DiamondRock Hospitality (DRH) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
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-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		200,266,132

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Property and equipment, net	$ 2,753,516	$ 2,646,676
Restricted cash	48,754	46,069
Due from hotel managers	91,859	77,928
Favorable lease assets, net	26,508	18,013
Prepaid and other assets	35,682	37,682
Cash and cash equivalents	112,429	243,095
Total assets	3,068,748	3,069,463
Liabilities:
Mortgage debt, net of unamortized debt issuance costs	818,600	821,167
Term loan, net of unamortized debt issuance costs	99,409	99,372
Senior unsecured credit facility	0	0
Total debt	918,009	920,539
Deferred income related to key money, net	19,359	20,067
Unfavorable contract liabilities, net	72,168	72,646
Deferred ground rent	81,990	80,509
Due to hotel managers	72,738	58,294
Dividends declared and unpaid	25,464	25,567
Accounts payable and accrued expenses	57,723	55,054
Total liabilities	1,247,451	1,232,676
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; 200,266,132 and 200,200,902 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	2,003	2,002
Additional paid-in capital	2,056,255	2,055,365
Accumulated deficit	(236,961)	(220,580)
Total stockholders’ equity	1,821,297	1,836,787
Total liabilities and stockholders’ equity	$ 3,068,748	$ 3,069,463

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	200,266,132	200,200,902
Common stock, shares outstanding	200,266,132	200,200,902

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rooms	$ 137,832	$ 149,443
Food and beverage	44,778	50,374
Other	13,600	13,217
Total revenues	196,210	213,034
Operating Expenses:
Rooms	36,901	38,714
Food and beverage	29,466	33,350
Management fees	6,012	6,609
Other hotel expenses	71,659	78,929
Depreciation and amortization	24,363	25,121
Hotel acquisition costs	2,251	0
Corporate expenses	6,262	6,000
Total operating expenses, net	176,914	188,723
Operating profit	19,296	24,311
Interest and other income, net	(359)	(50)
Interest expense	9,513	11,664
Total other expenses, net	9,154	11,614
Income before income taxes	10,142	12,697
Income tax (expense) benefit	(1,255)	4,081
Net income	$ 8,887	$ 16,778
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.08

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 8,887	$ 16,778
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,363	25,121
Corporate asset depreciation as corporate expenses	16	17
Non-cash ground rent	1,550	1,334
Amortization of debt issuance costs	542	588
Amortization of favorable and unfavorable contracts, net	(478)	(478)
Amortization of deferred income related to key money	(709)	(717)
Stock-based compensation	1,322	1,373
Changes in assets and liabilities:
Prepaid expenses and other assets	1,849	797
Restricted cash	(2,917)	(1,371)
Due to/from hotel managers	(8,314)	(5,322)
Accounts payable and accrued expenses	(4,204)	(8,443)
Net cash provided by operating activities	21,907	29,677
Cash flows from investing activities:
Hotel capital expenditures	(35,807)	(27,410)
Hotel acquisitions	(93,795)	0
Change in restricted cash	5,753	3,713
Net cash used in investing activities	(123,849)	(23,697)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(2,921)	(2,916)
Repayments of mortgage debt	0	(201,713)
Draws on senior unsecured credit facility	0	60,000
Payment of cash dividends	(25,274)	(25,347)
Repurchase of common stock	(529)	(685)
Net cash used in financing activities	(28,724)	(170,661)
Net decrease in cash and cash equivalents	(130,666)	(164,681)
Cash and cash equivalents, beginning of period	243,095	213,584
Cash and cash equivalents, end of period	112,429	48,903
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	9,345	11,228
Cash paid for income taxes	398	359
Non-cash Investing and Financing Activities:
Unpaid dividends	$ 25,464	$ 25,489

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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. or Hilton Worldwide). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of March 31, 2017 , we owned 28 hotels with 9,630 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts ( 2 ); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois ( 2 ); Denver, Colorado ( 2 ); Fort Lauderdale, 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; Sedona, Arizona ( 2 ); 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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in our Annual Report on Form 10-K filed on February 27, 2017 . In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2017 , and the results of our operations and cash flows for the three months ended March 31, 2017 and 2016 . Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the 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. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. 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 are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. 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. 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 equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. The vesting of the awards issued to officers and employees is based on either continued employment (time-based) or based on continued employment and the relative total shareholder returns of the Company or improvement in market share of the Company's hotels (performance-based). The cost of time-based awards and performance-based awards is recognized over the period during which an employee is required to provide service in exchange for the award, adjusted for forfeitures. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "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 primary 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, and the L'Auberge de Sedona and Orchards Inn, which are each leased to a wholly owned subsidiary of a separate TRS. We had no accruals for tax uncertainties as of March 31, 2017 and December 31, 2016 . Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. 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. Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“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 a 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 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, we do not expect the standard to significantly impact the recognition of or accounting for real estate sales to third parties, since we primarily dispose of real estate in exchange for cash with few contingencies.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of March 31, 2017 and December 31, 2016 consists of the following (in thousands): March 31, 2017 December 31, 2016 Land $ 602,857 $ 553,769 Land improvements 7,994 7,994 Buildings and site improvements 2,415,647 2,355,871 Furniture, fixtures and equipment 475,163 428,991 Construction in progress 11,437 35,253 3,513,098 3,381,878 Less: accumulated depreciation (759,582 ) (735,202 ) $ 2,753,516 $ 2,646,676 As of March 31, 2017 and December 31, 2016 , we had accrued capital expenditures of $17.6 million and $10.8 million , respectively.

Favorable Lease Assets

Favorable Lease Assets	3 Months Ended
	Mar. 31, 2017
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 leases. Our favorable lease assets, net of accumulated amortization of $2.4 million and $2.3 million as of March 31, 2017 and December 31, 2016 , respectively, consist of the following (in thousands): March 31, 2017 December 31, 2016 Westin Boston Waterfront Hotel Ground Lease $ 17,805 $ 17,859 Orchards Inn Sedona Annex Sublease 8,557 — Lexington Hotel New York Tenant Leases 146 154 $ 26,508 $ 18,013 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. We recorded $0.1 million of amortization expense for each of the three months ended March 31, 2017 and 2016 . In connection with our acquisition of the Orchards Inn Sedona on February 28, 2017, we recorded a $8.6 million favorable lease asset. We determined the value using a discounted cash flow of the favorable difference between the contractual lease payments and estimated market rents. The market rents were estimated by a third-party valuation firm and the discount rate was estimated using a risk adjusted rate of return. See Note 9 for further discussion of this favorable lease asset. We believe all material adjustments necessary to reflect the effects of the Orchards Inn Sedona acquisition have been made; however, the amounts recorded are based on a preliminary estimate of the fair value of the assets acquired, including the favorable lease asset, and the liabilities assumed. We will finalize the recorded amounts upon the completion of our valuation analysis of the assets acquired and liabilities assumed.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2017
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 of our common stock during 2017 and there is $128.3 million remaining under the ATM program. Our board of directors has approved a share repurchase program authorizing us to repurchase up to $150 million in shares of our common stock. Repurchases under this program are 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 depends on a variety of factors including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. We have not repurchased any shares of our common stock during 2017 and we have $143.5 million of capacity remaining under our share repurchase program. Dividends We have paid the following dividends to holders of our common stock during 2017 as follows: Payment Date Record Date Dividend per Share January 12, 2017 December 30, 2016 $ 0.125 April 12, 2017 March 31, 2017 $ 0.125 Preferred Shares We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of March 31, 2017 and December 31, 2016 , there were no shares of preferred stock outstanding. Operating Partnership Units Holders of operating partnership units have certain redemption rights, which would enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one -for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of March 31, 2017 and December 31, 2016 , there were no operating partnership units held by unaffiliated third parties.

Stock Incentive Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plans	Stock Incentive Plans We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the "2016 Plan"), of which we have issued or committed to issue 385,033 shares as of March 31, 2017 . 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. The 2016 Plan 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. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally vest over a three -year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. A summary of our restricted stock awards from January 1, 2017 to March 31, 2017 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2017 567,540 $ 10.62 Granted 317,186 11.20 Vested (244,411 ) 11.29 Forfeited (8,377 ) 10.74 Unvested balance at March 31, 2017 631,938 $ 10.65 The remaining share awards are expected to vest as follows: 288,307 shares during 2018 , 228,169 shares during 2019 , and 115,462 during 2020. As of March 31, 2017 , the unrecognized compensation cost related to restricted stock awards was $6.5 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 28 months. We recorded $0.7 million and $0.8 million , respectively, of compensation expense related to restricted stock awards for the three months ended March 31, 2017 and 2016 . 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 30 th 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 75 th percentile of the total stockholder returns of the peer group. For the 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. For the PSUs issued in 2017 and vesting in 2020, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three -year performance period applies to 50% of the number of PSUs to be earned in the performance period. The remaining 50% 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. On February 27, 2017, our board of directors granted 266,009 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $10.89 using the assumptions of volatility of 26.7% and a risk-free rate of 1.46% . The grant date fair value of the portion of the PSUs based on hotel market share was $11.20 , the closing stock price of our common stock on such date. A summary of our PSUs from January 1, 2017 to March 31, 2017 is as follows: Number of Target Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2017 686,684 $ 10.65 Granted 266,009 11.04 Additional units from dividends 7,610 11.28 Vested (1) (200,374 ) 12.15 Unvested balance at March 31, 2017 759,929 $ 10.39 ______________________ (1) There was no payout of shares of our common stock for PSUs that vested on February 27, 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. The remaining target units are expected to vest as follows: 209,069 units during 2018 , 284,851 units during 2019 and 266,009 units during 2020 . The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of March 31, 2017 , the unrecognized compensation cost related to the PSUs was $5.0 million and is expected to be recognized on a straight-line basis over a weighted average period of 28 months. We recorded $0.6 million of compensation expense related to the PSUs for each of the three months ended March 31, 2017 and 2016 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities. The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2017 2016 Numerator: Net income $ 8,887 $ 16,778 Denominator: Weighted-average number of common shares outstanding—basic 200,654,092 200,992,875 Effect of dilutive securities: Unvested restricted common stock 236,081 174,165 Shares related to unvested PSUs 947,409 428,421 Weighted-average number of common shares outstanding—diluted 201,837,582 201,595,461 Earnings per share: Basic earnings per share $ 0.04 $ 0.08 Diluted earnings per share $ 0.04 $ 0.08 We did not include unexercised stock appreciation rights of 20,770 for the three months ended March 31, 2017 as they would be anti-dilutive.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth information regarding the Company’s debt as of March 31, 2017 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017 (2) Salt Lake City Marriott Downtown 57,926 4.25% November 2020 Westin Washington D.C. City Center 66,343 3.99% January 2023 The Lodge at Sonoma, a Renaissance Resort & Spa 28,739 3.96% April 2023 Westin San Diego 65,918 3.94% April 2023 Courtyard Manhattan / Midtown East 85,098 4.40% August 2024 Renaissance Worthington 85,000 3.66% May 2025 JW Marriott Denver at Cherry Creek 64,308 4.33% July 2025 Boston Westin 200,598 4.36% November 2025 Unamortized debt issuance costs (5,698 ) Total mortgage debt, net of unamortized debt issuance costs 818,600 Unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Unamortized debt issuance costs (591 ) Unsecured term loan, net of unamortized debt issuance costs 99,409 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Total debt, net of unamortized debt issuance costs $ 918,009 Weighted-Average Interest Rate 3.80% _______________________ (1) The interest rate as of March 31, 2017 was 3.04% . (2) The loan was repaid in full on April 26, 2017. (3) The interest rate as of March 31, 2017 was 2.27% . (4) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. Mortgage Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of March 31, 2017 , nine of our 28 hotels were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. During 2016, the cash trap provision was triggered on the mortgage loan secured by the Lexington Hotel New York. As of March 31, 2017 , we were in compliance with the financial covenants of our mortgage debt. On April 26, 2017, we repaid the mortgage loan secured by the Lexington Hotel New York with proceeds from a new unsecured term loan, which is discussed further below. Senior Unsecured Credit Facility We are party to a senior unsecured credit facility with a capacity of $300 million . The maturity date is May 2020 and may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain 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 leverage ratio, 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 were required to pay an amount equal to 0.20% of the unused portion of the facility if the average usage of the facility was greater than 50% or 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 March 31, 2017 Maximum leverage ratio (1) 60% 25.2% Minimum fixed charge coverage ratio (2) 1.50x 4.65x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 26.8% _____________________________ (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. As of March 31, 2017 , we had no borrowings outstanding under the facility and the Company's leverage ratio was 25.2% . Accordingly, interest on our borrowings under the facility, if any, will be based on LIBOR plus 150 basis points for the following quarter. We incurred interest and unused credit facility fees on the facility of $0.3 million and $0.5 million for the three months ended March 31, 2017 and 2016 , respectively. Unsecured Term Loans We are party to a five -year $100 million 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 consistent with the covenants on our senior unsecured credit facility, which are described above. The applicable margin is based upon 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 March 31, 2017, the Company's leverage ratio was 25.2% . 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 facility of $0.6 million for the three months ended March 31, 2017 . No interest was incurred for the three months ended March 31, 2016 as we did not close on the term loan until May 3, 2016 . On April 26, 2017, we closed on a new five -year $200 million unsecured term loan. The interest rate on the new term loan is based on the same pricing grid as the $100 million term loan. The financial covenants of the term loan are consistent with the covenants on our senior unsecured credit facility, which are described above. A portion of the proceeds from the new term loan was used to repay the $170.4 million mortgage loan secured by the Lexington Hotel New York.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 28, 2017, we acquired the 88 -room L'Auberge de Sedona and the 70 -room Orchards Inn Sedona, each located in Sedona, Arizona, for a total contractual purchase price of $ 97 million . The acquisition was funded with corporate cash. The hotels are managed by IMH Financial Corporation pursuant to a new management agreement with an initial term of five years, which is terminable at our discretion beginning December 31, 2017 . The management agreement provides for a base management fee of 2.45% of gross revenues in 2017, 2.70% of gross revenues in 2018, and 3.0% of gross revenues in 2019 and through the end of the term. The management agreement also provides for an incentive management fee of 12% of hotel operating profit above an owner's priority determined in accordance with the terms of the management agreement in 2017, increasing to 15% by 2020. We sublease the buildings and underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. We reviewed the terms of the annex sublease in conjunction with the hotel acquisition accounting and concluded that the terms are favorable to us compared with a typical current market lease. As a result, we recorded a $8.6 million favorable lease asset that will be amortized through 2070. We believe all material adjustments necessary to reflect the effects of the acquisitions have been made; however, the amounts recorded are based on a preliminary estimate of the fair value of the assets acquired and the liabilities assumed. We will finalize the recorded amounts upon the completion of our valuation analysis of the assets acquired and liabilities assumed, not to exceed one year from the date of acquisition. The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands): L'Auberge de Sedona Orchards Inn Sedona Land $ 39,484 $ 9,604 Building and improvements 22,329 10,883 Furnitures, fixtures and equipment 4,387 1,956 Total fixed assets 66,200 22,443 Favorable lease asset — 8,557 Other assets and liabilities, net (2,946 ) (459 ) Total $ 63,254 $ 30,541 Acquired properties are included in our results of operations from the date of acquisition. The following unaudited pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels were acquired on January 1, 2016. The comparable information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results. Three Months Ended March 31, 2017 2016 Revenues $ 199,632 $ 218,399 Net income $ 8,613 $ 16,811 Earnings per share: Basic earnings per share $ 0.04 $ 0.08 Diluted earnings per share $ 0.04 $ 0.08 For the three months ended March 31, 2017, our condensed consolidated statements of operations include $3.4 million of revenues and $0.9 million of net income related to the operations of the L'Auberge de Sedona and Orchards Inn Sedona.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of certain financial assets and liabilities and other financial instruments as of March 31, 2017 and December 31, 2016 , in thousands, is as follows: March 31, 2017 December 31, 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 918,009 $ 920,018 $ 920,539 $ 906,156 _______________ (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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 continued to improve, the franchisor previously 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. 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.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in our Annual Report on Form 10-K filed on February 27, 2017 . In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2017 , and the results of our operations and cash flows for the three months ended March 31, 2017 and 2016 . Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the 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. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership.
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 are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
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.
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 equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.
Stock-based Compensation	Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. The vesting of the awards issued to officers and employees is based on either continued employment (time-based) or based on continued employment and the relative total shareholder returns of the Company or improvement in market share of the Company's hotels (performance-based). The cost of time-based awards and performance-based awards is recognized over the period during which an employee is required to provide service in exchange for the award, adjusted for forfeitures.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "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 primary 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, and the L'Auberge de Sedona and Orchards Inn, which are each leased to a wholly owned subsidiary of a separate TRS.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
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.
Recent Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“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 a 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 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, we do not expect the standard to significantly impact the recognition of or accounting for real estate sales to third parties, since we primarily dispose of real estate in exchange for cash with few contingencies.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment as of March 31, 2017 and December 31, 2016 consists of the following (in thousands): March 31, 2017 December 31, 2016 Land $ 602,857 $ 553,769 Land improvements 7,994 7,994 Buildings and site improvements 2,415,647 2,355,871 Furniture, fixtures and equipment 475,163 428,991 Construction in progress 11,437 35,253 3,513,098 3,381,878 Less: accumulated depreciation (759,582 ) (735,202 ) $ 2,753,516 $ 2,646,676

Favorable Lease Assets (Tables)

Favorable Lease Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets by Major Class	Our favorable lease assets, net of accumulated amortization of $2.4 million and $2.3 million as of March 31, 2017 and December 31, 2016 , respectively, consist of the following (in thousands): March 31, 2017 December 31, 2016 Westin Boston Waterfront Hotel Ground Lease $ 17,805 $ 17,859 Orchards Inn Sedona Annex Sublease 8,557 — Lexington Hotel New York Tenant Leases 146 154 $ 26,508 $ 18,013

Capital Stock (Tables)

Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Dividends Payable	We have paid the following dividends to holders of our common stock during 2017 as follows: Payment Date Record Date Dividend per Share January 12, 2017 December 30, 2016 $ 0.125 April 12, 2017 March 31, 2017 $ 0.125

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Awards	A summary of our restricted stock awards from January 1, 2017 to March 31, 2017 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2017 567,540 $ 10.62 Granted 317,186 11.20 Vested (244,411 ) 11.29 Forfeited (8,377 ) 10.74 Unvested balance at March 31, 2017 631,938 $ 10.65
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2017 to March 31, 2017 is as follows: Number of Target Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2017 686,684 $ 10.65 Granted 266,009 11.04 Additional units from dividends 7,610 11.28 Vested (1) (200,374 ) 12.15 Unvested balance at March 31, 2017 759,929 $ 10.39 ______________________ (1) There was no payout of shares of our common stock for PSUs that vested on February 27, 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of earnings (loss) per share, basic and diluted	The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2017 2016 Numerator: Net income $ 8,887 $ 16,778 Denominator: Weighted-average number of common shares outstanding—basic 200,654,092 200,992,875 Effect of dilutive securities: Unvested restricted common stock 236,081 174,165 Shares related to unvested PSUs 947,409 428,421 Weighted-average number of common shares outstanding—diluted 201,837,582 201,595,461 Earnings per share: Basic earnings per share $ 0.04 $ 0.08 Diluted earnings per share $ 0.04 $ 0.08

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of long term debt	The following table sets forth information regarding the Company’s debt as of March 31, 2017 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017 (2) Salt Lake City Marriott Downtown 57,926 4.25% November 2020 Westin Washington D.C. City Center 66,343 3.99% January 2023 The Lodge at Sonoma, a Renaissance Resort & Spa 28,739 3.96% April 2023 Westin San Diego 65,918 3.94% April 2023 Courtyard Manhattan / Midtown East 85,098 4.40% August 2024 Renaissance Worthington 85,000 3.66% May 2025 JW Marriott Denver at Cherry Creek 64,308 4.33% July 2025 Boston Westin 200,598 4.36% November 2025 Unamortized debt issuance costs (5,698 ) Total mortgage debt, net of unamortized debt issuance costs 818,600 Unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Unamortized debt issuance costs (591 ) Unsecured term loan, net of unamortized debt issuance costs 99,409 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Total debt, net of unamortized debt issuance costs $ 918,009 Weighted-Average Interest Rate 3.80% _______________________ (1) The interest rate as of March 31, 2017 was 3.04% . (2) The loan was repaid in full on April 26, 2017. (3) The interest rate as of March 31, 2017 was 2.27% . (4) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA	The applicable margin is based upon the Company’s 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 leverage ratio, 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 March 31, 2017 Maximum leverage ratio (1) 60% 25.2% Minimum fixed charge coverage ratio (2) 1.50x 4.65x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 26.8% _____________________________ (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.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Acquired Assets and Liabilities	The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands): L'Auberge de Sedona Orchards Inn Sedona Land $ 39,484 $ 9,604 Building and improvements 22,329 10,883 Furnitures, fixtures and equipment 4,387 1,956 Total fixed assets 66,200 22,443 Favorable lease asset — 8,557 Other assets and liabilities, net (2,946 ) (459 ) Total $ 63,254 $ 30,541
Pro Forma Operating Information	The following unaudited pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels were acquired on January 1, 2016. The comparable information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results. Three Months Ended March 31, 2017 2016 Revenues $ 199,632 $ 218,399 Net income $ 8,613 $ 16,811 Earnings per share: Basic earnings per share $ 0.04 $ 0.08 Diluted earnings per share $ 0.04 $ 0.08

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair value of certain financial assets and liabilities and other financial instruments	The fair value of certain financial assets and liabilities and other financial instruments as of March 31, 2017 and December 31, 2016 , in thousands, is as follows: March 31, 2017 December 31, 2016 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 918,009 $ 920,018 $ 920,539 $ 906,156 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.

Organization - Narrative (Detai

Organization - Narrative (Details)	Mar. 31, 2017Hotelroom
Real Estate Properties [Line Items]
Number of hotels (in hotels)	28
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	9,630
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
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
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 Accoun27

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accrual for tax uncertainties	$ 0	$ 0
Minimum | Buildings, Land Improvements, and Building Improvements [Member]
Useful life	15 years
Minimum | Furniture, fixtures and equipment
Useful life	1 year
Maximum | Buildings, Land Improvements, and Building Improvements [Member]
Useful life	40 years
Maximum | Furniture, fixtures and equipment
Useful life	10 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property and Equipment
Property and equipment, at cost	$ 3,513,098	$ 3,381,878
Less: accumulated depreciation	(759,582)	(735,202)
Property and equipment, net	2,753,516	2,646,676
Accrued capital expenditures	17,600	10,800
Land
Property and Equipment
Property and equipment, at cost	602,857	553,769
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, at cost	2,415,647	2,355,871
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	475,163	428,991
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 11,437	$ 35,253

Favorable Lease Assets - Narrat

Favorable Lease Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Finite-lived intangible assets, amortization expense	$ 0.1	$ 0.1
Off-Market Favorable Lease
Business Acquisition [Line Items]
Accumulated amortization	2.4		$ 2.3
Orchards Inn | Off-Market Favorable Lease
Business Acquisition [Line Items]
Carrying amount of the lease right	$ 8.6

Favorable Lease Assets - Schedu

Favorable Lease Assets - Schedule of Finite-Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease assets, net	$ 26,508	$ 18,013
Above Market Leases Ground | Boston Westin Waterfront
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	17,805	17,859
Above Market Leases Ground | Orchards Inn
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	8,557	0
Above Market Leases Ground | Lexington Hotel New York
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	$ 146	$ 154

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details)	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	May 05, 2017USD ($)	Dec. 31, 2016$ / sharesshares	Nov. 30, 2015USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (up to) | shares	400,000,000		400,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred stock, shares authorized (up to) | 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
Common stock partnership units option redemption ratio	1
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) | $	$ 200,000,000
Remaining amount under ATM program | $	$ 128,300,000
Value amount of shares authorized to be repurchased (up to) | $				$ 150,000,000
Unaffiliated Third Parties
Class of Stock [Line Items]
Operating partnerships units held (in shares) | shares	0		0
Subsequent Event
Class of Stock [Line Items]
Remaining capacity | $		$ 143,500,000

Capital Stock - Schedule of Div

Capital Stock - Schedule of Dividends Payable (Details) - $ / shares	Apr. 12, 2017	Jan. 12, 2017
Dividends Payable [Line Items]
Dividends per Share (in dollars per share)		$ 0.1250
Subsequent Event
Dividends Payable [Line Items]
Dividends per Share (in dollars per share)	$ 0.1250

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 27, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)		3 years
Percentage of target award of maximum possible payout to executives		150.00%
Fair value at grant date based on hotel market share (in dollars per share)	$ 11.20
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Awards expected to vest in 2018 (in shares)		288,307
Awards expected to vest in 2019 (in shares)		228,169
Awards expected to vest in 2020 (in shares)		115,462
Awards expected to vest (in shares)		631,938		567,540
Unrecognized compensation cost		$ 6.5
Unrecognized compensation expense related to compensation awards, period for recognition (in months)		28 months
Compensation expense		$ 0.7	$ 0.8
Number of shares, granted		317,186
Weighted-average grant date fair value, Granted (in dollars per share)		$ 11.20
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Awards expected to vest in 2018 (in shares)		209,069
Awards expected to vest in 2019 (in shares)		284,851
Awards expected to vest in 2020 (in shares)		266,009
Awards expected to vest (in shares)		759,929		686,684
Unrecognized compensation cost		$ 5
Unrecognized compensation expense related to compensation awards, period for recognition (in months)		28 months
Compensation expense		$ 0.6	$ 0.6
Percentage of total stockholder return for payout of shares		30.00%
Number of shares, granted	266,009	266,009
Fair value at grant date (in dollars per share)	$ 10.89
Volatility	26.70%
Risk-free rate	1.46%
Weighted-average grant date fair value, Granted (in dollars per share)		$ 11.04
Performance Stock Units | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares		75.00%
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		385,033
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to)		6,082,664
Issued In 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)		3 years
Issued In 2016 | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Percentage of payout based on improving market share		25.00%
Issued In 2016 | Performance Stock Units | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares		75.00%
Issued In 2017 | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Percentage of payout based on improving market share		50.00%
Issued In 2017 | Performance Stock Units | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares		50.00%

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Awards Activity (Details) - $ / shares	Feb. 27, 2017	Mar. 31, 2017
Restricted Stock
Number of Shares
Number of shares, Beginning Balance		567,540
Number of shares, Granted		317,186
Number of shares, Vested		(244,411)
Number of shares, Forfeited		(8,377)
Number of shares, Ending Balance		631,938
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)		$ 10.62
Weighted-average grant date fair value, Granted (in dollars per share)		11.20
Weighted-average grant date fair value, Vested (in dollars per share)		11.29
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
Performance Stock Units
Number of Shares
Number of shares, Beginning Balance		686,684
Number of shares, Granted	266,009	266,009
Number of shares, Additional units from dividends		7,610
Number of shares, Vested		(200,374)
Number of shares, Ending Balance		759,929
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)		$ 10.65
Weighted-average grant date fair value, Granted (in dollars per share)		11.04
Weighted-average grant date fair value, Additional units from dividends (in dollars per share)		11.28
Weighted-average grant date fair value, Vested (in dollars per share)		12.15
Weighted-average grant date fair value, Ending balance (in dollars per share)		$ 10.39

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 8,887	$ 16,778
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	200,654,092	200,992,875
Weighted-average number of common shares outstanding—diluted (in shares)	201,837,582	201,595,461
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.08
Stock Appreciation Rights (SARs)
Earnings per share:
Antidilutive securities excluded from calculation (in shares)	20,770
Unvested restricted common stock
Denominator:
Unvested Stock/SARs/MSUs (in shares)	236,081	174,165
Shares related to unvested PSUs
Denominator:
Unvested Stock/SARs/MSUs (in shares)	947,409	428,421

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total mortgage debt, net of unamortized debt issuance costs	$ 818,600,000	$ 821,167,000
Senior unsecured credit facility	0	0
Total debt	$ 918,009,000	$ 920,539,000
Weighted-average interest rate (as a percent)	3.80%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (5,698,000)
Total mortgage debt, net of unamortized debt issuance costs	818,600,000
Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance	100,000,000
Unamortized debt issuance costs	(591,000)
Total debt	99,409,000
Unsecured credit facility
Debt Instrument [Line Items]
Senior unsecured credit facility	$ 0
Line of credit, variable rate basis description	LIBOR + 1.50%
Unsecured credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Lexington Hotel New York | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 170,368,000
Debt, variable rate basis description	LIBOR + 2.25% (1)
Interest rate	3.04%
Lexington Hotel New York | Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Marriott Salt Lake City Downtown | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 57,926,000
Interest rate, stated percentage	4.25%
Westin Washington, D.C. City Center | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 66,343,000
Interest rate, stated percentage	3.99%
The Lodge at Sonoma, a Renaissance Resort and Spa | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 28,739,000
Interest rate, stated percentage	3.96%
Westin San Diego | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 65,918,000
Interest rate, stated percentage	3.94%
Courtyard Manhattan / Midtown East | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 85,098,000
Interest rate, stated percentage	4.40%
Renaissance Worthington | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 85,000,000
Interest rate, stated percentage	3.6625%
JW Marriott Denver at Cherry Creek | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 64,308,000
Interest rate, stated percentage	4.33%
Boston Westin Waterfront | Mortgages
Debt Instrument [Line Items]
Principal balance	$ 200,598,000
Interest rate, stated percentage	4.36%
Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate	2.27%
Line of credit, variable rate basis description	LIBOR + 1.45% (3)
Unsecured Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details)	Mar. 31, 2017Hotel
Debt Disclosure [Abstract]
Number of hotel properties secured by mortgage debt (in hotels)	9
Number of hotels (in hotels)	28

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)	50.00%
Net proceeds from future equity issuances (as a percent)	75.00%
Senior unsecured credit facility	$ 0		$ 0
Unsecured credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Increase in credit facility	600,000,000
Senior unsecured credit facility	0
Interest and unused credit facility fees	$ 300,000	$ 500,000
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)	0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)	0.30%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.252
Minimum fixed charge coverage ratio	4.65
Minimum tangible net worth	$ 2,550,000,000
Secured recourse indebtedness ratio	26.80%
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.60
Minimum fixed charge coverage ratio	1.5
Minimum tangible net worth	$ 1,913,306,000
Secured recourse indebtedness ratio	45.00%
LIBOR | Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
LIBOR | Minimum | Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
LIBOR | Maximum | Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%

Debt - Unsecured Term Loan (Det

Debt - Unsecured Term Loan (Details)	Apr. 26, 2017USD ($)	Mar. 31, 2017USD ($)
Unsecured Term Loan | Minimum | Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.35
Unsecured Term Loan | Minimum | Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.45
Unsecured Term Loan | Minimum | Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.5
Unsecured Term Loan | Minimum | Greater than 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.55
Unsecured Term Loan | Maximum | Less than or equal to 35%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.35
Unsecured Term Loan | Maximum | Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.45
Unsecured Term Loan | Maximum | Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.5
Unsecured Term Loan | Maximum | Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.55
Unsecured Term Loan | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Interest incurred on the facility		$ 600,000
Unsecured Term Loan | LIBOR | Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Unsecured Term Loan | LIBOR | Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.60%
Unsecured Term Loan | LIBOR | Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Unsecured Term Loan | LIBOR | Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.95%
Unsecured Term Loan | LIBOR | Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.20%
Line Of Credit Facility Covenant Actual Results
Line Of Credit Facility Leverage Range [Line Items]
Maximum leverage ratio (as a percent)		0.252
Unsecured credit facility | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.50%
Unsecured credit facility | LIBOR | Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.50%
Unsecured credit facility | LIBOR | Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.65%
Unsecured credit facility | LIBOR | Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.80%
Unsecured credit facility | LIBOR | Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.00%
Unsecured credit facility | LIBOR | Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.25%
Unsecured credit facility | LIBOR | Minimum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Unsecured credit facility | LIBOR | Maximum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.75%
Medium-term Notes | Unsecured Term Loan
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)		5 years
Medium-term Notes | Unsecured Term Loan | LIBOR | Minimum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Medium-term Notes | Unsecured Term Loan | LIBOR | Maximum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.20%
Medium-term Notes | Unsecured Term Loan, 2017
Line Of Credit Facility Leverage Range [Line Items]
Outstanding principal balance		$ 100,000,000
Subsequent Event | Medium-term Notes | Unsecured Term Loan, 2017
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance	$ 200,000,000
Lexington Hotel New York | Mortgages | LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.25%
Lexington Hotel New York | Subsequent Event | Mortgages
Line Of Credit Facility Leverage Range [Line Items]
Extinguishment of debt, amount	$ 170,400,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Feb. 27, 2017USD ($)room	Mar. 31, 2017USD ($)room
L'Auberge de Sedona
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room	88
Orchards Inn
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) | room	70
Number of hotel rooms subleased | room		28
Number of hotel rooms | room		70
L'Auberge de Sedona & Orchards Inn
Business Acquisition [Line Items]
Purchase price | $	$ 97
Management agreement	5 years
Base management fee percentage of gross revenues in year one	2.45%
Base management fee percentage of gross revenues in year two	2.70%
Base management fee percentage of gross revenues in year three	3.00%
Base incentive management fee percentage for gross revenues	12.00%
Incentive management fee percentage for gross revenues	15.00%
Revenue related to acquisitions | $		$ 3.4
Net income related to acquisitions | $		0.9
Off-Market Favorable Lease | Orchards Inn
Business Acquisition [Line Items]
Carrying amount of the lease right | $		$ 8.6

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) $ in Thousands	Feb. 27, 2017USD ($)
L'Auberge de Sedona
Business Acquisition [Line Items]
Land	$ 39,484
Building and improvements	22,329
Furnitures, fixtures and equipment	4,387
Total fixed assets	66,200
Favorable lease asset	0
Other assets and liabilities, net	(2,946)
Total	63,254
Orchards Inn
Business Acquisition [Line Items]
Land	9,604
Building and improvements	10,883
Furnitures, fixtures and equipment	1,956
Total fixed assets	22,443
Favorable lease asset	8,557
Other assets and liabilities, net	(459)
Total	$ 30,541

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Combinations [Abstract]
Revenues	$ 199,632	$ 218,399
Net income	$ 8,613	$ 16,811
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.08

Fair Value of Financial Instr43

Fair Value of Financial Instruments - Fair Value of Certain Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of debt	$ 918,009	$ 920,539
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of debt	918,009	920,539
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 920,018	$ 906,156