DiamondRock Hospitality (DRH) 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'DiamondRock Hospitality Co	'
Entity Central Index Key	'0001298946	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	195,698,858

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Property and equipment, net	$2,722,993	$2,567,533
Deferred financing costs, net	8,622	7,702
Restricted cash	98,394	89,106
Due from hotel managers	89,693	69,353
Note receivable	0	50,084
Favorable lease assets, net	34,425	39,936
Prepaid and other assets	52,480	79,474
Cash and cash equivalents	119,069	144,584
Total assets	3,125,676	3,047,772
Liabilities:	'	'
Mortgage debt	1,125,309	1,091,861
Senior unsecured credit facility	0	0
Total debt	1,125,309	1,091,861
Deferred income related to key money, net	22,889	23,707
Unfavorable contract liabilities, net	76,689	78,093
Due to hotel managers	57,340	54,225
Dividends declared and unpaid	20,452	16,981
Accounts payable and accrued expenses	100,799	102,214
Total liabilities	1,403,478	1,367,081
Stockholders’ Equity:	'	'
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; 400,000,000 shares authorized; 195,698,858 and 195,470,791 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,957	1,955
Additional paid-in capital	1,981,980	1,979,613
Accumulated deficit	-261,739	-300,877
Total stockholders’ equity	1,722,198	1,680,691
Total liabilities and stockholders’ equity	$3,125,676	$3,047,772

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Stockholders' Equity:	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	195,698,858	195,470,791
Common stock, shares outstanding	195,698,858	195,470,791

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rooms	$171,047	$145,447	$465,871	$415,887
Food and beverage	45,504	46,214	146,297	145,804
Other	12,666	12,684	37,067	36,530
Total revenues	229,217	204,345	649,235	598,221
Operating Expenses:	'	'	'	'
Rooms	42,534	39,250	121,783	112,467
Food and beverage	32,662	33,443	101,855	103,259
Management fees	8,330	7,007	22,083	18,925
Other hotel expenses	75,180	73,082	220,335	213,282
Depreciation and amortization	25,327	25,663	75,576	78,521
Hotel acquisition costs	1,198	23	1,279	46
Corporate expenses	6,368	4,932	15,878	18,055
Gain on insurance proceeds	-554	0	-1,825	0
Gain on litigation settlement, net	0	0	-10,999	0
Total operating expenses, net	191,045	183,400	545,965	544,555
Operating profit	38,172	20,945	103,270	53,666
Other Expenses (Income):	'	'	'	'
Interest income	-156	-1,659	-2,766	-4,603
Interest expense	14,691	14,471	43,816	42,511
Other income, net	-50	0	-50	0
Loss (Gain) on sale of hotel property	40	0	-1,251	0
Gain on hotel property acquisition	-23,894	0	-23,894	0
Gain on prepayment of note receivable	0	0	-13,550	0
Total other (income) expenses, net	-9,369	12,812	2,305	37,908
Income from continuing operations before income taxes	47,541	8,133	100,965	15,758
Income tax (expense) benefit	-3,733	-454	-1,203	1,241
Income from continuing operations	43,808	7,679	99,762	16,999
Income from discontinued operations, net of taxes	0	885	0	2,510
Net income	$43,808	$8,564	$99,762	$19,509
Earnings per share:	'	'	'	'
Continuing operations (in dollars per share)	$0.22	$0.04	$0.51	$0.09
Discontinued operations (in dollars per share)	$0	$0	$0	$0.01
Basic and diluted earnings per share (in dollars per share)	$0.22	$0.04	$0.51	$0.10

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$99,762	$19,509
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Real estate depreciation	75,576	80,280
Corporate asset depreciation as corporate expenses	79	75
Gain on sale of hotel property	-1,251	0
Gain on prepayment of note receivable	-13,550	0
Loss on early extinguishment of debt	61	0
Gain on hotel property acquisition	-23,894	0
Non-cash ground rent	4,880	5,111
Non-cash financing costs, debt premium and interest rate cap as interest	2,085	2,082
Amortization of note receivable discount as interest income	-1,075	-1,892
Amortization of favorable and unfavorable contracts, net	-1,058	-1,063
Amortization of deferred income	-818	-799
Stock-based compensation	4,105	4,225
Changes in assets and liabilities:	'	'
Prepaid expenses and other assets	687	-2,856
Restricted cash	-13,003	2,894
Due to/from hotel managers	-16,245	-7,375
Accounts payable and accrued expenses	-702	-8
Net cash provided by operating activities	115,639	100,183
Cash flows from investing activities:	'	'
Hotel capital expenditures	-56,091	-75,256
Hotel acquisitions	-148,376	0
Net proceeds from sale of hotel property	23,610	0
Note receivable principal repayments	64,500	6,574
Change in restricted cash	3,701	-13,319
Purchase deposits	0	-5,000
Receipt of deferred key money	0	338
Net cash used in investing activities	-112,656	-86,663
Cash flows from financing activities:	'	'
Scheduled mortgage debt principal payments	-10,966	-10,161
Proceeds from mortgage debt	86,000	102,000
Prepayment of mortgage debt	-41,315	0
Draws on senior unsecured credit facility	41,320	25,000
Repayments of senior unsecured credit facility	-41,320	-45,000
Payment of financing costs	-3,330	-538
Payment of cash dividends	-56,989	-49,044
Repurchase of common stock and other	-1,898	-1,952
Net cash (used in) provided by financing activities	-28,498	20,305
Net (decrease) increase in cash and cash equivalents	-25,515	33,825
Cash and cash equivalents, beginning of period	144,584	9,623
Cash and cash equivalents, end of period	119,069	43,448
Supplemental Disclosure of Cash Flow Information:	'	'
Cash paid for interest	41,953	40,503
Cash paid for income taxes	266	724
Capitalized interest	914	1,164
Non-cash Financing Activities:	'	'
Unpaid dividends	$20,452	$17,006

Organization

Organization	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	Organization
	DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations and most are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”), Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels.
	As of September 30, 2014, we owned 27 hotels with 11,123 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Worth, Texas; Key West, Florida; Los Angeles, California; Minneapolis, Minnesota; New York, New York (5); Orlando, Florida; Salt Lake City, Utah; San Diego, California; San Francisco, California; Sonoma, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado.
	We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and currently owns, either directly or indirectly, all of the limited partnership units of our operating partnership.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Presentation
	We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013, included in our Annual Report on Form 10-K filed on February 25, 2014.
	In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2014 and the results of our operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations.
	Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity.
	Property and Equipment
	Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations.
	Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets.
	We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized.
	We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
	Note Receivable
	Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest rate method. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible.
	Revenue Recognition
	Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees.
	Earnings (Loss) Per Share
	Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.
	Comprehensive Income (Loss)
	We do not have any items of comprehensive income (loss) other than net income (loss). If we do incur any additional items of comprehensive income (loss), such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the condensed consolidated statement of operations.
	Stock-based Compensation
	We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
	Income Taxes
	We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted.
	We have elected to be treated as a REIT under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes.
	In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS.
	We had no accruals for tax uncertainties as of September 30, 2014 and December 31, 2013.
	Fair Value Measurements
	In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows:
	•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
	•Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical
	or similar assets in markets that are not active and model-derived valuations whose inputs are observable
	•Level 3 - Model-derived valuations with unobservable inputs
	Intangible Assets and Liabilities
	Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
	Straight-Line Rental Income and Expense
	We record rental income and expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease.
	Concentration of Credit Risk
	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
	Use of Estimates
	The preparation of the financial statements in conformity with U.S. 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 from those estimates.
	Risks and Uncertainties
	The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.
	Recently Issued Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for the first annual reporting period beginning on or after December 15, 2014 with early adoption permitted. We have adopted this ASU effective January 1, 2014, Under this ASU, we anticipate the majority of our hotel sales will not be classified as discontinued operations. Hotel sales that have already been reported within discontinued operations in previously issued financial statements will continue to be reported under the previous guidance.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This pronouncement will be effective for the first annual reporting period beginning after December 15, 2016. Early application is not permitted. The ASU permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method or determined the effect of the ASU on our future financial reporting.

Property_and_Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	Property and Equipment
	Property and equipment as of September 30, 2014 and December 31, 2013 consists of the following (in thousands):
		September 30, 2014			December 31, 2013
	Land	$	479,375		$	394,957
	Land improvements	7,994			7,994
	Buildings	2,417,166			2,321,666
	Furniture, fixtures and equipment	455,148			421,230
	CIP	11,967			22,241
		3,371,650			3,168,088
	Less: accumulated depreciation	(648,657		)	(600,555		)
		$	2,722,993		$	2,567,533
	As of September 30, 2014, we had accrued capital expenditures of $3.3 million. As of December 31, 2013, we had accrued capital expenditures of $8.6 million.

Favorable_Lease_Assets

Favorable Lease Assets	9 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Favorable Lease Assets	'
	Favorable Lease Assets
	In connection with the acquisition of certain hotels, we have recognized intangible assets for favorable ground leases and tenant leases. Our favorable lease assets, net of accumulated amortization of $2.8 million and $6.8 million as of September 30, 2014 and December 31, 2013, respectively, consist of the following (in thousands):
		September 30, 2014		December 31, 2013
	Westin Boston Waterfront Hotel Ground Lease	$	18,347	$	18,510
	Westin Boston Waterfront Hotel Lease Right	9,045		9,045
	Hilton Minneapolis Ground Lease	5,779		5,835
	Oak Brook Hills Resort Ground Lease	—		5,058
	Lexington Hotel New York Tenant Leases	1,067		1,176
	Hilton Boston Downtown Tenant Leases	187		312
		$	34,425	$	39,936
	Favorable lease assets are recorded at the acquisition date and are generally amortized using the straight-line method over the remaining non-cancelable term of the lease agreement. Amortization expense for the three and nine months ended September 30, 2014 was approximately $0.2 million and $0.6 million, respectively.
	We own a favorable lease asset related to the right to acquire a leasehold interest in a parcel of land adjacent to the Westin Boston Waterfront Hotel for the development of a 320 to 350 room hotel (the “lease right”). The option expires in 2016. We do not amortize the lease right but review the asset for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. No impairment loss was recorded for the three or nine months ended September 30, 2014 or 2013. The fair value of the lease right is a Level 3 measurement under the fair value hierarchy (see Note 2) and is derived from a discounted cash flow model using the favorable difference between the estimated participating rents or actual rents in accordance with the lease terms and the estimated market rents. The discount rate is estimated using a risk adjusted rate of return, the estimated participating rents are estimated based on a hypothetical hotel comparable to our Westin Boston Waterfront Hotel, and market rents are based on comparable long-term ground leases in the City of Boston.
	In connection with the sale of the Oak Brook Hills Resort on April 14, 2014, we wrote off the favorable ground lease asset, which is included in the gain on sale of hotel property on the accompanying condensed consolidated statements of operations.

Note_Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2014
Accounts and Notes Receivable, Net [Abstract]	'
Note Receivable	'
	Note Receivable
	On May 21, 2014, we received $58.5 million for the prepayment of the senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois (the "Allerton Loan"). As a result of the prepayment, we recorded a gain of $13.6 million. The Allerton Loan had an original principal balance of $66.0 million, which had a four-year term (plus a one-year extension option) and bore annual interest at a fixed rate of 5.5%. Principal payments were based on a 30-year amortization schedule, but were only due to the extent there was available cash flow from operations.
	We recorded the following amounts of interest income on the Allerton Loan (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Contractual interest income	$	—	$	907	$	1,317	$	2,549
	Amortization of discount	—		687		1,075		1,892
	Total interest income	$	—	$	1,594	$	2,392	$	4,441

Capital_Stock

Capital Stock	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Capital Stock	'
	Capital Stock
	Common Shares
	We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors.
	We have paid the following dividends to holders of our common stock during 2014 as follows:
	Payment Date	Record Date	Dividend
			per Share
	January 10, 2014	31-Dec-13	$	0.085
	April 10, 2014	31-Mar-14	$	0.1025
	July 10, 2014	30-Jun-14	$	0.1025
	October 10, 2014	30-Sep-14	$	0.1025
	Preferred Shares
	We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of September 30, 2014 and December 31, 2013, there were no shares of preferred stock outstanding.
	Operating Partnership Units
	Holders of operating partnership units would have certain redemption rights, which would enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of September 30, 2014 and December 31, 2013, there were no operating partnership units held by unaffiliated third parties.

Stock_Incentive_Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Incentive Plans	'
	Stock Incentive Plans
	We are authorized to issue up to 8 million shares of our common stock under our 2004 Stock Option and Incentive Plan, as amended (the “Incentive Plan”), of which we have issued or committed to issue 3,691,587 shares as of September 30, 2014. In addition to these shares, additional shares of common stock could be issued in connection with the market stock unit awards and performance stock unit awards as further described below. On May 15, 2014, we issued (i) 19,671 shares of common stock and (ii) 19,671 deferred stock units to our board of directors having an aggregate value of $465,000, based on the closing stock price for our common stock on such day.
	Restricted Stock Awards
	Restricted stock awards issued to our officers and employees generally vest over a 3-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. A summary of our restricted stock awards from January 1, 2014 to September 30, 2014 is as follows:
		Number of			Weighted-
		Shares			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2014	583,021			$	9.8
	Granted	246,621			12.37
	Forfeited	(537	)		9.32
	Vested	(270,440	)		10.1
	Unvested balance at September 30, 2014	558,665			$	10.79
	The remaining share awards are expected to vest as follows: 46,936 during 2014, 255,828 during 2015, 168,929 during 2016, 80,626 during 2017, and 6,346 during 2018. As of September 30, 2014, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 24 months. We recorded $1.0 million and $0.7 million, respectively, of compensation expense related to restricted stock awards for each of the three months ended September 30, 2014 and 2013. We recorded $2.4 million and $2.7 million, respectively, of compensation expenses related to restricted stock awards for each of the nine months ended September 30, 2014 and 2013. The compensation expense for the nine months ended September 30, 2013 includes $0.7 million related to the accelerated vesting of awards in connection with the departure of our former Chief Operating Officer in 2013.
	Market Stock Units
	From 2010 to 2012, we awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest three years from the date of grant. As of September 30, 2014, there are 97,602 MSUs outstanding, which represent awards granted in 2012. The unrecognized compensation cost related to the MSUs was $0.1 million as of September 30, 2014 and is expected to be recognized on a straight-line basis over a weighted average period of 5 months. For the three months ended September 30, 2014 and 2013, we recorded approximately $0.1 million of compensation expense related to the MSUs. For the nine months ended September 30, 2014 and 2013, we recorded approximately $0.2 million and $0.7 million, respectively, of compensation expense related to the MSUs.
	Performance Stock Units
	We have awarded our executive officers performance stock units (“PSUs”). PSUs are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is subject to the achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs over a three-year performance period. There will be no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group.
	The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. The determination of the grant-date fair values of the awards included the following assumptions:
	Award Grant Date		Volatility			Risk-Free Rate		Fair Value at Grant Date
	3-Mar-13		39.2	%		0.36	%	$	9.55
	15-May-13		37.9	%		0.4	%	$	10.41
	3-Mar-14		33.5	%		0.66	%	$	12.77
	15-May-14		33.1	%		0.8	%	$	9.88
	The simulations also considered the share performance of the Company and the peer group. A summary of our PSUs from January 1, 2014 to September 30, 2014 is as follows:
		Number of			Weighted-
		Units			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2014	223,176			$	9.66
	Granted	200,685			12.33
	Additional units from dividends	8,849			11.69
	Unvested balance at September 30, 2014	432,710			$	10.94
	The remaining units are expected to vest as follows: 228,763 during 2016 and 203,947 during 2017. As of September 30, 2014, the unrecognized compensation cost related to the PSUs was $3.0 million and is expected to be recognized on a straight-line basis over a weighted average period of 25 months. For the three months ended September 30, 2014 and 2013, we recorded approximately $0.4 million and $0.2 million, respectively, of compensation expense related to the PSUs. For the nine months ended September 30, 2014 and 2013, we recorded approximately $1.0 million and $0.4 million, respectively, of compensation expense related to the PSUs.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share
	Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.
	The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Numerator:
	Income from continuing operations	$	43,808	$	7,679	$	99,762	$	16,999
	Income from discontinued operations	—		885		—		2,510
	Net income	$	43,808	$	8,564	$	99,762	$	19,509
	Denominator:
	Weighted-average number of common shares outstanding—basic	195,796,772		195,546,384		195,733,185		195,455,225
	Effect of dilutive securities:
	Unvested restricted common stock	215,834		151,878		193,477		119,848
	Unexercised stock appreciation rights	7,512		—		—		—
	Shares related to unvested MSUs and PSUs	414,655		162,099		414,655		171,950
	Weighted-average number of common shares outstanding—diluted	196,434,773		195,860,361		196,341,317		195,747,023
	Basic earnings per share:
	Continuing operations	$	0.22	$	0.04	$	0.51	$	0.09
	Discontinued operations	—		0		—		0.01
	Total	$	0.22	$	0.04	$	0.51	$	0.1
	Diluted earnings per share:
	Continuing operations	$	0.22	$	0.04	$	0.51	$	0.09
	Discontinued operations	—		0		—		0.01
	Total	$	0.22	$	0.04	$	0.51	$	0.1
	We did not include unexercised stock appreciation rights of 262,461 in our calculation of diluted earnings per share for the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013 as they would be anti-dilutive.

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	The following table sets forth information regarding the Company’s debt as of September 30, 2014, in thousands:
	Property		Principal		Interest Rate	Maturity Date
			Balance
	Courtyard Manhattan / Midtown East		$	86,000	4.40%	Aug-24
	Marriott Salt Lake City Downtown		61,829		4.25%	Nov-20
	Courtyard Manhattan / Fifth Avenue		49,132		6.48%	Jun-16
	Renaissance Worthington		53,102		5.40%	Jul-15
	Frenchman’s Reef & Morning Star Marriott Beach Resort		56,871		5.44%	Aug-15
	Marriott Los Angeles Airport		82,600		5.30%	Jul-15
	Orlando Airport Marriott		56,145		5.68%	Jan-16
	Chicago Marriott Downtown Magnificent Mile		206,006		5.98%	Apr-16
	Hilton Minneapolis		93,454		5.46%	May-21
	JW Marriott Denver at Cherry Creek		38,940		6.47%	Jul-15
	Lexington Hotel New York		170,368		LIBOR + 3.00% (3.151% at September 30, 2014)	March 2015 (1)
	Westin Washington D.C. City Center		71,090		3.99%	Jan-23
	The Lodge at Sonoma, a Renaissance Resort & Spa		30,242		3.96%	Apr-23
	Westin San Diego		69,258		3.94%	Apr-23
	Debt premium (2)		272
	Total mortgage debt		1,125,309
	Senior unsecured credit facility		—		LIBOR + 1.90% (2.09% at September 30, 2014)	January 2017 (3)
	Total debt		$	1,125,309
	Weighted-Average Interest Rate				4.97%
	_______________________
	-1	The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee. We amended the loan on October 8, 2014, which is discussed further below.
	-2	Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt.
	-3	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
	Mortgage Debt
	We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of September 30, 2014, 14 of our 27 hotels were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent.
	The Lexington Hotel New York mortgage loan contains a quarterly financial covenant requiring a minimum debt service coverage ratio ("DSCR"), as defined in the loan agreement, of 1.1 times. As a result of the ongoing renovation of the hotel during most of 2013, the DSCR fell below the minimum requirement. We were able to cure the default by depositing the amount of the DSCR shortfall into a reserve with the lender. The DSCR is currently above the financial covenant and the reserve was released by the lender in August 2014. In addition, the cash trap provision was triggered on the loan during 2013 and is still in effect. As of September 30, 2014, the lender is holding approximately $16.1 million in the cash trap.
	On October 8, 2014, we amended the Lexington Hotel New York mortgage loan. The amended loan bears interest at an initial floating rate of LIBOR plus 275 basis points and features a pricing grid that will further reduce the spread to as low as 175 basis points upon achieving certain hotel cash flow hurdles. The amendment extends the term of the loan by approximately 30 months to October 2017. The loan may be extended for two additional one-year terms subject to the satisfaction of certain financial and other conditions and the payment of an extension fee. During the third quarter, we paid approximately $1.3 million in fees to amend the loan, which are recorded in deferred financing costs on the accompanying condensed consolidated balance sheet.
	On July 18, 2014, we entered into a new $86 million mortgage loan secured by the Courtyard Manhattan/Midtown East. The new loan matures in 2024 and bears interest at a fixed rate of 4.40%. The new loan is interest-only for the first two years after which principal will amortize over 30 years. The hotel was previously encumbered by a $41.3 million mortgage loan bearing interest at 8.81%, which was prepaid in full on July 1, 2014.
	As of September 30, 2014, we are in compliance with the financial covenants of our mortgage debt.
	Senior Unsecured Credit Facility
	We are party to a $200 million unsecured credit facility, which expires in January 2017. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. We also have the right to increase the amount of the facility up to $400 million with lender approval. Interest is paid on the periodic advances under the facility at varying rates, based upon LIBOR, plus an agreed upon additional margin amount. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
	Ratio of Net Indebtedness to EBITDA		Applicable Margin
	Less than 4.00 to 1.00		1.75	%
	Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00		1.9	%
	Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00		2.1	%
	Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00		2.2	%
	Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00		2.5	%
	Greater than or equal to 6.50 to 1.00		2.75	%
	In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%.
	The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
				Actual at
		Covenant		September 30,
				2014
	Maximum leverage ratio (1)	60%		39.50%
	Minimum fixed charge coverage ratio (2)	1.50x		2.7x
	Minimum tangible net worth (3)	$1.857 billion		$2.371 billion
	Secured recourse indebtedness	Less than 45% of Total Asset Value		39.50%
	_____________________________
	-1	Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
	-2	Fixed charge coverage ratio is Adjusted EBITDA, defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.
	-3	Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.
	The facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets must include a minimum of five properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $250 million. As of September 30, 2014, the unencumbered borrowing base included five properties with a borrowing base value of $341 million.
	As of September 30, 2014, we had no borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 4.15x. Accordingly, interest on our future borrowings, if any, under the facility will be based on LIBOR plus 190 basis points for the next quarter. We incurred interest and unused credit facility fees on the facility of $0.2 million for the three months ended September 30, 2014 and 2013. We incurred interest and unused credit facility fees on the facility of $0.6 million and $0.7 million for the nine months ended September 30, 2014 and 2013, respectively.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Dispositions	'
	Dispositions
	Effective January 1, 2014, we adopted ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result, the operations of hotels sold subsequent to December 31, 2013 are expected to be reported in continuing operations.
	On April 14, 2014, we sold the 386-room Oak Brook Hills Resort to an unaffiliated third party for $30.1 million, including $4.0 million of seller financing. The sale meets the requirements for accounting under the full accrual method. We recorded a gain on sale of the hotel of approximately $1.3 million, net of a $4.0 million valuation allowance on the loan receivable. The loan provided to the buyer is unsecured and has a one year interest-only period after which the loan will amortize based on a twenty-five year schedule. The loan accrues interest at a floating rate of LIBOR plus 650 basis points for the first year. The interest rate margin increases by 100 basis points annually for the remainder of the loan term. The loan is subordinate to the buyer's senior mortgage loan. The loan agreement provides repayment options, which include: (1) the hotel achieving a certain operating profit threshold by mid-2016, (2) refinancing proceeds in excess of the outstanding balance of the senior mortgage loan, or (3) proceeds in excess of the outstanding balance of the senior mortgage loan from the sale of the hotel.
	The loan receivable and the valuation allowance are included within prepaid and other assets on the accompanying condensed consolidated balance sheet. Based on our estimates of the hotel’s future cash flows from operations and that the note is unsecured and subordinate to the senior mortgage loan, we believe it is remote that we will collect all contractual amounts due under the loan. Accordingly, we recognized a full valuation allowance of $4.0 million. As of September 30, 2014, we have received interest payments of approximately $0.1 million, which are reflected in other income on the accompanying condensed consolidated statement of operations.
	In November 2013, we sold the 487-room Torrance Marriott South Bay to an unaffiliated third party. The operating results are reported in discontinued operations on the accompanying condensed consolidated statement of operations for the three months ended September 30, 2013.
	The following table summarizes the components of discontinued operations in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013 (unaudited; in thousands, except per share data):
		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Hotel revenues	$	6,299		$	17,910
	Hotel operating expenses	(4,684		)	(13,344		)
	Operating income	1,615			4,566
	Depreciation and amortization	(591		)	(1,759		)
	Income tax expense	(139		)	(297		)
	Income from discontinued operations	$	885		$	2,510
	Basic and diluted income from discontinued operations per share	$	0		$	0.01
	Subsequent to September 30, 2014, one of our hotels met the held-for-sale criteria under U.S. GAAP. We have entered into an agreement to sell the hotel and expect the sale to close during the fourth quarter of 2014, subject to the satisfaction of closing conditions. The carrying amount of the hotel is approximately $97.1 million as of September 30, 2014 and we do not expect to recognize a loss on the sale. The hotel is encumbered by $82.6 million of mortgage debt, which we expect to repay in connection with the sale.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Acquisitions	'
	Acquisitions
	On August 15, 2014, we acquired the 106-room Inn at Key West located in Key West, Florida for a contractual purchase price of $47.5 million. The acquisition was funded with corporate cash on hand. We retained the existing hotel operator, Remington Management, LP, under an interim 90-day management agreement. We expect to finalize a longer term management agreement with Remington during the fourth quarter of 2014.
	On August 29, 2014, we completed the acquisition of the newly constructed, 282-room Hilton Garden Inn Times Square Central in New York City. We had entered into the purchase and sale agreement to acquire this hotel upon its completion for a fixed purchase price of $127.2 million in early 2011. We had previously funded total purchase deposits of $26.9 million. The balance of the purchase price was funded with corporate cash on hand. The hotel opened on September 1, 2014 and is operated by Highgate Hotels, LP, subject to a franchise license agreement with Hilton Garden Inns Franchise LLC. The hotel meets the definition of a business and the acquisition was accounted for as a business combination. As such, the assets acquired were recorded at their fair values, which exceeded our contractual cost. During the three years between the date of the purchase and sale agreement and the date of acquisition, the real estate market for hotels located in Manhattan experienced an increase in valuations due to improved economic conditions in the market and the overall economy. This resulted in an increase in the fair value the hotel at the time of acquisition compared with our contractual purchase price, which resulted in a gain of approximately $23.9 million upon acquisition.
	The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
			Inn at Key West			Hilton Garden Inn Times Square Central
	Land		$	33,618		$	60,300
	Building		11,586			88,896
	Building improvements		1,027			—
	Furnitures, fixtures and equipment		1,269			6,204
	Total fixed assets		47,500			155,400
	Other assets and liabilities, net		326			370
	Total		$	47,826		$	155,770
	We believe all material adjustments necessary to reflect the effects of acquisitions have been made; however, the amounts recorded are based on a preliminary estimate of the fair value of the assets acquired and the liabilities assumed. We will finalize the recorded amounts upon the completion of our valuation analysis of the assets acquired and liabilities assumed.
	The acquired properties are included in our results of operations from the date of acquisition. The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Inn at Key West as if it had occurred on January 1, 2013. The following pro forma results of operations do not include adjustments reflecting the acquisition of the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
		Three Months Ending September 30,						Nine Months Ending September 30,
		2014			2013			2014		2013
	Revenues	$	230,122		$	205,705		$	654,608	$	603,501
	Income from continuing operations	44,089			8,042			102,335		19,198
	Net income	44,089			8,927			102,335		21,708
	Basic earnings per share:
	Continuing operations	$	0.23		$	0.04		$	0.52	$	0.1
	Net income	$	0.23		$	0.05		$	0.52	$	0.11
	Diluted earnings per share:
	Continuing operations	$	0.22		$	0.04		$	0.52	$	0.1
	Net income	$	0.22		$	0.05		$	0.52	$	0.11
	For the three and nine months ended September 30, 2014, our condensed consolidated statements of operations include $2.5 million of revenues and less than $0.1 million of net income related to the operations of the Inn at Key West and the Hilton Garden Inn Times Square Central.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2014 and December 31, 2013, in thousands, are as follows:
		September 30, 2014				31-Dec-13
		Carrying		Fair Value		Carrying		Fair Value
		Amount				Amount
	Debt	$	1,125,309	$	1,149,102	$	1,091,861	$	1,087,516
	The fair value of our mortgage debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our mortgage debt by discounting the future cash flows of each instrument at estimated market rates. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Litigation
	We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.
	Westin Boston Waterfront Litigation Settlement
	In May 2014, we settled a legal action alleging certain issues related to the original construction of the Westin Boston Waterfront Hotel with the contractors and their insurers for $14.0 million in full and complete satisfaction of our claims against the contractors. The settlement resulted in a net gain of $11.0 million. We recorded the settlement net of a $1.2 million contingency fee paid to our legal counsel and $1.8 million of legal fees and other costs incurred over the course of the legal proceedings. The $1.8 million of legal fees and other costs were previously recorded as corporate expenses and the repayment of those costs through the settlement proceeds is recorded as a reduction of corporate expenses during the nine months ended September 30, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2013, included in our Annual Report on Form 10-K filed on February 25, 2014.
	In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2014 and the results of our operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations.
	Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity.
Property and Equipment	'
	Property and Equipment
	Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations.
	Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets.
	We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized.
	We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Note Receivable	'
	Note Receivable
	Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest rate method. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible.
Revenue Recognition	'
	Revenue Recognition
	Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees.
Earnings (Loss) Per Share	'
	Earnings (Loss) Per Share
	Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	We do not have any items of comprehensive income (loss) other than net income (loss). If we do incur any additional items of comprehensive income (loss), such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the condensed consolidated statement of operations.
Stock-based Compensation	'
	Stock-based Compensation
	We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Income Taxes	'
	Income Taxes
	We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted.
	We have elected to be treated as a REIT under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes.
	In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS.
Fair Value Measurements	'
	Fair Value Measurements
	In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows:
	•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
	•Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical
	or similar assets in markets that are not active and model-derived valuations whose inputs are observable
	•Level 3 - Model-derived valuations with unobservable inputs
Intangible Assets and Liabilities	'
	Intangible Assets and Liabilities
	Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Straight-Line Rental Income and Expense	'
	Straight-Line Rental Income and Expense
	We record rental income and expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Use of Estimates	'
	Use of Estimates
	The preparation of the financial statements in conformity with U.S. 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 from those estimates.
Risks and Uncertainties	'
	Risks and Uncertainties
	The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.
Recent Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for the first annual reporting period beginning on or after December 15, 2014 with early adoption permitted. We have adopted this ASU effective January 1, 2014, Under this ASU, we anticipate the majority of our hotel sales will not be classified as discontinued operations. Hotel sales that have already been reported within discontinued operations in previously issued financial statements will continue to be reported under the previous guidance.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This pronouncement will be effective for the first annual reporting period beginning after December 15, 2016. Early application is not permitted. The ASU permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method or determined the effect of the ASU on our future financial reporting.

Property_and_Equipment_Tables

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and equipment	'
	Property and equipment as of September 30, 2014 and December 31, 2013 consists of the following (in thousands):
		September 30, 2014			December 31, 2013
	Land	$	479,375		$	394,957
	Land improvements	7,994			7,994
	Buildings	2,417,166			2,321,666
	Furniture, fixtures and equipment	455,148			421,230
	CIP	11,967			22,241
		3,371,650			3,168,088
	Less: accumulated depreciation	(648,657		)	(600,555		)
		$	2,722,993		$	2,567,533

Favorable_Lease_Assets_Tables

Favorable Lease Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Finite-Lived Intangible Assets by Major Class	'
	Our favorable lease assets, net of accumulated amortization of $2.8 million and $6.8 million as of September 30, 2014 and December 31, 2013, respectively, consist of the following (in thousands):
		September 30, 2014		December 31, 2013
	Westin Boston Waterfront Hotel Ground Lease	$	18,347	$	18,510
	Westin Boston Waterfront Hotel Lease Right	9,045		9,045
	Hilton Minneapolis Ground Lease	5,779		5,835
	Oak Brook Hills Resort Ground Lease	—		5,058
	Lexington Hotel New York Tenant Leases	1,067		1,176
	Hilton Boston Downtown Tenant Leases	187		312
		$	34,425	$	39,936

Note_Receivable_Note_Receivabl

Note Receivable Note Receivable (Tables)	9 Months Ended
	Sep. 30, 2014
Accounts and Notes Receivable, Net [Abstract]	'
Schedule of Interest Income	'
	We recorded the following amounts of interest income on the Allerton Loan (in thousands):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Contractual interest income	$	—	$	907	$	1,317	$	2,549
	Amortization of discount	—		687		1,075		1,892
	Total interest income	$	—	$	1,594	$	2,392	$	4,441

Capital_Stock_Tables

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Schedule of Dividends Payable	'
	We have paid the following dividends to holders of our common stock during 2014 as follows:
	Payment Date	Record Date	Dividend
			per Share
	January 10, 2014	31-Dec-13	$	0.085
	April 10, 2014	31-Mar-14	$	0.1025
	July 10, 2014	30-Jun-14	$	0.1025
	October 10, 2014	30-Sep-14	$	0.1025

Stock_Incentive_Plans_Tables

Stock Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of Restricted Stock Awards	'
	A summary of our restricted stock awards from January 1, 2014 to September 30, 2014 is as follows:
		Number of			Weighted-
		Shares			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2014	583,021			$	9.8
	Granted	246,621			12.37
	Forfeited	(537	)		9.32
	Vested	(270,440	)		10.1
	Unvested balance at September 30, 2014	558,665			$	10.79
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	'
	The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. The determination of the grant-date fair values of the awards included the following assumptions:
	Award Grant Date		Volatility			Risk-Free Rate		Fair Value at Grant Date
	3-Mar-13		39.2	%		0.36	%	$	9.55
	15-May-13		37.9	%		0.4	%	$	10.41
	3-Mar-14		33.5	%		0.66	%	$	12.77
	15-May-14		33.1	%		0.8	%	$	9.88
Schedule of Nonvested Performance-based Units Activity	'
	A summary of our PSUs from January 1, 2014 to September 30, 2014 is as follows:
		Number of			Weighted-
		Units			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2014	223,176			$	9.66
	Granted	200,685			12.33
	Additional units from dividends	8,849			11.69
	Unvested balance at September 30, 2014	432,710			$	10.94

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of earnings (loss) per share, basic and diluted	'
	The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Numerator:
	Income from continuing operations	$	43,808	$	7,679	$	99,762	$	16,999
	Income from discontinued operations	—		885		—		2,510
	Net income	$	43,808	$	8,564	$	99,762	$	19,509
	Denominator:
	Weighted-average number of common shares outstanding—basic	195,796,772		195,546,384		195,733,185		195,455,225
	Effect of dilutive securities:
	Unvested restricted common stock	215,834		151,878		193,477		119,848
	Unexercised stock appreciation rights	7,512		—		—		—
	Shares related to unvested MSUs and PSUs	414,655		162,099		414,655		171,950
	Weighted-average number of common shares outstanding—diluted	196,434,773		195,860,361		196,341,317		195,747,023
	Basic earnings per share:
	Continuing operations	$	0.22	$	0.04	$	0.51	$	0.09
	Discontinued operations	—		0		—		0.01
	Total	$	0.22	$	0.04	$	0.51	$	0.1
	Diluted earnings per share:
	Continuing operations	$	0.22	$	0.04	$	0.51	$	0.09
	Discontinued operations	—		0		—		0.01
	Total	$	0.22	$	0.04	$	0.51	$	0.1

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Summary of long term debt	'
	The following table sets forth information regarding the Company’s debt as of September 30, 2014, in thousands:
	Property		Principal		Interest Rate	Maturity Date
			Balance
	Courtyard Manhattan / Midtown East		$	86,000	4.40%	Aug-24
	Marriott Salt Lake City Downtown		61,829		4.25%	Nov-20
	Courtyard Manhattan / Fifth Avenue		49,132		6.48%	Jun-16
	Renaissance Worthington		53,102		5.40%	Jul-15
	Frenchman’s Reef & Morning Star Marriott Beach Resort		56,871		5.44%	Aug-15
	Marriott Los Angeles Airport		82,600		5.30%	Jul-15
	Orlando Airport Marriott		56,145		5.68%	Jan-16
	Chicago Marriott Downtown Magnificent Mile		206,006		5.98%	Apr-16
	Hilton Minneapolis		93,454		5.46%	May-21
	JW Marriott Denver at Cherry Creek		38,940		6.47%	Jul-15
	Lexington Hotel New York		170,368		LIBOR + 3.00% (3.151% at September 30, 2014)	March 2015 (1)
	Westin Washington D.C. City Center		71,090		3.99%	Jan-23
	The Lodge at Sonoma, a Renaissance Resort & Spa		30,242		3.96%	Apr-23
	Westin San Diego		69,258		3.94%	Apr-23
	Debt premium (2)		272
	Total mortgage debt		1,125,309
	Senior unsecured credit facility		—		LIBOR + 1.90% (2.09% at September 30, 2014)	January 2017 (3)
	Total debt		$	1,125,309
	Weighted-Average Interest Rate				4.97%
	_______________________
	-1	The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee. We amended the loan on October 8, 2014, which is discussed further below.
	-2	Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt.
	-3	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA	'
	The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
	Ratio of Net Indebtedness to EBITDA		Applicable Margin
	Less than 4.00 to 1.00		1.75	%
	Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00		1.9	%
	Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00		2.1	%
	Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00		2.2	%
	Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00		2.5	%
	Greater than or equal to 6.50 to 1.00		2.75	%
Summary of the most restrictive covenants for senior unsecured credit facility	'
	The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
				Actual at
		Covenant		September 30,
				2014
	Maximum leverage ratio (1)	60%		39.50%
	Minimum fixed charge coverage ratio (2)	1.50x		2.7x
	Minimum tangible net worth (3)	$1.857 billion		$2.371 billion
	Secured recourse indebtedness	Less than 45% of Total Asset Value		39.50%
	_____________________________
	-1	Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
	-2	Fixed charge coverage ratio is Adjusted EBITDA, defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.
	-3	Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

Dispositions_Tables

Dispositions (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Summary of results of income (loss) from discontinued operations	'
	The following table summarizes the components of discontinued operations in the condensed consolidated statement of operations for the three and nine months ended September 30, 2013 (unaudited; in thousands, except per share data):
		Three Months Ended			Nine Months Ended
		September 30, 2013			September 30, 2013
	Hotel revenues	$	6,299		$	17,910
	Hotel operating expenses	(4,684		)	(13,344		)
	Operating income	1,615			4,566
	Depreciation and amortization	(591		)	(1,759		)
	Income tax expense	(139		)	(297		)
	Income from discontinued operations	$	885		$	2,510
	Basic and diluted income from discontinued operations per share	$	0		$	0.01

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Schedule of Acquired Assets and Liabilities	'
	The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
			Inn at Key West			Hilton Garden Inn Times Square Central
	Land		$	33,618		$	60,300
	Building		11,586			88,896
	Building improvements		1,027			—
	Furnitures, fixtures and equipment		1,269			6,204
	Total fixed assets		47,500			155,400
	Other assets and liabilities, net		326			370
	Total		$	47,826		$	155,770
Pro Forma Operating Information	'
	The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Inn at Key West as if it had occurred on January 1, 2013. The following pro forma results of operations do not include adjustments reflecting the acquisition of the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
		Three Months Ending September 30,						Nine Months Ending September 30,
		2014			2013			2014		2013
	Revenues	$	230,122		$	205,705		$	654,608	$	603,501
	Income from continuing operations	44,089			8,042			102,335		19,198
	Net income	44,089			8,927			102,335		21,708
	Basic earnings per share:
	Continuing operations	$	0.23		$	0.04		$	0.52	$	0.1
	Net income	$	0.23		$	0.05		$	0.52	$	0.11
	Diluted earnings per share:
	Continuing operations	$	0.22		$	0.04		$	0.52	$	0.1
	Net income	$	0.22		$	0.05		$	0.52	$	0.11

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value of certain financial assets and liabilities and other financial instruments	'
	The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2014 and December 31, 2013, in thousands, are as follows:
		September 30, 2014				31-Dec-13
		Carrying		Fair Value		Carrying		Fair Value
		Amount				Amount
	Debt	$	1,125,309	$	1,149,102	$	1,091,861	$	1,087,516

Organization_Details

Organization (Details)	Sep. 30, 2014
	rooms
	Hotel
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	27
Number of rooms in hotels, resorts and senior loan secured facility (in rooms)	11,123
Atlanta, Georgia [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Boston, Massachusetts [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	2
Burlington, Vermont [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Charleston, South Carolina [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Chicago, Illinois [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	2
Denver, Colorado [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	2
Fort Worth, Texas [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Key West, Florida [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Los Angeles, California [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Minneapolis, Minnesota [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
New York, New York [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	5
Oak Brook, Illinois [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Orlando, Florida [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Salt Lake City, Utah [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
San Diego, California [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
San Francisco, California [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Sonoma, California [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Washington D.C [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	2
St. Thomas, U.S. Virgin Islands [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1
Vail, Colorado [Member]	'
Real Estate Properties [Line Items]	'
Number of hotels (in hotels)	1

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
			Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
			Buildings, Land Improvements, and Building Improvements [Member]	Furniture, Fixtures and Equipment [Member]	Buildings, Land Improvements, and Building Improvements [Member]	Furniture, Fixtures and Equipment [Member]
Useful life	'	'	'15 years	'1 year	'40 years	'10 years
Accruals for tax uncertainties	$0	$0	'	'	'	'

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Property and Equipment	'	'
Property and equipment, at cost	$3,371,650,000	$3,168,088,000
Less: accumulated depreciation	-648,657,000	-600,555,000
Property and equipment, net	2,722,993,000	2,567,533,000
Other accrued liabilities	3,300,000	8,600,000
Land [Member]	'	'
Property and Equipment	'	'
Property and equipment, at cost	479,375,000	394,957,000
Land improvements [Member]	'	'
Property and Equipment	'	'
Property and equipment, at cost	7,994,000	7,994,000
Buildings [Member]	'	'
Property and Equipment	'	'
Property and equipment, at cost	2,417,166,000	2,321,666,000
Furniture, Fixtures and Equipment [Member]	'	'
Property and Equipment	'	'
Property and equipment, at cost	455,148,000	421,230,000
CIP [Member]	'	'
Property and Equipment	'	'
Property and equipment, at cost	$11,967,000	$22,241,000

Favorable_Lease_Assets_Details

Favorable Lease Assets (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Favorable lease assets, net	$34,425,000	'	$34,425,000	'	$39,936,000
Favorable Lease Assets (Textuals) [Abstract]	'	'	'	'	'
Finite-lived intangible assets, amortization expense	200,000	'	600,000	'	'
Above Market Leases Ground [Member] | Boston Westin Waterfront [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Carrying amount of the lease right	18,347,000	'	18,347,000	'	18,510,000
Above Market Leases Ground [Member] | Hilton Minneapolis [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Carrying amount of the lease right	5,779,000	'	5,779,000	'	5,835,000
Above Market Leases Ground [Member] | Oak Brook Hills Resort [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Carrying amount of the lease right	0	'	0	'	5,058,000
Above Market Leases Ground [Member] | Lexington Hotel New York [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Carrying amount of the lease right	1,067,000	'	1,067,000	'	1,176,000
Above Market Leases Ground [Member] | Hilton Boston Downtown Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Carrying amount of the lease right	187,000	'	187,000	'	312,000
Above Market Lease Rights [Member] | Boston Westin Waterfront [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Nonamortizable intangible asset	9,045,000	'	9,045,000	'	9,045,000
Favorable Lease Assets (Textuals) [Abstract]	'	'	'	'	'
Impairment of favorable lease asset	0	0	0	0	'
Above Market Lease Rights [Member] | Boston Westin Waterfront [Member] | Minimum [Member]	'	'	'	'	'
Favorable Lease Assets (Textuals) [Abstract]	'	'	'	'	'
Number of room hotel for development for which favorable lease assets are owned (in rooms)	320	'	320	'	'
Above Market Lease Rights [Member] | Boston Westin Waterfront [Member] | Maximum [Member]	'	'	'	'	'
Favorable Lease Assets (Textuals) [Abstract]	'	'	'	'	'
Number of room hotel for development for which favorable lease assets are owned (in rooms)	350	'	350	'	'
Off-Market Favorable Lease [Member]	'	'	'	'	'
Indefinite-lived Intangible Assets by Major Class [Line Items]	'	'	'	'	'
Finite-Lived Intangible Assets, Accumulated Amortization	$2,800,000	'	$2,800,000	'	$6,800,000

Note_Receivable_Details

Note Receivable (Details) (USD $)	0 Months Ended	9 Months Ended
In Millions, unless otherwise specified	21-May-14	Sep. 30, 2014
		rooms
Note Receivable (Textuals) [Abstract]	'	'
Number of rooms in senior loan secured facility (in rooms)	'	11,123
Mortgage Receivable [Member] | Allerton Loan [Member]	'	'
Note Receivable (Textuals) [Abstract]	'	'
Amount received from early repayment of senior mortgage loan	$58.50	'
Number of rooms in senior loan secured facility (in rooms)	'	443
Gain on repayment of senior mortgage loan	13.6	'
Mortgage amount	'	$66
Loan term	'	'4 years
Extension option term	'	'1 year
Fixed annual interest rate on mortgage loan	'	5.50%
Amortization schedule	'	'30 years

Note_Receivable_Note_Receivabl1

Note Receivable Note Receivable (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Amortization of discount	'	'	$1,075	$1,892
Total interest income	156	1,659	2,766	4,603
Allerton Loan [Member] | Mortgage Receivable [Member]	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Contractual interest income	0	907	1,317	2,549
Amortization of discount	0	687	1,075	1,892
Total interest income	$0	$1,594	$2,392	$4,441

Capital_Stock_Details

Capital Stock (Details) (USD $)

0 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Jul. 10, 2014

Jun. 30, 2014

Apr. 10, 2014

Mar. 31, 2014

Jan. 10, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Oct. 10, 2014

Sep. 30, 2014

Dec. 31, 2013

Subsequent Event [Member]

Unaffiliated Third Parties [Member]

Unaffiliated Third Parties [Member]

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

'

'

'

'

'

'

'

400,000,000

400,000,000

'

'

'

Common stock, par value (in dollars per share)

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

Preferred stock, shares authorized

'

'

'

'

'

'

'

10,000,000

10,000,000

'

'

'

Preferred stock, par value (in dollars per share)

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

Preferred Stock, shares outstanding

'

'

'

'

'

'

'

0

0

'

'

'

Operating Partnership Units Option To Redeem For Common Stock Ratio

'

'

'

'

'

'

'

1

'

'

'

'

Units of Partnership Interest, Amount

'

'

'

'

'

'

'

'

'

'

0

0

Payment Date

'

10-Jul-14

'

10-Apr-14

'

10-Jan-14

'

'

'

10-Oct-14

'

'

Record Date

30-Sep-14

'

30-Jun-14

'

31-Mar-14

'

31-Dec-13

'

'

'

'

'

Dividends per Share (in dollars per share)

'

$0.10

'

$0.10

'

$0.09

'

'

'

$0.10

'

'

Stock_Incentive_Plans_Details

Stock Incentive Plans (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

36 Months Ended

3 Months Ended

9 Months Ended

36 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2012

15-May-14

15-May-14

Sep. 30, 2013

March 3, 2013 [Member]

May 15, 2013 [Member]

March 3, 2014 [Member]

May 15, 2014 [Member]

Incentive Plan [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Market Stock Units [Member]

Market Stock Units [Member]

Market Stock Units [Member]

Market Stock Units [Member]

Market Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Performance Stock Units [Member]

Director [Member]

Director [Member]

Chief Operating Officer [Member]

Common Stock [Member]

Deferred Stock Units [Member]

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares, Beginning Balance

'

'

'

'

'

'

'

'

583,021

'

'

'

'

'

'

'

'

223,176

'

'

'

'

'

Number of shares, Granted

'

'

'

'

'

'

'

'

246,621

'

'

'

'

'

'

'

'

200,685

'

'

'

'

'

Number of shares, Forfeited

'

'

'

'

'

'

'

'

-537

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares, Vested

'

'

'

'

'

'

'

'

-270,440

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Units, Additional units from dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,849

'

'

'

'

'

Number of shares, Ending Balance

'

'

'

'

'

'

558,665

'

558,665

'

97,602

'

97,602

'

'

432,710

'

432,710

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average grant date fair value, Beginning balance (in dollars per share)

'

'

'

'

'

'

'

'

$9.80

'

'

'

'

'

'

'

'

$9.66

'

'

'

'

'

Weighted-Average Grant Date Fair Value, Additional units from dividends, Weighted Average Grant Date Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$11.69

'

'

'

'

'

Weighted-average grant date fair value, Granted (in dollars per share)

'

'

'

'

'

'

'

'

$12.37

'

'

'

'

'

'

'

'

$12.33

'

'

'

'

'

Weighted-average grant date fair value, Forfeited (in dollars per share)

'

'

'

'

'

'

'

'

$9.32

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average grant date fair value, Vested (in dollars per share)

'

'

'

'

'

'

'

'

$10.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average grant date fair value, Ending balance (in dollars per share)

'

'

'

'

'

'

$10.79

'

$10.79

'

'

'

'

'

'

$10.94

'

$10.94

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Volatility

'

39.20%

37.90%

33.50%

33.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk-Free Rate

'

0.36%

0.40%

0.66%

0.80%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value at Grant Date

'

$9.55

$10.41

$12.77

$9.88

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Incentive Plans (Textuals) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock option and Incentive plan, shares authorized

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Shares Issued or Committed to Issue

'

'

'

'

'

3,691,587

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock issued to board of directors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,671

19,671

'

Aggregate value of stock issued to board of directors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$465,000

'

'

Award vesting period

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'3 years

'

'

'

'

'3 years

'

'

'

Awards Expected to Vest During Current Fiscal Year (in shares)

'

'

'

'

'

'

46,936

'

46,936

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Awards Expected to Vest One Year from Balance Sheet (in shares)

'

'

'

'

'

'

255,828

'

255,828

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Awards Expected to Vest Two Years from Balance Sheet Date (in shares)

'

'

'

'

'

'

168,929

'

168,929

'

'

'

'

'

'

228,763

'

228,763

'

'

'

'

'

Awards Expected to Vest Three Years from Balance Sheet Date (in shares)

'

'

'

'

'

'

80,626

'

80,626

'

'

'

'

'

'

203,947

'

203,947

'

'

'

'

'

Awards Expected to Vest Four Years from Balance Sheet Date (in shares)

'

'

'

'

'

'

6,346,000

'

6,346,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost (in dollars)

'

'

'

'

'

'

4,000,000

'

4,000,000

'

100,000

'

100,000

'

'

3,000,000

'

3,000,000

'

'

'

'

'

Unrecognized compensation expense related to compensation awards, period for recognition (in months)

'

'

'

'

'

'

'

'

'24 months

'

'

'

'5 months

'

'

'

'

'25 months

'

'

'

'

'

Compensation expense (in dollars)

'

'

'

'

'

'

1,000,000

700,000

2,400,000

2,700,000

100,000

100,000

200,000

700,000

'

400,000

200,000

1,000,000

400,000

'

'

'

'

Compensation Expense Related to Accelerated Vesting of Awards in Connection with Retirement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$700,000

Performance period

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum Possible Payout to Executive Officer as a Percentage of the Target Award (as a percent)

150.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings_Loss_Per_Share_Calcul

Earnings (Loss) Per Share, Calculation of EPS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:	'	'	'	'
Income from continuing operations	$43,808	$7,679	$99,762	$16,999
Income from discontinued operations	0	885	0	2,510
Net income	$43,808	$8,564	$99,762	$19,509
Denominator:	'	'	'	'
Weighted-average number of common shares outstanding—basic	195,796,772	195,546,384	195,733,185	195,455,225
Weighted-average number of common shares outstanding—diluted	196,434,773	195,860,361	196,341,317	195,747,023
Basic earnings per share:	'	'	'	'
Continuing operations (in dollars per share)	$0.22	$0.04	$0.51	$0.09
Discontinued operations (in dollars per share)	$0	$0	$0	$0.01
Basic earnings per share (in dollars per share)	$0.22	$0.04	$0.51	$0.10
Diluted earnings per share:	'	'	'	'
Continuing operations (in dollars per share)	$0.22	$0.04	$0.51	$0.09
Discontinued operations (in dollars per share)	$0	$0	$0	$0.01
Total (in dollars per share)	$0.22	$0.04	$0.51	$0.10
Unvested restricted common stock [Member]	'	'	'	'
Denominator:	'	'	'	'
Unvested Stock/SARs/MSUs	215,834	151,878	193,477	119,848
Stock Appreciation Rights [Member]	'	'	'	'
Denominator:	'	'	'	'
Unvested Stock/SARs/MSUs	7,512	0	0	0
Shares related to unvested MSUs and PSUs [Member]	'	'	'	'
Denominator:	'	'	'	'
Unvested Stock/SARs/MSUs	414,655	162,099	414,655	171,950

Earnings_Loss_Per_Share_Anti_D

Earnings (Loss) Per Share, Anti Dilutive (Details) (Unexercised stock appreciation rights [Member])	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Unexercised stock appreciation rights [Member]	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	262,461	262,461	262,461

Debt_Schedule_of_Long_Term_Deb

Debt (Schedule of Long Term Debt) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Total mortgage debt	$1,125,309		$1,091,861
Senior unsecured credit facility	0		0
Long-term Debt	1,125,309		1,091,861
Interest rate	5.98%		'
Debt Instrument, Description of Variable Rate Basis	'LIBOR + 3.00% (3.151% at September 30, 2014)		'
Weighted - Average Interest Rate (as a percent)	4.97%		'
Courtyard Manhattan / Midtown East [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	4.40%		'
Marriott Salt Lake City Downtown [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	4.25%		'
Courtyard Manhattan / Fifth Avenue [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	6.48%		'
Renaissance Worthington [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	5.40%		'
Frenchman's Reef & Morning Star Marriott Beach [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	5.44%		'
Marriott Los Angeles Airport [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	5.30%		'
Orlando Airport Marriott [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	5.68%		'
Hilton Minneapolis [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	5.46%		'
JW Marriot Denver at Cherry Creek [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	6.47%		'
Lexington Hotel New York [Member]	'		'
Debt Instrument [Line Items]	'		'
Debt Instrument, Interest Rate at Period End (as a percent)	3.15%		'
Number of One Year extensions	2		'
Westin Washington, D.C. City Center [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	3.99%		'
The Lodge at Sonoma, a Renaissance Resort and Spa [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	3.96%		'
Westin San Diego [Member]	'		'
Debt Instrument [Line Items]	'		'
Interest rate	3.94%		'
Mortgages [Member]	'		'
Debt Instrument [Line Items]	'		'
Debt premium	272	[1]	'
Total mortgage debt	1,125,309		'
Mortgages [Member] | Courtyard Manhattan / Midtown East [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	86,000		'
Mortgages [Member] | Marriott Salt Lake City Downtown [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	61,829		'
Mortgages [Member] | Courtyard Manhattan / Fifth Avenue [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	49,132		'
Mortgages [Member] | Renaissance Worthington [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	53,102		'
Mortgages [Member] | Frenchman's Reef & Morning Star Marriott Beach [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	56,871		'
Mortgages [Member] | Marriott Los Angeles Airport [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	82,600		'
Mortgages [Member] | Orlando Airport Marriott [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	56,145		'
Mortgages [Member] | Chicago Marriott Downtown Magnificent Mile [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	206,006		'
Mortgages [Member] | Hilton Minneapolis [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	93,454		'
Mortgages [Member] | JW Marriot Denver at Cherry Creek [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	38,940		'
Mortgages [Member] | Lexington Hotel New York [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	170,368		'
Mortgages [Member] | Westin Washington, D.C. City Center [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	71,090		'
Mortgages [Member] | The Lodge at Sonoma, a Renaissance Resort and Spa [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	30,242		'
Mortgages [Member] | Westin San Diego [Member]	'		'
Debt Instrument [Line Items]	'		'
Long Term Debt Components Mortgage Loan	69,258		'
Senior unsecured credit facility [Member]	'		'
Debt Instrument [Line Items]	'		'
Senior unsecured credit facility	$0		'
Line of Credit Facility, Interest Rate Description	'LIBOR + 1.90% (2.09% at September 30, 2014)		'
Debt Instrument, Interest Rate at Period End (as a percent)	2.09%		'
LIBOR [Member] | Lexington Hotel New York [Member]	'		'
Debt Instrument [Line Items]	'		'
Basis spread on variable rate	3.00%		'
LIBOR [Member] | Senior unsecured credit facility [Member]	'		'
Debt Instrument [Line Items]	'		'
Basis spread on variable rate	1.90%		'
[1]	Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt

Debt_Mortgage_Debt_Details

Debt (Mortgage Debt) (Details) (USD $)

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 18, 2014

Jul. 01, 2014

Jul. 18, 2014

Jul. 01, 2014

Sep. 30, 2014

Oct. 08, 2014

Oct. 08, 2014

Oct. 08, 2014

Oct. 08, 2014

Hotel

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

LIBOR [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Maximum [Member]

Minimum [Member]

Lexington Hotel New York [Member]

Lexington Hotel New York [Member]

Courtyard Manhattan / Midtown East [Member]

Courtyard Manhattan / Midtown East [Member]

Courtyard Manhattan / Midtown East [Member]

Courtyard Manhattan / Midtown East [Member]

Lexington Hotel New York [Member]

LIBOR [Member]

LIBOR [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Lexington Hotel New York [Member]

Lexington Hotel New York [Member]

LIBOR [Member]

LIBOR [Member]

extension

Lexington Hotel New York [Member]

Lexington Hotel New York [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Floating interest rate

'

'

'

'

'

'

'

3.00%

'

'

2.75%

1.75%

Number of hotel properties secured by mortgage debt (in hotels)

14

'

'

'

'

'

'

'

'

'

'

'

Number of hotels (in hotels)

27

'

'

'

'

'

'

'

'

'

'

'

Minimum debt service coverage ratio

'

'

1.1

'

'

'

'

'

'

'

'

'

Cash trap amount

'

$16,100,000

$16,100,000

'

'

'

'

'

'

'

'

'

Extension of loan term

'

'

'

'

'

'

'

'

'30 months

'

'

'

Number of optional term extensions

'

'

'

'

'

'

'

'

'

2

'

'

Extension option term

'

'

'

'

'

'

'

'

'1 year

'

'

'

Fees to amend loan

'

1,300,000

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Face Amount

'

'

'

'

'

$86,000,000

$41,300,000

'

'

'

'

'

Interest rate on mortgage loan

'

'

'

4.40%

8.81%

'

'

'

'

'

'

'

Interest only period

'

'

'

'2 years

'

'

'

'

'

'

'

'

Loan amortization term

'

'

'

'30 years

'

'

'

'

'

'

'

'

Debt_Senior_Unsecured_Credit_F

Debt (Senior Unsecured Credit Facility) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			Hotel
Line of Credit Facility [Line Items]	'	'	'	'
Maximum borrowing capacity	$200,000,000	'	$200,000,000	'
Increase in Credit Facility	400,000,000	'	400,000,000	'
Unused credit facility payments description	'	'	'In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%.	'
Percent of Net Proceeds from Future Equity Issuances (as a percent)	'	'	75.00%	'
Minimum number of unencumbered borrowing base (in properties)	'	'	5	'
Line of Credit Facility Minimum Unencumbered Borrowing Base Value	'	'	250,000,000	'
Number of unencumbered borrowing base properties	'	'	5	'
Unencumbered borrowing base value	'	'	341,000,000	'
Line Of Credit Facility Leverage Ratio	'	'	4.15	'
Interest and unused credit facility fees	$200,000	$200,000	$600,000	$700,000
LIBOR [Member] | Senior unsecured credit facility [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Basis spread on variable rate	'	'	1.90%	'

Schedule_of_Ratio_of_Net_Indeb

(Schedule of Ratio of Net Indebtedness) (Details)	9 Months Ended
	Sep. 30, 2014
Line Of Credit Facility Leverage Range [Line Items]	'
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)	50.00%
Less than 4.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Less than 4.00 to 1.00
Line of credit facility applicable margin rate	1.75%
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00
Line of credit facility applicable margin rate	1.90%
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00
Line of credit facility applicable margin rate	2.10%
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00
Line of credit facility applicable margin rate	2.20%
Greater than or equal to 6.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00
Line of credit facility applicable margin rate	2.50%
Greater than or equal to 6.50 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Line Of Credit Facility Leverage Rate Description	'Greater than or equal to 6.50 to 1.00
Line of credit facility applicable margin rate	2.75%
Minimum [Member]	'
Line Of Credit Facility Leverage Range [Line Items]	'
Line of credit facility, unused capacity, commitment fee (as a percent)	0.35%
Minimum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	4
Minimum [Member] | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	5
Minimum [Member] | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	5.5
Minimum [Member] | Greater than or equal to 6.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	6
Minimum [Member] | Greater than or equal to 6.50 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	6.5
Maximum [Member]	'
Line Of Credit Facility Leverage Range [Line Items]	'
Line of credit facility, unused capacity, commitment fee (as a percent)	0.25%
Maximum [Member] | Less than 4.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	4
Maximum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	5
Maximum [Member] | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	5.5
Maximum [Member] | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member]	'
Summary of leverage and applicable margin	'
Ratio of net indebtedness to EBITDA (as a percent)	6

Debt_Schedule_of_Debt_Covenant

Debt, Schedule of Debt Covenants (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Line Of Credit Facility Covenant [Member]	'
Line of Credit Facility [Line Items]	'
Maximum Leverage Ratio (as a percent)	0.6	[1]
Minimum fixed charge coverage ratio	1.5	[2]
Minimum tangible net worth	$1,857	[3]
Secured recourse indebtedness ratio	45.00%
Line Of Credit Facility Covenant Actual Results [Member]	'
Line of Credit Facility [Line Items]	'
Maximum Leverage Ratio (as a percent)	0.395	[1]
Minimum fixed charge coverage ratio	2.7	[2]
Minimum tangible net worth	$2,371	[3]
Secured recourse indebtedness ratio	39.50%
[1]	Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate
[2]	Fixed charge coverage ratio is Adjusted EBITDA, defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.
[3]	Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

Dispositions_Details

Dispositions (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Apr. 14, 2014

Sep. 30, 2014

Nov. 21, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oak Brook Hills Resort [Member]

Oak Brook Hills Resort [Member]

Torrance Marriot South Bay [Member]

LIBOR [Member]

Prepaid and Other Assets [Member]

Other Income [Member]

Hotel [Member]

Mortgages [Member]

Mortgages [Member]

rooms

rooms

Oak Brook Hills Resort [Member]

Oak Brook Hills Resort [Member]

Hotel [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel rooms sold

'

'

'

'

'

386

'

487

'

'

'

'

'

'

Net proceeds from sale of hotel property

'

'

$23,610,000

$0

'

$30,100,000

'

'

'

'

'

'

'

'

Amount of seller financing

'

'

'

'

'

4,000,000

'

'

'

'

'

'

'

'

Gain on sale of hotel property

-40,000

0

1,251,000

0

'

'

1,300,000

'

'

'

'

'

'

'

Allowance for loans and leases receivable

'

'

'

'

'

'

4,000,000

'

'

'

'

'

'

'

Valuation allowance

'

'

'

'

'

'

'

'

'

4,000,000

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

Interest only period

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

Loan amortization term

'

'

'

'

'

'25 years

'

'

'

'

'

'

'

'

Annual increase on interest rate

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

Floating interest rate

'

'

'

'

'

'

'

'

6.50%

'

'

'

'

'

Carrying amount of hotel to sold

'

'

'

'

'

'

'

'

'

'

'

97,100,000

'

'

Mortgage debt

1,125,309,000

'

1,125,309,000

'

1,091,861,000

'

'

'

'

'

'

'

1,125,309,000

82,600,000

Hotel revenues

'

6,299,000

'

17,910,000

'

'

'

'

'

'

'

'

'

'

Hotel operating expenses

'

-4,684,000

'

-13,344,000

'

'

'

'

'

'

'

'

'

'

Operating income

'

1,615,000

'

4,566,000

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

'

-591,000

'

-1,759,000

'

'

'

'

'

'

'

'

'

'

Income tax expense

'

-139,000

'

-297,000

'

'

'

'

'

'

'

'

'

'

Income from discontinued operations

$0

$885,000

$0

$2,510,000

'

'

'

'

'

'

'

'

'

'

Basic and diluted income from discontinued operations per share (in dollars per share)

'

$0

'

$0.01

'

'

'

'

'

'

'

'

'

'

Acquisitions_Allocation_of_Fai

Acquisitions - Allocation of Fair Value (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Inn at Key West [Member]	'
Business Acquisition [Line Items]	'
Land	$33,618
Building	11,586
Building improvements	1,027
Furnitures, fixtures and equipment	1,269
Total fixed assets	47,500
Other assets and liabilities, net	326
Total	47,826
Hilton Garden Inn Times Square Central [Member]	'
Business Acquisition [Line Items]	'
Land	60,300
Building	88,896
Building improvements	0
Furnitures, fixtures and equipment	6,204
Total fixed assets	155,400
Other assets and liabilities, net	370
Total	$155,770

Acquisitions_Pro_Forma_Informa

Acquisitions - Pro Forma Information (Details) (Inn at Key West [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Inn at Key West [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenues	$230,122	$205,705	$654,608	$603,501
Income from continuing operations	44,089	8,042	102,335	19,198
Net income	$44,089	$8,927	$102,335	$21,708
Basic earnings per share:	'	'	'	'
Continuing operations	$0.23	$0.04	$0.52	$0.10
Net income	$0.23	$0.05	$0.52	$0.11
Diluted earnings per share:	'	'	'	'
Continuing operations	$0.22	$0.04	$0.52	$0.10
Net income	$0.22	$0.05	$0.52	$0.11

Acquisitions_Acquisitions_Deta

Acquisitions Acquisitions (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended		0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Aug. 15, 2014	Aug. 15, 2014	Aug. 29, 2014	Aug. 29, 2014
					Inn at Key West [Member]	Inn at Key West [Member]	Hilton Garden Inn Times Square Central [Member]	Hilton Garden Inn Times Square Central [Member]
						room		room
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Number of rooms acquired	'	'	'	'	'	106	'	282
Purchase price	'	'	'	'	$47,500,000	'	$127,200,000	'
Purchase deposits	'	'	'	'	'	'	26,900,000	'
Gain on acquisition	23,894,000	0	23,894,000	0	'	'	23,900,000	'
Revenue related to acquisitions	2,500,000	'	2,500,000	'	'	'	'	'
Net income related to acquisitions (less then .1 million)	$100,000	'	$100,000	'	'	'	'	'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Debt	$1,125,309	$1,091,861
Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Debt	$1,149,102	$1,087,516

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	31-May-14	Sep. 30, 2014
					Boston Westin Waterfront [Member]	Corporate and Other Expenses [Member]
						Boston Westin Waterfront [Member]
Long-term Purchase Commitment [Line Items]	'	'	'	'	'	'
Settlement amount	'	'	'	'	$14,000,000	'
Net gain on litigation settlement	0	0	10,999,000	0	11,000,000	'
Contingency fee	'	'	'	'	1,200,000	'
Legal fees and other costs	'	'	'	'	'	$1,800,000