DiamondRock Hospitality (DRH) 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	DiamondRock Hospitality Co
Entity Central Index Key	1298946
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		200,711,085

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Property and equipment, net	$2,816,015	$2,764,393
Restricted cash	61,817	74,730
Due from hotel managers	88,561	79,827
Favorable lease assets, net	33,338	34,274
Prepaid and other assets	52,040	52,739
Deferred financing costs, net	7,738	8,023
Cash and cash equivalents	87,155	144,365
Total assets	3,146,664	3,158,351
Liabilities:
Mortgage debt	1,034,660	1,038,330
Senior unsecured credit facility	0	0
Total debt	1,034,660	1,038,330
Deferred income related to key money, net	21,294	21,561
Unfavorable contract liabilities, net	76,101	76,220
Due to hotel managers	62,636	59,169
Dividends declared and unpaid	25,414	20,922
Accounts payable and accrued expenses	105,872	113,162
Total liabilities	1,325,977	1,329,364
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; 200,711,085 and 199,964,041 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	2,007	2,000
Additional paid-in capital	2,052,091	2,045,755
Accumulated deficit	-233,411	-218,768
Total stockholders’ equity	1,820,687	1,828,987
Total liabilities and stockholders’ equity	$3,146,664	$3,158,351

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	200,711,085	199,964,041
Common stock, shares outstanding	200,711,085	199,964,041

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rooms	$144,637	$129,736
Food and beverage	52,333	48,611
Other	11,918	11,737
Total revenues	208,888	190,084
Operating Expenses:
Rooms	38,464	38,105
Food and beverage	35,547	34,500
Management fees	6,201	5,293
Other hotel expenses	76,505	72,476
Depreciation and amortization	24,337	25,123
Impairment of favorable lease asset	786	0
Hotel acquisition costs	232	0
Corporate expenses	5,410	5,188
Gain on insurance proceeds	0	-663
Total operating expenses, net	187,482	180,022
Operating profit	21,406	10,062
Interest income	-90	-1,652
Interest expense	13,219	14,525
Other income, net	-38	0
Total other expenses, net	13,091	12,873
Income (loss) before income taxes	8,315	-2,811
Income tax benefit	2,326	6,848
Net income	$10,641	$4,037
Earnings per share:
Basic and diluted earnings per share (in dollars per share)	$0.05	$0.02

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$10,641	$4,037
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	24,337	25,123
Corporate asset depreciation as corporate expenses	23	27
Non-cash ground rent	1,507	1,696
Non-cash financing costs, debt premium and interest rate cap as interest	647	708
Amortization of note receivable discount as interest income	0	-696
Impairment of favorable lease asset	786	0
Amortization of favorable and unfavorable contracts, net	-353	-353
Amortization of deferred income	-267	-272
Stock-based compensation	1,185	1,047
Changes in assets and liabilities:
Prepaid expenses and other assets	-118	2,411
Restricted cash	6,744	-7,085
Due to/from hotel managers	-5,098	-6,014
Accounts payable and accrued expenses	-5,634	-9,785
Net cash provided by operating activities	34,400	10,844
Cash flows from investing activities:
Hotel capital expenditures	-20,214	-25,967
Hotel acquisitions	-55,973	0
Note receivable principal repayments	0	6,000
Change in restricted cash	6,170	-1,758
Net cash used in investing activities	-70,017	-21,725
Cash flows from financing activities:
Scheduled mortgage debt principal payments	-3,579	-3,512
Proceeds from sale of common stock, net	7,829	0
Purchase of interest rate cap	-325	0
Payment of financing costs	-281	0
Deposit on new mortgage loan	-1,775	0
Payment of cash dividends	-20,727	-16,811
Repurchase of common stock	-2,735	-1,898
Net cash used in financing activities	-21,593	-22,221
Net decrease in cash and cash equivalents	-57,210	-33,102
Cash and cash equivalents, beginning of period	144,365	144,584
Cash and cash equivalents, end of period	87,155	111,482
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	11,256	13,111
Cash paid for income taxes	108	87
Capitalized interest	0	343
Non-cash Financing Activities:
Unpaid dividends	$25,414	$20,330

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 the majority of our hotels 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 March 31, 2015, we owned 28 hotels with 10,709 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, FL; Fort Worth, Texas; Huntington Beach, California; Key West, Florida; 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 real estate investment trust, 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	3 Months Ended
	Mar. 31, 2015
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, 2014, included in our Annual Report on Form 10-K filed on February 27, 2015.
	In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2015 and the results of our operations and cash flows for the three months ended March 31, 2015 and 2014. 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 have not recognized any impairment loss for our investment in hotel properties during any of the periods presented.
	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. We have not classified any of our hotels as held for sale during any of the periods presented.
	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 comprehensive income (loss) other than net income (loss). If we have any comprehensive income (loss) in future periods, 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 during the period in which the new rate is enacted.
	We have elected to be treated as a real estate investment trust (“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 March 31, 2015 and December 31, 2014.
	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. We recognized an impairment loss of $0.8 million during the three months ended March 31, 2015. See Note 4 for further discussion.
	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 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This standard is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. Adoption of this standard will only affect the presentation of our balance sheet. Upon adoption we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our balance sheet.
	In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures, but we do not believe it will have a material impact on the Company’s financial position, results of operations or cash flows.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition.  The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for annual reporting periods beginning after December 15, 2016, however in April 2015, the FASB proposed to defer the effective date to December 15, 2017. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment
	Property and equipment as of March 31, 2015 and December 31, 2014 consists of the following (in thousands):
		March 31, 2015			December 31, 2014
	Land	$	528,746		$	508,838
	Land improvements	7,994			7,994
	Buildings	2,475,699			2,427,274
	Furniture, fixtures and equipment	441,016			430,873
	CIP	12,679			13,784
		3,466,134			3,388,763
	Less: accumulated depreciation	(650,119		)	(624,370		)
		$	2,816,015		$	2,764,393
	As of March 31, 2015, we had accrued capital expenditures of $4.6 million. As of December 31, 2014, we had accrued capital expenditures of $6.2 million.

Favorable_Lease_Assets

Favorable Lease Assets	3 Months Ended
	Mar. 31, 2015
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 $2.7 million and $3.0 million as of March 31, 2015 and December 31, 2014, respectively, consist of the following (in thousands):
		March 31, 2015		December 31, 2014
	Westin Boston Waterfront Hotel Ground Lease	$	18,239	$	18,293
	Westin Boston Waterfront Hotel Lease Right	9,045		9,045
	Hilton Minneapolis Ground Lease	5,741		5,760
	Lexington Hotel New York Tenant Leases	209		1,031
	Hilton Boston Downtown Tenant Leases	104		145
		$	33,338	$	34,274
	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 months ended March 31, 2015 was approximately $0.2 million.
	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. If we elect not to exercise the option at or before its expiration, the balance of the lease right will be written off in accordance with U.S. GAAP. No impairment loss was recorded for the three months ended March 31, 2015 or 2014. 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.
	During the three months ended March 31, 2015, we evaluated the Lexington Hotel New York favorable tenant leases for recoverability of the carrying value. We expect the lease with one of the retail tenants at the Lexington Hotel New York to terminate during the second quarter of 2015, which is prior to the end of the lease term. We reviewed the favorable lease asset for impairment and concluded that the asset was not realizable and recorded an impairment loss of $0.8 million during the three months ended March 31, 2015.

Capital_Stock

Capital Stock	3 Months Ended
	Mar. 31, 2015
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 an “at-the-market” equity offering program (the “ATM program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. During the three months ended March 31, 2015, we sold 524,606 shares of our common stock at an average price of $15.18 for net proceeds of $7.8 million. As of May 8, 2015, we have not sold any additional shares under the ATM program subsequent to March 31, 2015.
	We have paid the following dividends to holders of our common stock during 2015 as follows:
	Payment Date	Record Date	Dividend
			per Share
	January 12, 2015	31-Dec-14	$	0.1025
	April 10, 2015	31-Mar-15	$	0.125
	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 March 31, 2015 and December 31, 2014, there were no shares of preferred stock outstanding.
	Operating Partnership Units
	Holders of operating partnership units 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 March 31, 2015 and December 31, 2014, there were no operating partnership units held by unaffiliated third parties.

Stock_Incentive_Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plans	Stock Incentive Plans
	We are authorized to issue up to 8,000,000 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 3,879,185 shares as of March 31, 2015. 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.
	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, 2015 to March 31, 2015 is as follows:
		Number of			Weighted-
		Shares			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2015	514,419			$	10.82
	Granted	216,159			14.48
	Vested	(255,828	)		10.39
	Unvested balance at March 31, 2015	474,750			$	12.72
	The remaining share awards are expected to vest as follows: 241,881 shares during 2016, 153,578 shares during 2017 and 79,291 shares during 2018. As of March 31, 2015, the unrecognized compensation cost related to restricted stock awards was $5.8 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 28 months. We recorded $0.7 million of compensation expense related to restricted stock awards for each of the three months ended March 31, 2015 and 2014.
	Market Stock Units
	Market stock units (“MSUs”) are restricted stock units that vest three years from the date of grant. The actual number of shares issued to each executive officer at the vesting date is based on the Company's total stockholder return over a three-year period. During the three months ended March 31, 2015, the remaining 99,047 outstanding MSUs vested, resulting in the issuance of 148,572 shares of common stock, before income tax withholding. During the three months ended March 31, 2015, we recorded less than $0.1 million of compensation expense. As of March 31, 2015, there are no MSUs remaining.
	Performance Stock Units
	Performance stock units (“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 value of the awards granted during the three months ended March 31, 2015 included the following assumptions:
	Award Grant Date		Volatility			Risk-Free Rate		Fair Value at Grant Date
	27-Feb-15		22.9	%		1.01	%	$	12.13
	The simulations also considered the share performance of the Company and the peer group. A summary of our PSUs from January 1, 2015 to March 31, 2015 is as follows:
		Number of			Weighted-
		Target Units			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2015	436,170			$	10.95
	Granted	218,467			12.13
	Additional units from dividends	2,955			15.13
	Unvested balance at March 31, 2015	657,592			$	11.36
	The remaining target units are expected to vest as follows: 232,154 units during 2016, 206,971 units during 2017 and 218,467 units during 2018. As of March 31, 2015, the unrecognized compensation cost related to the PSUs was $4.8 million and is expected to be recognized on a straight-line basis over a weighted average period of 28 months. For the three months ended March 31, 2015 and 2014, we recorded approximately $0.5 million and $0.2 million, respectively, of compensation expense related to the PSUs.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
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 March 31,
		2015		2014
	Numerator:
	Net income	$	10,641	$	4,037
	Denominator:
	Weighted-average number of common shares outstanding—basic	200,645,518		195,623,959
	Effect of dilutive securities:
	Unvested restricted common stock	203,077		205,363
	Unexercised stock appreciation rights	2,946		—
	Shares related to unvested PSUs	270,692		575,733
	Weighted-average number of common shares outstanding—diluted	201,122,233		196,405,055
	Earnings per share:
	Basic earnings per share	$	0.05	$	0.02
	Diluted earnings per share	$	0.05	$	0.02
	We did not include unexercised stock appreciation rights of 262,461 in our calculation of diluted earnings per share for the three months ended March 31, 2014 as they would be anti-dilutive.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	The following table sets forth information regarding the Company’s debt as of March 31, 2015 (dollars in thousands):
	Property		Principal Balance		Interest Rate	Maturity Date
	JW Marriott Denver at Cherry Creek		$	38,354	6.47%	Jul-15
	Renaissance Worthington (1)		52,605		5.40%	Jul-15
	Frenchman’s Reef & Morning Star Marriott Beach Resort		56,306		5.44%	Aug-15
	Orlando Airport Marriott		55,693		5.68%	Jan-16
	Chicago Marriott Downtown Magnificent Mile		204,280		5.98%	Apr-16
	Courtyard Manhattan / Fifth Avenue		48,798		6.48%	Jun-16
	Lexington Hotel New York		170,368		LIBOR + 2.25% (2.422% at March 31, 2015)	October 2017 (2)
	Marriott Salt Lake City Downtown		61,096		4.25%	Nov-20
	Hilton Minneapolis		92,337		5.46%	May-21
	Westin Washington D.C. City Center		70,168		3.99%	Jan-23
	The Lodge at Sonoma, a Renaissance Resort & Spa		29,959		3.96%	Apr-23
	Westin San Diego		68,606		3.94%	Apr-23
	Courtyard Manhattan / Midtown East		86,000		4.40%	Aug-24
	Debt premium (3)		90
	Total mortgage debt		1,034,660
	Senior unsecured credit facility		—		LIBOR + 1.75% (1.94% at March 31, 2015)	January 2017 (4)
	Total debt		$	1,034,660
	Weighted-Average Interest Rate				4.82%
	_______________________
	-1	Prepaid on April 10, 2015. We entered into a new mortgage loan on April 14, 2015, as described below.
	-2	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.
	-3	Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt.
	-4	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 March 31, 2015, 13 of our 28 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. As of March 31, 2015, we are in compliance with the financial covenants of our mortgage debt.
	We prepaid the $52.6 million mortgage loan secured by the Renaissance Worthington on April 10, 2015. On April 14, 2015, we entered into a new $85 million mortgage loan secured by the Renaissance Worthington. The new loan matures in May 2025 and bears interest at a fixed rate of 3.66%. The new loan is interest-only for the first two years, after which principal will amortize on a 30-year schedule.
	We provided notice to the lender in March 2015 that we intend to prepay the mortgage loan secured by the Frenchman's Reef & Morning Star Beach Resort on May 11, 2015.
	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		March 31,
				2015
	Maximum leverage ratio (1)	60%		34.00%
	Minimum fixed charge coverage ratio (2)	1.50x		3.1x
	Minimum tangible net worth (3)	$1.910 billion		$2.471 billion
	Secured recourse indebtedness	Less than 45% of Total Asset Value		34.00%
	_____________________________
	-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 March 31, 2015, the unencumbered borrowing base included five properties with a borrowing base value of $335 million.
	As of March 31, 2015, we had no borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 3.7x. Accordingly, interest on our future borrowings, if any, under the facility will be based on LIBOR plus 175 basis points for the next quarter. We incurred interest and unused credit facility fees on the facility of $0.2 million for each of the three months ended March 31, 2015 and 2014. Subsequent to March 31, 2015, we borrowed $45 million under the facility in order to repay the mortgage loan secured by the Renaissance Worthington, which was repaid upon the closing of the new mortgage loan.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions
	On February 6, 2015, we acquired the 157-room Shorebreak Hotel located in Huntington Beach, California for a contractual purchase price of $58.5 million. The acquisition was funded with corporate cash on hand. Upon acquisition of the hotel, we entered into a 10-year management agreement with Kimpton Hotel and Restaurant Group, LLC. The management agreement provides for a base management fee of 1.25% of gross revenues during 2015 and 2.5% of gross revenues thereafter. The agreement also provides for an incentive management fee of 15% of hotel operating profit above an owner's priority determined in accordance with the terms of the management agreement.
	We own a 95.5% undivided interest in the land underlying the hotel and lease the remaining 4.5% under a long-term ground lease, which expires in 2100, including extension options. In 2021 and at certain points thereafter, we have the option to purchase the 4.5% leasehold interest at the greater of the then current rent divided by 10% or fair market value. We reviewed the terms of the ground lease in conjunction with the hotel purchase accounting and concluded that the terms are unfavorable to us compared with a current market ground lease. As a result, we recorded a $0.3 million unfavorable lease liability. We expect to exercise the leasehold purchase option in 2021. Accordingly, the unfavorable lease liability will be amortized over the remaining term through 2021.
	The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisition (in thousands):
			Shorebreak Hotel
	Land		$	19,908
	Building and improvements		37,525
	Furnitures, fixtures and equipment		1,338
	Total fixed assets		58,771
	Unfavorable lease liability		(349		)
	Other assets and liabilities, net		401
	Total		$	58,823
	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.
	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 Shorebreak Hotel as if it had occurred on January 1, 2014, as well as the Inn at Key West and Westin Fort Lauderdale Beach Resort (both acquired in 2014) as if both 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 Ended March 31,
		2015				2014
	Revenues	$	210,085			$	210,350
	Net income	$	10,541			$	11,420
	Earnings per share:
	Basic earnings per share	$	0.05			$	0.06
	Diluted earnings per share	$	0.05			$	0.06
	For the three months ended March 31, 2015, our condensed consolidated statements of operations include $2.0 million of revenues and $0.1 million of net income related to the operations of the Shorebreak Hotel.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, in thousands, is as follows:
		March 31, 2015				31-Dec-14
		Carrying		Fair Value		Carrying		Fair Value
		Amount				Amount
	Debt	$	1,034,660	$	1,096,461	$	1,038,330	$	1,059,988
	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	3 Months Ended
	Mar. 31, 2015
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.
	Income Taxes
	The Frenchman’s Reef & Morning Star Marriott Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Island (USVI) income taxes. We were party to a tax agreement with the USVI that reduced the income tax rate to approximately 7%. This agreement expired in February 2015. We are diligently working to extend this agreement, which, if extended, would relate back to the date of expiration, but we may not be successful. If the agreement is not extended, the TRS that owns Frenchman’s Reef & Morning Star Marriott Beach Resort is subject to an income tax rate of 37.4%. The income tax expense for the three months ended March 31, 2015 related to the TRS that owns Frenchman’s Reef reflects the statutory tax rate of 37.4%. This expense will be reversed to an amount which reflects the lower rate if the tax agreement is extended.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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, 2014, included in our Annual Report on Form 10-K filed on February 27, 2015.
	In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2015 and the results of our operations and cash flows for the three months ended March 31, 2015 and 2014. 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 have not recognized any impairment loss for our investment in hotel properties during any of the periods presented.
	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.
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 comprehensive income (loss) other than net income (loss). If we have any comprehensive income (loss) in future periods, 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 during the period in which the new rate is enacted.
	We have elected to be treated as a real estate investment trust (“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. We recognized an impairment loss of $0.8 million during the three months ended March 31, 2015. See Note 4 for further discussion.
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 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This standard is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. Adoption of this standard will only affect the presentation of our balance sheet. Upon adoption we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our balance sheet.
	In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures, but we do not believe it will have a material impact on the Company’s financial position, results of operations or cash flows.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition.  The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for annual reporting periods beginning after December 15, 2016, however in April 2015, the FASB proposed to defer the effective date to December 15, 2017. We have not yet completed our assessment of the effect of the new standard on our financial statements, including possible transition alternatives.

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment as of March 31, 2015 and December 31, 2014 consists of the following (in thousands):
		March 31, 2015			December 31, 2014
	Land	$	528,746		$	508,838
	Land improvements	7,994			7,994
	Buildings	2,475,699			2,427,274
	Furniture, fixtures and equipment	441,016			430,873
	CIP	12,679			13,784
		3,466,134			3,388,763
	Less: accumulated depreciation	(650,119		)	(624,370		)
		$	2,816,015		$	2,764,393

Favorable_Lease_Assets_Tables

Favorable Lease Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets by Major Class	Our favorable lease assets, net of accumulated amortization of $2.7 million and $3.0 million as of March 31, 2015 and December 31, 2014, respectively, consist of the following (in thousands):
		March 31, 2015		December 31, 2014
	Westin Boston Waterfront Hotel Ground Lease	$	18,239	$	18,293
	Westin Boston Waterfront Hotel Lease Right	9,045		9,045
	Hilton Minneapolis Ground Lease	5,741		5,760
	Lexington Hotel New York Tenant Leases	209		1,031
	Hilton Boston Downtown Tenant Leases	104		145
		$	33,338	$	34,274

Capital_Stock_Tables

Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our common stock during 2015 as follows:
	Payment Date	Record Date	Dividend
			per Share
	January 12, 2015	31-Dec-14	$	0.1025
	April 10, 2015	31-Mar-15	$	0.125

Stock_Incentive_Plans_Tables

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Awards	A summary of our restricted stock awards from January 1, 2015 to March 31, 2015 is as follows:
		Number of			Weighted-
		Shares			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2015	514,419			$	10.82
	Granted	216,159			14.48
	Vested	(255,828	)		10.39
	Unvested balance at March 31, 2015	474,750			$	12.72
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 value of the awards granted during the three months ended March 31, 2015 included the following assumptions:
	Award Grant Date		Volatility			Risk-Free Rate		Fair Value at Grant Date
	27-Feb-15		22.9	%		1.01	%	$	12.13
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2015 to March 31, 2015 is as follows:
		Number of			Weighted-
		Target Units			Average Grant
					Date Fair
					Value
	Unvested balance at January 1, 2015	436,170			$	10.95
	Granted	218,467			12.13
	Additional units from dividends	2,955			15.13
	Unvested balance at March 31, 2015	657,592			$	11.36

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31,
		2015		2014
	Numerator:
	Net income	$	10,641	$	4,037
	Denominator:
	Weighted-average number of common shares outstanding—basic	200,645,518		195,623,959
	Effect of dilutive securities:
	Unvested restricted common stock	203,077		205,363
	Unexercised stock appreciation rights	2,946		—
	Shares related to unvested PSUs	270,692		575,733
	Weighted-average number of common shares outstanding—diluted	201,122,233		196,405,055
	Earnings per share:
	Basic earnings per share	$	0.05	$	0.02
	Diluted earnings per share	$	0.05	$	0.02

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Summary of long term debt	The following table sets forth information regarding the Company’s debt as of March 31, 2015 (dollars in thousands):
	Property		Principal Balance		Interest Rate	Maturity Date
	JW Marriott Denver at Cherry Creek		$	38,354	6.47%	Jul-15
	Renaissance Worthington (1)		52,605		5.40%	Jul-15
	Frenchman’s Reef & Morning Star Marriott Beach Resort		56,306		5.44%	Aug-15
	Orlando Airport Marriott		55,693		5.68%	Jan-16
	Chicago Marriott Downtown Magnificent Mile		204,280		5.98%	Apr-16
	Courtyard Manhattan / Fifth Avenue		48,798		6.48%	Jun-16
	Lexington Hotel New York		170,368		LIBOR + 2.25% (2.422% at March 31, 2015)	October 2017 (2)
	Marriott Salt Lake City Downtown		61,096		4.25%	Nov-20
	Hilton Minneapolis		92,337		5.46%	May-21
	Westin Washington D.C. City Center		70,168		3.99%	Jan-23
	The Lodge at Sonoma, a Renaissance Resort & Spa		29,959		3.96%	Apr-23
	Westin San Diego		68,606		3.94%	Apr-23
	Courtyard Manhattan / Midtown East		86,000		4.40%	Aug-24
	Debt premium (3)		90
	Total mortgage debt		1,034,660
	Senior unsecured credit facility		—		LIBOR + 1.75% (1.94% at March 31, 2015)	January 2017 (4)
	Total debt		$	1,034,660
	Weighted-Average Interest Rate				4.82%
	_______________________
	-1	Prepaid on April 10, 2015. We entered into a new mortgage loan on April 14, 2015, as described below.
	-2	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.
	-3	Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt.
	-4	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		March 31,
				2015
	Maximum leverage ratio (1)	60%		34.00%
	Minimum fixed charge coverage ratio (2)	1.50x		3.1x
	Minimum tangible net worth (3)	$1.910 billion		$2.471 billion
	Secured recourse indebtedness	Less than 45% of Total Asset Value		34.00%
	_____________________________
	-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.

Acquisitions_Tables

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2015
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 acquisition (in thousands):
			Shorebreak Hotel
	Land		$	19,908
	Building and improvements		37,525
	Furnitures, fixtures and equipment		1,338
	Total fixed assets		58,771
	Unfavorable lease liability		(349		)
	Other assets and liabilities, net		401
	Total		$	58,823
Pro Forma Operating Information	The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Shorebreak Hotel as if it had occurred on January 1, 2014, as well as the Inn at Key West and Westin Fort Lauderdale Beach Resort (both acquired in 2014) as if both 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 Ended March 31,
		2015				2014
	Revenues	$	210,085			$	210,350
	Net income	$	10,541			$	11,420
	Earnings per share:
	Basic earnings per share	$	0.05			$	0.06
	Diluted earnings per share	$	0.05			$	0.06

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, in thousands, is as follows:
		March 31, 2015				31-Dec-14
		Carrying		Fair Value		Carrying		Fair Value
		Amount				Amount
	Debt	$	1,034,660	$	1,096,461	$	1,038,330	$	1,059,988

Organization_Details

Organization (Details)	Mar. 31, 2015
	rooms
	Hotel
Real Estate Properties [Line Items]
Number of hotels (in hotels)	28
Number of rooms in hotels, resorts and senior loan secured facility (in rooms)	10,709
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 Lauderdale, Florida [Member]
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Fort Worth, Texas [Member]
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Huntington Beach, California [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 $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Accruals for tax uncertainties	$0	$0
Impairment loss	$800,000
Minimum [Member] | Buildings, Land Improvements, and Building Improvements [Member]
Useful life	15 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life	1 year
Maximum [Member] | Buildings, Land Improvements, and Building Improvements [Member]
Useful life	40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life	10 years

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Property and Equipment
Property and equipment, at cost	$3,466,134	$3,388,763
Less: accumulated depreciation	-650,119	-624,370
Property and equipment, net	2,816,015	2,764,393
Land [Member]
Property and Equipment
Property and equipment, at cost	528,746	508,838
Land improvements [Member]
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings [Member]
Property and Equipment
Property and equipment, at cost	2,475,699	2,427,274
Furniture, Fixtures and Equipment [Member]
Property and Equipment
Property and equipment, at cost	441,016	430,873
CIP [Member]
Property and Equipment
Property and equipment, at cost	$12,679	$13,784

Property_and_Equipment_Narrati

Property and Equipment - Narrative (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$4.60	$6.20

Favorable_Lease_Assets_Details

Favorable Lease Assets (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease assets, net	$33,338	$34,274
Above Market Leases Ground [Member] | Boston Westin Waterfront [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	18,239	18,293
Above Market Leases Ground [Member] | Hilton Minneapolis [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	5,741	5,760
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	209	1,031
Above Market Leases Ground [Member] | Hilton Boston Downtown Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	104	145
Above Market Lease Rights [Member] | Boston Westin Waterfront [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible asset	$9,045	$9,045

Favorable_Lease_Assets_Narrati

Favorable Lease Assets - Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Finite-lived intangible assets, amortization expense	$200,000
Impairment of favorable lease asset	800,000
Off-Market Favorable Lease [Member]
Business Acquisition [Line Items]
Accumulated amortization	2,700,000		3,000,000
Boston Westin Waterfront [Member] | Above Market Lease Rights [Member]
Business Acquisition [Line Items]
Impairment of favorable lease asset	0	0
Lexington Hotel New York [Member] | Above Market Leases Ground [Member]
Business Acquisition [Line Items]
Impairment of favorable lease asset	$800,000
Minimum [Member] | Boston Westin Waterfront [Member] | Above Market Lease Rights [Member]
Business Acquisition [Line Items]
Number of room hotel for development for which favorable lease assets are owned (in rooms)	320
Maximum [Member] | Boston Westin Waterfront [Member] | Above Market Lease Rights [Member]
Business Acquisition [Line Items]
Number of room hotel for development for which favorable lease assets are owned (in rooms)	350

Capital_Stock_Details

Capital Stock (Details) (USD $)	0 Months Ended			3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 12, 2015	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Apr. 10, 2015	Nov. 30, 2014
Dividends Payable [Line Items]
Common stock, shares authorized	400,000,000		400,000,000	400,000,000
Common stock, par value (in dollars per share)	$0.01		$0.01	$0.01
Proceeds from sale of common stock				$7,829,000	$0
Preferred stock, shares authorized	10,000,000		10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$0.01		$0.01	$0.01
Preferred Stock, shares outstanding	0		0	0
Operating Partnership Units Option To Redeem For Common Stock Ratio				1
Payment Date		12-Jan-15
Record Date	31-Mar-15		31-Dec-14
Dividends per Share (in dollars per share)		$0.10
Subsequent Event [Member]
Dividends Payable [Line Items]
Payment Date						10-Apr-15
Dividends per Share (in dollars per share)						$0.13
Unaffiliated Third Parties [Member]
Dividends Payable [Line Items]
Units of Partnership Interest, Amount	0		0	0
Common Stock [Member]
Dividends Payable [Line Items]
Aggregate offering price							200,000,000
Common stock sold in offering				524,606
Share price of common stock sold	$15.18			$15.18
Proceeds from sale of common stock				$7,800,000

Stock_Incentive_Plans_Details

Stock Incentive Plans (Details) (USD $)	3 Months Ended		36 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2012	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued	200,711,085			199,964,041
Performance period	3 years
Maximum Possible Payout to Executive Officer as a Percentage of the Target Award (as a percent)	150.00%
Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized	8,000,000
Number of Shares Issued or Committed to Issue	3,879,185
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Awards Expected to Vest One Year from Balance Sheet (in shares)	241,881
Awards Expected to Vest Two Years from Balance Sheet Date (in shares)	153,578
Awards Expected to Vest Three Years from Balance Sheet Date (in shares)	79,291
Unrecognized compensation cost (in dollars)	$5.80
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	28 months
Compensation expense (in dollars)	0.7
Number of unvested shares outstanding	474,750			514,419
Shares vested during period	255,828
Market Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (in dollars)	0.1
Number of unvested shares outstanding	0
Shares vested during period	99,047
Common stock, shares issued	148,572
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Awards Expected to Vest One Year from Balance Sheet (in shares)	232,154
Awards Expected to Vest Two Years from Balance Sheet Date (in shares)	206,971
Awards Expected to Vest Three Years from Balance Sheet Date (in shares)	218,467
Unrecognized compensation cost (in dollars)	4.8
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	28 months
Compensation expense (in dollars)	$0.50	$0.20
Number of unvested shares outstanding	657,592			436,170
Executive Officers [Member] | Market Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock_Incentive_Plans_Stock_Aw

Stock Incentive Plans - Stock Awards Activity (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Restricted Stock [Member]
Number of Shares
Number of shares, Beginning Balance	514,419
Number of shares, Granted	216,159
Number of shares, Vested	-255,828
Number of shares, Ending Balance	474,750
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$10.82
Weighted-average grant date fair value, Granted (in dollars per share)	$14.48
Weighted-average grant date fair value, Vested (in dollars per share)	$10.39
Weighted-average grant date fair value, Ending balance (in dollars per share)	$12.72
Performance Stock Units [Member]
Number of Shares
Number of shares, Beginning Balance	436,170
Number of shares, Granted	218,467
Number of Units, Additional units from dividends	2,955
Number of shares, Ending Balance	657,592
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$10.95
Weighted-average grant date fair value, Granted (in dollars per share)	$12.13
Weighted-Average Grant Date Fair Value, Additional units from dividends, Weighted Average Grant Date Fair Value	$15.13
Weighted-average grant date fair value, Ending balance (in dollars per share)	$11.36

Stock_Incentive_Plans_Valuatio

Stock Incentive Plans - Valuation Assumptions (Details) (February 27, 2015 [Member], USD $)	3 Months Ended
	Mar. 31, 2015
February 27, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	22.90%
Risk-Free Rate	1.01%
Fair Value at Grant Date	$12.13

Earnings_Per_Share_Calculation

Earnings Per Share (Calculation of EPS) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income	$10,641	$4,037
Denominator:
Weighted-average number of common shares outstanding—basic	200,645,518	195,623,959
Weighted-average number of common shares outstanding—diluted	201,122,233	196,405,055
Earnings per share:
Basic earnings per share (in dollars per share)	$0.05	$0.02
Diluted earnings per share (in dollars per share)	$0.05	$0.02
Unvested restricted common stock [Member]
Denominator:
Unvested Stock/SARs/MSUs	203,077	205,363
Stock Appreciation Rights [Member]
Denominator:
Unvested Stock/SARs/MSUs	2,946	0
Shares related to unvested PSUs [Member]
Denominator:
Unvested Stock/SARs/MSUs	270,692	575,733
Stock Appreciation Rights (SARs) [Member]
Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation (in shares)	262,461

Debt_Schedule_of_Long_Term_Deb

Debt (Schedule of Long Term Debt) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	extension
Debt Instrument [Line Items]
Total mortgage debt	1,034,660	$1,038,330
Senior unsecured credit facility	0	0
Long-term Debt	1,034,660	1,038,330
Weighted - Average Interest Rate (as a percent)	4.82%
JW Marriot Denver at Cherry Creek [Member]
Debt Instrument [Line Items]
Interest rate	6.47%
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%
Orlando Airport Marriott [Member]
Debt Instrument [Line Items]
Interest rate	5.68%
Chicago Marriott Downtown Magnificent Mile [Member]
Debt Instrument [Line Items]
Interest rate	5.98%
Courtyard Manhattan / Fifth Avenue [Member]
Debt Instrument [Line Items]
Interest rate	6.48%
Lexington Hotel New York [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR + 2.25% (2.422% at March 31, 2015)
Debt Instrument, Interest Rate at Period End (as a percent)	2.42%
Number of One Year extensions	2
Marriott Salt Lake City Downtown [Member]
Debt Instrument [Line Items]
Interest rate	4.25%
Hilton Minneapolis [Member]
Debt Instrument [Line Items]
Interest rate	5.46%
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%
Courtyard Manhattan / Midtown East [Member]
Debt Instrument [Line Items]
Interest rate	4.40%
Mortgages [Member]
Debt Instrument [Line Items]
Debt premium	90
Total mortgage debt	1,034,660
Mortgages [Member] | JW Marriot Denver at Cherry Creek [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	38,354
Mortgages [Member] | Renaissance Worthington [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	52,605
Mortgages [Member] | Frenchman's Reef & Morning Star Marriott Beach [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	56,306
Mortgages [Member] | Orlando Airport Marriott [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	55,693
Mortgages [Member] | Chicago Marriott Downtown Magnificent Mile [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	204,280
Mortgages [Member] | Courtyard Manhattan / Fifth Avenue [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	48,798
Mortgages [Member] | Lexington Hotel New York [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	170,368
Mortgages [Member] | Marriott Salt Lake City Downtown [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	61,096
Mortgages [Member] | Hilton Minneapolis [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	92,337
Mortgages [Member] | Westin Washington, D.C. City Center [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	70,168
Mortgages [Member] | The Lodge at Sonoma, a Renaissance Resort and Spa [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	29,959
Mortgages [Member] | Westin San Diego [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	68,606
Mortgages [Member] | Courtyard Manhattan / Midtown East [Member]
Debt Instrument [Line Items]
Long Term Debt, Gross	86,000
Senior unsecured credit facility [Member]
Debt Instrument [Line Items]
Senior unsecured credit facility	0
Line of Credit Facility, Interest Rate Description	LIBOR + 1.75% (1.94% at March 31, 2015)
Debt Instrument, Interest Rate at Period End (as a percent)	1.94%
LIBOR [Member] | Lexington Hotel New York [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
LIBOR [Member] | Senior unsecured credit facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Debt_Mortgage_Debt_Details

Debt (Mortgage Debt) (Details) (USD $)	0 Months Ended
	Apr. 14, 2015	Mar. 31, 2015	Apr. 10, 2015
		Hotel
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt (in hotels)		13
Number of hotels (in hotels)		28
Renaissance Worthington [Member]
Debt Instrument [Line Items]
Fixed rate		5.40%
Subsequent Event [Member] | Mortgages [Member] | Renaissance Worthington [Member]
Debt Instrument [Line Items]
Mortgage loan amount	$85,000,000		$52,600,000
Fixed rate	3.66%
Interest only period	2 years
Amortization period	30 years

Debt_Senior_Unsecured_Credit_F

Debt (Senior Unsecured Credit Facility) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Apr. 01, 2015
	Hotel
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$200,000,000
Increase in Credit Facility	400,000,000
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	335,000,000
Ratio of indebtedness	3.7
Interest and unused credit facility fees	200,000
LIBOR [Member] | Senior unsecured credit facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Subsequent Event [Member]
Line of Credit Facility [Line Items]
Amount borrowed to repay mortgage debt		$45,000,000

Schedule_of_Ratio_of_Net_Indeb

(Schedule of Ratio of Net Indebtedness) (Details)	3 Months Ended
	Mar. 31, 2015
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 but less than 6.50 to 1.00 [Member]
Summary of leverage and applicable margin
Line Of Credit Facility Leverage Rate Description	Greater than or equal to 6.00 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 but less than 6.50 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
Maximum [Member] | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 [Member]
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)	6.5

Debt_Schedule_of_Debt_Covenant

Debt (Schedule of Debt Covenants) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Line Of Credit Facility Covenant [Member]
Line of Credit Facility [Line Items]
Maximum Leverage Ratio (as a percent)	0.6
Minimum fixed charge coverage ratio	1.5
Minimum tangible net worth	$1,910
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)	0.34
Minimum fixed charge coverage ratio	3.06
Minimum tangible net worth	$2,471
Secured recourse indebtedness ratio	34.00%

Acquisitions_Allocation_of_Fai

Acquisitions - Allocation of Fair Value (Details) (Shorebreak Hotel [Member], USD $)	Feb. 06, 2015
In Thousands, unless otherwise specified
Shorebreak Hotel [Member]
Business Acquisition [Line Items]
Land	$19,908
Building and improvements	37,525
Furnitures, fixtures and equipment	1,338
Total fixed assets	58,771
Unfavorable lease liability	-349
Other assets and liabilities, net	401
Total	$58,823

Acquisitions_Pro_Forma_Informa

Acquisitions - Pro Forma Information (Details) (Inn at Key West [Member], USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Inn at Key West [Member]
Business Acquisition [Line Items]
Revenues	$210,085	$210,350
Net income	$10,541	$11,420
Earnings per share:
Basic earnings per share	$0.05	$0.06
Diluted earnings per share	$0.05	$0.06

Acquisitions_Details

Acquisitions (Details) (Shorebreak Hotel [Member], USD $)	0 Months Ended	3 Months Ended
	Feb. 06, 2015	Mar. 31, 2015	Feb. 06, 2015
			room
Business Acquisition [Line Items]
Number of rooms acquired	157		157
Purchase price	$58,500,000
Revenue related to acquisitions		2,000,000
Net income related to acquisitions (less then .1 million)		100,000
Base management fee of gross revenues	1.25%
Gross revenues percentage	2.50%
Incentive management fee for gross revenues	15.00%
Percentage used to calculate leasehold purchase option	10.00%		10.00%
Unfavorable lease liability	$349,000		$349,000
Kimpton Hotels [Member]
Business Acquisition [Line Items]
Management agreement	10 years
Land Underlying the Hotel and Lease [Member]
Business Acquisition [Line Items]
Percentage of undivided interest ownership	95.50%		95.50%
Long-Term Ground Lease [Member]
Business Acquisition [Line Items]
Percentage of undivided interest ownership	4.50%		4.50%

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$1,034,660	$1,038,330
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$1,096,461	$1,059,988

Commitments_and_Contingencies_

Commitments and Contingencies - Income Taxes (Details) (U.S. Virgin Island, Foreign Tax Authority [Member])	3 Months Ended
	Mar. 31, 2015
U.S. Virgin Island | Foreign Tax Authority [Member]
Income Tax Contingency [Line Items]
Income tax agreement raate	7.00%
Statutory tax rate	37.40%