DiamondRock Hospitality (DRH) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	DiamondRock Hospitality Co
Entity Central Index Key	1,298,946
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		200,741,777
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Property and equipment, net	$ 2,882,176	$ 2,764,393
Restricted cash	59,339	74,730
Due from hotel managers	86,698	79,827
Favorable lease assets, net	23,955	34,274
Prepaid and other assets	46,078	52,739
Deferred financing costs, net	8,627	8,023
Cash and cash equivalents	213,584	144,365
Total assets	3,320,457	3,158,351
Liabilities:
Mortgage debt	1,177,696	1,038,330
Senior unsecured credit facility	0	0
Total debt	1,177,696	1,038,330
Deferred income related to key money, net	23,568	21,561
Unfavorable contract liabilities, net	74,657	76,220
Due to hotel managers	65,350	59,169
Dividends declared and unpaid	25,599	20,922
Accounts payable and accrued expenses	128,982	113,162
Total liabilities	1,495,852	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; 200,741,777 and 199,964,041 shares issued and outstanding at December 31, 2015 and 2014, respectively	2,007	2,000
Additional paid-in capital	2,056,878	2,045,755
Accumulated deficit	(234,280)	(218,768)
Total stockholders’ equity	1,824,605	1,828,987
Total liabilities and stockholders’ equity	$ 3,320,457	$ 3,158,351

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	200,741,777	199,964,041
Common stock, shares outstanding	200,741,777	199,964,041

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rooms	$ 673,578	$ 628,870	$ 558,751
Food and beverage	208,173	195,077	193,043
Other	49,239	48,915	47,894
Total revenues	930,990	872,862	799,688
Operating Expenses:
Rooms	163,549	162,870	151,040
Food and beverage	137,297	135,402	136,454
Management fees	30,633	30,027	25,546
Other hotel expenses	317,623	295,826	284,523
Depreciation and amortization	101,143	99,650	103,895
Impairment losses	10,461	0	0
Hotel acquisition costs	949	2,177	0
Corporate expenses	24,061	22,267	23,072
Gain on insurance proceeds	0	(1,825)	0
Gain on litigation settlement, net	0	(10,999)	0
Total operating expenses, net	785,716	735,395	724,530
Operating income	145,274	137,467	75,158
Interest income	(359)	(3,027)	(6,328)
Gain on repayments of notes receivable	52,684	58,278	57,279
Other income, net	(329)	0	0
Gain on repayments of notes receivable	(3,927)	(13,550)	0
Gain on sales of hotel properties, net	0	(50,969)	0
Gain on hotel property acquisition	0	(23,894)	0
Loss on early extinguishment of debt	0	1,616	1,492
Total other expenses (income), net	48,069	(31,546)	52,443
Income from continuing operations before income taxes	97,205	169,013	22,715
Income tax (expense) benefit	(11,575)	(5,636)	1,113
Income from continuing operations	85,630	163,377	23,828
Income from discontinued operations, net of income taxes	0	0	25,237
Net income	$ 85,630	$ 163,377	$ 49,065
Basic and diluted earnings per share:
Continuing operations (in dollars per share)	$ 0.43	$ 0.83	$ 0.12
Discontinued operations (in dollars per share)	0	0	0.13
Basic and diluted earning per share (in dollars per share)	$ 0.43	$ 0.83	$ 0.25
Weighted-average number of common shares outstanding:
Basic (in shares)	200,796,678	195,943,813	195,478,353
Diluted (in shares)	201,459,934	196,682,981	195,862,506

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2012	$ 1,695,113	$ 1,951	$ 1,976,200	$ (283,038)
Beginning balance, shares at Dec. 31, 2012		195,145,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(66,753)		151	(66,904)
Issuance and vesting of common stock grants, net	3,266	$ 4	3,262
Issuance and vesting of common stock grants, net, shares		325,084
Net income	49,065			49,065
Ending Balance at Dec. 31, 2013	1,680,691	$ 1,955	1,979,613	(300,877)
Ending balance, shares at Dec. 31, 2013		195,470,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(81,041)		227	(81,268)
Issuance and vesting of common stock grants, net	2,898	$ 3	2,895
Issuance and vesting of common stock grants, net, shares		275,690
Sale of common stock in secondary offerings, less placement fees and expenses	63,062	$ 42	63,020
Sale of common stock in secondary offerings, less placement fees and expenses, shares		4,217,560
Net income	163,377			163,377
Ending Balance at Dec. 31, 2014	1,828,987	$ 2,000	2,045,755	(218,768)
Ending balance, shares at Dec. 31, 2014		199,964,041
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,789)		353	(101,142)
Issuance and vesting of common stock grants, net	2,987	$ 2	2,985
Issuance and vesting of common stock grants, net, shares		253,130
Sale of common stock in secondary offerings, less placement fees and expenses	7,790	$ 5	7,785
Sale of common stock in secondary offerings, less placement fees and expenses, shares		524,606
Net income	85,630			85,630
Ending Balance at Dec. 31, 2015	$ 1,824,605	$ 2,007	$ 2,056,878	$ (234,280)
Ending balance, shares at Dec. 31, 2015		200,741,777

Consolidated Statements of Sto6

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.50	$ 0.41	$ 0.34
Payments of Stock Issuance Costs	$ 179	$ 719

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net income	$ 85,630	$ 163,377	$ 49,065
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	101,143	99,650	105,655
Corporate asset depreciation as corporate expenses	80	105	99
Gain on sale of hotel properties, net	0	(50,969)	(22,733)
Gain on repayments of notes receivable	(3,927)	(13,550)	0
Loss on early extinguishment of debt	0	1,616	1,492
Gain on hotel property acquisition	0	(23,894)	0
Non-cash ground rent	5,915	6,453	6,787
Non-cash financing costs, debt premium, and interest rate cap as interest	2,353	2,564	2,803
Amortization of note receivable discount as interest income	0	(1,075)	(2,602)
Impairment losses	10,461	0	0
Amortization of favorable and unfavorable contracts, net	(1,651)	(1,410)	(1,487)
Amortization of deferred income	(993)	(1,090)	(2,150)
Termination fee paid to hotel manager	0	0	(737)
Stock-based compensation	5,723	5,316	5,217
Deferred income tax expense (benefit)	10,292	5,159	(343)
Changes in assets and liabilities:
Prepaid expenses and other assets	(3,144)	(305)	(1,615)
Restricted cash	12,606	(8,409)	1,024
Due to/from hotel managers	106	(5,711)	899
Accounts payable and accrued expenses	2,963	2,005	2,360
Net cash provided by operating activities	227,557	179,832	143,734
Cash flows from investing activities:
Hotel capital expenditures	(62,950)	(62,571)	(107,307)
Hotel acquisitions	(150,400)	(297,388)	0
Net proceeds from sale of properties	0	182,117	76,437
Notes receivable repayments	3,927	64,500	6,574
Change in restricted cash	2,785	10,623	(17,279)
Purchase deposits	0	(2,850)	(5,000)
Receipt of deferred key money	3,000	0	4,568
Net cash used in investing activities	(203,638)	(105,569)	(42,007)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(13,322)	(15,254)	(14,249)
Repurchase of common stock and other	(2,735)	(2,418)	(1,952)
Proceeds from sale of common stock, net	7,790	63,062	0
Proceeds from mortgage debt	355,000	86,000	165,000
Repayments of mortgage debt	(202,130)	(125,444)	(28,779)
Draws on senior unsecured credit facility	195,000	156,320	25,000
Repayments of senior unsecured credit facility	(195,000)	(156,320)	(45,000)
Payment of financing costs	(2,866)	(3,328)	(1,101)
Purchase of interest rate cap	(325)	0	0
Payment of cash dividends	(96,112)	(77,100)	(65,685)
Net cash provided by (used in) financing activities	45,300	(74,482)	33,234
Net increase (decrease) in cash and cash equivalents	69,219	(219)	134,961
Cash and cash equivalents, beginning of year	144,365	144,584	9,623
Cash and cash equivalents, end of year	213,584	144,365	144,584
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	48,916	56,575	55,605
Cash paid for income taxes	1,099	478	795
Capitalized interest	0	914	1,516
Non-cash Financing Activities:
Unpaid dividends	$ 25,599	$ 20,922	$ 16,981

Organization

Organization	12 Months Ended
	Dec. 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 December 31, 2015 , we owned 29 hotels with 10,928 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts ( 2 ); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois ( 2 ); Denver, Colorado ( 2 ); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida ( 2 ); 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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with 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. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ 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. Fair Value Measurements In evaluating fair value, 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 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 exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. 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. 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 REIT under the provisions of the Internal Revenue Code, 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 existing 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 December 31, 2015 and 2014 . Intangible Assets and Liabilities Intangible assets or 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 impairment losses totaling $10.5 million during the year ended December 31, 2015. See Note 4 in these consolidated financial statements for further discussion. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants 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. Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions 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. 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 consolidated statement of operations. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Hotel Working Capital The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees. Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our notes receivable and cash and cash equivalents. See further discussion of our notes receivable in Note 5. 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. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This standard is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are 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 statements. In April 2015, the FASB issued 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 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 statements. 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 new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. We do not believe it will have a material impact on the Company’s financial statements.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 Land $ 578,338 $ 508,838 Land improvements 7,994 7,994 Buildings 2,538,719 2,427,274 Furniture, fixtures and equipment 458,577 430,873 CIP 25,016 13,784 3,608,644 3,388,763 Less: accumulated depreciation (726,468 ) (624,370 ) $ 2,882,176 $ 2,764,393 As of December 31, 2015 and 2014 we had accrued capital expenditures of $11.6 million and $6.2 million , respectively.

Favorable Lease Assets

Favorable Lease Assets	12 Months Ended
	Dec. 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 $2.6 million and $3.0 million as of December 31, 2015 and 2014 , respectively, consist of the following (in thousands): 2015 2014 Westin Boston Waterfront Hotel Ground Lease $ 18,076 $ 18,293 Westin Boston Waterfront Hotel Lease Right — 9,045 Hilton Minneapolis Ground Lease 5,685 5,760 Lexington Hotel New York Tenant Leases 186 1,031 Hilton Boston Downtown Tenant Leases 8 145 $ 23,955 $ 34,274 The 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 years ended December 31, 2015 , 2014 , and 2013 , was $0.5 million , $0.7 million , and $1.0 million , respectively. Amortization expense is expected to total $0.3 million annually for 2016 through 2020. 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 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. For the lease right, 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 second quarter of 2015, we decided not to exercise the option to acquire the leasehold interest and recorded an impairment loss of $9.6 million , which includes the write-off of $0.6 million of other assets related to the lease right included within prepaid and other assets on the accompanying consolidated balance sheets. During the first quarter of 2015, we evaluated the Lexington Hotel New York favorable tenant leases for recoverability of the carrying value. The lease with one of the retail tenants at the Lexington Hotel New York was expected to terminate 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 first quarter of 2015. The lease terminated in June 2015.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2015
Accounts and Notes Receivable, Net [Abstract]
Notes Receivable	Notes Receivable On May 21, 2014, we received $58.5 million for the prepayment of the senior mortgage loan secured by the 443 -room Allerton Hotel in Chicago, Illinois (the "Allerton Loan"). As a result of the prepayment, we recorded a gain of $13.6 million . The Allerton Loan had an original principal balance of $66.0 million , which had a four -year term (plus a one -year extension option) and a fixed interest rate of 5.5% . Principal payments were based on a 30 -year amortization schedule, but were only due to the extent there was available cash flow from operations. We recorded the following amounts of interest income on the Allerton Loan (in thousands): Year Ended December 31, 2014 Year Ended December 31, 2013 Contractual interest income $ 1,317 $ 3,456 Amortization of discount 1,075 2,602 Total interest income $ 2,392 $ 6,058 In connection with the sale of the Oak Brook Hills Resort in 2014, we provided a $4.0 million loan to the buyer of the hotel. During 2015, we recorded a $3.9 million gain on repayment of the loan. Additional information on the loan is found in Note 10 to our consolidated financial statements.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 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 year ended December 31, 2014, we sold 4,217,560 shares of our common stock at an average price of $15.12 for net proceeds of $63.1 million . In January 2015, we sold 524,606 shares of our common stock at an average price of $15.18 for net proceeds of $7.8 million . We have not sold any additional shares since January 2015 and there is $128.3 million remaining under the ATM program. We do not expect to utilize the program in the near term, but believe it is appropriate to have the program in place. Our board of directors approved a share repurchase program in November 2015 authorizing us to repurchase up to $150 million in shares of our common stock. Repurchases under this program will be made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. We have not repurchased any shares of our common stock since the program started. We have paid the following dividends to holders of our common stock for the years ended December 31, 2015 and 2014 : Payment Date Record Date Dividend per Share April 10, 2014 March 31, 2014 $0.1025 July 10, 2014 June 30, 2014 $0.1025 October 10, 2014 September 30, 2014 $0.1025 January 12, 2015 December 31, 2014 $0.1025 April 10, 2015 March 31, 2015 $0.1250 July 14, 2015 June 30, 2015 $0.1250 October 13, 2015 September 30, 2015 $0.1250 January 12, 2016 December 31, 2015 $0.1250 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 December 31, 2015 and 2014 , there were no shares of preferred stock outstanding. Operating Partnership Units Holders of operating partnership units have certain redemption rights, which 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 December 31, 2015 and 2014 , there were no operating partnership units held by unaffiliated third parties.

Stock Incentive Plans

Stock Incentive Plans	12 Months Ended
	Dec. 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 3,924,735 shares as of December 31, 2015 . In addition to these shares, additional shares of common stock could be issued in connection with the 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 consolidated statements of operations. A summary of our restricted stock awards from January 1, 2013 to December 31, 2015 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2013 676,111 $ 10.10 Granted 323,526 9.33 Additional shares from dividends 1,040 9.30 Forfeited (16,934 ) 9.65 Vested (400,722 ) 9.94 Unvested balance at December 31, 2013 583,021 9.80 Granted 249,311 12.39 Forfeited (537 ) 9.32 Vested (317,376 ) 10.19 Unvested balance at December 31, 2014 514,419 10.82 Granted 216,159 14.48 Forfeited (183 ) 9.08 Vested (255,828 ) 10.39 Unvested balance at December 31, 2015 474,567 $ 12.72 The remaining share awards are expected to vest as follows: 241,698 during 2016 , 153,578 during 2017 , and 79,291 during 2018 . As of December 31, 2015 , the unrecognized compensation cost related to restricted stock awards was $3.7 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 22 months. For the years ended December 31, 2015 , 2014 , and 2013 , we recorded $2.8 million , $3.2 million and $3.4 million , respectively, of compensation expense related to restricted stock awards. The compensation expense for the years ended December 31, 2014 and 2013 include $0.3 million and $0.7 million , respectively, related to the accelerated vesting of awards in connection with employee separations. Market Stock Units From 2010 to 2012, we awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest three years from the date of grant. The actual number of shares issued to each executive officer at the vesting date is based on the Company's total shareholder return over a three -year period. In March 2015, the remaining 99,047 outstanding MSUs vested, resulting in the issuance of 148,572 shares of common stock, before income tax withholding. There are no MSUs remaining following this vesting. For the year ended December 31, 2015 , we recorded less than $0.1 million of compensation expense related to MSUs. For the years ended December 31, 2014 and 2013 , we recorded approximately $0.3 million and $0.8 million , respectively, of compensation expense related to MSUs. The compensation expense for the year ended December 31, 2013 includes $0.2 million related to the accelerated vesting of awards in connection with the departure of our former President and Chief Operating Officer on May 1, 2013. 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 values of the awards granted included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 3, 2013 39.2 % 0.36 % $ 9.55 May 15, 2013 37.9 % 0.40 % $ 10.41 March 3, 2014 33.5 % 0.66 % $ 12.77 May 15, 2014 33.1 % 0.80 % $ 9.88 February 27, 2015 22.9 % 1.01 % $ 12.13 A summary of our PSUs from January 1, 2013 to December 31, 2015 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2013 — $ — Granted 217,949 9.64 Additional units from dividends 5,227 10.37 Unvested balance at December 31, 2013 223,176 9.66 Granted 200,685 12.33 Additional units from dividends 12,309 12.01 Unvested balance at December 31, 2014 436,170 10.95 Granted 218,467 12.13 Additional units from dividends 21,722 13.51 Unvested balance at December 31, 2015 676,359 $ 11.41 The unvested units are expected to vest as follows: 238,779 during 2016 , 212,879 during 2017 and 224,701 during 2018 . As of December 31, 2015 , the unrecognized compensation cost related to the PSUs was $3.0 million and is expected to be recognized on a straight-line basis over a period of 21 months. For the years ended December 31, 2015 , 2014 , and 2013 , we recorded approximately $2.3 million , $1.4 million , and $0.6 million , respectively, of compensation expense related to the PSUs.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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): Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 85,630 $ 163,377 $ 23,828 Income from discontinued operations — — 25,237 Net income $ 85,630 $ 163,377 $ 49,065 Denominator: Weighted-average number of common shares outstanding—basic 200,796,678 195,943,813 195,478,353 Effect of dilutive securities: Unvested restricted common stock 129,640 181,310 177,314 Shares related to unvested PSUs and MSUs 533,092 556,763 206,839 Unexercised stock appreciation rights 524 1,095 — Weighted-average number of common shares outstanding—diluted 201,459,934 196,682,981 195,862,506 Basic earnings per share: Continuing operations $ 0.43 $ 0.83 $ 0.12 Discontinued operations — — 0.13 Total $ 0.43 $ 0.83 $ 0.25 Diluted earnings earnings per share: Continuing operations $ 0.43 $ 0.83 $ 0.12 Discontinued operations — — 0.13 Total $ 0.43 $ 0.83 $ 0.25 We did not include the unexercised stock appreciation rights of 262,461 for the year ended December 31, 2013 as they would be anti-dilutive.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth information regarding the Company’s debt as of December 31, 2015 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Chicago Marriott Downtown Magnificent Mile(1) $ 201,713 5.98 % April 2016 30 years Courtyard Manhattan / Fifth Avenue 48,308 6.48 % June 2016 30 years Lexington Hotel New York 170,368 LIBOR + 2.25%(2) October 2017(3) Interest Only Salt Lake City Marriott Downtown 59,992 4.25 % November 2020 25 years Hilton Minneapolis 90,653 5.46 % May 2021 25 years Westin Washington D.C. City Center 68,776 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 29,534 3.96 % April 2023 30 years Westin San Diego 67,629 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 86,000 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 65,000 4.33 % July 2025 30 years Boston Westin 204,723 4.36 % November 2025 30 years Total mortgage debt 1,177,696 Senior unsecured credit facility — LIBOR + 1.75%(4) January 2017(5) Interest Only Total debt $1,177,696 Weighted-Average Interest Rate 4.49% _____________ (1) The loan was prepaid on January 11, 2016, three months prior to the scheduled maturity date. (2) The interest rate at December 31, 2015 is 2.49% . (3) 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. (4) The interest rate at December 31, 2015 is 2.19% . (5) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The aggregate debt maturities as of December 31, 2015 are as follows (in thousands): 2016 $ 262,129 2017 (1) 185,475 2018 16,327 2019 17,063 2020 69,353 Thereafter 627,349 $ 1,177,696 _____________ (1) The Lexington Hotel New York mortgage loan matures in 2017. 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. 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 pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2015 , 12 of our 29 hotel properties 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 December 31, 2015 , we were in compliance with the financial covenants of our mortgage debt. On April 10, 2015, we repaid the $52.6 million mortgage loan secured by the Renaissance Worthington three months prior to the scheduled maturity date. On April 14, 2015, we entered into a new $85.0 million mortgage loan secured by the Renaissance Worthington. The new loan matures in 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. On May 11, 2015, we repaid the mortgage loan secured by the Frenchman's Reef & Morning Star Beach Resort three months prior to the scheduled maturity date. The loan had an outstanding principal balance of $56.2 million and incurred interest at a fixed rate of 5.44% . On July 1, 2015, we repaid the $38.1 million mortgage loan secured by the JW Marriott Denver at Cherry Creek and entered into a new $65.0 million mortgage loan. The new loan matures in 2025 and bears interest at a fixed rate of 4.33% . The new loan is interest-only for the first year, after which principal will amortize on a 30 -year schedule. On October 9, 2015, we repaid the mortgage loan secured by the Orlando Airport Marriott three months prior to the scheduled maturity date. The loan had an outstanding principal balance of $55.3 million and incurred interest at a fixed rate of 5.68% . On October 27, 2015, we entered into a new $205.0 million mortgage loan secured by the Westin Boston Waterfront Hotel. The new loan matures in 2025, bears interest at a fixed interest rate of 4.36% and amortizes principal on a 30 -year schedule. On January 11, 2016, we repaid the mortgage loan secured by the Chicago Marriott Downtown Magnificent Mile three months prior to the scheduled maturity date. 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 1.90 % Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 2.10 % Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 2.20 % Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 2.50 % 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 December 31, Maximum leverage ratio (1) 60% 34.7% Minimum fixed charge coverage ratio (2) 1.50x 3.72x Minimum tangible net worth (3) $1.90 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 34.7% _____________________________ (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, which is defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal 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 December 31, 2015 , the unencumbered borrowing base included five properties with a borrowing base value of $307.2 million . Subsequent to December 31, 2015 , we borrowed an incremental $60 million on the facility to partially fund the prepayment of the mortgage loan secured by the Chicago Marriott Downtown. As of December 31, 2015 , we had no borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 3.37 x. Accordingly, interest on our borrowings under the facility will be based on LIBOR plus 175 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $1.1 million , $0.9 million and $0.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively.

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions We had no dispositions during the year ended December 31, 2015 . 2014 Dispositions On April 14, 2014, we sold the 386 -room Oak Brook Hills Resort to an unaffiliated third party for $30.1 million , including $4.0 million of seller financing. The sale meets the requirements for accounting under the full accrual method. We recorded a gain on sale of the hotel of approximately $1.3 million , net of a $4.0 million valuation allowance on the loan receivable. The loan made to the buyer is unsecured and subordinate to the buyer's senior mortgage loan. The loan matures in August 2017 and has a one year interest-only period after which the loan will amortize based on a twenty-five year schedule. The interest rate on the loan for the first year is a floating rate of LIBOR plus 650 basis points. The interest rate margin increases by 100 basis points annually for the remainder of the loan term. The loan agreement provides for possible repayment options prior to the loan's maturity, including upon full repayment of the buyer's senior mortgage loan or the hotel achieving a certain operating profit threshold prior to loan maturity. The loan receivable and the valuation allowance are included within prepaid and other assets on the accompanying consolidated balance sheet as of December 31, 2014. Based on our estimates of the hotel’s future cash flows from operations and the fact that the note was unsecured and subordinate to the senior mortgage loan, we believed it was remote that we would collect all contractual amounts due under the loan. Accordingly, we recognized a full valuation allowance of $4.0 million . In November 2015 , the hotel achieved the profit thresholds set forth and the loan was repaid in full. We recorded a gain on repayment of the loan of approximately $3.9 million for the year ended December 31, 2015 . For the years ended December 31, 2014 and 2013 , our consolidated statements of operations include $0.6 million pre-tax loss and $1.4 million pre-tax income, respectively, related to our ownership of the Oak Brook Hills Resort. On December 18, 2014, we sold the 1,004 -room Los Angeles Airport Marriott to an unaffiliated third party for a contractual purchase price of $147.5 million . We received net proceeds of approximately $158.6 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a gain on sale of the hotel of approximately $49.7 million . In connection with the sale of the Los Angeles Airport Marriott, we executed a reverse 1031 exchange with the Westin Fort Lauderdale Beach Resort, which was purchased on December 3, 2014. The reverse 1031 exchange has no effect on our GAAP financial reporting and does not have a material impact on our tax positions and expected tax expense. For the years ended December 31, 2014 and 2013 , our consolidated statements of operations include $54.9 million and $1.8 million , respectively, of pre-tax income related to our ownership of the Los Angeles Airport Marriott. 2013 Disposition On November 21, 2013, we sold the 487 -room Torrance Marriott South Bay to an unaffiliated third party for a contractual sales price of $74 million , recognizing a gain of $22.7 million on the sale. The operating results, as well as the gain on sale, are reported in discontinued operations on the accompanying consolidated statement of operations. The following is a summary of the results of income from discontinued operations for the year ended December 31, 2013 (in thousands, except per-share data): Year Ended December 31, 2013 Hotel revenues $ 21,336 Hotel operating expenses (15,977 ) Operating income 5,359 Depreciation and amortization (1,759 ) Interest income 1 Interest expense — Impairment charge — Gain on sale of hotel property, net 22,733 Income tax expense (1,097 ) Income from discontinued operations $ 25,237 Basic and diluted income from discontinued operations per share $ 0.13

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions 2015 Acquisitions On February 6, 2015, we acquired the 157 -room Shorebreak Hotel located in Huntington Beach, California for a purchase price of $58.8 million . 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. On June 30, 2015, we acquired the 184 -suite Sheraton Suites Key West located in Key West, Florida for a purchase price of $94.4 million . The acquisition was funded with a combination of corporate cash on hand and a draw on our senior unsecured credit facility. We assumed the existing management agreement with Ocean Properties, which expires in July 2027 and provides for a base management fee of 3.0% of gross revenues and an incentive management fee of 10% of hotel operating profit above an owner's priority determined in accordance with the terms of the management agreement. 2014 Acquisitions On August 15, 2014 , we acquired the 106 -room Inn at Key West located in Key West, Florida for a purchase price of $47.8 million . The acquisition was funded with corporate cash on hand. We retained the existing hotel operator, Remington Management, LP, under an interim management agreement. In September 2015, we entered into a 10 -year management agreement with Noble House Hotels & Resorts to operate the hotel. On August 29, 2014 , we completed the acquisition of the newly constructed, 282 -room Hilton Garden Inn Times Square Central in New York City. We had entered into the purchase and sale agreement to acquire this hotel upon its completion for a fixed purchase price of $127.2 million in early 2011. We had previously funded total purchase deposits of $26.9 million . The balance of the purchase price was funded with corporate cash on hand. The hotel opened on September 1, 2014 and is operated by Highgate Hotels, LP, subject to a franchise license agreement with Hilton Garden Inns Franchise LLC. The hotel meets the definition of a business and the acquisition was accounted for as a business combination. As such, the assets acquired were recorded at their fair values, which exceeded our contractual cost. During the three years between the date of the purchase and sale agreement and the date of acquisition, the real estate market for hotels located in Manhattan experienced an increase in valuations due to improved economic conditions in the market and the overall economy. This resulted in an increase in the fair value the hotel at the time of acquisition compared with our contractual purchase price, which resulted in a gain of approximately $23.9 million upon acquisition. On December 3, 2014 , we acquired the 432 -room Westin Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for a purchase price of $149.0 million . The acquisition was funded with a combination of corporate cash on hand and a draw on our senior unsecured credit facility. Upon acquisition of the hotel, we entered into a 10 -year management agreement with HEI Hotels & Resorts and a 20 -year franchise agreement with Starwood to license the hotel under the Westin brand. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands): Shorebreak Hotel Sheraton Suites Key West Inn at Key West Hilton Garden Inn Times Square Central Westin Fort Lauderdale Beach Resort Land $ 19,908 $ 49,592 $ 32,888 $ 60,300 $ 54,293 Building and improvements 37,525 42,958 13,371 88,896 83,227 Furnitures, fixtures and equipment 1,338 1,378 1,241 6,204 11,480 Total fixed assets 58,771 93,928 47,500 155,400 149,000 Unfavorable lease liability (349 ) — — — — Other assets and liabilities, net 401 500 326 370 12 Total $ 58,823 $ 94,428 $ 47,826 $ 155,770 $ 149,012 Acquired properties are included in our results of operations from the date of acquisition. The following pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 and 2014 were acquired on January 1, 2014 and January 1, 2013, respectively. The pro forma financial information does not include the pro forma adjustments for the Hilton Garden Inn Times Square Central because 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. Year Ended December 31, 2015 2014 (unaudited) Revenues $ 942,547 $ 949,110 Net income $ 89,184 $ 175,638 Earnings per share: Basic earnings per share $ 0.44 $ 0.90 Diluted earnings per share $ 0.44 $ 0.89 For the year ended December 31, 2015 , our consolidated statement of operations includes $20.8 million of revenues and $4.6 million of net income related to the operations of the hotels acquired in 2015 . For the year ended December 31, 2014, our consolidated statement of operations includes $15.2 million of revenues and $4.5 million of net income related to the operations of the hotels acquired in 2014.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, 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 are subject to federal, state, local and/or foreign income taxes. Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current - Federal $ — $ — $ — State 770 269 257 Foreign 515 208 70 1,285 477 327 Deferred - Federal 8,249 3,933 (1,626 ) State 2,315 1,105 (167 ) Foreign (274 ) 121 353 10,290 5,159 (1,440 ) Income tax provision (benefit) from continuing operations $ 11,575 $ 5,636 $ (1,113 ) Income tax provision from discontinued operations $ — $ — $ 1,097 A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal tax provision (35)% $ 34,272 $ 59,155 $ 7,950 Tax impact of REIT election (21,544 ) (52,937 ) (8,641 ) State income tax provision, net of federal tax benefit 1,745 893 58 Foreign income tax benefit (2,266 ) (1,603 ) (552 ) Foreign tax rate adjustment — — — Other (632 ) 128 72 Income tax provision (benefit) from continuing operations $ 11,575 $ 5,636 $ (1,113 ) We are required to pay franchise taxes in certain jurisdictions. We recorded approximately $0.4 million of franchise taxes during each of the years ended December 31, 2015 , 2014 and 2013 , which are classified as corporate expenses in the accompanying consolidated statements of operations. Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands): 2015 2014 Deferred income related to key money $ 8,844 $ 8,636 Net operating loss carryforwards 25,210 31,178 Alternative minimum tax credit carryforwards 59 72 Other 335 601 Deferred tax assets 34,448 40,487 Less: Valuation allowance (400 ) — Subtotal 34,048 40,487 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,784 ) (12,947 ) Deferred tax liabilities (21,044 ) (17,207 ) Deferred tax asset, net $ 13,004 $ 23,280 As of December 31, 2015, we had deferred tax assets of $25.2 million consisting of federal and state net operating loss carryforwards. The federal loss carryforwards of $21.5 million generally expire in 2028 through 2034 if not utilized by then. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax asset related to federal loss carryforwards prior to their expiration and have determined that no valuation allowance is required. The state loss carryforwards of $3.7 million generally expire in 2020 through 2034 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. During the year ended December 31, 2015, we recorded a $0.4 million valuation allowance on the deferred tax asset related to the Illinois state loss carryforward. The remaining deferred tax assets of $9.2 million are expected to be recovered against reversing existing taxable temporary differences. 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 Islands ("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 on February 14, 2015, at which time the income tax rate increased to 37.4% . In October 2015, we were granted a 15 -year extension of the tax agreement, which is retroactive to the expiration date of the prior agreement. Accordingly, the income tax expense for 2015, as well as deferred tax assets and liabilities, reflect the lower rate.

Relationship with Managers

Relationship with Managers	12 Months Ended
	Dec. 31, 2015
Relationships with Managers [Abstract]
Relationships With Managers	Relationships with Managers We are party to hotel management agreements for each of our hotels owned. The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement. Property Manager Date of Agreement Initial Term Number of Renewal Terms Atlanta Alpharetta Marriott Marriott 9/2000 30 years Two ten-year periods Bethesda Marriott Suites Marriott 12/2004 21 years Two ten-year periods Boston Westin Waterfront Starwood 5/2004 20 years Four ten-year periods Chicago Marriott Downtown Marriott 3/2006 32 years Two ten-year periods Courtyard Denver Downtown Sage Hospitality 7/2011 5 years One five-year period Courtyard Manhattan/Fifth Avenue Marriott 12/2004 30 years None Courtyard Manhattan/Midtown East Marriott 11/2004 30 years Two ten-year periods Frenchman's Reef & Morning Star Marriott Beach Resort Marriott 9/2000 30 years Two ten-year periods The Gwen Chicago Crescent Hotels & Resorts (1) 9/2015 10 years None Hilton Boston Downtown Davidson Hotels & Resorts 11/2012 7 years Two five-year periods Hilton Burlington Interstate Hotels & Resorts 12/2010 5 years Month-to-month Hilton Garden Inn Chelsea/New York City HEI Hotels & Resorts (2) 9/2015 10 years None Hilton Garden Inn New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hilton Minneapolis Hilton 3/2006 20 ¾ years None Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Noble House Hotels & Resorts (3) 9/2015 10 years Two five-year periods JW Marriott Denver at Cherry Creek Sage Hospitality 5/2011 5 years One five-year period Lexington Hotel New York Highgate Hotels 6/2011 10 years One five-year period Orlando Airport Marriott Marriott 11/2005 30 years None Renaissance Charleston Marriott 1/2000 21 years Two five-year periods Renaissance Worthington Marriott 9/2000 30 years Two ten-year periods Salt Lake City Marriott Downtown Marriott 12/2001 30 years Three fifteen-year periods Sheraton Suites Key West Ocean Properties 6/2015 12 years None Shorebreak Hotel Kimpton Hotel & Restaurant Group 2/2015 10 years None The Lodge at Sonoma, a Renaissance Resort & Spa Marriott 10/2004 20 years One ten-year period Vail Marriott Mountain Resort & Spa Vail Resorts 6/2005 15½ years None Westin Fort Lauderdale Beach Resort HEI Hotels & Resorts 12/2014 10 years None Westin San Diego Interstate Hotels & Resorts 12/2010 5 years Month-to-month Westin Washington D.C. City Center HEI Hotels & Resorts (4) 4/2015 10 years None ______________ (1) Crescent Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Hilton. (2) HEI Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Alliance Hospitality Management. (3) Noble House Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Remington Hotels. (4) HEI Hotels & Resorts assumed management of the hotel in April 2015. The hotel was previously managed by Interstate Hotels & Resorts. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties: Property Base Management Fee(1) Incentive Management Fee(2) FF&E Reserve Contribution(1) Atlanta Alpharetta Marriott 3 % 25 % 5 % Bethesda Marriott Suites 3 % 50 % (3) 5 % (4) Boston Westin Waterfront 2.5 % 20 % 4 % Chicago Marriott Downtown 3 % 18 % (5) 5 % Courtyard Denver Downtown 2 % (6) 10 % 4 % Courtyard Manhattan/Fifth Avenue 6 % 25 % 4 % Courtyard Manhattan/Midtown East 5 % 25 % 4 % Frenchman's Reef & Morning Star Marriott Beach Resort 3 % 15 % 5.5 % The Gwen Chicago 1 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn Chelsea/New York City 2.25 % (9) 15 % 4 % Hilton Garden Inn New York City/Times Square Central 3 % (10) 15 % 4 % Hilton Minneapolis 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 15 % 4 % JW Marriott Denver at Cherry Creek 2.25 % (11) 10 % 4 % Lexington Hotel New York 3 % 20 % 4 % Orlando Airport Marriott 3 % 25 % 5 % Renaissance Charleston 2.5 % (12) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 3 % 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 1.25 % (13 ) 15 % 4 % The Lodge at Sonoma, a Renaissance Resort & Spa 3 % 20 % 5 % Vail Marriott Mountain Resort & Spa 3 % 20 % 4 % Westin Fort Lauderdale Beach Resort 2.25 % (14) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % (15) 15 % 4 % ______________ (1) As a percentage of gross revenues. (2) Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds. (3) The owner's priority expires in 2027 . (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) Effective April 2015, calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income. Prior to April 2015, calculated as 20% of net operating income before base management fees. (6) The base management fee is 2.5% of gross revenues if the hotel achieves operating results in excess of 7% of our invested capital and 3% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. (7) The base management fee increases to 1.25% for 2017 and 1.5% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fee increases to 2.5% beginning June 4, 2016 through the remainder of the term. (10) The base management fee increased to 3% from 2.5% beginning September 1, 2015. (11) The base management fee is 2.75% of gross revenues if the hotel achieves operating profits in excess of 7% of our invested capital and 3.25% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. (12) The base management fee decreased to 2.5% beginning September 2015 and will increase to 3.0% beginning September 2016 and 3.5% beginning September 2017 through the remainder of the term. (13) The base management fee increases to 2.5% beginning January 1, 2016. (14) The base management fee decreases to 2% beginning January 1, 2017. (15) The base management fee decreases to 2% beginning January 1, 2017. Between April 2015 and April 2016, the base fee may be reduced if the hotel does not meet a specified operating profit threshold, subject to a floor of 1% of gross revenues. The following is a summary of management fees from continuing operations for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Base management fees $ 23,228 $ 21,473 $ 19,324 Incentive management fees 7,405 8,554 6,222 Total management fees $ 30,633 $ 30,027 $ 25,546 Seven of our hotels earned incentive management fees for the year ended December 31, 2015 . Ten of our hotels earned incentive management fees for the year ended December 31, 2014 . Eight of our hotels earned incentive management fees for the year ended December 31, 2013 . Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment. Key Money Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. During 2015, Starwood provided us with $3.0 million of key money in connection with our renovation associated with the brand conversion of the hotel formerly known as the Conrad Chicago to The Gwen, a Luxury Collection Hotel. The key money will be amortized against franchise fees over the anticipated period of the renovation--January 2016 through April 2017. We amortized $1.0 million of key money during the year ended December 31, 2015 , $1.1 million during the year ended December 31, 2014 , and $2.2 million during the year ended December 31, 2013 . The amortization for the year ended December 31, 2013 includes $1.1 million of key money written off as a result of the change of hotel manager of the Oak Brook Hills Resort during 2013. This key money write-off is included within other hotel expenses on the accompanying consolidated statement of operations. In connection with the sale of the Los Angeles Airport Marriott on December 18, 2014, we wrote off $1.1 million of unamortized key money. The key money write-off is included within the gain on sale of hotel properties, net on the accompanying consolidated statement of operations. Franchise Agreements The following table sets forth the terms of the hotel franchise agreements for our thirteen franchised hotels: Date of Agreement Term Franchise Fee Vail Marriott Mountain Resort & Spa 6/2005 16 years 6% of gross room sales plus 3% of gross food and beverage sales Hilton Garden Inn Chelsea/New York City 9/2010 17 years 5% of gross room sales and 4.3% of gross room sales JW Marriott Denver at Cherry Creek 5/2011 15 years 6% of gross room sales and 3% of gross food and beverage sales Lexington Hotel New York 3/2012 20 years 3% of gross room sales (1) Courtyard Denver Downtown 7/2011 16 years 5.5% of gross room sales Hilton Boston Downtown 7/2012 10 years 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales Westin Washington D.C. City Center 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Westin San Diego 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Hilton Burlington 7/2012 10 years 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales Hilton Garden Inn New York/Times Square Central 6/2011 22 years 3% of gross room sales (2); program fee of 4.3% of gross room sales Westin Fort Lauderdale Beach Resort 12/2014 20 years 6% of gross room sales and 2% of gross food and beverage sales The Gwen Chicago 5/2015 20 years 4.5% of gross room sales Sheraton Suites Key West 2/2006 (3) 20 years 5% of gross room sales ___________ (1) Increased to 4% on the first anniversary of the agreement and to 5% on the second anniversary of the agreement. (2) Increased to 4% on the first anniversary of the opening date, which was September 1, 2014, and increases to 5% on the second anniversary of the opening date. (3) We assumed the franchise agreement on June 30, 2015, the date of our purchase of the hotel. We recorded $22.0 million , $15.3 million and $11.4 million of franchise fees during the fiscal years ended December 31, 2015 , 2014 , and 2013 , respectively, which are included in other hotel expenses on the accompanying consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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. Ground Leases Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel: • The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087 . There are no renewal options. • The Courtyard Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085 , inclusive of one 49 -year renewal option. • The Salt Lake City Marriott Downtown is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the City Creek Project. The term of the ground lease covering the land under the hotel runs through 2056 , inclusive of our renewal options, and the term of the ground lease covering the extension runs through 2017 . We own a 21% interest in the land under the hotel. • The Westin Boston Waterfront is subject to a ground lease that runs until 2099 . There are no renewal options. • The Hilton Minneapolis is subject to a ground lease that runs until 2091 . There are no renewal options. • The Shorebreak Hotel is subject to a ground lease that runs until 2100 , inclusive of two renewal options of 25 years each and one 24 -year renewal option. We own a 95.5% undivided interest in the land underlying the hotel and lease the remaining 4.5% under the ground lease. In addition, a portion of the parking garage relating to the Renaissance Worthington is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067 , inclusive of the three 15 -year renewal options. The remainder of the land on which the parking garage is constructed is owned by us in fee simple. A portion of the JW Marriott Denver at Cherry Creek is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of the two 5 -year renewal options. The lease may be indefinitely extended thereafter in one -year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard Manhattan/Fifth Avenue and Westin Boston Waterfront Hotel ground leases) and payments for all (or in the case of the ground lease covering the Salt Lake City Marriott Downtown extension, our tenant's share of) charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. Ground rent expense was $15.1 million , $15.0 million and $15.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Cash paid for ground rent was $9.4 million , $8.9 million and $8.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Ground leases under hotel: Bethesda Marriott Suites Through 4/2087 $665,442 (2) Courtyard Manhattan/Fifth Avenue (3)(4) 10/2007 - 9/2017 $906,000 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott Downtown (Ground lease for hotel) (5) Through 12/2056 Greater of $132,000 or 2.6% of annual gross room sales (Ground lease for extension) 1/2013 - 12/2017 $11,305 Westin Boston Waterfront Hotel (6) (Base rent) 1/2013 - 12/2015 $500,000 1/2016 - 12/2020 $750,000 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Waterfront Hotel (Percentage rent) Through 12/2015 0% of annual gross revenue 1/2016 - 12/2025 1.0% of annual gross revenue 1/2026 - 12/2035 1.5% of annual gross revenue 1/2036 - 12/2045 2.75% of annual gross revenue 1/2046 - 12/2055 3.0% of annual gross revenue 1/2056 - 12/2065 3.25% of annual gross revenue 1/2066 - 5/2099 3.5% of annual gross revenue Hilton Minneapolis (7) 1/2015 - 12/2015 $6,629,000 1/2016 - 12/2016 $6,960,000 1/2017 - 12/2017 $7,308,000 1/2018 - 12/2018 $7,673,000 1/2019 - 10/2091 Annual real estate taxes JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (8) $60,000 Shorebreak Hotel 2/2015 - 4/2100 $115,542 (9) Ground leases under parking garage: Renaissance Worthington 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 _____________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2015. Rent increases annually by 5.5%. (3) The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease. (4) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2015. (5) We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. (6) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (7) The ground lease payment and related property tax liability were negotiated as a single payment in lieu of taxes. The single payments increase at a rate of 5% per year through 2018. Beginning in 2019, there will no longer be a stipulated single payment and the hotel will pay only the real property tax portion of the initial single payment based on the then assessed valuation and applicable tax rate. (8) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (9) Represents annualized rent for the year ended December 31, 2015. Rent increases on May 1, 2016 and every five years thereafter based on a Consumer Price Index calculation. Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2015 are as follows (in thousands): 2016 $ 11,095 2017 11,132 2018 11,380 2019 3,360 2020 3,372 Thereafter 621,406 $ 661,745

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 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 December 31, 2015 and 2014 , in thousands, are as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Debt $ 1,177,696 $ 1,152,351 $ 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.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information We aggregate our operating segments using the criteria established by GAAP, including the similarities of our product offering, types of customers and method of providing service. The following table sets forth revenues from continuing operations and net hotel long-lived assets owned as of December 31, 2015 represented by the following geographical areas as of and for the years ended December 31, 2015 , 2014 and 2013 : Revenues Net Assets 2015 2014 2013 2015 2014 2013 (In thousands) (In thousands) Chicago $ 128,952 $ 132,690 $ 149,498 $ 449,742 $ 436,490 $ 462,938 Los Angeles — 64,923 58,608 — — 99,258 Boston 130,791 116,861 102,482 394,502 397,807 399,162 US Virgin Islands 64,383 65,586 62,439 116,618 118,458 120,222 New York 150,567 134,841 95,798 644,243 660,609 516,555 Minneapolis 54,247 49,704 50,097 124,339 131,080 136,255 Denver 36,516 34,206 31,909 111,221 113,670 115,447 Other 365,534 274,051 248,857 1,041,364 905,876 714,004 Total $ 930,990 $ 872,862 $ 799,688 $ 2,882,029 $ 2,763,990 $ 2,563,841

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) 2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 208,888 $ 249,801 $ 238,502 $ 233,799 Total operating expenses 187,482 205,637 197,086 195,511 Operating income $ 21,406 $ 44,164 $ 41,416 $ 38,288 Net income $ 10,641 $ 24,822 $ 24,464 $ 25,703 Basic earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 Diluted earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 2014 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 190,084 $ 229,934 $ 229,217 $ 223,627 Total operating expenses 180,022 174,897 191,045 189,431 Operating income $ 10,062 $ 55,037 $ 38,172 $ 34,196 Net income $ 4,037 $ 51,916 $ 43,808 $ 63,616 Basic earnings per share $ 0.02 $ 0.27 $ 0.22 $ 0.32 Diluted earnings per share $ 0.02 $ 0.26 $ 0.22 $ 0.32

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	DiamondRock Hospitality Company Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2015 (in thousands) Costs Initial Cost Capitalized Gross Amount at End of Year Building and Subsequent to Building and Accumulated Net Book Year of Depreciation Description Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Value Acquisition Life Atlanta Alpharetta Marriott $ — $ 3,623 $ 33,503 $ 948 $ 3,623 $ 34,451 $ 38,074 $ (9,024 ) $ 29,050 2005 40 Years Bethesda Marriott Suites — — 45,656 1,764 — 47,420 47,420 (13,056 ) 34,364 2004 40 Years Boston Westin Waterfront (204,723 ) — 273,696 22,530 — 296,226 296,226 (65,273 ) 230,953 2007 40 Years Chicago Marriott Downtown (201,713 ) 36,900 347,921 35,126 36,900 383,047 419,947 (89,257 ) 330,690 2006 40 Years The Gwen Chicago — 31,650 76,961 3,856 31,650 80,817 112,467 (18,052 ) 94,415 2006 40 Years Courtyard Denver — 9,400 36,180 1,500 9,400 37,680 47,080 (4,110 ) 42,970 2011 40 Years Courtyard Manhattan/Fifth Avenue (48,308 ) — 34,685 2,827 — 37,512 37,512 (10,286 ) 27,226 2004 40 Years Courtyard Manhattan/Midtown East (86,000 ) 16,500 54,812 2,954 16,500 57,766 74,266 (15,722 ) 58,544 2004 40 Years Frenchman's Reef & Morning Star Marriott Beach Resort — 17,713 50,697 47,041 17,713 97,738 115,451 (18,401 ) 97,050 2005 40 Years Hilton Boston Downtown — 23,262 128,628 9,290 23,262 137,918 161,180 (11,412 ) 149,768 2012 40 Years Hilton Burlington — 9,197 40,644 1,820 9,197 42,464 51,661 (3,669 ) 47,992 2012 40 Years Hilton Garden Inn Chelsea/New York City — 14,800 51,458 386 14,800 51,844 66,644 (6,876 ) 59,768 2010 40 Years Hilton Garden Inn/New York Times Square Central — 60,300 88,896 — 60,300 88,896 149,196 (2,963 ) 146,233 2014 40 Years Hilton Minneapolis (90,653 ) — 129,640 944 — 130,584 130,584 (18,060 ) 112,524 2010 40 Years Hotel Rex — 7,856 21,085 (63 ) 7,856 21,022 28,878 (1,647 ) 27,231 2012 40 Years Inn at Key West — 32,888 13,371 181 32,888 13,552 46,440 (581 ) 45,859 2014 40 Years JW Marriott Denver (65,000 ) 9,200 63,183 1,283 9,200 64,466 73,666 (7,374 ) 66,292 2011 40 Years Lexington Hotel New York (170,368 ) 92,000 229,368 7,911 92,000 237,279 329,279 (26,702 ) 302,577 2011 40 Years Orlando Airport Marriott — 9,769 57,803 3,845 9,769 61,648 71,417 (15,337 ) 56,080 2005 40 Years Renaissance Charleston — 5,900 32,511 763 5,900 33,274 39,174 (4,423 ) 34,751 2010 40 Years Renaissance Worthington (85,000 ) 15,500 63,428 3,341 15,500 66,769 82,269 (17,182 ) 65,087 2005 40 Years Salt Lake City Marriott Downtown (59,992 ) — 45,815 3,933 855 48,893 49,748 (13,209 ) 36,539 2004 40 Years Sheraton Suites Key West — 49,592 42,958 54 49,592 43,012 92,604 (564 ) 92,040 2015 40 Years Shorebreak Hotel — 19,908 37,525 72 19,908 37,597 57,505 (864 ) 56,641 2015 40 Years The Lodge at Sonoma, a Renaissance Resort and Spa (29,534 ) 3,951 22,720 1,028 3,951 23,748 27,699 (9,163 ) 18,536 2004 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 (188 ) 54,293 83,039 137,332 (2,286 ) 135,046 2014 40 Years Westin San Diego (67,629 ) 22,902 95,617 6,691 22,902 102,308 125,210 (8,618 ) 116,592 2012 40 Years Westin Washington, D.C City Center (68,776 ) 24,579 122,229 8,013 24,579 130,242 154,821 (10,933 ) 143,888 2012 40 Years Vail Marriott Mountain Resort & Spa — 5,800 52,463 3,038 5,800 55,501 61,301 (14,265 ) 47,036 2005 40 Years Total $ (1,177,696 ) $ 577,483 $ 2,376,680 $ 170,888 $ 578,338 $ 2,546,713 $ 3,125,051 $ (419,309 ) $ 2,705,742 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows: Balance at December 31, 2012 $ 2,770,840 Additions: Capital expenditures 15,089 Deductions: Dispositions and other (61,312 ) Balance at December 31, 2013 $ 2,724,617 Additions: Acquisitions $ 332,975 Capital expenditures 26,831 Deductions: Dispositions and other (140,320 ) Balance at December 31, 2014 $ 2,944,103 Additions: Acquisitions 149,983 Capital expenditures 30,965 Deductions: Dispositions and other — Balance at December 31, 2015 $ 3,125,051 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2015, 2014 and 2013 is as follows: Balance at December 31, 2012 $ 276,832 Depreciation and amortization 59,393 Dispositions and other (11,312 ) Balance at December 31, 2013 324,913 Depreciation and amortization 59,965 Dispositions and other (29,416 ) Balance at December 31, 2014 355,462 Depreciation and amortization 63,847 Dispositions and other — Balance at December 31, 2015 $ 419,309 C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $3,007,362 as of December 31, 2015 .

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with 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.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ 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.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, 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
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 exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
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.
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 REIT under the provisions of the Internal Revenue Code, 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 existing 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.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or 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.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants 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.
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 awards with service or market conditions 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.
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 consolidated statement of operations.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements.
Deferred Financing Costs	Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations.
Hotel Working Capital	Hotel Working Capital The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees.
Straight-Line Rental Income and Expense	Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our notes receivable and cash and cash equivalents. See further discussion of our notes receivable in Note 5. 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This standard is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are 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 statements. In April 2015, the FASB issued 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 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 statements. 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 new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. We do not believe it will have a material impact on the Company’s financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 Land $ 578,338 $ 508,838 Land improvements 7,994 7,994 Buildings 2,538,719 2,427,274 Furniture, fixtures and equipment 458,577 430,873 CIP 25,016 13,784 3,608,644 3,388,763 Less: accumulated depreciation (726,468 ) (624,370 ) $ 2,882,176 $ 2,764,393

Favorable Lease Assets (Tables)

Favorable Lease Assets (Tables)	12 Months Ended
	Dec. 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 $2.6 million and $3.0 million as of December 31, 2015 and 2014 , respectively, consist of the following (in thousands): 2015 2014 Westin Boston Waterfront Hotel Ground Lease $ 18,076 $ 18,293 Westin Boston Waterfront Hotel Lease Right — 9,045 Hilton Minneapolis Ground Lease 5,685 5,760 Lexington Hotel New York Tenant Leases 186 1,031 Hilton Boston Downtown Tenant Leases 8 145 $ 23,955 $ 34,274

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts and Notes Receivable, Net [Abstract]
Schedule of Investment Income	We recorded the following amounts of interest income on the Allerton Loan (in thousands): Year Ended December 31, 2014 Year Ended December 31, 2013 Contractual interest income $ 1,317 $ 3,456 Amortization of discount 1,075 2,602 Total interest income $ 2,392 $ 6,058

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our common stock for the years ended December 31, 2015 and 2014 : Payment Date Record Date Dividend per Share April 10, 2014 March 31, 2014 $0.1025 July 10, 2014 June 30, 2014 $0.1025 October 10, 2014 September 30, 2014 $0.1025 January 12, 2015 December 31, 2014 $0.1025 April 10, 2015 March 31, 2015 $0.1250 July 14, 2015 June 30, 2015 $0.1250 October 13, 2015 September 30, 2015 $0.1250 January 12, 2016 December 31, 2015 $0.1250

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation Restricted Stock Activity	A summary of our restricted stock awards from January 1, 2013 to December 31, 2015 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2013 676,111 $ 10.10 Granted 323,526 9.33 Additional shares from dividends 1,040 9.30 Forfeited (16,934 ) 9.65 Vested (400,722 ) 9.94 Unvested balance at December 31, 2013 583,021 9.80 Granted 249,311 12.39 Forfeited (537 ) 9.32 Vested (317,376 ) 10.19 Unvested balance at December 31, 2014 514,419 10.82 Granted 216,159 14.48 Forfeited (183 ) 9.08 Vested (255,828 ) 10.39 Unvested balance at December 31, 2015 474,567 $ 12.72
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Valuation Assumptions	The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. The determination of the grant-date fair values of the awards granted included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 3, 2013 39.2 % 0.36 % $ 9.55 May 15, 2013 37.9 % 0.40 % $ 10.41 March 3, 2014 33.5 % 0.66 % $ 12.77 May 15, 2014 33.1 % 0.80 % $ 9.88 February 27, 2015 22.9 % 1.01 % $ 12.13
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2013 to December 31, 2015 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2013 — $ — Granted 217,949 9.64 Additional units from dividends 5,227 10.37 Unvested balance at December 31, 2013 223,176 9.66 Granted 200,685 12.33 Additional units from dividends 12,309 12.01 Unvested balance at December 31, 2014 436,170 10.95 Granted 218,467 12.13 Additional units from dividends 21,722 13.51 Unvested balance at December 31, 2015 676,359 $ 11.41

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings 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): Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 85,630 $ 163,377 $ 23,828 Income from discontinued operations — — 25,237 Net income $ 85,630 $ 163,377 $ 49,065 Denominator: Weighted-average number of common shares outstanding—basic 200,796,678 195,943,813 195,478,353 Effect of dilutive securities: Unvested restricted common stock 129,640 181,310 177,314 Shares related to unvested PSUs and MSUs 533,092 556,763 206,839 Unexercised stock appreciation rights 524 1,095 — Weighted-average number of common shares outstanding—diluted 201,459,934 196,682,981 195,862,506 Basic earnings per share: Continuing operations $ 0.43 $ 0.83 $ 0.12 Discontinued operations — — 0.13 Total $ 0.43 $ 0.83 $ 0.25 Diluted earnings earnings per share: Continuing operations $ 0.43 $ 0.83 $ 0.12 Discontinued operations — — 0.13 Total $ 0.43 $ 0.83 $ 0.25

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Long Term Debt	The following table sets forth information regarding the Company’s debt as of December 31, 2015 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Chicago Marriott Downtown Magnificent Mile(1) $ 201,713 5.98 % April 2016 30 years Courtyard Manhattan / Fifth Avenue 48,308 6.48 % June 2016 30 years Lexington Hotel New York 170,368 LIBOR + 2.25%(2) October 2017(3) Interest Only Salt Lake City Marriott Downtown 59,992 4.25 % November 2020 25 years Hilton Minneapolis 90,653 5.46 % May 2021 25 years Westin Washington D.C. City Center 68,776 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 29,534 3.96 % April 2023 30 years Westin San Diego 67,629 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 86,000 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 65,000 4.33 % July 2025 30 years Boston Westin 204,723 4.36 % November 2025 30 years Total mortgage debt 1,177,696 Senior unsecured credit facility — LIBOR + 1.75%(4) January 2017(5) Interest Only Total debt $1,177,696 Weighted-Average Interest Rate 4.49% _____________ (1) The loan was prepaid on January 11, 2016, three months prior to the scheduled maturity date. (2) The interest rate at December 31, 2015 is 2.49% . (3) 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. (4) The interest rate at December 31, 2015 is 2.19% . (5) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
Schedule of Maturities of Long-Term Debt	The aggregate debt maturities as of December 31, 2015 are as follows (in thousands): 2016 $ 262,129 2017 (1) 185,475 2018 16,327 2019 17,063 2020 69,353 Thereafter 627,349 $ 1,177,696 _____________ (1) The Lexington Hotel New York mortgage loan matures in 2017. 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.
Summary of Leverage and Applicable Margin	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 1.90 % Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 2.10 % Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 2.20 % Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 2.50 % 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 December 31, Maximum leverage ratio (1) 60% 34.7% Minimum fixed charge coverage ratio (2) 1.50x 3.72x Minimum tangible net worth (3) $1.90 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 34.7% _____________________________ (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, which is defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. (3) Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

Dispositions (Tables)

Dispositions (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of results of income (loss) from discontinued operations	The following is a summary of the results of income from discontinued operations for the year ended December 31, 2013 (in thousands, except per-share data): Year Ended December 31, 2013 Hotel revenues $ 21,336 Hotel operating expenses (15,977 ) Operating income 5,359 Depreciation and amortization (1,759 ) Interest income 1 Interest expense — Impairment charge — Gain on sale of hotel property, net 22,733 Income tax expense (1,097 ) Income from discontinued operations $ 25,237 Basic and diluted income from discontinued operations per share $ 0.13

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Acquired Assets and Liabilities	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands): Shorebreak Hotel Sheraton Suites Key West Inn at Key West Hilton Garden Inn Times Square Central Westin Fort Lauderdale Beach Resort Land $ 19,908 $ 49,592 $ 32,888 $ 60,300 $ 54,293 Building and improvements 37,525 42,958 13,371 88,896 83,227 Furnitures, fixtures and equipment 1,338 1,378 1,241 6,204 11,480 Total fixed assets 58,771 93,928 47,500 155,400 149,000 Unfavorable lease liability (349 ) — — — — Other assets and liabilities, net 401 500 326 370 12 Total $ 58,823 $ 94,428 $ 47,826 $ 155,770 $ 149,012
Pro Forma Operating Information	The following pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 and 2014 were acquired on January 1, 2014 and January 1, 2013, respectively. The pro forma financial information does not include the pro forma adjustments for the Hilton Garden Inn Times Square Central because 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. Year Ended December 31, 2015 2014 (unaudited) Revenues $ 942,547 $ 949,110 Net income $ 89,184 $ 175,638 Earnings per share: Basic earnings per share $ 0.44 $ 0.90 Diluted earnings per share $ 0.44 $ 0.89

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current - Federal $ — $ — $ — State 770 269 257 Foreign 515 208 70 1,285 477 327 Deferred - Federal 8,249 3,933 (1,626 ) State 2,315 1,105 (167 ) Foreign (274 ) 121 353 10,290 5,159 (1,440 ) Income tax provision (benefit) from continuing operations $ 11,575 $ 5,636 $ (1,113 ) Income tax provision from discontinued operations $ — $ — $ 1,097
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal tax provision (35)% $ 34,272 $ 59,155 $ 7,950 Tax impact of REIT election (21,544 ) (52,937 ) (8,641 ) State income tax provision, net of federal tax benefit 1,745 893 58 Foreign income tax benefit (2,266 ) (1,603 ) (552 ) Foreign tax rate adjustment — — — Other (632 ) 128 72 Income tax provision (benefit) from continuing operations $ 11,575 $ 5,636 $ (1,113 )
Schedule of Deferred Tax Assets and Liabilities	The total deferred tax assets and liabilities are as follows (in thousands): 2015 2014 Deferred income related to key money $ 8,844 $ 8,636 Net operating loss carryforwards 25,210 31,178 Alternative minimum tax credit carryforwards 59 72 Other 335 601 Deferred tax assets 34,448 40,487 Less: Valuation allowance (400 ) — Subtotal 34,048 40,487 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,784 ) (12,947 ) Deferred tax liabilities (21,044 ) (17,207 ) Deferred tax asset, net $ 13,004 $ 23,280

Relationship with Managers (Tab

Relationship with Managers (Tables)	12 Months Ended
	Dec. 31, 2015
Relationships with Managers [Abstract]
Schedule Sets Forth the Agreement Date, Initial Term and Number of Renewal Terms Under the Respective Hotel Management Agreements for Each of Our Owned Hotels	The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement. Property Manager Date of Agreement Initial Term Number of Renewal Terms Atlanta Alpharetta Marriott Marriott 9/2000 30 years Two ten-year periods Bethesda Marriott Suites Marriott 12/2004 21 years Two ten-year periods Boston Westin Waterfront Starwood 5/2004 20 years Four ten-year periods Chicago Marriott Downtown Marriott 3/2006 32 years Two ten-year periods Courtyard Denver Downtown Sage Hospitality 7/2011 5 years One five-year period Courtyard Manhattan/Fifth Avenue Marriott 12/2004 30 years None Courtyard Manhattan/Midtown East Marriott 11/2004 30 years Two ten-year periods Frenchman's Reef & Morning Star Marriott Beach Resort Marriott 9/2000 30 years Two ten-year periods The Gwen Chicago Crescent Hotels & Resorts (1) 9/2015 10 years None Hilton Boston Downtown Davidson Hotels & Resorts 11/2012 7 years Two five-year periods Hilton Burlington Interstate Hotels & Resorts 12/2010 5 years Month-to-month Hilton Garden Inn Chelsea/New York City HEI Hotels & Resorts (2) 9/2015 10 years None Hilton Garden Inn New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hilton Minneapolis Hilton 3/2006 20 ¾ years None Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Noble House Hotels & Resorts (3) 9/2015 10 years Two five-year periods JW Marriott Denver at Cherry Creek Sage Hospitality 5/2011 5 years One five-year period Lexington Hotel New York Highgate Hotels 6/2011 10 years One five-year period Orlando Airport Marriott Marriott 11/2005 30 years None Renaissance Charleston Marriott 1/2000 21 years Two five-year periods Renaissance Worthington Marriott 9/2000 30 years Two ten-year periods Salt Lake City Marriott Downtown Marriott 12/2001 30 years Three fifteen-year periods Sheraton Suites Key West Ocean Properties 6/2015 12 years None Shorebreak Hotel Kimpton Hotel & Restaurant Group 2/2015 10 years None The Lodge at Sonoma, a Renaissance Resort & Spa Marriott 10/2004 20 years One ten-year period Vail Marriott Mountain Resort & Spa Vail Resorts 6/2005 15½ years None Westin Fort Lauderdale Beach Resort HEI Hotels & Resorts 12/2014 10 years None Westin San Diego Interstate Hotels & Resorts 12/2010 5 years Month-to-month Westin Washington D.C. City Center HEI Hotels & Resorts (4) 4/2015 10 years None ______________ (1) Crescent Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Hilton. (2) HEI Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Alliance Hospitality Management. (3) Noble House Hotels & Resorts assumed management of the hotel in September 2015. The hotel was previously managed by Remington Hotels. (4) HEI Hotels & Resorts assumed management of the hotel in April 2015. The hotel was previously managed by Interstate Hotels & Resorts.
Schedule of Base Management Fee, Incentive Management Fee and FF&E Reserve Contribution	The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties: Property Base Management Fee(1) Incentive Management Fee(2) FF&E Reserve Contribution(1) Atlanta Alpharetta Marriott 3 % 25 % 5 % Bethesda Marriott Suites 3 % 50 % (3) 5 % (4) Boston Westin Waterfront 2.5 % 20 % 4 % Chicago Marriott Downtown 3 % 18 % (5) 5 % Courtyard Denver Downtown 2 % (6) 10 % 4 % Courtyard Manhattan/Fifth Avenue 6 % 25 % 4 % Courtyard Manhattan/Midtown East 5 % 25 % 4 % Frenchman's Reef & Morning Star Marriott Beach Resort 3 % 15 % 5.5 % The Gwen Chicago 1 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn Chelsea/New York City 2.25 % (9) 15 % 4 % Hilton Garden Inn New York City/Times Square Central 3 % (10) 15 % 4 % Hilton Minneapolis 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 15 % 4 % JW Marriott Denver at Cherry Creek 2.25 % (11) 10 % 4 % Lexington Hotel New York 3 % 20 % 4 % Orlando Airport Marriott 3 % 25 % 5 % Renaissance Charleston 2.5 % (12) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 3 % 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 1.25 % (13 ) 15 % 4 % The Lodge at Sonoma, a Renaissance Resort & Spa 3 % 20 % 5 % Vail Marriott Mountain Resort & Spa 3 % 20 % 4 % Westin Fort Lauderdale Beach Resort 2.25 % (14) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % (15) 15 % 4 % ______________ (1) As a percentage of gross revenues. (2) Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds. (3) The owner's priority expires in 2027 . (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) Effective April 2015, calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income. Prior to April 2015, calculated as 20% of net operating income before base management fees. (6) The base management fee is 2.5% of gross revenues if the hotel achieves operating results in excess of 7% of our invested capital and 3% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. (7) The base management fee increases to 1.25% for 2017 and 1.5% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fee increases to 2.5% beginning June 4, 2016 through the remainder of the term. (10) The base management fee increased to 3% from 2.5% beginning September 1, 2015. (11) The base management fee is 2.75% of gross revenues if the hotel achieves operating profits in excess of 7% of our invested capital and 3.25% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. (12) The base management fee decreased to 2.5% beginning September 2015 and will increase to 3.0% beginning September 2016 and 3.5% beginning September 2017 through the remainder of the term. (13) The base management fee increases to 2.5% beginning January 1, 2016. (14) The base management fee decreases to 2% beginning January 1, 2017. (15) The base management fee decreases to 2% beginning January 1, 2017. Between April 2015 and April 2016, the base fee may be reduced if the hotel does not meet a specified operating profit threshold, subject to a floor of 1% of gross revenues.
Summary of Management Fees from Continuing Operations	The following is a summary of management fees from continuing operations for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Base management fees $ 23,228 $ 21,473 $ 19,324 Incentive management fees 7,405 8,554 6,222 Total management fees $ 30,633 $ 30,027 $ 25,546
Schedule of the Terms of the Hotel Franchise Agreements	The following table sets forth the terms of the hotel franchise agreements for our thirteen franchised hotels: Date of Agreement Term Franchise Fee Vail Marriott Mountain Resort & Spa 6/2005 16 years 6% of gross room sales plus 3% of gross food and beverage sales Hilton Garden Inn Chelsea/New York City 9/2010 17 years 5% of gross room sales and 4.3% of gross room sales JW Marriott Denver at Cherry Creek 5/2011 15 years 6% of gross room sales and 3% of gross food and beverage sales Lexington Hotel New York 3/2012 20 years 3% of gross room sales (1) Courtyard Denver Downtown 7/2011 16 years 5.5% of gross room sales Hilton Boston Downtown 7/2012 10 years 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales Westin Washington D.C. City Center 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Westin San Diego 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Hilton Burlington 7/2012 10 years 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales Hilton Garden Inn New York/Times Square Central 6/2011 22 years 3% of gross room sales (2); program fee of 4.3% of gross room sales Westin Fort Lauderdale Beach Resort 12/2014 20 years 6% of gross room sales and 2% of gross food and beverage sales The Gwen Chicago 5/2015 20 years 4.5% of gross room sales Sheraton Suites Key West 2/2006 (3) 20 years 5% of gross room sales ___________ (1) Increased to 4% on the first anniversary of the agreement and to 5% on the second anniversary of the agreement. (2) Increased to 4% on the first anniversary of the opening date, which was September 1, 2014, and increases to 5% on the second anniversary of the opening date. (3) We assumed the franchise agreement on June 30, 2015, the date of our purchase of the hotel.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Current and Future Minimum Rental Payments for Ground Leases	The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Ground leases under hotel: Bethesda Marriott Suites Through 4/2087 $665,442 (2) Courtyard Manhattan/Fifth Avenue (3)(4) 10/2007 - 9/2017 $906,000 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott Downtown (Ground lease for hotel) (5) Through 12/2056 Greater of $132,000 or 2.6% of annual gross room sales (Ground lease for extension) 1/2013 - 12/2017 $11,305 Westin Boston Waterfront Hotel (6) (Base rent) 1/2013 - 12/2015 $500,000 1/2016 - 12/2020 $750,000 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Waterfront Hotel (Percentage rent) Through 12/2015 0% of annual gross revenue 1/2016 - 12/2025 1.0% of annual gross revenue 1/2026 - 12/2035 1.5% of annual gross revenue 1/2036 - 12/2045 2.75% of annual gross revenue 1/2046 - 12/2055 3.0% of annual gross revenue 1/2056 - 12/2065 3.25% of annual gross revenue 1/2066 - 5/2099 3.5% of annual gross revenue Hilton Minneapolis (7) 1/2015 - 12/2015 $6,629,000 1/2016 - 12/2016 $6,960,000 1/2017 - 12/2017 $7,308,000 1/2018 - 12/2018 $7,673,000 1/2019 - 10/2091 Annual real estate taxes JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (8) $60,000 Shorebreak Hotel 2/2015 - 4/2100 $115,542 (9) Ground leases under parking garage: Renaissance Worthington 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 _____________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2015. Rent increases annually by 5.5%. (3) The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease. (4) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2015. (5) We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. (6) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (7) The ground lease payment and related property tax liability were negotiated as a single payment in lieu of taxes. The single payments increase at a rate of 5% per year through 2018. Beginning in 2019, there will no longer be a stipulated single payment and the hotel will pay only the real property tax portion of the initial single payment based on the then assessed valuation and applicable tax rate. (8) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (9) Represents annualized rent for the year ended December 31, 2015. Rent increases on May 1, 2016 and every five years thereafter based on a Consumer Price Index calculation.
Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases	Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2015 are as follows (in thousands): 2016 $ 11,095 2017 11,132 2018 11,380 2019 3,360 2020 3,372 Thereafter 621,406 $ 661,745

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2015 and 2014 , in thousands, are as follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Debt $ 1,177,696 $ 1,152,351 $ 1,038,330 $ 1,059,988

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Revenues From Continuing Operations and Long-Lived Assets	The following table sets forth revenues from continuing operations and net hotel long-lived assets owned as of December 31, 2015 represented by the following geographical areas as of and for the years ended December 31, 2015 , 2014 and 2013 : Revenues Net Assets 2015 2014 2013 2015 2014 2013 (In thousands) (In thousands) Chicago $ 128,952 $ 132,690 $ 149,498 $ 449,742 $ 436,490 $ 462,938 Los Angeles — 64,923 58,608 — — 99,258 Boston 130,791 116,861 102,482 394,502 397,807 399,162 US Virgin Islands 64,383 65,586 62,439 116,618 118,458 120,222 New York 150,567 134,841 95,798 644,243 660,609 516,555 Minneapolis 54,247 49,704 50,097 124,339 131,080 136,255 Denver 36,516 34,206 31,909 111,221 113,670 115,447 Other 365,534 274,051 248,857 1,041,364 905,876 714,004 Total $ 930,990 $ 872,862 $ 799,688 $ 2,882,029 $ 2,763,990 $ 2,563,841

Quarterly Operating Results (41

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 208,888 $ 249,801 $ 238,502 $ 233,799 Total operating expenses 187,482 205,637 197,086 195,511 Operating income $ 21,406 $ 44,164 $ 41,416 $ 38,288 Net income $ 10,641 $ 24,822 $ 24,464 $ 25,703 Basic earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 Diluted earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 2014 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 190,084 $ 229,934 $ 229,217 $ 223,627 Total operating expenses 180,022 174,897 191,045 189,431 Operating income $ 10,062 $ 55,037 $ 38,172 $ 34,196 Net income $ 4,037 $ 51,916 $ 43,808 $ 63,616 Basic earnings per share $ 0.02 $ 0.27 $ 0.22 $ 0.32 Diluted earnings per share $ 0.02 $ 0.26 $ 0.22 $ 0.32

Organization (Details)

Organization (Details)	Dec. 31, 2015hotelroom
Real Estate Properties [Line Items]
Number of hotels (in hotels)	29
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	10,928
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
Minneapolis, Minnesota
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
New York, New York
Real Estate Properties [Line Items]
Number of hotels (in hotels)	5
Orlando, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Washington D.C.
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
St. Thomas, U.S. Virgin Islands
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue Recognition [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 10,500,000
Minimum | Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	15 years
Minimum | Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	1 year
Maximum | Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	40 years
Maximum | Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	10 years

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property and Equipment
Property and equipment, at cost	$ 3,608,644	$ 3,388,763
Less: accumulated depreciation	(726,468)	(624,370)
Property and equipment, net	2,882,176	2,764,393
Accrued capital expenditures	11,600	6,200
Land
Property and Equipment
Property and equipment, at cost	578,338	508,838
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings
Property and Equipment
Property and equipment, at cost	2,538,719	2,427,274
Furniture, Fixtures and Equipment
Property and Equipment
Property and equipment, at cost	458,577	430,873
CIP
Property and Equipment
Property and equipment, at cost	$ 25,016	$ 13,784

Favorable Lease Assets (Details

Favorable Lease Assets (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Indefinite-lived Intangible Assets by Major Class [Line Items]
Accumulated amortization			$ 2,600,000	$ 3,000,000
Favorable lease assets, net			23,955,000	34,274,000
Amortization of intangible assets			500,000	700,000	$ 1,000,000
Amortization in 2016			300,000
Amortization in 2017			0.3
Amortization in 2018			0.3
Amortization in 2019			0.3
Amortization in 2020			0.3
Write off of assets			10,461,000	0	$ 0
Above Market Leases Ground | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease			18,076,000	18,293,000
Above Market Leases Ground | Minneapolis Hilton Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease			5,685,000	5,760,000
Above Market Leases Ground | Lexington Hotel New York
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease			186,000	1,031,000
Above Market Leases Ground | Hilton Boston Downtown
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease			8,000	145,000
Above Market Lease Rights | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Nonamortizable intangible asset			$ 0	$ 9,045,000
Impairment of favorable lease asset	$ 9,600,000
Above Market Lease Rights | Lexington Hotel New York
Indefinite-lived Intangible Assets by Major Class [Line Items]
Impairment of favorable lease asset		$ 800,000
Prepaid Expenses and Other Current Assets | Above Market Lease Rights | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Write off of assets	$ 600,000
Minimum | Above Market Lease Rights | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Number of room hotel for development for which favorable lease assets are owned | room			320
Maximum | Above Market Lease Rights | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Number of room hotel for development for which favorable lease assets are owned | room			350

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	May. 21, 2014USD ($)	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Apr. 14, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of rooms in senior loan secured facility (in rooms) | room		10,928
Nonoperating gains (losses)		$ 3,927	$ 13,550	$ 0
Allerton Loan | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount received from early repayment of senior mortgage loan	$ 58,500
Number of rooms in senior loan secured facility (in rooms)	443
Gain on repayment of senior mortgage loan	$ 13,600
Mortgage amount	$ 66,000
Loan term	4 years
Extension option term	1 year
Fixed annual interest rate on mortgage loan	5.50%
Amortization schedule	30 years
Oak Brook Hills Resort
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of seller financing					$ 4,000

Notes Receivable - Schedule of

Notes Receivable - Schedule of Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortization of discount	$ 0	$ 1,075	$ 2,602
Total interest income	$ 359	3,027	6,328
Mortgage Receivable | Allerton Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractual interest income		1,317	3,456
Amortization of discount		1,075	2,602
Total interest income		$ 2,392	$ 6,058

Capital Stock (Details)

Capital Stock (Details)	Jan. 12, 2016$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Oct. 13, 2015$ / shares	Sep. 30, 2015	Jul. 14, 2015$ / shares	Jun. 30, 2015	Apr. 10, 2015$ / shares	Mar. 31, 2015	Jan. 12, 2015$ / shares	Oct. 10, 2014$ / shares	Jul. 10, 2014$ / shares	Apr. 10, 2014$ / shares	Jan. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)vote$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Nov. 30, 2014USD ($)
Dividends Payable [Line Items]
Common stock, shares authorized | shares		400,000,000												400,000,000	400,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01												$ 0.01	$ 0.01
Common stock votes | vote														1
Stock issued during period, value, new issues | $														$ 7,790,000	$ 63,062,000
Payment Date			Oct. 13, 2015		Jul. 14, 2015		Apr. 10, 2015		Jan. 12, 2015	Oct. 10, 2014	Jul. 10, 2014	Apr. 10, 2014
Record Date		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividends per common share (in dollars per share) | $ / shares			$ 0.1250		$ 0.1250		$ 0.125		$ 0.1025	$ 0.1025	$ 0.1025	$ 0.1025
Preferred stock, shares authorized | shares		10,000,000												10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01												$ 0.01	$ 0.01
Preferred stock, shares outstanding | shares		0												0	0
Operating partnership units option to redeem for common stock														1
Subsequent Event
Dividends Payable [Line Items]
Payment Date	Jan. 12, 2016
Dividends per common share (in dollars per share) | $ / shares	$ 0.125
Unaffiliated Third Parties
Dividends Payable [Line Items]
Units of partnership interest, amount | shares		0												0	0
Common Stock
Dividends Payable [Line Items]
Aggregate offering price | $														$ 200,000,000
Common stock sold in offering | shares													524,606	524,606	4,217,560
Share price of common stock sold | $ / shares													$ 15.18		$ 15.12
Stock issued during period, value, new issues | $													$ 7,800,000	$ 5,000	$ 42,000
Remaining amount under ATM program | $		$ 128,300,000												$ 128,300,000
Amount authorized to be repurchased | $																$ 150,000,000

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Common stock, shares issued	200,741,777	199,964,041
February 2015 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 12.13
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility	22.90%
Risk-Free Rate	1.01%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Weighted-average grant date fair value, Granted (in dollars per share)	$ 14.48	$ 12.39	$ 9.33
Unvested shares outstanding	474,567	514,419	583,021	676,111
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Expected to vest two years from balance sheet date	241,698
Expected to vest three years from balance sheet date	153,578
Expected to vest four years from balance sheet date	79,291
Unrecognized compensation cost (in dollars)	$ 3.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	22 months
Compensation expense (in dollars)	$ 2.8	$ 3.2	$ 3.4
Shares vested during period	255,828	317,376	400,722
Restricted Stock | President and Chief Operating Officer
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Accelerated vesting expense		$ 0.3	$ 0.7
Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Unvested shares outstanding	0
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Compensation expense (in dollars)	$ 0.1	$ 0.3	0.8
Market Stock Units | President and Chief Operating Officer
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Accelerated vesting expense			$ 0.2
Market Stock Units | Executive Officer
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Shares vested during period	99,047
Common stock, shares issued	148,572
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Weighted-average grant date fair value, Granted (in dollars per share)	$ 12.13	$ 12.33	$ 9.64
Unvested shares outstanding	676,359	436,170	223,176	0
Summary of Stock Appreciation Rights and Dividend Equivalent Rights
Expected to vest one year from balance sheet date	238,779
Expected to vest two years from balance sheet date	212,879
Expected to vest three years from balance sheet date	224,701
Unrecognized compensation cost (in dollars)	$ 3
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	21 months
Compensation expense (in dollars)	$ 2.3	$ 1.4	$ 0.6
Stock Incentive Plans (Textuals) [Abstract]
Performance period	3 years
Maximum Possible Payout to Executive Officer as a Percentage of the Target Award (as a percent)	150.00%
Performance Stock Units | March 2013 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.55
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility	39.20%
Risk-Free Rate	0.36%
Performance Stock Units | May 2013 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.41
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility	37.90%
Risk-Free Rate	0.40%
Performance Stock Units | March 2014 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 12.77
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility	33.50%
Risk-Free Rate	0.66%
Performance Stock Units | May 2014 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.88
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility	33.10%
Risk-Free Rate	0.80%
Incentive Plan
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	3,924,735

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance	514,419	583,021	676,111
Number of shares, Granted	216,159	249,311	323,526
Number of shares, Additional shares from dividends			1,040
Number of shares, Forfeited	(183)	(537)	(16,934)
Number of shares, Vested	(255,828)	(317,376)	(400,722)
Number of shares, Ending Balance	474,567	514,419	583,021
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.82	$ 9.80	$ 10.10
Weighted-average grant date fair value, Granted (in dollars per share)	14.48	12.39	9.33
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)			9.30
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.08	9.32	9.65
Weighted-average grant date fair value, Vested (in dollars per share)	10.39	10.19	9.94
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 12.72	$ 10.82	$ 9.80

Stock Incentive Plans - Perform

Stock Incentive Plans - Performance Stock Units (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance	436,170	223,176	0
Number of shares, Granted	218,467	200,685	217,949
Number of shares, Additional shares from dividends	21,722	12,309	5,227
Number of shares, Ending Balance	676,359	436,170	223,176
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.95	$ 9.66	$ 0
Weighted-average grant date fair value, Granted (in dollars per share)	12.13	12.33	9.64
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)	13.51	12.01	10.37
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 11.41	$ 10.95	$ 9.66

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income from continuing operations									$ 85,630	$ 163,377	$ 23,828
Income from discontinued operations, net of income taxes									0	0	25,237
Net income	$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 63,616	$ 43,808	$ 51,916	$ 4,037	$ 85,630	$ 163,377	$ 49,065
Denominator:
Weighted-average number of common shares outstanding—basic									200,796,678	195,943,813	195,478,353
Effect of dilutive securities:
Unvested restricted common stock									129,640	181,310	177,314
Shares related to unvested PSUs and MSUs									533,092	556,763	206,839
Unexercised stock appreciation rights									524	1,095	0
Weighted-average number of common shares outstanding—diluted									201,459,934	196,682,981	195,862,506
Basic earnings per share:
Continuing operations (in dollars per share)									$ 0.43	$ 0.83	$ 0.12
Discontinued operations (in dollars per share)									0	0	0.13
Total (in dollars per share)	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.32	$ 0.22	$ 0.27	$ 0.02	0.43	0.83	0.25
Diluted earnings earnings per share:
Continuing operations (in dollars per share)									0.43	0.83	0.12
Discontinued operations (in dollars per share)									0	0	0.13
Total (in dollars per share)	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.32	$ 0.22	$ 0.26	$ 0.02	$ 0.43	$ 0.83	$ 0.25
Stock Appreciation Rights (SARs)
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount											262,461

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)renewal_term	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Mortgage debt	$ 1,177,696	$ 1,038,330
Senior unsecured credit facility	0	0
Total debt	$ 1,177,696	$ 1,038,330
Weighted - Average Interest Rate	4.49%
Lexington Hotel New York
Debt Instrument [Line Items]
Term Loan, number of extensions subject to subject to the satisfaction of certain terms and conditions and the payment of an extension fee | renewal_term	2
Term Loans, extension length	1 year
Mortgages
Debt Instrument [Line Items]
Mortgage debt	$ 1,177,696
Mortgages | Chicago Marriott Downtown Magnificent Mile
Debt Instrument [Line Items]
Principal Balance	$ 201,713
Amortization provisions	30 years
Mortgages | Courtyard Manhattan / Fifth Avenue
Debt Instrument [Line Items]
Principal Balance	$ 48,308
Interest Rate	6.48%
Amortization provisions	30 years
Mortgages | Lexington Hotel New York
Debt Instrument [Line Items]
Principal Balance	$ 170,368
Interest rate at period end	2.49%
Mortgages | Lexington Hotel New York | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR + 2.25%(2)
Basis spread on variable rate	2.25%
Mortgages | Marriott Salt Lake City Downtown
Debt Instrument [Line Items]
Principal Balance	$ 59,992
Interest Rate	4.25%
Amortization provisions	25 years
Mortgages | Hilton Minneapolis
Debt Instrument [Line Items]
Principal Balance	$ 90,653
Interest Rate	5.464%
Amortization provisions	25 years
Mortgages | Westin Washington, D.C. City Center
Debt Instrument [Line Items]
Principal Balance	$ 68,776
Interest Rate	3.99%
Amortization provisions	25 years
Mortgages | The Lodge at Sonoma, a Renaissance Resort and Spa
Debt Instrument [Line Items]
Principal Balance	$ 29,534
Interest Rate	3.96%
Amortization provisions	30 years
Mortgages | Westin San Diego
Debt Instrument [Line Items]
Principal Balance	$ 67,629
Interest Rate	3.94%
Amortization provisions	30 years
Mortgages | Courtyard Manhattan / Midtown East
Debt Instrument [Line Items]
Principal Balance	$ 86,000
Interest Rate	4.40%
Amortization provisions	30 years
Mortgages | Renaissance Worthington
Debt Instrument [Line Items]
Principal Balance	$ 85,000
Interest Rate	3.66%
Amortization provisions	30 years
Mortgages | JW Marriot Denver at Cherry Creek
Debt Instrument [Line Items]
Principal Balance	$ 65,000
Interest Rate	4.33%
Amortization provisions	30 years
Mortgages | Boston Westin Waterfront
Debt Instrument [Line Items]
Principal Balance	$ 204,723
Interest Rate	4.36%
Amortization provisions	30 years
Senior unsecured credit facility
Debt Instrument [Line Items]
Senior unsecured credit facility	$ 0
Senior unsecured credit facility | LIBOR
Debt Instrument [Line Items]
Interest rate description	LIBOR + 1.75%(4)
Basis spread on variable rate	1.75%
Interest rate at period end	2.19%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 262,129
2017 (1)	185,475
2,018	16,327
2,019	17,063
2,020	69,353
Thereafter	627,349
Total debt	$ 1,177,696	$ 1,038,330

Debt - Schedule of Ratio of Net

Debt - Schedule of Ratio of Net Indebtedness (Details)	12 Months Ended
	Dec. 31, 2015
Line Of Credit Facility Leverage Range [Line Items]
Percent Of Unused Portion Line Of Credit Facility Triggering Lower Commitment Fee Percentage	50.00%
Minimum
Line Of Credit Facility Leverage Range [Line Items]
Commitment fee on unused percentage	0.35%
Maximum
Line Of Credit Facility Leverage Range [Line Items]
Commitment fee on unused percentage	0.25%
Line of Credit | Minimum | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	4
Line of Credit | Minimum | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	5
Line of Credit | Minimum | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	5.5
Line of Credit | Minimum | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	6
Line of Credit | Minimum | Greater than or equal to 6.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	6
Line of Credit | Maximum | Less than 4.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	4
Line of Credit | Maximum | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	5
Line of Credit | Maximum | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	5.5
Line of Credit | Maximum | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	6
Line of Credit | Maximum | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Ratio of Net Indebtedness to EBITDA	6.5
LIBOR | Line of Credit
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.75%
LIBOR | Line of Credit | Less than 4.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.75%
LIBOR | Line of Credit | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.90%
LIBOR | Line of Credit | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.10%
LIBOR | Line of Credit | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.20%
LIBOR | Line of Credit | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.50%
LIBOR | Line of Credit | Greater than or equal to 6.50 to 1.00
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.75%

Debt - Schedule of Debt Covenan

Debt - Schedule of Debt Covenants (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.347
Minimum fixed charge coverage ratio	3.72
Minimum tangible net worth	$ 2,550
Secured recourse indebtedness	34.70%
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.60
Minimum fixed charge coverage ratio	1.50
Minimum tangible net worth	$ 1,900
Secured recourse indebtedness	45.00%

Debt - Textuals (Details)

Debt - Textuals (Details)

Oct. 27, 2015USD ($)

Jul. 02, 2015USD ($)

Apr. 14, 2015USD ($)

Feb. 26, 2016USD ($)

Mar. 31, 2016

Dec. 31, 2015USD ($)hotel

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Jan. 11, 2016

Oct. 09, 2015USD ($)

Jul. 01, 2015USD ($)

May. 11, 2015USD ($)

Apr. 10, 2015USD ($)

Debt Instrument [Line Items]

Number of hotel properties secured by mortgage debt | hotel

12

Number of hotels (in hotels) | hotel

29

Maximum borrowing capacity

$ 200,000,000

Increase in credit facility

$ 400,000,000

Percent of net proceeds from future equity issuances

75.00%

Minimum number of unencumbered borrowing base properties | hotel

5

Minimum unencumbered borrowing base

$ 250,000,000

Number of unencumbered borrowing base properties | hotel

5

Unencumbered borrowing base

$ 307,200,000

Senior unsecured credit facility

$ 0

$ 0

Line of credit facility leverage ratio

3.37

Interest and unused credit facility fees

$ 1,100,000

$ 900,000

$ 900,000

Line of Credit

Debt Instrument [Line Items]

Senior unsecured credit facility

$ 0

LIBOR | Line of Credit

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Renaissance Worthington | Mortgages

Debt Instrument [Line Items]

Mortgage loan amount

$ 85,000,000

$ 52,600,000

Fixed rate percentage

3.66%

Interest only period (in years)

2 years

Amortization period (in years)

30 years

Frenchman's Reef & Morning Star Marriott Beach | Mortgages

Debt Instrument [Line Items]

Mortgage loan amount

$ 56,200,000

Fixed rate percentage

5.44%

JW Marriot Denver at Cherry Creek | Mortgages

Debt Instrument [Line Items]

Mortgage loan amount

$ 65,000,000

$ 38,100,000

Fixed rate percentage

4.33%

Amortization period (in years)

30 years

Orlando Airport Marriott | Mortgages

Debt Instrument [Line Items]

Mortgage loan amount

$ 55,300,000

Fixed rate percentage

5.68%

Boston Westin Waterfront | Mortgages

Debt Instrument [Line Items]

Mortgage loan amount

$ 205,000,000

Fixed rate percentage

4.36%

Amortization period (in years)

30 years

Scenario, Forecast | LIBOR | Line of Credit

Debt Instrument [Line Items]

Basis spread on variable rate

175.00%

Subsequent Event

Debt Instrument [Line Items]

Line of credit facility, increase

$ 60,000,000

Subsequent Event | Chicago Marriott Downtown Magnificent Mile | Mortgages

Debt Instrument [Line Items]

Fixed rate percentage

5.975%

Dispositions (Details)

Dispositions (Details) $ / shares in Units, $ in Thousands	Dec. 18, 2014USD ($)	Apr. 14, 2014USD ($)	Nov. 21, 2013USD ($)	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)$ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of properties				$ 0	$ 182,117	$ 76,437
Gain on sale of hotel property				0	50,969	0
Valuation allowance				400	0
Nonoperating gains (losses)				3,927	13,550	0
Hotel revenues						21,336
Hotel operating expenses						(15,977)
Operating income						5,359
Depreciation and amortization						(1,759)
Interest income						1
Interest expense						0
Impairment charge						0
Gain on sale of hotel properties, net				0	50,969	22,733
Income tax (expense) benefit				0	0	(1,097)
Income (loss) from discontinued operations				$ 0	$ 0	$ 25,237
Basic and diluted (loss) income from discontinued operations per share | $ / shares				$ 0	$ 0	$ 0.13
Marriott Los Angeles Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold	1,004
Net proceeds from sale of properties	$ 158,600
Gain on sale of hotel property	49,700
Pre-tax income (loss)					$ 54,900	$ 1,800
Net proceeds from sale of properties	$ 147,500
Oak Brook Hills Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold		386
Net proceeds from sale of properties		$ 30,100
Amount of seller financing		4,000
Gain on sale of hotel property		$ 1,300
Loan amortization term		25 years
Pre-tax income (loss)					$ (600)	$ 1,400
Oak Brook Hills Resort | LIBOR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Basis spread on variable rate				6.50%
Annual increase on variable rate spread				1.00%
Torrance Marriott South Bay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold			487
Gain on sale of hotel property			$ 22,700
Net proceeds from sale of properties			$ 74,000
Prepaid Expenses and Other Current Assets | Oak Brook Hills Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Valuation allowance		$ 4,000

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015	Feb. 06, 2015	Dec. 03, 2014	Aug. 29, 2014	Aug. 15, 2014
Shorebreak Hotel
Schedule of Acquired Assets and Liabilities
Land			$ 19,908
Building and improvements			37,525
Furnitures, fixtures and equipment			1,338
Total fixed assets			58,771
Unfavorable lease liability	$ (300)		(349)
Other assets and liabilities, net			401
Total			$ 58,823
Inn At Key West
Schedule of Acquired Assets and Liabilities
Land						$ 32,888
Building and improvements						13,371
Furnitures, fixtures and equipment						1,241
Total fixed assets						47,500
Unfavorable lease liability						0
Other assets and liabilities, net						326
Total						$ 47,826
Sheraton Suites Key West
Schedule of Acquired Assets and Liabilities
Land		$ 49,592
Building and improvements		42,958
Furnitures, fixtures and equipment		1,378
Total fixed assets		93,928
Unfavorable lease liability		0
Other assets and liabilities, net		500
Total		$ 94,428
Westin Fort Lauderdale Beach Resort
Schedule of Acquired Assets and Liabilities
Land				$ 54,293
Building and improvements				83,227
Furnitures, fixtures and equipment				11,480
Total fixed assets				149,000
Unfavorable lease liability				0
Other assets and liabilities, net				12
Total				$ 149,012
Hilton Garden Inn Times Square Central
Schedule of Acquired Assets and Liabilities
Land					$ 60,300
Building and improvements					88,896
Furnitures, fixtures and equipment					6,204
Total fixed assets					155,400
Unfavorable lease liability					0
Other assets and liabilities, net					370
Total					$ 155,770

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - Inn At Key West - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 942,547	$ 949,110
Net income	$ 89,184	$ 175,638
Earnings per share:
Basic earnings per share	$ 0.44	$ 0.90
Diluted earnings per share	$ 0.44	$ 0.89

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Jun. 30, 2015USD ($)suite	Feb. 06, 2015USD ($)room	Dec. 03, 2014USD ($)room	Aug. 29, 2014USD ($)room	Sep. 30, 2015	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)suite	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 15, 2014USD ($)room
Business Acquisition [Line Items]
Gain on hotel property acquisition														$ 0	$ 23,894	$ 0
Revenues						$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 223,627	$ 229,217	$ 229,934	$ 190,084	930,990	872,862	799,688
Net income						$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 63,616	$ 43,808	$ 51,916	$ 4,037	$ 85,630	163,377	$ 49,065
Shorebreak Hotel
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room		157
Purchase price		$ 58,823
Incentive management fee percentage for gross revenues		15.00%
Percentage used to calculate leasehold purchase option						10.00%								10.00%
Unfavorable lease liability		$ 349				$ 300								$ 300
Sheraton Suites Key West
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | suite	184							184
Purchase price	$ 94,428							$ 94,428
Unfavorable lease liability	$ 0							$ 0
Inn At Key West
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room																	106
Purchase price																	$ 47,826
Unfavorable lease liability																	$ 0
Hilton Garden Inn Times Square Central
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room				282
Purchase price				$ 155,770
Contractual purchase price				127,200
Unfavorable lease liability				0
Deposits made prior to acquisition				26,900
Gain on hotel property acquisition				$ 23,900
Westin Fort Lauderdale Beach Resort
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room			432
Purchase price			$ 149,012
Unfavorable lease liability			$ 0
Hotels Acquired in 2014
Business Acquisition [Line Items]
Revenues															15,200
Net income															$ 4,500
Hotels Acquired in 2015
Business Acquisition [Line Items]
Revenues														20,800
Net income														$ 4,600
Kimpton Hotels | Shorebreak Hotel
Business Acquisition [Line Items]
Management agreement		10 years
Base revenue fee percentage of gross revenues		1.25%
Gross revenues percentage		2.50%
Ocean Properties | Sheraton Suites Key West
Business Acquisition [Line Items]
Base revenue fee percentage of gross revenues	3.00%
Incentive management fee percentage for gross revenues	10.00%
Noble House Hotels & Resorts | Inn At Key West
Business Acquisition [Line Items]
Management agreement					10 years
HEI Hotels and Resorts | Westin Fort Lauderdale Beach Resort
Business Acquisition [Line Items]
Management agreement			10 years
Starwood | Westin Fort Lauderdale Beach Resort
Business Acquisition [Line Items]
Management agreement			20 years
Land Underlying the Hotel and Lease | Shorebreak Hotel
Business Acquisition [Line Items]
Interest in land under hotel (as a percent of ownership)														95.50%
Long-Term Ground Lease | Shorebreak Hotel
Business Acquisition [Line Items]
Percentage of undivided interest ownership						4.50%								4.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Franchise tax expense		$ 400	$ 400	$ 400
Net operating loss carryforwards		25,210	31,178
Valuation allowance		400	$ 0
Deferred tax assets expected to be recovered against reversing taxable temporary differences		$ 9,200
Frenchman's Reef & Morning Star Marriott Beach
Income Tax Contingency [Line Items]
New adjusted tax rate after the reduction (as a percent)		7.00%
Frenchman's Reef & Morning Star Marriott Beach | US Virgin Islands
Income Tax Contingency [Line Items]
Percentage of income tax rate if the agreement is not extended (as a percent)		37.40%
Length of extension of tax agreement	15 years
Domestic Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 21,500
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 3,700

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current Income Tax Expense (Benefit)
Federal	$ 0	$ 0	$ 0
State	770	269	257
Foreign	515	208	70
Current Income Tax Expense (Benefit)	1,285	477	327
Deferred Income Tax Expense (Benefit)
Federal	8,249	3,933	(1,626)
State	2,315	1,105	(167)
Foreign	(274)	121	353
Deferred Income Tax Expense (Benefit)	10,290	5,159	(1,440)
Income tax provision (benefit) from continuing operations	11,575	5,636	(1,113)
Income tax provision from discontinued operations	$ 0	$ 0	$ 1,097

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (35)%	$ 34,272	$ 59,155	$ 7,950
Tax impact of REIT election	(21,544)	(52,937)	(8,641)
State income tax provision, net of federal tax benefit	1,745	893	58
Foreign income tax benefit	(2,266)	(1,603)	(552)
Foreign tax rate adjustment	0	0	0
Other	(632)	128	72
Income tax provision (benefit) from continuing operations	$ 11,575	$ 5,636	$ (1,113)
Statutory federal tax provision (as a percent)	35.00%	35.00%	35.00%

Income Taxes - Total Deferred T

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred income related to key money	$ 8,844	$ 8,636
Net operating loss carryforwards	25,210	31,178
Alternative minimum tax credit carryforwards	59	72
Other	335	601
Deferred tax assets	34,448	40,487
Less: Valuation allowance	(400)	0
Subtotal	34,048	40,487
Land basis difference recorded in purchase accounting	(4,260)	(4,260)
Depreciation and amortization	(16,784)	(12,947)
Deferred tax liabilities	(21,044)	(17,207)
Deferred tax asset, net	$ 13,004	$ 23,280

Relationship with Managers - Sc

Relationship with Managers - Schedules of Management Agreements (Details) - renewal_term	Sep. 01, 2015	Sep. 30, 2015	Dec. 31, 2015
Highgate Hotels
Real Estate Properties [Line Items]
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			4.00%
Atlanta Alpharetta Marriott | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			25.00%
FF&E Reserve Contribution (as a percent)			5.00%
Bethesda Marriott Suites | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			21 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			50.00%
FF&E Reserve Contribution (as a percent)			5.00%
Boston Westin Waterfront | Starwood
Real Estate Properties [Line Items]
Initial Term (in years)			20 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			4
Base Management Fee (as a percent)			2.50%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			4.00%
Chicago Marriott Downtown | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			32 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			18.00%
FF&E Reserve Contribution (as a percent)			5.00%
Courtyard Denver Downtown | Sage Hospitality
Real Estate Properties [Line Items]
Initial Term (in years)			5 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			1
Base Management Fee (as a percent)			2.00%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Courtyard Manhattan / Fifth Avenue | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Base Management Fee (as a percent)			6.00%
Incentive Management Fee (as a percent)			25.00%
FF&E Reserve Contribution (as a percent)			4.00%
Courtyard Manhattan / Midtown East | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			5.00%
Incentive Management Fee (as a percent)			25.00%
FF&E Reserve Contribution (as a percent)			4.00%
Frenchman's Reef & Morning Star Marriott Beach | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			5.50%
The Gwen Chicago | Crescent Hotels & Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Base Management Fee (as a percent)			1.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
Hilton Boston | Davidson Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			7 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			2.00%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Hilton Burlington | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			5 years
Base Management Fee (as a percent)			1.50%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			0.00%
Hilton Garden Inn Chelsea/ New York City | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Base Management Fee (as a percent)			2.25%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels
Real Estate Properties [Line Items]
Base management fee (as a percent)	3.00%
Initial Term (in years)			10 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			1
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
Hilton Minneapolis | Hilton
Real Estate Properties [Line Items]
Initial Term (in years)			20 years 9 months
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
Hotel Rex | Joie de Vivre Hotels
Real Estate Properties [Line Items]
Initial Term (in years)			5 years
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Inn At Key West | Noble House Hotels & Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
JW Marriot Denver at Cherry Creek | Sage Hospitality
Real Estate Properties [Line Items]
Initial Term (in years)			5 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			1
Base Management Fee (as a percent)			2.25%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Lexington Hotel New York | Highgate Hotels
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			1
Orlando Airport Marriott | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			25.00%
FF&E Reserve Contribution (as a percent)			5.00%
Renaissance Charleston | Marriott
Real Estate Properties [Line Items]
Base management fee (as a percent)		2.50%
Initial Term (in years)			21 years
Renewal Term (in years)			5 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			2.50%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			5.00%
Renaissance Worthington | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			2
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			25.00%
FF&E Reserve Contribution (as a percent)			5.00%
Salt Lake City Marriott Downtown | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			30 years
Renewal Term (in years)			15 years
Number of renewal Terms (in years)			3
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			5.00%
Sheraton Suites Key West | Ocean Properties
Real Estate Properties [Line Items]
Initial Term (in years)			12 years
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Shorebreak Hotel | Kimpton Hotels
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Base Management Fee (as a percent)			1.25%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
The Lodge at Sonoma, a Renaissance Resort and Spa | Marriott
Real Estate Properties [Line Items]
Initial Term (in years)			20 years
Renewal Term (in years)			10 years
Number of renewal Terms (in years)			1
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			5.00%
Vail Marriott Mountain Resort & Spa | Vail Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			15 years 6 months
Base Management Fee (as a percent)			3.00%
Incentive Management Fee (as a percent)			20.00%
FF&E Reserve Contribution (as a percent)			4.00%
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Base Management Fee (as a percent)			2.25%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%
Westin San Diego | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			5 years
Base Management Fee (as a percent)			1.50%
Incentive Management Fee (as a percent)			10.00%
FF&E Reserve Contribution (as a percent)			4.00%
Westin Washington, D.C. City Center | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial Term (in years)			10 years
Base Management Fee (as a percent)			2.00%
Incentive Management Fee (as a percent)			15.00%
FF&E Reserve Contribution (as a percent)			4.00%

Relationship with Managers - Fo

Relationship with Managers - Footnotes (Details) - USD ($)	Sep. 01, 2017	Jan. 01, 2017	Jun. 04, 2016	Jan. 01, 2016	Sep. 01, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015
Bethesda Marriott Suites | Marriott
Real Estate Properties [Line Items]
FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a percent)										1.00%
Operating profits exceeds owner's priority										$ 3,900,000
Chicago Marriott Downtown | Marriott
Real Estate Properties [Line Items]
Operating profits exceeds owner's priority										$ 0
Calculated as net operating income before incentive management fees (as a percent)										18.00%
Base management fee of 20% of net operating income before base management fees										20.00%
Courtyard Denver Downtown | Sage Hospitality
Real Estate Properties [Line Items]
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a percent)										2.50%
Base management fee of 2.5% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a percent)										7.00%
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a percent)										3.00%
Base management fee of 3% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a percent)										8.00%
Hilton Burlington | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Property management fee percent fee of gross revenue, capped percentage										2.50%
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels
Real Estate Properties [Line Items]
Base management fee (as a percent)					3.00%
JW Marriot Denver at Cherry Creek | Sage Hospitality
Real Estate Properties [Line Items]
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a percent)										2.75%
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a percent)										3.25%
Base management fee of 2.75% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a percent)										7.00%
Base management fee of 3.25% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a percent)										8.00%
Renaissance Charleston | Marriott
Real Estate Properties [Line Items]
Base management fee (as a percent)							2.50%
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Base management fee reduction (as a percent)										1.00%
Scenario, Forecast | The Gwen Chicago | Crescent Hotels & Resorts
Real Estate Properties [Line Items]
Base management fee (as a percent)								1.50%	1.25%
Scenario, Forecast | Hilton Garden Inn Chelsea/ New York City | Noble House Hotels & Resorts
Real Estate Properties [Line Items]
Base management fee (as a percent)			2.50%
Scenario, Forecast | Renaissance Charleston | Marriott
Real Estate Properties [Line Items]
Additional base management fee (as a percent)	3.50%					3.00%
Scenario, Forecast | Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Base management fee (as a percent)		2.00%
Scenario, Forecast | Shorebreak Hotel | Kimpton Hotels
Real Estate Properties [Line Items]
Additional base management fee (as a percent)				2.50%

Relationship with Managers - 68

Relationship with Managers - Schedule of Management Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Relationships with Managers [Abstract]
Base management fees	$ 23,228	$ 21,473	$ 19,324
Incentive management fees	7,405	8,554	6,222
Management fees	$ 30,633	$ 30,027	$ 25,546

Relationship with Managers - 69

Relationship with Managers - Schedule of Franchise Agreements (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2012	Jun. 30, 2011	Dec. 31, 2015
Vail Marriott Mountain Resort & Spa | Vail Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			16 years
Franchise fee as percentage of gross rooms revenue (as a percent)			6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Hilton Garden Inn Chelsea/ New York City | Alliance Hospitality Management
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			17 years
Royalty fee as a percentage of gross room revenue (as a percent)			5.00%
Program fee as a percentage of gross room revenue (as a percent)			4.30%
JW Marriot Denver at Cherry Creek | Sage Hospitality
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			15 years
Franchise fee as percentage of gross rooms revenue (as a percent)			6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Lexington Hotel New York | Highgate Hotels
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			3.00%
Franchise fee as percentage of gross rooms revenue (as a percent), 1st anniversary	4.00%
Franchise fee as percentage of gross rooms revenue (as a percent), 2nd anniversary	5.00%
Courtyard Denver Downtown | Sage Hospitality
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			16 years
Franchise fee as percentage of gross rooms revenue (as a percent)			5.50%
Hilton Boston | Davidson Hotels and Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			10 years
Franchise fee as percentage of gross rooms revenue (as a percent)			5.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Program fee as a percentage of gross room revenue (as a percent)			4.00%
Westin Washington, D.C. City Center | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			7.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Westin San Diego | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			7.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Hilton Burlington | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			10 years
Franchise fee as percentage of gross rooms revenue (as a percent)			5.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			3.00%
Program fee as a percentage of gross room revenue (as a percent)			4.00%
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			22 years
Franchise fee as percentage of gross rooms revenue (as a percent)			3.00%
Program fee as a percentage of gross room revenue (as a percent)			4.30%
Franchise fee as percentage of gross rooms revenue (as a percent), 1st anniversary		4.00%
Franchise fee as percentage of gross rooms revenue (as a percent), 2nd anniversary		5.00%
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)			2.00%
The Gwen Chicago | Crescent Hotels & Resorts
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			4.50%
Sheraton Suites Key West | Ocean Properties
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)			20 years
Franchise fee as percentage of gross rooms revenue (as a percent)			5.00%

Relationship with Managers - Na

Relationship with Managers - Narrative (Details) $ in Thousands	Dec. 18, 2014USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)hotel	Dec. 31, 2013USD ($)hotel
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees | hotel		7	10	8
Amortization		$ 993	$ 1,090	$ 2,150
Franchise fees expense		22,000	15,300	11,400
Key Money
Real Estate Properties [Line Items]
Amortization		1,000	$ 1,100	2,200
Key Money | The Gwen Chicago
Real Estate Properties [Line Items]
Amortization		$ 3,000
Key Money | Oak Brook Hills Resort
Real Estate Properties [Line Items]
Amortization				$ 1,100
Key Money | Marriott Los Angeles Airport
Real Estate Properties [Line Items]
Amortization	$ 1,100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)ft²renewal_termhotelground_lease	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) | hotel	6
Ground rent expense | $	$ 15.1	$ 15	$ 15
Cash paid for ground rent | $	$ 9.4	$ 8.9	$ 8.5
Bethesda Marriott Suites
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Courtyard Manhattan / Fifth Avenue
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	49 years
Marriott Salt Lake City Downtown
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) | ground_lease	2
Interest in land under hotel (as a percent of ownership)	21.00%
Boston Westin Waterfront
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Hilton Minneapolis
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Renaissance Worthington
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) | ground_lease	3
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	15 years
Percentage of land on which the parking garage is constructed	25.00%
JW Marriot Denver at Cherry Creek
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	5 years
Area of real estate property | ft²	5,500
Incremental renewal option (in years)	1 year
First Set of Renewal Options | Shorebreak Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	25 years
Second Set of Renewal Options | Shorebreak Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	24 years
Shorebreak Hotel | Land Underlying the Hotel and Lease
Real Estate Properties [Line Items]
Interest in land under hotel (as a percent of ownership)	95.50%
Shorebreak Hotel | Long-Term Ground Lease
Real Estate Properties [Line Items]
Percentage of undivided interest ownership	4.50%

Commitments and Contingencies72

Commitments and Contingencies - Ground Leases Annual Rent (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	5.50%
Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	5.00%
Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Term	49 years
Ground leases renewal option (in years)	49 years
Courtyard Manhattan / Fifth Avenue | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	5.00%
Marriott Salt Lake City Downtown
Schedule of Ground Leased Assets [Line Items]
Ownership percentage of hotel land	21.00%
Annual rent reimbursed by hotel	21.00%
Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Term	30 years
Boston Westin Waterfront | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	2.50%
JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Ground leases renewal option (in years)	5 years
Rent increase (in years)	1 year
Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)	15 years
Through 4/2087 | Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 630,732
10/2007 - 9/2017 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	906,000
10/2017 - 9/2027 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	1,132,812
10/2027 - 9/2037 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	1,416,015
10/2037 - 9/2047 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	1,770,019
10/2047 - 9/2057 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	2,212,524
10/2057 - 9/2067 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	2,765,655
10/2067 - 9/2077 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	3,457,069
10/2077 - 9/2085 | Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual Rent	4,321,336
1/2013 - 12/2017 | Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual Rent	11,305
Through 12/2056 | Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 132,000
Annual Rent (as a percentage of gross room sales)	2.60%
1/2036 - 5/2099 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 0
1/2013 - 12/2015 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	500,000
1/2015 - 12/2020 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	750,000
1/2021 - 12/2025 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	1,000,000
1/2021 - 12/2025 | JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual Rent	55,000
1/2025 - 12/2030 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	1,500,000
1/2025 - 12/2030 | JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual Rent	60,000
1/2031 - 12/2035 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 1,750,000
Through 12/2015 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	0.00%
1/2016 - 12/2025 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	1.00%
1/2026 - 12/2035 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	1.50%
1/2036 - 12/2045 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	2.75%
1/2046 - 12/2055 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	3.00%
1/2056 - 12/2065 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	3.25%
1/2066 -5/2099 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual Rent (as a percentage of gross revenue)	3.50%
1/2015 - 12/2015 | Hilton Minneapolis
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 6,629,000
1/2016 - 12/2016 | Hilton Minneapolis
Schedule of Ground Leased Assets [Line Items]
Annual Rent	6,960,000
1/2017 - 12/2017 | Hilton Minneapolis
Schedule of Ground Leased Assets [Line Items]
Annual Rent	7,308,000
1/2018 - 12/2018 | Hilton Minneapolis
Schedule of Ground Leased Assets [Line Items]
Annual Rent	7,673,000
1/2015 - 12/2020 | JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual Rent	50,000
2/2015 - 4/2100 | Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 115,542
Rent increase (in years)	5 years
8/2013 - 7/2022 | Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 40,400
8/2022 - 7/2037 | Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual Rent	46,081
8/2037 - 7/2052 | Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual Rent	51,763
8/2052 - 7/2067 | Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual Rent	$ 57,444

Commitments and Contingencies73

Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 11,095
2,017	11,132
2,018	11,380
2,019	3,360
2,020	3,372
Thereafter	621,406
Total	$ 661,745

Fair Value of Financial Instr74

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,152,351	$ 1,059,988
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,177,696	$ 1,038,330

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 223,627	$ 229,217	$ 229,934	$ 190,084	$ 930,990	$ 872,862	$ 799,688
Net Assets	2,882,029				2,763,990				2,882,029	2,763,990	2,563,841
Chicago
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									128,952	132,690	149,498
Net Assets	449,742				436,490				449,742	436,490	462,938
Los Angeles
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									0	64,923	58,608
Net Assets	0				0				0	0	99,258
Boston
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									130,791	116,861	102,482
Net Assets	394,502				397,807				394,502	397,807	399,162
US Virgin Islands
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									64,383	65,586	62,439
Net Assets	116,618				118,458				116,618	118,458	120,222
New York
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									150,567	134,841	95,798
Net Assets	644,243				660,609				644,243	660,609	516,555
Minneapolis
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									54,247	49,704	50,097
Net Assets	124,339				131,080				124,339	131,080	136,255
Denver
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									36,516	34,206	31,909
Net Assets	111,221				113,670				111,221	113,670	115,447
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									365,534	274,051	248,857
Net Assets	$ 1,041,364				$ 905,876				$ 1,041,364	$ 905,876	$ 714,004

Quarterly Operating Results (76

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Abstract]
Total revenue	$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 223,627	$ 229,217	$ 229,934	$ 190,084	$ 930,990	$ 872,862	$ 799,688
Total operating expenses	195,511	197,086	205,637	187,482	189,431	191,045	174,897	180,022	785,716	735,395	724,530
Operating income	38,288	41,416	44,164	21,406	34,196	38,172	55,037	10,062	145,274	137,467	75,158
Net income	$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 63,616	$ 43,808	$ 51,916	$ 4,037	$ 85,630	$ 163,377	$ 49,065
Basic earnings per share (in dollars per share)	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.32	$ 0.22	$ 0.27	$ 0.02	$ 0.43	$ 0.83	$ 0.25
Diluted earnings per share (in dollars per share)	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.32	$ 0.22	$ 0.26	$ 0.02	$ 0.43	$ 0.83	$ 0.25

Schedule III - Real Estate an77

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ (1,177,696)
Initial Cost - Land				577,483
Initial Cost - Buildings and Improvements				2,376,680
Costs Capitalized Subsequent to Acquisition				(170,888)
Gross Amount at End of Year - Land				578,338
Gross Amount at End of Year - Buildings and Improvements				2,546,713
Gross Amount at End of Year - Total	$ 2,944,103	$ 2,724,617	$ 2,770,840	3,125,051
Accumulated Depreciation	(355,462)	(324,913)	(276,832)	(419,309)
Net Book Value				2,705,742
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of period	2,944,103	2,724,617	2,770,840
Additions:
Acquisitions	149,983	332,975
Capital expenditures	30,965	26,831	15,089
Deductions:
Dispositions and other	0	(140,320)	(61,312)
Balance at end of period	3,125,051	2,944,103	2,724,617
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of period	(355,462)	(324,913)	(276,832)
Depreciation and amortization	63,847	59,965	59,393
Dispositions and other	0	(29,416)	(11,312)
Balance at end of period	(419,309)	$ (355,462)	$ (324,913)
Aggregate cost of properties for Federal income tax purposes				3,007,362
Atlanta Alpharetta Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				3,623
Initial Cost - Buildings and Improvements				33,503
Costs Capitalized Subsequent to Acquisition				(948)
Gross Amount at End of Year - Land				3,623
Gross Amount at End of Year - Buildings and Improvements				34,451
Gross Amount at End of Year - Total	38,074			38,074
Accumulated Depreciation	$ (9,024)			(9,024)
Net Book Value				29,050
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 38,074
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(9,024)
Bethesda Marriott Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,656
Costs Capitalized Subsequent to Acquisition				(1,764)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				47,420
Gross Amount at End of Year - Total	47,420			47,420
Accumulated Depreciation	$ (13,056)			(13,056)
Net Book Value				34,364
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,420
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(13,056)
Boston Westin Waterfront
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(204,723)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				273,696
Costs Capitalized Subsequent to Acquisition				(22,530)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				296,226
Gross Amount at End of Year - Total	296,226			296,226
Accumulated Depreciation	$ (65,273)			(65,273)
Net Book Value				230,953
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 296,226
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(65,273)
Chicago Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(201,713)
Initial Cost - Land				36,900
Initial Cost - Buildings and Improvements				347,921
Costs Capitalized Subsequent to Acquisition				(35,126)
Gross Amount at End of Year - Land				36,900
Gross Amount at End of Year - Buildings and Improvements				383,047
Gross Amount at End of Year - Total	419,947			419,947
Accumulated Depreciation	$ (89,257)			(89,257)
Net Book Value				330,690
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 419,947
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(89,257)
The Gwen Chicago
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				31,650
Initial Cost - Buildings and Improvements				76,961
Costs Capitalized Subsequent to Acquisition				(3,856)
Gross Amount at End of Year - Land				31,650
Gross Amount at End of Year - Buildings and Improvements				80,817
Gross Amount at End of Year - Total	112,467			112,467
Accumulated Depreciation	$ (18,052)			(18,052)
Net Book Value				94,415
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 112,467
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(18,052)
Courtyard Denver
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,400
Initial Cost - Buildings and Improvements				36,180
Costs Capitalized Subsequent to Acquisition				(1,500)
Gross Amount at End of Year - Land				9,400
Gross Amount at End of Year - Buildings and Improvements				37,680
Gross Amount at End of Year - Total	47,080			47,080
Accumulated Depreciation	$ (4,110)			(4,110)
Net Book Value				42,970
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,080
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(4,110)
Courtyard Manhattan / Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(48,308)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				34,685
Costs Capitalized Subsequent to Acquisition				(2,827)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				37,512
Gross Amount at End of Year - Total	37,512			37,512
Accumulated Depreciation	$ (10,286)			(10,286)
Net Book Value				27,226
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 37,512
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(10,286)
Courtyard Manhattan / Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(86,000)
Initial Cost - Land				16,500
Initial Cost - Buildings and Improvements				54,812
Costs Capitalized Subsequent to Acquisition				(2,954)
Gross Amount at End of Year - Land				16,500
Gross Amount at End of Year - Buildings and Improvements				57,766
Gross Amount at End of Year - Total	74,266			74,266
Accumulated Depreciation	$ (15,722)			(15,722)
Net Book Value				58,544
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 74,266
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(15,722)
Frenchman's Reef & Morning Star Marriott Beach
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				17,713
Initial Cost - Buildings and Improvements				50,697
Costs Capitalized Subsequent to Acquisition				(47,041)
Gross Amount at End of Year - Land				17,713
Gross Amount at End of Year - Buildings and Improvements				97,738
Gross Amount at End of Year - Total	115,451			115,451
Accumulated Depreciation	$ (18,401)			(18,401)
Net Book Value				97,050
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 115,451
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(18,401)
Hilton Boston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				23,262
Initial Cost - Buildings and Improvements				128,628
Costs Capitalized Subsequent to Acquisition				(9,290)
Gross Amount at End of Year - Land				23,262
Gross Amount at End of Year - Buildings and Improvements				137,918
Gross Amount at End of Year - Total	161,180			161,180
Accumulated Depreciation	$ (11,412)			(11,412)
Net Book Value				149,768
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 161,180
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(11,412)
Hilton Burlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,197
Initial Cost - Buildings and Improvements				40,644
Costs Capitalized Subsequent to Acquisition				(1,820)
Gross Amount at End of Year - Land				9,197
Gross Amount at End of Year - Buildings and Improvements				42,464
Gross Amount at End of Year - Total	51,661			51,661
Accumulated Depreciation	$ (3,669)			(3,669)
Net Book Value				47,992
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,661
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(3,669)
Hilton Garden Inn Chelsea/ New York City
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				14,800
Initial Cost - Buildings and Improvements				51,458
Costs Capitalized Subsequent to Acquisition				(386)
Gross Amount at End of Year - Land				14,800
Gross Amount at End of Year - Buildings and Improvements				51,844
Gross Amount at End of Year - Total	66,644			66,644
Accumulated Depreciation	$ (6,876)			(6,876)
Net Book Value				59,768
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 66,644
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(6,876)
Hilton Garden Inn New York City/Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				60,300
Initial Cost - Buildings and Improvements				88,896
Costs Capitalized Subsequent to Acquisition				0
Gross Amount at End of Year - Land				60,300
Gross Amount at End of Year - Buildings and Improvements				88,896
Gross Amount at End of Year - Total	149,196			149,196
Accumulated Depreciation	$ (2,963)			(2,963)
Net Book Value				146,233
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,196
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(2,963)
Hilton Minneapolis
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(90,653)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				129,640
Costs Capitalized Subsequent to Acquisition				(944)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				130,584
Gross Amount at End of Year - Total	130,584			130,584
Accumulated Depreciation	$ (18,060)			(18,060)
Net Book Value				112,524
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 130,584
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(18,060)
Hotel Rex
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				7,856
Initial Cost - Buildings and Improvements				21,085
Costs Capitalized Subsequent to Acquisition				(63)
Gross Amount at End of Year - Land				7,856
Gross Amount at End of Year - Buildings and Improvements				21,022
Gross Amount at End of Year - Total	28,878			28,878
Accumulated Depreciation	$ (1,647)			(1,647)
Net Book Value				27,231
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 28,878
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(1,647)
Inn At Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				32,888
Initial Cost - Buildings and Improvements				13,371
Costs Capitalized Subsequent to Acquisition				(181)
Gross Amount at End of Year - Land				32,888
Gross Amount at End of Year - Buildings and Improvements				13,552
Gross Amount at End of Year - Total	46,440			46,440
Accumulated Depreciation	$ (581)			(581)
Net Book Value				45,859
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 46,440
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(581)
JW Marriot Denver at Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(65,000)
Initial Cost - Land				9,200
Initial Cost - Buildings and Improvements				63,183
Costs Capitalized Subsequent to Acquisition				(1,283)
Gross Amount at End of Year - Land				9,200
Gross Amount at End of Year - Buildings and Improvements				64,466
Gross Amount at End of Year - Total	73,666			73,666
Accumulated Depreciation	$ (7,374)			(7,374)
Net Book Value				66,292
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 73,666
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(7,374)
Lexington Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(170,368)
Initial Cost - Land				92,000
Initial Cost - Buildings and Improvements				229,368
Costs Capitalized Subsequent to Acquisition				(7,911)
Gross Amount at End of Year - Land				92,000
Gross Amount at End of Year - Buildings and Improvements				237,279
Gross Amount at End of Year - Total	329,279			329,279
Accumulated Depreciation	$ (26,702)			(26,702)
Net Book Value				302,577
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 329,279
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(26,702)
Orlando Airport Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,769
Initial Cost - Buildings and Improvements				57,803
Costs Capitalized Subsequent to Acquisition				(3,845)
Gross Amount at End of Year - Land				9,769
Gross Amount at End of Year - Buildings and Improvements				61,648
Gross Amount at End of Year - Total	71,417			71,417
Accumulated Depreciation	$ (15,337)			(15,337)
Net Book Value				56,080
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 71,417
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(15,337)
Renaissance Charleston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,900
Initial Cost - Buildings and Improvements				32,511
Costs Capitalized Subsequent to Acquisition				(763)
Gross Amount at End of Year - Land				5,900
Gross Amount at End of Year - Buildings and Improvements				33,274
Gross Amount at End of Year - Total	39,174			39,174
Accumulated Depreciation	$ (4,423)			(4,423)
Net Book Value				34,751
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,174
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(4,423)
Renaissance Worthington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(85,000)
Initial Cost - Land				15,500
Initial Cost - Buildings and Improvements				63,428
Costs Capitalized Subsequent to Acquisition				(3,341)
Gross Amount at End of Year - Land				15,500
Gross Amount at End of Year - Buildings and Improvements				66,769
Gross Amount at End of Year - Total	82,269			82,269
Accumulated Depreciation	$ (17,182)			(17,182)
Net Book Value				65,087
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 82,269
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(17,182)
Salt Lake City Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(59,992)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,815
Costs Capitalized Subsequent to Acquisition				(3,933)
Gross Amount at End of Year - Land				855
Gross Amount at End of Year - Buildings and Improvements				48,893
Gross Amount at End of Year - Total	49,748			49,748
Accumulated Depreciation	$ (13,209)			(13,209)
Net Book Value				36,539
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 49,748
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(13,209)
Sheraton Suites Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				49,592
Initial Cost - Buildings and Improvements				42,958
Costs Capitalized Subsequent to Acquisition				(54)
Gross Amount at End of Year - Land				49,592
Gross Amount at End of Year - Buildings and Improvements				43,012
Gross Amount at End of Year - Total	92,604			92,604
Accumulated Depreciation	$ (564)			(564)
Net Book Value				92,040
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 92,604
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(564)
Shorebreak Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				19,908
Initial Cost - Buildings and Improvements				37,525
Costs Capitalized Subsequent to Acquisition				(72)
Gross Amount at End of Year - Land				19,908
Gross Amount at End of Year - Buildings and Improvements				37,597
Gross Amount at End of Year - Total	57,505			57,505
Accumulated Depreciation	$ (864)			(864)
Net Book Value				56,641
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 57,505
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(864)
The Lodge at Sonoma, a Renaissance Resort and Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(29,534)
Initial Cost - Land				3,951
Initial Cost - Buildings and Improvements				22,720
Costs Capitalized Subsequent to Acquisition				(1,028)
Gross Amount at End of Year - Land				3,951
Gross Amount at End of Year - Buildings and Improvements				23,748
Gross Amount at End of Year - Total	27,699			27,699
Accumulated Depreciation	$ (9,163)			(9,163)
Net Book Value				18,536
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 27,699
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(9,163)
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				54,293
Initial Cost - Buildings and Improvements				83,227
Costs Capitalized Subsequent to Acquisition				(188)
Gross Amount at End of Year - Land				54,293
Gross Amount at End of Year - Buildings and Improvements				83,039
Gross Amount at End of Year - Total	137,332			137,332
Accumulated Depreciation	$ (2,286)			(2,286)
Net Book Value				135,046
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 137,332
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(2,286)
Westin San Diego
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(67,629)
Initial Cost - Land				22,902
Initial Cost - Buildings and Improvements				95,617
Costs Capitalized Subsequent to Acquisition				(6,691)
Gross Amount at End of Year - Land				22,902
Gross Amount at End of Year - Buildings and Improvements				102,308
Gross Amount at End of Year - Total	125,210			125,210
Accumulated Depreciation	$ (8,618)			(8,618)
Net Book Value				116,592
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 125,210
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(8,618)
Westin Washington, D.C. City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(68,776)
Initial Cost - Land				24,579
Initial Cost - Buildings and Improvements				122,229
Costs Capitalized Subsequent to Acquisition				(8,013)
Gross Amount at End of Year - Land				24,579
Gross Amount at End of Year - Buildings and Improvements				130,242
Gross Amount at End of Year - Total	154,821			154,821
Accumulated Depreciation	$ (10,933)			(10,933)
Net Book Value				143,888
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 154,821
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(10,933)
Vail Marriott Mountain Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,800
Initial Cost - Buildings and Improvements				52,463
Costs Capitalized Subsequent to Acquisition				(3,038)
Gross Amount at End of Year - Land				5,800
Gross Amount at End of Year - Buildings and Improvements				55,501
Gross Amount at End of Year - Total	61,301			61,301
Accumulated Depreciation	$ (14,265)			(14,265)
Net Book Value				$ 47,036
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 61,301
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	$ (14,265)