Sunstone Hotel Investors (SHO) 10-K19 Feb 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 12, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	Sunstone Hotel Investors, Inc.
Entity Central Index Key	1295810
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$3
Entity Common Stock, Shares Outstanding		208,512,765
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$222,096	$104,363
Restricted cash	82,074	89,306
Accounts receivable, net	34,227	29,941
Inventories	1,439	1,464
Prepaid expenses	14,909	12,612
Total current assets	354,745	237,686
Investment in hotel properties, net	3,538,129	3,231,382
Deferred financing fees, net	8,201	9,219
Goodwill	9,405	9,405
Other assets, net	14,485	21,106
Total assets	3,924,965	3,508,798
Current liabilities:
Accounts payable and accrued expenses	32,577	25,116
Accrued payroll and employee benefits	31,919	29,933
Dividends payable	76,694	11,443
Other current liabilities	36,466	30,288
Current portion of notes payable	121,328	23,289
Total current liabilities	298,984	120,069
Notes payable, less current portion	1,307,964	1,380,786
Capital lease obligations, less current portion	15,576	15,586
Other liabilities	33,607	39,958
Total liabilities	1,656,131	1,556,399
Commitments and contingencies (Note 13)
Preferred stock
Common stock, $0.01 par value, 500,000,000 shares authorized, 204,766,718 shares issued and outstanding at December 31, 2014 and 180,858,699 shares issued and outstanding at December 31, 2013	2,048	1,809
Additional paid in capital	2,418,567	2,068,721
Retained earnings	305,627	224,364
Cumulative dividends	-624,545	-511,444
Total stockholders' equity	2,216,697	1,898,450
Non-controlling interest in consolidated joint ventures	52,137	53,949
Total equity	2,268,834	1,952,399
Total liabilities and equity	3,924,965	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 $)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$0.01	$0.01
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)	204,766,718	180,858,699
Common stock, shares outstanding (in shares)	204,766,718	180,858,699
Series D Cumulative Redeemable Preferred Stock
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares issued (in shares)	4,600,000	4,600,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, shares outstanding (in shares)	4,600,000	4,600,000
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, dividend rate (as a percent)	8.00%	8.00%
Preferred stock, 8.0% Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share)	$25	$25

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Room	$811,709	$653,955	$576,146
Food and beverage	259,358	213,346	200,810
Other operating	70,931	56,523	52,128
Total revenues	1,141,998	923,824	829,084
OPERATING EXPENSES
Room	214,899	170,361	147,932
Food and beverage	180,053	147,713	139,106
Other operating	21,012	16,819	16,162
Advertising and promotion	54,992	47,306	42,474
Repairs and maintenance	45,901	35,884	32,042
Utilities	34,141	27,006	25,596
Franchise costs	38,271	32,932	30,067
Property tax, ground lease and insurance	84,665	79,004	66,830
Property general and administrative	126,737	103,454	94,642
Corporate overhead	28,739	26,671	24,316
Depreciation and amortization	155,845	137,476	130,907
Total operating expenses	985,255	824,626	750,074
Operating income	156,743	99,198	79,010
Interest and other income	3,479	2,821	297
Interest expense	-72,315	-72,239	-76,821
Loss on extinguishment of debt	-4,638	-44	-191
Income before income taxes and discontinued operations	83,269	29,736	2,295
Income tax provision	-179	-8,145	-1,148
Income from continuing operations	83,090	21,591	1,147
Income from discontinued operations	4,849	48,410	48,410
NET INCOME	87,939	70,001	49,557
Income from consolidated joint venture attributable to non-controlling interest	-6,676	-4,013	-1,761
Distributions to non-controlling interest	-32	-32	-31
Preferred stock dividends and redemption charges	-9,200	-19,013	-29,748
Income available to common stockholders	$72,031	$46,943	$18,017
Basic and diluted per share amounts:
Income (loss) from continuing operations available (attributable) to common stockholders (in dollars per share)	$0.34	($0.01)	($0.24)
Income from discontinued operations (in dollars per share)	$0.03	$0.30	$0.38
Basic and diluted income available to common stockholders per common share (in dollars per share)	$0.37	$0.29	$0.14
Basic and diluted weighted average common shares outstanding (in shares)	192,674	161,784	127,027

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$87,939	$70,001	$49,557
Pension liability adjustment			-419
Reclassification to income from discontinued operations		5,335
Comprehensive income	87,939	75,336	49,138
Income from consolidated joint venture attributable to non-controlling interest	-6,676	-4,013	-1,761
Distributions to non-controlling interest	-32	-32	-31
Preferred stock dividends and redemption charges	-9,200	-19,013	-29,748
Comprehensive income available to common stockholders	$72,031	$52,278	$17,598

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Series A Cumulative Redeemable Preferred Stock	Series A Cumulative Redeemable Preferred Stock	Series A Cumulative Redeemable Preferred Stock	Series C Cumulative Convertible Redeemable Preferred Stock	Series C Cumulative Convertible Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Series D Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid In Capital	Retained Earnings	Cumulative Dividends	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Consolidated Joint Ventures	Total
In Thousands, except Share data, unless otherwise specified	Preferred Stock	Cumulative Dividends	Series A Cumulative Redeemable Preferred Stock	Cumulative Dividends	Series C Cumulative Convertible Redeemable Preferred Stock	Preferred Stock	Cumulative Dividends	Series D Cumulative Redeemable Preferred Stock	Common Stock	Additional Paid In Capital	Retained Earnings	Cumulative Dividends	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Consolidated Joint Ventures	Total
Beginning Balance at Dec. 31, 2011	$176,250					$115,000			$1,173	$1,312,566	$110,580	($445,396)	($4,916)	$60,037	$1,325,294
Beginning Balance (in shares) at Dec. 31, 2011	7,050,000					4,600,000			117,265,090
Increase (Decrease) in Stockholders' Equity
Net proceeds from sale of common stock									121	126,058					126,179
Net proceeds from sale of common stock (in shares)									12,143,273
Issuance of common stock in connection with hotel acquisition, net									55	51,008					51,063
Issuance of common stock in connection with hotel acquisition, net (in shares)									5,454,164
Vesting of restricted common stock									3	3,765					3,768
Vesting of restricted common stock (in shares)									374,911
Distributions to non-controlling interests														-6,381	-6,381
Preferred dividends and dividends payable		-14,100	-14,100	-6,448	-6,448		-9,200	-9,200
Net income											47,796			1,761	49,557
Pension liability adjustment													-419		-419
Ending Balance at Dec. 31, 2012	176,250					115,000			1,352	1,493,397	158,376	-475,144	-5,335	55,417	1,519,313
Ending Balance (in shares) at Dec. 31, 2012	7,050,000					4,600,000			135,237,438
Increase (Decrease) in Stockholders' Equity
Net proceeds from sale of common stock									453	565,307					565,760
Net proceeds from sale of common stock (in shares)									45,300,000
Vesting of restricted common stock									4	5,247					5,251
Vesting of restricted common stock (in shares)									321,261
Redemptions of Series A and Series C preferred stock	-176,250									4,770		-4,770			-176,250
Redemptions of Series A and Series C preferred stock (in shares)	-7,050,000
Distributions to non-controlling interests														-5,481	-5,481
Cash common stock dividends and dividends payable												-17,287			-17,287
Preferred dividends and dividends payable		-2,350	-2,350	-2,693	-2,693		-9,200	-9,200
Net income											65,988			4,013	70,001
Pension liability reclassification													5,335		5,335
Ending Balance at Dec. 31, 2013						115,000			1,809	2,068,721	224,364	-511,444		53,949	1,952,399
Ending 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									194	283,262					283,456
Net proceeds from sale of common stock (in shares)									19,352,703
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	6,690					6,695
Vesting of restricted common stock (in shares)									520,346
Distributions to non-controlling interests														-8,488	-8,488
Cash and/or stock common stock dividends and dividends payable												-103,901			-103,901
Preferred dividends and dividends payable							-9,200	-9,200
Net income											81,263			6,676	87,939
Ending Balance at Dec. 31, 2014						$115,000			$2,048	$2,418,567	$305,627	($624,545)		$52,137	$2,268,834
Ending Balance (in shares) at Dec. 31, 2014						4,600,000			204,766,718

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF EQUITY
Common stock dividends and dividends payable, per share (in dollars per share)	$0.51	$0.10
Series A preferred dividends and dividends payable, per share (in dollars per share)		$0.50	$2
Series C preferred dividends and dividends payable, per share (in dollars per share)		$0.79	$1.57
Series D preferred dividends and dividends payable, per share (in dollars per share)	$2	$2	$2

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$87,939,000	$70,001,000	$49,557,000
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	368,000	294,000	410,000
Gain on sale of assets, net	-5,292,000	-51,632,000	-38,274,000
Loss on extinguishment of debt	4,638,000	3,159,000	191,000
(Gain) loss on derivatives, net	-529,000	-525,000	406,000
Depreciation	152,581,000	131,793,000	128,206,000
Amortization of franchise fees and other intangibles	7,543,000	10,115,000	20,198,000
Amortization and write-off of deferred financing fees	2,777,000	2,957,000	3,952,000
Amortization of loan discounts		3,000	1,058,000
Amortization of deferred stock compensation	6,221,000	4,858,000	3,466,000
Changes in operating assets and liabilities:
Restricted cash	11,543,000	-11,688,000	-249,000
Accounts receivable	-1,532,000	1,740,000	4,587,000
Inventories	100,000	1,524,000	-271,000
Prepaid expenses and other assets	3,121,000	2,724,000	-7,906,000
Accounts payable and other liabilities	7,273,000	7,001,000	2,279,000
Accrued payroll and employee benefits	1,844,000	-1,637,000	2,983,000
Discontinued operations		432,000	903,000
Net cash provided by operating activities	278,595,000	171,119,000	171,496,000
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of hotel properties and other assets	110,000	195,628,000	46,367,000
Restricted cash - replacement reserve	-4,311,000	1,272,000	-10,743,000
Acquisitions of hotel properties and other assets	-276,558,000	-450,544,000	-120,003,000
Renovations and additions to hotel properties and other assets	-125,975,000	-117,694,000	-109,321,000
Payment for interest rate derivative		-12,000
Net cash used in investing activities	-406,734,000	-371,350,000	-193,700,000
CASH FLOWS FROM FINANCING ACTIVITIES
Redemptions of preferred stock		-276,250,000
Proceeds from common stock offerings	284,390,000	566,451,000	126,533,000
Payment of common stock offering costs	-1,000,000	-691,000	-451,000
Proceeds from notes payable and credit facility	178,250,000	35,750,000	15,000,000
Payments on notes payable and credit facility	-153,033,000	-141,527,000	-73,328,000
Payments for costs related to extinguishment of notes payable	-4,051,000	-3,108,000	-70,000
Payments of deferred financing costs	-2,346,000	-243,000	-1,332,000
Dividends paid	-47,850,000	-27,524,000	-29,748,000
Distributions to non-controlling interests	-8,488,000	-5,481,000	-6,381,000
Net cash provided by financing activities	245,872,000	147,377,000	30,223,000
Net increase (decrease) in cash and cash equivalents	117,733,000	-52,854,000	8,019,000
Cash and cash equivalents, beginning of year	104,363,000	157,217,000	149,198,000
Cash and cash equivalents, end of year	222,096,000	104,363,000	157,217,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	69,511,000	71,563,000	78,234,000
Cash paid for income taxes, net of refunds received	273,000	7,143,000	1,023,000
NONCASH INVESTING ACTIVITY
Accounts payable related to renovations and additions to hotel properties and other real estate	8,670,000	7,842,000	5,897,000
Amortization of deferred stock compensation - construction activities	474,000	393,000	302,000
NONCASH FINANCING ACTIVITY
Issuance of common stock in connection with acquisitions of hotel properties	60,000,000		51,160,000
Assignment of debt in connection with dispositions of hotel properties			-122,622,000
Assumption of debt in connection with acquisition of hotel property		119,190,000
Dividends payable	76,694,000	11,443,000	7,437,000
Acquisitions 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	3,500,000
Acquisitions 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		2,800,000
Acquisitions 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			-1,100,000
Marriott Wailea \| Acquisitions 2014
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of franchise fees and other intangibles	$533,000

Organization_and_Description_o

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 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 December 31, 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, the Company owns BuyEfficient, LLC (“BuyEfficient”), an electronic purchasing platform that allows members to procure food, operating supplies, furniture, fixtures and equipment.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 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 December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company consolidates subsidiaries when it has the ability to direct the activities that most significantly impact the economic performance of the entity. The Company also evaluates its subsidiaries to determine if they should be considered variable interest entities (“VIEs”). Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. The Company considers an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company reviewed its subsidiaries to determine if (i) they should be considered VIEs, and (ii) whether the Company should change its consolidation determination based on changes in the characteristics of these entities. Based on its review, the Company determined that all of its subsidiaries were properly consolidated as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012.

	Non-controlling interests at both December 31, 2014 and 2013 represent the outside equity interests in various consolidated affiliates of the Company.

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

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

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

	Reporting Periods

	The results the Company reports in its consolidated statements of operations are based on results reported to the Company by its hotel managers. Prior to 2013, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations each for the first three quarters of the year, and sixteen or seventeen weeks of operations for the fourth quarter of the year. Beginning in 2013, Marriott switched its reporting to a standard monthly calendar; however, Marriott’s 2013 calendar contains an additional three days, December 29, 2012 through December 31, 2012. The Company and its other hotel managers use a standard monthly calendar to report their financial information. The Company has elected to adopt quarterly close periods of March 31, June 30 and September 30, and an annual year end of December 31. As a result, the Company’s 2013 and 2012 results of operations for 10 of the Company’s Marriott-managed hotels are reported using the following reporting periods:





							Number of
							days in 2013
			2013		2012		versus 2012 (1)
	First quarter		December 29 — March 31		December 31 — March 23		8 days
	Second quarter		April 1 — June 30		March 24 — June 15		7 days
	Third quarter		July 1 — September 30		June 16 — September 7		8 days
	Fourth quarter		October 1 — December 31		September 8 — December 28		(20 days)
	Full year		December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days


		-1		Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.

	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):



			2014			2013 (1)			2012 (1)
	Total revenue		$	—		$	2,300		$	-1,251
	Net income		$	—		$	672		$	-328


		-1		Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days) and 2012 (364 days) versus a standard 365 day year.

	Cash and Cash Equivalents

	Cash and cash equivalents are defined as cash on hand and in various bank accounts plus all short-term investments with an original maturity of three months or less.

	The Company maintains cash and cash equivalents and certain other financial instruments with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2014 and 2013, the Company had amounts in banks that were in excess of federally insured amounts.

	Restricted Cash

	Restricted cash is comprised of reserve accounts for debt service, interest reserves, capital replacements, ground leases, and property taxes. These restricted funds are subject to supervision and disbursement approval by certain of the Company’s lenders and/or hotel managers.

	Accounts Receivable

	Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from customers who utilize purchase volume rebates through BuyEfficient, as well as tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. The Company’s accounts receivable includes an allowance for doubtful accounts of $0.2 million at both December 31, 2014 and 2013.

	Inventories

	Inventories, consisting primarily of food and beverages at the hotels, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis.

Acquisitions of Hotel Properties and Other Entities

Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, intangible assets and any capital lease obligations that are assumed as part of the acquisition of a leasehold interest. During 2014, 2013 and 2012, 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 Marriott Wailea, the Hilton New Orleans St. Charles, the Boston Park Plaza, the Hyatt Regency San Francisco, the Hyatt Chicago Magnificent Mile and the Hilton Garden Inn Chicago Downtown/Magnificent Mile. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.

Investments In Hotel Properties and Other Assets

Hotel properties and other investments are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 35 years for buildings and improvements and three to 12 years for furniture, fixtures and equipment. Intangible assets are amortized using the straight-line method over their estimated useful life or over the length of the related agreement, whichever is shorter.

The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the lives of the franchise agreements ranging from 14 to 27 years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.

The Company follows the requirements of the Property, Plant and Equipment Topic of the FASB ASC, which requires impairment losses to be recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows expected to be generated by those assets are less than the assets’ carrying amount. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment is recognized. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In computing fair value, the Company uses a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets, taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. In 2014, 2013 and 2012, the Company did not identify any properties or other assets with indicators of impairment. Based on the Company’s review, management believes that there were no other impairments on its long-lived assets, and that the carrying values of its hotel properties and other assets are recoverable at December 31, 2014.

Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties and other assets is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.

Assets Held for Sale

The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months, among other requirements. A sale is determined to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, and the Company has received a substantial non-refundable deposit. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. If the sale of the hotel or other asset represents 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 December 31, 2014 and 2013, the Company had no hotels or other assets held for sale. As of December 31, 2012, the Company classified four hotels and a commercial laundry facility as held for sale due to their sale in January 2013.

Deferred Financing Fees

Deferred financing fees consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments, and are amortized to interest expense over the terms of the related debt or commitment. If a loan is refinanced or paid before its maturity, any related 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.

During 2014, the Company amended the mortgage secured by the Hilton San Diego Bayfront, and refinanced the mortgages secured by the JW Marriott New Orleans and the Embassy Suites La Jolla (see Note 7). In conjunction with these financing transactions, the Company paid additional deferred financing fees of $2.3 million, which are amortized over the terms of the modified and new loans. In addition, a total of $0.6 million of deferred financing fees were written off, which are included in the Company’s results of operations as loss on extinguishment of debt.

During 2013, the Company paid deferred financing fees of $0.2 million related to the assumption of a mortgage in connection with the acquisition of the Boston Park Plaza and the purchase of an interest rate cap derivative agreement on the Hilton San Diego Bayfront mortgage.

During 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment of its credit facility. In addition, the Company wrote-off $0.2 million in deferred financing fees, which is included in the Company’s results of operations as loss on extinguishment of debt, related to its sales of the Marriott Del Mar, the Doubletree Guest Suites Minneapolis, the Hilton Del Mar and the Marriott Troy, along with a nominal amount written off related to its repayment of the non-recourse mortgage secured by the Renaissance Long Beach.

Total amortization and write-off of deferred financing fees for 2014, 2013 and 2012 was as follows (in thousands):



		2014			2013			2012
Continuing operations:
Amortization of deferred financing fees		$	2,777		$	2,955		$	3,690
Write-off of deferred financing fees			—			—			3
Total deferred financing fees — continuing operations			2,777			2,955			3,693
Discontinued operations:
Amortization of deferred financing fees			—			2			74
Write-off of deferred financing fees			—			—			185
Total deferred financing fees — discontinued operations			—			2			259
Total amortization and write-off of deferred financing fees		$	2,777		$	2,957		$	3,952

Goodwill and BuyEfficient Intangibles

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

Based on its annual impairment evaluations for 2014, 2013 and 2012, the Company determined that no adjustments to its goodwill were required.

The Company’s other assets, net includes BuyEfficient’s intangibles related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straight-line method over their useful lives ranging between seven to 20 years.

Property and Equipment

Property and equipment is stated on the cost basis and includes computer equipment and other corporate office equipment and furniture. Property and equipment is depreciated on a straight-line basis over the estimated useful lives ranging from three to 12 years. The Company includes property and equipment, net of related accumulated depreciation, in its other assets, net on the accompanying consolidated balance sheets.

Fair Value of Financial Instruments

As of December 31, 2014 and 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 Disclosures Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:


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

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

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

As discussed in Note 5, the Company held two interest rate cap agreements at December 31, 2014 and 2013. At December 31, 2013, the Company also held one interest rate swap agreement. The Company holds its interest rate protection agreements 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 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. Using Level 2 measurements, the Company determined that the total value of the interest rate cap agreements at December 31, 2014 was de minimis. At December 31, 2013, the Company has valued the derivative interest rate cap agreements as an asset of $16,000. The interest rate cap agreements are included in other assets, net, in the accompanying consolidated balance sheets. At December 31, 2013, the Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $1.1 million. The interest rate swap agreement is included in other liabilities in the accompanying consolidated balance sheets.

On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company did not identify any properties or other assets with indicators of impairment during 2014, 2013 or 2012.

On an annual basis and periodically when indicators of impairment exist, the Company also analyzes the carrying value of its goodwill using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its reporting units. The Company did not identify any properties with indicators of goodwill impairment in 2014, 2013 or 2012.

As of December 31, 2014 and 2013, 71.6% and 70.7% (including the effect of an interest rate swap agreement), respectively, of the Company’s outstanding debt had fixed interest rates. The Company’s carrying value of its debt totaled $1.4 billion as of both December 31, 2014 and 2013. Using Level 3 measurements, including the Company’s weighted average cost of debt ranging from 4.5% to 5.0%, the Company estimates that the fair market value of its debt totaled $1.4 billion as of both December 31, 2014 and 2013.

The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at December 31, 2014 and 2013 (in thousands):



		Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
December 31, 2014:
Interest rate cap derivative agreements		$	—		$	—		$	—		$	—
Life insurance policy (1)			1,198			—			1,198			—

Total assets at December 31, 2014		$	1,198		$	—		$	1,198		$	—

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, which is 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 December 31, 2014 and 2013 (in thousands):



		Fair Value Measurements at Reporting Date
		Total			Level 1			Level 2			Level 3
December 31, 2014:
Interest rate swap derivative agreement		$	—		$	—		$	—		$	—
Retirement benefit agreement (1)			1,198			—			1,198			—

Total liabilities at December 31, 2014		$	1,198		$	—		$	1,198		$	—

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 agreement 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 December 31, 2014, which was reimbursed to the Company using funds from the related split life insurance policy noted above. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.

Revenue Recognition

Room revenue and food and beverage revenue are recognized as earned, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. Revenue for these rooms is booked at the price the Company sold the room to the independent internet travel intermediary less any discount or commission paid.

Other operating revenue consists of revenue derived from incidental hotel services such as telephone/internet, transportation, parking, spa, entertainment and other guest services, along with tenant lease revenues relating to hotel space leased by third parties. Other operating revenue also includes revenue generated by BuyEfficient. Revenues from incidental hotel services and BuyEfficient are recognized in the period the related services are provided or the revenue is earned.

Advertising and Promotion Costs

Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.

Stock Based Compensation

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

Income Taxes

The Company has elected to be treated as a REIT pursuant to the Internal Revenue Code, as amended (the “Code”). Management believes that the Company has qualified and intends to continue to qualify as a REIT. Therefore, the Company is permitted to deduct distributions paid to its stockholders, eliminating the federal taxation of income represented by such distributions at the company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on taxable income at regular corporate tax rates.

With respect to taxable subsidiaries, the Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse.

The Income Taxes Topic of the FASB ASC addresses how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.

Non-Controlling Interests

The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of stockholders’ equity, non-controlling interests and total equity.

At December 31, 2014, 2013 and 2012, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the Hilton San Diego Bayfront. In addition, the Company is the sole common stockholder of the captive REIT that owns the Doubletree Guest Suites Times Square; however, there are also preferred investors in the captive REIT whose preferred dividends less administrative fees during 2014, 2013 and 2012 are represented as distributions to non-controlling interests on the Company’s statements of operations.

Dividends

In August 2013, the Company’s board of directors reinstated a quarterly dividend payable to the Company’s common stockholders. In addition, the Company currently pays quarterly dividends to the preferred stockholders of its 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) as declared by the Company’s board of directors. Prior to their redemption dates in March 2013 and May 2013, respectively, the Company also paid quarterly dividends to the preferred stockholders of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) and its Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) as declared by the board of directors. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.

Earnings Per Share

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

The Company follows the requirements of the Earnings Per Share Topic of the FASB ASC, which states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. During 2014 and 2013, distributed earnings representing nonforfeitable dividends of $1.0 million and $0.2 million, respectively, were allocated to the participating securities. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities during 2012. Undistributed earnings representing nonforfeitable dividends of $0.2 million were allocated to the participating securities during both 2013 and 2012. There were no undistributed earnings representing nonforfeitable dividends allocated to the participating securities during 2014.

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

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



		Year Ended			Year Ended			Year Ended
		December 31, 2014			December 31, 2013			December 31, 2012
Numerator:
Net income		$	87,939		$	70,001		$	49,557
Income from consolidated joint venture attributable to non-controlling interest			-6,676			-4,013			-1,761
Distributions to non-controlling interest			-32			-32			-31
Preferred stock dividends and redemption charges			-9,200			-19,013			-29,748
Dividends paid on unvested restricted stock compensation			-969			-201			—
Undistributed income allocated to unvested restricted stock compensation			—			-235			-203
Numerator for basic and diluted earnings available to common stockholders		$	71,062		$	46,507		$	17,814

Denominator:
Weighted average basic and diluted common shares outstanding			192,674			161,784			127,027

Basic and diluted earnings available to common stockholders per common share		$	0.37		$	0.29		$	0.14

The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the years ended December 31, 2014, 2013 and 2012, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C preferred stock issuable upon conversion were excluded from the above calculation of earnings per share for the year ended December 31, 2012, as their inclusion would have been anti-dilutive.

Segment Reporting

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

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU No. 2014-08”). ASU No. 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under ASU No. 2014-08, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results, or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. A strategic shift that has or will have a major effect on an entity’s operations and financial results could include the disposal of (1) a major line of business, (2) a major geographical area (3) a major equity method investment, or (4) other major parts of an entity. ASU No. 2014-08 expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. ASU No. 2014-08 is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within that year. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company’s early adoption of ASU No. 2014-08 in the first quarter of 2014 did not have any effect on its financial statements as the Company had no disposals (or classifications as held for sale) during the year ended December 31, 2014. In the future, when the Company has disposals (or classifications as held for sale), it will be required to determine whether such disposal meets the discontinued operations requirements under ASU No. 2014-08. Additional disclosures may be required.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU No. 2014-09”). The core principal of ASU No. 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principal, an entity will need to apply a five-step model: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 will become effective during the first quarter of 2017, and will require either a full retrospective approach or a modified retrospective approach, with early adoption prohibited. The Company is currently evaluating the impact that ASU No. 2014-09 will have on its financial statements.

In June 2014, the FASB issued Accounting Standards Update No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU No. 2014-12”), which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. ASU 2014-12 will become effective during the first quarter of 2016. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. ASU No. 2014-12 will not have an effect on the Company’s financial statements unless the Company issues grants in the future that fall within its scope.

Investment_in_Hotel_Properties

Investment in Hotel Properties	12 Months Ended
Investment in Hotel Properties	Dec. 31, 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):



			December 31,
			2014			2013
	Land		$	570,011		$	439,304
	Buildings and improvements			3,237,596			2,977,458
	Furniture, fixtures and equipment			450,057			414,192
	Intangibles			147,947			171,889
	Franchise fees			1,167			1,346
	Construction in process			68,275			34,643
				4,475,053			4,038,832
	Accumulated depreciation and amortization			-936,924			-807,450
			$	3,538,129		$	3,231,382

	Acquisitions - 2014

	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 $0.5 million during 2014, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Marriott Wailea have been included in the Company’s statements of operations from the acquisition date of July 17, 2014 through the year ended December 31, 2014. Subsequent to the Company’s acquisition of the hotel, three rooms were temporarily taken out of service, leaving 541 rooms available to sell.

	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, above/(below) market lease agreements, and in-place lease agreements. Details of the intangibles acquired are as follows (in thousands):


			Value at			Weighted Average
			Acquisition			Expected Life
	Advanced bookings		$	4,207		41 months
	Above/(Below) market lease agreements, net			15		1 month
	In-place lease agreements			686		3 to 14 months
	Total intangibles related to the 2014 acquisition			4,908		44 to 55 months
	Accumulated amortization			-533
	Net book value of intangibles related to 2014 acquisition		$	4,375



	During the year ended December 31, 2014, the Company recorded amortization expense related to its Marriott Wailea intangibles as follows (in thousands):



		2014
Advanced bookings		$	481
Above/(Below) market lease agreements, net			-21
In-place lease agreements			73
Total amortization expense on intangibles related to the 2014 acquisition		$	533

Acquisitions - 2013

In May 2013, the Company purchased the 250-room Hilton New Orleans St. Charles for a net purchase price of $59.1 million, including $0.2 million of proration credits and unrestricted cash received from the seller. The acquisition was funded with $53.2 million of proceeds generated by the Company’s January 2013 sale of four hotels and a commercial laundry facility located in Rochester, Minnesota (see Note 4), as well as with proceeds received from the Company’s February 2013 issuance of common stock. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties and hotel working capital assets and liabilities. The Company incurred acquisition-related costs of $0.4 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hilton New Orleans St. Charles have been included in the Company’s consolidated statements of operations from the acquisition date of May 1, 2013 through the year ended December 31, 2014.

In July 2013, the Company purchased the 1,053-room Boston Park Plaza for a net purchase price of $248.0 million, including $2.0 million of proration credits, unrestricted and restricted cash and other adjustments received from the seller. The acquisition was funded with $92.3 million of proceeds generated by the Company’s January 2013 sale of four hotels and a commercial laundry facility located in Rochester, Minnesota (see Note 4), the assumption of a $119.2 million non-recourse loan secured by the hotel, as well as with proceeds received from the Company’s February 2013 issuance of common stock and with cash on hand. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, hotel working capital assets, notes payable and hotel working capital liabilities. The Company incurred acquisition-related costs of $0.9 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Boston Park Plaza have been included in the Company’s consolidated statements of operations from the acquisition date of July 2, 2013 through the year ended December 31, 2014.

In December 2013, the Company purchased the 802-room Hyatt Regency San Francisco for a net purchase price of $262.5 million, including $5.5 million of purchase price adjustments comprised of restricted cash and other adjustments received from the seller. The acquisition was funded with proceeds generated by the Company’s November 2013 issuance of common stock. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price and other adjustments allocated to investment in hotel properties, prepaid expenses and other current liabilities. The Company incurred acquisition-related costs of $0.5 million during 2013, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hyatt Regency San Francisco have been included in the Company’s consolidated statements of operations from the acquisition date of December 2, 2013 through the year ended December 31, 2014.

Acquisitions - 2012

In June 2012, the Company purchased the leasehold interest in the 417-room Wyndham Chicago for a contractual purchase price of $88.425 million. The Company funded the acquisition with $29.7 million of cash on hand (including $0.3 million of proration credits) and the issuance of 5,454,164 shares of the Company’s common stock, the “Wyndham stock consideration.” The Wyndham stock consideration was determined by dividing $58.425 million by the product of (1) the closing price of $10.40 on the NYSE of the Company’s common stock on May 2, 2012 and (2) 1.03. In connection with this acquisition, the Company entered into a registration rights agreement requiring the Company to register the Wyndham stock consideration. The Company prepared the registration statement on Form S-3, which was filed with the SEC as required on June 4, 2012. Based on the $9.38 closing price of the Company’s common stock on the NYSE on June 4, 2012, the date the acquisition closed, the total purchase price of the Wyndham Chicago hotel for accounting purposes was $81.16 million, excluding proration adjustments and closing costs. Immediately upon acquisition, the Company rebranded the hotel the Hyatt Chicago Magnificent Mile. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties, hotel working capital assets and liabilities, obligations under capital lease and the Company’s common stock. During 2012, the Company incurred acquisition-related costs of $1.3 million, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hyatt Chicago Magnificent Mile have been included in the Company’s consolidated statements of operations from the acquisition date of June 4, 2012 through the year ended December 31, 2014.

In July 2012, the Company purchased the 357-room Hilton Garden Inn Chicago Downtown/Magnificent Mile for a net purchase price of $90.3 million, including $1.45 million of proration credits. The Company recorded the acquisition at fair value using an independent third-party analysis, with the purchase price allocated to investment in hotel properties and hotel working capital assets and liabilities. The Company incurred acquisition-related costs of $0.7 million and $0.2 million during 2012 and 2011, respectively, which are included in corporate overhead on the Company’s consolidated statements of operations. The results of operations for the Hilton Garden Inn Chicago Downtown/Magnificent Mile have been included in the Company’s consolidated statements of operations from the acquisition date of July 19, 2012 through the year ended December 31, 2014.

Acquired properties are included in the Company’s results of operations from the date of acquisition. The following unaudited pro forma results of operations reflect the Company’s results as if the acquisitions of the Marriott Wailea in July 2014, the Hilton New Orleans St. Charles in May 2013, the Boston Park Plaza in July 2013, the Hyatt Regency San Francisco in December 2013, the Hyatt Chicago Magnificent Mile in June 2012 and the Hilton Garden Inn Chicago Downtown/Magnificent Mile in July 2012 had occurred on January 1, 2012. In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):



		2014			2013			2012
Revenues		$	1,175,367		$	1,100,354		$	1,063,094

Income available (loss attributable) to common stockholders from continuing operations		$	74,811		$	19,931		$	-9,742

Income (loss) per diluted share available (attributable) to common stockholders from continuing operations		$	0.39		$	0.12		$	-0.08

For the year ended December 31, 2014, the Company included $27.0 million of revenues, and net income of $3.5 million in its consolidated statements of operations related to the Company’s 2014 acquisitions. For the year ended December 31, 2013, the Company included $51.0 million of revenues, and net income of $2.8 million in its consolidated statements of operations related to the Company’s 2013 acquisitions. For the year ended December 31, 2012, the Company included $27.7 million of revenues, and a net loss of $1.1 million in its consolidated statements of operations related to the Company’s 2012 acquisitions.

Intangible Assets

As of December 31, 2014 and 2013, intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):



		2014			2013
Advanced bookings (1)		$	10,621		$	35,154
Easement agreement (2)			9,727			9,727
Ground/air lease agreements (3)			121,850			121,850
In-place lease agreements (4)			6,795			6,223
Above/(below) market lease agreements, net (5)			-3,896			-3,915
Below market management agreement (6)			2,850			2,850
			147,947			171,889
Accumulated amortization			-22,453			-44,426
		$	125,494		$	127,463

Amortization expense on these intangible assets for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands):



		2014			2013			2012
Advanced bookings (1)		$	1,769		$	4,560		$	14,824
Ground/air lease agreements (3)			4,113			4,113			4,113
In-place lease agreements (4)			830			454			348
Above/(below) market lease agreements, net (5)			-304			-148			-6
Below market management agreement (6)			469			469			212
		$	6,877		$	9,448		$	19,491


	-1		Advanced bookings consist of advance deposits related to the purchases of the Boston Park Plaza, the Hyatt Regency San Francisco, and the Marriott Wailea. The contractual advanced hotel bookings were recorded at a discounted present value based on estimated collectability, and are amortized using the straight-line method based over the periods the amounts are expected to be collected. The amortization expense for contractual advanced hotel bookings is included in depreciation and amortization expense in the Company’s consolidated statements of operations. The amounts will be fully amortized for the Boston Park Plaza, the Hyatt Regency San Francisco and the Marriott Wailea by June 2018, December 2017 and July 2018, respectively.

	-2		The Easement agreement at the Hilton Times Square was valued at fair value at the date of acquisition. The Hilton Times Square easement agreement has an indefinite useful life, and, therefore, is not amortized. This non-amortizable intangible asset is reviewed annually for impairment and more frequently if events or circumstances indicate that the asset may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset.

	-3		Ground/air lease agreements at the Doubletree Guest Suites Times Square, the Hilton Times Square and the JW Marriott New Orleans were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately 22 and 76 years as of December 31, 2014. The amortization expense for the agreements is included in property tax, ground lease and insurance expense in the Company’s consolidated statements of operations.

	-4		In-place lease agreements at the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton New Orleans St. Charles, the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Marriott Wailea, were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately two months and 13 years as of December 31, 2014. The amortization expense for the agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.

	-5		The above/(below) market lease agreements, net consist of unfavorable tenant lease liabilities at the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Marriott Wailea, and favorable tenant lease assets at the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Marriott Wailea. These agreements were valued at fair value at the dates of acquisition, and are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately two months and 17 years as of December 31, 2014. The amortization expense for the agreements is included in other operating revenue in the Company’s consolidated statements of operations.

	-6		The below market management agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile was valued at fair value at the acquisition date. The agreement is comprised of two components, one for the management of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, and the other for the potential management of a future hotel. The agreement is amortized using the straight-line method over the remaining non-cancelable terms of the two components, approximately 3 and 8 years each as of December 31, 2014. The amortization expense for the agreement is included in property general and administrative expense in the Company’s consolidated statements of operations.

For the next five years, amortization expense for the intangible assets noted above is expected to be as follows (in thousands):



2015		$	7,334
2016		$	7,239
2017		$	7,206
2018		$	5,673
2019		$	4,341

Discontinued_Operations

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2014
Discontinued Operations
Discontinued Operations	4. Discontinued Operations

	In December 2014, the Company recorded additional expense of $0.4 million related to workers’ compensation claims which originated during the Company’s periods of ownership at several hotels. The Company sold these hotels during 2004, 2005, 2010 and 2013.

	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 December 31, 2014 and 2013. During the years ended December 31, 2014 and 2013, the Company recognized $2.8 million and $2.6 million in dividends on the Preferred Equity Investment, respectively. 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. 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 December 31, 2014 and 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. The Company reclassified the Rochester Portfolio’s results of operations for January 2013 and the year ended December 31, 2012 to discontinued operations on its consolidated statements of operations.

	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 year ended December 31, 2014. The pension plan liability, totaling $7.0 million and $14.0 million as of December 31, 2014 and 2013, respectively, 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 year ended December 31, 2014, bringing the total amount accrued for this contingency to $2.1 million. During 2014, the Company paid $1.3 million of the liability, reducing the accrued balance for this contingency to $0.8 million as of December 31, 2014. The Company expects to resolve this contingency in early 2015.

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



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

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

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

	The following table sets forth the discontinued operations for the years ended December 31, 2014, 2013 and 2012 for the four hotels and the commercial laundry facility sold in 2013, and the four hotels and the office building sold in 2012 (in thousands):



		2014		2013		2012
	Operating revenues	$	—	$	3,690	$	100,861
	Operating expenses		-350		-3,686		-71,089
	Interest expense		—		-99		-6,490
	Depreciation and amortization expense		—		—		-13,164
	Loss on extinguishment of debt		—		-3,115		—
	Gain on sale of hotels and other assets, net		5,199		51,620		38,292
	Income from discontinued operations	$	4,849	$	48,410	$	48,410

Interest_Rate_Derivative_Agree

Interest Rate Derivative Agreements	12 Months Ended
Interest Rate Derivative Agreements	Dec. 31, 2014
Interest Rate Derivative Agreements
Interest Rate Derivative Agreements	5. Interest Rate Derivative Agreements

	At December 31, 2014 and 2013, the Company held two interest rate cap agreements. At December 31, 2013, the Company also held one interest rate swap agreement. The Company holds its interest rate derivative agreements in order 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 December 31, 2014 and 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 $177.4 million and $179.6 million at December 31, 2014 and 2013, respectively.

	At December 31, 2013, the Company held an interest rate swap agreement on the JW Marriott New Orleans mortgage. The interest rate swap agreement capped the LIBOR interest rate on the underlying debt at a total interest rate of 5.45%, and the maturity date was in September 2015. The notional amount of the related debt totaled $39.8 million as of December 31, 2013. In conjunction with the Company’s refinancing of the mortgage secured by the JW Marriott New Orleans in December 2014 (see Note 7), the Company paid a fee of $0.6 million to terminate the interest rate swap agreement.

	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 gain of $0.5 million for both the years ended December 31, 2014 and 2013, and a net loss of $0.4 million for the year ended December 31, 2012, which have been reflected as decreases in interest expense for 2014 and 2013, and as an increase in interest expense for 2012. As of December 31, 2014, the fair values of the interest rate cap agreements were de minimus. As of December 31, 2013, the fair values of the interest rate cap agreements totaled an asset of $16,000. 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 zero and $1.1 million as of December 31, 2014 and 2013, respectively, and is included in other liabilities on the Company’s consolidated balance sheet as of December 31, 2013.

Other_Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2014
Other Assets
Other Assets	6. Other Assets

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



		December 31,
		2014		2013
	Property and equipment, net	$	2,127	$	2,478
	Land held for development		188		188
	Intangibles, net		6,677		7,277
	Interest rate cap derivative agreements		—		16
	Cash trap receivables		—		4,443
	Other receivables		2,094		3,942
	Other		3,399		2,762
		$	14,485	$	21,106

	As of December 31, 2014 and 2013, property and equipment, net consisted of the following (in thousands):



		2014		2013
	Cost basis	$	11,573	$	10,933
	Accumulated depreciation		-9,446		-8,455
	Property and equipment, net	$	2,127	$	2,478

	The Company’s other assets, net as of December 31, 2014 and 2013, include BuyEfficient’s intangible assets totaling $6.7 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 $2.4 million and $1.8 million at December 31, 2014 and 2013, respectively. Amortization expense totaled $0.6 million for the years ended December 31, 2014, 2013 and 2012. For the next five years, amortization expense for the BuyEfficient intangible assets is expected to be as follows (in thousands):



	2015	$	600
	2016	$	600
	2017	$	600
	2018	$	351
	2019	$	337

	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.

Notes_Payable

Notes Payable	12 Months Ended
Notes Payable	Dec. 31, 2014
Notes Payable
Notes Payable	7. Notes Payable

	Notes payable consisted of the following at December 31 (in thousands):



		2014		2013
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% and 5.95% at December 31, 2014, and 4.4% and 6.6% at December 31, 2013; maturing at dates ranging from May 2015 through January 2025. The notes are collateralized by first deeds of trust on 14 hotel properties at both December 31, 2014 and 2013.	$	1,023,780	$	993,164
	Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points at December 31, 2014, and three-month LIBOR plus 325 basis points at December 31, 2013; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		228,296		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.		177,216		179,460
	Total notes payable		1,429,292		1,404,075
	Less: current portion		-121,328		-23,289
	Notes payable, less current portion	$	1,307,964	$	1,380,786

	Notes Payable Transactions – 2014

	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 are also amortized over the term of the refinanced debt. During 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 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.

	In December 2014, the Company repaid the $38.9 million mortgage secured by the JW Marriott New Orleans, using proceeds received from a new $90.0 million mortgage secured by the JW Marriott New Orleans. The new loan extends the maturity date from September 2015 to December 2024. The new loan is subject to a 30-year amortization schedule, and reduces the interest rate from 5.45% under a related interest rate swap agreement to a fixed rate of 4.15%. In conjunction with its repayment of the original mortgage, the Company wrote off $39,000 of unamortized deferred financing fees, which are included in loss on extinguishment of debt in the Company’s consolidated statements of operations, and paid a fee of $0.6 million to terminate the related interest rate swap agreement. In addition, the Company paid deferred financing fees of $0.6 million related to the new loan, which are amortized over the term of the new loan.

	Also in December 2014, the Company extinguished the $67.1 million mortgage secured by the Embassy Suites La Jolla for a total cost of $71.1 million, and recorded a loss on extinguishment of debt of $4.0 million. The extinguishment was funded using proceeds received from a new $65.0 million mortgage secured by the Embassy Suites La Jolla, along with cash on hand. The new loan is subject to a 30-year amortization schedule, reduces the interest rate from a fixed rate of 6.6% to a fixed rate of 4.12%, and extends the maturity date from June 2019 to January 2025. In conjunction with its repayment of the original mortgage, the Company wrote off $43,000 of unamortized deferred financing fees, which are included in loss on extinguishment of debt in the Company’s consolidated statements of operations. In addition, the Company paid deferred financing fees of $0.4 million related to the new loan, which are amortized over the term of the new loan.

	As of December 31, 2014, the Company has $150.0 million available for use under its senior unsecured revolving credit facility. An accordion option under the credit facility allows the Company to request additional lender commitments of up to $350.0 million. The credit facility’s interest rate is based on a pricing grid with a range of 175 to 350 basis points, depending on the Company’s leverage ratio, and it matures in November 2015 with an option to extend to November 2016.

	Notes Payable Transactions – 2013

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

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

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

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



		2014		2013		2012
	Interest expense on debt and capital lease obligations	$	70,067	$	69,806	$	71,664
	(Gain) loss on derivatives, net		-529		-525		406
	Accretion of Senior Notes		—		3		1,058
	Amortization of deferred financing fees		2,777		2,955		3,690
	Write-off of deferred financing fees		—		—		3
		$	72,315	$	72,239	$	76,821

	Aggregate future principal maturities and amortization of notes payable at December 31, 2014, are as follows (in thousands):



	2015	$	121,328
	2016		205,802
	2017		257,405
	2018		290,852
	2019		223,880
	Thereafter		330,025
	Total	$	1,429,292

Other_Current_Liabilities_and_

Other Current Liabilities and Other Liabilities	12 Months Ended
Other Current Liabilities and Other Liabilities	Dec. 31, 2014
Other Current Liabilities and Other Liabilities
Other Current Liabilities and Other Liabilities	8. Other Current Liabilities and Other Liabilities

	Other Current Liabilities

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



		December 31,
		2014		2013
	Property, sales and use taxes payable	$	14,490	$	14,482
	Income tax payable		295		—
	Accrued interest		3,289		3,078
	Advance deposits		10,742		8,259
	Management fees payable		3,467		1,077
	Other		4,183		3,392
		$	36,466	$	30,288

	Other Liabilities

	Other liabilities consisted of the following (in thousands):



		December 31,
		2014		2013
	Deferred gain on sale of asset	$	7,000	$	14,000
	Interest rate swap derivative agreement		—		1,066
	Accrued income tax		1,541		1,491
	Deferred revenue		6,790		6,918
	Deferred rent		15,075		12,270
	Deferred incentive management fees		534		1,714
	Other		2,667		2,499
		$	33,607	$	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 year ended December 31, 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.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Taxes
Income Taxes	9. Income Taxes

	The Company has elected to be taxed as a REIT under the Code. As a REIT, the Company generally will not be subject to corporate level federal income taxes on net income it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company may also be subject to federal and/or state income taxes when using net operating loss carryforwards to offset current taxable income.

	The Company leases its hotels to the TRS Lessee and its subsidiaries, which are subject to federal and state income taxes. The Company accounts for income taxes in accordance with the provisions of the Income Taxes Topic of the FASB ASC, which requires the Company to account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases.

	During 2014, the Company recognized a combined federal and state income tax provision of $0.2 million based on a 2013 actual tax benefit of $0.6 million, partially offset by a 2014 projected tax provision net of operating loss carryforwards of $0.8 million for its taxable entities.

	During 2013, the Company recognized income tax expense of $4.7 million as a result of Internal Revenue Service (“IRS”) audits of tax years 2008, 2009 and 2010, including $0.6 million in accrued interest. The Company recorded additional income tax expense of $1.5 million during 2013 based on the ongoing evaluations of its uncertain tax positions related to the year ended December 31, 2012, and as a result of its recent resolution of outstanding issues with the IRS. During 2013, the Company recorded additional tax expense of $1.9 million related to estimated 2013 federal alternative minimum tax resulting from its use of net operating loss carryforwards, as well as state income tax where the Company’s use of net operating loss carryforwards was either limited or unavailable.

	During 2012, the Company’s federal alternative minimum tax resulting from its use of net operating loss carryforwards combined with the Company’s state income tax expense where the use of net operating loss carryforwards was either limited or unavailable to total $1.1 million of income tax expense.

	The Company recognizes penalties and interest related to unrecognized tax benefits in income tax expense. During 2014 and 2013, the Company recognized $50,000 and $0.6 million in interest expense related to its tax provisions, respectively. The Company recognized no penalties or interest related to its tax provisions for 2012.

	The income tax provision for the Company is included in the consolidated financial statements as follows (in thousands):



			Year Ended			Year Ended			Year Ended
			December 31,			December 31,			December 31,
			2014			2013			2012
	Current:
	Federal		$	255		$	6,371		$	850
	State			-76			1,774			298
	Total current income tax provision		$	179		$	8,145		$	1,148
	Deferred:
	Federal		$	-2,341		$	-9,488		$	1,031
	State			-598			-2,426			278
	Change in valuation allowance			2,939			11,914			-1,309
	Total deferred income tax provision		$	—		$	—		$	—

	The tax effects of temporary differences giving rise to the deferred tax assets (liabilities) are as follows (in thousands):



			December 31,
			2014			2013
	NOL carryover		$	28,420		$	31,258
	Other reserves			2,784			3,270
	State taxes and other			-4,766			-4,909
	Depreciation			375			133
	Deferred tax asset before valuation allowance			26,813			29,752
	Valuation allowance			-26,813			-29,752
			$	—		$	—

	The Company has provided a valuation allowance against its net deferred tax asset at December 31, 2014 and 2013. The valuation allowance is due to the uncertainty of realizing the Company’s historical operating losses. Accordingly, no provision or benefit for deferred income taxes related to the Company is reflected in the accompanying consolidated statements of operations.

	At December 31, 2014 and 2013, the net operating loss carryforwards for federal income tax purposes totaled approximately $72.3 million and $80.3 million, respectively. These losses, which begin to expire in 2024, are available to offset future income through 2032.

	Characterization of Distributions

	For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2014, 2013 and 2012, distributions paid per share were characterized as follows (unaudited):



			2014					2013					2012
			Amount			%		Amount			%		Amount			%
	Common Stock:
	Ordinary income		$	0.510		100	%	$	0.100		100	%	$	—		—	%
	Capital gain			—		—			—		—			—		—
	Return of capital			—		—			—		—			—		—
	Total		$	0.510		100	%	$	0.100		100	%	$	—		—	%

	Preferred Stock — Series A
Ordinary income		$	—		—	%	$	0.330		100	%	$	2.000		100	%
Capital gain			—		—			—		—			—		—
Return of capital			—		—			—		—			—		—
Total		$	—		—	%	$	0.330		100	%	$	2.000		100	%

Preferred Stock — Series C
Ordinary income		$	—		—	%	$	0.656		100	%	$	1.572		100	%
Capital gain			—		—			—		—			—		—
Return of capital			—		—			—		—			—		—
Total		$	—		—	%	$	0.656		100	%	$	1.572		100	%

Preferred Stock — Series D
Ordinary income		$	2.000		100	%	$	2.000		100	%	$	2.000		100	%
Capital gain			—		—			—		—			—		—
Return of capital			—		—			—		—			—		—
Total		$	2.000		100	%	$	2.000		100	%	$	2.000		100	%

Series_C_Cumulative_Convertibl

Series C Cumulative Convertible Redeemable Preferred Stock	12 Months Ended
Series C Cumulative Convertible Redeemable Preferred Stock	Dec. 31, 2014
Series C Cumulative Convertible Redeemable Preferred Stock
Series C Cumulative Convertible Redeemable Preferred Stock	10. Series C Cumulative Convertible Redeemable Preferred Stock

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

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity
Stockholders' Equity	11. Stockholders’ Equity

	Series A Cumulative Redeemable Preferred Stock

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

	Series D Cumulative Redeemable Preferred Stock

	The Company’s 4,600,000 shares of its 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 2014, the Company received $21.0 million in net proceeds from the issuance of 1,352,703 shares of its common stock in connection with the Agreements.

	In June 2014, the Company issued 18,000,000 shares of its common stock in an underwritten public offering 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 (see Note 3). 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 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 in an underwritten public offering for net proceeds of $270.9 million. The Company used the net proceeds from this offering to purchase the Hyatt Regency San Francisco, and used the remaining proceeds for capital investment in the Company’s portfolio and other general corporate purposes, including working capital.

	In June 2012, the Company issued 5,454,164 shares of its common stock to the seller of the Wyndham Chicago (which the Company rebranded the Hyatt Chicago Magnificent Mile) in connection with the Company’s acquisition of the hotel (see Note 3). The Company incurred offering costs of $0.1 million related to this transaction.

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

	Dividends

	The Company declared dividends per share on its Series A preferred stock, Series D preferred stock and common stock during 2014, 2013 and 2012 as follows:



			2014		2013		2012
	Series A preferred stock		$	—	$	0.50	$	2.00
	Series D preferred stock			2.00		2.00		2.00
	Common stock (1)			0.51		0.10		—
			$	2.51	$	2.60	$	4.00

		-1		Includes a $0.36 dividend declared during the fourth quarter of 2014, which will be paid in January 2015 in a combination of cash and shares of the Company’s common stock, pursuant to elections by individual stockholders.

LongTerm_Incentive_Plan

Long-Term Incentive Plan	12 Months Ended
Long-Term Incentive Plan	Dec. 31, 2014
Long-Term Incentive Plan
Long-Term Incentive Plan	12. Long-Term Incentive Plan

	Stock Grants

	The Company’s Long-Term Incentive Plan (“LTIP”) provides for the granting to directors, officers and eligible employees incentive or nonqualified share options, restricted shares, deferred shares, share purchase rights and share appreciation rights in tandem with options, or any combination thereof. The Company has reserved 12,050,000 common shares for issuance under the LTIP, and 6,537,837 shares remain available for future issuance as of December 31, 2014.

	Restricted shares granted pursuant to the Company’s LTIP generally vest over periods from three to five years from the date of grant.

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

	The Company’s compensation expense and forfeitures related to restricted shares and performance awards for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):



		2014			2013			2012
	Compensation expense, including forfeitures	$	9,063		$	7,189		$	5,139

	The Company’s total compensation expense differs from the vesting of restricted common stock amount presented in the Company’s consolidated statements of equity due to the Company withholding and using a portion of its restricted shares granted pursuant to its LTIP for purposes of remitting statutory minimum withholding and payroll taxes in connection with the release of restricted common shares to plan participants (“net-settle”). In addition, the Company capitalizes all restricted shares granted to certain of those employees who work on the design and construction of its hotels. The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statements of equity for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):



		2014			2013			2012
	Total compensation expense, including forfeitures	$	9,063		$	7,189		$	5,139
	Net-settle adjustment		-2,842			-2,331			-1,673
	Amortization related to shares issued to design and construction employees		474			393			302
	Vesting of restricted stock presented on statement of equity	$	6,695		$	5,251		$	3,768

	The following is a summary of non-vested stock grant activity:



		2014					2013				2012
				Weighted					Weighted			Weighted
				Average					Average			Average
		Shares		Price			Shares		Price		Shares	Price
	Outstanding at beginning of year	2,009,412		$	10.23		1,539,992		$	9.11	1,407,152	$	8.55
	Granted	691,182		$	13.48		975,711		$	11.82	647,171	$	9.51
	Vested	-799,845		$	10.61		-497,199		$	9.89	-513,095	$	8.08
	Forfeited	-17,453		$	11.90		-9,092		$	10.89	-1,236	$	9.38
	Outstanding at end of year	1,883,296		$	11.24		2,009,412		$	10.23	1,539,992	$	9.11

	At December 31, 2014, there were no deferred shares, share purchase rights, or share appreciation rights issued or outstanding under the LTIP.

	Stock Options

	In April 2008, the Compensation Committee of the Company’s board of directors approved a grant of 200,000 non-qualified stock options (the “Options”) to one of the Company’s former associates. The Options fully vested in April 2009, and will expire in April 2018. The exercise price of the Options is $17.71 per share.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2014
Commitments and Contingencies
Commitments and Contingencies	13. Commitments and Contingencies

	Management Agreements

	Management agreements with the Company’s third-party hotel managers require the Company to pay between 2% and 3.5% of total revenue of the managed hotels to the third-party managers each month as a basic management fee. Total basic management fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — property general and administrative expense, and corporate overhead expense		$	31,485		$	25,218		$	22,807
	Discontinued operations			—			65			2,061
			$	31,485		$	25,283		$	24,868

	In addition to basic management fees, provided that certain operating thresholds are met, the Company may also be required to pay incentive management fees to certain of its third-party managers. Total incentive management fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — property general and administrative expense		$	4,034		$	3,025		$	2,738
	Discontinued operations			—			—			587
			$	4,034		$	3,025		$	3,325

	License and Franchise Agreements

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

	Total license and franchise fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — franchise costs		$	38,271		$	32,932		$	30,067
	Discontinued operations			—			73			2,996
			$	38,271		$	33,005		$	33,063

	Total license and franchise costs included royalties of $11.6 million, $10.8 million and $10.6 million incurred by the Company during the years ended December 31, 2014, 2013 and 2012, respectively. The remaining costs included advertising, reservation and priority club assessments.

	Renovation and Construction Commitments

	At December 31, 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 December 31, 2014 totaled $56.5 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 expired in December 2014.

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



			December 31,
			2014			2013
	Buildings and improvements		$	58,799		$	58,799
	Furniture, fixtures and equipment			104			104
				58,903			58,903
	Accumulated depreciation			-3,841			-2,356
			$	55,062		$	56,547

	Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2014 are as follows (in thousands):



	2015		$	1,409
2016			1,403
2017			1,403
2018			1,403
2019			1,403
Thereafter			109,414
Total minimum lease payments (1)			116,435
Less: Amount representing interest (2)			-100,852
Present value of net minimum lease payments (3)		$	15,583


	-1		Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. The Company recorded zero in percentage rent during both 2014 and 2013, and $3,000 in percentage rent during 2012.

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

	-3		The present value of net minimum lease payments are reflected in the Company’s consolidated balance sheet as of December 31, 2014 as a current obligation of $7,000, which is included in accounts payable and accrued expenses, and as a long-term obligation of $15.6 million, which is included in capital lease obligations, less current portion.

Ground, Building and Air Leases

During 2014, 2013 and 2012, certain of the Company’s 30 hotels were obligated to unaffiliated third parties under the terms of ground, building and air leases as follows:



		2014		2013		2012
Number of hotels with ground, building and/or air leases		9		10		10

Number of ground leases		8		9		9
Number of building leases (1)		1		1		1
Number of air leases		3		3		3
Total number of ground, building and air leases		12		13		13


	-1		The building lease is considered by the Company to be a capital lease, as noted above.

At December 31, 2014, the ground, building and air leases mature in dates ranging from 2037 through 2097, excluding renewal options. One of the air leases requires a payment of $1.00 annually, which the Company has paid in full for the life of the lease. Total rent expense incurred pursuant to ground, building and air lease agreements for the years ended December 31, 2014, 2013 and 2012 was included in property tax, ground lease and insurance in the Company’s consolidated statements of operations as follows (in thousands):



		2014			2013			2012
Minimum rent, including straightline adjustments		$	14,999		$	15,228		$	14,950
Percentage rent (1)			2,718			2,131			2,000
		$	17,717		$	17,359		$	16,950


	-1		Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.

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 $0.6 million during 2014.

At December 31, 2014, the Company was obligated to an unaffiliated party under the terms of a sublease on the corporate facility, which matures in 2018. Rent expense incurred pursuant to leases on the corporate facility totaled $0.4 million for each of the years ended December 31, 2014, 2013 and 2012, and was included in corporate overhead expense.

Future minimum payments under the terms of the ground and air leases, as well as the sublease on the corporate facility, in effect at December 31, 2014 are as follows (in thousands):



2015		$	8,438
2016			8,499
2017			11,523
2018			11,450
2019			11,236
Thereafter			335,009
Total		$	386,155

Employment Agreements

As of December 31, 2014, the Company has employment agreements with certain executive employees, which expire in August 2016. The terms of the agreements stipulate payments of base salaries and bonuses.

Approximate minimum future obligations under employment agreements are as follows as of December 31, 2014 (in thousands):



2015		$	6,319
2016			706
		$	7,025

Collective Bargaining Agreements

The Company is subject to exposure to collective bargaining agreements at certain hotels operated by its management companies. At December 31, 2014, approximately 29.2% of workers employed by the Company’s third-party managers were covered by such collective bargaining agreements.

401(k) Savings and Retirement Plan

The Company’s employees may participate, subject to eligibility, in the Company’s 401(k) Savings and Retirement Plan (the “401(k) Plan”). Employees are eligible to participate in the 401(k) Plan after attaining 21 years of age and after the first of the month following the performance of six months of service. Three percent of eligible employee annual base earnings are contributed by the Company as a Safe Harbor elective contribution. Safe Harbor contributions made by the Company totaled $0.3 million for the year ended December 31, 2014, and $0.2 million for both of the years ended December 31, 2013 and 2012, and were included in corporate overhead expense.

The Company is also responsible for funding various retirement plans at certain hotels operated by its management companies. Property general and administrative expense on the Company’s consolidated statements of operations includes matching contributions into these various retirement plans of $1.5 million, $1.1 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. Discontinued operations on the Company’s consolidated statements of operations includes matching contributions into these retirement plans of zero for the year ended December 31, 2014, $3,000 for the year ended December 31, 2013, and $0.1 million for the year ended December 31, 2012.

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 December 31, 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
Number of hotels		9		3		3		3		3
Percentage of total rooms		31	%	9	%	8	%	14	%	13	%
Percentage of total revenue for the year ended December 31, 2014		33	%	13	%	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 December 31, 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 December 31, 2014.

Quarterly_Operating_Results_Un

Quarterly Operating Results (Unaudited)	12 Months Ended
Quarterly Operating Results (Unaudited)	Dec. 31, 2014
Quarterly Operating Results (Unaudited)
Quarterly Operating Results (Unaudited)	14. Quarterly Operating Results (Unaudited)

	The consolidated quarterly results for the years ended December 31, 2014 and 2013, of the Company are as follows (in thousands):



		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenues — Continuing Operations
	2014	$	243,483	$	300,852	$	307,783	$	289,880
	2013	$	194,921	$	234,638	$	250,370	$	243,895

	Operating income — Continuing Operations
	2014	$	14,295	$	55,886	$	50,832	$	35,730
	2013	$	3,568	$	36,622	$	34,368	$	24,640

	Net income (loss)
	2014	$	-3,496	$	43,535	$	33,643	$	14,257
	2013	$	28,926	$	20,009	$	15,817	$	5,249

	Income available (loss attributable) to common stockholders per share — basic and diluted
	2014	$	-0.04	$	0.22	$	0.14	$	0.05
	2013	$	0.12	$	0.09	$	0.07	$	0.01

	Income available (loss attributable) to common stockholders per share is computed independently for each of the quarters presented and therefore may not sum to the annual amount for the year.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events
Subsequent Events	15. Subsequent Events

	On February 13, 2015, the Company’s board of directors approved a “Second Amendment” to Article XIV of the Amended and Restated Bylaws of the Company (the “Bylaws”). Prior to the adoption of the Second Amendment, the Bylaws could only be amended, altered, repealed or rescinded by the board of directors. Pursuant to the Second Amendment, the Bylaws may be amended, altered, repealed or rescinded by the board of directors or by the stockholders upon an affirmative vote of a majority of all the votes entitled to be cast generally in the election of directors.

	The Second Amendment to the Bylaws is attached hereto as Exhibit 3.4 and is incorporated by reference herein. The description of the foregoing amendment to the Company’s Bylaws is qualified in its entirety by reference to the full text of the attached Second Amendment. The effective date of the Second Amendment was February 13, 2015.

SCHEDULE_IIIREAL_ESTATE_AND_AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2014
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SUNSTONE HOTEL INVESTORS, INC.

	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-14
	(In thousands)


												Cost Capitalized						Gross Amount at
						Initial costs						Subsequent to Acquisition						December 31, 2014 (1)
									Bldg. and						Bldg. and					Bldg. and				Accum.		Date	Depr.
			Encmbr			Land			Impr			Land			Impr.			Land		Impr.		Totals		Depr.		Acq./Constr.	Life
	Boston Park Plaza		$	116,281		$	58,527		$	170,589		$	—		$	13,105		$	58,527	$	183,694	$	242,221	$	10,042	2013	May-35
	Courtyard by Marriott Los Angeles				(2)		—			8,446			—			12,870			—		21,316		21,316		9,248	1999	May-35
	Doubletree Guest Suites Times Square			177,216			27,351			201,660			—			11,718			27,351		213,378		240,729		19,788	2011	May-35
	Embassy Suites Chicago			69,370			79			46,886			6,348			20,703			6,427		67,589		74,016		24,078	2002	May-35
	Embassy Suites La Jolla			65,000			27,900			70,450			—			8,959			27,900		79,409		107,309		23,182	2006	May-35
	Fairmont Newport Beach				(2)		—			65,769			11,000			33,848			11,000		99,617		110,617		30,703	2005	May-35
	Hilton New Orleans St. Charles			—			3,698			53,578			—			1,124			3,698		54,702		58,400		1,946	2013	May-35
	Hilton North Houston			31,253			6,184			35,628			—			23,512			6,184		59,140		65,324		20,125	2002	May-35
	Hilton San Diego Bayfront			228,296			—			424,992			—			8,912			—		433,904		433,904		29,463	2011	May-57
	Hilton Times Square			86,606			—			221,488			—			24,768			—		246,256		246,256		72,049	2006	May-35
	Hilton Garden Inn Chicago Downtown/Magnificent Mile			—			14,040			66,350			—			7,086			14,040		73,436		87,476		3,609	2012	May-50
	Hyatt Chicago Magnificent Mile			—			—			91,964			—			16,512			—		108,476		108,476		9,436	2012	May-40
	Hyatt Regency Newport Beach				(2)		—			30,549			—			25,801			—		56,350		56,350		17,690	2002	May-35
	Hyatt Regency San Francisco			—			116,140			131,430			—			8,027			116,140		139,457		255,597		7,387	2013	May-35
	JW Marriott New Orleans			90,000			—			73,420			—			4,324			—		77,744		77,744		8,643	2011	May-35
	Marriott Boston Long Wharf			176,000			51,598			170,238			—			37,002			51,598		207,240		258,838		53,672	2007	May-35
	Marriott Houston			20,943			4,167			19,155			—			13,921			4,167		33,076		37,243		11,141	2002	May-35
	Marriott Park City			13,652			2,260			17,778			—			12,749			2,260		30,527		32,787		12,116	1999	May-35
	Marriott Philadelphia			24,737			3,297			29,710			—			9,629			3,297		39,339		42,636		14,597	2002	May-35
	Marriott Portland				(2)		5,341			20,705			—			6,863			5,341		27,568		32,909		11,598	2000	May-35
	Marriott Quincy				(2)		14,375			97,875			—			4,651			14,375		102,526		116,901		27,284	2007	May-35
	Marriott Tysons Corner			40,866			3,897			43,528			-250			16,191			3,647		59,719		63,366		22,222	2002	May-35
	Marriott Wailea			—			119,707			194,137			—			—			119,707		194,137		313,844		2,782	2014	May-40
	Renaissance Harborplace			88,901			25,085			102,707			—			21,889			25,085		124,596		149,681		38,504	2005	May-35
	Renaissance Los Angeles Airport				(2)		7,800			52,506			—			4,435			7,800		56,941		64,741		15,595	2007	May-35
	Renaissance Long Beach				(2)		10,437			37,300			—			18,526			10,437		55,826		66,263		15,758	2005	May-35
	Renaissance Orlando at Sea World ®			75,923			—			119,733			30,716			34,704			30,716		154,437		185,153		46,812	2005	May-35
	Renaissance Washington DC			124,248			14,563			132,800			—			37,178			14,563		169,978		184,541		50,797	2005	May-35
	Renaissance Westchester (3)				(2)		5,751			17,069			—			17,811			5,751		34,880		40,631		5,045	2010	May-35
	Sheraton Cerritos				(2)		—			24,737			—			7,601			—		32,338		32,338		9,708	2005	May-35
			$	1,429,292		$	522,197		$	2,773,177		$	47,814		$	464,419		$	570,011	$	3,237,596	$	3,807,607	$	625,020


	SUNSTONE HOTEL INVESTORS, INC.
	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
	31-Dec-14
	(In thousands)




												Cost Capitalized						Gross Amount at
						Initial costs						Subsequent to Acquisition						December 31, 2014 (1)
									Bldg. and						Bldg. and					Bldg. and				Accum.		Date	Depr.
			Encmbr.			Land			Impr.			Land			Impr			Land		Impr.		Totals		Depr.		Acq./Constr.	Life
	Investments in Other Real Estate
	Land held for future development or sale		$	—		$	4,500		$	—		$	-4,312		$	—		$	188	$	—	$	188	$	—	1999	NA
			$	—		$	4,500		$	—		$	-4,312		$	—		$	188	$	—	$	188	$	—


		-1		The aggregate cost of properties for federal income tax purposes is approximately $3.7 billion (unaudited) at December 31, 2014.
		-2		Hotel is pledged as collateral by the credit facility entered into in November 2010. As of December 31, 2014, the Company has no outstanding indebtedness under its credit facility.
		-3		Hotel originally acquired in 2005. Possession and control of the hotel transferred to a receiver in December 2009, and the Company reacquired the hotel in June 2010.



		Hotel Properties									Other Real Estate Investments
		2014			2013			2012			2014			2013			2012

(1) Reconciliation of land and buildings and improvements:
Balance at the beginning of the year		$	3,416,762		$	2,801,963		$	2,904,975		$	188		$	188		$	12,437
Additions during year:
Acquisitions			324,844			533,962			172,354			—			—			—
Improvements			66,001			80,923			46,831			—			—			50
Changes in reporting presentation (a)			—			—			-163,455			—			—			-9,793
Disposals during the year (a)			—			-86			-158,742			—			—			-2,506
Balance at the end of the year		$	3,807,607		$	3,416,762		$	2,801,963		$	188		$	188		$	188
(2) Reconciliation of accumulated depreciation:
Balance at the beginning of the year		$	524,014		$	439,446		$	457,431		$	—		$	—		$	2,865
Depreciation for the year			101,006			84,568			82,871			—			—			301
Changes in reporting presentation			—			—			-58,364			—			—			-2,740
Retirement			—			—			-42,492			—			—			-426
Balance at the end of the year		$	625,020		$	524,014		$	439,446		$	—		$	—		$	—


	(a)		2012 changes in reporting presentation and 2013 disposals during the year represent the Rochester Portfolio classified as held for sale as of December 31, 2012 due to its sale in January 2013.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation

	The accompanying consolidated financial statements as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, include the accounts of the Company, the Operating Partnership, the TRS Lessee and their subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company consolidates subsidiaries when it has the ability to direct the activities that most significantly impact the economic performance of the entity. The Company also evaluates its subsidiaries to determine if they should be considered variable interest entities (“VIEs”). Typically, the entity that has the power to direct the activities that most significantly impact economic performance would consolidate the VIE. The Company considers an entity a VIE if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company reviewed its subsidiaries to determine if (i) they should be considered VIEs, and (ii) whether the Company should change its consolidation determination based on changes in the characteristics of these entities. Based on its review, the Company determined that all of its subsidiaries were properly consolidated as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012.

	Non-controlling interests at both December 31, 2014 and 2013 represent the outside equity interests in various consolidated affiliates of the Company.

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

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

Use of Estimates	Use of Estimates

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

Reporting Periods	Reporting Periods

	The results the Company reports in its consolidated statements of operations are based on results reported to the Company by its hotel managers. Prior to 2013, Marriott used a fiscal year ending on the Friday closest to December 31 and reported twelve weeks of operations each for the first three quarters of the year, and sixteen or seventeen weeks of operations for the fourth quarter of the year. Beginning in 2013, Marriott switched its reporting to a standard monthly calendar; however, Marriott’s 2013 calendar contains an additional three days, December 29, 2012 through December 31, 2012. The Company and its other hotel managers use a standard monthly calendar to report their financial information. The Company has elected to adopt quarterly close periods of March 31, June 30 and September 30, and an annual year end of December 31. As a result, the Company’s 2013 and 2012 results of operations for 10 of the Company’s Marriott-managed hotels are reported using the following reporting periods:





							Number of
							days in 2013
			2013		2012		versus 2012 (1)
	First quarter		December 29 — March 31		December 31 — March 23		8 days
	Second quarter		April 1 — June 30		March 24 — June 15		7 days
	Third quarter		July 1 — September 30		June 16 — September 7		8 days
	Fourth quarter		October 1 — December 31		September 8 — December 28		(20 days)
	Full year		December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days


		-1		Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.

	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):



			2014			2013 (1)		2012 (1)
	Total revenue		$	—		$	2,300	$	-1,251
	Net income		$	—		$	672	$	-328


		-1		Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days) and 2012 (364 days) versus a standard 365 day year.

Cash and Cash Equivalents	Cash and Cash Equivalents

	Cash and cash equivalents are defined as cash on hand and in various bank accounts plus all short-term investments with an original maturity of three months or less.

	The Company maintains cash and cash equivalents and certain other financial instruments with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2014 and 2013, the Company had amounts in banks that were in excess of federally insured amounts.

Restricted Cash	Restricted Cash

	Restricted cash is comprised of reserve accounts for debt service, interest reserves, capital replacements, ground leases, and property taxes. These restricted funds are subject to supervision and disbursement approval by certain of the Company’s lenders and/or hotel managers.

Accounts Receivable	Accounts Receivable

	Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from customers who utilize purchase volume rebates through BuyEfficient, as well as tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. The Company’s accounts receivable includes an allowance for doubtful accounts of $0.2 million at both December 31, 2014 and 2013.

Inventories	Inventories

	Inventories, consisting primarily of food and beverages at the hotels, are stated at the lower of cost or market, with cost determined on a method that approximates first-in, first-out basis.

Acquisitions of Hotel Properties and Other Entities	Acquisitions of Hotel Properties and Other Entities

	Accounting for the acquisition of a hotel property or other entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, intangible assets and any capital lease obligations that are assumed as part of the acquisition of a leasehold interest. During 2014, 2013 and 2012, 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 Marriott Wailea, the Hilton New Orleans St. Charles, the Boston Park Plaza, the Hyatt Regency San Francisco, the Hyatt Chicago Magnificent Mile and the Hilton Garden Inn Chicago Downtown/Magnificent Mile. Due to the inherent subjectivity in determining the estimated fair value of long-lived assets, the Company believes that the recording of acquired assets and liabilities is a critical accounting policy.

Investments In Hotel Properties and Other Assets	Investments In Hotel Properties and Other Assets

	Hotel properties and other investments are depreciated using the straight-line method over estimated useful lives primarily ranging from five to 35 years for buildings and improvements and three to 12 years for furniture, fixtures and equipment. Intangible assets are amortized using the straight-line method over their estimated useful life or over the length of the related agreement, whichever is shorter.

	The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the lives of the franchise agreements ranging from 14 to 27 years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.

	The Company follows the requirements of the Property, Plant and Equipment Topic of the FASB ASC, which requires impairment losses to be recorded on long-lived assets to be held and used by the Company when indicators of impairment are present and the future undiscounted net cash flows expected to be generated by those assets are less than the assets’ carrying amount. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment is recognized. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In computing fair value, the Company uses a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets, taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. In 2014, 2013 and 2012, the Company did not identify any properties or other assets with indicators of impairment. Based on the Company’s review, management believes that there were no other impairments on its long-lived assets, and that the carrying values of its hotel properties and other assets are recoverable at December 31, 2014.

	Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties and other assets is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.

Assets Held for Sale	Assets Held for Sale

	The Company considers a hotel or other asset held for sale if it is probable that the sale will be completed within twelve months, among other requirements. A sale is determined to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, and the Company has received a substantial non-refundable deposit. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. If the sale of the hotel or other asset represents 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 December 31, 2014 and 2013, the Company had no hotels or other assets held for sale. As of December 31, 2012, the Company classified four hotels and a commercial laundry facility as held for sale due to their sale in January 2013.

Deferred Financing Fees	Deferred Financing Fees

	Deferred financing fees consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments, and are amortized to interest expense over the terms of the related debt or commitment. If a loan is refinanced or paid before its maturity, any related 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.

	During 2014, the Company amended the mortgage secured by the Hilton San Diego Bayfront, and refinanced the mortgages secured by the JW Marriott New Orleans and the Embassy Suites La Jolla (see Note 7). In conjunction with these financing transactions, the Company paid additional deferred financing fees of $2.3 million, which are amortized over the terms of the modified and new loans. In addition, a total of $0.6 million of deferred financing fees were written off, which are included in the Company’s results of operations as loss on extinguishment of debt.

	During 2013, the Company paid deferred financing fees of $0.2 million related to the assumption of a mortgage in connection with the acquisition of the Boston Park Plaza and the purchase of an interest rate cap derivative agreement on the Hilton San Diego Bayfront mortgage.

	During 2012, the Company incurred and paid deferred financing fees of $1.3 million related to an amendment of its credit facility. In addition, the Company wrote-off $0.2 million in deferred financing fees, which is included in the Company’s results of operations as loss on extinguishment of debt, related to its sales of the Marriott Del Mar, the Doubletree Guest Suites Minneapolis, the Hilton Del Mar and the Marriott Troy, along with a nominal amount written off related to its repayment of the non-recourse mortgage secured by the Renaissance Long Beach.

	Total amortization and write-off of deferred financing fees for 2014, 2013 and 2012 was as follows (in thousands):



			2014			2013		2012
	Continuing operations:
	Amortization of deferred financing fees		$	2,777		$	2,955	$	3,690
	Write-off of deferred financing fees			—			—		3
	Total deferred financing fees — continuing operations			2,777			2,955		3,693
	Discontinued operations:
	Amortization of deferred financing fees			—			2		74
	Write-off of deferred financing fees			—			—		185
	Total deferred financing fees — discontinued operations			—			2		259
	Total amortization and write-off of deferred financing fees		$	2,777		$	2,957	$	3,952


Goodwill and Other Intangibles	Goodwill and BuyEfficient Intangibles

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

	Based on its annual impairment evaluations for 2014, 2013 and 2012, the Company determined that no adjustments to its goodwill were required.

	The Company’s other assets, net includes BuyEfficient’s intangibles related to certain trademarks, customer and supplier relationships and intellectual property related to internally developed software. These intangibles are amortized using the straight-line method over their useful lives ranging between seven to 20 years.


Property and Equipment	Property and Equipment

	Property and equipment is stated on the cost basis and includes computer equipment and other corporate office equipment and furniture. Property and equipment is depreciated on a straight-line basis over the estimated useful lives ranging from three to 12 years. The Company includes property and equipment, net of related accumulated depreciation, in its other assets, net on the accompanying consolidated balance sheets.

Fair Value of Financial Instruments	Fair Value of Financial Instruments

	As of December 31, 2014 and 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 Disclosures Topic of the FASB ASC, which establishes a framework for measuring fair value and disclosing fair value measurements by establishing a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:


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

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

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

	As discussed in Note 5, the Company held two interest rate cap agreements at December 31, 2014 and 2013. At December 31, 2013, the Company also held one interest rate swap agreement. The Company holds its interest rate protection agreements 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 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. Using Level 2 measurements, the Company determined that the total value of the interest rate cap agreements at December 31, 2014 was de minimis. At December 31, 2013, the Company has valued the derivative interest rate cap agreements as an asset of $16,000. The interest rate cap agreements are included in other assets, net, in the accompanying consolidated balance sheets. At December 31, 2013, the Company has valued the derivative interest rate swap agreement using Level 2 measurements as a liability of $1.1 million. The interest rate swap agreement is included in other liabilities in the accompanying consolidated balance sheets.

	On an annual basis and periodically when indicators of impairment exist, the Company analyzes the carrying values of its hotel properties and other assets using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its hotel properties and other assets taking into account each property’s expected cash flow from operations, holding period and estimated proceeds from the disposition of the property. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flow in the year of disposition and terminal capitalization rate. The Company did not identify any properties or other assets with indicators of impairment during 2014, 2013 or 2012.

	On an annual basis and periodically when indicators of impairment exist, the Company also analyzes the carrying value of its goodwill using Level 3 measurements, including a discounted cash flow analysis to estimate the fair value of its reporting units. The Company did not identify any properties with indicators of goodwill impairment in 2014, 2013 or 2012.

	As of December 31, 2014 and 2013, 71.6% and 70.7% (including the effect of an interest rate swap agreement), respectively, of the Company’s outstanding debt had fixed interest rates. The Company’s carrying value of its debt totaled $1.4 billion as of both December 31, 2014 and 2013. Using Level 3 measurements, including the Company’s weighted average cost of debt ranging from 4.5% to 5.0%, the Company estimates that the fair market value of its debt totaled $1.4 billion as of both December 31, 2014 and 2013.

	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at December 31, 2014 and 2013 (in thousands):



			Fair Value Measurements at Reporting Date
			Total			Level 1		Level 2		Level 3
	December 31, 2014:
	Interest rate cap derivative agreements		$	—		$	—	$	—	$	—
	Life insurance policy (1)			1,198			—		1,198		—

	Total assets at December 31, 2014		$	1,198		$	—	$	1,198	$	—

	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, which is 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 December 31, 2014 and 2013 (in thousands):



			Fair Value Measurements at Reporting Date
			Total			Level 1		Level 2		Level 3
	December 31, 2014:
	Interest rate swap derivative agreement		$	—		$	—	$	—	$	—
	Retirement benefit agreement (1)			1,198			—		1,198		—

	Total liabilities at December 31, 2014		$	1,198		$	—	$	1,198	$	—

	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 agreement 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 December 31, 2014, which was reimbursed to the Company using funds from the related split life insurance policy noted above. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.

Revenue Recognition	Revenue Recognition

	Room revenue and food and beverage revenue are recognized as earned, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. Revenue for these rooms is booked at the price the Company sold the room to the independent internet travel intermediary less any discount or commission paid.

	Other operating revenue consists of revenue derived from incidental hotel services such as telephone/internet, transportation, parking, spa, entertainment and other guest services, along with tenant lease revenues relating to hotel space leased by third parties. Other operating revenue also includes revenue generated by BuyEfficient. Revenues from incidental hotel services and BuyEfficient are recognized in the period the related services are provided or the revenue is earned.

Advertising and Promotion Costs	Advertising and Promotion Costs

	Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.


Stock Based Compensation	Stock Based Compensation

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


Income Taxes	Income Taxes

	The Company has elected to be treated as a REIT pursuant to the Internal Revenue Code, as amended (the “Code”). Management believes that the Company has qualified and intends to continue to qualify as a REIT. Therefore, the Company is permitted to deduct distributions paid to its stockholders, eliminating the federal taxation of income represented by such distributions at the company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on taxable income at regular corporate tax rates.

	With respect to taxable subsidiaries, the Company accounts for income taxes in accordance with the Income Taxes Topic of the FASB ASC. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse.

	The Income Taxes Topic of the FASB ASC addresses how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.

Non-Controlling Interests	Non-Controlling Interests

	The Company’s financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period and ending balances for each component of stockholders’ equity, non-controlling interests and total equity.

	At December 31, 2014, 2013 and 2012, the non-controlling interest reported in the Company’s financial statements includes Hilton Worldwide’s 25.0% ownership in the Hilton San Diego Bayfront. In addition, the Company is the sole common stockholder of the captive REIT that owns the Doubletree Guest Suites Times Square; however, there are also preferred investors in the captive REIT whose preferred dividends less administrative fees during 2014, 2013 and 2012 are represented as distributions to non-controlling interests on the Company’s statements of operations.

Dividends	Dividends

	In August 2013, the Company’s board of directors reinstated a quarterly dividend payable to the Company’s common stockholders. In addition, the Company currently pays quarterly dividends to the preferred stockholders of its 8.0% Series D Cumulative Redeemable Preferred Stock (“Series D preferred stock”) as declared by the Company’s board of directors. Prior to their redemption dates in March 2013 and May 2013, respectively, the Company also paid quarterly dividends to the preferred stockholders of its 8.0% Series A Cumulative Redeemable Preferred Stock (“Series A preferred stock”) and its Series C Cumulative Convertible Redeemable Preferred Stock (“Series C preferred stock”) as declared by the board of directors. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.

Earnings Per Share	Earnings Per Share

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

	The Company follows the requirements of the Earnings Per Share Topic of the FASB ASC, which states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. During 2014 and 2013, distributed earnings representing nonforfeitable dividends of $1.0 million and $0.2 million, respectively, were allocated to the participating securities. There were no distributed earnings representing nonforfeitable dividends allocated to the participating securities during 2012. Undistributed earnings representing nonforfeitable dividends of $0.2 million were allocated to the participating securities during both 2013 and 2012. There were no undistributed earnings representing nonforfeitable dividends allocated to the participating securities during 2014.

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

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



			Year Ended			Year Ended		Year Ended
			December 31, 2014			December 31, 2013		December 31, 2012
	Numerator:
	Net income		$	87,939		$	70,001	$	49,557
	Income from consolidated joint venture attributable to non-controlling interest			-6,676			-4,013		-1,761
	Distributions to non-controlling interest			-32			-32		-31
	Preferred stock dividends and redemption charges			-9,200			-19,013		-29,748
	Dividends paid on unvested restricted stock compensation			-969			-201		—
	Undistributed income allocated to unvested restricted stock compensation			—			-235		-203
	Numerator for basic and diluted earnings available to common stockholders		$	71,062		$	46,507	$	17,814

	Denominator:
	Weighted average basic and diluted common shares outstanding			192,674			161,784		127,027

	Basic and diluted earnings available to common stockholders per common share		$	0.37		$	0.29	$	0.14

	The Company’s unvested restricted shares associated with its long-term incentive plan and shares associated with common stock options have been excluded from the above calculation of earnings per share for the years ended December 31, 2014, 2013 and 2012, as their inclusion would have been anti-dilutive. Prior to their redemption in May 2013, the shares of the Company’s Series C preferred stock issuable upon conversion were excluded from the above calculation of earnings per share for the year ended December 31, 2012, as their inclusion would have been anti-dilutive.

Segment Reporting	Segment Reporting

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

Recent Accounting Pronouncements	Recent Accounting Pronouncements

	In April 2014, the FASB issued Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU No. 2014-08”). ASU No. 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under ASU No. 2014-08, a discontinued operation is (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results, or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. A strategic shift that has or will have a major effect on an entity’s operations and financial results could include the disposal of (1) a major line of business, (2) a major geographical area (3) a major equity method investment, or (4) other major parts of an entity. ASU No. 2014-08 expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. ASU No. 2014-08 is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within that year. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company’s early adoption of ASU No. 2014-08 in the first quarter of 2014 did not have any effect on its financial statements as the Company had no disposals (or classifications as held for sale) during the year ended December 31, 2014. In the future, when the Company has disposals (or classifications as held for sale), it will be required to determine whether such disposal meets the discontinued operations requirements under ASU No. 2014-08. Additional disclosures may be required.

	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU No. 2014-09”). The core principal of ASU No. 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principal, an entity will need to apply a five-step model: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 will become effective during the first quarter of 2017, and will require either a full retrospective approach or a modified retrospective approach, with early adoption prohibited. The Company is currently evaluating the impact that ASU No. 2014-09 will have on its financial statements.

	In June 2014, the FASB issued Accounting Standards Update No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU No. 2014-12”), which requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. ASU 2014-12 will become effective during the first quarter of 2016. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. ASU No. 2014-12 will not have an effect on the Company’s financial statements unless the Company issues grants in the future that fall within its scope.

Organization_and_Description_o1

Organization and Description of Business (Tables)	12 Months Ended
Organization and Description of Business (Tables)	Dec. 31, 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)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2014
Summary of Significant Accounting Policies
Summary of changes in reporting period


							Number of
							days in 2013
			2013		2012		versus 2012 (1)
	First quarter		December 29 — March 31		December 31 — March 23		8 days
	Second quarter		April 1 — June 30		March 24 — June 15		7 days
	Third quarter		July 1 — September 30		June 16 — September 7		8 days
	Fourth quarter		October 1 — December 31		September 8 — December 28		(20 days)
	Full year		December 29, 2012 — December 31, 2013		December 31, 2011 — December 28, 2012		3 days


		-1		Number of days in 2013 versus 2012 does not include the leap day, February 29, 2012, as this extra day was not caused by the Marriott calendar conversion.

Schedule of estimated effects of a Third-Party manager's fiscal calendar on calendar year total revenue and net income	The Company estimates that Marriott’s fiscal calendar had the following effects on the Company’s total revenue and net income based on the average daily revenues and income generated by its Marriott hotels during the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):



			2014			2013 (1)		2012 (1)
	Total revenue		$	—		$	2,300	$	-1,251
	Net income		$	—		$	672	$	-328


		-1		Increases (decreases) to total revenue and net income based on the Marriott fiscal calendars for 2013 (368 days) and 2012 (364 days) versus a standard 365 day year.

Schedule of amortization of deferred financing fees	Total amortization and write-off of deferred financing fees for 2014, 2013 and 2012 was as follows (in thousands):



			2014			2013		2012
	Continuing operations:
	Amortization of deferred financing fees		$	2,777		$	2,955	$	3,690
	Write-off of deferred financing fees			—			—		3
	Total deferred financing fees — continuing operations			2,777			2,955		3,693
	Discontinued operations:
	Amortization of deferred financing fees			—			2		74
	Write-off of deferred financing fees			—			—		185
	Total deferred financing fees — discontinued operations			—			2		259
	Total amortization and write-off of deferred financing fees		$	2,777		$	2,957	$	3,952


Schedule of assets measured at fair value on a recurring and non-recurring basis	The following table presents the Company’s assets measured at fair value on a recurring and non-recurring basis at December 31, 2014 and 2013 (in thousands):



			Fair Value Measurements at Reporting Date
			Total			Level 1		Level 2		Level 3
	December 31, 2014:
	Interest rate cap derivative agreements		$	—		$	—	$	—	$	—
	Life insurance policy (1)			1,198			—		1,198		—

	Total assets at December 31, 2014		$	1,198		$	—	$	1,198	$	—

	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, which is 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 December 31, 2014 and 2013 (in thousands):



			Fair Value Measurements at Reporting Date
			Total			Level 1		Level 2		Level 3
	December 31, 2014:
	Interest rate swap derivative agreement		$	—		$	—	$	—	$	—
	Retirement benefit agreement (1)			1,198			—		1,198		—

	Total liabilities at December 31, 2014		$	1,198		$	—	$	1,198	$	—

	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 agreement 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 December 31, 2014, which was reimbursed to the Company using funds from the related split life insurance policy noted above. These amounts are included in accrued payroll and employee benefits in the accompanying consolidated balance sheets.

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



			Year Ended			Year Ended		Year Ended
			December 31, 2014			December 31, 2013		December 31, 2012
	Numerator:
	Net income		$	87,939		$	70,001	$	49,557
	Income from consolidated joint venture attributable to non-controlling interest			-6,676			-4,013		-1,761
	Distributions to non-controlling interest			-32			-32		-31
	Preferred stock dividends and redemption charges			-9,200			-19,013		-29,748
	Dividends paid on unvested restricted stock compensation			-969			-201		—
	Undistributed income allocated to unvested restricted stock compensation			—			-235		-203
	Numerator for basic and diluted earnings available to common stockholders		$	71,062		$	46,507	$	17,814

	Denominator:
	Weighted average basic and diluted common shares outstanding			192,674			161,784		127,027

	Basic and diluted earnings available to common stockholders per common share		$	0.37		$	0.29	$	0.14

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	12 Months Ended
Investment in Hotel Properties (Tables)	Dec. 31, 2014
Investment in Hotel Properties
Schedule of investment in hotel properties	Investment in hotel properties, net consisted of the following (in thousands):



			December 31,
			2014		2013
	Land		$	570,011	$	439,304
	Buildings and improvements			3,237,596		2,977,458
	Furniture, fixtures and equipment			450,057		414,192
	Intangibles			147,947		171,889
	Franchise fees			1,167		1,346
	Construction in process			68,275		34,643
				4,475,053		4,038,832
	Accumulated depreciation and amortization			-936,924		-807,450
			$	3,538,129	$	3,231,382


Schedule of fair values of assets acquired, liabilities assumed and equity issued in hotel acquisition	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 acquired finite lived intangible assets	Details of the intangibles acquired are as follows (in thousands):


			Value at		Weighted Average
			Acquisition		Expected Life
	Advanced bookings		$	4,207	41 months
	Above/(Below) market lease agreements, net			15	1 month
	In-place lease agreements			686	3 to 14 months
	Total intangibles related to the 2014 acquisition			4,908	44 to 55 months
	Accumulated amortization			-533
	Net book value of intangibles related to 2014 acquisition		$	4,375


Schedule of amortization expense related to acquisitions	During the year ended December 31, 2014, the Company recorded amortization expense related to its Marriott Wailea intangibles as follows (in thousands):



			2014
	Advanced bookings		$	481
	Above/(Below) market lease agreements, net			-21
	In-place lease agreements			73
	Total amortization expense on intangibles related to the 2014 acquisition		$	533


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):



			2014		2013		2012
	Revenues		$	1,175,367	$	1,100,354	$	1,063,094

	Income available (loss attributable) to common stockholders from continuing operations		$	74,811	$	19,931	$	-9,742

	Income (loss) per diluted share available (attributable) to common stockholders from continuing operations		$	0.39	$	0.12	$	-0.08


Schedule Of Finite And Indefinite Lived Intangible Assets Included in Investment in Hotel Properties	As of December 31, 2014 and 2013, intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):



			2014		2013
	Advanced bookings (1)		$	10,621	$	35,154
	Easement agreement (2)			9,727		9,727
	Ground/air lease agreements (3)			121,850		121,850
	In-place lease agreements (4)			6,795		6,223
	Above/(below) market lease agreements, net (5)			-3,896		-3,915
	Below market management agreement (6)			2,850		2,850
				147,947		171,889
	Accumulated amortization			-22,453		-44,426
			$	125,494	$	127,463


Schedule of amortization expense on intangible assets included in investment in hotel properties	Amortization expense on these intangible assets for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands):



			2014		2013		2012
	Advanced bookings (1)		$	1,769	$	4,560	$	14,824
	Ground/air lease agreements (3)			4,113		4,113		4,113
	In-place lease agreements (4)			830		454		348
	Above/(below) market lease agreements, net (5)			-304		-148		-6
	Below market management agreement (6)			469		469		212
			$	6,877	$	9,448	$	19,491


		-1		Advanced bookings consist of advance deposits related to the purchases of the Boston Park Plaza, the Hyatt Regency San Francisco, and the Marriott Wailea. The contractual advanced hotel bookings were recorded at a discounted present value based on estimated collectability, and are amortized using the straight-line method based over the periods the amounts are expected to be collected. The amortization expense for contractual advanced hotel bookings is included in depreciation and amortization expense in the Company’s consolidated statements of operations. The amounts will be fully amortized for the Boston Park Plaza, the Hyatt Regency San Francisco and the Marriott Wailea by June 2018, December 2017 and July 2018, respectively.

		-2		The Easement agreement at the Hilton Times Square was valued at fair value at the date of acquisition. The Hilton Times Square easement agreement has an indefinite useful life, and, therefore, is not amortized. This non-amortizable intangible asset is reviewed annually for impairment and more frequently if events or circumstances indicate that the asset may be impaired. If a non-amortizable intangible asset is subsequently determined to have a finite useful life, the intangible asset will be written down to the lower of its fair value or carrying amount and then amortized prospectively, based on the remaining useful life of the intangible asset.

		-3		Ground/air lease agreements at the Doubletree Guest Suites Times Square, the Hilton Times Square and the JW Marriott New Orleans were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately 22 and 76 years as of December 31, 2014. The amortization expense for the agreements is included in property tax, ground lease and insurance expense in the Company’s consolidated statements of operations.

		-4		In-place lease agreements at the Boston Park Plaza, the Doubletree Guest Suites Times Square, the Hilton New Orleans St. Charles, the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Marriott Wailea, were valued at fair value at the dates of acquisition. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately two months and 13 years as of December 31, 2014. The amortization expense for the agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.

		-5		The above/(below) market lease agreements, net consist of unfavorable tenant lease liabilities at the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Marriott Wailea, and favorable tenant lease assets at the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Marriott Wailea. These agreements were valued at fair value at the dates of acquisition, and are amortized using the straight-line method over the remaining non-cancelable terms of the related agreements, which range from between approximately two months and 17 years as of December 31, 2014. The amortization expense for the agreements is included in other operating revenue in the Company’s consolidated statements of operations.

		-6		The below market management agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile was valued at fair value at the acquisition date. The agreement is comprised of two components, one for the management of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, and the other for the potential management of a future hotel. The agreement is amortized using the straight-line method over the remaining non-cancelable terms of the two components, approximately 3 and 8 years each as of December 31, 2014. The amortization expense for the agreement is included in property general and administrative expense in the Company’s consolidated statements of operations.

Schedule of amortization expense for next five years	For the next five years, amortization expense for the intangible assets noted above is expected to be as follows (in thousands):



	2015		$	7,334
	2016		$	7,239
	2017		$	7,206
	2018		$	5,673
	2019		$	4,341

Discontinued_Operations_Tables

Discontinued Operations (Tables)	12 Months Ended
Discontinued Operations (Tables)	Dec. 31, 2014
Discontinued Operations
Schedule of operating results of discontinued operations	The following table sets forth the discontinued operations for the years ended December 31, 2014, 2013 and 2012 for the four hotels and the commercial laundry facility sold in 2013, and the four hotels and the office building sold in 2012 (in thousands):



		2014		2013		2012
	Operating revenues	$	—	$	3,690	$	100,861
	Operating expenses		-350		-3,686		-71,089
	Interest expense		—		-99		-6,490
	Depreciation and amortization expense		—		—		-13,164
	Loss on extinguishment of debt		—		-3,115		—
	Gain on sale of hotels and other assets, net		5,199		51,620		38,292
	Income from discontinued operations	$	4,849	$	48,410	$	48,410


Rochester Portfolio
Discontinued Operations
Schedule of activity in accumulated other comprehensive loss	The following table details the activity in accumulated other comprehensive loss in January 2013 due to the sale of the Rochester Portfolio (in thousands):



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

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2014
Amortization expense
Schedule of other assets	Other assets, net consisted of the following (in thousands):



		December 31,
		2014		2013
	Property and equipment, net	$	2,127	$	2,478
	Land held for development		188		188
	Intangibles, net		6,677		7,277
	Interest rate cap derivative agreements		—		16
	Cash trap receivables		—		4,443
	Other receivables		2,094		3,942
	Other		3,399		2,762
		$	14,485	$	21,106


Schedule of property and equipment	As of December 31, 2014 and 2013, property and equipment, net consisted of the following (in thousands):



		2014		2013
	Cost basis	$	11,573	$	10,933
	Accumulated depreciation		-9,446		-8,455
	Property and equipment, net	$	2,127	$	2,478


Schedule of amortization expense for next five years	For the next five years, amortization expense for the intangible assets noted above is expected to be as follows (in thousands):



	2015	$	7,334
	2016	$	7,239
	2017	$	7,206
	2018	$	5,673
	2019	$	4,341


BuyEfficient, LLC
Amortization expense
Schedule of amortization expense for next five years	For the next five years, amortization expense for the BuyEfficient intangible assets is expected to be as follows (in thousands):



	2015	$	600
	2016	$	600
	2017	$	600
	2018	$	351
	2019	$	337

Notes_Payable_Tables

Notes Payable (Tables)	12 Months Ended
Notes Payable (Tables)	Dec. 31, 2014
Notes Payable
Schedule of notes payable	Notes payable consisted of the following at December 31 (in thousands):



		2014		2013
	Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% and 5.95% at December 31, 2014, and 4.4% and 6.6% at December 31, 2013; maturing at dates ranging from May 2015 through January 2025. The notes are collateralized by first deeds of trust on 14 hotel properties at both December 31, 2014 and 2013.	$	1,023,780	$	993,164
	Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points at December 31, 2014, and three-month LIBOR plus 325 basis points at December 31, 2013; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		228,296		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.		177,216		179,460
	Total notes payable		1,429,292		1,404,075
	Less: current portion		-121,328		-23,289
	Notes payable, less current portion	$	1,307,964	$	1,380,786


Schedule of interest expense on notes payable	Total interest incurred and expensed on the notes payable is as follows (in thousands):



		2014		2013		2012
	Interest expense on debt and capital lease obligations	$	70,067	$	69,806	$	71,664
	(Gain) loss on derivatives, net		-529		-525		406
	Accretion of Senior Notes		—		3		1,058
	Amortization of deferred financing fees		2,777		2,955		3,690
	Write-off of deferred financing fees		—		—		3
		$	72,315	$	72,239	$	76,821


Schedule of aggregate future principal maturities and amortization of notes payable	Aggregate future principal maturities and amortization of notes payable at December 31, 2014, are as follows (in thousands):



	2015	$	121,328
	2016		205,802
	2017		257,405
	2018		290,852
	2019		223,880
	Thereafter		330,025
	Total	$	1,429,292

Other_Current_Liabilities_and_1

Other Current Liabilities and Other Liabilities (Tables)	12 Months Ended
Other Current Liabilities and Other Liabilities (Tables)	Dec. 31, 2014
Other Current Liabilities and Other Liabilities
Schedule of other current liabilities	Other current liabilities consisted of the following (in thousands):



		December 31,
		2014		2013
	Property, sales and use taxes payable	$	14,490	$	14,482
	Income tax payable		295		—
	Accrued interest		3,289		3,078
	Advance deposits		10,742		8,259
	Management fees payable		3,467		1,077
	Other		4,183		3,392
		$	36,466	$	30,288


Schedule of other liabilities	Other liabilities consisted of the following (in thousands):



		December 31,
		2014		2013
	Deferred gain on sale of asset	$	7,000	$	14,000
	Interest rate swap derivative agreement		—		1,066
	Accrued income tax		1,541		1,491
	Deferred revenue		6,790		6,918
	Deferred rent		15,075		12,270
	Deferred incentive management fees		534		1,714
	Other		2,667		2,499
		$	33,607	$	39,958

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2014
Income Taxes
Schedule of income tax provision	The income tax provision for the Company is included in the consolidated financial statements as follows (in thousands):



		Year Ended		Year Ended			Year Ended
		December 31,		December 31,			December 31,
		2014		2013			2012
	Current:
	Federal	$	255	$	6,371		$	850
	State		-76		1,774			298
	Total current income tax provision	$	179	$	8,145		$	1,148
	Deferred:
	Federal	$	-2,341	$	-9,488		$	1,031
	State		-598		-2,426			278
	Change in valuation allowance		2,939		11,914			-1,309
	Total deferred income tax provision	$	—	$	—		$	—


Schedule of tax effects of temporary differences that gave rise to the deferred tax assets (liabilities)	The tax effects of temporary differences giving rise to the deferred tax assets (liabilities) are as follows (in thousands):



		December 31,
		2014		2013
	NOL carryover	$	28,420	$	31,258
	Other reserves		2,784		3,270
	State taxes and other		-4,766		-4,909
	Depreciation		375		133
	Deferred tax asset before valuation allowance		26,813		29,752
	Valuation allowance		-26,813		-29,752
		$	—	$	—


Schedule of characterization of distributions	For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2014, 2013 and 2012, distributions paid per share were characterized as follows (unaudited):



		2014				2013					2012
		Amount		%		Amount			%		Amount		%
	Common Stock:
	Ordinary income	$	0.510	100	%	$	0.100		100	%	$	—	—	%
	Capital gain		—	—			—		—			—	—
	Return of capital		—	—			—		—			—	—
	Total	$	0.510	100	%	$	0.100		100	%	$	—	—	%

	Preferred Stock — Series A
	Ordinary income	$	—	—	%	$	0.330		100	%	$	2.000	100	%
	Capital gain		—	—			—		—			—	—
	Return of capital		—	—			—		—			—	—
	Total	$	—	—	%	$	0.330		100	%	$	2.000	100	%

	Preferred Stock — Series C
	Ordinary income	$	—	—	%	$	0.656		100	%	$	1.572	100	%
	Capital gain		—	—			—		—			—	—
	Return of capital		—	—			—		—			—	—
	Total	$	—	—	%	$	0.656		100	%	$	1.572	100	%

	Preferred Stock — Series D
	Ordinary income	$	2.000	100	%	$	2.000		100	%	$	2.000	100	%
	Capital gain		—	—			—		—			—	—
	Return of capital		—	—			—		—			—	—
	Total	$	2.000	100	%	$	2.000		100	%	$	2.000	100	%

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2014
Stockholders' Equity
Schedule of dividends declared per share
		2014		2013		2012
	Series A preferred stock	$	—	$	0.50	$	2.00
	Series D preferred stock		2.00		2.00		2.00
	Common stock (1)		0.51		0.10		—
		$	2.51	$	2.60	$	4.00

LongTerm_Incentive_Plan_Tables

Long-Term Incentive Plan (Tables)	12 Months Ended
Long-Term Incentive Plan (Tables)	Dec. 31, 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 restricted shares and performance awards for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):



		2014			2013			2012
	Compensation expense, including forfeitures	$	9,063		$	7,189		$	5,139


Summary of total compensation expense in relation to vesting of restricted common stock	The Company’s total compensation expense in relation to its vesting of restricted common stock presented in the Company’s consolidated statements of equity for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):



		2014			2013			2012
	Total compensation expense, including forfeitures	$	9,063		$	7,189		$	5,139
	Net-settle adjustment		-2,842			-2,331			-1,673
	Amortization related to shares issued to design and construction employees		474			393			302
	Vesting of restricted stock presented on statement of equity	$	6,695		$	5,251		$	3,768


Schedule of non-vested stock grant activity
		2014					2013				2012
				Weighted					Weighted			Weighted
				Average					Average			Average
		Shares		Price			Shares		Price		Shares	Price
	Outstanding at beginning of year	2,009,412		$	10.23		1,539,992		$	9.11	1,407,152	$	8.55
	Granted	691,182		$	13.48		975,711		$	11.82	647,171	$	9.51
	Vested	-799,845		$	10.61		-497,199		$	9.89	-513,095	$	8.08
	Forfeited	-17,453		$	11.90		-9,092		$	10.89	-1,236	$	9.38
	Outstanding at end of year	1,883,296		$	11.24		2,009,412		$	10.23	1,539,992	$	9.11

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2014
Commitments and Contingencies
Schedule of basic management fees	Total basic management fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — property general and administrative expense, and corporate overhead expense		$	31,485		$	25,218		$	22,807
	Discontinued operations			—			65			2,061
			$	31,485		$	25,283		$	24,868


Schedule of incentive management fees	Total incentive management fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — property general and administrative expense		$	4,034		$	3,025		$	2,738
	Discontinued operations			—			—			587
			$	4,034		$	3,025		$	3,325


Schedule of license and franchise costs	Total license and franchise fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012 were included in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Continuing operations — franchise costs		$	38,271		$	32,932		$	30,067
	Discontinued operations			—			73			2,996
			$	38,271		$	33,005		$	33,063


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



			December 31,
			2014			2013
	Buildings and improvements		$	58,799		$	58,799
	Furniture, fixtures and equipment			104			104
				58,903			58,903
	Accumulated depreciation			-3,841			-2,356
			$	55,062		$	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 December 31, 2014 are as follows (in thousands):



	2015		$	1,409
	2016			1,403
	2017			1,403
	2018			1,403
	2019			1,403
	Thereafter			109,414
	Total minimum lease payments (1)			116,435
	Less: Amount representing interest (2)			-100,852
	Present value of net minimum lease payments (3)		$	15,583


		-1		Minimum lease payments do not include percentage rent which may be paid under the Hyatt Chicago Magnificent Mile building lease on the basis of 4.0% of the hotel’s gross room revenues over a certain threshold. The Company recorded zero in percentage rent during both 2014 and 2013, and $3,000 in percentage rent during 2012.

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

		-3		The present value of net minimum lease payments are reflected in the Company’s consolidated balance sheet as of December 31, 2014 as a current obligation of $7,000, which is included in accounts payable and accrued expenses, and as a long-term obligation of $15.6 million, which is included in capital lease obligations, less current portion.

Entity's hotels obligated to unaffiliated third parties under the terms of ground, building and air leases
			2014		2013		2012
	Number of hotels with ground, building and/or air leases		9		10		10

	Number of ground leases		8		9		9
	Number of building leases (1)		1		1		1
	Number of air leases		3		3		3
	Total number of ground, building and air leases		12		13		13


Schedule of ground, building and air lease rent	Total rent expense incurred pursuant to ground, building and air lease agreements for the years ended December 31, 2014, 2013 and 2012 was included in property tax, ground lease and insurance in the Company’s consolidated statements of operations as follows (in thousands):



			2014			2013			2012
	Minimum rent, including straightline adjustments		$	14,999		$	15,228		$	14,950
	Percentage rent (1)			2,718			2,131			2,000
			$	17,717		$	17,359		$	16,950


Schedule of future minimum payments of operating leases	Future minimum payments under the terms of the ground and air leases, as well as the sublease on the corporate facility, in effect at December 31, 2014 are as follows (in thousands):



	2015		$	8,438
	2016			8,499
	2017			11,523
	2018			11,450
	2019			11,236
	Thereafter			335,009
	Total		$	386,155


Schedule of future minimum payments of obligations under employment agreements	Approximate minimum future obligations under employment agreements are as follows as of December 31, 2014 (in thousands):



	2015		$	6,319
	2016			706
			$	7,025


Schedule of hotel geographic concentration of risk
											Greater
											Washington DC
			California		New York		Illinois		Massachusetts		Area
	Number of hotels		9		3		3		3		3
	Percentage of total rooms		31	%	9	%	8	%	14	%	13	%
	Percentage of total revenue for the year ended December 31, 2014		33	%	13	%	7	%	14	%	12	%

Quarterly_Operating_Results_Un1

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
Quarterly Operating Results (Unaudited) (Tables)	Dec. 31, 2014
Quarterly Operating Results (Unaudited)
Schedule of consolidated quarterly results	The consolidated quarterly results for the years ended December 31, 2014 and 2013, of the Company are as follows (in thousands):



		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenues — Continuing Operations
	2014	$	243,483	$	300,852	$	307,783	$	289,880
	2013	$	194,921	$	234,638	$	250,370	$	243,895

	Operating income — Continuing Operations
	2014	$	14,295	$	55,886	$	50,832	$	35,730
	2013	$	3,568	$	36,622	$	34,368	$	24,640

	Net income (loss)
	2014	$	-3,496	$	43,535	$	33,643	$	14,257
	2013	$	28,926	$	20,009	$	15,817	$	5,249

	Income available (loss attributable) to common stockholders per share — basic and diluted
	2014	$	-0.04	$	0.22	$	0.14	$	0.05
	2013	$	0.12	$	0.09	$	0.07	$	0.01

Organization_and_Description_o2

Organization and Description of Business (Details)	12 Months Ended
Organization and Description of Business (Details)	Dec. 31, 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) (USD $)	3 Months Ended							12 Months Ended		3 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014
	item	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	item	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014
Accounts Receivable
Allowance for doubtful accounts (in dollars)	200,000							$200,000			$200,000
Marriott
Reporting Periods
Weeks reported in fiscal quarter					84 days	84 days	84 days
Number of additional days included in prior calendar year								3 days
Number of additional days included in fiscal period								3 days
Number of hotels using the same reporting periods	10							10
Number of days less in previous year's quarter		8 days	7 days	8 days
Number of days more in previous year's quarter	20 days
Total revenue (in dollars)								2,300,000	-1,251,000
Net income (in dollars)								$672,000	($328,000)
Number of days reported in a year								368 days	364 days
Number of standard days in a year								365 days
Marriott \| Minimum
Reporting Periods
Weeks reported in fiscal quarter										112 days
Marriott \| Maximum
Reporting Periods
Weeks reported in fiscal quarter										119 days

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in Hotel Properties and Other Assets
Impairments on long-lived assets	$0	$0	$0
Franchise fees \| Minimum
Investments in Hotel Properties and Other Assets
Estimated useful life	14 years
Franchise fees \| Maximum
Investments in Hotel Properties and Other Assets
Estimated useful life	27 years
Buildings and improvements \| Minimum
Investments in Hotel Properties and Other Assets
Estimated useful life	5 years
Buildings and improvements \| Maximum
Investments in Hotel Properties and Other Assets
Estimated useful life	35 years
Furniture, fixtures and equipment \| Minimum
Investments in Hotel Properties and Other Assets
Estimated useful life	3 years
Furniture, fixtures and equipment \| Maximum
Investments in Hotel Properties and Other Assets
Estimated useful life	12 years
BuyEfficient, LLC \| Minimum
Investments in Hotel Properties and Other Assets
Estimated useful life	7 years
BuyEfficient, LLC \| Maximum
Investments in Hotel Properties and Other Assets
Estimated useful life	20 years

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2014
	property	property	property	Aug. 31, 2014
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	4
Deferred Financing Fees
Payment of deferred financing fees	$2,346,000	$243,000	$1,332,000
Loss on extinguishment of debt	-4,638,000	-44,000	-191,000
Total deferred financing fees	2,777,000	2,957,000	3,952,000
Continuing Operations Member
Deferred Financing Fees
Amortization of deferred financing fees	2,777,000	2,955,000	3,690,000
Write-off of deferred financing fees			3,000
Total deferred financing fees	2,777,000	2,955,000	3,693,000
Discontinued Operations Member
Deferred Financing Fees
Amortization of deferred financing fees		2,000	74,000
Write-off of deferred financing fees			185,000
Total deferred financing fees		2,000	259,000
Hilton San Diego Bayfront, JW Marriott New Orleans and Embassy Suites La Jolla Refinanced Debt Obligations
Deferred Financing Fees
Payment of deferred financing fees	2,300,000
Write-off of deferred financing fees	600,000
Boston Park Plaza Loan Assumption and Hilton San Diego Interest Rate Cap Derivative Agreement
Deferred Financing Fees
Payment of deferred financing fees		200,000
Entity that owns the Hilton San Diego Bayfront Mortgage Payable
Deferred Financing Fees
Payment of deferred financing fees				1,300,000
Write-off of deferred financing fees				500,000
Senior unsecured revolving credit facility
Deferred Financing Fees
Payment of deferred financing fees			1,300,000
Marriott Del Mar, Doubletree Guest Suites Minneapolis, Hilton Del Mar, Marriott Troy and Renaissance Long Beach debt obligations
Deferred Financing Fees
Write-off of deferred financing fees			$200,000

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill
Goodwill impairment loss	$0	$0	$0
BuyEfficient, LLC \| Minimum
Intangible Assets
Estimated useful life	7 years
BuyEfficient, LLC \| Maximum
Intangible Assets
Estimated useful life	20 years

Summary_of_Significant_Account7

Summary of Significant Accounting Policies (Details 5) (Furniture, fixtures and equipment)	12 Months Ended
	Dec. 31, 2014
Minimum
Corporate Office
Estimated useful life of property and equipment	3 years
Maximum
Corporate Office
Estimated useful life of property and equipment	12 years

Summary_of_Significant_Account8

Summary of Significant Accounting Policies (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair value of assets and liabilities measured at fair value on a recurring and non-recurring basis
Impairment loss on continuing operations	$0	$0	$0
Percentage of debt having fixed interest rates	71.60%	70.70%
Carrying value of secured debt	1,429,292,000	1,404,075,000
Assets:
Interest rate cap derivative agreements		16,000
Life insurance policy	1,198,000	1,385,000
Total assets	1,198,000	1,401,000
Robert A. Alter
Liabilities:
Number of installments to be paid out under the Retirement Benefit Agreement	10	10
Amount paid under the Retirement Benefit Agreement	800,000
Total at the end of the period
Liabilities:
Interest rate swap derivative agreements		1,066,000
Retirement benefit agreement	1,198,000	1,385,000
Total liabilities	1,198,000	2,451,000
Level 2
Assets:
Interest rate cap derivative agreements		16,000
Life insurance policy	1,198,000	1,385,000
Total assets	1,198,000	1,401,000
Liabilities:
Interest rate swap derivative agreements		1,066,000
Retirement benefit agreement	1,198,000	1,385,000
Total liabilities	1,198,000	2,451,000
Level 3
Fair value of assets and liabilities measured at fair value on a recurring and non-recurring basis
Weighted average cost of debt (as a percent)	4.50%	5.00%
Fair value of debt	1,400,000,000	1,400,000,000
JW Marriott New Orleans \| Level 2
Liabilities:
Number of interest rate swap derivative agreements		1
Interest rate swap derivative agreements		1,100,000
Doubletree Guest Suites Times Square and Hilton San Diego Bayfront hotel \| Level 2
Assets:
Number of interest rate cap derivative agreements	2	2
Interest rate cap derivative agreements		$16,000

Summary_of_Significant_Account9

Summary of Significant Accounting Policies (Details 7) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Impairment charges:
Other assets, net	$0	$0	$0

Recovered_Sheet1

Summary of Significant Accounting Policies (Details 8)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-Controlling Interests
Minority interest percentage in Hilton San Diego Bayfront	25.00%	25.00%	25.00%

Recovered_Sheet2

Summary of Significant Accounting Policies (Details 9)	12 Months Ended		1 Months Ended
Summary of Significant Accounting Policies (Details 9)	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Series D Cumulative Redeemable Preferred Stock
Dividend rate (as a percent)	8.00%	8.00%
Series A Cumulative Redeemable Preferred Stock
Dividend rate (as a percent)			8.00%

Recovered_Sheet3

Summary of Significant Accounting Policies (Details 10) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	segment	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income	$14,257	$33,643	$43,535	($3,496)	$5,249	$15,817	$20,009	$28,926	$87,939	$70,001	$49,557
Income from consolidated joint venture attributable to non-controlling interest									-6,676	-4,013	-1,761
Distributions to non-controlling interest									-32	-32	-31
Preferred stock dividends and redemption charges									-9,200	-19,013	-29,748
Dividends paid on unvested restricted stock compensation									-969	-201
Undistributed income allocated to unvested restricted stock compensation										-235	-203
Numerator for basic and diluted earnings available to common stockholders									71,062	46,507	17,814
Income available to common stockholders									$72,031	$46,943	$18,017
Denominator:
Weighted average basic and diluted common shares outstanding (in shares)									192,674	161,784	127,027
Basic and diluted earnings available to common stockholders per common share (in dollars per share)	$0.05	$0.14	$0.22	($0.04)	$0.01	$0.07	$0.09	$0.12	$0.37	$0.29	$0.14
Segment Reporting
Number of operating segments									1

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investment in Hotel Properties
Land	$570,011	$439,304
Buildings and improvements	3,237,596	2,977,458
Furniture, fixtures and equipment	450,057	414,192
Intangibles	147,947	171,889
Franchise fees	1,167	1,346
Construction in process	68,275	34,643
Real Estate Investment Property, at Cost, Total	4,475,053	4,038,832
Accumulated depreciation and amortization	-936,924	-807,450
Investment in hotel properties, net	$3,538,129	$3,231,382

Investment_in_Hotel_Properties3

Investment in Hotel Properties (Details 2) (USD $)	12 Months Ended			1 Months Ended	0 Months Ended		6 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2014	Jul. 17, 2014	Jun. 19, 2014	Dec. 31, 2014	Jul. 31, 2014
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	acre	Jul. 17, 2014	Jun. 19, 2014	room	Jul. 31, 2014
Intangible Assets
Amortization expense	$7,543,000	$10,115,000	$20,198,000
Acquisitions 2014 \| Fairmont Newport Beach Land Member
Investment in Hotel Properties
Area of land acquired (in acres)				7
Payment to acquire real estate				11,000,000
Acquisitions 2014 \| Marriott Wailea
Investment in Hotel Properties
Number of rooms in acquired hotel	541				544		541
Purchase price of acquired entity					325,600,000
Proration and other credits					4,400,000
Number of shares issued in connection with acquisition (in shares)					4,034,970
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
Acquisition-related costs	500,000
Number of rooms taken out of service							3
Assets:
Investment in hotel properties					327,035,000
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
Total equity issued directly to seller					60,000,000
Total cash paid for acquisition					265,558,000
Intangible Assets
Value of intangibles at acquisition					4,908,000
Accumulated amortization	-533,000						-533,000
Net balance of intangibles at end of period	4,375,000						4,375,000
Amortization expense	533,000
Acquisitions 2014 \| Marriott Wailea \| Land
Assets:
Investment in hotel properties					119,700,000
Acquisitions 2014 \| Marriott Wailea \| Buildings and improvements
Assets:
Investment in hotel properties					194,200,000
Acquisitions 2014 \| Marriott Wailea \| Furniture, fixtures and equipment
Assets:
Investment in hotel properties					8,200,000
Minimum \| Acquisitions 2014 \| Marriott Wailea \| Intangibles
Intangible Assets
Weighted average expected life								44 months
Maximum \| Acquisitions 2014 \| Marriott Wailea \| Intangibles
Intangible Assets
Weighted average expected life								55 months
Advanced bookings \| Acquisitions 2014 \| Marriott Wailea
Intangible Assets
Value of intangibles at acquisition					4,207,000
Weighted average expected life								41 months
Amortization expense	481,000
Above/(below) market lease agreements, net \| Acquisitions 2014 \| Marriott Wailea
Intangible Assets
Value of intangibles at acquisition					15,000
Weighted average expected life								1 month
Amortization expense	-21,000
Above/(below) market lease agreements, net \| Minimum
Intangible Assets
Estimated useful life	2 months
Above/(below) market lease agreements, net \| Maximum
Intangible Assets
Estimated useful life	17 years
In-place lease agreements \| Acquisitions 2014 \| Marriott Wailea
Intangible Assets
Value of intangibles at acquisition					686,000
Amortization expense	$73,000
In-place lease agreements \| Minimum
Intangible Assets
Estimated useful life	2 months
In-place lease agreements \| Minimum \| Acquisitions 2014 \| Marriott Wailea
Intangible Assets
Weighted average expected life								3 months
In-place lease agreements \| Maximum
Intangible Assets
Estimated useful life	13 years
In-place lease agreements \| Maximum \| Acquisitions 2014 \| Marriott Wailea
Intangible Assets
Weighted average expected life								14 months

Investment_in_Hotel_Properties4

Investment in Hotel Properties (Details 3) (USD $)	3 Months Ended								12 Months Ended			1 Months Ended		0 Months Ended						12 Months Ended
Investment in Hotel Properties (Details 3) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2013	Jun. 30, 2012	1-May-13	Jul. 02, 2013	Dec. 02, 2013	Jun. 04, 2012	2-May-12	Jul. 19, 2012	Dec. 31, 2011
Investment in Hotel Properties
Total revenues	$289,880,000	$307,783,000	$300,852,000	$243,483,000	$243,895,000	$250,370,000	$234,638,000	$194,921,000	$1,141,998,000	$923,824,000	$829,084,000
NET INCOME	14,257,000	33,643,000	43,535,000	-3,496,000	5,249,000	15,817,000	20,009,000	28,926,000	87,939,000	70,001,000	49,557,000
Unaudited pro forma results of operations
Revenues									1,175,367,000	1,100,354,000	1,063,094,000
Income available (loss attributable) to common stockholders from continuing operations									74,811,000	19,931,000	-9,742,000
Income (loss) per diluted share available (attributable) to common stockholders from continuing operations									$0.39	$0.12	($0.08)
Boston Park Plaza \| Non-recourse loan secured
Investment in Hotel Properties
Debt assumed at acquisition												119,200,000
Hyatt Chicago Magnificent Mile
Investment in Hotel Properties
Number of shares issued in connection with acquisition (in shares)													5,454,164
Acquisitions 2014
Investment in Hotel Properties
Total revenues									27,000,000
NET INCOME									3,500,000
Acquisitions 2013
Investment in Hotel Properties
Total revenues										51,000,000
NET INCOME										2,800,000
Acquisitions 2013 \| Hilton New Orleans St. Charles
Investment in Hotel Properties
Number of rooms in acquired hotel														250
Purchase price of acquired entity														59,100,000
Proration and other credits														200,000
Acquisition-related costs										400,000
Total proceeds held by accomodator to facilitate tax deferred exchange														53,200,000
Acquisitions 2013 \| Boston Park Plaza
Investment in Hotel Properties
Number of rooms in acquired hotel															1,053
Purchase price of acquired entity															248,000,000
Proration and other credits															2,000,000
Acquisition-related costs										900,000
Total proceeds held by accomodator to facilitate tax deferred exchange															92,300,000
Acquisitions 2013 \| Boston Park Plaza \| Non-recourse loan secured
Investment in Hotel Properties
Debt assumed at acquisition															119,200,000
Acquisitions 2013 \| Hyatt Regency San Francisco
Investment in Hotel Properties
Number of rooms in acquired hotel																802
Purchase price of acquired entity																262,500,000
Proration and other credits																5,500,000
Acquisition-related costs										500,000
Acquisitions 2012
Investment in Hotel Properties
Total revenues											27,700,000
NET INCOME											-1,100,000
Acquisitions 2012 \| Hyatt Chicago Magnificent Mile
Investment in Hotel Properties
Number of rooms in acquired hotel																	417
Purchase price of acquired entity																	88,425,000
Proration and other credits																	300,000
Acquisition-related costs											1,300,000
Total cash paid for acquisitions																	29,700,000
Number of shares issued in connection with acquisition (in shares)																	5,454,164
Total equity issued directly to seller																	58,425,000
Stock consideration premium																	103.00%
Closing price of common stock on entity acquisition price determination date (in dollars per share)																		$10.40
Closing price of common stock on entity acquisition date (in dollars per share)																	$9.38
Net purchase price of acquired entity for accounting purposes																	81,160,000
Acquisitions 2012 \| Hilton Garden Inn
Investment in Hotel Properties
Number of rooms in acquired hotel																			357
Purchase price of acquired entity																			90,300,000
Proration and other credits																			1,450,000
Acquisition-related costs											$700,000									$200,000

Investment_in_Hotel_Properties5

Investment in Hotel Properties (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible Assets
Amortization expense	$7,543	$10,115	$20,198
Intangible assets included in hotel properties
Intangible Assets
Value of intangibles at acquisition	147,947	171,889
Accumulated amortization	-22,453	-44,426
Net balance of intangibles at end of period	125,494	127,463
Amortization expense	6,877	9,448	19,491
Intangible assets included in hotel properties \| Easement agreements
Intangible Assets
Value of intangibles at acquisition	9,727	9,727
Intangible assets included in hotel properties \| Advanced bookings
Intangible Assets
Value of intangibles at acquisition	10,621	35,154
Amortization expense	1,769	4,560	14,824
Intangible assets included in hotel properties \| Ground/air lease agreements
Intangible Assets
Value of intangibles at acquisition	121,850	121,850
Amortization expense	4,113	4,113	4,113
Intangible assets included in hotel properties \| In-place lease agreements
Intangible Assets
Value of intangibles at acquisition	6,795	6,223
Amortization expense	830	454	348
Intangible assets included in hotel properties \| Above/(below) market lease agreements, net
Intangible Assets
Value of intangibles at acquisition	-3,896	-3,915
Amortization expense	-304	-148	-6
Intangible assets included in hotel properties \| Below-market management agreement
Intangible Assets
Value of intangibles at acquisition	2,850	2,850
Amortization expense	$469	$469	$212
Minimum \| Ground/air lease agreements
Intangible Assets
Estimated useful life	22 years
Minimum \| In-place lease agreements
Intangible Assets
Estimated useful life	2 months
Minimum \| Above/(below) market lease agreements, net
Intangible Assets
Estimated useful life	2 months
Minimum \| Below-market management agreement
Intangible Assets
Estimated useful life	3 years
Maximum \| Ground/air lease agreements
Intangible Assets
Estimated useful life	76 years
Maximum \| In-place lease agreements
Intangible Assets
Estimated useful life	13 years
Maximum \| Above/(below) market lease agreements, net
Intangible Assets
Estimated useful life	17 years
Maximum \| Below-market management agreement
Intangible Assets
Estimated useful life	8 years

Investment_in_Hotel_Properties6

Investment in Hotel Properties (Details 5) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Investment in Hotel Properties
Future amortization expense on intangible assets in 2015	$7,334
Future amortization expense on intangible assets in 2016	7,239
Future amortization expense on intangible assets in 2017	7,206
Future amortization expense on intangible assets in 2018	5,673
Future amortization expense on intangible assets in 2019	$4,341

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	1 Months Ended	12 Months Ended			1 Months Ended		3 Months Ended	1 Months Ended
	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	31-May-14	Jun. 30, 2014	Aug. 31, 2012	Sep. 30, 2012
	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	item	Dec. 31, 2014	31-May-14	Jun. 30, 2014	Aug. 31, 2012	item
Discontinued Operations
Number of hotels and/or other assets sold				4
Gain (loss) on sale		$5,199,000	$51,620,000	$38,292,000
Deferred gain on sale of asset		7,000,000	14,000,000		7,000,000
Amount of mortgage extinguished				-122,622,000
Loss on extinguishment of debt		4,638,000	44,000	191,000
Accumulated other comprehensive loss
Beginning balance of accumulated other comprehensive loss	-5,335,000		-5,335,000
Pension liability reclassification	5,335,000		5,335,000
Ending balance of accumulated other comprehensive loss				-5,335,000
Certain Hotels Sold During 2004, 2005, 2010 and 2013 \| Insurance-related Assessments [Member]
Discontinued Operations
Settlement costs accrued during the period					400,000
Rochester Portfolio
Discontinued Operations
Number of hotels and/or other assets sold	4
Number of rooms sold	1,222
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	51,600,000					7,000,000
Deferred gain on sale of asset	3,700,000
Working cash advance provided to buyer	3,700,000
Carrying value of asset net of deferred gain		0	0		0
Total liability related to pension plan	14,000,000
Rochester Portfolio \| Preferred equity investment
Discontinued Operations
Preferred equity investment	25,000,000
Dividend yield on preferred equity investment (as a percent)	11.00%
Deferred gain on sale of asset	25,000,000
Dividends on the preferred equity investment		2,800,000	2,600,000
Carrying value of asset net of deferred gain		0	0		0
Rochester Portfolio \| Indemnification Agreement [Member]
Discontinued Operations
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					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			800,000
Rochester Portfolio \| Retirement plans
Discontinued Operations
Deferred gain on sale of asset	14,000,000	7,000,000			7,000,000
Total liability related to pension plan	14,000,000	7,000,000	14,000,000		7,000,000
Reduction in pension plan liability						7,000,000
Kahler Grand
Discontinued Operations
Number of rooms sold	660
Repayment of mortgage debt	26,700,000
Total cost to extinguish debt	29,800,000
Loss on extinguishment of debt	3,100,000
Commercial laundry facility
Discontinued Operations
Repayment of mortgage debt	400,000
Kahler Inn & Suites
Discontinued Operations
Number of rooms sold	271
Marriott Rochester
Discontinued Operations
Number of rooms sold	202
Residence Inn by Marriott Rochester
Discontinued Operations
Number of rooms sold	89
Marriott Del Mar
Discontinued Operations
Net proceeds received from sale of hotel properties and other assets								17,700,000
Gain (loss) on sale								25,500,000
Amount of mortgage extinguished								47,100,000
Write-off of deferred financing fees								48,000
Portfolio sale
Discontinued Operations
Net proceeds received from sale of hotel properties and other assets									28,600,000
Gain (loss) on sale									12,700,000
Amount of mortgage extinguished									75,600,000
Write-off of deferred financing fees									100,000
Discontinued Operations
Deferred incentive management fees liability assumed by buyer of hotel									2,200,000
Number of separate mortgages									3
Maximum \| Rochester Portfolio \| Retirement plans
Discontinued Operations
Total liability related to pension plan	$14,000,000

Discontinued_Operations_Detail1

Discontinued Operations (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Discontinued Operations
Operating revenues		$3,690	$100,861
Operating expenses	-350	-3,686	-71,089
Interest expense		-99	-6,490
Depreciation and amortization expense			-13,164
Loss on extinguishment of debt		-3,115
Gain on sale of hotels and other assets, net	5,199	51,620	38,292
Income from discontinued operations	$4,849	$48,410	$48,410

Interest_Rate_Derivative_Agree1

Interest Rate Derivative Agreements (Details) (USD $)	12 Months Ended			1 Months Ended
Interest Rate Derivative Agreements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Apr. 30, 2014
Interest Rate Derivative Agreements
Cost of new interest rate cap agreement		$12,000
Fair values of derivative assets		16,000
Net gain or loss due to changes in the fair value of the company's derivative agreements	529,000	525,000	-406,000
Doubletree Guest Suites Times Square Mortgage Payable
Interest Rate Derivative Agreements
Interest rate, description of reference rate	one-month LIBOR	one-month LIBOR
Interest rate added to base rate (as a percent)	3.25%	3.25%		3.25%
Entity that owns the Hilton San Diego Bayfront Mortgage Payable
Interest Rate Derivative Agreements
Interest rate, description of reference rate	one-month LIBOR	three-month LIBOR
Interest rate added to base rate (as a percent)	2.25%	3.25%		2.25%
Interest Rate Cap Agreement \| Not designated as hedging instrument \| Doubletree Guest Suites Times Square and Hilton San Diego Bayfront hotel \| Other assets, net
Interest Rate Derivative Agreements
Number of interest rate cap derivative agreements	2	2		2
Fair values of derivative assets		16,000
Interest Rate Cap Agreement \| Not designated as hedging instrument \| Doubletree Guest Suites Times Square Mortgage Payable
Interest Rate Derivative Agreements
Interest rate, description of reference rate	LIBOR	LIBOR
Strike rate under interest rate cap agreement	4.00%	4.00%		4.00%
Notional amount	177,400,000	179,600,000		177,400,000
Interest Rate Cap Agreement \| Not designated as hedging instrument \| Entity that owns the Hilton San Diego Bayfront Mortgage Payable
Interest Rate Derivative Agreements
Interest rate, description of reference rate	LIBOR	LIBOR
Strike rate under interest rate cap agreement	3.75%	3.75%		3.75%
Cost of new interest rate cap agreement					12,000
Notional amount	117,000,000	117,000,000		117,000,000
Interest Rate Swap Agreement \| Not designated as hedging instrument \| Other liabilities
Interest Rate Derivative Agreements
Fair values of derivative liabilities		1,100,000
Interest Rate Swap Agreement \| Not designated as hedging instrument \| JW Marriott New Orleans Original Mortgage Payable
Interest Rate Derivative Agreements
Interest rate, description of reference rate		LIBOR
Notional amount		39,800,000
Fixed rate under interest rate swap agreement		5.45%
Interest rate swap termination fee				600,000
Interest Rate Swap Agreement \| Not designated as hedging instrument \| JW Marriott New Orleans Original Mortgage Payable \| Other liabilities
Interest Rate Derivative Agreements
Number of interest rate swap derivative agreements		1
Fair values of derivative liabilities	$0	$1,100,000		0

Other_Assets_Details

Other Assets (Details) (USD $)	1 Months Ended	12 Months Ended
Other Assets (Details) (USD $)	Feb. 28, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other assets, net
Property and equipment, net		$2,127,000	$2,478,000
Land held for development		188,000	188,000
Intangibles, net		6,677,000	7,277,000
Interest rate cap derivative agreements			16,000
Cash trap receivables			4,443,000
Other receivables		2,094,000	3,942,000
Other		3,399,000	2,762,000
Total other assets, net		14,485,000	21,106,000
Property and equipment cost basis		11,573,000	10,933,000
Accumulated depreciation		-9,446,000	-8,455,000
Amortization expense		7,543,000	10,115,000	20,198,000
Proceeds from collection of cash trap receivables	4,400,000
Amortization expense
2015		7,334,000
2016		7,239,000
2017		7,206,000
2018		5,673,000
2019		4,341,000
BuyEfficient, LLC
Other assets, net
Intangibles, net		6,700,000	7,300,000
Accumulated amortization		2,400,000	1,800,000
Amortization expense		600,000	600,000	600,000
Amortization expense
2015		600,000
2016		600,000
2017		600,000
2018		351,000
2019		$337,000
BuyEfficient, LLC \| Minimum
Other assets, net
Useful life of intangibles		7 years
BuyEfficient, LLC \| Maximum
Other assets, net
Useful life of intangibles		20 years

Notes_Payable_Details

Notes Payable (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Aug. 31, 2014	Jan. 31, 2013	Jul. 31, 2013
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	item	item	Jan. 31, 2013	Jul. 31, 2013
Notes payable:
Notes payable	$1,429,292,000	$1,404,075,000		$1,429,292,000
Less: current portion	-121,328,000	-23,289,000		-121,328,000
Notes payable, less current portion	1,307,964,000	1,380,786,000		1,307,964,000
Total cost to extinguish debt			-122,622,000
Payment of deferred financing fees	2,346,000	243,000	1,332,000
Loss on extinguishment of debt	-4,638,000	-44,000	-191,000
Notes payable maturing at dates ranging from May 2015 through January 2025
Notes payable:
Notes payable	1,023,780,000	993,164,000		1,023,780,000
Fixed interest rate, low end of range (as a percent)	4.12%	4.40%
Fixed interest rate, high end of range (as a percent)	5.95%	6.60%
Number of hotels provided as collateral	14	14		14
Entity that owns the Hilton San Diego Bayfront Mortgage Payable
Notes payable:
Notes payable	228,296,000	231,451,000		228,296,000
Number of hotels provided as collateral	1	1		1
Interest rate, description of reference rate	one-month LIBOR	three-month LIBOR
Interest rate added to base rate (as a percent)	2.25%	3.25%		2.25%
Number of lenders					4
Number of lenders with modified participation					3
Payment of deferred financing fees					1,300,000
Write-off of deferred financing fees					500,000
Costs incurred due to debt amendment					100,000
Debt Related Commitment Fees and Debt Issuance Costs					25,000
Senior Notes maturing in July 2027
Notes payable:
Repurchase of senior notes						42,000,000
Redemption of senior notes						16,000,000
Aggregate principal amount of debt repurchased or redeemed						58,000,000
Doubletree Guest Suites Times Square Mortgage Payable
Notes payable:
Notes payable	177,216,000	179,460,000		177,216,000
Number of hotels provided as collateral	1	1		1
Interest rate, description of reference rate	one-month LIBOR	one-month LIBOR
Interest rate added to base rate (as a percent)	3.25%	3.25%		3.25%
JW Marriott New Orleans Original Mortgage Payable
Notes payable:
Repayment of mortgage debt				38,900,000
Write-off of deferred financing fees				39,000
JW Marriott New Orleans Amended Mortgage Payable
Notes payable:
Fixed interest rate (as a percent)	4.15%			4.15%
Payment of deferred financing fees				600,000
New mortgage loan	90,000,000			90,000,000
Loan amortization period				30 years
Embassy Suites La Jolla Original Mortgage Payable
Notes payable:
Repayment of mortgage debt				67,100,000
Fixed interest rate (as a percent)	6.60%			6.60%
Write-off of deferred financing fees				43,000
Loss on extinguishment of debt				4,000,000
Total cost to extinguish debt				71,100,000
Embassy Suites La Jolla Amended Mortgage Payable
Notes payable:
Fixed interest rate (as a percent)	4.12%			4.12%
Payment of deferred financing fees				400,000
New mortgage loan	65,000,000			65,000,000
Loan amortization period				30 years
Senior unsecured revolving credit facility
Notes payable:
Payment of deferred financing fees			1,300,000
Kahler Grand
Notes payable:
Repayment of mortgage debt						26,700,000
Loss on extinguishment of debt						-3,100,000
Total cost to extinguish debt						29,800,000
Commercial laundry facility
Notes payable:
Repayment of mortgage debt						400,000
Non-recourse loan secured \| Boston Park Plaza
Notes payable:
Fixed interest rate (as a percent)							4.40%
Debt assumed at acquisition							119,200,000
Senior corporate credit facility
Notes payable:
Maximum borrowing capacity of credit facility	150,000,000			150,000,000
Maximum borrowing capacity of credit facility with lender approval	350,000,000			350,000,000
Senior corporate credit facility \| Minimum
Notes payable:
Interest rate added to base rate (as a percent)	1.75%	1.75%
Senior corporate credit facility \| Maximum
Notes payable:
Interest rate added to base rate (as a percent)	3.50%	3.50%
Interest Rate Swap Agreement \| JW Marriott New Orleans Original Mortgage Payable
Notes payable:
Fixed interest rate (as a percent)	5.45%			5.45%
Costs incurred due to debt amendment				$600,000

Notes_Payable_Details_2

Notes Payable (Details 2) (USD $)	12 Months Ended
Notes Payable (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest incurred and expensed on the notes payable
(Gain) loss on derivatives, net	($529,000)	($525,000)	$406,000
Accretion of Senior Notes		3,000	1,058,000
Total interest incurred and expensed on debt and capital lease obligations	72,315,000	72,239,000	76,821,000
Aggregate future principal maturities and amortization of notes payable
2015	121,328,000
2016	205,802,000
2017	257,405,000
2018	290,852,000
2019	223,880,000
Thereafter	330,025,000
Total notes payable, net	1,429,292,000	1,404,075,000
Notes payable and capital lease obligations
Interest incurred and expensed on the notes payable
Interest expense on debt and capital lease obligations	70,067,000	69,806,000	71,664,000
(Gain) loss on derivatives, net	-529,000	-525,000	406,000
Accretion of Senior Notes		3,000	1,058,000
Amortization of deferred financing fees	2,777,000	2,955,000	3,690,000
Write-off of deferred financing fees			3,000
Total interest incurred and expensed on debt and capital lease obligations	$72,315,000	$72,239,000	$76,821,000

Other_Current_Liabilities_and_2

Other Current Liabilities and Other Liabilities (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-14	Jan. 31, 2013
Other Current Liabilities
Property, sales and use taxes payable	$14,490,000	$14,482,000
Income tax payable	295,000
Accrued interest	3,289,000	3,078,000
Advance deposits	10,742,000	8,259,000
Management fees payable	3,467,000	1,077,000
Other	4,183,000	3,392,000
Other Current Liabilities	36,466,000	30,288,000
Other Liabilities
Deferred gain on sale of asset	7,000,000	14,000,000
Interest rate swap derivative agreement		1,066,000
Accrued income tax	1,541,000	1,491,000
Deferred revenue	6,790,000	6,918,000
Deferred rent	15,075,000	12,270,000
Deferred incentive management fees	534,000	1,714,000
Other	2,667,000	2,499,000
Other Liabilities	33,607,000	39,958,000
Other Current Liabilities and Other Liabilities
Gain (loss) on sale	5,199,000	51,620,000	38,292,000
Unrecognized tax benefits		1,500,000
Interest expense incurred on unrecognized tax benefit	50,000	600,000
Rochester Portfolio
Other Liabilities
Deferred gain on sale of asset					3,700,000
Other Current Liabilities and Other Liabilities
Portfolio's pension plan liability					14,000,000
Gain (loss) on sale				7,000,000	51,600,000
Retirement plans \| Rochester Portfolio
Other Liabilities
Deferred gain on sale of asset	7,000,000				14,000,000
Other Current Liabilities and Other Liabilities
Portfolio's pension plan liability	7,000,000	14,000,000			14,000,000
Reduction in pension plan liability				$7,000,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	12 Months Ended
Income Taxes (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	$255,000	$6,371,000	$850,000
State	-76,000	1,774,000	298,000
Total current income tax provision	179,000	8,145,000	1,148,000
Deferred:
Federal	-2,341,000	-9,488,000	1,031,000
State	-598,000	-2,426,000	278,000
Change in valuation allowance	2,939,000	11,914,000	-1,309,000
Deferred income tax benefit (provision)	0	0	0
Deferred tax assets (liabilities)
NOL carryover	28,420,000	31,258,000
Other reserves	2,784,000	3,270,000
State taxes and other	-4,766,000	-4,909,000
Depreciation	375,000	133,000
Deferred tax asset before valuation allowance	26,813,000	29,752,000
Valuation allowance	-26,813,000	-29,752,000
Current income tax benefit	600,000
Current income tax expense	800,000	1,900,000
Amount accrued related to the IRS audit		4,700,000
Interest on income tax accrued related to the IRS audit		600,000
Uncertain tax positions		1,500,000
Interest expense recognized	50,000	600,000
Income tax penalties and interest expense recognized			0
Deferred income tax benefit (provision)	0	0	0
Net operating loss carryforwards for federal income tax purposes	$72,300,000	$80,300,000

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
Income Taxes (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Common Stock
Income Taxes
Ordinary income (in dollars per share)	$0.51	$0.10
Total (in dollars per share)	$0.51	$0.10
Ordinary income (as a percent)	100.00%	100.00%
Total (as a percent)	100.00%	100.00%
Series A Cumulative Redeemable Preferred Stock
Income Taxes
Ordinary income (in dollars per share)		$0.33	$2
Total (in dollars per share)		$0.33	$2
Ordinary income (as a percent)		100.00%	100.00%
Total (as a percent)		100.00%	100.00%
Series C Cumulative Convertible Redeemable Preferred Stock
Income Taxes
Ordinary income (in dollars per share)		$0.66	$1.57
Total (in dollars per share)		$0.66	$1.57
Ordinary income (as a percent)		100.00%	100.00%
Total (as a percent)		100.00%	100.00%
Series D Cumulative Redeemable Preferred Stock
Income Taxes
Ordinary income (in dollars per share)	$2	$2	$2
Total (in dollars per share)	$2	$2	$2
Ordinary income (as a percent)	100.00%	100.00%	100.00%
Total (as a percent)	100.00%	100.00%	100.00%

Series_C_Cumulative_Convertibl1

Series C Cumulative Convertible Redeemable Preferred Stock (Details) (USD $)	1 Months Ended
In Millions, except Share data, unless otherwise specified	31-May-13
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 $)	1 Months Ended	12 Months Ended			1 Months Ended
Stockholders' Equity (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2014	Nov. 30, 2013	Feb. 28, 2013	Jul. 31, 2014	Feb. 28, 2014
Stockholders' equity
Net proceeds from issuance of common stock		$283,456,000	$565,760,000	$126,179,000
Payment of common stock offering costs		-1,000,000	-691,000	-451,000
Proceeds from stock issuance used to redeem Series A preferred stock and Series C preferred stock	279,700,000
Hyatt Chicago Magnificent Mile
Stockholders' equity
Number of shares issued in connection with acquisition (in shares)					5,454,164
Payment of common stock offering costs					100,000
Series A Cumulative Redeemable Preferred Stock
Stockholders' equity
Number of shares redeemed	7,050,000
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
Series D Cumulative Redeemable Preferred Stock
Stockholders' equity
Preferred stock, outstanding shares		4,600,000	4,600,000
Number of shares of stock issued		4,600,000	4,600,000
Liquidation preference (in dollars per share)		$25	$25
Future redemption price (in dollars per share)		$25
Common Stock
Stockholders' equity
Net proceeds from issuance of common stock					126,200,000	262,500,000	270,900,000	294,900,000
Number of shares issued					12,143,273	18,000,000	20,000,000	25,300,000
Number of shares of the underwriters' over-allotment issued								3,300,000
Common Stock \| At The Market
Stockholders' equity
Net proceeds from issuance of common stock		21,000,000
Number of shares issued		1,352,703
Common Stock \| Maximum \| At The Market
Stockholders' equity
Stock Issuance Program, Authorized Amount										150,000,000
Marriott Wailea \| Common Stock
Stockholders' equity
Number of shares issued in connection with acquisition (in shares)									4,034,970
Total equity issued directly to seller									60,000,000
Payment of common stock offering costs									$100,000

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	3 Months Ended	12 Months Ended
Stockholders' Equity (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dividends
Preferred stock dividends declared (in dollars per share)			$0.50	$2
Common stock dividends declared (in dollars per share)	$0.36	$0.51	$0.10
Dividends declared (in dollars per share)		$2.51	$2.60	$4
Series A Cumulative Redeemable Preferred Stock
Dividends
Preferred stock dividends declared (in dollars per share)			$0.50	$2
Series D Cumulative Redeemable Preferred Stock
Dividends
Preferred stock dividends declared (in dollars per share)		$2	$2	$2
Common Stock
Dividends
Common stock dividends declared (in dollars per share)		$0.51	$0.10

LongTerm_Incentive_Plan_Detail

Long-Term Incentive Plan (Details) (USD $)	12 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 30, 2008
Long-Term Incentive Plan
Number of common shares reserved for issuance under LTIP (in shares)	12,050,000
Number of shares available for future issuance (in shares)	6,537,837
Amortization related to shares issued to design and construction employees	$474	$393	$302
Vesting of restricted stock presented on statement of equity	6,695	5,251	3,768
Non-vested stock grants, number of shares
Outstanding at the beginning of the period (in shares)	2,009,412	1,539,992	1,407,152
Granted (in shares)	691,182	975,711	647,171
Vested (in shares)	-799,845	-497,199	-513,095
Forfeited (in shares)	-17,453	-9,092	-1,236
Outstanding at the end of the period (in shares)	1,883,296	2,009,412	1,539,992
Non-vested stock grants, weighted average price
Outstanding at the beginning of the period (in dollars per share)	$10.23	$9.11	$8.55
Granted (in dollars per share)	$13.48	$11.82	$9.51
Vested (in dollars per share)	$10.61	$9.89	$8.08
Forfeited (in dollars per share)	$11.90	$10.89	$9.38
Outstanding at the end of the period (in dollars per share)	$11.24	$10.23	$9.11
Restricted Shares and Performance awards
Long-Term Incentive Plan
Compensation Expense, including forfeitures	9,063	7,189	5,139
Net-settle adjustment	-2,842	-2,331	-1,673
Amortization related to shares issued to design and construction employees	474	393	302
Vesting of restricted stock presented on statement of equity	$6,695	$5,251	$3,768
Restricted Shares and Performance awards \| Minimum
Long-Term Incentive Plan
Vesting period	3 years
Restricted Shares and Performance awards \| Maximum
Long-Term Incentive Plan
Vesting period	5 years
Stock Options \| Robert A. Alter
Stock options
Number of nonqualified stock options approved by the compensation committee of the Company's board of directors (in shares)				200,000
Exercise price of options vested (in dollars per share)				$17.71
Deferred shares, share purchase rights, or share appreciation rights issued or outstanding under the LTIP
Non-vested stock grants, number of shares
Outstanding at the end of the period (in shares)	0

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
Commitments and Contingencies (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic management fees incurred
Continuing operations - property general and administrative expense, and corporate overhead expense	$31,485,000	$25,218,000	$22,807,000
Discontinued operations		65,000	2,061,000
Total basic management fees	31,485,000	25,283,000	24,868,000
Incentive management fees incurred
Continuing operations - property general and administrative expense	4,034,000	3,025,000	2,738,000
Discontinued operations			587,000
Total incentive management fees	4,034,000	3,025,000	3,325,000
License and Franchise Agreements
Continuing operations - franchise costs	38,271,000	32,932,000	30,067,000
Discontinued operations		73,000	2,996,000
License and franchise costs incurred	38,271,000	33,005,000	33,063,000
Royalty expense	11,600,000	10,800,000	10,600,000
Minimum
Management Agreements
Basic management fees (as a percent)	2.00%
Maximum
Management Agreements
Basic management fees (as a percent)	3.50%
Renovation and Construction Commitments
Renovation and Construction Commitments
Remaining construction commitments	$56,500,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item	item	item
Capital Leases
Capital lease obligation, noncurrent	$15,576,000	$15,586,000
Capital lease obligation, current	7,000
Assets under capital lease
Capital Leased Assets, Gross	58,903,000	58,903,000
Accumulated depreciation	-3,841,000	-2,356,000
Capital lease assets, net	55,062,000	56,547,000
Future minimum lease payments under capital leases
2015	1,409,000
2016	1,403,000
2017	1,403,000
2018	1,403,000
2019	1,403,000
Thereafter	109,414,000
Total minimum lease payments	116,435,000
Less: Amount representing interest	-100,852,000
Present value of net minimum lease payments	15,583,000
Ground and Operating Leases
Number of Real Estate Properties	30
Number of hotels with ground, building and/or air leases	9	10	10
Number of ground leases	8	9	9
Number of building leases	1	1	1
Number of air leases	3	3	3
Total number of ground, building and air leases	12	13	13
Annual rent payment required under one of the air leases	1	1	1
Minimum rent, including straightline adjustments	14,999,000	15,228,000	14,950,000
Percentage rent	2,718,000	2,131,000	2,000,000
Total rent expense	17,717,000	17,359,000	16,950,000
Lease expense on corporate facility	400,000	400,000	400,000
Future minimum payments under the terms of ground and air operating leases, and the lease on the corporate facility
2015	8,438,000
2016	8,499,000
2017	11,523,000
2018	11,450,000
2019	11,236,000
Thereafter	335,009,000
Total	386,155,000
Furniture, fixtures and equipment
Assets under capital lease
Capital Leased Assets, Gross	104,000	104,000
Hyatt Chicago Magnificent Mile
Capital Leases
Capital lease contingent rent criteria (as a percent)	4.00%	4.00%	4.00%
Percentage rent paid	0	0	3,000
Hyatt Chicago Magnificent Mile \| Buildings and improvements
Assets under capital lease
Capital Leased Assets, Gross	58,799,000	58,799,000
Acquisitions 2014 \| Fairmont Newport Beach Land Member
Ground and Operating Leases
Minimum rent, including straightline adjustments	($600,000)

Commitments_and_Contingencies_3

Commitments and Contingencies (Details 3) (USD $)	12 Months Ended
Commitments and Contingencies (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
401(k) Savings and Retirement Plan
Age required for participating in 401(k) plan	21 years
Service period required for participating in 401(k) plan	6 months
Concentration of Risk
Number of hotels which are held for investment	30
Other
Term of unsecured environmental indemnities	0 years
Damage limitation of unsecured environmental indemnities	$0
Property general and administrative
401(k) Savings and Retirement Plan
Contributions to retirement plans	1,500,000	1,100,000	900,000
Discontinued Operations [Member]
401(k) Savings and Retirement Plan
Contributions to retirement plans	0	3,000	100,000
Safe harbor elective contribution
401(k) Savings and Retirement Plan
Percentage of eligible employee annual base earnings contributed by the company (as a percent)	3.00%	3.00%	3.00%
Contributions to retirement plans	300,000	200,000	200,000
California
Concentration of Risk
Number of hotels which are held for investment	9
New York
Concentration of Risk
Number of hotels which are held for investment	3
Illinois
Concentration of Risk
Number of hotels which are held for investment	3
Massachusetts
Concentration of Risk
Number of hotels which are held for investment	3
Greater Washington DC Area
Concentration of Risk
Number of hotels which are held for investment	3
Number of rooms \| California
Concentration of Risk
Concentration risk (as a percent)	31.00%
Number of rooms \| New York
Concentration of Risk
Concentration risk (as a percent)	9.00%
Number of rooms \| Illinois
Concentration of Risk
Concentration risk (as a percent)	8.00%
Number of rooms \| Massachusetts
Concentration of Risk
Concentration risk (as a percent)	14.00%
Number of rooms \| Greater Washington DC Area
Concentration of Risk
Concentration risk (as a percent)	13.00%
Revenue generated by hotels \| California
Concentration of Risk
Concentration risk (as a percent)	33.00%
Revenue generated by hotels \| New York
Concentration of Risk
Concentration risk (as a percent)	13.00%
Revenue generated by hotels \| Illinois
Concentration of Risk
Concentration risk (as a percent)	7.00%
Revenue generated by hotels \| Massachusetts
Concentration of Risk
Concentration risk (as a percent)	14.00%
Revenue generated by hotels \| Greater Washington DC Area
Concentration of Risk
Concentration risk (as a percent)	12.00%
Collective Bargaining Agreements
Concentration of Risk
Concentration risk (as a percent)	29.20%
Workers' compensation insurance programs
Other
Outstanding irrevocable letters of credit	700,000
Draws on letters of credit	0
Employment Agreements
Employment Agreements
2015	6,319,000
2016	706,000
Total	$7,025,000

Quarterly_Operating_Results_Un2

Quarterly Operating Results (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Operating Results (Unaudited)
Revenues from Continuing Operations	$289,880	$307,783	$300,852	$243,483	$243,895	$250,370	$234,638	$194,921	$1,141,998	$923,824	$829,084
Operating income from Continuing Operations	35,730	50,832	55,886	14,295	24,640	34,368	36,622	3,568	156,743	99,198	79,010
Net income (loss)	$14,257	$33,643	$43,535	($3,496)	$5,249	$15,817	$20,009	$28,926	$87,939	$70,001	$49,557
Income available (loss attributable) to common stockholders per share - basic and diluted (in dollars per share)	$0.05	$0.14	$0.22	($0.04)	$0.01	$0.07	$0.09	$0.12	$0.37	$0.29	$0.14

SCHEDULE_IIIREAL_ESTATE_AND_AC1

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	1,429,292,000
Initial costs
Land	522,197,000
Bldg. and Impr	2,773,177,000
Cost Capitalized Subsequent to Acquisition
Land	47,814,000
Bldg. and Impr	464,419,000
Gross Amount at year end
Land	570,011,000
Bldg. and Impr	3,237,596,000
Totals	3,807,607,000
Accum. Depr.	625,020,000
Aggregate cost of properties for federal income tax purposes	3,700,000,000
Investments in other Real Estate
Initial costs
Land	4,500,000
Cost Capitalized Subsequent to Acquisition
Land	-4,312,000
Gross Amount at year end
Land	188,000
Totals	188,000
Boston Park Plaza \| Minimum
Gross Amount at year end
Depr. Life	5 years
Boston Park Plaza \| Maximum
Gross Amount at year end
Depr. Life	35 years
Boston Park Plaza \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	116,281,000
Initial costs
Land	58,527,000
Bldg. and Impr	170,589,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	13,105,000
Gross Amount at year end
Land	58,527,000
Bldg. and Impr	183,694,000
Totals	242,221,000
Accum. Depr.	10,042,000
Courtyard by Marriott Los Angeles \| Minimum
Gross Amount at year end
Depr. Life	5 years
Courtyard by Marriott Los Angeles \| Maximum
Gross Amount at year end
Depr. Life	35 years
Courtyard by Marriott Los Angeles \| Hotel properties
Initial costs
Bldg. and Impr	8,446,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	12,870,000
Gross Amount at year end
Bldg. and Impr	21,316,000
Totals	21,316,000
Accum. Depr.	9,248,000
Doubletree Guest Suites Times Square \| Minimum
Gross Amount at year end
Depr. Life	5 years
Doubletree Guest Suites Times Square \| Maximum
Gross Amount at year end
Depr. Life	35 years
Doubletree Guest Suites Times Square \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	177,216,000
Initial costs
Land	27,351,000
Bldg. and Impr	201,660,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	11,718,000
Gross Amount at year end
Land	27,351,000
Bldg. and Impr	213,378,000
Totals	240,729,000
Accum. Depr.	19,788,000
Embassy Suites Chicago \| Minimum
Gross Amount at year end
Depr. Life	5 years
Embassy Suites Chicago \| Maximum
Gross Amount at year end
Depr. Life	35 years
Embassy Suites Chicago \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	69,370,000
Initial costs
Land	79,000
Bldg. and Impr	46,886,000
Cost Capitalized Subsequent to Acquisition
Land	6,348,000
Bldg. and Impr	20,703,000
Gross Amount at year end
Land	6,427,000
Bldg. and Impr	67,589,000
Totals	74,016,000
Accum. Depr.	24,078,000
Embassy Suites La Jolla \| Minimum
Gross Amount at year end
Depr. Life	5 years
Embassy Suites La Jolla \| Maximum
Gross Amount at year end
Depr. Life	35 years
Embassy Suites La Jolla \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	65,000,000
Initial costs
Land	27,900,000
Bldg. and Impr	70,450,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	8,959,000
Gross Amount at year end
Land	27,900,000
Bldg. and Impr	79,409,000
Totals	107,309,000
Accum. Depr.	23,182,000
Fairmont Newport Beach \| Minimum
Gross Amount at year end
Depr. Life	5 years
Fairmont Newport Beach \| Maximum
Gross Amount at year end
Depr. Life	35 years
Fairmont Newport Beach \| Hotel properties
Initial costs
Bldg. and Impr	65,769,000
Cost Capitalized Subsequent to Acquisition
Land	11,000,000
Bldg. and Impr	33,848,000
Gross Amount at year end
Land	11,000,000
Bldg. and Impr	99,617,000
Totals	110,617,000
Accum. Depr.	30,703,000
Hilton New Orleans St. Charles \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hilton New Orleans St. Charles \| Maximum
Gross Amount at year end
Depr. Life	35 years
Hilton New Orleans St. Charles \| Hotel properties
Initial costs
Land	3,698,000
Bldg. and Impr	53,578,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	1,124,000
Gross Amount at year end
Land	3,698,000
Bldg. and Impr	54,702,000
Totals	58,400,000
Accum. Depr.	1,946,000
Hilton North Houston \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hilton North Houston \| Maximum
Gross Amount at year end
Depr. Life	35 years
Hilton North Houston \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	31,253,000
Initial costs
Land	6,184,000
Bldg. and Impr	35,628,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	23,512,000
Gross Amount at year end
Land	6,184,000
Bldg. and Impr	59,140,000
Totals	65,324,000
Accum. Depr.	20,125,000
Hilton San Diego Bayfront \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hilton San Diego Bayfront \| Maximum
Gross Amount at year end
Depr. Life	57 years
Hilton San Diego Bayfront \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	228,296,000
Initial costs
Bldg. and Impr	424,992,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	8,912,000
Gross Amount at year end
Bldg. and Impr	433,904,000
Totals	433,904,000
Accum. Depr.	29,463,000
Hilton Times Square \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hilton Times Square \| Maximum
Gross Amount at year end
Depr. Life	35 years
Hilton Times Square \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	86,606,000
Initial costs
Bldg. and Impr	221,488,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	24,768,000
Gross Amount at year end
Bldg. and Impr	246,256,000
Totals	246,256,000
Accum. Depr.	72,049,000
Hilton Garden Inn Chicago Downtown/Magnificent Mile \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hilton Garden Inn Chicago Downtown/Magnificent Mile \| Maximum
Gross Amount at year end
Depr. Life	50 years
Hilton Garden Inn Chicago Downtown/Magnificent Mile \| Hotel properties
Initial costs
Land	14,040,000
Bldg. and Impr	66,350,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	7,086,000
Gross Amount at year end
Land	14,040,000
Bldg. and Impr	73,436,000
Totals	87,476,000
Accum. Depr.	3,609,000
Hyatt Chicago Magnificent Mile \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hyatt Chicago Magnificent Mile \| Maximum
Gross Amount at year end
Depr. Life	40 years
Hyatt Chicago Magnificent Mile \| Hotel properties
Initial costs
Bldg. and Impr	91,964,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	16,512,000
Gross Amount at year end
Bldg. and Impr	108,476,000
Totals	108,476,000
Accum. Depr.	9,436,000
Hyatt Regency Newport Beach \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hyatt Regency Newport Beach \| Maximum
Gross Amount at year end
Depr. Life	35 years
Hyatt Regency Newport Beach \| Hotel properties
Initial costs
Bldg. and Impr	30,549,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	25,801,000
Gross Amount at year end
Bldg. and Impr	56,350,000
Totals	56,350,000
Accum. Depr.	17,690,000
Hyatt Regency San Francisco \| Minimum
Gross Amount at year end
Depr. Life	5 years
Hyatt Regency San Francisco \| Maximum
Gross Amount at year end
Depr. Life	35 years
Hyatt Regency San Francisco \| Hotel properties
Initial costs
Land	116,140,000
Bldg. and Impr	131,430,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	8,027,000
Gross Amount at year end
Land	116,140,000
Bldg. and Impr	139,457,000
Totals	255,597,000
Accum. Depr.	7,387,000
JW Marriott New Orleans \| Minimum
Gross Amount at year end
Depr. Life	5 years
JW Marriott New Orleans \| Maximum
Gross Amount at year end
Depr. Life	35 years
JW Marriott New Orleans \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	90,000,000
Initial costs
Bldg. and Impr	73,420,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	4,324,000
Gross Amount at year end
Bldg. and Impr	77,744,000
Totals	77,744,000
Accum. Depr.	8,643,000
Marriott Boston Long Wharf \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Boston Long Wharf \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Boston Long Wharf \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	176,000,000
Initial costs
Land	51,598,000
Bldg. and Impr	170,238,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	37,002,000
Gross Amount at year end
Land	51,598,000
Bldg. and Impr	207,240,000
Totals	258,838,000
Accum. Depr.	53,672,000
Marriott Houston \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Houston \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Houston \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	20,943,000
Initial costs
Land	4,167,000
Bldg. and Impr	19,155,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	13,921,000
Gross Amount at year end
Land	4,167,000
Bldg. and Impr	33,076,000
Totals	37,243,000
Accum. Depr.	11,141,000
Marriott Park City \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Park City \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Park City \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	13,652,000
Initial costs
Land	2,260,000
Bldg. and Impr	17,778,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	12,749,000
Gross Amount at year end
Land	2,260,000
Bldg. and Impr	30,527,000
Totals	32,787,000
Accum. Depr.	12,116,000
Marriott Philadelphia \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Philadelphia \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Philadelphia \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	24,737,000
Initial costs
Land	3,297,000
Bldg. and Impr	29,710,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	9,629,000
Gross Amount at year end
Land	3,297,000
Bldg. and Impr	39,339,000
Totals	42,636,000
Accum. Depr.	14,597,000
Marriott Portland \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Portland \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Portland \| Hotel properties
Initial costs
Land	5,341,000
Bldg. and Impr	20,705,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	6,863,000
Gross Amount at year end
Land	5,341,000
Bldg. and Impr	27,568,000
Totals	32,909,000
Accum. Depr.	11,598,000
Marriott Quincy \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Quincy \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Quincy \| Hotel properties
Initial costs
Land	14,375,000
Bldg. and Impr	97,875,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	4,651,000
Gross Amount at year end
Land	14,375,000
Bldg. and Impr	102,526,000
Totals	116,901,000
Accum. Depr.	27,284,000
Marriott Tysons Corner \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Tysons Corner \| Maximum
Gross Amount at year end
Depr. Life	35 years
Marriott Tysons Corner \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	40,866,000
Initial costs
Land	3,897,000
Bldg. and Impr	43,528,000
Cost Capitalized Subsequent to Acquisition
Land	-250,000
Bldg. and Impr	16,191,000
Gross Amount at year end
Land	3,647,000
Bldg. and Impr	59,719,000
Totals	63,366,000
Accum. Depr.	22,222,000
Marriott Wailea \| Minimum
Gross Amount at year end
Depr. Life	5 years
Marriott Wailea \| Maximum
Gross Amount at year end
Depr. Life	40 years
Marriott Wailea \| Hotel properties
Initial costs
Land	119,707,000
Bldg. and Impr	194,137,000
Gross Amount at year end
Land	119,707,000
Bldg. and Impr	194,137,000
Totals	313,844,000
Accum. Depr.	2,782,000
Renaissance Harborplace \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Harborplace \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Harborplace \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	88,901,000
Initial costs
Land	25,085,000
Bldg. and Impr	102,707,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	21,889,000
Gross Amount at year end
Land	25,085,000
Bldg. and Impr	124,596,000
Totals	149,681,000
Accum. Depr.	38,504,000
Renaissance Los Angeles Airport \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Los Angeles Airport \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Los Angeles Airport \| Hotel properties
Initial costs
Land	7,800,000
Bldg. and Impr	52,506,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	4,435,000
Gross Amount at year end
Land	7,800,000
Bldg. and Impr	56,941,000
Totals	64,741,000
Accum. Depr.	15,595,000
Renaissance Long Beach \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Long Beach \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Long Beach \| Hotel properties
Initial costs
Land	10,437,000
Bldg. and Impr	37,300,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	18,526,000
Gross Amount at year end
Land	10,437,000
Bldg. and Impr	55,826,000
Totals	66,263,000
Accum. Depr.	15,758,000
Renaissance Orlando at SeaWorld \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Orlando at SeaWorld \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Orlando at SeaWorld \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	75,923,000
Initial costs
Bldg. and Impr	119,733,000
Cost Capitalized Subsequent to Acquisition
Land	30,716,000
Bldg. and Impr	34,704,000
Gross Amount at year end
Land	30,716,000
Bldg. and Impr	154,437,000
Totals	185,153,000
Accum. Depr.	46,812,000
Renaissance Washington DC \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Washington DC \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Washington DC \| Hotel properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encmbr	124,248,000
Initial costs
Land	14,563,000
Bldg. and Impr	132,800,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	37,178,000
Gross Amount at year end
Land	14,563,000
Bldg. and Impr	169,978,000
Totals	184,541,000
Accum. Depr.	50,797,000
Renaissance Westchester \| Minimum
Gross Amount at year end
Depr. Life	5 years
Renaissance Westchester \| Maximum
Gross Amount at year end
Depr. Life	35 years
Renaissance Westchester \| Hotel properties
Initial costs
Land	5,751,000
Bldg. and Impr	17,069,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	17,811,000
Gross Amount at year end
Land	5,751,000
Bldg. and Impr	34,880,000
Totals	40,631,000
Accum. Depr.	5,045,000
Sheraton Cerritos \| Minimum
Gross Amount at year end
Depr. Life	5 years
Sheraton Cerritos \| Maximum
Gross Amount at year end
Depr. Life	35 years
Sheraton Cerritos \| Hotel properties
Initial costs
Bldg. and Impr	24,737,000
Cost Capitalized Subsequent to Acquisition
Bldg. and Impr	7,601,000
Gross Amount at year end
Bldg. and Impr	32,338,000
Totals	32,338,000
Accum. Depr.	9,708,000
Land \| Investments in other Real Estate
Initial costs
Land	4,500,000
Cost Capitalized Subsequent to Acquisition
Land	-4,312,000
Gross Amount at year end
Land	188,000
Totals	188,000
Senior unsecured revolving credit facility
Gross Amount at year end
Outstanding indebtedness under credit facility	0

SCHEDULE_IIIREAL_ESTATE_AND_AC2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Hotel properties
Reconciliation of land and buildings and improvements
Balance at the beginning of the period	$3,416,762	$2,801,963	$2,904,975
Acquisitions	324,844	533,962	172,354
Improvements	66,001	80,923	46,831
Changes in reporting presentation			-163,455
Disposals during the period		-86	-158,742
Balance at the end of the period	3,807,607	3,416,762	2,801,963
Reconciliation of accumulated depreciation
Balance at the beginning of the period	524,014	439,446	457,431
Depreciation for the period	101,006	84,568	82,871
Changes in reporting presentation			-58,364
Retirement			-42,492
Balance at the end of the period	625,020	524,014	439,446
Investments in Other Real Estate
Reconciliation of land and buildings and improvements
Balance at the beginning of the period			12,437
Improvements			50
Changes in reporting presentation			-9,793
Disposals during the period			-2,506
Balance at the end of the period	188	188	188
Reconciliation of accumulated depreciation
Balance at the beginning of the period			2,865
Depreciation for the period			301
Changes in reporting presentation			-2,740
Retirement			($426)