DiamondRock Hospitality (DRH) 10-K 27 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		200,200,902
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Property and equipment, net	$ 2,646,676,000	$ 2,882,176,000
Restricted cash	46,069,000	59,339,000
Due from hotel managers	77,928,000	86,698,000
Favorable lease assets, net	18,013,000	23,955,000
Prepaid and other assets	37,682,000	46,758,000
Cash and cash equivalents	243,095,000	213,584,000
Total assets	3,069,463,000	3,312,510,000
Liabilities:
Mortgage debt, net of unamortized debt issuance costs	821,167,000	1,169,749,000
Term loan, net of unamortized debt issuance costs	99,372,000	0
Senior unsecured credit facility	0	0
Total debt	920,539,000	1,169,749,000
Deferred income related to key money, net	20,067,000	23,568,000
Unfavorable contract liabilities, net	72,646,000	74,657,000
Deferred ground rent	80,509,000	70,153,000
Due to hotel managers	58,294,000	65,350,000
Dividends declared and unpaid	25,567,000	25,599,000
Accounts payable and accrued expenses	55,054,000	58,829,000
Total liabilities	1,232,676,000	1,487,905,000
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; 200,200,902 and 200,741,777 shares issued and outstanding at December 31, 2016 and 2015, respectively	2,002,000	2,007,000
Additional paid-in capital	2,055,365,000	2,056,878,000
Accumulated deficit	(220,580,000)	(234,280,000)
Total stockholders’ equity	1,836,787,000	1,824,605,000
Total liabilities and stockholders’ equity	$ 3,069,463,000	$ 3,312,510,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	200,200,902	200,741,777
Common stock, shares outstanding	200,200,902	200,741,777

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rooms	$ 650,624	$ 673,578	$ 628,870
Food and beverage	194,756	208,173	195,077
Other	51,178	49,239	48,915
Total revenues	896,558	930,990	872,862
Operating Expenses:
Rooms	159,151	163,549	162,870
Food and beverage	125,916	137,297	135,402
Management fees	30,143	30,633	30,027
Other hotel expenses	302,805	317,623	295,826
Depreciation and amortization	97,444	101,143	99,650
Impairment losses	0	10,461	0
Hotel acquisition costs	0	949	2,177
Corporate expenses	23,629	24,061	22,267
Gain on insurance proceeds	0	0	(1,825)
Gain on litigation settlement, net	0	0	(10,999)
Total operating expenses, net	739,088	785,716	735,395
Operating income	157,470	145,274	137,467
Interest and other income, net	(762)	(688)	(3,027)
Gain on repayments of notes receivable	41,735	52,684	58,278
Gain on repayments of notes receivable	0	(3,927)	(13,550)
Gain on sales of hotel properties, net	(10,698)	0	(50,969)
Gain on hotel property acquisition	0	0	(23,894)
Loss on early extinguishment of debt	0	0	1,616
Total other expenses (income), net	30,275	48,069	(31,546)
Income before income taxes	127,195	97,205	169,013
Income tax expense	(12,399)	(11,575)	(5,636)
Net income	$ 114,796	$ 85,630	$ 163,377
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.57	$ 0.43	$ 0.83
Diluted earnings per share (in dollars per share)	$ 0.57	$ 0.43	$ 0.83
Weighted-average number of common shares outstanding:
Basic (in shares)	201,079,573	200,796,678	195,943,813
Diluted (in shares)	201,676,258	201,459,934	196,682,981

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, 2013	$ 1,680,691	$ 1,955	$ 1,979,613	$ (300,877)
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,738)		358	(101,096)
Issuance and vesting of common stock grants, net	4,636	$ 2	4,634
Issuance and vesting of common stock grants, net, shares		187,362
Net income	114,796			114,796
Repurchase of common shares, shares		(728,237)
Repurchase of common stock, value	(6,512)	$ (7)	(6,505)	0
Ending Balance at Dec. 31, 2016	$ 1,836,787	$ 2,002	$ 2,055,365	$ (220,580)
Ending balance, shares at Dec. 31, 2016		200,200,902

Consolidated Statements of Sto6

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.50	$ 0.5	$ 0.41
Payments of stock issuance costs		$ 179	$ 719

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash flows from operating activities:
Net income	$ 114,796	$ 85,630	$ 163,377
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	97,444	101,143	99,650
Corporate asset depreciation as corporate expenses	66	80	105
Gain on sale of hotel properties, net	(10,698)	0	(50,969)
Gain on repayments of notes receivable	0	(3,927)	(13,550)
Loss on early extinguishment of debt	0	0	1,616
Gain on hotel property acquisition	0	0	(23,894)
Non-cash ground rent	5,671	5,915	6,453
Non-cash amortization of financing costs, debt premium, and interest rate cap as interest	2,302	2,353	2,564
Amortization of note receivable discount as interest income	0	0	(1,075)
Impairment losses	0	10,461	0
Amortization of favorable and unfavorable contracts, net	(1,912)	(1,651)	(1,410)
Amortization of deferred income	(2,851)	(993)	(1,090)
Stock-based compensation	5,321	5,723	5,316
Deferred income tax expense	10,405	10,292	5,159
Changes in assets and liabilities:
Prepaid expenses and other assets	(1,547)	(3,144)	(305)
Restricted cash	55	12,606	(8,409)
Due to/from hotel managers	(1,056)	106	(5,711)
Accounts payable and accrued expenses	(2,415)	2,963	2,005
Net cash provided by operating activities	215,581	227,557	179,832
Cash flows from investing activities:
Hotel capital expenditures	(102,861)	(62,950)	(62,571)
Hotel acquisitions	0	(150,400)	(297,388)
Net proceeds from sale of properties	183,874	0	182,117
Notes receivable repayments	0	3,927	64,500
Change in restricted cash	4,641	2,785	10,623
Purchase deposits	0	0	(2,850)
Receipt of deferred key money	0	3,000	0
Net cash provided by (used in) investing activities	85,654	(203,638)	(105,569)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(11,198)	(13,322)	(15,254)
Repurchase of common stock and other	(7,197)	(2,735)	(2,418)
Proceeds from sale of common stock, net	0	7,790	63,062
Proceeds from mortgage debt	0	355,000	86,000
Repayments of mortgage debt	(249,793)	(202,130)	(125,444)
Proceeds from senior unsecured term loan	100,000	0	0
Draws on senior unsecured credit facility	75,000	195,000	156,320
Repayments of senior unsecured credit facility	(75,000)	(195,000)	(156,320)
Payment of financing costs	(2,765)	(2,866)	(3,328)
Purchase of interest rate cap	0	(325)	0
Payment of cash dividends	(100,771)	(96,112)	(77,100)
Net cash (used in) provided by financing activities	(271,724)	45,300	(74,482)
Net increase (decrease) in cash and cash equivalents	29,511	69,219	(219)
Cash and cash equivalents, beginning of year	213,584	144,365	144,584
Cash and cash equivalents, end of year	243,095	213,584	144,365
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	40,345	48,916	56,575
Cash paid for income taxes	1,973	1,099	478
Capitalized interest	0	0	914
Non-cash Financing Activities:
Unpaid dividends	25,567	25,599	20,922
Buyer assumption of mortgage debt on sale of hotel	$ 89,486	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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”) 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, 2016 , we owned 26 hotels with 9,472 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 ); New York, New York ( 4 ); 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, 2016
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 U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation as a result of adopting ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs 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 property and related assets exceed the 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 property'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 goods or 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, 2016 and 2015 . 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 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 We do not have any comprehensive income other than net income. If we have any comprehensive income 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 cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2017-01 on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-18 on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice as to how certain transactions are classified in the statement of cash flows. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-15 on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued 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. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. 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 the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which affects virtually all aspects of an entity’s revenue recognition. The 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. While we have not completed our assessment of this standard, we do not expect it to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel-level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 Land $ 553,769 $ 578,338 Land improvements 7,994 7,994 Buildings 2,355,871 2,538,719 Furniture, fixtures and equipment 428,991 458,577 Construction in progress 35,253 25,016 3,381,878 3,608,644 Less: accumulated depreciation (735,202 ) (726,468 ) $ 2,646,676 $ 2,882,176 As of December 31, 2016 and 2015 we had accrued capital expenditures of $10.8 million and $11.6 million , respectively.

Favorable Lease Assets

Favorable Lease Assets	12 Months Ended
	Dec. 31, 2016
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 $2.3 million and $2.6 million as of December 31, 2016 and 2015 , respectively, consist of the following (in thousands): 2016 2015 Westin Boston Waterfront Hotel Ground Lease $ 17,859 $ 18,076 Hilton Minneapolis Ground Lease — 5,685 Lexington Hotel New York Tenant Leases 154 186 Hilton Boston Downtown Tenant Leases — 8 $ 18,013 $ 23,955 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, 2016 , 2015 , and 2014 , was $0.3 million , $0.5 million , and $0.7 million , respectively. Amortization expense is expected to total $0.2 million annually for 2017 through 2021. We owned 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”). 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 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 concluded that the asset was not realizable and recorded an impairment loss of $0.8 million during 2015. On June 30, 2016, we sold the Hilton Minneapolis (see Note 9). In connection with the sale, we wrote off the favorable ground lease asset, which is included in the gain of sale of hotel properties on the accompanying consolidated statements of operations for the year ended December 31, 2016 .

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2016
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 . We have not sold any shares since January 2015 and there is $128.3 million remaining under the ATM program. Our board of directors have approved a share repurchase program 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. During the year ended December 31, 2016 , we repurchased 728,237 shares of our common stock at an average price of $8.92 per share for a total purchase price of $6.5 million . We have not repurchased any additional shares from December 31, 2016 through February 27, 2017 . We retired all repurchased shares on their respective settlement dates. As of February 27, 2017 , we have $143.5 million of authorized capacity remaining under our share repurchase program. Dividends We have paid the following dividends to holders of our common stock for the years ended December 31, 2016 and 2015 : Payment Date Record Date Dividend per Share April 10, 2015 March 31, 2015 $0.125 July 14, 2015 June 30, 2015 $0.125 October 13, 2015 September 30, 2015 $0.125 January 12, 2016 December 31, 2015 $0.125 April 12, 2016 March 31, 2016 $0.125 July 12, 2016 June 30, 2016 $0.125 October 12, 2016 September 30, 2016 $0.125 January 12, 2017 December 30, 2016 $0.125 Preferred Shares We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2016 and 2015 , 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, 2016 and 2015 , there were no operating partnership units held by unaffiliated third parties.

Stock Incentive Plans

Stock Incentive Plans	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plans	Stock Incentive Plans On February 17, 2016, our board of directors adopted the 2016 Equity Incentive Plan (the “ 2016 Plan”). The 2016 Plan was approved by our stockholders on May 3, 2016 and replaced the 2004 Stock Option and Incentive Plan, as amended (the " 2004 Plan"). We no longer make share grants and issuances under the 2004 Plan, although awards previously made under the 2004 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements. Under the 2016 Plan, we are authorized to issue up to 6,082,664 shares of our common stock. We have issued or committed to issue 67,847 shares under the 2016 Plan as of December 31, 2016 . 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, 2014 to December 31, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 461,281 8.94 Forfeited (126,610 ) 10.08 Vested (241,698 ) 11.83 Unvested balance at December 31, 2016 567,540 $ 10.62 The remaining share awards are expected to vest as follows: 244,411 during 2017 , 186,481 during 2018 , 125,424 during 2019 and 11,224 during 2020. As of December 31, 2016 , 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 23 months. For the years ended December 31, 2016 , 2015 , and 2014 , we recorded $2.8 million , $2.8 million and $3.2 million , respectively, of compensation expense related to restricted stock awards. 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”). For the PSUs issued in 2014 and 2015 and vesting in 2017 and 2018, respectively, 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. For PSUs issued in 2016 and vesting in 2019, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three -year performance period remained in effect for 75% of the number of PSUs to be earned in the performance period. The remaining 25% is determined based on achieving improvement in market share for each of our hotels over the three -year performance period. We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on improvement in market share for each of our hotels is the closing price of our common stock on the grant date. 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 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 February 26, 2016 24.3 % 0.93 % $ 8.42 A summary of our PSUs from January 1, 2014 to December 31, 2016 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 310,398 8.54 Additional units from dividends 38,324 9.37 Vested (1) (242,096 ) 9.85 Forfeited (96,301 ) 10.74 Unvested balance at December 31, 2016 686,684 $ 10.65 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2016 was equal to 89.5% of the PSU Target Award. The remaining unvested target units are expected to vest as follows: 198,178 during 2017 , 206,778 during 2018 and 281,728 during 2019 . There will be no payout of shares of our common stock for target units vesting in 2017, as our total stockholder return fell below the 30th percentile of the total stockholder returns of the peer group over the three -year performance period. As of December 31, 2016 , the unrecognized compensation cost related to the PSUs was $2.7 million and is expected to be recognized on a straight-line basis over a period of 26 months. For the years ended December 31, 2016 , 2015 , and 2014 , we recorded approximately $2.0 million , $2.3 million , and $1.4 million , respectively, of compensation expense related to the PSUs. The compensation expense recorded for the year ended December 31, 2016 includes the reversal of $0.4 million of previously recognized compensation expense resulting from the forfeiture of PSUs related to the resignation of our former Executive Vice President and Chief Operating Officer.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 Numerator: Net income $ 114,796 $ 85,630 $ 163,377 Denominator: Weighted-average number of common shares outstanding—basic 201,079,573 200,796,678 195,943,813 Effect of dilutive securities: Unvested restricted common stock 47,468 129,640 181,310 Shares related to unvested PSUs 549,217 533,092 556,763 Unexercised stock appreciation rights — 524 1,095 Weighted-average number of common shares outstanding—diluted 201,676,258 201,459,934 196,682,981 Earnings per share: Basic earnings per share $ 0.57 $ 0.43 $ 0.83 Diluted earnings per share $ 0.57 $ 0.43 $ 0.83 We did not include the unexercised stock appreciation rights of 20,770 for the year ended December 31, 2016 as they would be anti-dilutive.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth information regarding the Company’s debt as of December 31, 2016 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017(2) Interest Only Salt Lake City Marriott Downtown 58,331 4.25 % November 2020 25 years Westin Washington D.C. City Center 66,848 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 28,896 3.96 % April 2023 30 years Westin San Diego 66,276 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 85,451 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 64,579 4.33 % July 2025 30 years Boston Westin 201,470 4.36 % November 2025 30 years Unamortized debt issuance costs (6,052 ) Total mortgage debt, net of unamortized debt issuance costs 821,167 Senior unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Interest Only Unamortized debt issuance costs (628 ) Senior unsecured term loan, net of unamortized debt issuance costs 99,372 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Interest Only Total debt, net of unamortized debt issuance costs $ 920,539 Weighted-Average Interest Rate 3.76% _____________ (1) The interest rate at December 31, 2016 is 2.87% . (2) The loan may be extended for two additional one -year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of December 31, 2016 , the debt yield was approximately 5.2% . (3) The interest rate at December 31, 2016 is 2.09% . (4) 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, 2016 are as follows (in thousands): 2017 $ 182,785 2018 13,642 2019 14,247 2020 66,238 2021 13,574 Thereafter 536,733 $ 827,219 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, 2016 , 9 of our 26 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. During the year ended December 31, 2016 , the cash trap provision was triggered on the mortgage loan secured by the Lexington Hotel New York. As of December 31, 2016 , we were in compliance with the financial covenants of our mortgage debt. On January 11, 2016, we repaid the mortgage loan secured by the Chicago Marriott Downtown Magnificent Mile. The loan had an outstanding principal balance of $201.7 million with interest at a fixed rate of 5.98% . On May 11, 2016 we repaid the mortgage loan secured by the Courtyard Manhattan Fifth Avenue. The loan had an outstanding principal balance of $48.1 million with interest at a fixed rate of 6.48% . On June 30, 2016, in connection with the sale of the Hilton Minneapolis, the buyer assumed $89.5 million of mortgage debt secured by the hotel. The loan had a fixed interest rate of 5.46% . Senior Unsecured Credit Facility We are party to a senior unsecured credit facility. On May 3, 2016, we amended and restated the facility to increase the capacity from $200 million to $300 million , decrease the pricing and extend the maturity date to May 2020 . 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. The facility also includes an accordion feature to expand up to $600 million , subject to lender consent. The interest rate on the facility is based upon LIBOR, plus an applicable margin. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.50 % Greater than 35% but less than or equal to 45% 1.65 % Greater than 45% but less than or equal to 50% 1.80 % Greater than 50% but less than or equal to 55% 2.00 % Greater than 55% 2.25 % In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to (x) 0.20% of the unused portion of the facility if the average usage of the facility was greater than 50% or (y) 0.30% of the unused portion of the facility if the average usage of the facility was less than or equal to 50% . The facility also 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% 22.1% Minimum fixed charge coverage ratio (2) 1.50x 4.5x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 27.7% _____________________________ (1) Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as 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, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. (3) Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances. The facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets must include a minimum of seven properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $500 million . As of December 31, 2016 , the unencumbered borrowing base included seven properties with a borrowing base value of $613.0 million . As of December 31, 2016 , we had no borrowings outstanding under the facility and the Company's leverage ratio was 22.1% . Accordingly, interest on our borrowings under the facility, if any, will be based on LIBOR plus 150 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $1.3 million , $1.1 million and $0.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Senior Unsecured Term Loan On May 3, 2016, we closed on a new five -year $ 100 million senior unsecured term loan. The interest rate on the term loan is based on a pricing grid ranging from 145 to 220 basis points over LIBOR, based on the Company’s leverage ratio. The financial covenants of the term loan are identical to the covenants on our senior unsecured credit facility, which are described above. The applicable margin is based on the Company's leverage ratio, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.45 % Greater than 35% but less than or equal to 45% 1.60 % Greater than 45% but less than or equal to 50% 1.75 % Greater than 50% but less than or equal to 55% 1.95 % Greater than 55% 2.20 % As of December 31, 2016 , the Company's leverage ratio was 22.1% . Accordingly, interest on our borrowings under the term loan will be based on LIBOR plus 145 basis points for the following quarter. We incurred interest on the term loan of $1.3 million for the year ended December 31, 2016 .

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions On June 8, 2016 , we sold the 485 -room Orlando Airport Marriott to an unaffiliated third party for a contractual sales price of $63 million . We received net proceeds of approximately $65.8 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a pre-tax gain on sale of the hotel of approximately $3.7 million . On June 30, 2016 , we sold the 821 -room Hilton Minneapolis to an unaffiliated third party for a contractual sales price of $140 million . The buyer assumed the $89.5 million mortgage loan secured by the hotel. We received net proceeds of approximately $54.8 million from the transaction, which included credit for the hotel's working capital. We recognized a pre-tax gain on sale of the hotel of approximately $4.9 million . On July 7, 2016 , we sold the 169 -room Hilton Garden Inn Chelsea/New York City to an unaffiliated third party for a contractual sales price of $65.0 million . We received net proceeds of approximately $63.3 million from the transaction. We recognized a pre-tax gain on sale of the hotel of approximately $2.0 million . 2015 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 met 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. In 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 . 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 . Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gain on sale, from the hotel properties sold during the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Oak Brook Hills Resort $ — $ — $ (598 ) Los Angeles Airport Marriott — — 54,923 Orlando Airport Marriott 8,225 2,752 (339 ) Hilton Minneapolis 4,872 1,428 (2,093 ) Hilton Garden Inn Chelsea/New York City 3,107 3,272 3,385 Total pre-tax income $ 16,204 $ 7,452 $ 55,278

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions We had no acquisitions during the year ended December 31, 2016 . 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. 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 . We assumed the existing management agreement with Ocean Properties. 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 Land $ 19,908 $ 49,592 Building and improvements 37,525 42,958 Furniture, fixtures and equipment 1,338 1,378 Total fixed assets 58,771 93,928 Unfavorable lease liability (349 ) — Other assets and liabilities, net 401 500 Total $ 58,823 $ 94,428 Acquired properties are included in our results of operations from the date of acquisition. The following pro forma financial information for 2015 presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 were acquired on January 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 (unaudited) Revenues $ 942,547 Net income $ 89,184 Earnings per share: Basic earnings per share $ 0.44 Diluted earnings per share $ 0.44 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 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
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 for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current - Federal $ — $ — $ — State 1,297 770 269 Foreign 697 515 208 1,994 1,285 477 Deferred - Federal 9,779 8,249 3,933 State 1,324 2,315 1,105 Foreign (698 ) (274 ) 121 10,405 10,290 5,159 Income tax provision $ 12,399 $ 11,575 $ 5,636 A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Statutory federal tax provision (35)% $ 44,518 $ 34,272 $ 59,155 Tax impact of REIT election (31,101 ) (21,544 ) (52,937 ) State income tax provision, net of federal tax benefit 1,703 1,745 893 Foreign income tax benefit (3,080 ) (2,266 ) (1,603 ) Foreign tax rate adjustment — — — Other 359 (632 ) 128 Income tax provision $ 12,399 $ 11,575 $ 5,636 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, 2016 , 2015 and 2014 , 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): 2016 2015 Deferred income related to key money $ 7,407 $ 8,844 Net operating loss carryforwards 15,650 25,210 Alternative minimum tax credit carryforwards 71 59 Other 343 335 Deferred tax assets 23,471 34,448 Less: Valuation allowance (400 ) (400 ) Subtotal 23,071 34,048 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,258 ) (16,784 ) Deferred tax liabilities (20,518 ) (21,044 ) Deferred tax asset, net $ 2,553 $ 13,004 As of December 31, 2016 , we had deferred tax assets of $15.7 million consisting of federal and state net operating loss carryforwards. The federal loss carryforwards of $12.6 million generally expire in 2029 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 $3.0 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. As of December 31, 2016 , we have a $0.4 million valuation allowance on the deferred tax asset related to the Illinois state loss carryforward. The remaining deferred tax assets of $7.8 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 are party to a tax agreement with the USVI that reduces the income tax rate to approximately 7% . This agreement expires in February 2030.

Relationship with Managers

Relationship with Managers	12 Months Ended
	Dec. 31, 2016
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 Marriott 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 HEI Hotels & Resorts (1) 6/2016 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 New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Ocean Properties (2) 12/2016 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 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 4/2015 10 years None ______________ (1) HEI Hotels & Resorts assumed management of the hotel in June 2016. The hotel was previously managed by Crescent Hotels & Resorts. (2) Ocean Properties assumed management of the hotel in December 2016. The hotel was previously managed by Noble House 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 1.5 % (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 1.75 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn New York City/Times Square Central 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 10 % 4 % JW Marriott Denver at Cherry Creek 2.5 % (9) 10 % 4 % Lexington Hotel New York 3 % (10) 20 % 5 % Renaissance Charleston 3 % (11) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 1.5 % (12) 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 2.5 % 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 % (13) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % 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 2028 , after which the manager will receive 50% of the hotel's operating profits. (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) 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. (6) The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit. (7) The base management fee increases to 2% for 2017 and 2.25% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fees increased to 2.5% of gross revenues beginning May 19, 2016. (10) The base management fee will decrease to 2% from January 2017 through June 2017, and will then subsequently revert back to 3% . (11) The base management fee increased to 3.0% beginning September 2016 and will increase to 3.5% beginning September 2017 through the remainder of the term. (12) The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term. (13) The base management fee decreases to 2% beginning January 1, 2017. The following is a summary of management fees for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Year Ended December 31, 2016 2015 2014 Base management fees $ 22,333 $ 23,228 $ 21,473 Incentive management fees 7,810 7,405 8,554 Total management fees $ 30,143 $ 30,633 $ 30,027 Nine of our hotels earned incentive management fees for the year ended December 31, 2016 . 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 . 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 $2.9 million of key money during the year ended December 31, 2016 , $1.0 million during the year ended December 31, 2015 , and $1.1 million during the year ended December 31, 2014 . 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 twelve 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 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 5% of gross room sales 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 5% of gross room sales; 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 20 years 5% of gross room sales We recorded $21.8 million , $22.0 million and $15.3 million of franchise fees during the fiscal years ended December 31, 2016 , 2015 , and 2014 , 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, 2016
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. Other Matters As previously reported, in February 2016, the Company was notified by the franchisor of one of its hotels that as a result of low guest satisfaction scores, the Company is in default under the franchise agreement for that hotel. The Company continues to proactively work with the franchisor and the manager of the hotel and developed and executed a plan aimed to improve guest satisfaction scores. To date, however, although guest satisfaction scores have improved, the franchisor has notified the Company that such improvement was not sufficient under the franchise agreement and the Company continues to be in default. While the franchisor has reserved all of its rights under the franchise agreement, including the right to terminate the franchise agreement in the future, no action to terminate the franchise agreement has been taken by the franchisor. In addition, the lender that holds the mortgage on this hotel received notice of the foregoing. The lender has provided written notice to the Company that although it has the right to call an event of default under the loan agreement after a notice and cure period has elapsed, the lender is not doing so but reserves all of its rights under the loan agreement. If the lender seeks to declare an event of default under the loan agreement, such event of default could result in a material adverse effect on the Company's business, financial condition or results of operation. While the Company continues to work diligently with the franchisor and manager to resolve the matter, no assurance can be given that the Company will be successful. If the Company is not successful, the franchisor may seek to terminate the franchise agreement and assert a claim it is owed a termination fee, including a payment for liquidated damages, which could result in a material adverse effect on the Company's business, financial condition or results of operation. Ground Leases Five 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 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 $12.7 million , $15.1 million and $15.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Cash paid for ground rent was $7.0 million , $9.4 million and $8.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 $702,020 (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 JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Shorebreak Hotel Through 4/2016 $115,542 5/2016 - 4/2021 (8) $126,649 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, 2016. 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, 2016. (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) 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%. (8) Rent will increase on May 1, 2021 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, 2016 are as follows (in thousands): 2017 $ 4,345 2018 3,886 2019 3,462 2020 3,418 2021 3,391 Thereafter 618,736 $ 637,238

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , in thousands, are as follows: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 920,539 $ 906,156 $ 1,169,749 $ 1,152,351 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. 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, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information We aggregate our operating segments using the criteria established by U.S. 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, 2016 represented by the following geographical areas as of and for the years ended December 31, 2016 , 2015 and 2014 : Revenues Net Assets 2016 2015 2014 2016 2015 2014 (In thousands) (In thousands) Chicago $ 126,273 $ 128,952 $ 132,690 $ 476,246 $ 449,742 $ 436,490 Los Angeles — — 64,923 — — — Boston 132,791 130,791 116,861 383,059 394,502 397,807 US Virgin Islands 66,949 64,383 65,586 114,135 116,618 118,458 New York 139,920 150,567 134,841 573,648 644,243 660,609 Minneapolis 24,788 54,247 49,704 — 124,339 131,080 Denver 36,077 36,516 34,206 108,961 111,221 113,670 Other 369,760 365,534 274,051 990,626 1,041,364 905,876 Total $ 896,558 $ 930,990 $ 872,862 $ 2,646,675 $ 2,882,029 $ 2,763,990

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) 2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 213,034 $ 256,664 $ 220,239 $ 206,621 Total operating expenses 188,723 198,559 178,936 172,870 Operating income $ 24,311 $ 58,105 $ 41,303 $ 33,751 Net income $ 16,778 $ 44,175 $ 29,937 $ 23,906 Basic earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 Diluted earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ 1,282 $ 3,623 $ 34,785 $ 38,408 $ (9,894 ) $ 28,514 2005 40 Years Bethesda Marriott Suites — — 45,656 1,914 — 47,570 47,570 (14,265 ) 33,305 2004 40 Years Boston Westin Waterfront (201,470 ) — 273,696 23,019 — 296,715 296,715 (72,872 ) 223,843 2007 40 Years Chicago Marriott Downtown — 36,900 347,921 58,121 36,900 406,042 442,942 (99,411 ) 343,531 2006 40 Years The Gwen Chicago — 31,650 76,961 7,880 31,650 84,841 116,491 (20,138 ) 96,353 2006 40 Years Courtyard Denver — 9,400 36,180 1,548 9,400 37,728 47,128 (5,057 ) 42,071 2011 40 Years Courtyard Manhattan/Fifth Avenue — — 34,685 3,999 — 38,684 38,684 (11,292 ) 27,392 2004 40 Years Courtyard Manhattan/Midtown East (85,451 ) 16,500 54,812 4,165 16,500 58,977 75,477 (17,222 ) 58,255 2004 40 Years Frenchman's Reef & Morning Star Marriott Beach Resort — 17,713 50,697 49,494 17,713 100,191 117,904 (24,039 ) 93,865 2005 40 Years Hilton Boston Downtown — 23,262 128,628 11,794 23,262 140,422 163,684 (14,961 ) 148,723 2012 40 Years Hilton Burlington — 9,197 40,644 1,985 9,197 42,629 51,826 (4,762 ) 47,064 2012 40 Years Hilton Garden Inn/New York Times Square Central — 60,300 88,896 182 60,300 89,078 149,378 (5,199 ) 144,179 2014 40 Years Hotel Rex — 7,856 21,085 (54 ) 7,856 21,031 28,887 (2,174 ) 26,713 2012 40 Years Inn at Key West — 32,888 13,371 225 32,888 13,596 46,484 (1,000 ) 45,484 2014 40 Years JW Marriott Denver (64,579 ) 9,200 63,183 1,445 9,200 64,628 73,828 (8,996 ) 64,832 2011 40 Years Lexington Hotel New York (170,368 ) 92,000 229,368 16,532 92,000 245,900 337,900 (32,904 ) 304,996 2011 40 Years Renaissance Charleston — 5,900 32,511 976 5,900 33,487 39,387 (5,260 ) 34,127 2010 40 Years Renaissance Worthington (85,000 ) 15,500 63,428 14,021 15,500 77,449 92,949 (18,982 ) 73,967 2005 40 Years Salt Lake City Marriott Downtown (58,331 ) — 45,815 4,088 855 49,048 49,903 (14,445 ) 35,458 2004 40 Years Sheraton Suites Key West — 49,592 42,958 148 49,592 43,106 92,698 (1,694 ) 91,004 2015 40 Years Shorebreak Hotel — 19,908 37,525 691 19,908 38,216 58,124 (1,819 ) 56,305 2015 40 Years The Lodge at Sonoma, a Renaissance Resort and Spa (28,896 ) 3,951 22,720 1,164 3,951 23,884 27,835 (10,033 ) 17,802 2004 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 1,435 54,293 84,662 138,955 (4,401 ) 134,554 2014 40 Years Westin San Diego (66,276 ) 22,902 95,617 6,935 22,902 102,552 125,454 (11,167 ) 114,287 2012 40 Years Westin Washington, D.C City Center (66,848 ) 24,579 122,229 10,484 24,579 132,713 157,292 (14,286 ) 143,006 2012 40 Years Vail Marriott Mountain Resort & Spa — 5,800 52,463 3,468 5,800 55,931 61,731 (15,679 ) 46,052 2005 40 Years Total $ (827,219 ) $ 552,914 $ 2,137,779 $ 226,941 $ 553,769 $ 2,363,865 $ 2,917,634 $ (441,952 ) $ 2,475,682 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2016 , 2015 and 2014 is as follows: 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 Additions: Acquisitions — Capital expenditures 61,823 Deductions: Dispositions and other (269,240 ) Balance at December 31, 2016 $ 2,917,634 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2016 , 2015 and 2014 is as follows: Balance at December 31, 2013 $ 324,913 Depreciation and amortization 59,965 Dispositions and other (11,312 ) Balance at December 31, 2014 355,462 Depreciation and amortization 63,847 Dispositions and other — Balance at December 31, 2015 419,309 Depreciation and amortization 65,490 Dispositions and other (42,847 ) Balance at December 31, 2016 $ 441,952 C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,791,802 as of December 31, 2016 .

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation as a result of adopting ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs
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 property and related assets exceed the 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 property'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 goods or 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	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income 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 cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2017-01 on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-18 on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice as to how certain transactions are classified in the statement of cash flows. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-15 on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued 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. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. 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 the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which affects virtually all aspects of an entity’s revenue recognition. The 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. While we have not completed our assessment of this standard, we do not expect it to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel-level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 Land $ 553,769 $ 578,338 Land improvements 7,994 7,994 Buildings 2,355,871 2,538,719 Furniture, fixtures and equipment 428,991 458,577 Construction in progress 35,253 25,016 3,381,878 3,608,644 Less: accumulated depreciation (735,202 ) (726,468 ) $ 2,646,676 $ 2,882,176

Favorable Lease Assets (Tables)

Favorable Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets by Major Class	Our favorable lease assets, net of accumulated amortization of $2.3 million and $2.6 million as of December 31, 2016 and 2015 , respectively, consist of the following (in thousands): 2016 2015 Westin Boston Waterfront Hotel Ground Lease $ 17,859 $ 18,076 Hilton Minneapolis Ground Lease — 5,685 Lexington Hotel New York Tenant Leases 154 186 Hilton Boston Downtown Tenant Leases — 8 $ 18,013 $ 23,955

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our common stock for the years ended December 31, 2016 and 2015 : Payment Date Record Date Dividend per Share April 10, 2015 March 31, 2015 $0.125 July 14, 2015 June 30, 2015 $0.125 October 13, 2015 September 30, 2015 $0.125 January 12, 2016 December 31, 2015 $0.125 April 12, 2016 March 31, 2016 $0.125 July 12, 2016 June 30, 2016 $0.125 October 12, 2016 September 30, 2016 $0.125 January 12, 2017 December 30, 2016 $0.125

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2014 to December 31, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 461,281 8.94 Forfeited (126,610 ) 10.08 Vested (241,698 ) 11.83 Unvested balance at December 31, 2016 567,540 $ 10.62
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Valuation Assumptions	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 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 February 26, 2016 24.3 % 0.93 % $ 8.42
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2014 to December 31, 2016 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 310,398 8.54 Additional units from dividends 38,324 9.37 Vested (1) (242,096 ) 9.85 Forfeited (96,301 ) 10.74 Unvested balance at December 31, 2016 686,684 $ 10.65 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2016 was equal to 89.5% of the PSU Target Award.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 Numerator: Net income $ 114,796 $ 85,630 $ 163,377 Denominator: Weighted-average number of common shares outstanding—basic 201,079,573 200,796,678 195,943,813 Effect of dilutive securities: Unvested restricted common stock 47,468 129,640 181,310 Shares related to unvested PSUs 549,217 533,092 556,763 Unexercised stock appreciation rights — 524 1,095 Weighted-average number of common shares outstanding—diluted 201,676,258 201,459,934 196,682,981 Earnings per share: Basic earnings per share $ 0.57 $ 0.43 $ 0.83 Diluted earnings per share $ 0.57 $ 0.43 $ 0.83

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of Long Term Debt	The following table sets forth information regarding the Company’s debt as of December 31, 2016 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017(2) Interest Only Salt Lake City Marriott Downtown 58,331 4.25 % November 2020 25 years Westin Washington D.C. City Center 66,848 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 28,896 3.96 % April 2023 30 years Westin San Diego 66,276 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 85,451 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 64,579 4.33 % July 2025 30 years Boston Westin 201,470 4.36 % November 2025 30 years Unamortized debt issuance costs (6,052 ) Total mortgage debt, net of unamortized debt issuance costs 821,167 Senior unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Interest Only Unamortized debt issuance costs (628 ) Senior unsecured term loan, net of unamortized debt issuance costs 99,372 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Interest Only Total debt, net of unamortized debt issuance costs $ 920,539 Weighted-Average Interest Rate 3.76% _____________ (1) The interest rate at December 31, 2016 is 2.87% . (2) The loan may be extended for two additional one -year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of December 31, 2016 , the debt yield was approximately 5.2% . (3) The interest rate at December 31, 2016 is 2.09% . (4) 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, 2016 are as follows (in thousands): 2017 $ 182,785 2018 13,642 2019 14,247 2020 66,238 2021 13,574 Thereafter 536,733 $ 827,219
Summary of Leverage and Applicable Margin	The applicable margin is based on the Company's leverage ratio, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.45 % Greater than 35% but less than or equal to 45% 1.60 % Greater than 45% but less than or equal to 50% 1.75 % Greater than 50% but less than or equal to 55% 1.95 % Greater than 55% 2.20 % The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.50 % Greater than 35% but less than or equal to 45% 1.65 % Greater than 45% but less than or equal to 50% 1.80 % Greater than 50% but less than or equal to 55% 2.00 % Greater than 55% 2.25 %
Summary of the Most Restrictive Covenants for Senior Unsecured Credit Facility	The facility also 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% 22.1% Minimum fixed charge coverage ratio (2) 1.50x 4.5x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 27.7% _____________________________ (1) Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as 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, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. (3) Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

Dispositions (Tables)

Dispositions (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Pre-tax Income/(Loss) From Hotel Properties Sold	Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gain on sale, from the hotel properties sold during the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Oak Brook Hills Resort $ — $ — $ (598 ) Los Angeles Airport Marriott — — 54,923 Orlando Airport Marriott 8,225 2,752 (339 ) Hilton Minneapolis 4,872 1,428 (2,093 ) Hilton Garden Inn Chelsea/New York City 3,107 3,272 3,385 Total pre-tax income $ 16,204 $ 7,452 $ 55,278

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
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 Land $ 19,908 $ 49,592 Building and improvements 37,525 42,958 Furniture, fixtures and equipment 1,338 1,378 Total fixed assets 58,771 93,928 Unfavorable lease liability (349 ) — Other assets and liabilities, net 401 500 Total $ 58,823 $ 94,428
Pro Forma Operating Information	The following pro forma financial information for 2015 presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 were acquired on January 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 (unaudited) Revenues $ 942,547 Net income $ 89,184 Earnings per share: Basic earnings per share $ 0.44 Diluted earnings per share $ 0.44

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Our provision for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current - Federal $ — $ — $ — State 1,297 770 269 Foreign 697 515 208 1,994 1,285 477 Deferred - Federal 9,779 8,249 3,933 State 1,324 2,315 1,105 Foreign (698 ) (274 ) 121 10,405 10,290 5,159 Income tax provision $ 12,399 $ 11,575 $ 5,636
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Statutory federal tax provision (35)% $ 44,518 $ 34,272 $ 59,155 Tax impact of REIT election (31,101 ) (21,544 ) (52,937 ) State income tax provision, net of federal tax benefit 1,703 1,745 893 Foreign income tax benefit (3,080 ) (2,266 ) (1,603 ) Foreign tax rate adjustment — — — Other 359 (632 ) 128 Income tax provision $ 12,399 $ 11,575 $ 5,636
Schedule of Deferred Tax Assets and Liabilities	The total deferred tax assets and liabilities are as follows (in thousands): 2016 2015 Deferred income related to key money $ 7,407 $ 8,844 Net operating loss carryforwards 15,650 25,210 Alternative minimum tax credit carryforwards 71 59 Other 343 335 Deferred tax assets 23,471 34,448 Less: Valuation allowance (400 ) (400 ) Subtotal 23,071 34,048 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,258 ) (16,784 ) Deferred tax liabilities (20,518 ) (21,044 ) Deferred tax asset, net $ 2,553 $ 13,004

Relationship with Managers (Tab

Relationship with Managers (Tables)	12 Months Ended
	Dec. 31, 2016
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 Marriott 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 HEI Hotels & Resorts (1) 6/2016 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 New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Ocean Properties (2) 12/2016 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 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 4/2015 10 years None ______________ (1) HEI Hotels & Resorts assumed management of the hotel in June 2016. The hotel was previously managed by Crescent Hotels & Resorts. (2) Ocean Properties assumed management of the hotel in December 2016. The hotel was previously managed by Noble House 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 1.5 % (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 1.75 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn New York City/Times Square Central 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 10 % 4 % JW Marriott Denver at Cherry Creek 2.5 % (9) 10 % 4 % Lexington Hotel New York 3 % (10) 20 % 5 % Renaissance Charleston 3 % (11) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 1.5 % (12) 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 2.5 % 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 % (13) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % 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 2028 , after which the manager will receive 50% of the hotel's operating profits. (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) 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. (6) The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit. (7) The base management fee increases to 2% for 2017 and 2.25% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fees increased to 2.5% of gross revenues beginning May 19, 2016. (10) The base management fee will decrease to 2% from January 2017 through June 2017, and will then subsequently revert back to 3% . (11) The base management fee increased to 3.0% beginning September 2016 and will increase to 3.5% beginning September 2017 through the remainder of the term. (12) The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term. (13) The base management fee decreases to 2% beginning January 1, 2017.
Summary of Management Fees from Continuing Operations	The following is a summary of management fees for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Year Ended December 31, 2016 2015 2014 Base management fees $ 22,333 $ 23,228 $ 21,473 Incentive management fees 7,810 7,405 8,554 Total management fees $ 30,143 $ 30,633 $ 30,027
Schedule of the Terms of the Hotel Franchise Agreements	The following table sets forth the terms of the hotel franchise agreements for our twelve 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 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 5% of gross room sales 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 5% of gross room sales; 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 20 years 5% of gross room sales

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
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 $702,020 (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 JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Shorebreak Hotel Through 4/2016 $115,542 5/2016 - 4/2021 (8) $126,649 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, 2016. 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, 2016. (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) 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%. (8) Rent will increase on May 1, 2021 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, 2016 are as follows (in thousands): 2017 $ 4,345 2018 3,886 2019 3,462 2020 3,418 2021 3,391 Thereafter 618,736 $ 637,238

Fair Value of Financial Instr37

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , in thousands, are as follows: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 920,539 $ 906,156 $ 1,169,749 $ 1,152,351 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 represented by the following geographical areas as of and for the years ended December 31, 2016 , 2015 and 2014 : Revenues Net Assets 2016 2015 2014 2016 2015 2014 (In thousands) (In thousands) Chicago $ 126,273 $ 128,952 $ 132,690 $ 476,246 $ 449,742 $ 436,490 Los Angeles — — 64,923 — — — Boston 132,791 130,791 116,861 383,059 394,502 397,807 US Virgin Islands 66,949 64,383 65,586 114,135 116,618 118,458 New York 139,920 150,567 134,841 573,648 644,243 660,609 Minneapolis 24,788 54,247 49,704 — 124,339 131,080 Denver 36,077 36,516 34,206 108,961 111,221 113,670 Other 369,760 365,534 274,051 990,626 1,041,364 905,876 Total $ 896,558 $ 930,990 $ 872,862 $ 2,646,675 $ 2,882,029 $ 2,763,990

Quarterly Operating Results (39

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 213,034 $ 256,664 $ 220,239 $ 206,621 Total operating expenses 188,723 198,559 178,936 172,870 Operating income $ 24,311 $ 58,105 $ 41,303 $ 33,751 Net income $ 16,778 $ 44,175 $ 29,937 $ 23,906 Basic earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 Diluted earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 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

Organization - Narrative (Detai

Organization - Narrative (Details)	Dec. 31, 2016hotelroom
Real Estate Properties [Line Items]
Number of hotels (in hotels)	26
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	9,472
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
New York, New York
Real Estate Properties [Line Items]
Number of hotels (in hotels)	4
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 Accoun41

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenue Recognition [Abstract]
Unrecognized tax benefits	$ 0	$ 0
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 - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property and Equipment
Property and equipment, at cost	$ 3,381,878	$ 3,608,644
Less: accumulated depreciation	(735,202)	(726,468)
Property and equipment, net	2,646,676	2,882,176
Accrued capital expenditures	10,800	11,600
Land
Property and Equipment
Property and equipment, at cost	553,769	578,338
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings
Property and Equipment
Property and equipment, at cost	2,355,871	2,538,719
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	428,991	458,577
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 35,253	$ 25,016

Favorable Lease Assets - Narrat

Favorable Lease Assets - Narrative (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)room	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Indefinite-lived Intangible Assets by Major Class [Line Items]
Amortization of intangible assets		$ 300,000	$ 500,000	$ 700,000
Amortization in 2017		200,000
Amortization in 2018		0.2
Amortization in 2019		0.2
Amortization in 2020		0.2
Amortization in 2021		0.2
Write off of assets		0	10,461,000	$ 0
Off-Market Favorable Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Accumulated amortization		$ 2,300,000	2,600,000
Above Market Lease Rights | Boston Westin Waterfront Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
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

Favorable Lease Assets - Schedu

Favorable Lease Assets - Schedule of Favorable Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Favorable lease assets, net	$ 18,013	$ 23,955
Boston Westin Waterfront Ground Lease | Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	17,859	18,076
Minneapolis Hilton Ground Lease | Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	0	5,685
Lexington Hotel New York | Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	154	186
Hilton Boston Downtown | Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	$ 0	$ 8

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)vote$ / sharesshares	Feb. 27, 2017USD ($)	Dec. 31, 2015$ / sharesshares
Dividends Payable [Line Items]
Common stock, shares authorized | shares	400,000,000		400,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Common stock votes | vote	1
Preferred stock, shares authorized | shares	10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred stock, shares outstanding | shares	0		0
Operating partnership units option to redeem for common stock	1
Unaffiliated Third Parties
Dividends Payable [Line Items]
Units of partnership interest, amount | shares	0		0
Common Stock
Dividends Payable [Line Items]
Aggregate offering price | $	$ 200,000,000
Remaining amount under ATM program | $	128,300,000
Amount authorized to be repurchased | $	$ 150,000,000
Shares repurchased during period | shares	728,237
Average cost per share | $ / shares	$ 8.92
Value of repurchased stock | $	$ 6,500,000
Subsequent Event
Dividends Payable [Line Items]
Value amount of shares authorized to be repurchased (up to) | $		$ 143,500,000

Capital Stock - Schedule of Div

Capital Stock - Schedule of Dividends Payable (Details) - $ / shares	Jan. 12, 2017	Oct. 12, 2016	Jul. 12, 2016	Apr. 12, 2016	Jan. 12, 2016	Oct. 13, 2015	Jul. 14, 2015	Apr. 10, 2015
Dividends Payable [Line Items]
Payment Date		Oct. 12, 2016	Jul. 12, 2016	Apr. 12, 2016	Jan. 12, 2016	Oct. 13, 2015	Jul. 14, 2015	Apr. 10, 2015
Record Date		Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Dividends per common share (in dollars per share)		$ 0.1250	$ 0.1250	$ 0.125	$ 0.125	$ 0.1250	$ 0.1250	$ 0.125
Subsequent Event
Dividends Payable [Line Items]
Payment Date	Jan. 12, 2017
Record Date	Dec. 30, 2016
Dividends per common share (in dollars per share)	$ 0.125

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 17, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date	244,411
Expected to vest two years from balance sheet date	186,481
Expected to vest three years from balance sheet date	125,424
Expected to vest four years from balance sheet date	11,224
Unrecognized compensation cost	$ 3.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	23 months
Compensation expense (in dollars)	$ 2.8	$ 2.8	$ 3.2
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date	198,178
Expected to vest two years from balance sheet date	206,778
Expected to vest three years from balance sheet date	281,728
Unrecognized compensation cost	$ 2.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	26 months
Compensation expense (in dollars)	$ 2	$ 2.3	$ 1.4
Compensation expense, forfeitures	$ 0.4
Performance period	3 years
Percentage based on improvement in market share of hotels (as a percent)	25.00%
Maximum possible payout to executive officer as a percentage of the target award (as a percent)	150.00%
Performance Stock Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares (as a percent)	75.00%
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized				6,082,664
2004 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or committed to issue	67,847

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	474,567	514,419	583,021
Number of shares, Granted	461,281	216,159	249,311
Number of shares, Forfeited	(126,610)	(183)	(537)
Number of shares, Vested	(241,698)	(255,828)	(317,376)
Number of shares, Ending Balance	567,540	474,567	514,419
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 12.72	$ 10.82	$ 9.80
Weighted-average grant date fair value, Granted (in dollars per share)	8.94	14.48	12.39
Weighted-average grant date fair value, Forfeited (in dollars per share)	10.08	9.08	9.32
Weighted-average grant date fair value, Vested (in dollars per share)	11.83	10.39	10.19
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.62	$ 12.72	$ 10.82

Stock Incentive Plans - Fair Va

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 8.54	$ 12.13	$ 12.33
March 2013 Award | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	39.20%
Risk-Free Rate	0.36%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.55
March 2014 Award | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.50%
Risk-Free Rate	0.66%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 12.77
May 2014 Award | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.10%
Risk-Free Rate	0.80%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.88
February 2015 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	22.90%
Risk-Free Rate	1.01%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 12.13
February 2016 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24.30%
Risk-Free Rate	0.93%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 8.42

Stock Incentive Plans - Perform

Stock Incentive Plans - Performance Stock Units (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock of common stock earned for the PSUs vested in 2016 (as a percent)	89.50%
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	676,359	436,170	223,176
Number of shares, Granted	310,398	218,467	200,685
Number of shares, Additional shares from dividends	38,324	21,722	12,309
Number of shares, Vested	(242,096)
Number of shares, Forfeited	(96,301)
Number of shares, Ending Balance	686,684	676,359	436,170
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 11.41	$ 10.95	$ 9.66
Weighted-average grant date fair value, Granted (in dollars per share)	8.54	12.13	12.33
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)	9.37	13.51	12.01
Weighted-average grant date fair value, Vested (in dollars per share)	9.85
Weighted-average grant date fair value, Forfeited (in dollars per share)	10.74
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.65	$ 11.41	$ 10.95

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income	$ 23,906	$ 29,937	$ 44,175	$ 16,778	$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 114,796	$ 85,630	$ 163,377
Denominator:
Weighted-average number of common shares outstanding—basic									201,079,573	200,796,678	195,943,813
Effect of dilutive securities:
Unvested restricted common stock									47,468	129,640	181,310
Shares related to unvested PSUs									549,217	533,092	556,763
Unexercised stock appreciation rights									0	524	1,095
Weighted-average number of common shares outstanding—diluted									201,676,258	201,459,934	196,682,981
Basic earnings per share (in dollars per share)	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.57	$ 0.43	$ 0.83
Diluted earnings per share (in dollars per share)	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.57	$ 0.43	$ 0.83
Stock Appreciation Rights (SARs)
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount									20,770

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details)	12 Months Ended
	Dec. 31, 2016USD ($)renewal_term	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 827,219,000
Mortgage debt	821,167,000	$ 1,169,749,000
Senior unsecured credit facility	0	0
Total debt	$ 920,539,000	$ 1,169,749,000
Weighted - Average Interest Rate	3.76%
Senior Unsecured Term Loan
Debt Instrument [Line Items]
Interest Rate	2.09%
Interest rate description	LIBOR + 1.45% (3)
Senior Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	145.00%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (6,052,000)
Mortgage debt	821,167,000
Mortgages | Lexington Hotel New York
Debt Instrument [Line Items]
Principal Balance	$ 170,368,000
Mortgages | Lexington Hotel New York | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR + 2.25% (1)
Basis spread on variable rate	2.25%
Mortgages | Marriott Salt Lake City Downtown
Debt Instrument [Line Items]
Principal Balance	$ 58,331,000
Interest Rate	4.25%
Amortization provisions	25 years
Mortgages | Westin Washington, D.C. City Center
Debt Instrument [Line Items]
Principal Balance	$ 66,848,000
Interest Rate	3.99%
Amortization provisions	25 years
Mortgages | The Lodge at Sonoma, a Renaissance Resort and Spa
Debt Instrument [Line Items]
Principal Balance	$ 28,896,000
Interest Rate	3.96%
Amortization provisions	30 years
Mortgages | Westin San Diego
Debt Instrument [Line Items]
Principal Balance	$ 66,276,000
Interest Rate	3.94%
Amortization provisions	30 years
Mortgages | Courtyard Manhattan / Midtown East
Debt Instrument [Line Items]
Principal Balance	$ 85,451,000
Interest Rate	4.40%
Amortization provisions	30 years
Mortgages | Renaissance Worthington
Debt Instrument [Line Items]
Principal Balance	$ 85,000,000
Interest Rate	3.66%
Amortization provisions	30 years
Mortgages | JW Marriot Denver at Cherry Creek
Debt Instrument [Line Items]
Principal Balance	$ 64,579,000
Interest Rate	4.33%
Amortization provisions	30 years
Mortgages | Boston Westin Waterfront
Debt Instrument [Line Items]
Principal Balance	$ 201,470,000
Interest Rate	4.36%
Amortization provisions	30 years
Senior Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (628,000)
Total debt	99,372,000
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 + 1.50%
Basis spread on variable rate	150.00%
Lexington Hotel New York | Mortgages
Debt Instrument [Line Items]
Interest rate at period end	2.87%
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 loan, extension length	1 year
Debt yield threshold percentage to extend loan	0.13
Debt yield, percentage	0.052

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 182,785
2,018	13,642
2,019	14,247
2,020	66,238
2,021	13,574
Thereafter	536,733
Total debt	$ 827,219

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details)	Dec. 31, 2016hotel	Jun. 30, 2016USD ($)	May 11, 2016USD ($)	Jan. 11, 2016USD ($)
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt | hotel	9
Number of hotels (in hotels) | hotel	26
Chicago Marriott Downtown Magnificent Mile | Mortgages
Debt Instrument [Line Items]
Outstanding principal balance				$ 201,700,000
Fixed rate percentage				5.98%
Courtyard Manhattan / Fifth Avenue | Mortgages
Debt Instrument [Line Items]
Outstanding principal balance			$ 48,100,000
Fixed rate percentage			6.48%
Hilton Minneapolis | Mortgages
Debt Instrument [Line Items]
Outstanding principal balance		$ 89,500,000
Fixed rate percentage		5.46%

Debt - Schedule of Ratio of Net

Debt - Schedule of Ratio of Net Indebtedness (Details) - LIBOR - Line of Credit	12 Months Ended
	Dec. 31, 2016
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	150.00%
Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.50%
Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.65%
Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.80%
Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.00%
Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.25%

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility (Details)	12 Months Ended
	Dec. 31, 2016USD ($)hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	May 03, 2016USD ($)	May 02, 2016USD ($)
Line of Credit Facility [Line Items]
Increase in credit facility	$ 600,000,000
Percent of unused portion, line of credit facility, triggering lower commitment fee percentage	50.00%
Minimum number of unencumbered borrowing base properties | hotel	7
Minimum unencumbered borrowing base (not less than)	$ 500,000,000
Number of unencumbered borrowing base properties | hotel	7
Unencumbered borrowing base	$ 613,000,000
Senior unsecured credit facility	$ 0	$ 0
Senior Unsecured Term Loan | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	145.00%
Interest and unused credit facility fees	$ 1,300,000	$ 1,100,000	$ 900,000
Senior unsecured credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 300,000,000	$ 200,000,000
Senior unsecured credit facility	$ 0
Senior unsecured credit facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	150.00%
Minimum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.20%
Maximum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.30%

Debt - Schedule of Debt Covenan

Debt - Schedule of Debt Covenants (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Percent of net proceeds from future equity issuances	75.00%
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.60
Minimum fixed charge coverage ratio	1.50
Minimum tangible net worth	$ 1,913,000,000
Secured recourse indebtedness	45.00%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.221
Minimum fixed charge coverage ratio	4.50
Minimum tangible net worth	$ 2,550,000,000
Secured recourse indebtedness	27.70%

Debt - Senior Unsecured Term Lo

Debt - Senior Unsecured Term Loan (Details) - Senior Unsecured Term Loan	May 03, 2016USD ($)	Dec. 31, 2016USD ($)
LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		145.00%
Interest incurred on the facility		$ 1,300,000
Less than or equal to 35% | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Greater than 35% but less than or equal to 45% | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.60%
Greater than 45% but less than or equal to 50% | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Greater than 50% but less than or equal to 55% | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.95%
Greater than 55% | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.20%
Medium-term Notes
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance	$ 100,000,000
Minimum | Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Leverage Ratio		0.35
Minimum | Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Leverage Ratio		0.45
Minimum | Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Leverage Ratio		0.5
Minimum | Greater than 55%
Summary of leverage and applicable margin
Leverage Ratio		0.55
Minimum | Medium-term Notes | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	145.00%
Maximum | Less than or equal to 35%
Summary of leverage and applicable margin
Leverage Ratio		0.35
Maximum | Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Leverage Ratio		0.45
Maximum | Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Leverage Ratio		0.5
Maximum | Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Leverage Ratio		0.55
Maximum | Medium-term Notes | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	220.00%

Dispositions - Narrative (Detai

Dispositions - Narrative (Details) $ in Thousands	Jul. 07, 2016USD ($)room	Jun. 30, 2016USD ($)room	Jun. 08, 2016USD ($)room	Dec. 18, 2014USD ($)room	Apr. 14, 2014USD ($)room	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of properties						$ 183,874	$ 0	$ 182,117
Gain on sale of hotel property						10,698	0	50,969
Mortgage debt						821,167	1,169,749
Valuation allowance						400	400
Nonoperating gains (losses)						0	$ 3,927	$ 13,550
Oak Brook Hills Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold | room					386
Net proceeds from sale of properties					$ 30,100
Gain on sale of hotel property					1,300
Amount of seller financing					4,000
Marriott Los Angeles Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold | room				1,004
Net proceeds from sale of properties				$ 158,600
Gain on sale of hotel property				49,700
Net proceeds from sale of properties				$ 147,500
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
Orlando, Florida | Orlando Airport Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold | room			485
Contractual sales price			$ 63,000
Net proceeds from sale of properties			65,800
Gain on sale of hotel property			$ 3,700
Minneapolis, Minnesota | Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold | room		821
Contractual sales price		$ 140,000
Net proceeds from sale of properties		54,800
Gain on sale of hotel property		4,900
New York, New York | Hilton Garden Inn Chelsea/ New York City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold | room	169
Contractual sales price	$ 65,000
Net proceeds from sale of properties	63,300
Gain on sale of hotel property	$ 2,000
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt						$ 821,167
Mortgages | Minneapolis, Minnesota | Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt		$ 89,500

Dispositions - Schedule of Pre-

Dispositions - Schedule of Pre-tax Income/(Loss) From Hotel Properties Sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	$ 16,204	$ 7,452	$ 55,278
Oak Brook, Illinois | Oak Brook Hills Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	0	0	(598)
Los Angeles | Marriott Los Angeles Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	0	0	54,923
Orlando, Florida | Orlando Airport Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	8,225	2,752	(339)
Minneapolis, Minnesota | Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	4,872	1,428	(2,093)
New York, New York | Hilton Garden Inn Chelsea/ New York City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	$ 3,107	$ 3,272	$ 3,385

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	Feb. 06, 2015USD ($)room	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)suite	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Revenues		$ 206,621	$ 220,239	$ 256,664	$ 213,034	$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 896,558	$ 930,990	$ 872,862
Net income		$ 23,906	$ 29,937	$ 44,175	$ 16,778	$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 114,796	85,630	$ 163,377
Shorebreak Hotel
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room	157
Purchase price	$ 58,823
Sheraton Suites Key West
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | suite								184
Purchase price								$ 94,428
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

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Feb. 06, 2015
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		(349)
Other assets and liabilities, net		401
Total		$ 58,823
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

Acquisitions - Pro Forma Inform

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

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current Income Tax Expense (Benefit)
Federal	$ 0	$ 0	$ 0
State	1,297	770	269
Foreign	697	515	208
Current Income Tax Expense (Benefit)	1,994	1,285	477
Deferred Income Tax Expense (Benefit)
Federal	9,779	8,249	3,933
State	1,324	2,315	1,105
Foreign	(698)	(274)	121
Deferred Income Tax Expense (Benefit)	10,405	10,290	5,159
Income tax provision	$ 12,399	$ 11,575	$ 5,636

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (35)%	$ 44,518	$ 34,272	$ 59,155
Tax impact of REIT election	(31,101)	(21,544)	(52,937)
State income tax provision, net of federal tax benefit	1,703	1,745	893
Foreign income tax benefit	(3,080)	(2,266)	(1,603)
Foreign tax rate adjustment	0	0	0
Other	359	(632)	128
Income tax provision	$ 12,399	$ 11,575	$ 5,636
Statutory federal tax provision (as a percent)	35.00%	35.00%	35.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Franchise tax expense	$ 400	$ 400	$ 400
Net operating loss carryforwards	15,650	25,210
Valuation allowance	400	$ 400
Deferred tax assets expected to be recovered against reversing taxable temporary differences	7,800
Domestic Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforwards	12,600
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 3,000
Frenchman's Reef & Morning Star Marriott Beach
Income Tax Contingency [Line Items]
New adjusted tax rate after the reduction (as a percent)		7.00%

Income Taxes - Total Deferred T

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred income related to key money	$ 7,407	$ 8,844
Net operating loss carryforwards	15,650	25,210
Alternative minimum tax credit carryforwards	71	59
Other	343	335
Deferred tax assets	23,471	34,448
Less: Valuation allowance	(400)	(400)
Subtotal	23,071	34,048
Land basis difference recorded in purchase accounting	(4,260)	(4,260)
Depreciation and amortization	(16,258)	(16,784)
Deferred tax liabilities	(20,518)	(21,044)
Deferred tax asset, net	$ 2,553	$ 13,004

Relationship with Managers - Sc

Relationship with Managers - Schedules of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2016renewal_term
Highgate Hotels
Real Estate Properties [Line Items]
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	50.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	18.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Courtyard Manhattan / Fifth Avenue | Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Base management fee (as a percentage of gross revenue)	6.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	5.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.50%
The Gwen Chicago | Crescent Hotels & Resorts
Real Estate Properties [Line Items]
Base management fee (as a percentage of gross revenue)	1.75%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
The Gwen Chicago | HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	10 years
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 percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Hilton Burlington | Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	0.00%
Hilton Garden Inn New York City/Times Square Central | 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
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Hotel Rex | Joie de Vivre Hotels
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Inn At Key West | Noble House Hotels & Resorts
Real Estate Properties [Line Items]
Renewal term (in years)	5 years
Number of renewal terms (in years)	2
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Inn At Key West | Ocean Properties
Real Estate Properties [Line Items]
Initial term (in years)	10 years
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 percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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
Renaissance Charleston | Marriott
Real Estate Properties [Line Items]
Initial term (in years)	21 years
Renewal term (in years)	5 years
Number of renewal terms (in years)	2
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Sheraton Suites Key West | Ocean Properties
Real Estate Properties [Line Items]
Initial term (in years)	12 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Shorebreak Hotel | Kimpton Hotels
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	2.25%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	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 percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%

Relationship with Managers - Fo

Relationship with Managers - Footnotes (Details) - USD ($)

Sep. 01, 2017

Jul. 01, 2017

Jan. 01, 2017

May 19, 2016

Apr. 30, 2016

May 31, 2021

May 31, 2018

Sep. 30, 2016

Jul. 31, 2016

May 31, 2016

Jun. 30, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Highgate Hotels

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

20.00%

Bethesda Marriott Suites | Marriott

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

50.00%

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]

Incentive management fee (as a percentage of operating profit)

18.00%

Operating profits exceeds owner's priority

$ 0

Calculated as net operating income before incentive management fees (as a percent)

18.00%

Courtyard Denver Downtown | Sage Hospitality

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

10.00%

Base management fee as a percent of gross revenue

1.50%

Base management fee as a percent of gross operating profit

1.50%

Hilton Burlington | Interstate Hotels and Resorts

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

10.00%

Property management fee percent fee of gross revenue, capped percentage

2.50%

JW Marriot Denver at Cherry Creek | Sage Hospitality

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

10.00%

Base management fee (as a percent)

2.50%

Renaissance Charleston | Marriott

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

20.00%

Additional base management fee (as a percent)

3.00%

Salt Lake City Marriott Downtown | Marriott

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

20.00%

Base management fee reduction (as a percent)

3.00%

1.50%

Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts

Real Estate Properties [Line Items]

Incentive management fee (as a percentage of operating profit)

15.00%

Scenario, Forecast | The Gwen Chicago | HEI Hotels and Resorts

Real Estate Properties [Line Items]

Base management fee (as a percent)

2.25%

2.00%

Scenario, Forecast | Lexington Hotel New York | Highgate Hotels

Real Estate Properties [Line Items]

Additional base management fee (as a percent)

3.00%

Base management fee reduction (as a percent)

2.00%

Scenario, Forecast | Renaissance Charleston | Marriott

Real Estate Properties [Line Items]

Additional base management fee (as a percent)

3.50%

Scenario, Forecast | Salt Lake City Marriott Downtown | Marriott

Real Estate Properties [Line Items]

Additional base management fee (as a percent)

3.00%

2.00%

Scenario, Forecast | Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts

Real Estate Properties [Line Items]

Base management fee (as a percent)

2.00%

Relationship with Managers - 70

Relationship with Managers - Schedule of Management Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Relationships with Managers [Abstract]
Base management fees	$ 22,333	$ 23,228	$ 21,473
Incentive management fees	7,810	7,405	8,554
Management fees	$ 30,143	$ 30,633	$ 30,027

Relationship with Managers - Na

Relationship with Managers - Narrative (Details) $ in Thousands	Dec. 18, 2014USD ($)	Dec. 31, 2016USD ($)hotel	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)hotel
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees | hotel		9	7	10
Amortization		$ 2,851	$ 993	$ 1,090
Franchise fees expense		21,800	22,000	15,300
Key Money
Real Estate Properties [Line Items]
Amortization		2,900	$ 1,000	$ 1,100
Key Money | The Gwen Chicago
Real Estate Properties [Line Items]
Amortization		$ 3,000
Key Money | Marriott Los Angeles Airport
Real Estate Properties [Line Items]
Amortization	$ 1,100

Relationship with Managers - 72

Relationship with Managers - Schedule of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2016
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%
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)	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)	5.00%
Program fee as a percentage of gross room revenue (as a percent)	4.30%
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%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)ft²renewal_termhotelground_lease	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) | hotel	5
Ground rent expense | $	$ 12.7	$ 15.1	$ 15
Cash paid for ground rent | $	$ 7	$ 9.4	$ 8.9
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
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
Long-Term Ground Lease | Shorebreak Hotel
Real Estate Properties [Line Items]
Ownership of undivided interest (as a percent of ownership)	95.50%
Land Underlying the Hotel and Lease | Shorebreak Hotel
Real Estate Properties [Line Items]
Interest in land under hotel (as a percent of ownership)	4.50%

Commitments and Contingencies74

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2031	Dec. 31, 2016
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent		5.50%
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]
Ground leases renewal option (in years)		5 years
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		$ 702,020
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
Through 12/2056 | Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 132,000
Annual rent expense (as a percentage of gross room sales)		2.60%
1/2013 - 12/2017 | Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 11,305
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
1/2036 - 5/2099 | Boston Westin Waterfront
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 0
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 - 12/2020 | JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 50,000
Through 4/2016 | Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent		115,542
5/2016 - 4/2021 | Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 126,649
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
Scenario, Forecast | JW Marriot Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Rent increase (in years)	1 year

Commitments and Contingencies75

Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 4,345
2,018	3,886
2,019	3,462
2,020	3,418
2,021	3,391
Thereafter	618,736
Total	$ 637,238

Fair Value of Financial Instr76

Fair Value of Financial Instruments - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 920,539	$ 1,169,749
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	920,539	1,169,749
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 906,156	$ 1,152,351

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 206,621	$ 220,239	$ 256,664	$ 213,034	$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 896,558	$ 930,990	$ 872,862
Net Assets	2,646,675				2,882,029				2,646,675	2,882,029	2,763,990
Chicago
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									126,273	128,952	132,690
Net Assets	476,246				449,742				476,246	449,742	436,490
Los Angeles
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									0	0	64,923
Net Assets	0				0				0	0	0
Boston
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									132,791	130,791	116,861
Net Assets	383,059				394,502				383,059	394,502	397,807
US Virgin Islands
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									66,949	64,383	65,586
Net Assets	114,135				116,618				114,135	116,618	118,458
New York
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									139,920	150,567	134,841
Net Assets	573,648				644,243				573,648	644,243	660,609
Minneapolis
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									24,788	54,247	49,704
Net Assets	0				124,339				0	124,339	131,080
Denver
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									36,077	36,516	34,206
Net Assets	108,961				111,221				108,961	111,221	113,670
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									369,760	365,534	274,051
Net Assets	$ 990,626				$ 1,041,364				$ 990,626	$ 1,041,364	$ 905,876

Quarterly Operating Results (78

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Data [Abstract]
Total revenue	$ 206,621	$ 220,239	$ 256,664	$ 213,034	$ 233,799	$ 238,502	$ 249,801	$ 208,888	$ 896,558	$ 930,990	$ 872,862
Total operating expenses	172,870	178,936	198,559	188,723	195,511	197,086	205,637	187,482	739,088	785,716	735,395
Operating income	33,751	41,303	58,105	24,311	38,288	41,416	44,164	21,406	157,470	145,274	137,467
Net income	$ 23,906	$ 29,937	$ 44,175	$ 16,778	$ 25,703	$ 24,464	$ 24,822	$ 10,641	$ 114,796	$ 85,630	$ 163,377
Basic earnings per share (in dollars per share)	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.57	$ 0.43	$ 0.83
Diluted earnings per share (in dollars per share)	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.14	$ 0.12	$ 0.12	$ 0.05	$ 0.57	$ 0.43	$ 0.83

Schedule III - Real Estate an79

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ (827,219,000)
Initial Cost - Land				552,914,000
Initial Cost - Buildings and Improvements				2,137,779,000
Costs Capitalized Subsequent to Acquisition				226,941,000
Gross Amount at End of Year - Land				553,769,000
Gross Amount at End of Year - Buildings and Improvements				2,363,865,000
Gross Amount at End of Year - Total	$ 3,125,051,000	$ 2,944,103,000	$ 2,724,617,000	2,917,634,000
Accumulated Depreciation	(419,309,000)	(355,462,000)	(324,913,000)	(441,952,000)
Net Book Value				2,475,682,000
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of period	3,125,051,000	2,944,103,000	2,724,617,000
Additions:
Capital expenditures	61,823,000	30,965,000	26,831,000
Acquisitions	0	149,983,000	332,975,000
Deductions:
Dispositions and other	(269,240,000)	0	(140,320,000)
Balance at end of period	2,917,634,000	3,125,051,000	2,944,103,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of period	(419,309,000)	(355,462,000)	(324,913,000)
Depreciation and amortization	65,490,000	63,847,000	59,965,000
Dispositions and other	(42,847,000)	0	(11,312,000)
Balance at end of period	(441,952,000)	$ (419,309,000)	$ (355,462,000)
Aggregate cost of properties for Federal income tax purposes				2,791,802
Atlanta Alpharetta Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				3,623,000
Initial Cost - Buildings and Improvements				33,503,000
Costs Capitalized Subsequent to Acquisition				1,282,000
Gross Amount at End of Year - Land				3,623,000
Gross Amount at End of Year - Buildings and Improvements				34,785,000
Gross Amount at End of Year - Total	38,408,000			38,408,000
Accumulated Depreciation	$ (9,894,000)			(9,894,000)
Net Book Value				28,514,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 38,408,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(9,894,000)
Bethesda Marriott Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,656,000
Costs Capitalized Subsequent to Acquisition				1,914,000
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				47,570,000
Gross Amount at End of Year - Total	47,570,000			47,570,000
Accumulated Depreciation	$ (14,265,000)			(14,265,000)
Net Book Value				33,305,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,570,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(14,265,000)
Boston Westin Waterfront
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(201,470,000)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				273,696,000
Costs Capitalized Subsequent to Acquisition				23,019,000
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				296,715,000
Gross Amount at End of Year - Total	296,715,000			296,715,000
Accumulated Depreciation	$ (72,872,000)			(72,872,000)
Net Book Value				223,843,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 296,715,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(72,872,000)
Chicago Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				36,900,000
Initial Cost - Buildings and Improvements				347,921,000
Costs Capitalized Subsequent to Acquisition				58,121,000
Gross Amount at End of Year - Land				36,900,000
Gross Amount at End of Year - Buildings and Improvements				406,042,000
Gross Amount at End of Year - Total	442,942,000			442,942,000
Accumulated Depreciation	$ (99,411,000)			(99,411,000)
Net Book Value				343,531,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 442,942,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(99,411,000)
The Gwen Chicago
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				31,650,000
Initial Cost - Buildings and Improvements				76,961,000
Costs Capitalized Subsequent to Acquisition				7,880,000
Gross Amount at End of Year - Land				31,650,000
Gross Amount at End of Year - Buildings and Improvements				84,841,000
Gross Amount at End of Year - Total	116,491,000			116,491,000
Accumulated Depreciation	$ (20,138,000)			(20,138,000)
Net Book Value				96,353,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 116,491,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(20,138,000)
Courtyard Denver
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,400,000
Initial Cost - Buildings and Improvements				36,180,000
Costs Capitalized Subsequent to Acquisition				1,548,000
Gross Amount at End of Year - Land				9,400,000
Gross Amount at End of Year - Buildings and Improvements				37,728,000
Gross Amount at End of Year - Total	47,128,000			47,128,000
Accumulated Depreciation	$ (5,057,000)			(5,057,000)
Net Book Value				42,071,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,128,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(5,057,000)
Courtyard Manhattan / Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				34,685,000
Costs Capitalized Subsequent to Acquisition				3,999,000
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				38,684,000
Gross Amount at End of Year - Total	38,684,000			38,684,000
Accumulated Depreciation	$ (11,292,000)			(11,292,000)
Net Book Value				27,392,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 38,684,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(11,292,000)
Courtyard Manhattan / Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(85,451,000)
Initial Cost - Land				16,500,000
Initial Cost - Buildings and Improvements				54,812,000
Costs Capitalized Subsequent to Acquisition				4,165,000
Gross Amount at End of Year - Land				16,500,000
Gross Amount at End of Year - Buildings and Improvements				58,977,000
Gross Amount at End of Year - Total	75,477,000			75,477,000
Accumulated Depreciation	$ (17,222,000)			(17,222,000)
Net Book Value				58,255,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 75,477,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(17,222,000)
Frenchman's Reef & Morning Star Marriott Beach
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				17,713,000
Initial Cost - Buildings and Improvements				50,697,000
Costs Capitalized Subsequent to Acquisition				49,494,000
Gross Amount at End of Year - Land				17,713,000
Gross Amount at End of Year - Buildings and Improvements				100,191,000
Gross Amount at End of Year - Total	117,904,000			117,904,000
Accumulated Depreciation	$ (24,039,000)			(24,039,000)
Net Book Value				93,865,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 117,904,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(24,039,000)
Hilton Boston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				23,262,000
Initial Cost - Buildings and Improvements				128,628,000
Costs Capitalized Subsequent to Acquisition				11,794,000
Gross Amount at End of Year - Land				23,262,000
Gross Amount at End of Year - Buildings and Improvements				140,422,000
Gross Amount at End of Year - Total	163,684,000			163,684,000
Accumulated Depreciation	$ (14,961,000)			(14,961,000)
Net Book Value				148,723,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 163,684,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(14,961,000)
Hilton Burlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,197,000
Initial Cost - Buildings and Improvements				40,644,000
Costs Capitalized Subsequent to Acquisition				1,985,000
Gross Amount at End of Year - Land				9,197,000
Gross Amount at End of Year - Buildings and Improvements				42,629,000
Gross Amount at End of Year - Total	51,826,000			51,826,000
Accumulated Depreciation	$ (4,762,000)			(4,762,000)
Net Book Value				47,064,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,826,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(4,762,000)
Hilton Garden Inn New York City/Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				60,300,000
Initial Cost - Buildings and Improvements				88,896,000
Costs Capitalized Subsequent to Acquisition				182,000
Gross Amount at End of Year - Land				60,300,000
Gross Amount at End of Year - Buildings and Improvements				89,078,000
Gross Amount at End of Year - Total	149,378,000			149,378,000
Accumulated Depreciation	$ (5,199,000)			(5,199,000)
Net Book Value				144,179,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,378,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(5,199,000)
Hotel Rex
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				7,856,000
Initial Cost - Buildings and Improvements				21,085,000
Costs Capitalized Subsequent to Acquisition				(54,000)
Gross Amount at End of Year - Land				7,856,000
Gross Amount at End of Year - Buildings and Improvements				21,031,000
Gross Amount at End of Year - Total	28,887,000			28,887,000
Accumulated Depreciation	$ (2,174,000)			(2,174,000)
Net Book Value				26,713,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 28,887,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(2,174,000)
Inn At Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				32,888,000
Initial Cost - Buildings and Improvements				13,371,000
Costs Capitalized Subsequent to Acquisition				225,000
Gross Amount at End of Year - Land				32,888,000
Gross Amount at End of Year - Buildings and Improvements				13,596,000
Gross Amount at End of Year - Total	46,484,000			46,484,000
Accumulated Depreciation	$ (1,000,000)			(1,000,000)
Net Book Value				45,484,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 46,484,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(1,000,000)
JW Marriot Denver at Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(64,579,000)
Initial Cost - Land				9,200,000
Initial Cost - Buildings and Improvements				63,183,000
Costs Capitalized Subsequent to Acquisition				1,445,000
Gross Amount at End of Year - Land				9,200,000
Gross Amount at End of Year - Buildings and Improvements				64,628,000
Gross Amount at End of Year - Total	73,828,000			73,828,000
Accumulated Depreciation	$ (8,996,000)			(8,996,000)
Net Book Value				64,832,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 73,828,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(8,996,000)
Lexington Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(170,368,000)
Initial Cost - Land				92,000,000
Initial Cost - Buildings and Improvements				229,368,000
Costs Capitalized Subsequent to Acquisition				16,532,000
Gross Amount at End of Year - Land				92,000,000
Gross Amount at End of Year - Buildings and Improvements				245,900,000
Gross Amount at End of Year - Total	337,900,000			337,900,000
Accumulated Depreciation	$ (32,904,000)			(32,904,000)
Net Book Value				304,996,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 337,900,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(32,904,000)
Renaissance Charleston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,900,000
Initial Cost - Buildings and Improvements				32,511,000
Costs Capitalized Subsequent to Acquisition				976,000
Gross Amount at End of Year - Land				5,900,000
Gross Amount at End of Year - Buildings and Improvements				33,487,000
Gross Amount at End of Year - Total	39,387,000			39,387,000
Accumulated Depreciation	$ (5,260,000)			(5,260,000)
Net Book Value				34,127,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,387,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(5,260,000)
Renaissance Worthington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(85,000,000)
Initial Cost - Land				15,500,000
Initial Cost - Buildings and Improvements				63,428,000
Costs Capitalized Subsequent to Acquisition				14,021,000
Gross Amount at End of Year - Land				15,500,000
Gross Amount at End of Year - Buildings and Improvements				77,449,000
Gross Amount at End of Year - Total	92,949,000			92,949,000
Accumulated Depreciation	$ (18,982,000)			(18,982,000)
Net Book Value				73,967,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 92,949,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(18,982,000)
Salt Lake City Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(58,331,000)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,815,000
Costs Capitalized Subsequent to Acquisition				4,088,000
Gross Amount at End of Year - Land				855,000
Gross Amount at End of Year - Buildings and Improvements				49,048,000
Gross Amount at End of Year - Total	49,903,000			49,903,000
Accumulated Depreciation	$ (14,445,000)			(14,445,000)
Net Book Value				35,458,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 49,903,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(14,445,000)
Sheraton Suites Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				49,592,000
Initial Cost - Buildings and Improvements				42,958,000
Costs Capitalized Subsequent to Acquisition				148,000
Gross Amount at End of Year - Land				49,592,000
Gross Amount at End of Year - Buildings and Improvements				43,106,000
Gross Amount at End of Year - Total	92,698,000			92,698,000
Accumulated Depreciation	$ (1,694,000)			(1,694,000)
Net Book Value				91,004,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 92,698,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(1,694,000)
Shorebreak Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				19,908,000
Initial Cost - Buildings and Improvements				37,525,000
Costs Capitalized Subsequent to Acquisition				691,000
Gross Amount at End of Year - Land				19,908,000
Gross Amount at End of Year - Buildings and Improvements				38,216,000
Gross Amount at End of Year - Total	58,124,000			58,124,000
Accumulated Depreciation	$ (1,819,000)			(1,819,000)
Net Book Value				56,305,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 58,124,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(1,819,000)
The Lodge at Sonoma, a Renaissance Resort and Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(28,896,000)
Initial Cost - Land				3,951,000
Initial Cost - Buildings and Improvements				22,720,000
Costs Capitalized Subsequent to Acquisition				1,164,000
Gross Amount at End of Year - Land				3,951,000
Gross Amount at End of Year - Buildings and Improvements				23,884,000
Gross Amount at End of Year - Total	27,835,000			27,835,000
Accumulated Depreciation	$ (10,033,000)			(10,033,000)
Net Book Value				17,802,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 27,835,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(10,033,000)
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				54,293,000
Initial Cost - Buildings and Improvements				83,227,000
Costs Capitalized Subsequent to Acquisition				1,435,000
Gross Amount at End of Year - Land				54,293,000
Gross Amount at End of Year - Buildings and Improvements				84,662,000
Gross Amount at End of Year - Total	138,955,000			138,955,000
Accumulated Depreciation	$ (4,401,000)			(4,401,000)
Net Book Value				134,554,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 138,955,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(4,401,000)
Westin San Diego
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(66,276,000)
Initial Cost - Land				22,902,000
Initial Cost - Buildings and Improvements				95,617,000
Costs Capitalized Subsequent to Acquisition				6,935,000
Gross Amount at End of Year - Land				22,902,000
Gross Amount at End of Year - Buildings and Improvements				102,552,000
Gross Amount at End of Year - Total	125,454,000			125,454,000
Accumulated Depreciation	$ (11,167,000)			(11,167,000)
Net Book Value				114,287,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 125,454,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(11,167,000)
Westin Washington, D.C. City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(66,848,000)
Initial Cost - Land				24,579,000
Initial Cost - Buildings and Improvements				122,229,000
Costs Capitalized Subsequent to Acquisition				10,484,000
Gross Amount at End of Year - Land				24,579,000
Gross Amount at End of Year - Buildings and Improvements				132,713,000
Gross Amount at End of Year - Total	157,292,000			157,292,000
Accumulated Depreciation	$ (14,286,000)			(14,286,000)
Net Book Value				143,006,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 157,292,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	(14,286,000)
Vail Marriott Mountain Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,800,000
Initial Cost - Buildings and Improvements				52,463,000
Costs Capitalized Subsequent to Acquisition				3,468,000
Gross Amount at End of Year - Land				5,800,000
Gross Amount at End of Year - Buildings and Improvements				55,931,000
Gross Amount at End of Year - Total	61,731,000			61,731,000
Accumulated Depreciation	$ (15,679,000)			(15,679,000)
Net Book Value				$ 46,052,000
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 61,731,000
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	$ (15,679,000)