Carey Watermark Investors 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'
Current Fiscal Year End Date	'--12-31	'
Entity Central Index Key	'0001430259	'
Entity Current Reporting Status	'Yes	'
Entity Registrant Name	'Carey Watermark Investors Inc	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	74,678,791

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in real estate:	'	'
Hotels, at cost	$874,862	$871,682
Accumulated depreciation	-27,094	-18,397
Net investments in hotels	847,768	853,285
Equity investments in real estate	14,891	14,915
Net investments in real estate	862,659	868,200
Cash	106,857	109,373
Intangible assets, net	42,465	42,795
Due from related parties and affiliates	3	12
Accounts receivable	9,454	8,332
Restricted cash	41,870	42,151
Other assets	20,562	12,505
Total assets	1,083,870	1,083,368
Liabilities:	'	'
Non-recourse debt	562,588	563,058
Accounts payable, accrued expenses and other liabilities	31,449	31,491
Due to related parties and affiliates	2,852	5,225
Distributions payable	9,428	9,309
Total liabilities	606,317	609,083
Commitments and contingencies (Note 10)	'	'
CWI stockholders’ equity:	'	'
Common stock, $0.001 par value; 300,000,000 shares authorized; 70,307,986 and 67,759,026 shares issued, respectively; and 70,192,040 and 67,703,835 shares outstanding, respectively	70	68
Additional paid-in capital	548,150	525,000
Distributions and accumulated losses	-80,870	-62,868
Accumulated other comprehensive loss	-38	-136
Less: treasury stock at cost, 115,946 and 55,191 shares, respectively	-1,112	-525
Total Carey Watermark Investors Incorporated stockholders’ equity	466,200	461,539
Noncontrolling interests	11,353	12,746
Total equity	477,553	474,285
Total liabilities and equity	$1,083,870	$1,083,368

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	70,307,986	67,759,026
Common stock, shares outstanding	70,192,040	67,703,835
Treasury stock, shares	115,946	55,191

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Hotel Revenues	'	'
Rooms	$40,216	$9,101
Food and beverage	13,204	1,324
Other hotel income	6,265	874
Total Hotel Revenues	59,685	11,299
Hotel Expenses	'	'
Rooms	12,878	2,210
Food and beverage	10,148	1,109
Other hotel operating expenses	3,484	440
General and administrative	5,390	1,046
Sales and marketing	5,466	1,306
Repairs and maintenance	2,598	495
Utilities	2,168	417
Management fees	1,202	263
Property taxes, insurance and rent	4,381	665
Depreciation and amortization	8,919	1,786
Total Hotel Expenses	56,634	9,737
Other Operating Expense	'	'
Acquisition-related expenses	379	5,392
Corporate general and administrative expenses	1,642	970
Asset management fees to affiliate and other	1,417	390
Management expenses	1,165	247
Total Other Operating Expenses	4,603	6,999
Operating Loss	-1,552	-5,437
Other Income and (Expenses)	'	'
Interest expense	-6,953	-1,501
Net income from equity investments in real estate	125	132
Other income	11	0
Other (Expenses) and Income, Total	-6,817	-1,369
Loss from Operations Before Income Taxes	-8,369	-6,806
Provision for income taxes	-417	-47
Net Loss	-8,786	-6,853
Loss (income) attributable to noncontrolling interests (inclusive of Available Cash Distributions to advisor of $946 and $0, respectively)	212	-90
Net Loss Attributable to CWI Stockholders	($8,574)	($6,943)
Basic and Diluted Loss Per Share	($0.13)	($0.24)
Basic and Diluted Weighted Average Shares Outstanding	68,575,077	28,401,835
Distributions Declared Per Share	$0.14	$0.15

Consolidated_Statements_of_Ope1

Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
Available Cash Distributions to advisor	$946	$0

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Net Loss	($8,786)	($6,853)
Other Comprehensive Loss	'	'
Other comprehensive loss before reclassifications — unrealized loss on derivative instruments	-681	-204
Comprehensive loss	-8,923	-6,968
Amounts Attributable to Noncontrolling Interests	'	'
Net loss (income)	212	-90
Change in unrealized loss on derivative instruments	235	0
Comprehensive loss (income) attributable to noncontrolling interests	447	-90
Comprehensive Loss Attributable to CWI Stockholders	-8,476	-7,058
Interest expense	'	'
Other Comprehensive Loss	'	'
Amounts reclassified from accumulated other comprehensive loss	412	89
Net income from equity investments	'	'
Other Comprehensive Loss	'	'
Amounts reclassified from accumulated other comprehensive loss	$132	$0

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (Unaudited) (USD $)		Total	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Treasury Stock	Total CWI Stockholders	Noncontrolling Interest
In Thousands, except Share data, unless otherwise specified
Beginning equity balance, value at Dec. 31, 2012		$133,382	$16	$142,645	($9,166)	($299)	($331)	$132,865	$517
Beginning equity balance, shares at Dec. 31, 2012		'	16,299,940	'	'	'	'	'	'
Stockholders' Equity		'	'	'	'	'	'	'	'
Net Loss		-30,399	'	'	-31,906	'	'	-31,906	1,507
Shares issued, net of offering costs, shares		'	42,696,113	'	'	'	'	'	'
Shares issued net of offering costs, value		379,721	43	379,678	'	'	'	379,721	'
Shares issued to affiliates - shares		'	251,071	'	'	'	'	'	'
Shares issued to affiliates - value		2,511	1	2,510	'	'	'	2,511	'
Contributions from noncontrolling interests		12,917	'	'	'	'	'	'	12,917
Distributions to noncontrolling interests		-2,067	'	'	'	'	'	'	-2,067
Shares issued under share incentive plans - share		'	9,841	'	'	'	'	'	'
Shares issued under share incentive plans - value		127	'	127	'	'	'	127	'
Stock-based compensation to directors, shares		'	4,000	'	'	'	'	'	'
Stock-based compensation to directors, value		40	'	40	'	'	'	40	'
Stock dividends issued, shares	[1],[2]	'	8,463,537	'	'	'	'	'	'
Stock dividends issued, value	[1],[2]	8	8	'	'	'	'	8	'
Distributions declared, value		-21,796	'	'	-21,796	'	'	-21,796	'
Other comprehensive loss:		'	'	'	'	'	'	'	'
Change in unrealized loss on derivative instruments		35	'	'	'	163	'	163	-128
Repurchase of shares, shares		'	-20,667	'	'	'	'	'	'
Repurchase of shares, value		-194	'	'	'	'	-194	-194	'
Ending equity balance, value at Dec. 31, 2013		474,285	68	525,000	-62,868	-136	-525	461,539	12,746
Ending equity balance, shares at Dec. 31, 2013		67,703,835	67,703,835	'	'	'	'	'	'
Stockholders' Equity		'	'	'	'	'	'	'	'
Net Loss		-8,786	'	'	-8,574	'	'	-8,574	-212
Shares issued, net of offering costs, shares		'	2,396,341	'	'	'	'	'	'
Shares issued net of offering costs, value		21,785	2	21,783	'	'	'	21,785	'
Shares issued to affiliates - shares		'	152,619	'	'	'	'	'	'
Shares issued to affiliates - value		1,338	'	1,338	'	'	'	1,338	'
Distributions to noncontrolling interests		-946	'	'	'	'	'	'	-946
Shares issued under share incentive plans - value		29	'	29	'	'	'	29	'
Distributions declared, value		-9,428	'	'	-9,428	'	'	-9,428	'
Other comprehensive loss:		'	'	'	'	'	'	'	'
Change in unrealized loss on derivative instruments		-137	'	'	'	98	'	98	-235
Repurchase of shares, shares		'	-60,755	'	'	'	'	'	'
Repurchase of shares, value		-587	'	'	'	'	-587	-587	'
Ending equity balance, value at Mar. 31, 2014		$477,553	$70	$548,150	($80,870)	($38)	($1,112)	$466,200	$11,353
Ending equity balance, shares at Mar. 31, 2014		70,192,040	70,192,040	'	'	'	'	'	'
[1]	Inclusive of 34,270 shares related to the stock distribution declared in the fourth quarter of 2012 and reflected as issued in the first quarter of 2013.
[2]	Inclusive of a special stock dividend of 0.1375 per share issued during the fourth quarter of 2013.

Consolidated_Statements_of_Equ1

Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]	'	'
Distributions declared (in dollars per share)	'	$0.59
Stock dividends declared (in shares)	34,270	'
Stock dividends issued (per share)	'	$0.21
Special stock dividends issued (per share)	'	$0.14

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows - Operating Activities	'	'
Net Loss	($8,786)	($6,853)
Adjustments to net loss:	'	'
Depreciation and amortization	9,043	1,786
(Income) loss from equity investments in real estate in excess of distributions received	-125	180
Asset management fees to affiliates settled in shares	1,402	390	[1]
Amortization of deferred financing costs and prepaid franchise fees and other	363	132
Straight-line rent adjustments	603	0
Stock-based compensation expense	29	11
Changes in operating assets and liabilities:	'	'
(Decrease) increase in due to related parties and affiliates	-3,254	778	[1]
Net changes in other operating assets and liabilities	928	652	[1]
Net Cash Provided by (Used in) Operating Activities	203	-2,924
Cash Flows - Investing Activities	'	'
Distributions received from equity investments in excess of equity income	127	0
Acquisitions of hotels	0	-121,620	[1]
Capital expenditures	-4,994	-2,451
Deposits for potential future hotel investments	-8,230	0
Funds placed in escrow	-12,372	-4,665
Funds released from escrow	13,930	3,507
Net Cash Used in Investing Activities	-11,539	-125,229
Cash Flows - Financing Activities	'	'
Distributions paid	-9,309	-1,715
Distributions to noncontrolling interests	-946	0
Proceeds from mortgage financing	0	84,691
Scheduled payments of mortgage principal	-493	-41
Deferred financing costs	0	-1,094
Proceeds from issuance of shares, net of offering costs	20,338	62,785	[1]
Deposits for potential future loans	-183	0
Purchase of treasury stock	-587	-7
Net Cash Provided by Financing Activities	8,820	144,619
Change in Cash During the Period	'	'
Net (decrease) increase in cash	-2,516	16,466
Cash, beginning of period	109,373	30,729
Cash, end of period	$106,857	$47,195
[1]	Reflects a revised cash flow statement for the three months ended March 31, 2013, as further discussed in Note 2.

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Noncash Investing and Financing Activities	'	'
Distributions declared	$9,428	$2,429
Decrease in accrued capital expenditures (Note 10)	1,814	147
Advance proceeds held in escrow or included in accounts receivable	1,629	773
Asset management fees settled in shares (Note 3)	1,339	329
Offering costs paid by the advisor; selling commissions and deal manager fees accrued but unpaid (Note 3)	182	461
Deposits paid for acquisitions (Note 2)	$0	$2,880

Business

Business	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Business	'
	Business
	Organization
	Carey Watermark Investors Incorporated, or CWI, and, together with its consolidated subsidiaries, we, us, or our, is a publicly owned, non-listed real estate investment trust, or REIT, formed as a Maryland corporation in March 2008 for the purpose of acquiring, owning, disposing of and, through our advisor, managing and seeking to enhance the value of interests in lodging and lodging related properties primarily in the United States, or U.S. We conduct substantially all of our investment activities and own all of our assets through CWI OP, LP, or our Operating Partnership. We are a general partner and a limited partner and own a 99.985% capital interest in the Operating Partnership. Carey Watermark Holdings, LLC, or Carey Watermark Holdings, which is owned indirectly by both W. P. Carey Inc., or WPC, and Watermark Capital Partners, LLC, or Watermark Capital Partners, holds a special general partner interest in the Operating Partnership.
	We are managed by our advisor, Carey Lodging Advisors, LLC, an indirect subsidiary of WPC. Our advisor manages our overall portfolio, including providing oversight and strategic guidance to the independent hotel operators that manage our hotels. Our subadvisor, CWA, LLC, a subsidiary of Watermark Capital Partners, provides services to the advisor primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent operators that manage the day-to-day operations of our hotels. In addition, the subadvisor provides us with the services of our chief executive officer during the term of the subadvisory agreement, subject to the approval of our independent directors.
	The following table sets forth certain information for each of the hotels that we consolidate in our financial statements, or our Consolidated Hotels (Note 4), and the hotels that we record as equity investments in our financial statements, or our Unconsolidated Hotels (Note 5), at March 31, 2014.
	(Dollars in thousands)
	Hotels		State	Number	% Owned		Our		Acquisition Date	Hotel Type
				of Rooms			Investment (a)
	Consolidated Hotels
	Hampton Inn Boston Braintree		Massachusetts	103	100	%	$	12,500	May 31, 2012	Select-service
	Hilton Garden Inn New Orleans		Louisiana	155	88	%	16,176		June 8, 2012	Select-service
	French Quarter/CBD
	Lake Arrowhead Resort and Spa		California	173	97	%	24,039		July 9, 2012	Full-service
	Courtyard San Diego Mission Valley		California	317	100	%	85,000		December 6, 2012	Select-service
	Hilton Southeast Portfolio:
	Hampton Inn Atlanta Downtown		Georgia	119	100	%	18,000		February 14, 2013	Select-service
	Hampton Inn Frisco Legacy Park		Texas	105	100	%	16,100		February 14, 2013	Select-service
	Hampton Inn Memphis Beale Street		Tennessee	144	100	%	30,000		February 14, 2013	Select-service
	Hampton Inn Birmingham Colonnade		Alabama	133	100	%	15,500		February 14, 2013	Select-service
	Hilton Garden Inn Baton Rouge Airport		Louisiana	131	100	%	15,000		February 14, 2013	Select-service
	Courtyard Pittsburgh Shadyside		Pennsylvania	132	100	%	29,900		March 12, 2013	Select-service
	Hutton Hotel Nashville		Tennessee	247	100	%	73,600		May 29, 2013	Full-service
	Holiday Inn Manhattan 6th Avenue Chelsea		New York	226	100	%	113,000		June 6, 2013	Full-service
	Fairmont Sonoma Mission Inn & Spa		California	226	75	%	76,647		July 10, 2013	Full-service
	Marriott Raleigh City Center		North Carolina	400	100	%	82,193		August 13, 2013	Full-service
	Hawks Cay Resort (b)		Florida	177	100	%	131,301		October 23, 2013	Full-service
	Renaissance Chicago Downtown		Illinois	553	100	%	134,939		December 20, 2013	Full-service
				3,341			$	873,895
	Unconsolidated Hotels
	Hyatt New Orleans French Quarter		Louisiana	254	80	%	$	13,000	September 6, 2011	Full-service
	Westin Atlanta Perimeter North		Georgia	372	57	%	13,170		October 3, 2012	Full-service
				626			$	26,170
	_________
	(a)	For our Consolidated Hotels, amount represents the fair value of net assets acquired less the fair value of noncontrolling interests, exclusive of acquisition expenses and the fair value of any debt assumed, at time of acquisition. For Unconsolidated Hotels, amount represents purchase price plus capitalized costs, inclusive of fees paid to the advisor, at the time of acquisition.
	(b)	The resort also includes a resort residential management program that contains over 250 two- three- and four-bedroom villas.
	Public Offering
	In our initial public offering, which ran from September 15, 2010 through September 15, 2013, we raised $586.2 million, inclusive of reinvested distributions through our distribution reinvestment plan, or DRIP. Our initial public offering was offered on a “best efforts” basis by Carey Financial, LLC, our dealer manager and a subsidiary of WPC, and other selected dealers.
	On October 25, 2013, we filed a registration statement with the SEC for a continuous public offering of up to an additional $350.0 million of our common stock at $10.00 per share, which was declared effective by the SEC on December 20, 2013. The registration statement also covers the offering of up to $300.0 million at $9.50 per share pursuant to our DRIP. We refer to the continuous public offering as the “follow-on offering.” We began selling shares in our follow-on offering in January 2014 and have raised $17.6 million through March 31, 2014. We intend to invest the remaining net proceeds from our initial public offering and the proceeds from our follow-on offering in lodging and lodging related properties.

Basis_of_Presentation

Basis of Presentation

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

'

Basis of Presentation

'

Basis of Presentation

Basis of Presentation

Our interim consolidated financial statements have been prepared, without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the U.S., or GAAP.

In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2013, which are included in the 2013 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Certain amounts within operating cash flow have been reclassified to conform to the current year presentation. These reclassifications had no impact on net loss for the periods presented.

For purposes of determining the weighted-average number of shares of common stock outstanding, amounts for the three months ended March 31, 2013 have been adjusted to treat stock distributions declared and effective through the date of filing, including a special stock dividend declared on December 19, 2013, as if they were outstanding as of January 1, 2013. No adjustment is required for the three months ended March 31, 2014 as no stock distributions were declared either during the three months ended March 31, 2014 or subsequent to that date through our filing date.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it is a variable interest entity, or VIE, and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries is a VIE. All our subsidiaries are either consolidated or accounted for as equity investments under the voting interest entity model.

We account for the capital interest held by Carey Watermark Holdings in the Operating Partnership as a noncontrolling interest. Based on the terms of the Operating Partnership agreement and that the initial investors are not yet earning their minimal return, the non-controlling interest representing Carey Watermark Holding’s interest in the Operating Partnership has absorbed the operating losses to the extent of its original investment, and accordingly, no losses were allocated to Carey Watermark Holdings during the three months ended March 31, 2014 or 2013.

Revision of Previously Issued Financial Statements

We assessed the materiality of the errors described below on prior periods’ financial statements in accordance with Accounting Standards Codification 250 and the SEC’s Staff Accounting Bulletin No. 99, “Materiality,” and concluded that the impact of the errors was not material to any previously issued financial statements. We will properly reflect these corrections in our future periodic filings. The table below illustrates the effect of the error correction on the three months ended March 31, 2013. In addition, we have added supplemental disclosures of these non-cash financing activities. The errors impacted cash flow (used in) provided by operating activities, net cash used in investing activities and net cash provided by financing activities, and did not affect our consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss, consolidated statements of equity or cash balances for any reporting periods.

Asset management fees — Our advisor earns an annual asset management fee, as described in Note 3. Beginning in the first quarter of 2012, we began settling all asset management fees in shares of our common stock, rather than in cash, at the election of the advisor. Following the issuance of our financial statements for the six months ended June 30, 2013, we identified an error in the cash flow statement that was the result of not adjusting operating cash flow for the full amount of such non-cash asset management fees included in net income, and instead including such non-cash asset management fees as a source of financing cash flow for that same amount.

Deposits — During 2014, we identified an error in the cash flow statement affecting cash flows provided by or used in operating, investing and financing activities for the periods shown below. This error was the result of treating deposits on hotel acquisitions and on loan commitments as a reduction in operating cash flow during the periods in which the deposits were made instead of as investing and financing cash flows, respectively.

(in thousands)

Net Cash (Used in) Provided by

Net Cash (Used in) Provided by

Net Cash Provided by (Used in)

Operating Activities

Investing Activities

Financing Activities

As Reported

Adjustment

As Revised

As Reported

Adjustment

As Revised

As Reported

Adjustment

As Revised

Three months ended

(319

)

275

(a)

(44

)

(128,109

)

—

(a)

(128,109

)

144,894

(275

)

(a)

144,619

31-Mar-13

(44

)

(2,880

)

(b)

(2,924

)

(128,109

)

2,880

(b)

(125,229

)

144,619

—

(b)

144,619

___________

(a)

Reflects adjustments for non-cash asset management fees described above.

(b)

Reflects adjustments for hotel acquisition deposits and loan commitments described above.

Recent Accounting Requirement

The following Accounting Standards Update, or ASU, promulgated by the Financial Accounting Standards Board, or FASB, is applicable to us:

ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pretax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business we may sell properties, which, under prior accounting guidance, would have been reported each as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for any dispositions after December 31, 2013. Consequently, individually significant operations that are sold or classified as held-for-sale during 2014 will not be reclassified to discontinued operations in the consolidated statements of income, but will be disclosed in the Notes to the consolidated financial statements. This ASU did not have any impact on our financial position or results of operations for any of the periods presented.

Agreements_and_Transactions_wi

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Agreements and Transactions with Related Parties	'
	Agreements and Transactions with Related Parties
	Agreements with the Advisor and Subadvisor
	We have an advisory agreement with the advisor to perform certain services for us, including managing the offering and our overall business, identification, evaluation, negotiation, purchase and disposition of lodging related properties and the performance of certain administrative duties. The agreement that is currently in effect is scheduled to expire on September 30, 2014, unless renewed pursuant to its terms. The advisor has entered into a subadvisory agreement with the subadvisor, whereby the advisor pays 20% of the fees earned under the advisory agreement to the subadvisor and the subadvisor provides certain personnel services to us.
	The following tables present a summary of fees we paid and expenses we reimbursed to the advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands):
		Three Months Ended March 31,
		2014		2013
	Amounts Included in the Consolidated Statements of Operations
	Acquisition fees	$	—	$	3,427
	Asset management fees	1,402		390
	Personnel and overhead reimbursements	1,200		270
	Office rent reimbursements	115		17
	Available Cash Distribution	946		—
		$	3,663	$	4,104
	Other Transaction Fees Incurred
	Selling commissions and dealer manager fees	$	1,773	$	6,882
	Offering costs	726		1,405
		$	2,499	$	8,287
		March 31, 2014		December 31, 2013
	Amounts Due to Related Parties and Affiliates
	Organization and offering costs due to the advisor	$	728	$	62
	Reimbursable costs	1,183		270
	Other amounts due to the advisor	502		4,563
	Due to joint venture partners	277		330
	Due to Carey Financial	162		—
		$	2,852	$	5,225
	Acquisition Fees
	The advisor receives acquisition fees of 2.5% of the total investment cost of the properties acquired, including on our proportionate share of equity method investments, and loans originated by us, not to exceed 6% of the aggregate contract purchase price of all investments and loans. We expense acquisition-related costs and fees on acquisitions deemed to be business combinations and capitalize those costs on acquisitions of equity method investments.
	Asset Management Fees and Loan Refinancing Fees
	We pay the advisor an annual asset management fee equal to 0.50% of the aggregate Average Market Value of our Investments, both as defined in our advisory agreement with our advisor. The advisor is also entitled to receive disposition fees of up to 1.5% of the contract sales price of a property as well as a loan refinancing fee of up to 1% of a refinanced loan, if certain conditions described in the advisory agreement are met. We paid all asset management fees for the three months ended March 31, 2014 and 2013 in shares of our common stock rather than in cash at the election of the advisor. At March 31, 2014, the advisor owned 517,040 shares (0.74%) of our outstanding common stock. We expense acquisition-related costs and fees on acquisitions deemed to be business combinations and capitalize those costs and fees on acquisitions of equity method investments. Asset management fees are included in Asset management fees to affiliate and other in our consolidated financial statements.
	Personnel and Overhead Reimbursements
	Pursuant to the subadvisory agreement, we reimburse the advisor, which subsequently reimburses the subadvisor, for personnel costs and other charges. We have also granted restricted stock units to employees of the subadvisor pursuant to our 2010 Equity Incentive Plan. The subadvisor provides us with the services of Michael G. Medzigian, our chief executive officer, during the term of the subadvisory agreement, subject to the approval of our board of directors. Additionally, commencing in the first quarter of 2014, personnel and overhead reimbursements include our portion of costs allocated by the advisor for personnel and overhead in providing management of our day-to-day operations, including accounting services, stockholder services, corporate management, property management and operations, pursuant to the advisory agreement, which totaled $0.8 million for the three months ended March 31, 2014. Prior to the first quarter of 2014, such expenses had not been allocated to us by the advisor. Such personnel reimbursements are included in Management expenses and Corporate general and administrative expenses in our consolidated financial statements.
	Available Cash Distributions
	Carey Watermark Holdings’ special general partner interest entitles it to receive distributions of 10% of Available Cash, as defined in the agreement of limited partnership of the Operating Partnership, or Available Cash Distributions, generated by the Operating Partnership, subject to certain limitations. In addition, in the event of the dissolution of the Operating Partnership, Carey Watermark Holdings will be entitled to receive distributions of up to 15% of net proceeds, provided certain return thresholds are met for the initial investors in the Operating Partnership. Available Cash Distributions by the Operating Partnership aggregated $0.9 million during the three months ended March 31, 2014 and is included in Loss (income) attributable to noncontrolling interests in the consolidated financial statements.
	Selling Commissions and Dealer Manager Fees
	We have a dealer manager agreement with Carey Financial, whereby Carey Financial receives a selling commission of up to $0.70 per share sold and a dealer manager fee of up to $0.30 per share sold, a portion of which may be re-allowed to selected broker dealers. These amounts are recorded in Additional paid-in capital in the consolidated balance sheets and consolidated statements of equity.
	Organization and Offering Costs
	Pursuant to our advisory agreement with the advisor, we are liable for certain expenses related to our public offerings, which include filing, legal, accounting, printing, advertising, transfer agent, and escrow fees and are to be deducted from the gross proceeds of the offering. We will reimburse Carey Financial or selected dealers for reasonable bona fide due diligence expenses incurred that are supported by a detailed and itemized invoice. The total underwriting compensation to Carey Financial and selected dealers in connection with the offerings cannot exceed limitations prescribed by the Financial Industry Regulatory Authority, Inc. The advisor agreed to be responsible for the repayment of organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceed in the aggregate 2% of the gross proceeds from the initial public offering and 4% of the gross proceeds from the follow-on offering.
	Through March 31, 2014, the advisor incurred organization and offering costs on our behalf related to our follow-on offering of approximately $1.8 million. However, at March 31, 2014, because of the 4% limitation described above, we were only obligated to pay $0.7 million of these costs, all of which were included in Due to affiliates in the consolidated balance sheet at March 31, 2014.
	Other Amounts Due to the Advisor
	At March 31, 2014, the balance primarily represents management fees payable and reimbursable expenses. At December 31, 2013, this balance primarily represents acquisition fees of $4.1 million payable to the advisor related to the Renaissance Chicago Downtown acquired on December 20, 2013, which was paid in the first quarter of 2014.
	Due to Joint Venture Partners
	This balance is primarily comprised of amounts due from consolidated joint ventures to our joint venture partners related to hotel operating expenses paid by hotel managers that are affiliates of our joint venture partners, which will be reimbursed.
	Other Transactions with Affiliates
	In January 2013, our board of directors and the board of directors of WPC approved unsecured loans to us of up to $50.0 million in the aggregate, at a rate equal to the rate at which WPC is able to borrow funds under its senior unsecured credit facility, for the purpose of facilitating acquisitions approved by our investment committee that we might not otherwise have sufficient available funds to complete. Any such loans may be made solely at the discretion of the management of WPC. Through the date of this Report, no such loans under this arrangement have been made pursuant to these approvals; however, WPC has provided similar loans to us in the past, all of which were repaid on or prior to their maturity dates.

Net_Investment_in_Hotels

Net Investment in Hotels	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Net Investment in Hotels	'
	Net Investment in Hotels
	Net investment in hotels is summarized as follows (in thousands):
		March 31, 2014			December 31, 2013
	Buildings	$	685,108		$	685,108
	Land	124,450			124,450
	Furniture, fixtures and equipment	49,871			46,757
	Building and site improvements	13,494			11,993
	Construction in progress	1,939			3,374
	Hotels, at cost	874,862			871,682
	Less: Accumulated depreciation	(27,094		)	(18,397		)
	Net investments in hotels	$	847,768		$	853,285
	Asset Retirement Obligation
	We have recorded an asset retirement obligation for the removal of asbestos and environmental waste in connection with one of our hotels. We estimated the fair value of the asset retirement obligation based on the estimated economic life of the hotel and the estimated removal costs. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loan at the time the liability was incurred. At March 31, 2014 and December 31, 2013, asset retirement obligation was $0.5 million and $0.4 million, respectively, and is included in Accounts payable, accrued expenses and other liabilities in the consolidated balance sheets.
	Pro Forma Financial Information
	The following unaudited consolidated pro forma financial information presents our financial results as if the Consolidated Hotel investments that we completed during the three months ended March 31, 2013, and the new financings related to these acquisitions, had occurred on January 1, 2012. These transactions were accounted for as business combinations. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2013, nor does it purport to represent the results of operations for future periods.
	(Dollars in thousands, except per share amounts)
		Three Months Ended
		March 31, 2013 (a)
	Pro forma total revenues	$	15,602
	Pro forma net loss	(1,101		)
	Income from continuing operations attributable to noncontrolling interests	(75		)
	Pro forma loss from continuing operations attributable to CWI stockholders	$	(1,176	)
	Pro forma loss per share:
	Net loss attributable to CWI stockholders	$	(0.05	)
	Pro forma weighted average shares (b)	22,913,347
	___________
	(a)	Subsequent to the filing of our Form 10-Q for the period ended March 31, 2013, we identified three errors in the pro forma financial information presented in the footnotes to the financial statements. We evaluated the impact of the errors on the previously-filed financial statements and the pro forma disclosures and concluded that such amounts were immaterial to our Form 10-Q for the period ended March 31, 2013. The errors and revisions were related to our pro forma disclosures only and did not affect our consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss, consolidated statements of equity, or cash balances for any reporting periods. The pro forma financial information presented above reflects our revised pro forma results.
	(b)	The pro forma weighted average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for each acquisition were issued on January 1, 2012. All acquisition costs for our acquisitions completed during the three months ended March 31, 2013 are presented as if they were incurred on January 1, 2012.
	Construction in Progress
	At March 31, 2014 and December 31, 2013, construction in progress was $1.9 million and $3.4 million, recorded at cost, respectively, and related primarily to renovations at Holiday Inn Manhattan 6th Avenue Chelsea, Hampton Inn Frisco Legacy Park and Renaissance Chicago Downtown at March 31, 2014 and Courtyard Pittsburgh Shadyside and Hampton Inn Memphis Beale Street at December 31, 2013 (Note 10). We capitalize interest expense and certain other costs, such as property taxes, property insurance and employee costs, related to hotels undergoing major renovations. During both the three months ended March 31, 2014 and 2013, we capitalized $0.1 million of such costs in each period.

Equity_Investment_in_Real_Esta

Equity Investment in Real Estate	3 Months Ended
	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Equity Investments in Real Estate	'
	Equity Investments in Real Estate
	At March 31, 2014, together with unrelated third parties, we owned equity interests in two Unconsolidated Hotels. We do not control the ventures that own these hotels, but we exercise significant influence over them. We account for these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from acquisition costs paid to the advisor that we incur and other-than-temporary impairment charges, if any).
	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate to use if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on our equity method investments. Therefore, we follow the hypothetical liquidation at book value method in determining our share of the ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments are recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment were hypothetically liquidated at the end of each reporting period. Due to our preferred interests, we are not responsible for, and will not reflect, losses to the extent our partners continue to have equity in the investments.
	The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (in thousands):
			Ownership Interest at			Carrying Value at
	Investment		31-Mar-14			March 31, 2014				December 31, 2013
	Hyatt French Quarter Venture (a)		80	%		$	4,617			$	4,395
	Westin Atlanta Venture (b)		57	%		10,274				10,520
						$	14,891			$	14,915
	___________
	(a)	We received cash distributions of $0.1 million during the three months ended March 31, 2014.
	(b)	We received no cash distributions during the three months ended March 31, 2014.
	The following table sets forth our share of equity (loss) earnings from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model as well as certain depreciation and amortization adjustments related to basis differentials from acquisitions of certain investments (in thousands):
			Three Months Ended March 31,
	Venture		2014				2013
	Long Beach Venture (a)		$	—			$	50
	Hyatt French Quarter Venture		371				299
	Westin Atlanta Venture		(246		)		(217		)
			$	125			$	132
	___________
	(a)	We sold our 49% interest in the Long Beach Venture in July 2013.
	No other-than-temporary impairment charges were recognized during either the three months ended March 31, 2014 or 2013.
	The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands):
		March 31, 2014				December 31, 2013
	Real estate, net	$	88,948			$	85,327
	Other assets	10,011				9,524
	Total assets	98,959				94,851
	Debt	(66,488		)		(64,871		)
	Other liabilities	(13,974		)		(12,738		)
	Total liabilities	(80,462		)		(77,609		)
	Members’ equity	$	18,497			$	17,242
		Three Months Ended March 31,
		2014				2013
	Revenues	$	8,607			$	14,824
	Expenses	(8,920		)		(15,683		)
	Net loss attributable to equity method investments	$	(313	)		$	(859	)

Intangible_Assets_and_Liabilit

Intangible Assets and Liabilities Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	Intangible Assets
	Intangible assets, net, are summarized as follows (in thousands):
				31-Mar-14							31-Dec-13
		Amortization Period (years)		Gross		Accumulated			Net Carrying		Gross		Accumulated			Net Carrying
				Carrying		Amortization			Amount		Carrying		Amortization			Amount
				Amount							Amount
	Amortizable Intangible Assets
	Villa rental program	45		$	31,700	$	(308	)	$	31,392	$	31,700	$	(133	)	$	31,567
	Hotel ground leases	10 – 92.5		9,446		(156		)	9,290		9,446		(52		)	9,394
	Hotel parking garage lease	92.5		1,490		(11		)	1,479		1,490		(7		)	1,483
	In-place leases	1 – 21		398		(94		)	304		398		(47		)	351
	Total intangible assets, net			$	43,034	$	(569	)	$	42,465	$	43,034	$	(239	)	$	42,795
	Net amortization of intangibles was $0.3 million and less than $0.1 million for the three months ended March 31, 2014 and 2013, respectively. Amortization of in-place lease intangibles and the villa rental program are included in Depreciation and amortization, and amortization of the hotel parking garage lease and hotel ground lease is included in Property taxes, insurance and rent in the consolidated statements of operations.
	Based on the intangible assets recorded at March 31, 2014, scheduled annual amortization of intangibles for the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter is as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	956
	2015		1,223
	2016		1,204
	2017		1,162
	2018		1,132
	Thereafter		36,788
	Total		$	42,465

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
	Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market (Note 8).
	We did not have any transfers into or out of Level 1, Level 2 and Level 3 measurements during the three months ended March 31, 2014 and 2013. Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated statements of operations.
	Our non-recourse debt, which we have classified as Level 3, had a carrying value of $562.6 million and $563.1 million, and an estimated fair value of $565.3 million and $565.1 million, at March 31, 2014 and December 31, 2013, respectively. We determined the estimated fair value using a discounted cash flow model with rates that take into account the interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate.
	We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at both March 31, 2014 and December 31, 2013.

Risk_Management_and_Use_of_Der

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedges, Assets [Abstract]	'
Risk Management and Use of Derivative Financial Instruments	'
	Risk Management and Use of Derivative Financial Instruments
	Risk Management
	In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Market risk includes changes in the value of our properties and related loans.
	Derivative Financial Instruments
	When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates. We have not entered, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to derivative instruments that we entered into on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include default by a counterparty to a hedging arrangement on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with counterparties that are large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities.
	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings.
	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands):
	Derivatives Designated		Asset Derivatives Fair Value at					Liability Derivatives Fair Value at
	as Hedging Instruments	Balance Sheet Location	31-Mar-14		December 31, 2013			31-Mar-14			31-Dec-13
	Interest rate swaps	Other assets	$	591	$	664		$	—		$	—
	Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—			(635		)	(605		)
			$	591	$	664		$	(635	)	$	(605	)
	All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated balance sheets. At both March 31, 2014 and December 31, 2013, no cash collateral had been posted nor received for any of our derivative positions.
	During the three months ended March 31, 2014 and 2013, we recognized losses of $0.7 million and $0.2 million, respectively, in Other comprehensive loss on derivatives in connection with our interest rate swaps.
	During the three months ended March 31, 2014 and 2013, we reclassified losses of $0.4 million and $0.1 million, respectively, from Other comprehensive loss on derivatives into interest expense in connection with our interest rate swaps.
	Interest Rate Swaps
	We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may enter into interest rate swap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of the loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Our objective in using these derivatives is to limit our exposure to interest rate movements.
	The interest rate swaps that we had outstanding on our Consolidated Hotel investments at March 31, 2014 were designated as cash flow hedges and are summarized as follows (dollars in thousands):
		Number of	Notional		Fair Value at
	Interest Rate Derivatives	Instruments	Amount		31-Mar-14
	Interest rate swaps	5	$	204,880	$	(44	)
	Amounts reported in Other comprehensive loss related to interest rate swaps will be reclassified to interest expense as interest payments are made on our variable-rate debt. At March 31, 2014, we estimate that an additional $1.6 million, inclusive of amounts attributable to noncontrolling interests of $0.2 million, will be reclassified as interest expense during the next 12 months related to our interest rate swaps.
	Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At March 31, 2014, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives that were in a net liability position was $0.7 million at both March 31, 2014 and December 31, 2013, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at either March 31, 2014 or December 31, 2013, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.8 million and $0.7 million, respectively.
	Portfolio Concentration Risk
	At March 31, 2014, we were exposed to concentrations within the brands under which we operate our hotels and within the geographic areas in which we have invested to date. We operate in the domestic U.S. market only. For the three months ended March 31, 2014, 75.9% of our revenue was generated from eight hotels located in California, Florida, Illinois, New York and Tennessee. At March 31, 2014, 76.7% of our Net investments in hotels was comprised of those same eight hotels.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	The following table presents the non-recourse debt on our Consolidated Hotel investments (in thousands):
							Carrying Amount at
	Consolidated Hotels		Interest Rate		Rate Type	Current Maturity Date	31-Mar-14		31-Dec-13
	Hampton Inn Boston Braintree (a) (b) (c)		5.00%		Variable	May-15	$	9,603	$	9,653
	Lake Arrowhead Resort and Spa (d)		4.34%		Fixed	Jul-15	17,888		17,865
	Hawks Cay Resort (b) (c)		5.74%		Variable	Nov-16	79,000		79,000
	Courtyard Pittsburgh Shadyside (b) (c) (e)		4.09%		Variable	Mar-17	20,750		20,750
	Courtyard San Diego Mission Valley (b) (c)		4.60%		Variable	Dec-17	50,960		51,230
	Hilton Southeast Portfolio:
	Hampton Inn Memphis Beale Street		4.07%		Fixed	Mar-18	21,984		22,118
	Hampton Inn Atlanta Downtown		4.12%		Fixed	Mar-18	13,600		13,600
	Hampton Inn Birmingham Colonnade		4.12%		Fixed	Mar-18	9,400		9,400
	Hampton Inn Frisco Legacy Park		4.12%		Fixed	Mar-18	9,200		9,200
	Hilton Garden Inn Baton Rouge Airport		4.12%		Fixed	Mar-18	9,800		9,800
	Fairmont Sonoma Mission Inn & Spa (c)		4.13%		Variable	Jul-18	44,000		44,000
	Hilton Garden Inn New Orleans French Quarter/CBD		5.30%		Fixed	Jul-19	10,903		10,942
	Hutton Hotel Nashville		5.25%		Fixed	Jul-20	44,000		44,000
	Renaissance Chicago Downtown		4.71%		Fixed	Jan-21	90,000		90,000
	Holiday Inn Manhattan 6th Ave Chelsea		4.49%		Fixed	Jun-23	80,000		80,000
	Marriott Raleigh City Center (f)		4.61%		Fixed	Sep-38	51,500		51,500
							$	562,588	$	563,058
	___________
	(a)	Total mortgage financing commitment is up to $9.8 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(b)	The mortgage loans secured by Hampton Inn Boston Braintree, Courtyard San Diego Mission Valley and Hawks Cay Resort each have two one-year extension options. The mortgage loan secured by Courtyard Pittsburgh Shadyside has a one-year extension option. All of the extensions are subject to certain conditions. The maturity dates in the table do not reflect extension options.
	(c)	These mortgage loans have variable interest rates, which have effectively been converted to fixed rates through the use of interest rate swaps (Note 8). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2014 through the use of an interest rate swap.
	(d)	The loan agreement allows early settlement at any time prior to maturity upon 60 days notice with no penalty at a discounted amount comprised of a discounted payoff of $16.0 million and a lender participation payment of up to $2.0 million, provided there is no uncured event of default under the loan agreement or the cash management agreement. The non-discounted principal balance of the debt is $27.4 million.
	(e)	Total mortgage financing commitment is up to $21.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(f)	The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018.
	Covenants
	Most of our loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s restricted cash account and would be triggered under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If the provisions were triggered, the lender would retain a portion of cash sufficient to cover the required debt service; however, we would generally be permitted to spend an amount equal to our budgeted hotel operating expenses, taxes, insurance and capital expenditure reserves for the relevant hotel, even if a lock-box provision were triggered.
	Pursuant to our mortgage loan agreements, our wholly-owned subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At March 31, 2014, we were in compliance with the applicable covenants for each of our mortgage loans.
	Scheduled Debt Principal Payments
	Scheduled debt principal payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	1,907
	2015		31,142
	2016		83,961
	2017		73,763
	2018		156,503
	Thereafter through 2038		215,424
			562,700
	Fair market value adjustment (a)		(112		)
	Total		$	562,588
	___________
	(a)	Represents the unamortized fair market value adjustment recorded as of March 31, 2014 in connection with the assumption of the Lake Arrowhead Resort and Spa mortgage loan as part of the acquisition in July 2012.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	At March 31, 2014, we were not involved in any material litigation. Various claims and lawsuits may arise against us in the normal course of business, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position or results of operations.
	As described in Note 3, we are liable for certain expenses of our public offerings, which are deducted from the gross proceeds of the offering. Through March 31, 2014, the advisor incurred organization and offering costs on our behalf related to our follow-on offering of approximately $1.8 million. However, at March 31, 2014, because of the 4% limitation described in Note 3, we were only obligated to pay $0.7 million of these costs, all of which was included in Due to affiliates in the consolidated balance sheets at March 31, 2014.
	Renovation Commitments
	Certain of our hotel franchise and loan agreements require us to make planned renovations to our hotels (Note 4). We do not currently expect to, and are not obligated to, fund any planned renovations on our Unconsolidated Hotels. We expect capital commitments with regard to our Consolidated Hotels to be funded through lender-held escrow accounts, except as otherwise noted. The following table summarizes our capital commitments at March 31, 2014 related to our Consolidated Hotels (in thousands):
			At March 31, 2014
			Capital Commitment		Less: Paid			Unpaid Commitment (a)		Less: Amount Held in Escrow			Unfunded Commitment
	Hilton Southeast Portfolio:
	Hampton Inn Birmingham Colonnade		$	212	$	(36	)	$	176	$	(176	)	$	—
	Hampton Inn Atlanta Downtown		175		(83		)	92		(92		)	—
	Hampton Inn Memphis Beale Street		1,075		(897		)	178		(178		)	—
	Hampton Inn Frisco Legacy Park		1,276		(304		)	972		(972		)	—
	Hilton Garden Inn Baton Rouge Airport		457		(457		)	—		—			—
	Courtyard Pittsburgh Shadyside		1,950		(1,683		)	267		(183		)	84
	Holiday Inn Manhattan 6th Ave Chelsea		2,519		(615		)	1,904		(1,890		)	14
	Fairmont Sonoma Mission Inn & Spa		2,606		(1,800		)	806		—			806
	Marriott Raleigh City Center		2,500		(50		)	2,450		(2,450		)	—
	Hawks Cay Resort		11,500		(117		)	11,383		(9,514		)	1,869
	Renaissance Chicago Downtown		23,200		(385		)	22,815		(19,366		)	3,449
			$	47,470	$	(6,427	)	$	41,043	$	(34,821	)	$	6,222
	___________
	(a)	Includes $0.7 million that was included in Accounts payable, accrued expenses and other liabilities at March 31, 2014.
	Hilton Southeast Portfolio — As of the date of this Report, an estimated $3.2 million in total renovations are planned for these hotels, which are expected to be funded through lender-held escrow accounts and our cash accounts. These renovations, which were completed in late 2013 for Hilton Garden Inn Baton Rouge Airport and were materially completed by March 31, 2014 for Hampton Inn Birmingham Colonnade, Hampton Inn Memphis Beale Street, and Hampton Inn Atlanta Downtown, include refurbishments of the guestrooms and/or public spaces. The renovation of Hampton Inn Frisco Legacy Park is currently expected to be completed by the second quarter of 2014.
	Courtyard Pittsburgh Shadyside — A $2.0 million renovation, which included the installation of Courtyard’s Bistro Lobby concept and a refurbishment of the guestrooms and public space, was substantially completed by March 31, 2014.
	Holiday Inn Manhattan 6th Avenue Chelsea — As of the date of this Report, an estimated $2.5 million renovation is planned for the hotel. This renovation, which is currently anticipated to be completed by the second quarter of 2014, will primarily be focused on a refurbishment of the guestrooms.
	Fairmont Sonoma Mission Inn & Spa — The resort is currently undergoing a renovation that commenced prior to our ownership. As of the date of this Report, we have committed $2.6 million to renovations that will be funded through our cash accounts, including $1.8 million to complete the refurbishment of guestrooms and public spaces, which was substantially completed by March 31, 2014, and $0.8 million to complete the renovation of the spa, which is currently anticipated to be completed in the second half of 2014.
	Marriott Raleigh City Center — As of the date of this Report, an estimated $2.5 million renovation is planned for the hotel. This renovation, which is currently anticipated to be completed by the third quarter of 2014, will primarily be focused on improvements to public spaces.
	Hawks Cay Resort — As of the date of this Report, an estimated $11.5 million renovation is planned for the hotel and is expected to be funded through lender-held escrow accounts and cash accounts. This renovation, which is anticipated to be completed by the first quarter of 2015, will primarily be focused on comprehensive renovations to the guestrooms, restaurant and pool area. For this hotel, we are contractually obligated under the loan agreement to fund $8.8 million of this planned renovation.
	Renaissance Chicago Downtown — As of the date of this Report, an estimated $23.2 million renovation is planned for the hotel and is expected to be funded through lender-held escrow accounts and cash accounts. This renovation, which is anticipated to be completed in the first quarter of 2015, will include comprehensive renovations to the guestrooms, lobby, entryway and meeting spaces. For this hotel, we are not obligated by the related hotel franchise agreement or the loan agreement to make this renovation.
	Ground Lease Commitments
	Renaissance Chicago Downtown — The hotel is subject to a long-term ground lease, which expires on June 30, 2087. The ground lease provides for rental payments consisting of base rent and percentage rent. Base rent increases 3% annually until lease expiration. In 2018, and at 10-year intervals thereafter, the base rent is reset to a percentage of the then market value of the land, as defined in the lease agreement. Percentage rent is 2% of gross room revenue, as defined in the lease agreement. As the lease provides for determinable increases in minimum lease payments over the term of the lease, ground rent expense accrues on a straight-line basis.
	Marriott Raleigh City Center — The hotel is subject to a long-term ground lease, which expires on 1/22/2106. The lease provides for an annual base rent of less than $0.1 million, payable monthly. At the end of the lease term, we have the option to purchase the land for a purchase price equal to the fair market value, as defined by the lease agreement.
	Scheduled future minimum ground lease payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	771
	2015		1,052
	2016		1,082
	2017		1,112
	2018		1,143
	Thereafter through 2106		247,546
	Total		$	252,706
	For the three months ended March 31, 2014, we recorded rent expense of $0.4 million, inclusive of percentage rents of $0.1 million, related to these ground leases, which are included in Property taxes, insurance and rent in the consolidated statements of operations. No such rent expense was recorded during the three months ended March 31, 2013.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Event
	On April 1, 2014, we acquired a 100% interest in the Hyatt Place Austin Downtown for $87.0 million from White Lodging Services Corporation, or White Lodging, an unaffiliated third party, and obtained a non-recourse mortgage loan at closing of $56.5 million. We also paid acquisition fees of approximately $2.7 million. The 296-room select-service hotel is located in Austin, Texas. The hotel will continue to be managed by White Lodging. It is not practicable to disclose the preliminary purchase price allocation or consolidated pro forma financial information for this transaction given the short period of time between the acquisition date and the filing of this Report.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Consolidation	'
	Basis of Consolidation
	Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
	When we obtain an economic interest in an entity, we evaluate the entity to determine if it is a variable interest entity, or VIE, and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries is a VIE. All our subsidiaries are either consolidated or accounted for as equity investments under the voting interest entity model.
	We account for the capital interest held by Carey Watermark Holdings in the Operating Partnership as a noncontrolling interest. Based on the terms of the Operating Partnership agreement and that the initial investors are not yet earning their minimal return, the non-controlling interest representing Carey Watermark Holding’s interest in the Operating Partnership has absorbed the operating losses to the extent of its original investment, and accordingly, no losses were allocated to Carey Watermark Holdings during the three months ended March 31, 2014 or 2013
Equity Method Investments, Policy	'
	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate to use if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on our equity method investments. Therefore, we follow the hypothetical liquidation at book value method in determining our share of the ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments are recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment were hypothetically liquidated at the end of each reporting period. Due to our preferred interests, we are not responsible for, and will not reflect, losses to the extent our partners continue to have equity in the investments.
Fair Value Measurements	'
	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
Derivatives, Policy	'
	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings.
Recent Accounting Requirements	'
	ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pretax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business we may sell properties, which, under prior accounting guidance, would have been reported each as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for any dispositions after December 31, 2013. Consequently, individually significant operations that are sold or classified as held-for-sale during 2014 will not be reclassified to discontinued operations in the consolidated statements of income, but will be disclosed in the Notes to the consolidated financial statements. This ASU did not have any impact on our financial position or results of operations for any of the periods presented.

Business_Tables

Business (Tables)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Consolidated and Unconsolidated Hotels	'
	The following table sets forth certain information for each of the hotels that we consolidate in our financial statements, or our Consolidated Hotels (Note 4), and the hotels that we record as equity investments in our financial statements, or our Unconsolidated Hotels (Note 5), at March 31, 2014.
	(Dollars in thousands)
	Hotels		State	Number	% Owned		Our		Acquisition Date	Hotel Type
				of Rooms			Investment (a)
	Consolidated Hotels
	Hampton Inn Boston Braintree		Massachusetts	103	100	%	$	12,500	May 31, 2012	Select-service
	Hilton Garden Inn New Orleans		Louisiana	155	88	%	16,176		June 8, 2012	Select-service
	French Quarter/CBD
	Lake Arrowhead Resort and Spa		California	173	97	%	24,039		July 9, 2012	Full-service
	Courtyard San Diego Mission Valley		California	317	100	%	85,000		December 6, 2012	Select-service
	Hilton Southeast Portfolio:
	Hampton Inn Atlanta Downtown		Georgia	119	100	%	18,000		February 14, 2013	Select-service
	Hampton Inn Frisco Legacy Park		Texas	105	100	%	16,100		February 14, 2013	Select-service
	Hampton Inn Memphis Beale Street		Tennessee	144	100	%	30,000		February 14, 2013	Select-service
	Hampton Inn Birmingham Colonnade		Alabama	133	100	%	15,500		February 14, 2013	Select-service
	Hilton Garden Inn Baton Rouge Airport		Louisiana	131	100	%	15,000		February 14, 2013	Select-service
	Courtyard Pittsburgh Shadyside		Pennsylvania	132	100	%	29,900		March 12, 2013	Select-service
	Hutton Hotel Nashville		Tennessee	247	100	%	73,600		May 29, 2013	Full-service
	Holiday Inn Manhattan 6th Avenue Chelsea		New York	226	100	%	113,000		June 6, 2013	Full-service
	Fairmont Sonoma Mission Inn & Spa		California	226	75	%	76,647		July 10, 2013	Full-service
	Marriott Raleigh City Center		North Carolina	400	100	%	82,193		August 13, 2013	Full-service
	Hawks Cay Resort (b)		Florida	177	100	%	131,301		October 23, 2013	Full-service
	Renaissance Chicago Downtown		Illinois	553	100	%	134,939		December 20, 2013	Full-service
				3,341			$	873,895
	Unconsolidated Hotels
	Hyatt New Orleans French Quarter		Louisiana	254	80	%	$	13,000	September 6, 2011	Full-service
	Westin Atlanta Perimeter North		Georgia	372	57	%	13,170		October 3, 2012	Full-service
				626			$	26,170
	_________
	(a)	For our Consolidated Hotels, amount represents the fair value of net assets acquired less the fair value of noncontrolling interests, exclusive of acquisition expenses and the fair value of any debt assumed, at time of acquisition. For Unconsolidated Hotels, amount represents purchase price plus capitalized costs, inclusive of fees paid to the advisor, at the time of acquisition.
	(b)	The resort also includes a resort residential management program that contains over 250 two- three- and four-bedroom villas.

Basis_of_Presentation_Basis_of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Schedule of Error Corrections and Prior Period Adjustments	'
	(in thousands)
		Net Cash (Used in) Provided by							Net Cash (Used in) Provided by						Net Cash Provided by (Used in)
		Operating Activities							Investing Activities						Financing Activities
		As Reported		Adjustment			As Revised		As Reported		Adjustment		As Revised		As Reported	Adjustment			As Revised
	Three months ended	(319	)	275		(a)	(44	)	(128,109	)	—	(a)	(128,109	)	144,894	(275	)	(a)	144,619
	31-Mar-13
		(44	)	(2,880	)	(b)	(2,924	)	(128,109	)	2,880	(b)	(125,229	)	144,619	—		(b)	144,619
	___________
	(a)	Reflects adjustments for non-cash asset management fees described above.
	(b)	Reflects adjustments for hotel acquisition deposits and loan commitments described above.

Agreements_and_Transactions_wi1

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Summary of fees paid to Related Parties	'
	The following tables present a summary of fees we paid and expenses we reimbursed to the advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands):
		Three Months Ended March 31,
		2014		2013
	Amounts Included in the Consolidated Statements of Operations
	Acquisition fees	$	—	$	3,427
	Asset management fees	1,402		390
	Personnel and overhead reimbursements	1,200		270
	Office rent reimbursements	115		17
	Available Cash Distribution	946		—
		$	3,663	$	4,104
	Other Transaction Fees Incurred
	Selling commissions and dealer manager fees	$	1,773	$	6,882
	Offering costs	726		1,405
		$	2,499	$	8,287
		March 31, 2014		December 31, 2013
	Amounts Due to Related Parties and Affiliates
	Organization and offering costs due to the advisor	$	728	$	62
	Reimbursable costs	1,183		270
	Other amounts due to the advisor	502		4,563
	Due to joint venture partners	277		330
	Due to Carey Financial	162		—
		$	2,852	$	5,225

Net_Investment_in_Hotels_Table

Net Investment in Hotels (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Schedule of Hotel Properties	'
	Net investment in hotels is summarized as follows (in thousands):
		March 31, 2014			December 31, 2013
	Buildings	$	685,108		$	685,108
	Land	124,450			124,450
	Furniture, fixtures and equipment	49,871			46,757
	Building and site improvements	13,494			11,993
	Construction in progress	1,939			3,374
	Hotels, at cost	874,862			871,682
	Less: Accumulated depreciation	(27,094		)	(18,397		)
	Net investments in hotels	$	847,768		$	853,285
Pro Forma Information	'
	(Dollars in thousands, except per share amounts)
		Three Months Ended
		March 31, 2013 (a)
	Pro forma total revenues	$	15,602
	Pro forma net loss	(1,101		)
	Income from continuing operations attributable to noncontrolling interests	(75		)
	Pro forma loss from continuing operations attributable to CWI stockholders	$	(1,176	)
	Pro forma loss per share:
	Net loss attributable to CWI stockholders	$	(0.05	)
	Pro forma weighted average shares (b)	22,913,347
	___________
	(a)	Subsequent to the filing of our Form 10-Q for the period ended March 31, 2013, we identified three errors in the pro forma financial information presented in the footnotes to the financial statements. We evaluated the impact of the errors on the previously-filed financial statements and the pro forma disclosures and concluded that such amounts were immaterial to our Form 10-Q for the period ended March 31, 2013. The errors and revisions were related to our pro forma disclosures only and did not affect our consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss, consolidated statements of equity, or cash balances for any reporting periods. The pro forma financial information presented above reflects our revised pro forma results.
	(b)	The pro forma weighted average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for each acquisition were issued on January 1, 2012. All acquisition costs for our acquisitions completed during the three months ended March 31, 2013 are presented as if they were incurred on January 1, 2012.

Equity_Investment_in_Real_Esta1

Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule Equity Method Investments	'
	The following table sets forth our share of equity (loss) earnings from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model as well as certain depreciation and amortization adjustments related to basis differentials from acquisitions of certain investments (in thousands):
			Three Months Ended March 31,
	Venture		2014				2013
	Long Beach Venture (a)		$	—			$	50
	Hyatt French Quarter Venture		371				299
	Westin Atlanta Venture		(246		)		(217		)
			$	125			$	132
	___________
	(a)	We sold our 49% interest in the Long Beach Venture in July 2013.
	The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (in thousands):
			Ownership Interest at			Carrying Value at
	Investment		31-Mar-14			March 31, 2014				December 31, 2013
	Hyatt French Quarter Venture (a)		80	%		$	4,617			$	4,395
	Westin Atlanta Venture (b)		57	%		10,274				10,520
						$	14,891			$	14,915
	___________
	(a)	We received cash distributions of $0.1 million during the three months ended March 31, 2014.
	(b)	We received no cash distributions during the three months ended March 31, 2014.
Financial Information Of Venture Properties	'
	Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands):
		March 31, 2014				December 31, 2013
	Real estate, net	$	88,948			$	85,327
	Other assets	10,011				9,524
	Total assets	98,959				94,851
	Debt	(66,488		)		(64,871		)
	Other liabilities	(13,974		)		(12,738		)
	Total liabilities	(80,462		)		(77,609		)
	Members’ equity	$	18,497			$	17,242
		Three Months Ended March 31,
		2014				2013
	Revenues	$	8,607			$	14,824
	Expenses	(8,920		)		(15,683		)
	Net loss attributable to equity method investments	$	(313	)		$	(859	)

Intangible_Assets_and_Liabilit1

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Intangible Assets	'
	Intangible assets, net, are summarized as follows (in thousands):
				31-Mar-14							31-Dec-13
		Amortization Period (years)		Gross		Accumulated			Net Carrying		Gross		Accumulated			Net Carrying
				Carrying		Amortization			Amount		Carrying		Amortization			Amount
				Amount							Amount
	Amortizable Intangible Assets
	Villa rental program	45		$	31,700	$	(308	)	$	31,392	$	31,700	$	(133	)	$	31,567
	Hotel ground leases	10 – 92.5		9,446		(156		)	9,290		9,446		(52		)	9,394
	Hotel parking garage lease	92.5		1,490		(11		)	1,479		1,490		(7		)	1,483
	In-place leases	1 – 21		398		(94		)	304		398		(47		)	351
	Total intangible assets, net			$	43,034	$	(569	)	$	42,465	$	43,034	$	(239	)	$	42,795
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	'
	Based on the intangible assets recorded at March 31, 2014, scheduled annual amortization of intangibles for the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter is as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	956
	2015		1,223
	2016		1,204
	2017		1,162
	2018		1,132
	Thereafter		36,788
	Total		$	42,465

Risk_Management_and_Use_of_Der1

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedges, Assets [Abstract]	'
Schedule of Derivative Instruments on our Consolidated Hotels	'
	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands):
	Derivatives Designated		Asset Derivatives Fair Value at					Liability Derivatives Fair Value at
	as Hedging Instruments	Balance Sheet Location	31-Mar-14		December 31, 2013			31-Mar-14			31-Dec-13
	Interest rate swaps	Other assets	$	591	$	664		$	—		$	—
	Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—			(635		)	(605		)
			$	591	$	664		$	(635	)	$	(605	)
Schedule of Derivative Instruments	'
	The interest rate swaps that we had outstanding on our Consolidated Hotel investments at March 31, 2014 were designated as cash flow hedges and are summarized as follows (dollars in thousands):
		Number of	Notional		Fair Value at
	Interest Rate Derivatives	Instruments	Amount		31-Mar-14
	Interest rate swaps	5	$	204,880	$	(44	)

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The following table presents the non-recourse debt on our Consolidated Hotel investments (in thousands):
							Carrying Amount at
	Consolidated Hotels		Interest Rate		Rate Type	Current Maturity Date	31-Mar-14		31-Dec-13
	Hampton Inn Boston Braintree (a) (b) (c)		5.00%		Variable	May-15	$	9,603	$	9,653
	Lake Arrowhead Resort and Spa (d)		4.34%		Fixed	Jul-15	17,888		17,865
	Hawks Cay Resort (b) (c)		5.74%		Variable	Nov-16	79,000		79,000
	Courtyard Pittsburgh Shadyside (b) (c) (e)		4.09%		Variable	Mar-17	20,750		20,750
	Courtyard San Diego Mission Valley (b) (c)		4.60%		Variable	Dec-17	50,960		51,230
	Hilton Southeast Portfolio:
	Hampton Inn Memphis Beale Street		4.07%		Fixed	Mar-18	21,984		22,118
	Hampton Inn Atlanta Downtown		4.12%		Fixed	Mar-18	13,600		13,600
	Hampton Inn Birmingham Colonnade		4.12%		Fixed	Mar-18	9,400		9,400
	Hampton Inn Frisco Legacy Park		4.12%		Fixed	Mar-18	9,200		9,200
	Hilton Garden Inn Baton Rouge Airport		4.12%		Fixed	Mar-18	9,800		9,800
	Fairmont Sonoma Mission Inn & Spa (c)		4.13%		Variable	Jul-18	44,000		44,000
	Hilton Garden Inn New Orleans French Quarter/CBD		5.30%		Fixed	Jul-19	10,903		10,942
	Hutton Hotel Nashville		5.25%		Fixed	Jul-20	44,000		44,000
	Renaissance Chicago Downtown		4.71%		Fixed	Jan-21	90,000		90,000
	Holiday Inn Manhattan 6th Ave Chelsea		4.49%		Fixed	Jun-23	80,000		80,000
	Marriott Raleigh City Center (f)		4.61%		Fixed	Sep-38	51,500		51,500
							$	562,588	$	563,058
	___________
	(a)	Total mortgage financing commitment is up to $9.8 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(b)	The mortgage loans secured by Hampton Inn Boston Braintree, Courtyard San Diego Mission Valley and Hawks Cay Resort each have two one-year extension options. The mortgage loan secured by Courtyard Pittsburgh Shadyside has a one-year extension option. All of the extensions are subject to certain conditions. The maturity dates in the table do not reflect extension options.
	(c)	These mortgage loans have variable interest rates, which have effectively been converted to fixed rates through the use of interest rate swaps (Note 8). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2014 through the use of an interest rate swap.
	(d)	The loan agreement allows early settlement at any time prior to maturity upon 60 days notice with no penalty at a discounted amount comprised of a discounted payoff of $16.0 million and a lender participation payment of up to $2.0 million, provided there is no uncured event of default under the loan agreement or the cash management agreement. The non-discounted principal balance of the debt is $27.4 million.
	(e)	Total mortgage financing commitment is up to $21.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(f)	The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018.
Debt Maturity Schedule	'
	Scheduled debt principal payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	1,907
	2015		31,142
	2016		83,961
	2017		73,763
	2018		156,503
	Thereafter through 2038		215,424
			562,700
	Fair market value adjustment (a)		(112		)
	Total		$	562,588
	___________
	(a)	Represents the unamortized fair market value adjustment recorded as of March 31, 2014 in connection with the assumption of the Lake Arrowhead Resort and Spa mortgage loan as part of the acquisition in July 2012.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Funding Commitments	'
	The following table summarizes our capital commitments at March 31, 2014 related to our Consolidated Hotels (in thousands):
			At March 31, 2014
			Capital Commitment		Less: Paid			Unpaid Commitment (a)		Less: Amount Held in Escrow			Unfunded Commitment
	Hilton Southeast Portfolio:
	Hampton Inn Birmingham Colonnade		$	212	$	(36	)	$	176	$	(176	)	$	—
	Hampton Inn Atlanta Downtown		175		(83		)	92		(92		)	—
	Hampton Inn Memphis Beale Street		1,075		(897		)	178		(178		)	—
	Hampton Inn Frisco Legacy Park		1,276		(304		)	972		(972		)	—
	Hilton Garden Inn Baton Rouge Airport		457		(457		)	—		—			—
	Courtyard Pittsburgh Shadyside		1,950		(1,683		)	267		(183		)	84
	Holiday Inn Manhattan 6th Ave Chelsea		2,519		(615		)	1,904		(1,890		)	14
	Fairmont Sonoma Mission Inn & Spa		2,606		(1,800		)	806		—			806
	Marriott Raleigh City Center		2,500		(50		)	2,450		(2,450		)	—
	Hawks Cay Resort		11,500		(117		)	11,383		(9,514		)	1,869
	Renaissance Chicago Downtown		23,200		(385		)	22,815		(19,366		)	3,449
			$	47,470	$	(6,427	)	$	41,043	$	(34,821	)	$	6,222
	___________
	(a)	Includes $0.7 million that was included in Accounts payable, accrued expenses and other liabilities at March 31, 2014.
Schedule of Future Minimum Lease Payments for Leases	'
	Scheduled future minimum ground lease payments during the remainder of 2014, each of the next four calendar years following December 31, 2014, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2014 (remainder)		$	771
	2015		1,052
	2016		1,082
	2017		1,112
	2018		1,143
	Thereafter through 2106		247,546
	Total		$	252,706

Business_Narratives_Details

Business (Narratives) (Details) (USD $)	0 Months Ended	3 Months Ended	24 Months Ended
	Dec. 20, 2013	Mar. 31, 2014	Sep. 15, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'	'
Capital interest ownership in operating partnership	'	99.99%	'
Proceeds from issuance, initial public offering	'	'	$586,200,000
Follow-on offering, authorized amount	350,000,000	'	'
Common stock , par on public offering date	$10	'	'
Stock authorized during period for dividend reinvestment plan	300,000,000	'	'
Common stock, par or stated value per share, pursuant to DRIP	$9.50	'	'
Follow on offerings	'	$17,600,000	'

Business_Details_1

Business (Details 1) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2014

31-May-12

Mar. 31, 2014

Jun. 08, 2012

Mar. 31, 2014

Jul. 09, 2012

Mar. 31, 2014

Dec. 06, 2012

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Mar. 12, 2013

Mar. 31, 2014

29-May-13

Mar. 31, 2014

Jun. 06, 2013

Mar. 31, 2014

Jul. 10, 2013

Mar. 31, 2014

Aug. 13, 2013

Mar. 31, 2014

Oct. 23, 2013

Mar. 31, 2014

Dec. 20, 2013

Mar. 31, 2014

Sep. 06, 2011

Mar. 31, 2014

Oct. 03, 2013

Mar. 31, 2014

Consolidated

Unconsolidated

Hampton Inn Boston Braintree

Hampton Inn Boston Braintree

Hilton Garden Inn New Orleans French Quarter/CBD

Hilton Garden Inn New Orleans French Quarter/CBD

Lake Arrowhead Resort and Spa

Lake Arrowhead Resort and Spa

Courtyard San Diego Mission Valley

Courtyard San Diego Mission Valley

Hampton Inn Atlanta Downtown

Hampton Inn Atlanta Downtown

Hampton Inn Frisco Legacy Park

Hampton Inn Frisco Legacy Park

Hampton Inn & Suites Memphis-Beale Street

Hampton Inn & Suites Memphis-Beale Street

Hampton Inn Birmingham Colonnade

Hampton Inn Birmingham Colonnade

Hilton Garden Inn Baton Rouge Airport

Hilton Garden Inn Baton Rouge Airport

Courtyard Pittsburgh Shadyside

Courtyard Pittsburgh Shadyside

Hutton Hotel Nashville

Hutton Hotel Nashville

Holiday Inn Manhattan 6th Avenue Chelsea

Holiday Inn Manhattan 6th Avenue Chelsea

Fairmont Sonoma Mission Inn and Spa

Fairmont Sonoma Mission Inn and Spa

Marriott Raleigh City Center

Marriott Raleigh City Center

Hawks Cay Resort

Hawks Cay Resort

Renaissance Chicago Downtown Hotel

Renaissance Chicago Downtown Hotel

Hyatt New Orleans French Quarter

Hyatt New Orleans French Quarter

Westin Atlanta Perimeter North

Westin Atlanta Perimeter North

room

room

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Consolidated

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

room

room

room

room

room

room

room

room

room

room

room

room

room

room

room

room

room

room

villa

Hotel Details

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

State

'

'

'

'Massachusetts

'

'Louisiana

'

'California

'

'California

'

'Georgia

'

'Texas

'

'Tennessee

'

'Alabama

'

'Louisiana

'

'Pennsylvania

'

'Tennessee

'

'New York

'

'California

'

'North Carolina

'

'Florida

'

'Illinois

'

'Louisiana

'

'Georgia

Rooms

3,341

626

'

103

'

155

'

173

'

317

'

119

'

105

'

144

'

133

'

131

'

132

'

247

'

226

'

226

'

400

'

177

'

553

'

254

'

372

Ownership interest, consolidated

'

'

'

100.00%

'

88.00%

'

97.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

100.00%

'

75.00%

'

100.00%

'

100.00%

'

100.00%

'

'

'

'

Ownership interest, unconsolidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

57.00%

Our investments

$873,895

$26,170

$12,500

'

$16,176

'

$24,039

'

$85,000

'

$18,000

'

$16,100

'

$30,000

'

$15,500

'

$15,000

'

$29,900

'

$73,600

'

$113,000

'

$76,647

'

$82,193

'

$131,301

'

$134,939

'

$13,000

'

$13,170

'

Acquisition Date

'

'

'

31-May-12

'

8-Jun-12

'

9-Jul-12

'

6-Dec-12

'

14-Feb-13

'

14-Feb-13

'

14-Feb-13

'

14-Feb-13

'

14-Feb-13

'

12-Mar-13

'

29-May-13

'

6-Jun-13

'

10-Jul-13

'

13-Aug-13

'

23-Oct-13

'

20-Dec-13

'

6-Sep-11

'

3-Oct-12

Hotel Type

'

'

'

'Select-service

'

'Select-service

'

'Full-service

'

'Select-service

'

'Select-service

'

'Select-service

'

'Select-service

'

'Select-service

'

'Select-service

'

'Select-service

'

'Full-service

'

'Full-service

'

'Full-service

'

'Full-service

'

'Full-service

'

'Full-service

'

'Full-service

'

'Full-service

Villas

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250

'

'

'

'

'

'

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	$203	($2,924)
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	-11,539	-125,229
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	8,820	144,619
Non-cash asset management fee	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	-44
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	-128,109
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	144,619
Hotel acquisitions deposits and loan commitment	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	-2,924
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	-125,229
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	144,619
As Reported | Non-cash asset management fee	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	-319
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	-128,109
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	144,894
As Reported | Hotel acquisitions deposits and loan commitment	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	-44
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	-128,109
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	144,619
Adjustments | Non-cash asset management fee	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	275	[1]
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	0	[1]
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	-275	[1]
Adjustments | Hotel acquisitions deposits and loan commitment	'	'
Net Cash Provided by (Used in) Operating Activities	'	'
Net cash provided by (used in) operating activities	'	-2,880	[2]
Net Cash Provided by (Used in) Investing Activities	'	'
Net Cash (Used in) Provided by Investing Activities	'	2,880	[2]
Net Cash Provided by (Used in) Financing Activities	'	'
Net Cash Provided by (Used in) Financing Activities	'	$0	[2]
[1]	(a)Reflects adjustments for non-cash asset management fees described above.
[2]	(b)Reflects adjustments for hotel acquisition deposits and loan commitments described above.

Agreements_and_Transactions_wi2

Agreements and Transactions with Related Parties (Narratives) (Details) (USD $)	3 Months Ended				3 Months Ended					42 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jan. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
					Advisor	Contract purchase price	Invested asset	Initial Offering	Follow-on Offering	Follow-on Offering	Renaissance Chicago Downtown Hotel
						Maximum
Related Party Transactions [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Percentage of fees earned by advisor paid to subadvisor	20.00%	'	'	'	'	'	'	'	'	'	'
Selling, General and Administrative Expense	'	'	'	'	'	'	'	'	'	'	'
Selling commission per share sold	$0.70	'	'	'	'	'	'	'	'	'	'
Dealer revenue per share sold	$0.30	'	'	'	'	'	'	'	'	'	'
Available Cash Distribution	'	'	'	'	'	'	'	'	'	'	'
Percentage of available cash distribution	10.00%	'	'	'	'	'	'	'	'	'	'
General partners distribution percentage of net proceeds	15.00%	'	'	'	'	'	'	'	'	'	'
Distributions of Available Cash by the Operating Partnership	$900,000	'	'	'	'	'	'	'	'	'	'
Acquisition Fee	'	'	'	'	'	'	'	'	'	'	'
Percentage of acquisition fees	'	'	'	'	'	6.00%	2.50%	'	'	'	'
Asset Management Fees and Loan Refinancing Fees	'	'	'	'	'	'	'	'	'	'	'
Percentage of asset management fee (based on the aggregate average invested value of investments)	0.50%	'	'	'	'	'	'	'	'	'	'
Percentage disposition fee	1.50%	'	'	'	'	'	'	'	'	'	'
Loan refinancing fee percentage	1.00%	'	'	'	'	'	'	'	'	'	'
Common stock, shares outstanding	70,192,040	'	67,703,835	'	517,040	'	'	'	'	'	'
Percentage of common stock owned	'	'	'	'	0.74%	'	'	'	'	'	'
Organization and Offering Costs	'	'	'	'	'	'	'	'	'	'	'
Organization and offering expense percent payable to the advisors	'	'	'	'	'	'	'	2.00%	4.00%	'	'
Organizational and Professional Fees Incurred by the Advisor	'	'	'	'	'	'	'	'	'	1,800,000	'
Organization and offering costs due to the advisor	728,000	'	62,000	'	'	'	'	'	'	'	'
Excess Operating Expense Due from Advisor	'	'	'	'	'	'	'	'	'	'	'
Transaction fees expensed	0	3,427,000	'	'	'	'	'	'	'	'	'
Other Transactions with Affiliates	'	'	'	'	'	'	'	'	'	'	'
Personnel reimbursements	1,200,000	270,000	'	'	800,000	'	'	'	'	'	'
Other amounts due to the advisor	502,000	'	4,563,000	'	'	'	'	'	'	'	4,100,000
Approved line of credit	'	'	'	$50,000,000	'	'	'	'	'	'	'

Agreements_and_Transactions_wi3

Agreements and Transactions with Related Parties (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Amounts Included in Consolidated Statements of Operations:	'	'
Acquisition fees	$0	$3,427
Asset management fees	1,402	390
Personnel reimbursements	1,200	270
Office rent reimbursements	115	17
Available Cash Distribution	946	0
Related party fees included in operating expenses	3,663	4,104
Other Transaction Fees Incurred	'	'
Selling commissions and dealer manager fees	1,773	6,882
Offering costs	726	1,405
Transaction fees incurred	$2,499	$8,287

Agreements_and_Transactions_wi4

Agreements and Transactions with Related Parties (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Amounts Due to Related Parties and Affiliates	'	'
Organization and offering costs due to the advisor	$728	$62
Reimbursement Payable	1,183	270
Other amounts due to the advisor	502	4,563
Due to joint venture partners	277	330
Other	162	0
Due to affiliates	$2,852	$5,225

Net_Investment_in_Hotels_Narra

Net Investment in Hotels (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Business Acquisition, Cost of Acquired Entity, Purchase Price	'	'	'
Asset retirement obligation	$500,000	'	$400,000
Real estate under construction	1,939,000	'	3,374,000
Capitalized construction cost	$100,000	$100,000	'

Net_Investment_in_Hotels_Detai

Net Investment in Hotels (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate [Abstract]	'	'
Buildings	$685,108	$685,108
Land	124,450	124,450
Furniture, fixtures & equipment	49,871	46,757
Building and site improvements	13,494	11,993
Construction in progress	1,939	3,374
Hotels, at cost	874,862	871,682
Less: Accumulated depreciation	-27,094	-18,397
Net investments in hotels	$847,768	$853,285

Net_Investment_in_Hotels_Detai1

Net Investment in Hotels (Details 2) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013
Pro Forma Financial Information	'
Pro forma total revenues	$15,602
Pro forma net loss	-1,101
Income from continuing operations attributable to noncontrolling interests	-75
Pro forma loss from continuing operations attributable to CWI stockholders	($1,176)
Net loss attributable to CWI stockholders	'
Net loss attributable to CWI stockholders	($0.05)
Pro forma weighted average shares outstanding (in shares)	22,913,347

Equity_Investment_in_Real_Esta2

Equity Investment in Real Estate (Narratives) (Details) (USD $)	3 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jul. 17, 2013	Mar. 31, 2014	Mar. 31, 2014
			Long Beach Venture	Westin Atlanta Venture	Hyatt French Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts	'	'	'	'	'
Ownership interest, unconsolidated	'	'	49.00%	57.00%	80.00%
Distributions from equity method investments (return of capital)	$127,000	$0	'	$0	$100,000

Equity_Investment_in_Real_Esta3

Equity Investment in Real Estate (Details 1) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Ownership interest in equity investments:	'	'
Carrying Value	$14,891	$14,915
Hyatt French Quarter Venture	'	'
Ownership interest in equity investments:	'	'
Ownership interest, unconsolidated	80.00%	'
Carrying Value	4,617	4,395
Westin Atlanta Venture	'	'
Ownership interest in equity investments:	'	'
Ownership interest, unconsolidated	57.00%	'
Carrying Value	$10,274	$10,520

Equity_Investment_in_Real_Esta4

Equity Investment in Real Estate (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	'	'
Net income from equity investments in real estate	$125	$132
Long Beach Venture	'	'
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	'	'
Net income from equity investments in real estate	0	50
Hyatt French Quarter Venture	'	'
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	'	'
Net income from equity investments in real estate	371	299
Westin Atlanta Venture	'	'
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	'	'
Net income from equity investments in real estate	($246)	($217)

Equity_Investment_in_Real_Esta5

Equity Investment in Real Estate (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Equity Method Investment, Summarized Financial Information	'	'
Real estate, net	$88,948	$85,327
Other assets	10,011	9,524
Total assets	98,959	94,851
Debt	-66,488	-64,871
Other liabilities	-13,974	-12,738
Total liabilities	-80,462	-77,609
Members' equity	$18,497	$17,242

Equity_Investment_in_Real_Esta6

Equity Investment in Real Estate (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Equity Method Investment, Summarized Financial Information, Income Statement	'	'
Revenues	$8,607	$14,824
Expenses	-8,920	-15,683
Net loss attributable to equity method investments	($313)	($859)

Intangible_Assets_and_Liabilit2

Intangible Assets and Liabilities (Narratives) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Finite-Lived Intangible Assets	'	'
Net amortization of intangibles	$0.30	$0.10

Intangible_Assets_and_Liabilit3

Intangible Assets and Liabilities (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Amortizable Intangible Assets	'	'
Gross Carrying Amount	$43,034	$43,034
Accumulated Amortization	-569	-239
Net Carrying Amount	42,465	42,795
Villa rental program	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'45 years	'
Gross Carrying Amount	31,700	31,700
Accumulated Amortization	-308	-133
Net Carrying Amount	31,392	31,567
Hotel ground leases	'	'
Amortizable Intangible Assets	'	'
Gross Carrying Amount	9,446	9,446
Accumulated Amortization	-156	-52
Net Carrying Amount	9,290	9,394
Hotel ground leases | Minimum	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'10 years	'
Hotel ground leases | Maximum	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'92 years 6 months	'
Hotel parking garage lease	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'92 years 6 months	'
Gross Carrying Amount	1,490	1,490
Accumulated Amortization	-11	-7
Net Carrying Amount	1,479	1,483
In-place leases	'	'
Amortizable Intangible Assets	'	'
Gross Carrying Amount	398	398
Accumulated Amortization	-94	-47
Net Carrying Amount	$304	$351
In-place leases | Minimum	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'1 year	'
In-place leases | Maximum	'	'
Amortizable Intangible Assets	'	'
Finite-lived intangible asset, useful live	'21 years	'

Intangible_Assets_and_Liabilit4

Intangible Assets and Liabilities (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity	'	'
2014 (remainder)	$956	'
2015	1,223	'
2016	1,204	'
2017	1,162	'
2018	1,132	'
Thereafter	36,788	'
Net Carrying Amount	$42,465	$42,795

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narratives) (Details) (Level 3, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Carrying Value	'	'
Financial Instruments, Financial Liabilities, Balance Sheet Groupings	'	'
Debt instrument fair value	$562.60	$563.10
Estimated fair value	'	'
Financial Instruments, Financial Liabilities, Balance Sheet Groupings	'	'
Debt instrument fair value	$565.30	$565.10

Risk_Management_and_Use_of_Der2

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Derivatives in Cash flow Hedging Relationships Gain Loss Recognized in OCI (Effective Portion)	'	'	'
Interest rate swap losses recognized in OCI	$0.70	$0.20	'
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income	'	'	'
Interest rate swap losses reclassified from OCI to interest expense	0.4	0.1	'
Potential loss on contract termination for default	0.8	'	0.7
Concentration Risk	'	'	'
Derivatives in net liability position, fair value	0.7	'	0.7
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	1.6	'	'
Noncontrolling Interest	'	'	'
Concentration Risk	'	'	'
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	$0.20	'	'
Revenue	'	'	'
Concentration Risk	'	'	'
Concentration Risk	75.90%	'	'
Net investments in hotels	'	'	'
Concentration Risk	'	'	'
Concentration Risk	76.70%	'	'

Risk_Management_and_Use_of_Der3

Risk Management and Use of Derivative Financial Instruments (Details 1) (Designated as hedging, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value	'	'
Derivative asset, fair value, net	$591	$664
Derivative liability, fair value, net	-635	-605
Interest rate swap | Other assets	'	'
Derivatives, Fair Value	'	'
Derivative asset, fair value, net	591	664
Interest rate swap | Accounts payable, accrued expenses and other liabilities	'	'
Derivatives, Fair Value	'	'
Derivative liability, fair value, net	($635)	($605)

Risk_Management_and_Use_of_Der4

Risk Management and Use of Derivative Financial Instruments (Details 2) (Designated as hedging, Interest rate swaps, Cash flow hedging, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified	instrument
Designated as hedging | Interest rate swaps | Cash flow hedging	'
Derivative	'
Number of Instruments	5
Notional Amount	$204,880
Fair Value	($44)

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
		Hampton Inn Boston Braintree	Lake Arrowhead Resort and Spa	Courtyard Pittsburgh Shadyside
Mortgage debt	'	'	'	'
Mortgage commitment	'	$9.80	'	$21
Discount for debt payoff, settlement price	'	'	16	'
Debt instrument, face value	'	'	27.4	'
Lender participation amount	'	'	$2	'
Debt instrument covenant compliance	'Pursuant to our mortgage loan agreements, our wholly-owned subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At March 31, 2014, we were in compliance with the applicable covenants for each of our mortgage loans.	'	'	'

Debt_Details_1

Debt (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Hotel Details	'	'
Carrying value of mortgage	$562,588	$563,058
Hampton Inn Boston Braintree	'	'
Hotel Details	'	'
Effective Interest Rate	5.00%	'
Rate Type	'Variable	'
Current Maturity Date	31-May-15	'
Carrying value of mortgage	9,603	9,653
Lake Arrowhead Resort and Spa	'	'
Hotel Details	'	'
Effective Interest Rate	4.34%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Jul-15	'
Carrying value of mortgage	17,888	17,865
Hawks Cay Resort	'	'
Hotel Details	'	'
Effective Interest Rate	5.74%	'
Rate Type	'Variable	'
Current Maturity Date	4-Nov-16	'
Carrying value of mortgage	79,000	79,000
Courtyard Pittsburgh Shadyside	'	'
Hotel Details	'	'
Effective Interest Rate	4.09%	'
Rate Type	'Variable	'
Current Maturity Date	12-Mar-17	'
Carrying value of mortgage	20,750	20,750
Courtyard San Diego Mission Valley	'	'
Hotel Details	'	'
Effective Interest Rate	4.60%	'
Rate Type	'Variable	'
Current Maturity Date	6-Dec-17	'
Carrying value of mortgage	50,960	51,230
Hampton Inn & Suites Memphis-Beale Street	'	'
Hotel Details	'	'
Effective Interest Rate	4.07%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Mar-18	'
Carrying value of mortgage	21,984	22,118
Hampton Inn Atlanta Downtown	'	'
Hotel Details	'	'
Effective Interest Rate	4.12%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Mar-18	'
Carrying value of mortgage	13,600	13,600
Hampton Inn Birmingham Colonnade	'	'
Hotel Details	'	'
Effective Interest Rate	4.12%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Mar-18	'
Carrying value of mortgage	9,400	9,400
Hampton Inn Frisco Legacy Park	'	'
Hotel Details	'	'
Effective Interest Rate	4.12%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Mar-18	'
Carrying value of mortgage	9,200	9,200
Hilton Garden Inn Baton Rouge Airport	'	'
Hotel Details	'	'
Effective Interest Rate	4.12%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Mar-18	'
Carrying value of mortgage	9,800	9,800
Fairmont Sonoma Mission Inn and Spa	'	'
Hotel Details	'	'
Effective Interest Rate	4.13%	'
Rate Type	'Variable	'
Current Maturity Date	10-Jul-18	'
Carrying value of mortgage	44,000	44,000
Hilton Garden Inn New Orleans French Quarter/CBD	'	'
Hotel Details	'	'
Effective Interest Rate	5.30%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Jul-19	'
Carrying value of mortgage	10,903	10,942
Hutton Hotel Nashville	'	'
Hotel Details	'	'
Effective Interest Rate	5.25%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Jul-20	'
Carrying value of mortgage	44,000	44,000
Renaissance Chicago Downtown Hotel	'	'
Hotel Details	'	'
Effective Interest Rate	4.71%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Jan-21	'
Carrying value of mortgage	90,000	90,000
Holiday Inn Manhattan 6th Avenue Chelsea	'	'
Hotel Details	'	'
Effective Interest Rate	4.49%	'
Rate Type	'Fixed	'
Current Maturity Date	6-Jun-23	'
Carrying value of mortgage	80,000	80,000
Marriott Raleigh City Center	'	'
Hotel Details	'	'
Effective Interest Rate	4.61%	'
Rate Type	'Fixed	'
Current Maturity Date	1-Sep-38	'
Carrying value of mortgage	$51,500	$51,500

Debt_Details_2

Debt (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Long-term Debt, by Maturity	'	'
2014 (remainder)	$1,907	'
2015	31,142	'
2016	83,961	'
2017	73,763	'
2018	156,503	'
Thereafter through 2038	215,424	'
Total Debt	562,700	'
Fair market value adjustment	-112	'
Total	$562,588	$563,058

Commitments_and_Contingencies_1

Commitments and Contingencies (Narratives) (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

42 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Mar. 12, 2013

Mar. 12, 2013

Mar. 31, 2014

Jun. 06, 2013

Feb. 14, 2013

Feb. 14, 2013

Mar. 31, 2014

Mar. 31, 2014

Annual Percentage Rent

Accounts payable, accrued expenses and other liabilities

Hilton Southeast Portfolio

Courtyard Pittsburgh Shadyside

Courtyard Pittsburgh Shadyside

Holiday Inn Manhattan 6th Avenue Chelsea

Holiday Inn Manhattan 6th Avenue Chelsea

Fairmont Sonoma Mission Inn and Spa

Fairmont Sonoma Mission Inn and Spa

Marriott Raleigh City Center

Marriott Raleigh City Center

Hawks Cay Resort

Hawks Cay Resort

Hawks Cay Resort

Renaissance Chicago Downtown Hotel

Renaissance Chicago Downtown Hotel

Spa

Guest Rooms & Public Space

Follow-on Offering

Follow-on Offering

Minimum

Fairmont Sonoma Mission Inn and Spa

Fairmont Sonoma Mission Inn and Spa

Commitments And Contingencies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Organizational and Professional Fees Incurred by the Advisor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,800,000

Funding Commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contractual liabilities

41,043,000

'

'

700,000

3,200,000

267,000

1,950,000

1,904,000

2,519,000

806,000

2,606,000

2,450,000

2,500,000

11,383,000

11,500,000

8,800,000

22,815,000

23,200,000

800,000

1,800,000

'

'

Lease expiration date

'

'

'

'

'

'

'

'

'

'

'

22-Jan-06

'

'

'

'

30-Jun-87

'

'

'

'

'

Annual base rent increase

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

Ground lease percentage rent on gross room revenue

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

Rent expense

400,000

'

100,000

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

Organization and offering expense percent payable to the advisors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

Unpaid organization and offering costs

$728,000

$62,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 1) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2014

31-May-12

Mar. 31, 2014

Jun. 08, 2012

Mar. 31, 2014

Jul. 09, 2012

Mar. 31, 2014

Dec. 06, 2012

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Mar. 12, 2013

Mar. 31, 2014

Jun. 06, 2013

Hampton Inn Birmingham Colonnade

Hampton Inn Birmingham Colonnade

Hampton Inn Atlanta Downtown

Hampton Inn Atlanta Downtown

Hampton Inn & Suites Memphis-Beale Street

Hampton Inn & Suites Memphis-Beale Street

Hampton Inn Frisco Legacy Park

Hampton Inn Frisco Legacy Park

Hilton Garden Inn Baton Rouge Airport

Hilton Garden Inn Baton Rouge Airport

Courtyard Pittsburgh Shadyside

Courtyard Pittsburgh Shadyside

Holiday Inn Manhattan 6th Avenue Chelsea

Holiday Inn Manhattan 6th Avenue Chelsea

Fairmont Sonoma Mission Inn and Spa

Fairmont Sonoma Mission Inn and Spa

Marriott Raleigh City Center

Marriott Raleigh City Center

Hawks Cay Resort

Hawks Cay Resort

Renaissance Chicago Downtown Hotel

Renaissance Chicago Downtown Hotel

Funding Commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Original funding Commitment

'

'

$212

'

$175

'

$1,075

'

$1,276

'

$457

'

$1,950

'

$2,519

'

$2,606

'

$2,500

'

$11,500

'

$23,200

Less: Paid

-6,427

-36

'

-83

'

-897

'

-304

'

-457

'

-1,683

'

-615

'

-1,800

'

-50

'

-117

'

-385

'

Unpaid commitment

41,043

176

212

92

175

178

1,075

972

1,276

0

457

267

1,950

1,904

2,519

806

2,606

2,450

2,500

11,383

11,500

22,815

23,200

Less: Amount Held in Escrow

-34,821

-176

'

-92

'

-178

'

-972

'

0

'

-183

'

-1,890

'

0

'

-2,450

'

-9,514

'

-19,366

'

Unfunded Commitment

6,222

0

'

0

'

0

'

0

'

0

'

84

'

14

'

806

'

0

'

1,869

'

3,449

'

Cumulative original funding commitment

$47,470

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_3

Commitments and Contingencies (Details 2) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity	'
2014 (remainder)	$771
2015	1,052
2016	1,082
2017	1,112
2018	1,143
Thereafter through 2106	247,546
Total	$252,706

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended			0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Apr. 02, 2014
				Hyatt Place Austin Downtown
				Subsequent Event
				room
Hotel Statistics	'	'	'	'
Ownership percentage	'	'	'	100.00%
Investment purchase price	'	'	'	$87,000
Mortgage debt	562,588	'	563,058	56,500
Acquisition-related expenses	$379	$5,392	'	$2,700
Rooms	'	'	'	296