9,192		-8,455
	Property and equipment, net	$	2,234	$	2,478
	The Company’s other assets, net as of September 30, 2014 and December 31, 2013, include BuyEfficient’s intangible assets totaling $6.8 million and $7.3 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 $2.2 million and $1.8 million at September 30, 2014 and December 31, 2013, respectively, and amortization expense totaled $0.1 million for both the three months ended September 30, 2014 and 2013, and $0.4 million for both the nine months ended September 30, 2014 and 2013.
	As of December 31, 2013, $4.4 million of the Company’s cash remained trapped by the lender associated with the mortgage secured by the Hilton Del Mar, which the Company sold in 2012, and whose mortgage was assumed by the buyer. In February 2014, the lender released the cash, and the entire $4.4 million was returned to the Company.
	The Company’s other assets, net include an income tax receivable of $0.3 million and zero as of September 30, 2014 and December 31, 2013, respectively. During the third quarter of 2014, the Company completed its tax reporting for 2013, resulting in the Company’s recognition of an income tax refund receivable of $0.3 million, as well as a prepaid tax expense of $0.3 million, for a combined income tax benefit of $0.6 million, which is included in income tax benefit (provision) on the Company’s consolidated statement of operations and comprehensive income.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2014
Notes Payable	'
Notes Payable	'
	7. Notes Payable
	Notes payable consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.4% to 6.6%; maturing at dates ranging from May 2015 through May 2021. The notes are collateralized by first deeds of trust on 14 hotel properties at both September 30, 2014, and December 31, 2013.	$	979,710	$	993,164
	Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points as of September 30, 2014, and three-month LIBOR plus 325 basis points as of December 31, 2013; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		228,992		231,451
	Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of one-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.		177,790		179,460
	Total notes payable		1,386,492		1,404,075
	Less: current portion		-159,696		-23,289
	Notes payable, less current portion	$	1,226,796	$	1,380,786
	In August 2014, the Company amended the mortgage secured by the Hilton San Diego Bayfront, which mortgage originally included the syndication of four lenders. In conjunction with the amendment and in accordance with the Debt Topic of the FASB ASC, the Company analyzed each of the four lenders to determine if their participation in the refinancing should be accounted for as a modification or as an extinguishment of their portion of the original loan. As a result of the Company’s assessments, three of the lenders’ participations were deemed to be modifications of the original loan, and the applicable amounts of unamortized deferred financing fees continue to be capitalized and amortized over the term of the refinanced debt. In conjunction with the amendment, the Company paid additional deferred financing fees of $1.3 million to these three lenders, which is also amortized over the term of the refinanced debt. During the third quarter of 2014, the Company paid $0.1 million in loan fees to third parties related to the modifications, which were recorded in the Company’s results of operations as a component of interest expense. The portion of the loan related to the lender who chose not to participate in the refinancing was determined to be an extinguishment of the original loan, and as a result, $0.5 million of the unamortized balance of the applicable deferred financing fees were expensed during the third quarter of 2014, and recorded in the Company’s results of operations as loss on extinguishment of debt. In addition, the Company paid the lender $25,000 in costs associated with the extinguishment of debt, which is also included in the Company’s results of operations as loss on extinguishment of debt. The amended loan extends the loan’s maturity from April 2016 to August 2019, and reduces the loan’s interest rate from three-month LIBOR plus 325 basis points to one-month LIBOR plus 225 basis points.
	Total interest incurred and expensed on the notes payable was as follows (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Interest expense on debt and capital lease obligations	$	17,540	$	18,130	$	52,916	$	51,747
	Gain on derivatives, net		-161		-12		-395		-429
	Accretion of Senior Notes		—		—		—		3
	Amortization of deferred financing fees		673		736		2,145		2,219
		$	18,052	$	18,854	$	54,666	$	53,540

Other_Current_Liabilities_and_

Other Current Liabilities and Other Liabilities	9 Months Ended
	Sep. 30, 2014
Other Current Liabilities and Other Liabilities	'
Other Current Liabilities and Other Liabilities	'
	8. Other Current Liabilities and Other Liabilities
	Other current liabilities consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Property, sales and use taxes payable	$	20,185	$	14,482
	Income tax payable		389		—
	Accrued interest		4,086		3,078
	Advance deposits		13,594		8,259
	Management fees payable		1,489		1,077
	Other		4,012		3,392
		$	43,755	$	30,288
	The Company’s other current liabilities include income tax payable of $0.4 million and zero as of September 30, 2014 and December 31, 2013, respectively. The Company recognized combined federal and state income tax expense of $0.4 million during the first nine months of 2014 based on 2014 projected taxable income net of any remaining operating loss carryforwards for its taxable entities, which is included in the Company’s consolidated statement of operations and comprehensive income.
	Other liabilities consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Deferred gain on sale of asset	$	7,000	$	14,000
	Interest rate swap derivative agreement		657		1,066
	Accrued income tax		1,528		1,491
	Deferred revenue		6,552		6,918
	Deferred rent		14,370		12,270
	Deferred incentive management fees		2,206		1,714
	Other		2,621		2,499
		$	34,934	$	39,958
	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 deferred $14.0 million of gain on the sale of the Rochester Portfolio. In May 2014, the Company was released from $7.0 million of its pension plan liability, causing the Company to recognize $7.0 million of the deferred gain on sale of the Rochester Portfolio, which is included in discontinued operations for the nine months ended September 30, 2014. The remaining $7.0 million deferred 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 as of both September 30, 2014 and December 31, 2013. 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 the first quarter of 2013, which is included in the Company’s consolidated statements of operations and comprehensive income. During the three and nine months ended September 30, 2014, the Company accrued additional interest of $13,000 and $37,000, respectively, on its unrecognized tax benefit, which is included in the Company’s consolidated statements of operations and comprehensive income.

Series_C_Cumulative_Convertibl

Series C Cumulative Convertible Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2014
Series C Cumulative Convertible Redeemable Preferred Stock	'
Series C Cumulative Convertible Redeemable Preferred Stock	'
	9. Series C Cumulative Convertible Redeemable Preferred Stock
	In May 2013, the Company redeemed all 4,102,564 shares of its Series C preferred stock for an aggregate redemption price of $101.1 million, including $1.1 million in accrued dividends. In accordance with the FASB’s Emerging Issues Task Force Topic D-42, an additional redemption charge of $0.1 million was recognized related to the original issuance costs of the Series C preferred stock, which were previously included in additional paid in capital. The Company redeemed the Series C preferred shares using cash received from its February 2013 common stock offering. After the redemption date, the Company has no outstanding shares of Series C preferred stock, and all rights of the holders of such shares were terminated.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	10. Stockholders’ Equity
	Series A Cumulative Redeemable Preferred Stock
	In March 2013, the Company redeemed all 7,050,000 shares of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) for an aggregate redemption price of $178.6 million, including $2.3 million in accrued dividends. In accordance with the FASB’s Emerging Issues Task Force Topic D-42, an additional redemption charge of $4.6 million was recognized related to the original issuance costs of the Series A preferred stock, which were previously included in additional paid in capital. The Company redeemed the Series A preferred shares using cash received from its February 2013 common stock offering. After the redemption date, the Company has no outstanding shares of Series A preferred stock, and all rights of the holders of such shares were terminated. Because the redemption of the Series A preferred stock was a redemption in full, trading of the Series A preferred stock on the New York Stock Exchange ceased after the redemption date.
	Series D Cumulative Redeemable Preferred Stock
	The Company’s 4,600,000 shares of 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) have a liquidation preference of $25.00 per share. On or after April 6, 2016, the Series D preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date.
	Common Stock
	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. During the nine months ended September 30, 2014, the Company received $1.2 million in net proceeds from the issuance of 99,460 shares of its common stock in connection with the Agreements.
	In June 2014, the Company issued 18,000,000 shares of its common stock for net proceeds of approximately $262.5 million, which were used to acquire the Marriott Wailea in July 2014.
	In July 2014, the Company issued 4,034,970 shares of its common stock valued at $60.0 million directly to the seller of the Marriott Wailea in connection with the Company’s acquisition of the hotel. The Company incurred offering costs of $0.1 million related to this transaction.
	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 all of its Series C preferred stock in May 2013, including accrued dividends, and used portions of the remaining proceeds towards the acquisitions of the Hilton New Orleans St. Charles in May 2013, and the Boston Park Plaza in July 2013.
	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 in December 2013, and used the remaining proceeds for capital investment in the Company’s portfolio and other general corporate purposes, including working capital.

LongTerm_Incentive_Plan

Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2014
Long-Term Incentive Plan	'
Long-Term Incentive Plan	'
	11. Long-Term Incentive Plan
	Stock Grants
	Restricted shares granted pursuant to the Company’s Long-Term Incentive Plan (“LTIP”) generally vest over periods from three to five years from the date of grant. In August 2011, the Company granted both time-based and performance-based shares to Kenneth E. Cruse upon Mr. Cruse’s appointment as the Company’s Chief Executive Officer. The time-based shares, representing 60.0% of the total shares granted, will vest on a pro-rata basis commencing on the third anniversary of the grant date, and will vest in equal amounts on each of the third, fourth and fifth anniversary of the grant date. The remaining 40.0% of the total shares granted to Mr. Cruse are subject to performance- or market-based, cliff vesting on the fifth anniversary of the grant date, depending on the satisfaction of the following measures: the Company’s total stockholder return (“TSR”); the Company’s TSR relative to companies in the NAREIT Equity Index; and the ratio of the Company’s total net debt to the Company’s adjusted EBITDA.
	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 these restricted shares and performance awards for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Compensation expense, including forfeitures	$	2,178	$	1,861	$	6,885	$	5,301
	The Company’s total compensation expense differs from the vesting of restricted common stock amount presented in the Company’s consolidated statement of equity due to the Company withholding and using a portion of its restricted shares granted pursuant to its LTIP for purposes of remitting minimum statutory withholding and payroll taxes in connection with the release of restricted common shares to plan participants (“net-settle”). In addition, the Company capitalizes all restricted shares granted to certain of those employees who work on the design and construction of its hotels. The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statement of equity for the nine months ended September 30, 2014 is as follows (in thousands):
		Nine Months Ended
		September 30, 2014
		(unaudited)
	Compensation expense, including forfeitures	$	6,885
	Net-settle adjustment		-2,116
	Amortization related to shares issued to design and construction employees		354
	Vesting of restricted stock presented on statement of equity	$	5,123

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	12. Commitments and Contingencies
	Management Agreements
	Management agreements with the Company’s third-party hotel managers require the Company to pay between 2.0% and 3.5% of total revenue of the managed hotels to the third-party managers each month as a basic management fee. Total basic management fees incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense, and corporate overhead expense		$	8,474		$	6,746		$	23,455		$	18,564
	Discontinued operations			—			—			—			65
			$	8,474		$	6,746		$	23,455		$	18,629
	In addition to basic management fees, provided that certain operating thresholds are met, the Company may also be required to pay incentive management fees to certain of its third-party managers.  Total incentive management fees incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense		$	1,143		$	800		$	3,101		$	2,286
	License and Franchise Agreements
	The Company has entered into license and franchise agreements related to certain of its hotel properties. The license and franchise agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. The license and franchise agreements generally contain specific standards for, and restrictions and limitations on, the operation and maintenance of the hotels which are established by the franchisors to maintain uniformity in the system created by each such franchisor. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with such standards may from time to time require the Company to make significant expenditures for capital improvements.
	Total license and franchise costs incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — franchise costs		$	10,022		$	8,770		$	28,360		$	24,019
	Discontinued operations			—			—			—			73
			$	10,022		$	8,770		$	28,360		$	24,092
	Total license and franchise costs included royalties of $3.1 million and $3.0 million incurred by the Company during the three months ended September 30, 2014 and 2013, respectively. During the nine months ended September 30, 2014 and 2013, total license and franchise costs included royalties of $8.7 million and $8.0 million, respectively. The remaining costs included advertising, reservation and priority club assessments.
	Renovation and Construction Commitments
	At September 30, 2014, the Company had various contracts outstanding with third parties in connection with the renovation of certain of its hotel properties aimed at maintaining the appearance and quality of its hotels. The remaining commitments under these contracts at September 30, 2014 totaled $54.9 million.
	Capital Leases
	The Hyatt Chicago Magnificent Mile is subject to a building lease which expires in December 2097. Upon acquisition of the hotel in June 2012, 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.
	The Company leases certain printers and copiers which leases have been determined to be capital leases pursuant to the Leases Topic of the FASB ASC. All of the leases expire in December 2014.
	Assets under capital lease were included in investment in hotel properties, net on the Company’s consolidated balance sheets as follows (in thousands):
			September 30,			December 31,
			2014			2013
			(unaudited)
	Buildings and improvements		$	58,799		$	58,799
	Furniture, fixtures and equipment			104			104
				58,903			58,903
	Accumulated depreciation			-3,470			-2,356
			$	55,433		$	56,547
	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of September 30, 2014 are as follows (in thousands):
	2014		$	1,423
	2015			1,403
	2016			1,403
	2017			1,403
	2018			1,403
	Thereafter			109,765
	Total minimum lease payments (1)			116,800
	Less: Amount representing interest (2)			-101,203
	Present value of net minimum lease payments (3)		$	15,597
		-1		Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. No percentage rent was due for the three and nine months ended September 30, 2014 and 2013.
		-2		Interest includes the amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at lease inception.
		-3		The present value of net minimum lease payments are presented on the Company’s consolidated balance sheets as current obligations of $21,000 and $35,000 as of September 30, 2014 and December 31, 2013, respectively, and as long term obligations of $15.6 million as of both September 30, 2014 and December 31, 2013. The current obligations are included in accounts payable and accrued expenses, and the long-term obligations are included in capital lease obligations, less current portion.
	Ground, Building and Air Leases
	Total rent expense incurred pursuant to ground, building and air lease agreements for the three and nine months ended September 30, 2014 and 2013 was included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property tax, ground lease and insurance		$	4,507		$	4,524		$	13,474		$	13,110
	Prior to the Company’s June 2014 acquisition of the land underlying the Fairmont Newport Beach, the land was leased to the Company by a third party. The Company’s acquisition of the land reduced its ground lease expense by $0.3 million and $0.4 million during the three and nine months ended September 30, 2014, respectively.
	Rent expense incurred pursuant to leases on the corporate facility totaled $0.1 million for both the three months ended September 30, 2014 and 2013, and $0.3 million for both the nine months ended September 30, 2014 and 2013, and was included in corporate overhead expense.
	Concentration of Risk
	The concentration of the Company’s hotels in California, New York, Illinois, Massachusetts and the greater Washington DC area exposes the Company’s business to economic conditions, competition and real and personal property tax rates unique to these locales. As of September 30, 2014, the Company’s 30 hotels were concentrated in California, New York, Illinois, Massachusetts and the greater Washington DC area as follows:
											Greater
											Washington DC
		California		New York		Illinois		Massachusetts		Area
		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Number of hotels		9		3		3		3		3
Percentage of total rooms		31	%	9	%	8	%	14	%	13	%
Percentage of total revenue for the nine months ended September 30, 2014		33	%	12	%	7	%	14	%	12	%
Other
The Company has provided customary unsecured environmental indemnities to certain lenders. The Company has performed due diligence on the potential environmental risks, including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the indemnified parties for damages related to certain environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners or a claim against its environmental insurance policies.
At September 30, 2014, the Company had $0.7 million of outstanding irrevocable letters of credit to guaranty the Company’s financial obligations related to workers’ compensation insurance programs from prior policy years. The beneficiaries of these letters of credit may draw upon these letters of credit in the event of a contractual default by the Company relating to each respective obligation. No draws have been made through September 30, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying consolidated financial statements as of September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013, 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 September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013.
	Non-controlling interests at both September 30, 2014 and December 31, 2013 represent the outside equity interests in various consolidated affiliates of the Company.
	The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission. In the Company’s opinion, the interim financial statements presented herein reflect all adjustments, consisting solely of normal and recurring adjustments, which are necessary to fairly present the interim financial statements. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on February 25, 2014.
	The Company has evaluated subsequent events through the date of issuance of these financial statements.
Use of Estimates	'
	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Reporting Periods	'
	Reporting Periods
	The results the Company reports in its consolidated statements of operations and comprehensive income are based on results reported to the Company by its hotel managers, all of whom currently use a standard monthly calendar. Prior to 2013, however, Marriott used a 13-period fiscal calendar with the year ending on the Friday closest to December 31. Since Marriott’s 2012 fiscal year ended on December 28, 2012, Marriott’s 2013 first quarter and calendar year contain an additional three days, December 29, 2012 through December 31, 2012.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	As of September 30, 2014 and December 31, 2013, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments.
	The Company follows the requirements of the Fair Value Measurements and Disclosure Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
	Level 1	Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2	Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	Level 3	Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
	As discussed in Note 5, at September 30, 2014 and December 31, 2013, the Company held two interest rate cap agreements and one interest rate swap agreement to manage, or hedge, interest rate risks related to its floating rate debt. The Company records interest rate protection agreements on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations and comprehensive income as they are not designated as hedges. In accordance with the Fair Value Measurements and Disclosure Topic of the FASB ASC, the Company estimates the fair value of its interest rate protection agreements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements. The Company has valued the derivative interest rate cap agreements using Level 2 measurements as an asset of $2,000 and $16,000 as of September 30, 2014 and December 31, 2013, respectively. The interest rate cap agreements are included in other assets, net on the accompanying consolidated balance sheets. The Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $0.7 million and $1.1 million as of September 30, 2014 and December 31, 2013, respectively. The interest rate swap agreement is included in other liabilities on the accompanying consolidated balance sheets.
	On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition 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 the three or nine months ended September 30, 2014 and 2013.
	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 or other assets with indicators of goodwill impairment during either the three or nine months ended September 30, 2014 and 2013.
	As of both September 30, 2014 and December 31, 2013, 70.7% of the Company’s outstanding debt had fixed interest rates, including the effect of an interest rate swap agreement. The Company’s carrying value of its debt totaled $1.4 billion as of both September 30, 2014 and December 31, 2013. Using Level 3 measurements, including the Company’s weighted average cost of debt of 5.0%, the Company estimates that the fair market value of its debt totaled $1.4 billion as of both September 30, 2014 and December 31, 2013.
	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate cap derivative agreements		$	2	$	—	$	2	$	—
	Life insurance policy (1)			1,201		—		1,201		—
	Total assets at September 30, 2014		$	1,203	$	—	$	1,203	$	—
	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	$	—
		-1		Includes the split life insurance policy for one of the Company’s former associates, which the Company values 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 the former associate from the related retirement benefit agreement included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate swap derivative agreement		$	657	$	—	$	657	$	—
	Retirement benefit agreement (1)			1,201		—		1,201		—
	Total liabilities at September 30, 2014		$	1,858	$	—	$	1,858	$	—
	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	$	—
		-1		Includes the retirement benefit agreement for one of the Company’s former associates, which the Company values using Level 2 measurements. The agreement calls for the balance of the retirement benefit to be paid out to the former associate in 10 annual installments, beginning in 2011. As such, the Company has paid the former associate a total of $0.8 million through September 30, 2014, which was reimbursed to the Company using funds from the related split life insurance policy. These amounts are included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
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 September 30, 2014 and December 31, 2013.
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 and the first nine months of 2014, 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 and the Marriott Wailea. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.
Assets Held for Sale	'
	Assets Held for Sale
	The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months, 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. Should the sale of a hotel or other asset represent a strategic shift that will have a major effect on the Company’s operations and financial results, 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 both September 30, 2014 and December 31, 2013, the Company had no hotels or other assets held for sale.
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. If a loan is refinanced or repaid before its maturity, any unamortized deferred financing costs will generally be expensed unless specific rules are met that would allow for the carryover of such costs to the refinanced debt.
	In August 2014, the Company amended the mortgage secured by the Hilton San Diego Bayfront (see Note 7). In conjunction with the amendment, the Company paid additional deferred financing fees of $1.3 million, which are amortized over the remaining term of the modified loan, and wrote off $0.5 million of deferred financing fees, which are included in the Company’s results of operations as loss on extinguishment of debt.
	During the three and nine months ended September 30, 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.
	Total amortization of deferred financing fees for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):
			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Continuing operations:
	Amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,219
	Discontinued operations:
	Amortization of deferred financing fees			—		—		—		2
	Total amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,221
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. For both the three months ended September 30, 2014 and 2013, distributed earnings representing nonforfeitable dividends of $0.1 million were allocated to the participating securities. For the nine months ended September 30, 2014 and 2013, distributed earnings representing nonforfeitable dividends of $0.3 million and $0.1 million, respectively, were allocated to the participating securities. Undistributed earnings representing nonforfeitable dividends of $0.1 million and $30,000, respectively, were allocated to the participating securities for the three months ended September 30, 2014 and 2013. Undistributed earnings representing nonforfeitable dividends of $0.2 million and $0.3 million, respectively, were allocated to the participating securities for the nine months ended September 30, 2014 and 2013.
	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, the incremental common shares issuable upon the exercise of stock options, using the more dilutive of either the two-class method or the treasury stock method.
	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):
			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Numerator:
	Net income		$	33,643	$	15,817	$	73,682	$	64,752
	Income from consolidated joint venture attributable to non-controlling interest			-1,795		-1,768		-5,680		-3,291
	Distributions to non-controlling interest			-8		-8		-24		-24
	Dividends paid on unvested restricted stock compensation			-94		-101		-291		-101
	Preferred stock dividends and redemption charges			-2,300		-2,300		-6,900		-16,713
	Undistributed income allocated to unvested restricted stock compensation			-119		-30		-213		-295
	Numerator for basic and diluted earnings available to common stockholders		$	29,327	$	11,610	$	60,574	$	44,328
	Denominator:
	Weighted average basic and diluted common shares outstanding			202,800		160,856		188,901		157,628
	Basic and diluted earnings available to common stockholders per common share		$	0.14	$	0.07	$	0.32	$	0.28
	The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the three and nine months ended September 30, 2014 and 2013, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, shares of the Company’s Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) issuable upon conversion were excluded from the above calculation of earnings per share for the nine months ended September 30, 2013, as their inclusion would have been anti-dilutive.
Goodwill	'
	Goodwill
	The Company follows the requirements of the Intangibles — Goodwill and Other Topic of the FASB ASC, which states that goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. As a result, the carrying value of goodwill allocated to hotel properties and other assets is reviewed at least annually for impairment. In addition, when facts and circumstances suggest that the Company’s goodwill may be impaired, an interim evaluation of goodwill is prepared. Such review entails comparing the carrying value of the individual hotel property or other asset (the reporting unit) including the allocated goodwill to the fair value determined for that reporting unit (see Fair Value of Financial Instruments for detail on the Company’s valuation methodology). If the aggregate carrying value of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired to the extent of the difference between the fair value and the aggregate carrying value, not to exceed the carrying amount of the allocated goodwill. The Company’s annual impairment evaluation is performed each year as of December 31.
Non-Controlling Interests	'
	Non-Controlling Interests
	The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of shareholders’ equity, non-controlling interests and total equity.
	At both September 30, 2014 and December 31, 2013, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the partnerships that own the Hilton San Diego Bayfront (the “Hilton San Diego Bayfront Partnership”). 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 totaled $8,000 and $24,000 during both the three and nine months ended September 30, 2014 and 2013. These preferred dividends are represented as distributions to non-controlling interests on the Company’s consolidated statements of operations and comprehensive income.
Segment Reporting	'
	Segment Reporting
	The Company reports its consolidated financial statements in accordance with the Segment Reporting Topic of the FASB ASC. Currently, the Company operates in one segment, operations held for investment.

Organization_and_Description_o1

Organization and Description of Business (Tables)	9 Months Ended
	Sep. 30, 2014
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”)	11
	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	30

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Schedule of assets measured at fair value on a recurring and non-recurring basis	'
	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate cap derivative agreements		$	2	$	—	$	2	$	—
	Life insurance policy (1)			1,201		—		1,201		—
	Total assets at September 30, 2014		$	1,203	$	—	$	1,203	$	—
	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	$	—
		-1		Includes the split life insurance policy for one of the Company’s former associates, which the Company values 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 the former associate from the related retirement benefit agreement included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
Schedule of liabilities measured at fair value on a recurring and non-recurring basis	'
	The following table presents the Company’s liabilities measured at fair value on a recurring and non-recurring basis at September 30, 2014 and December 31, 2013 (in thousands):
					Fair Value Measurements at Reporting Date
			Total		Level 1		Level 2		Level 3
	September 30, 2014 (unaudited):
	Interest rate swap derivative agreement		$	657	$	—	$	657	$	—
	Retirement benefit agreement (1)			1,201		—		1,201		—
	Total liabilities at September 30, 2014		$	1,858	$	—	$	1,858	$	—
	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	$	—
		-1		Includes the retirement benefit agreement for one of the Company’s former associates, which the Company values using Level 2 measurements. The agreement calls for the balance of the retirement benefit to be paid out to the former associate in 10 annual installments, beginning in 2011. As such, the Company has paid the former associate a total of $0.8 million through September 30, 2014, which was reimbursed to the Company using funds from the related split life insurance policy. These amounts are included in accrued payroll and employee benefits on the accompanying consolidated balance sheets.
Schedule of amortization of deferred financing fees	'
	Total amortization of deferred financing fees for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):
			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Continuing operations:
	Amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,219
	Discontinued operations:
	Amortization of deferred financing fees			—		—		—		2
	Total amortization of deferred financing fees		$	673	$	736	$	2,145	$	2,221
Schedule of computation of basic and diluted earnings per common share	'
	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):
			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
			(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Numerator:
	Net income		$	33,643	$	15,817	$	73,682	$	64,752
	Income from consolidated joint venture attributable to non-controlling interest			-1,795		-1,768		-5,680		-3,291
	Distributions to non-controlling interest			-8		-8		-24		-24
	Dividends paid on unvested restricted stock compensation			-94		-101		-291		-101
	Preferred stock dividends and redemption charges			-2,300		-2,300		-6,900		-16,713
	Undistributed income allocated to unvested restricted stock compensation			-119		-30		-213		-295
	Numerator for basic and diluted earnings available to common stockholders		$	29,327	$	11,610	$	60,574	$	44,328
	Denominator:
	Weighted average basic and diluted common shares outstanding			202,800		160,856		188,901		157,628
	Basic and diluted earnings available to common stockholders per common share		$	0.14	$	0.07	$	0.32	$	0.28

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2014
Investment in Hotel Properties	'
Schedule of investment in hotel properties	'
	Investment in hotel properties, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Land	$	570,011	$	439,304
	Buildings and improvements		3,216,923		2,977,458
	Furniture, fixtures and equipment		447,712		414,192
	Intangibles		176,797		171,889
	Franchise fees		1,167		1,346
	Construction in process		58,775		34,643
			4,471,385		4,038,832
	Accumulated depreciation and amortization		-924,857		-807,450
		$	3,546,528	$	3,231,382
Schedule of fair values of assets acquired, liabilities assumed and adjustments recorded in hotel acquisitions	'
	The fair values of the assets acquired and liabilities assumed at the Marriott Wailea’s acquisition date were allocated based on an independent third-party analysis. The following table summarizes the fair values of assets acquired, liabilities assumed and equity issued in this acquisition (in thousands):
	Assets:
	Investment in hotel properties	$	327,035
	Accounts receivable		3,122
	Inventory		75
	Prepaid expenses		238
	Other assets		150
	Total assets acquired		330,620
	Liabilities:
	Accounts payable		3,534
	Accrued payroll and employee benefits		142
	Other current liabilities		1,371
	Other liabilities		15
	Total liabilities assumed		5,062
	Total equity issued directly to seller		60,000
	Total cash paid for acquisition	$	265,558
Schedule of intangible assets included in investment in hotel properties	'
	Details of the intangibles acquired are as follows (in thousands):
		Value at
		Acquisition			Expected Life
		(unaudited)
	Value at acquisition:
	Advanced bookings	$	4,207		48 months
	Above/(Below) market lease agreements, net		15		18 to 102 months
	In-place lease agreements		686		18 to 102 months
	Total intangibles related to the 2014 acquisition		4,908
	Accumulated amortization		-242
	Net book value of intangibles related to 2014 acquisition	$	4,666
Schedule of amortization expense related to acquisitions	'
	During the three and nine months ended September 30, 2014, the Company recorded amortization expense related to its Marriott Wailea intangibles as follows (in thousands):
Effects of acquisitions on results of operations	'
	In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Revenues	$	310,268	$	286,641	$	885,487	$	825,753
	Income available to common stockholders from continuing operations	$	30,177	$	16,610	$	63,004	$	13,030
	Income per diluted share available to common stockholders from continuing operations	$	0.15	$	0.10	$	0.33	$	0.08

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations	'
Schedule of operating results of discontinued operations	'
	The following table sets forth the discontinued operations for the three and nine months ended September 30, 2014 and 2013 for the four hotels and the commercial laundry facility sold in 2013 (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Operating revenues	$	—	$	—	$	—	$	3,690
	Operating expenses		—		—		—		-3,686
	Interest expense		—		—		—		-99
	Loss on extinguishment of debt		—		—		—		-3,115
	Gain on sale of assets, net		—		—		5,199		51,620
	Income from discontinued operations	$	—	$	—	$	5,199	$	48,410

Other_Assets_Tables

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Other Assets	'
Schedule of other assets	'
	Other assets, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Property and equipment, net	$	2,234	$	2,478
	Land held for development		188		188
	Intangibles, net		6,827		7,277
	Interest rate cap derivative agreements		2		16
	Cash trap receivables		—		4,443
	Other receivables		2,414		3,942
	Other		3,322		2,762
		$	14,987	$	21,106
Schedule of property and equipment	'
	Property and equipment, net consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Cost basis	$	11,426	$	10,933
	Accumulated depreciation		-9,192		-8,455
	Property and equipment, net	$	2,234	$	2,478

Notes_Payable_Tables

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2014
Notes Payable	'
Schedule of notes payable	'
	Notes payable consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.4% to 6.6%; maturing at dates ranging from May 2015 through May 2021. The notes are collateralized by first deeds of trust on 14 hotel properties at both September 30, 2014, and December 31, 2013.	$	979,710	$	993,164
	Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points as of September 30, 2014, and three-month LIBOR plus 325 basis points as of December 31, 2013; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		228,992		231,451
	Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of one-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.		177,790		179,460
	Total notes payable		1,386,492		1,404,075
	Less: current portion		-159,696		-23,289
	Notes payable, less current portion	$	1,226,796	$	1,380,786
Schedule of interest expense on notes payable	'
	Total interest incurred and expensed on the notes payable was as follows (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Interest expense on debt and capital lease obligations	$	17,540	$	18,130	$	52,916	$	51,747
	Gain on derivatives, net		-161		-12		-395		-429
	Accretion of Senior Notes		—		—		—		3
	Amortization of deferred financing fees		673		736		2,145		2,219
		$	18,052	$	18,854	$	54,666	$	53,540

Other_Current_Liabilities_and_1

Other Current Liabilities and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Other Current Liabilities and Other Liabilities	'
Schedule of other current liabilities	'
	Other current liabilities consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Property, sales and use taxes payable	$	20,185	$	14,482
	Income tax payable		389		—
	Accrued interest		4,086		3,078
	Advance deposits		13,594		8,259
	Management fees payable		1,489		1,077
	Other		4,012		3,392
		$	43,755	$	30,288
Schedule of other liabilities	'
	Other liabilities consisted of the following (in thousands):
		September 30,		December 31,
		2014		2013
		(unaudited)
	Deferred gain on sale of asset	$	7,000	$	14,000
	Interest rate swap derivative agreement		657		1,066
	Accrued income tax		1,528		1,491
	Deferred revenue		6,552		6,918
	Deferred rent		14,370		12,270
	Deferred incentive management fees		2,206		1,714
	Other		2,621		2,499
		$	34,934	$	39,958

LongTerm_Incentive_Plan_Tables

Long-Term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2014
Long-Term Incentive Plan	'
Schedule of compensation expense and forfeitures related to restricted shares and performance awards	'
	The Company’s compensation expense and forfeitures related to these restricted shares and performance awards for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Compensation expense, including forfeitures	$	2,178	$	1,861	$	6,885	$	5,301
Summary of total compensation expense in relation to vesting of restricted common stock	'
	The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statement of equity for the nine months ended September 30, 2014 is as follows (in thousands):
		Nine Months Ended
		September 30, 2014
		(unaudited)
	Compensation expense, including forfeitures	$	6,885
	Net-settle adjustment		-2,116
	Amortization related to shares issued to design and construction employees		354
	Vesting of restricted stock presented on statement of equity	$	5,123

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies	'
Schedule of basic management fees	'
	Total basic management fees incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense, and corporate overhead expense		$	8,474		$	6,746		$	23,455		$	18,564
	Discontinued operations			—			—			—			65
			$	8,474		$	6,746		$	23,455		$	18,629
Schedule of incentive management fees	'
	Total incentive management fees incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property general and administrative expense		$	1,143		$	800		$	3,101		$	2,286
Schedule of license and franchise costs	'
	Total license and franchise costs incurred by the Company during the three and nine months ended September 30, 2014 and 2013 were included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — franchise costs		$	10,022		$	8,770		$	28,360		$	24,019
	Discontinued operations			—			—			—			73
			$	10,022		$	8,770		$	28,360		$	24,092
Schedule of assets under capital lease	'
	Assets under capital lease were included in investment in hotel properties, net on the Company’s consolidated balance sheets as follows (in thousands):
			September 30,			December 31,
			2014			2013
			(unaudited)
	Buildings and improvements		$	58,799		$	58,799
	Furniture, fixtures and equipment			104			104
				58,903			58,903
	Accumulated depreciation			-3,470			-2,356
			$	55,433		$	56,547
Schedule of future minimum lease payments under capital leases	'
	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of September 30, 2014 are as follows (in thousands):
	2014		$	1,423
	2015			1,403
	2016			1,403
	2017			1,403
	2018			1,403
	Thereafter			109,765
	Total minimum lease payments (1)			116,800
	Less: Amount representing interest (2)			-101,203
	Present value of net minimum lease payments (3)		$	15,597
		-1		Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. No percentage rent was due for the three and nine months ended September 30, 2014 and 2013.
		-2		Interest includes the amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at lease inception.
		-3		The present value of net minimum lease payments are presented on the Company’s consolidated balance sheets as current obligations of $21,000 and $35,000 as of September 30, 2014 and December 31, 2013, respectively, and as long term obligations of $15.6 million as of both September 30, 2014 and December 31, 2013. The current obligations are included in accounts payable and accrued expenses, and the long-term obligations are included in capital lease obligations, less current portion.
Schedule of ground, building and air lease rent	'
	Total rent expense incurred pursuant to ground, building and air lease agreements for the three and nine months ended September 30, 2014 and 2013 was included in the Company’s consolidated statements of operations and comprehensive income as follows (in thousands):
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Continuing operations — property tax, ground lease and insurance		$	4,507		$	4,524		$	13,474		$	13,110
Schedule of hotel geographic concentration of risk	'
											Greater
											Washington DC
			California		New York		Illinois		Massachusetts		Area
			(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
	Number of hotels		9		3		3		3		3
	Percentage of total rooms		31	%	9	%	8	%	14	%	13	%
	Percentage of total revenue for the nine months ended September 30, 2014		33	%	12	%	7	%	14	%	12	%

Organization_and_Description_o2

Organization and Description of Business (Details)	9 Months Ended
	Sep. 30, 2014
Organization and Description of Business	'
Number of hotels in which the company has interests	30
Number of hotels managed by third parties	30
Marriott	'
Organization and Description of Business	'
Number of hotels managed by third parties	11
Interstate Hotels & Resorts, Inc	'
Organization and Description of Business	'
Number of hotels managed by third parties	6
Highgate Hotels L.P. and an affiliate	'
Organization and Description of Business	'
Number of hotels managed by third parties	4
Davidson Hotels & Resorts	'
Organization and Description of Business	'
Number of hotels managed by third parties	2
Hilton Worldwide	'
Organization and Description of Business	'
Number of hotels managed by third parties	2
Hyatt Corporation	'
Organization and Description of Business	'
Number of hotels managed by third parties	2
Crestline Hotels & Resorts	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Dimension Development Company	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Fairmont Hotels & Resorts (U.S.)	'
Organization and Description of Business	'
Number of hotels managed by third parties	1
Sunstone Hotel Partnership, LLC	'
Organization and Description of Business	'
Controlling interest owned (as a percent)	100.00%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
			item
Reporting Periods	'	'	'
Number of Periods In Fiscal Calendar	'	'	13
Number of additional days included in prior calendar year	'3 days	'3 days	'

Summary_of_Significant_Account4

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

3 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2011

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Robert A. Alter

Robert A. Alter

Total at the end of the period

Total at the end of the period

Level 2

Level 2

Level 3

Level 3

Interest Rate Cap Agreement

Interest Rate Cap Agreement

Interest Rate Swap Agreement

Interest Rate Swap Agreement

item

item

item

item

item

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

Impairment loss on continuing operations

$0

$0

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill impairment loss

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of debt having fixed interest rates

70.70%

'

70.70%

'

70.70%

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average cost of debt (as a percent)

'

'

'

'

'

'

'

'

'

'

'

5.00%

5.00%

'

'

'

'

Fair value of debt

'

'

'

'

'

'

'

'

'

'

'

1,400,000,000

1,400,000,000

'

'

'

'

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate cap derivative agreements

2,000

'

2,000

'

16,000

'

'

2,000

16,000

2,000

16,000

'

'

'

'

'

'

Life insurance policy

'

'

'

'

'

'

'

1,201,000

1,385,000

1,201,000

1,385,000

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

1,203,000

1,401,000

1,203,000

1,401,000

'

'

'

'

'

'

Liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swap derivative agreements

'

'

'

'

'

'

'

657,000

1,066,000

657,000

1,066,000

'

'

'

'

'

'

Retirement benefit agreement

'

'

'

'

'

'

'

1,201,000

1,385,000

1,201,000

1,385,000

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

'

'

1,858,000

2,451,000

1,858,000

2,451,000

'

'

'

'

'

'

Accounts Receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allowance for doubtful accounts (in dollars)

200,000

'

200,000

'

200,000

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

10

'

'

'

'

'

'

'

'

'

'

Amount paid under the Retirement Benefit Agreement

'

'

'

'

'

$800,000

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account5

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

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Aug. 31, 2014

Sep. 30, 2014

item

item

item

Continuing Operations Member

Continuing Operations Member

Continuing Operations Member

Continuing Operations Member

Discontinued Operations Member

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

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

'

0

'

0

'

'

'

'

'

'

'

Deferred Financing Fees

'

'

'

'

'

'

'

'

'

'

'

'

Payment of deferred financing fees

'

'

$1,332,000

$243,000

'

'

'

'

'

'

'

'

Loss on extinguishment of debt

-531,000

'

-531,000

-44,000

'

'

'

'

'

'

'

'

Amortization of deferred financing fees

'

'

'

'

'

673,000

736,000

2,145,000

2,219,000

2,000

'

'

Write-off of deferred financing fees

'

'

'

'

'

'

'

'

'

'

500,000

500,000

Total deferred financing fees

$673,000

$736,000

$2,145,000

$2,221,000

'

'

'

'

'

'

'

'

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
			item
Numerator:	'	'	'	'	'
Net income	$33,643	$15,817	$73,682	$64,752	'
Income from consolidated joint venture attributable to non-controlling interest	-1,795	-1,768	-5,680	-3,291	'
Distributions to non-controlling interest	-8	-8	-24	-24	'
Dividends paid on unvested restricted stock compensation	-94	-101	-291	-101	'
Preferred stock dividends and redemption charges	-2,300	-2,300	-6,900	-16,713	'
Undistributed income allocated to unvested restricted stock compensation	-119	-30	-213	-295	'
Income available to common stockholders	$29,327	$11,610	$60,574	$44,328	'
Denominator:	'	'	'	'	'
Weighted average basic and diluted common shares outstanding (in shares)	202,800	160,856	188,901	157,628	'
Basic and diluted earnings available to common stockholders per common share (in dollars per share)	$0.14	$0.07	$0.32	$0.28	'
Non-Controlling Interests	'	'	'	'	'
Minority interest percentage in Hilton San Diego Bayfront	25.00%	'	25.00%	'	25.00%
Segment Reporting	'	'	'	'	'
Number of operating segments	'	'	1	'	'

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in Hotel Properties	'	'
Land	$570,011	$439,304
Buildings and improvements	3,216,923	2,977,458
Furniture, fixtures and equipment	447,712	414,192
Intangibles	176,797	171,889
Franchise fees	1,167	1,346
Construction in process	58,775	34,643
Real Estate Investment Property, at Cost, Total	4,471,385	4,038,832
Accumulated depreciation and amortization	-924,857	-807,450
Investment in hotel properties, net	$3,546,528	$3,231,382

Investment_in_Hotel_Properties3

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

3 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jun. 30, 2014

Jul. 17, 2014

Jun. 19, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Jul. 17, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2013

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2013

Acquisitions 2013

Acquisitions 2013

Minimum

Minimum

Maximum

Maximum

item

Fairmont Newport Beach Land Member

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

item

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

Acquisitions 2014

acre

room

room

room

Advanced bookings

Advanced bookings

Advanced bookings

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

Above/(below) market lease agreements, net

In-place lease agreements

In-place lease agreements

In-place lease agreements

Land

Buildings and improvements

Furniture, fixtures and equipment

Marriott Wailea

Marriott Wailea

Marriott Wailea

Marriott Wailea

Above/(below) market lease agreements, net

In-place lease agreements

Above/(below) market lease agreements, net

In-place lease agreements

Investment in Hotel Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of land acquired (in acres)

'

'

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment to acquire real estate

'

'

'

'

'

$11,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms in acquired hotel

'

'

'

'

'

'

'

'

541

541

'

544

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms taken out of service

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proration and other credits

'

'

'

'

'

'

'

'

'

'

'

4,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition-related costs

'

'

'

'

'

'

'

'

400,000

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in hotel properties

'

'

'

'

'

'

'

'

'

'

'

327,035,000

'

'

'

'

'

'

'

'

'

119,700,000

194,200,000

8,200,000

'

'

'

'

'

'

'

Accounts receivable

'

'

'

'

'

'

'

'

'

'

'

3,122,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Inventory

'

'

'

'

'

'

'

'

'

'

'

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepaid expenses

'

'

'

'

'

'

'

'

'

'

'

238,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

'

'

'

'

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets acquired

'

'

'

'

'

'

'

'

'

'

'

330,620,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable

'

'

'

'

'

'

'

'

'

'

'

3,534,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued payroll and employee benefits

'

'

'

'

'

'

'

'

'

'

'

142,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other current liabilities

'

'

'

'

'

'

'

'

'

'

'

1,371,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other liabilities

'

'

'

'

'

'

'

'

'

'

'

15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities assumed

'

'

'

'

'

'

'

'

'

'

'

5,062,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares issued in connection with acquisition

'

'

'

'

'

'

4,034,970

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total equity issued directly to seller

'

'

'

'

'

'

'

'

'

'

'

60,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total cash paid for acquisition

'

'

'

'

'

'

'

'

'

'

'

265,558,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

$14.87

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

$14.87

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net purchase price of acquired entity for accounting purposes

'

'

'

'

'

'

'

'

'

'

'

325,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

307,783,000

250,370,000

852,118,000

679,929,000

'

'

'

'

11,300,000

11,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,300,000

24,200,000

'

'

'

'

'

NET INCOME

33,643,000

15,817,000

73,682,000

64,752,000

'

'

'

'

900,000

900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,600,000

3,000,000

'

'

'

'

'

Intangible Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of intangibles at acquisition

'

'

'

'

'

'

'

'

4,908,000

4,908,000

4,908,000

'

4,207,000

'

'

'

'

15,000

'

'

686,000

'

'

'

'

'

'

'

'

'

'

Accumulated amortization

'

'

'

'

'

'

'

'

-242,000

-242,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net balance of intangibles at end of period

'

'

'

'

'

'

'

'

4,666,000

4,666,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected Life at Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'48 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'18 months

'102 months

'102 months

Amortization expense

'

'

5,507,000

8,255,000

'

'

'

'

242,000

242,000

'

'

'

218,000

218,000

-9,000

-9,000

'

33,000

33,000

'

'

'

'

'

'

'

'

'

'

'

Unaudited pro forma results of operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels acquired

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

Revenues

310,268,000

286,641,000

885,487,000

825,753,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income available to common stockholders from continuing operations

$30,177,000

$16,610,000

$63,004,000

$13,030,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income per diluted share available to common stockholders from continuing operations

$0.15

$0.10

$0.33

$0.08

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

31-May-14

Jan. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jan. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Jan. 31, 2013

Preferred equity investment

Preferred equity investment

Preferred equity investment

Preferred equity investment

Preferred equity investment

Preferred equity investment

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

Kahler Grand

Commercial laundry facility

Kahler Inn & Suites

Marriott Rochester

Residence Inn by Marriott Rochester

Maximum

item

Indemnification Agreement [Member]

Indemnification Agreement [Member]

Indemnification Agreement [Member]

room

room

room

room

Rochester Portfolio

room

Discontinued Operations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels and/or other assets sold

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

Cash proceeds held by accommodator

'

'

'

'

'

'

'

'

'

'

'

145,700,000

'

'

'

'

'

'

'

'

'

'

'

Gain (loss) on sale

'

5,199,000

51,620,000

'

'

'

'

'

'

'

7,000,000

51,600,000

'

'

'

'

'

'

'

'

'

'

'

Preferred equity investment

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend yield on preferred equity investment (as a percent)

'

'

'

'

11.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred gain on sale of asset

7,000,000

7,000,000

'

14,000,000

25,000,000

'

'

'

'

'

'

3,700,000

7,000,000

'

'

'

'

'

'

'

'

'

'

Dividends on the preferred equity investment

'

'

'

'

'

700,000

700,000

2,100,000

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Working cash advance provided to buyer

'

'

'

'

'

'

'

'

'

'

'

3,700,000

'

'

'

'

'

'

'

'

'

'

'

Carrying value of asset net of deferred gain

'

'

'

'

'

0

'

0

'

0

'

'

0

0

'

'

'

'

'

'

'

'

'

Defined Benefit Pension Plan, Liabilities

'

'

'

'

'

'

'

'

'

'

'

14,000,000

7,000,000

14,000,000

'

'

'

'

'

'

'

'

14,000,000

Reduction in pension plan liability

'

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of mortgage debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,700,000

400,000

'

'

'

'

Loss on extinguishment of debt

531,000

531,000

44,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,100,000

'

'

'

'

'

Total cost to extinguish debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,800,000

'

'

'

'

'

Settlement costs accrued during the period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

1,800,000

'

'

'

'

'

'

Number of hotels for which potential future costs for certain capital expenditures exist

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

1

'

'

'

'

'

'

Estimated liability, minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

Estimated liability, maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

'

'

'

'

Total amount accrued for contingency

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000

'

'

'

'

'

'

'

Loss contingency payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

'

Balance of accrued settlement costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$800,000

'

'

'

'

'

'

'

Discontinued_Operations_Detail1

Discontinued Operations (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations	'	'
Operating revenues	'	$3,690
Operating expenses	'	-3,686
Interest expense	'	-99
Loss on extinguishment of debt	'	-3,115
Gain on sale of assets, net	5,199	51,620
Income from discontinued operations	$5,199	$48,410

Interest_Rate_Derivative_Agree1

Interest Rate Derivative Agreements (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

2 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Aug. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Apr. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

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

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

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Interest rate derivative agreements.

Interest rate derivative agreements.

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 Cap Agreement

Interest Rate Cap Agreement

Interest Rate Swap Agreement

Interest Rate Swap Agreement

Interest Rate Swap 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

item

item

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

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

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

JW Marriott New Orleans Mortgage Payable

item

item

item

item

Interest Rate Derivative Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

2

2

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

1

1

'

'

'

Interest rate, description of reference rate

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'three-month LIBOR

'three-month LIBOR

'one-month LIBOR

'three-month LIBOR

'one-month LIBOR

'three-month LIBOR

'

'

'

'

'

'

'LIBOR

'

'

'LIBOR

'

'

'

'

'

'LIBOR

'

'

Interest rate added to base rate (as a percent)

'

'

'

'

'

3.25%

3.25%

2.25%

3.25%

3.25%

2.25%

3.25%

2.25%

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 liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$700,000

$1,100,000

'

'

'

Fair values of derivative assets

2,000

'

2,000

'

16,000

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000

16,000

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

178,000,000

179,600,000

'

117,000,000

117,000,000

'

'

'

'

'

39,100,000

39,800,000

Cost of new interest rate cap agreement

'

'

'

12,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,000

'

'

'

'

'

'

'

'

'

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

$200,000

$12,000

$395,000

$429,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other_Assets_Details

Other Assets (Details) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

BuyEfficient, LLC

Minimum

Maximum

Other assets, net

'

'

'

'

'

'

'

'

'

'

'

'

Property and equipment, net

'

$2,234,000

$2,234,000

'

$2,478,000

'

'

'

'

'

'

'

Land held for development

'

188,000

188,000

'

188,000

'

'

'

'

'

'

'

Intangibles, net

'

6,827,000

6,827,000

'

7,277,000

'

'

'

'

'

'

'

Interest rate cap derivative agreements

'

2,000

2,000

'

16,000

'

'

'

'

'

'

'

Cash trap receivables

'

'

'

'

4,443,000

'

'

'

'

'

'

'

Other receivables

'

2,414,000

2,414,000

'

3,942,000

'

'

'

'

'

'

'

Other

'

3,322,000

3,322,000

'

2,762,000

'

'

'

'

'

'

'

Total other assets, net

'

14,987,000

14,987,000

'

21,106,000

'

'

'

'

'

'

'

Property and equipment cost basis

'

11,426,000

11,426,000

'

10,933,000

'

'

'

'

'

'

'

Accumulated depreciation

'

-9,192,000

-9,192,000

'

-8,455,000

'

'

'

'

'

'

'

Useful life of intangibles

'

'

'

'

'

'

'

'

'

'

'7 years

'20 years

Accumulated amortization

'

'

'

'

'

2,200,000

'

2,200,000

'

1,800,000

'

'

Amortization expense

'

'

5,507,000

8,255,000

'

100,000

100,000

400,000

400,000

'

'

'

Proceeds from collection of cash trap receivables

4,400,000

'

'

'

'

'

'

'

'

'

'

'

Income Taxes Receivable

'

300,000

300,000

'

0

'

'

'

'

'

'

'

Prepaid Taxes

'

300,000

300,000

'

'

'

'

'

'

'

'

'

Income tax benefit

'

$600,000

$600,000

'

'

'

'

'

'

'

'

'

Notes_Payable_Details

Notes Payable (Details) (USD $)

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Aug. 31, 2014

Jul. 31, 2014

Aug. 31, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 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

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

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

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

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

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

Entity that owns the Hilton San Diego Bayfront Mortgage Payable

Doubletree Guest Suites Times Square Mortgage Payable

Doubletree Guest Suites Times Square Mortgage Payable

property

property

Minimum

Minimum

Maximum

Maximum

item

item

property

property

property

property

property

property

item

Notes payable:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable

$1,386,492,000

'

$1,404,075,000

$979,710,000

$993,164,000

'

'

'

'

'

'

'

'

$228,992,000

$228,992,000

'

$228,992,000

$231,451,000

$177,790,000

$179,460,000

Less: current portion

-159,696,000

'

-23,289,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable, less current portion

1,226,796,000

'

1,380,786,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

14

'

'

'

'

'

'

'

'

1

1

'

1

1

1

1

Interest rate, description of reference rate

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'three-month LIBOR

'

'three-month LIBOR

'one-month LIBOR

'

'three-month LIBOR

'one-month LIBOR

'three-month LIBOR

'one-month LIBOR

'one-month LIBOR

Interest rate added to base rate (as a percent)

'

'

'

'

'

'

'

'

'

2.25%

3.25%

'

3.25%

2.25%

'

3.25%

2.25%

3.25%

3.25%

3.25%

Number of lenders

'

'

'

'

'

'

'

'

'

'

'

3

4

'

'

'

'

'

'

'

Payment of deferred financing fees

1,332,000

243,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Costs incurred due to debt amendment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000

'

'

'

'

'

Debt Related Commitment Fees and Debt Issuance Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

Write-off of deferred financing fees

'

'

'

'

'

'

'

'

'

'

'

$500,000

'

'

$500,000

'

'

'

'

'

Notes_Payable_Details_2

Notes Payable (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest incurred and expensed on the notes payable	'	'	'	'
Gain on derivatives, net	($200,000)	($12,000)	($395,000)	($429,000)
Accretion of Senior Notes	'	'	'	3,000
Total interest incurred and expensed on the notes payable	18,052,000	18,854,000	54,666,000	53,540,000
Notes payable.	'	'	'	'
Interest incurred and expensed on the notes payable	'	'	'	'
Interest expense on debt and capital lease obligations	17,540,000	18,130,000	52,916,000	51,747,000
Gain on derivatives, net	-161,000	-12,000	-395,000	-429,000
Accretion of Senior Notes	'	'	'	3,000
Amortization of deferred financing fees	673,000	736,000	2,145,000	2,219,000
Total interest incurred and expensed on the notes payable	$18,052,000	$18,854,000	$54,666,000	$53,540,000

Other_Current_Liabilities_and_2

Other Current Liabilities and Other Liabilities (Details) (USD $)	3 Months Ended			9 Months Ended			1 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	31-May-14	Jan. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
							Rochester Portfolio	Rochester Portfolio	Rochester Portfolio	Rochester Portfolio
Other Current Liabilities	'	'	'	'	'	'	'	'	'	'
Property, sales and use taxes payable	$20,185,000	'	'	$20,185,000	'	$14,482,000	'	'	'	'
Income tax payable	389,000	'	'	389,000	'	'	'	'	'	'
Accrued interest	4,086,000	'	'	4,086,000	'	3,078,000	'	'	'	'
Advance deposits	13,594,000	'	'	13,594,000	'	8,259,000	'	'	'	'
Management fees payable	1,489,000	'	'	1,489,000	'	1,077,000	'	'	'	'
Other	4,012,000	'	'	4,012,000	'	3,392,000	'	'	'	'
Other Current Liabilities	43,755,000	'	'	43,755,000	'	30,288,000	'	'	'	'
Current Income Tax Expense (Benefit)	'	'	'	400,000	'	'	'	'	'	'
Income tax benefit (provision)	413,000	-424,000	'	79,000	-6,710,000	'	'	'	'	'
Other Liabilities	'	'	'	'	'	'	'	'	'	'
Deferred gain on sale of asset	7,000,000	'	'	7,000,000	'	14,000,000	'	3,700,000	7,000,000	'
Interest rate swap derivative agreement	657,000	'	'	657,000	'	1,066,000	'	'	'	'
Accrued income tax	1,528,000	'	'	1,528,000	'	1,491,000	'	'	'	'
Deferred revenue	6,552,000	'	'	6,552,000	'	6,918,000	'	'	'	'
Deferred rent	14,370,000	'	'	14,370,000	'	12,270,000	'	'	'	'
Deferred incentive management fees	2,206,000	'	'	2,206,000	'	1,714,000	'	'	'	'
Other	2,621,000	'	'	2,621,000	'	2,499,000	'	'	'	'
Other Liabilities	34,934,000	'	'	34,934,000	'	39,958,000	'	'	'	'
Other Current Liabilities and Other Liabilities	'	'	'	'	'	'	'	'	'	'
Portfolio's pension plan liability	'	'	'	'	'	'	'	14,000,000	7,000,000	14,000,000
Reduction in pension plan liability	'	'	'	'	'	'	7,000,000	'	'	'
Gain (loss) on sale	'	'	'	5,199,000	51,620,000	'	7,000,000	51,600,000	'	'
Unrecognized Tax Benefits, Period Increase (Decrease)	'	'	1,500,000	'	'	'	'	'	'	'
Interest expense incurred on unrecognized tax benefit	$13,000	'	'	$37,000	'	'	'	'	'	'

Series_C_Cumulative_Convertibl1

Series C Cumulative Convertible Redeemable Preferred Stock (Details) (USD $)	1 Months Ended
In Millions, except Share data, unless otherwise specified	31-May-13
Series C Cumulative Convertible Redeemable Preferred Stock	'
Preferred stock redeemed (in shares)	4,102,564
Amount paid to redeem Series C preferred stock	$101.10
Accrued dividends	1.1
Additional redemption charge	$0.10
Preferred stock, Series C Cumulative Convertible Redeemable Preferred Stock, shares outstanding (in shares)	0

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Feb. 28, 2014

Mar. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Nov. 30, 2013

Feb. 28, 2013

Sep. 30, 2014

Jul. 31, 2014

Jun. 30, 2014

Maximum

Series A Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Series D Cumulative Redeemable Preferred Stock

Common Stock

Common Stock

Common Stock

Marriott Wailea

Marriott Wailea

Common Stock

Common Stock

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares redeemed

'

'

'

'

7,050,000

'

'

'

'

'

'

'

Preferred Stock, Dividend Rate, Percentage

'

'

'

'

8.00%

8.00%

8.00%

'

'

'

'

'

Number of shares of stock issued

'

'

'

'

'

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

4,600,000

4,600,000

'

'

'

'

'

Liquidation preference (in dollars per share)

'

'

'

'

'

$25

$25

'

'

'

'

'

Future redemption price (in dollars per share)

'

'

'

'

'

$25

$25

'

'

'

'

'

Number of shares issued in connection with acquisition

'

'

'

'

'

'

'

'

'

'

4,034,970

'

Total equity issued directly to seller

'

'

'

'

'

'

'

'

'

'

60,000,000

'

Issuance of common stock in connection with hotel acquisition, net

59,934,000

'

'

'

'

'

'

'

'

'

'

'

Payment of common stock offering costs

-614,000

-376,000

'

'

'

'

'

'

'

'

-100,000

'

Net proceeds from issuance of common stock

263,644,000

'

'

'

'

'

'

270,900,000

294,900,000

1,200,000

'

262,500,000

Number of shares issued

'

'

'

'

'

'

'

20,000,000

25,300,000

99,460

'

18,000,000

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

'

'

279,700,000

'

'

'

'

'

'

'

'

'

Number of shares of the underwriters' over-allotment issued

'

'

'

'

'

'

'

'

3,300,000

'

'

'

Authorized amount for repurchase

'

'

'

$150,000,000

'

'

'

'

'

'

'

'

LongTerm_Incentive_Plan_Detail

Long-Term Incentive Plan (Details) (USD $)	9 Months Ended		3 Months Ended		9 Months Ended				1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Aug. 31, 2011	Aug. 31, 2011
			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	Restricted Shares and Performance awards	Time-based shares	Performance-based shares
							Minimum	Maximum	Kenneth E. Cruse	Kenneth E. Cruse
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
Compensation Expense, including forfeitures	'	'	$2,178	$1,861	$6,885	$5,301	'	'	'	'
Net-settle adjustment	'	'	'	'	-2,116	'	'	'	'	'
Amortization related to shares issued to design and construction employees	354	293	'	'	354	'	'	'	'	'
Vesting of restricted stock presented on statement of equity	$5,123	'	'	'	$5,123	'	'	'	'	'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jan. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

item

item

Buildings and improvements

Buildings and improvements

Furniture, fixtures and equipment

Furniture, fixtures and equipment

Minimum

Maximum

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Hyatt Chicago Magnificent Mile

Acquisitions 2014

Acquisitions 2014

California

New York

Illinois

Massachusetts

Greater Washington DC Area

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

Renovation and Construction Commitments

Workers' compensation insurance programs

Indemnification Agreement [Member]

Indemnification Agreement [Member]

Indemnification Agreement [Member]

Fairmont Newport Beach Land Member

Fairmont Newport Beach Land Member

item

item

item

item

item

California

New York

Illinois

Massachusetts

Greater Washington DC Area

California

New York

Illinois

Massachusetts

Greater Washington DC Area

Rochester Portfolio

Rochester Portfolio

Rochester Portfolio

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

$8,474,000

$6,746,000

$23,455,000

$18,564,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

'

'

'

65,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total basic management fees

8,474,000

6,746,000

23,455,000

18,629,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive management fees incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - property general and administrative expense

1,143,000

800,000

3,101,000

2,286,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

License and Franchise Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - franchise costs

10,022,000

8,770,000

28,360,000

24,019,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discontinued operations

'

'

'

73,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

License and franchise costs incurred

10,022,000

8,770,000

28,360,000

24,092,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Royalty expense

3,100,000

3,000,000

8,700,000

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Renovation and Construction Commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining construction commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

54,900,000

'

'

'

'

Capital Leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease obligation, noncurrent

15,576,000

'

15,576,000

'

15,586,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease obligation, current

21,000

'

21,000

'

35,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease contingent rent criteria (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage rent paid

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets under capital lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital Leased Assets, Gross

58,903,000

'

58,903,000

'

58,903,000

58,799,000

58,799,000

104,000

104,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated depreciation

-3,470,000

'

-3,470,000

'

-2,356,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease assets, net

55,433,000

'

55,433,000

'

56,547,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum lease payments under capital leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

1,423,000

'

1,423,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

1,403,000

'

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

1,403,000

'

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

1,403,000

'

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

1,403,000

'

1,403,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

109,765,000

'

109,765,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total minimum lease payments

116,800,000

'

116,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Amount representing interest

-101,203,000

'

-101,203,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Present value of net minimum lease payments

15,597,000

'

15,597,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ground and Operating Leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Continuing operations - property tax, ground lease and insurance expense

4,507,000

4,524,000

13,474,000

13,110,000

'

'

'

'

'

'

'

'

'

'

'

-300,000

-400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Lease expense on corporate facility

100,000

100,000

300,000

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration of Risk

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels which are held for investment

30

'

30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

3

3

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31.00%

9.00%

8.00%

14.00%

13.00%

33.00%

12.00%

7.00%

14.00%

12.00%

'

'

'

'

'

Other

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Settlement costs accrued during the period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

1,800,000

'

Number of hotels for which potential future costs for certain capital expenditures exist

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

'

Estimated liability, minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

Estimated liability, maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

Balance of accrued settlement costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

Outstanding irrevocable letters of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

'

'

Term of unsecured environmental indemnities

'

'

'0 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Damage limitation of unsecured environmental indemnities

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds received from draw on line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'