Carey Watermark Investors 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Current Fiscal Year End Date	-19
Entity Central Index Key	1430259
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		131,037,385

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investments in real estate:
Hotels, at cost	$1,663,178	$1,569,200
Accumulated depreciation	-72,214	-59,903
Net investments in hotels	1,590,964	1,509,297
Assets held for sale	128,880	0
Equity investments in real estate	13,198	13,177
Cash	158,998	330,811
Intangible assets, net	41,645	41,869
Accounts receivable	18,345	14,583
Restricted cash	58,396	61,624
Other assets	37,077	30,894
Total assets	2,047,503	2,002,255
Liabilities:
Non-recourse debt and debt attributable to Assets held for sale	1,014,717	969,594
Accounts payable, accrued expenses and other liabilities	83,423	68,798
Due to related parties and affiliates	8,718	2,059
Distributions payable	17,853	14,859
Total liabilities	1,124,711	1,055,310
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 130,427,229 and 129,395,679 shares issued, respectively; and 129,941,188 and 129,083,977 shares outstanding, respectively	130	129
Additional paid-in capital	1,088,861	1,078,768
Distributions and accumulated losses	-171,930	-142,123
Accumulated other comprehensive loss	-1,402	-517
Less: treasury stock at cost, 486,041 and 311,702 shares, respectively	-4,717	-3,000
Total CWI Incorporated stockholders’ equity	910,942	933,257
Noncontrolling interests	11,850	13,688
Total equity	922,792	946,945
Total liabilities and equity	$2,047,503	$2,002,255

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	130,427,229	129,395,679
Common stock, shares outstanding	129,941,188	129,083,977
Treasury stock, shares	486,041	311,702

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Hotel Revenues
Rooms	$76,107	$40,216
Food and beverage	23,832	13,204
Other hotel income	9,848	6,265
Total Hotel Revenues	109,787	59,685
Hotel Expenses
Rooms	17,191	12,878
Food and beverage	17,027	10,148
Other hotel operating expenses	5,279	3,484
Sales and marketing	11,585	5,466
General and administrative	9,606	5,390
Property taxes, insurance, rent and other	11,530	4,559
Repairs and maintenance	4,489	2,598
Utilities	3,378	2,168
Management fees	2,628	1,202
Depreciation and amortization	14,300	8,919
Total Hotel Expenses	97,013	56,812
Other Operating Expense
Acquisition-related expenses	6,388	379
Corporate general and administrative expenses	2,986	2,629
Asset management fees to affiliate and other	2,569	1,417
Total Other Operating Expenses	11,943	4,425
Operating Income (Loss)	831	-1,552
Other Income and (Expenses)
Interest expense	-11,495	-6,953
Equity in earnings of equity method investments in real estate	660	125
Other income and (expenses)	-136	11
Other (Expenses) and Income, Total	-10,971	-6,817
Loss from Operations Before Income Taxes	-10,140	-8,369
Provision for income taxes	-1,011	-417
Net Loss	-11,151	-8,786
(Income) loss attributable to noncontrolling interest (inclusive of Available Cash Distributions to a related party of $1,847 and $946, respectively)	-803	212
Net Loss Attributable to CWI Stockholders	($11,954)	($8,574)
Basic and Diluted Loss Per Share	($0.09)	($0.13)
Basic and Diluted Weighted-Average Shares Outstanding	129,842,946	68,575,077
Distributions Declared Per Share	$0.14	$0.14

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Loss	($11,151)	($8,786)
Other Comprehensive Loss
Other comprehensive loss before reclassifications — unrealized loss on derivative instruments	-1,731	-681
Comprehensive Loss	-12,346	-8,923
Amounts Attributable to Noncontrolling Interests
Net (income) loss	-803	212
Change in unrealized loss on derivative instruments	310	235
Comprehensive (income) loss attributable to noncontrolling interests	-493	447
Comprehensive Loss Attributable to CWI Stockholders	-12,839	-8,476
Interest expense
Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive (loss) income	-404	-412
Net (loss) income from equity investments
Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive (loss) income	($132)	($132)

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) Income	Treasury Stock	Total CWI 1 Stockholders	Noncontrolling Interest
In Thousands, except Share data, unless otherwise specified
Beginning equity balance, value at Dec. 31, 2013	$474,285	$68	$525,000	($62,868)	($136)	($525)	$461,539	$12,746
Beginning equity balance, shares at Dec. 31, 2013		67,703,835
Stockholders' Equity
Net Loss	-8,786			-8,574			-8,574	-212
Shares issued net of offering costs, value	21,785	2	21,783				21,785
Shares issued, net of offering costs, shares		2,396,341
Shares issued to affiliates - value	1,338		1,338				1,338
Shares issued to affiliates - shares		152,619
Distributions to noncontrolling interests	-946							-946
Shares issued under share incentive plans - value	29		29				29
Shares issued under share incentive plans - share
Distributions declared, value	-9,428			-9,428			-9,428
Other comprehensive loss:
Change in net unrealized loss on derivative instruments	-137				98		98	-235
Repurchase of shares, value	-587					-587	-587
Repurchase of shares, shares		-60,755
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
Beginning equity balance, value at Dec. 31, 2014	946,945	129	1,078,768	-142,123	-517	-3,000	933,257	13,688
Beginning equity balance, shares at Dec. 31, 2014	129,083,977	129,083,977
Stockholders' Equity
Net Loss	-11,151			-11,954			-11,954	803
Shares issued net of offering costs, value	9,027	1	9,026				9,027
Shares issued, net of offering costs, shares		935,081
Shares issued to affiliates - value	994		994				994
Shares issued to affiliates - shares		96,469
Distributions to noncontrolling interests	-2,331
Shares issued under share incentive plans - value	73		73				73
Distributions declared, value	-17,853			-17,853			-17,853
Other comprehensive loss:
Change in net unrealized loss on derivative instruments	-1,195				-885		-885	-310
Repurchase of shares, value	-1,717						-1,717
Repurchase of shares, shares		-174,339
Ending equity balance, value at Mar. 31, 2015	$922,792	$130	$1,088,861	($171,930)	($1,402)	($4,717)	$910,942	$11,850
Ending equity balance, shares at Mar. 31, 2015	129,941,188	129,941,188

Consolidated_Statements_of_Equ1

Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)	$0.14	$0.14

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows - Operating Activities
Net Loss	($11,151)	($8,786)
Adjustments to net loss:
Depreciation and amortization	14,300	8,919
Straight-line rent adjustments	1,342	603
Amortization of deferred financing costs, ground lease intangible and other	519	487
Equity in earnings of equity method investments in real estate in excess of distributions received	-533	-125
Amortization of share incentive plans	73	29
Asset management fees and reimbursable costs to affiliates settled in shares	0	1,402
Increase (decrease) in due to related parties and affiliates	6,074	-3,254
Receipt of key money and other deferred incentive payments	2,713	0
Net changes in other operating assets and liabilities	2,593	928
Net Cash Provided by Operating Activities	15,930	203
Cash Flows - Investing Activities
Acquisition of hotels	-207,914	0
Funds released from escrow	19,889	13,930
Funds placed in escrow	-16,661	-12,372
Capital expenditures	-13,698	-4,994
Deposits for hotel investments	-2,100	-8,230
Distributions received from equity investments in excess of equity income	282	127
Net Cash Used in Investing Activities	-220,202	-11,539
Cash Flows - Financing Activities
Proceeds from mortgage financing	55,500	0
Distributions paid	-14,859	-9,309
Scheduled payments and prepayments of mortgage principal	-10,399	-493
Proceeds from issuance of shares, net of offering costs	8,772	20,338
Distributions to noncontrolling interests	-2,331	-946
Deposits for mortgage financing	-1,914	-183
Purchase of treasury stock	-1,717	-587
Deferred financing costs	-558	0
Purchase of interest rate cap	-35	0
Net Cash Provided by Financing Activities	32,459	8,820
Change in Cash During the Period
Net decrease in cash	-171,813	-2,516
Cash, beginning of period	330,811	109,373
Cash, end of period	$158,998	$106,857

Business

Business	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business
	Organization
	Carey Watermark Investors Incorporated, or CWI or CWI 1, 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, hold 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 our 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, our 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.
	We held ownership interests in 29 hotels at March 31, 2015. See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 — Portfolio Overview for a complete listing of the hotels that we consolidate, or our Consolidated Hotels, and Note 5 complete listing of the hotels that we record as equity investments, or our Unconsolidated Hotels, at March 31, 2015.
	Public Offerings
	We raised $575.8 million through our initial public offering, which commenced on September 15, 2010 and closed on September 15, 2013. The proceeds from our initial public offering were fully invested by the end of the second quarter of 2014. We raised $577.4 million through our follow-on offering, which commenced on December 20, 2013 and closed on December 31, 2014. The gross offering proceeds raised exclude reinvested distributions through our distribution reinvestment plan, or DRIP, of $44.3 million as of March 31, 2015. We intend to continue to invest the remaining proceeds from our follow-on offering in lodging and lodging-related properties.
	Distributions
	Our first quarter 2015 declared daily distribution was $0.0015277 per share, payable in cash, which equated to $0.5500 per share on an annualized basis and was paid on April 15, 2015 to stockholders of record on each day during the first quarter.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
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 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 financial position, results of operations 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, 2014, which are included in our 2014 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 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.
	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current period presentation. Additionally, on January 1, 2015, we adopted the Eleventh Revised Edition of the Uniform System of Accounts, which mandates a prospective reclassification of certain hotel revenue and hotel expense items within the income statement. During the three months ended March 31, 2014, we included $2.6 million related to rental of third-party owned condominiums in Rooms expense in our consolidated financial statements. Beginning in 2015, these expenses, which totaled $3.0 million for the three months ended March 31, 2015, were included in Property taxes, insurance, rent and other.
	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 qualified as a VIE.
	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 given that the initial investors are not yet earning their minimal return, the noncontrolling 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, 2015 or 2014.
	Recent Accounting Requirements
	The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us:
	ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the Financial Accounting Standards Board issued a proposed ASU to defer the effective date of ASU 2014-09 by one year. Under the proposal, ASU 2014-09 would be effective beginning in 2018, and early adoption is permitted but not before 2017, the original public company effective date. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
	ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements.

Agreements_and_Transactions_wi

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties
	Agreements with our Advisor and Affiliates
	We have an advisory agreement with our advisor to perform certain services for us under a fee arrangement, including managing our overall business, the 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, 2015, unless renewed pursuant to its terms. Our advisor has entered into a subadvisory agreement with our subadvisor, whereby our advisor pays 20% of the fees earned under the advisory agreement to our subadvisor and our subadvisor provides certain personnel services to us.
	The following tables present a summary of fees we paid and expenses we reimbursed to our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands):
		Three Months Ended March 31,
		2015		2014
	Amounts Included in the Consolidated Statements of Operations
	Acquisition fees	$	5,682	$	—
	Asset management fees	2,553		1,402
	Personnel and overhead reimbursements	1,848		1,315
	Available Cash Distribution	1,847		946
		$	11,930	$	3,663
	Other Transaction Fees Incurred
	Selling commissions and dealer manager fees	$	—	$	1,773
	Offering costs	127		726
		$	127	$	2,499
		March 31, 2015		December 31, 2014
	Amounts Due to Related Parties and Affiliates
	Other amounts due to our advisor	$	6,499	$	965
	Reimbursable costs	1,674		338
	Due to joint venture partners	404		367
	Organization and offering costs due to our advisor	70		322
	Due to WPC	71		67
		$	8,718	$	2,059
	Acquisition Fees
	Our 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, Dispositions Fees and Loan Refinancing Fees
	We pay our advisor an annual asset management fee equal to 0.5% of the aggregate Average Market Value of our Investments, both as defined in our advisory agreement with our advisor. Our 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. If our advisor elects to receive all or a portion of its fees in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share, or NAV, or, during an offering, our offering price of $10.00 per share. We paid our asset management fees in cash for the three months ended March 31, 2015 and in shares of our common stock, at the election of the advisor, for the three months ended March 31, 2014. For the three months ended March 31, 2015, $1.0 million in asset management fees were settled in shares, which related to fees incurred during the fourth quarter of 2014. For the three months ended March 31, 2014, $1.3 million in asset management fees were settled in shares. At March 31, 2015, our advisor owned 1,501,028 shares (1.2%) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other in the consolidated financial statements.
	Personnel and Overhead Reimbursements
	Pursuant to the subadvisory agreement, after we reimburse our advisor, it will subsequently reimburse our subadvisor for personnel costs and other charges. We also grant restricted stock units to employees of our subadvisor pursuant to our 2010 Equity Incentive Plan. Our 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.
	In addition, pursuant to the advisory agreement, we reimburse our advisor for the actual cost of personnel allocable to their time devoted to providing administrative services to us, which totaled $1.2 million and $0.8 million, respectively, for the three months ended March 31, 2015 and 2014, as well as rent expense that totaled $0.1 million for both the three months ended March 31, 2015 and 2014. These reimbursements are included in Corporate general and administrative expenses and Amounts due to affiliates in the consolidated financial statements. We paid these reimbursements in cash for the three months ended March 31, 2015 and in shares of our common stock, at the election of the advisor, for the three months ended March 31, 2014. For the three months ended March 31, 2015, less than $0.1 million in reimbursements were settled in shares that related to reimbursements incurred during the fourth quarter of 2014.
	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 totaled $1.8 million and $0.9 million during the three months ended March 31, 2015 and 2014, respectively, and are included in (Income) loss attributable to noncontrolling interests in the consolidated financial statements.
	Selling Commissions and Dealer Manager Fees
	We had a dealer manager agreement with Carey Financial, LLC, or Carey Financial, whereby Carey Financial received a selling commission of up to $0.70 per share sold and a dealer manager fee of up to $0.30 per share sold through the termination of our follow on offering on December 31, 2014, a portion of which may have been re-allowed to selected broker dealers. These amounts are recorded in Additional paid-in capital in the consolidated financial statements.
	Due from Related Parties and Affiliates
	At March 31, 2015, amounts due from related parties and affiliates, included in Other assets in the consolidated financial statements, totaled $1.8 million and primarily represents amounts due from CWI 2 for a deposit of $1.5 million we placed on its behalf during the first quarter of 2015 in connection with an acquisition made during the second quarter of 2015.
	Other Amounts Due to Our Advisor
	At March 31, 2015, this balance primarily represents acquisition fees of $3.9 million payable to the advisor related to the Westin Pasadena acquired on March 19, 2015, which was paid in the second quarter of 2015. The remainder of the balance at that date and the entire balance at December 31, 2014 represents asset management fees payable.
	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.
	Organization and Offering Costs
	Pursuant to our advisory agreement with our advisor, we were liable for certain expenses related to our public offerings, which included filing, legal, accounting, printing, advertising, transfer agent, and escrow fees and are to be deducted from the gross proceeds of the offering. We reimbursed Carey Financial or selected dealers for reasonable bona fide due diligence expenses incurred that were 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. Our 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, 2015, our advisor incurred organization and offering costs on our behalf related to our follow-on offering of approximately $3.5 million, all of which we were obligated to pay. As of March 31, 2015, $3.4 million had been reimbursed. During the three months ended March 31, 2015, we charged $0.1 million of deferred offering costs to stockholder’s equity.
	Other Transactions with Affiliates
	In September 2014, our board of directors and the board of directors of WPC approved unsecured loans to us and our affiliate, Carey Watermark Investors 2 Incorporated, of up to $75.0 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 WPC’s management. In April 2015, this aggregate amount was increased to $110.0 million. At March 31, 2015, we had no such loans outstanding.

Net_Investment_in_Hotels_and_R

Net Investment in Hotels and Real Estate Under Construction	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels
	Net investments in hotels are summarized as follows (in thousands):
		March 31, 2015			December 31, 2014
	Buildings	$	1,301,567		$	1,226,880
	Land	217,312			214,522
	Furniture, fixtures and equipment	90,665			88,464
	Building and site improvements	23,158			21,989
	Construction in progress	30,476			17,345
	Hotels, at cost	1,663,178			1,569,200
	Less: Accumulated depreciation	(72,214		)	(59,903		)
	Net investments in hotels	$	1,590,964		$	1,509,297
	2015 Acquisitions
	During the three months ended March 31, 2015, we acquired two hotels with real estate and other hotel assets, net of assumed liabilities, totaling $207.9 million. In connection with these acquisitions, we expensed acquisition costs of $6.4 million, including acquisition fees of $5.7 million paid to our advisor. See Note 9 for information about mortgage financing obtained in connection with our acquisitions and Note 10 for information about planned renovations on these hotels, as applicable.
	The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through March 31, 2015 (in thousands):
		2015 Acquisitions
		Westin Minneapolis			Westin
					Pasadena
	Cash consideration	$	66,176		$	141,738
	Assets acquired at fair value:
	Land	$	6,405		$	22,785
	Buildings and improvements	57,105			112,215
	Furniture, fixtures and equipment	2,846			7,379
	Accounts receivable	97			94
	Other assets	164			608
	Liabilities assumed at fair value:
	Accounts payable, accrued expenses and other liabilities	(441		)	(1,343		)
	Net assets acquired at fair value	$	66,176		$	141,738
		For the Period from
		12-Feb-15			19-Mar-15
		through			through
		31-Mar-15			31-Mar-15
	Revenues	$	1,724		$	1,107
	Net income	$	146		$	309
	Assets Held for Sale
	A 50% controlling interest in the Marriott Sawgrass Golf Resort and Spa, which we acquired in October 2014, was subsequently sold to our affiliate, Carey Watermark Investors 2 Incorporated, during the second quarter of 2015, and therefore met the criteria for held for sale at March 31, 2015 (Note 11). At December 31, 2014, no hotels were classified as held for sale.
	There have been no material changes to the fair market value of the property between the date we acquired the hotel and the date it was reclassified into assets held for sale therefore, our acquisition cost has remained equal to the estimated fair market value of the property. As the sales price was equal to 50% of the original acquisition price, which approximates fair market value, we believe there is no economic gain to either party as a result of this transaction.
	Below is a summary of our assets held for sale (in thousands):
		31-Mar-15			31-Dec-14
	Buildings	$	94,375		$	—
	Land	26,400			—
	Furniture, fixtures and equipment	9,102			—
	Construction in progress and improvements	797			—
	Less: Accumulated depreciation	(1,794		)	—
	Assets held for sale	$	128,880		$	—
	In addition, there was $66.7 million of non-recourse debt attributable to this hotel at March 31, 2015, which was assumed by Carey Watermark Investors 2 Incorporated.
	Total revenue and net income from operations from this hotel were $13.3 million and $2.4 million, respectively, for the three months ended March 31, 2015.
	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 both March 31, 2015 and December 31, 2014, our asset retirement obligation was $0.5 million, and are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.
	Pro Forma Financial Information
	The following unaudited consolidated pro forma financial information presents our financial results as if our 2015 Acquisitions, and the new financings related to these acquisitions, had occurred on January 1, 2014. 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, 2014, 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,
		2015			2014
	Pro forma total revenues	$	116,969		$	70,283
	Pro forma net loss	$	(4,271	)	$	(14,568	)
	Pro forma (income) loss from continuing operations attributable to noncontrolling interests	(803		)	212
	Pro forma loss from continuing operations attributable to CWI stockholders	$	(5,074	)	$	(14,356	)
	Pro forma loss per share:
	Net loss attributable to CWI stockholders	$	(0.04	)	$	(0.17	)
	Pro forma weighted-average shares outstanding	129,842,946			86,513,512
	The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our public offering in order to raise the funds used for our 2015 acquisitions were issued on January 1, 2014. All acquisition costs for our acquisitions completed during the three months ended March 31, 2015 are presented as if they were incurred on January 1, 2014. We did not complete any acquisitions during the three months ended March 31, 2014.
	Construction in Progress
	At March 31, 2015 and December 31, 2014, construction in progress was $30.5 million and $17.3 million, recorded at cost, respectively, and related primarily to renovations at Renaissance Chicago Downtown, Hawks Cay Resort and Sanderling Resort at March 31, 2015 and Hawks Cay Resort and Renaissance Chicago Downtown at December 31, 2014 (Note 10). We capitalize interest expense and certain other costs, such as property taxes, property insurance and hotel incremental labor costs, related to hotels undergoing major renovations. We capitalized $1.0 million and $0.1 million of such costs during the three months ended March 31, 2015 and 2014, respectively.
	During the three months ended March 31, 2015 and 2014, accrued capital expenditures increased by $2.2 million and decreased by $1.8 million, respectively, representing non-cash investing activity.

Equity_Investment_in_Real_Esta

Equity Investment in Real Estate	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate
	At March 31, 2015, 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 our 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.
	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 (dollars in thousands):
	Hotels		State		Number		% Owned		Our Initial		Acquisition Date	Hotel Type	Renovation	Carrying Value at
					of Rooms				Investment (a)				Status at
													31-Mar-15	March 31, 2015		December 31, 2014
	Unconsolidated Hotels
	Hyatt French Quarter Venture (b)		Louisiana		254		80	%	$	13,000	9/6/11	Full-service	Completed	$	4,675	$	4,197
	Westin Atlanta		Georgia		372		57	%	13,170		10/3/12	Full-service	Completed	8,523		8,980
	Venture (c)
					626				$	26,170				$	13,198	$	13,177
	___________
	(a)	This amount represents purchase price plus capitalized costs, inclusive of fees paid to our advisor, at the time of acquisition.
	(b)	We received cash distributions of $0.1 million from this investment during the three months ended March 31, 2015.
	(c)	We received cash distributions of $0.3 million from this investment during the three months ended March 31, 2015.
	The following table sets forth our share of equity earnings (loss) 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 investments (in thousands):
			Three Months Ended March 31,
	Venture		2015			2014
	Hyatt French Quarter Venture		$	835		$	371
	Westin Atlanta Venture		(175		)	(246		)
			$	660		$	125
	No other-than-temporary impairment charges were recognized during either the three months ended March 31, 2015 or 2014.
	At March 31, 2015 and December 31, 2014, the unamortized basis differences on our equity investments were $1.5 million and $1.6 million, respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by less than $0.1 million for each of the three months ended March 31, 2015 and 2014.

Intangible_Assets_and_Liabilit

Intangible Assets and Liabilities Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets and Liabilities
	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are summarized as follows (dollars in thousands):
				31-Mar-15											31-Dec-14
		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			$	(1,013	)		$	30,687		$	31,700		$	(837	)	$	30,863
	Below-market hotel ground leases	73.5 – 92.5		9,446				(170		)		9,276			9,446			(144		)	9,302
	Below-market hotel parking garage lease	92.5		1,490				(27		)		1,463			1,490			(23		)	1,467
	In-place leases	1 – 21		317				(98		)		219			317			(80		)	237
	Total intangible assets, net			$	42,953			$	(1,308	)		$	41,645		$	42,953		$	(1,084	)	$	41,869
	Amortizable Intangible Liability
	Above-market hotel ground lease	85		$	(2,100	)		$	21			$	(2,079	)	$	(2,100	)	$	15		$	(2,085	)
	Net amortization of intangibles was $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively. Amortization of in-place lease intangibles and the Villa Rental Program is included in Depreciation and amortization, and amortization of hotel parking garage lease, hotel ground lease and above-market ground lease intangibles is included in Property taxes, insurance and rent in the consolidated financial statements.
	Based on the intangible assets recorded at March 31, 2015, scheduled annual amortization of intangibles for the remainder of 2015, each of the next four calendar years following December 31, 2015, and thereafter is as follows (in thousands):
	Years Ending December 31,		Increase to Depreciation and Amortization				Increase to Property Taxes, Insurance and Rent				Total
	2015 (remainder)		$	583			$	71			$	654
	2016		766				95				861
	2017		731				95				826
	2018		720				95				815
	2019		720				95				815
	Thereafter		27,386				8,209				35,595
	Total		$	30,906			$	8,660			$	39,566

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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 and caps. 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, 2015 or 2014. Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated financial statements.
	Our non-recourse debt, which we have classified as Level 3, had a carrying value of $1.0 billion at both March 31, 2015 and December 31, 2014 and an estimated fair value of $1.0 billion and $990.1 million at March 31, 2015 and December 31, 2014, 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, 2015 and December 31, 2014.

Risk_Management_and_Use_of_Der

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2015
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 into, 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-15		December 31, 2014			31-Mar-15			31-Dec-14
	Interest rate swaps	Other assets	$	43	$	346		$	—		$	—
	Interest rate caps	Other assets	120		218			—			—
	Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—			(1,209		)	(690		)
			$	163	$	564		$	(1,209	)	$	(690	)
	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 in our consolidated financial statements. At both March 31, 2015 and December 31, 2014, no cash collateral had been posted nor received for any of our derivative positions.
	We recognized unrealized losses of $1.7 million and $0.7 million in Other comprehensive loss on derivatives in connection with our interest rate swaps during the three months ended March 31, 2015 and 2014, respectively.
	We reclassified losses of $0.4 million and $0.4 million from Other comprehensive loss on derivatives into interest expense during the three months ended March 31, 2015 and 2014, respectively.
	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, 2015, we estimate that an additional $1.3 million, inclusive of amounts attributable to noncontrolling interests of $0.1 million, will be reclassified as Interest expense during the next 12 months related to our interest rate swaps.
	Interest Rate Swaps and Caps
	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 or cap 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 face amount on which the swaps are based is not exchanged. An interest rate cap limits the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.
	The interest rate swaps and caps that we had outstanding on our Consolidated Hotel investments at March 31, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands):
		Number of	Face		Fair Value at
	Interest Rate Derivatives	Instruments	Amount		31-Mar-15
	Interest rate swaps	5	$	203,500	$	(1,166	)
	Interest rate caps	4	125,250		120
					$	(1,046	)
	Credit Risk-Related Contingent Features
	We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of collateral received, if any. No collateral was received as of March 31, 2015. At March 31, 2015, our total credit exposure was $0.1 million and the maximum exposure to any single counterparty was $0.1 million.
	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, 2015, 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 $1.3 million and $0.8 million at March 31, 2015 and December 31, 2014, respectively, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at either March 31, 2015 or December 31, 2014, we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.4 million and $0.8 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
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-15		31-Dec-14
	Lake Arrowhead Resort and Spa (a)		4.34%		Fixed	Jul-15	$	17,977	$	17,955
	Hawks Cay Resort (b) (c)		5.74%		Variable	Nov-16	79,000		79,000
	Courtyard Pittsburgh Shadyside (c) (d)		4.09%		Variable	Mar-17	20,800		21,000
	Sanderling Resort (b) (c)		4.67%		Variable	Oct-17	22,000		22,000
	Courtyard San Diego Mission Valley (b) (c)		4.60%		Variable	Dec-17	50,150		50,420
	Hampton Inn Memphis Beale Street		4.07%		Fixed	Mar-18	21,445		21,585
	Hampton Inn Atlanta Downtown		4.12%		Fixed	Mar-18	13,290		13,370
	Hampton Inn Birmingham Colonnade		4.12%		Fixed	Mar-18	9,186		9,241
	Hampton Inn Frisco Legacy Park		4.12%		Fixed	Mar-18	8,990		9,045
	Hilton Garden Inn Baton Rouge Airport		4.12%		Fixed	Mar-18	9,577		9,635
	Hampton Inn Boston Braintree (b) (c)		3.18%		Variable	Mar-18	12,000		9,500
	Fairmont Sonoma Mission Inn & Spa (c)		4.13%		Variable	Jul-18	44,000		44,000
	Sheraton Austin Hotel at the Capitol		3.96%		Fixed	Jun-19	67,000		67,000
	Marriott Boca Raton at Boca Center (c) (e)		3.42%		Variable	Jul-19	34,000		34,000
	Hilton Garden Inn New Orleans French Quarter/CBD		5.30%		Fixed	Jul-19	10,752		10,793
	Marriott Sawgrass Golf Resort and Spa (c) (f)		4.03%		Variable	Nov-19	66,700		66,700
	Staybridge Suites Savannah Historic District		4.70%		Fixed	Nov-19	14,850		14,850
	Hutton Hotel Nashville		5.25%		Fixed	Jul-20	44,000		44,000
	Renaissance Chicago Downtown		4.71%		Fixed	Jan-21	90,000		90,000
	Courtyard Times Square West		4.62%		Fixed	Jun-21	56,000		56,000
	Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center		3.80%		Fixed	Jul-21	53,000		53,000
	Marriott Kansas City Country Club Plaza		4.42%		Fixed	Dec-21	38,500		38,500
	Westin Minneapolis		3.63%		Fixed	Mar-22	43,500		—
	Holiday Inn Manhattan 6th Avenue Chelsea		4.49%		Fixed	Jun-23	80,000		80,000
	Hyatt Place Austin Downtown		4.88%		Fixed	Apr-24	56,500		56,500
	Marriott Raleigh City Center (g)		4.61%		Fixed	Sep-38	51,500		51,500
							$	1,014,717	$	969,594
	___________
	(a)	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.
	(b)	These loans each have two one-year extension options. All of these 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 capped or converted to fixed rates through the use of interest rate caps or swaps (Note 8). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2015 through the use of an interest rate cap or swap, when applicable.
	(d)	The mortgage loan has a one-year extension option. The extension is subject to certain conditions. The maturity date in the table does not reflect the extension option.
	(e)	Total mortgage financing commitment is up to $41.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(f)	This debt is attributable to an Asset held for sale (Note 4). Total mortgage financing commitment is up to $78.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(g)	The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018.
	Financing Activity During 2015
	In connection with our acquisition of Westin Minneapolis (Note 4), we obtained $43.5 million in non-recourse mortgage financing, with an annual interest rate and term of 3.63% and seven years, respectively. We capitalized $0.3 million of deferred financing costs related to this loan.
	Additionally, we refinanced our $9.5 million non-recourse mortgage loan on the Hampton Inn Boston Braintree with a new non-recourse mortgage loan in the amount of $12.0 million. The new loan has a stated interest rate of one-month London Interbank Offered Rate, or LIBOR, plus 3.0%, for which we have purchased an interest rate cap, and a term of three years, with two, one-year extension options. We recognized a loss on extinguishment of debt of $0.1 million.
	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, 2015, 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 2015, each of the next four calendar years following December 31, 2015, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2015 (remainder)		$	21,490
	2016		85,802
	2017		98,351
	2018		172,706
	2019		197,942
	Thereafter through 2038		438,449
			1,014,740
	Fair market value adjustment (a)		(23		)
	Total		$	1,014,717
	___________
	(a)	Represents the unamortized fair market value adjustment recorded as of March 31, 2015 in connection with the assumption of the Lake Arrowhead Resort and Spa mortgage loan as part of the acquisition of that hotel in July 2012.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	At March 31, 2015, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, 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.
	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. The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands):
		31-Mar-15			31-Dec-14
	Capital commitments	$	109,000		$	100,600
	Less: paid	(25,054		)	(16,363		)
	Unpaid commitments	83,946			84,237
	Less: amount held in escrow	(38,948		)	(44,080		)
	Unfunded commitments	$	44,998		$	40,157
	At March 31, 2015, ten hotels were either undergoing renovation or in the planning stage of renovations and we currently expect that two will be completed during the first half of 2015, three will be completed during the second half of 2015, four will be completed during the first half of 2016 and one will be completed during the second half of 2016. At March 31, 2015, $18.3 million of our unfunded commitments are expected to be funded by future renovation draws on the related mortgage loans and the remainder is expected to be funded through our cash accounts.
	Ground Lease Commitments
	Three of our hotels are subject to ground leases. Scheduled future minimum ground lease payments during the remainder of 2015, each of the next four calendar years following December 31, 2015, and thereafter are as follows (in thousands):
	Years Ending December 31,	Total
	2015 (remainder)	$	2,285
	2016	3,110
	2017	3,181
	2018	3,254
	2019	3,328
	Thereafter through 2106	658,004
	Total	$	673,162
	For the three months ended March 31, 2015 and 2014, we recorded rent expense of $0.8 million and $0.4 million, respectively, inclusive of percentage rents of less than $0.1 million for both periods, related to these ground leases, which are included in Property taxes, insurance and rent in the consolidated financial statements.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Acquisitions
	On April 29, 2015, we acquired a 100% interest in the dual-branded Hilton Garden Inn/Homewood Suites Atlanta Midtown for $58.3 million from Northpoint Hospitality, an unaffiliated third party, and obtained a non-recourse mortgage loan at closing of $38.0 million. We also paid acquisition fees of approximately $1.5 million. The 228-room select-service hotel is located in Atlanta, Georgia. The hotel will be managed by Crescent Hotels & Resorts.
	It was 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 respective acquisition date and the issuance of this Report.
	Disposition
	On April 1, 2015, we sold a 50% controlling interest in the Marriott Sawgrass Golf Resort and Spa venture to Carey Watermark Investors 2 Incorporated, a related party, for $70.5 million, inclusive of cash and the assumption of 50% of the property-level debt. Carey Watermark Investors 2 Incorporated is the managing member of the joint venture.
	Financing
	On April 2, 2015, in connection with the acquisition of the Westin Pasadena on March 19, 2015, we obtained a non-recourse mortgage loan of $88.5 million, with an annual interest rate of 3.8% and a term of seven years.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
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 qualified as a VIE.
	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 given that the initial investors are not yet earning their minimal return, the noncontrolling 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, 2015 or 2014.
Equity Method Investments	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.
Intangible Assets and Liabilities	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements,
	Amortization of in-place lease intangibles and the Villa Rental Program is included in Depreciation and amortization, and amortization of hotel parking garage lease, hotel ground lease and above-market ground lease intangibles is included in Property taxes, insurance and rent in the consolidated financial statements.
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 and caps. 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).
Derivatives	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	Recent Accounting Requirements
	The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us:
	ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the Financial Accounting Standards Board issued a proposed ASU to defer the effective date of ASU 2014-09 by one year. Under the proposal, ASU 2014-09 would be effective beginning in 2018, and early adoption is permitted but not before 2017, the original public company effective date. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
	ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements.

Agreements_and_Transactions_wi1

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2015
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 our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands):
		Three Months Ended March 31,
		2015		2014
	Amounts Included in the Consolidated Statements of Operations
	Acquisition fees	$	5,682	$	—
	Asset management fees	2,553		1,402
	Personnel and overhead reimbursements	1,848		1,315
	Available Cash Distribution	1,847		946
		$	11,930	$	3,663
	Other Transaction Fees Incurred
	Selling commissions and dealer manager fees	$	—	$	1,773
	Offering costs	127		726
		$	127	$	2,499
		March 31, 2015		December 31, 2014
	Amounts Due to Related Parties and Affiliates
	Other amounts due to our advisor	$	6,499	$	965
	Reimbursable costs	1,674		338
	Due to joint venture partners	404		367
	Organization and offering costs due to our advisor	70		322
	Due to WPC	71		67
		$	8,718	$	2,059

Net_Investment_in_Hotels_and_R1

Net Investment in Hotels and Real Estate Under Construction (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands):
		March 31, 2015			December 31, 2014
	Buildings	$	1,301,567		$	1,226,880
	Land	217,312			214,522
	Furniture, fixtures and equipment	90,665			88,464
	Building and site improvements	23,158			21,989
	Construction in progress	30,476			17,345
	Hotels, at cost	1,663,178			1,569,200
	Less: Accumulated depreciation	(72,214		)	(59,903		)
	Net investments in hotels	$	1,590,964		$	1,509,297
Schedule Net Assets Acquired in Business Combination	The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through March 31, 2015 (in thousands):
		2015 Acquisitions
		Westin Minneapolis			Westin
					Pasadena
	Cash consideration	$	66,176		$	141,738
	Assets acquired at fair value:
	Land	$	6,405		$	22,785
	Buildings and improvements	57,105			112,215
	Furniture, fixtures and equipment	2,846			7,379
	Accounts receivable	97			94
	Other assets	164			608
	Liabilities assumed at fair value:
	Accounts payable, accrued expenses and other liabilities	(441		)	(1,343		)
	Net assets acquired at fair value	$	66,176		$	141,738
Schedule Of Revenues and Net Income
		For the Period from
		12-Feb-15			19-Mar-15
		through			through
		31-Mar-15			31-Mar-15
	Revenues	$	1,724		$	1,107
	Net income	$	146		$	309
Assets Held For Sale	Below is a summary of our assets held for sale (in thousands):
		31-Mar-15			31-Dec-14
	Buildings	$	94,375		$	—
	Land	26,400			—
	Furniture, fixtures and equipment	9,102			—
	Construction in progress and improvements	797			—
	Less: Accumulated depreciation	(1,794		)	—
	Assets held for sale	$	128,880		$	—
Pro Forma Information	The following unaudited consolidated pro forma financial information presents our financial results as if our 2015 Acquisitions, and the new financings related to these acquisitions, had occurred on January 1, 2014. 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, 2014, 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,
		2015			2014
	Pro forma total revenues	$	116,969		$	70,283
	Pro forma net loss	$	(4,271	)	$	(14,568	)
	Pro forma (income) loss from continuing operations attributable to noncontrolling interests	(803		)	212
	Pro forma loss from continuing operations attributable to CWI stockholders	$	(5,074	)	$	(14,356	)
	Pro forma loss per share:
	Net loss attributable to CWI stockholders	$	(0.04	)	$	(0.17	)
	Pro forma weighted-average shares outstanding	129,842,946			86,513,512
	The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our public offering in order to raise the funds used for our 2015 acquisitions were issued on January 1, 2014. All acquisition costs for our acquisitions completed during the three months ended March 31, 2015 are presented as if they were incurred on January 1, 2014. We did not complete any acquisitions during the three months ended March 31, 2014.

Equity_Investment_in_Real_Esta1

Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule Equity Method 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 (dollars in thousands):
	Hotels		State		Number		% Owned		Our Initial		Acquisition Date	Hotel Type	Renovation	Carrying Value at
					of Rooms				Investment (a)				Status at
													31-Mar-15	March 31, 2015		December 31, 2014
	Unconsolidated Hotels
	Hyatt French Quarter Venture (b)		Louisiana		254		80	%	$	13,000	9/6/11	Full-service	Completed	$	4,675	$	4,197
	Westin Atlanta		Georgia		372		57	%	13,170		10/3/12	Full-service	Completed	8,523		8,980
	Venture (c)
					626				$	26,170				$	13,198	$	13,177
	___________
	(a)	This amount represents purchase price plus capitalized costs, inclusive of fees paid to our advisor, at the time of acquisition.
	(b)	We received cash distributions of $0.1 million from this investment during the three months ended March 31, 2015.
	(c)	We received cash distributions of $0.3 million from this investment during the three months ended March 31, 2015.
	The following table sets forth our share of equity earnings (loss) 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 investments (in thousands):
			Three Months Ended March 31,
	Venture		2015			2014
	Hyatt French Quarter Venture		$	835		$	371
	Westin Atlanta Venture		(175		)	(246		)
			$	660		$	125

Intangible_Assets_and_Liabilit1

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are summarized as follows (dollars in thousands):
				31-Mar-15											31-Dec-14
		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			$	(1,013	)		$	30,687		$	31,700		$	(837	)	$	30,863
	Below-market hotel ground leases	73.5 – 92.5		9,446				(170		)		9,276			9,446			(144		)	9,302
	Below-market hotel parking garage lease	92.5		1,490				(27		)		1,463			1,490			(23		)	1,467
	In-place leases	1 – 21		317				(98		)		219			317			(80		)	237
	Total intangible assets, net			$	42,953			$	(1,308	)		$	41,645		$	42,953		$	(1,084	)	$	41,869
	Amortizable Intangible Liability
	Above-market hotel ground lease	85		$	(2,100	)		$	21			$	(2,079	)	$	(2,100	)	$	15		$	(2,085	)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at March 31, 2015, scheduled annual amortization of intangibles for the remainder of 2015, each of the next four calendar years following December 31, 2015, and thereafter is as follows (in thousands):
	Years Ending December 31,		Increase to Depreciation and Amortization				Increase to Property Taxes, Insurance and Rent				Total
	2015 (remainder)		$	583			$	71			$	654
	2016		766				95				861
	2017		731				95				826
	2018		720				95				815
	2019		720				95				815
	Thereafter		27,386				8,209				35,595
	Total		$	30,906			$	8,660			$	39,566

Risk_Management_and_Use_of_Der1

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
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-15		December 31, 2014			31-Mar-15			31-Dec-14
	Interest rate swaps	Other assets	$	43	$	346		$	—		$	—
	Interest rate caps	Other assets	120		218			—			—
	Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—			(1,209		)	(690		)
			$	163	$	564		$	(1,209	)	$	(690	)
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotel investments at March 31, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands):
		Number of	Face		Fair Value at
	Interest Rate Derivatives	Instruments	Amount		31-Mar-15
	Interest rate swaps	5	$	203,500	$	(1,166	)
	Interest rate caps	4	125,250		120
					$	(1,046	)

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
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-15		31-Dec-14
	Lake Arrowhead Resort and Spa (a)		4.34%		Fixed	Jul-15	$	17,977	$	17,955
	Hawks Cay Resort (b) (c)		5.74%		Variable	Nov-16	79,000		79,000
	Courtyard Pittsburgh Shadyside (c) (d)		4.09%		Variable	Mar-17	20,800		21,000
	Sanderling Resort (b) (c)		4.67%		Variable	Oct-17	22,000		22,000
	Courtyard San Diego Mission Valley (b) (c)		4.60%		Variable	Dec-17	50,150		50,420
	Hampton Inn Memphis Beale Street		4.07%		Fixed	Mar-18	21,445		21,585
	Hampton Inn Atlanta Downtown		4.12%		Fixed	Mar-18	13,290		13,370
	Hampton Inn Birmingham Colonnade		4.12%		Fixed	Mar-18	9,186		9,241
	Hampton Inn Frisco Legacy Park		4.12%		Fixed	Mar-18	8,990		9,045
	Hilton Garden Inn Baton Rouge Airport		4.12%		Fixed	Mar-18	9,577		9,635
	Hampton Inn Boston Braintree (b) (c)		3.18%		Variable	Mar-18	12,000		9,500
	Fairmont Sonoma Mission Inn & Spa (c)		4.13%		Variable	Jul-18	44,000		44,000
	Sheraton Austin Hotel at the Capitol		3.96%		Fixed	Jun-19	67,000		67,000
	Marriott Boca Raton at Boca Center (c) (e)		3.42%		Variable	Jul-19	34,000		34,000
	Hilton Garden Inn New Orleans French Quarter/CBD		5.30%		Fixed	Jul-19	10,752		10,793
	Marriott Sawgrass Golf Resort and Spa (c) (f)		4.03%		Variable	Nov-19	66,700		66,700
	Staybridge Suites Savannah Historic District		4.70%		Fixed	Nov-19	14,850		14,850
	Hutton Hotel Nashville		5.25%		Fixed	Jul-20	44,000		44,000
	Renaissance Chicago Downtown		4.71%		Fixed	Jan-21	90,000		90,000
	Courtyard Times Square West		4.62%		Fixed	Jun-21	56,000		56,000
	Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center		3.80%		Fixed	Jul-21	53,000		53,000
	Marriott Kansas City Country Club Plaza		4.42%		Fixed	Dec-21	38,500		38,500
	Westin Minneapolis		3.63%		Fixed	Mar-22	43,500		—
	Holiday Inn Manhattan 6th Avenue Chelsea		4.49%		Fixed	Jun-23	80,000		80,000
	Hyatt Place Austin Downtown		4.88%		Fixed	Apr-24	56,500		56,500
	Marriott Raleigh City Center (g)		4.61%		Fixed	Sep-38	51,500		51,500
							$	1,014,717	$	969,594
	___________
	(a)	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.
	(b)	These loans each have two one-year extension options. All of these 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 capped or converted to fixed rates through the use of interest rate caps or swaps (Note 8). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2015 through the use of an interest rate cap or swap, when applicable.
	(d)	The mortgage loan has a one-year extension option. The extension is subject to certain conditions. The maturity date in the table does not reflect the extension option.
	(e)	Total mortgage financing commitment is up to $41.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(f)	This debt is attributable to an Asset held for sale (Note 4). Total mortgage financing commitment is up to $78.0 million, with the difference between the commitment and the carrying amount available for renovation draws.
	(g)	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 2015, each of the next four calendar years following December 31, 2015, and thereafter are as follows (in thousands):
	Years Ending December 31,		Total
	2015 (remainder)		$	21,490
	2016		85,802
	2017		98,351
	2018		172,706
	2019		197,942
	Thereafter through 2038		438,449
			1,014,740
	Fair market value adjustment (a)		(23		)
	Total		$	1,014,717
	___________
	(a)	Represents the unamortized fair market value adjustment recorded as of March 31, 2015 in connection with the assumption of the Lake Arrowhead Resort and Spa mortgage loan as part of the acquisition of that hotel in July 2012.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands):
		31-Mar-15			31-Dec-14
	Capital commitments	$	109,000		$	100,600
	Less: paid	(25,054		)	(16,363		)
	Unpaid commitments	83,946			84,237
	Less: amount held in escrow	(38,948		)	(44,080		)
	Unfunded commitments	$	44,998		$	40,157
Schedule of Future Minimum Lease Payments for Leases	Scheduled future minimum ground lease payments during the remainder of 2015, each of the next four calendar years following December 31, 2015, and thereafter are as follows (in thousands):
	Years Ending December 31,	Total
	2015 (remainder)	$	2,285
	2016	3,110
	2017	3,181
	2018	3,254
	2019	3,328
	Thereafter through 2106	658,004
	Total	$	673,162

Business_Narratives_Details

Business (Narratives) (Details) (USD $)	3 Months Ended	12 Months Ended	36 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Sep. 15, 2013
	property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital interest ownership in operating partnership	99.99%
Number of properties	29
Proceeds from issuance, initial public offering			$575.80
Proceeds from follow on offering		577.4
Proceeds from DRIP	$44.30
Daily distribution declared per share	$0.00
Annualized dividend rate	$0.55
Dividend payable, date	15-Apr-15

Basis_of_Presentation_Basis_of

Basis of Presentation Basis of Presentation (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Third party hotel rental expenses	$3	$2.60

Agreements_and_Transactions_wi2

Agreements and Transactions with Related Parties (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Apr. 30, 2015
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%
Available Cash Distribution	$1,847,000	$946,000
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%
NAV, per share	$10
Asset management fees charged by the advisor settled in shares, value	1,000,000	1,300,000
Common stock, shares outstanding	129,941,188		129,083,977
Personnel and Overhead Reimbursement
Personnel reimbursements	1,848,000	1,315,000
Rent expense	100,000	100,000
Shares issued to satisfy fees due to affiliate, value	100,000
Organization and Offering Costs
Reimbursed offering costs	3,400,000
Deferred offering costs charged to equity	100,000
Other Transactions with Affiliates
Due from related parties and affiliates	1,831,000
Approved line of credit				75,000,000
Other amounts due to our advisor	6,499,000		965,000
Loan payable, related party	0
Subsequent Event
Other Transactions with Affiliates
Approved line of credit					110,000,000
Advisor
Asset Management Fees and Loan Refinancing Fees
Common stock, shares outstanding	1,501,028
Percentage of common stock owned	1.20%
Personnel and Overhead Reimbursement
Personnel reimbursements	1,200,000	800,000
CWI 2
Other Transactions with Affiliates
Due from related parties and affiliates	1,500,000
Contract purchase price | Maximum
Acquisition Fee
Percentage of acquisition fees	6.00%
Invested asset
Acquisition Fee
Percentage of acquisition fees	2.50%
Initial Offering
Organization and Offering Costs
Organization and offering expenses excluding selling commissions	2.00%
Follow-on Offering
Organization and Offering Costs
Organization and offering expenses excluding selling commissions	4.00%
Organizational and professional fees incurred by the advisor	3,500,000
Westin Pasadena
Other Transactions with Affiliates
Other amounts due to our advisor	$3,900,000

Agreements_and_Transactions_wi3

Agreements and Transactions with Related Parties (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Amounts Included in the Consolidated Statements of Operations
Acquisition fees	$5,682	$0
Asset management fees	2,553	1,402
Personnel reimbursements	1,848	1,315
Available Cash Distribution	1,847	946
Related party fees included in operating expenses	11,930	3,663
Other Transaction Fees Incurred
Selling commissions and dealer manager fees	0	1,773
Offering costs	127	726
Transaction fees incurred	$127	$2,499

Agreements_and_Transactions_wi4

Agreements and Transactions with Related Parties (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Amounts Due to Related Parties and Affiliates
Other amounts due to our advisor	$6,499	$965
Reimbursable costs	1,674	338
Due to joint venture partners	404	367
Organization and offering costs due to our advisor	70	322
Due to WPC	71	67
Due to affiliates	$8,718	$2,059

Net_Investment_in_Hotels_and_R2

Net Investment in Hotels and Real Estate Under Construction (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Carrying value of mortgage	$1,014,717,000		$969,594,000
Revenues	109,787,000	59,685,000
Net income (loss)	-11,151,000	-8,786,000
Business Acquisition, Cost of Acquired Entity, Purchase Price
Asset retirement obligation	500,000		500,000
Real estate under construction	30,476,000		17,345,000
Capitalized construction cost	1,000,000	100,000
Increase accrued liabilities	2,200,000	-1,800,000
Marriott Sawgrass Golf Resort and Spa
Business Acquisition [Line Items]
Ownership interest, percentage		50.00%
Consolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Property acquired	2
Net assets acquired at fair value	207,900,000
Acquisition costs expensed	6,400,000
Acquisition fees paid to advisor	5,700,000
Consolidated | Marriott Sawgrass Golf Resort and Spa
Business Acquisition [Line Items]
Revenues	13,300,000
Net income (loss)	2,400,000
Marriott Sawgrass Golf Resort and Spa
Business Acquisition [Line Items]
Carrying value of mortgage	$66,700,000		$66,700,000

Net_Investment_in_Hotels_and_R3

Net Investment in Hotels and Real Estate Under Construction (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate [Abstract]
Buildings	$1,301,567	$1,226,880
Land	217,312	214,522
Furniture, fixtures & equipment	90,665	88,464
Building and site improvements	23,158	21,989
Construction in progress	30,476	17,345
Hotels, at cost	1,663,178	1,569,200
Less: Accumulated depreciation	-72,214	-59,903
Net investments in hotels	$1,590,964	$1,509,297

Net_Investment_in_Hotels_and_R4

Net Investment in Hotels and Real Estate Under Construction (Details 2) (USD $)	3 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 01, 2014	28-May-14
Acquisition consideration
Cash consideration	$207,914	$0
Consolidated
Liabilities assumed at fair value
Net assets acquired at fair value	207,900
Westin Minneapolis | Consolidated
Acquisition consideration
Cash consideration			66,176
Assets Acquired at fair value
Land			6,405
Building			57,105
Furniture fixture and improvements			2,846
Accounts receivable			97
Other assets			164
Liabilities assumed at fair value
Accounts payable, accrued expenses and other liabilities			-441
Net assets acquired at fair value			66,176
Westin Pasadena | Consolidated
Acquisition consideration
Cash consideration				141,738
Assets Acquired at fair value
Land				22,785
Building				112,215
Furniture fixture and improvements				7,379
Accounts receivable				94
Other assets				608
Liabilities assumed at fair value
Accounts payable, accrued expenses and other liabilities				-1,343
Net assets acquired at fair value				$141,738

Net_Investment_in_Hotels_and_R5

Net Investment in Hotels and Real Estate Under Construction (Details 3) (USD $)	3 Months Ended		2 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015
Revenue and Earning after acquistion:
Revenues	$109,787	$59,685
Net income (loss)	-11,151	-8,786
Consolidated | Westin Minneapolis
Revenue and Earning after acquistion:
Revenues			1,724
Net income (loss)			146
Consolidated | Westin Pasadena
Revenue and Earning after acquistion:
Revenues				1,107
Net income (loss)				$309

Net_Investment_in_Hotels_and_R6

Net Investment in Hotels and Real Estate Under Construction Net Investment in Hotels and Real Estate Under Construction (Details 4) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets Held for Sale
Assets held for sale	$128,880	$0
Less: Accumulated depreciation	-72,214	-59,903
Assets held for sale
Assets Held for Sale
Less: Accumulated depreciation	-1,794	0
Buildings | Assets held for sale
Assets Held for Sale
Assets held for sale	94,375	0
Land | Assets held for sale
Assets Held for Sale
Assets held for sale	26,400	0
Furniture, fixtures and equipment | Assets held for sale
Assets Held for Sale
Assets held for sale	9,102	0
Construction in progress and improvements | Assets held for sale
Assets Held for Sale
Assets held for sale		0
Less: Accumulated depreciation	($797)

Net_Investment_in_Hotels_and_R7

Net Investment in Hotels and Real Estate Under Construction (Details 5) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Pro Forma Financial Information
Pro forma total revenues	$116,969	$70,283
Pro forma net loss	-4,271	-14,568
Pro forma (income) loss from continuing operations attributable to noncontrolling interests	-803	212
Pro forma loss from continuing operations attributable to CWI stockholders	($5,074)	($14,356)
Pro forma loss per share:
Net loss attributable to CWI stockholders	($0.04)	($0.17)
Pro forma weighted average shares outstanding (in shares)	129,842,946	86,513,512

Equity_Investment_in_Real_Esta2

Equity Investment in Real Estate (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$282,000	$127,000
Aggregate unamortized basis difference on equity investments	1,500,000		1,600,000
Amortization of basis differences	100,000
Unconsolidated | Westin Atlanta Venture
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	300,000
Unconsolidated | Hyatt French Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$100,000

Equity_Investment_in_Real_Esta3

Equity Investment in Real Estate (Details 1) (USD $)	3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 06, 2011	Oct. 03, 2012	Dec. 31, 2014
	room
Hotel Details
Carrying Value	$13,198			$13,177
Unconsolidated
Hotel Details
Rooms	626
Our investments	26,170
Carrying Value	13,198			13,177
Hyatt New Orleans French Quarter | Unconsolidated
Hotel Details
State	Louisiana
Rooms	254
Ownership interest, unconsolidated	80.00%
Our investments		13,000
Acquisition Date	6-Sep-11
Hotel Type	Full-service
Carrying Value	4,675			4,197
Westin Atlanta Venture | Unconsolidated
Hotel Details
State	Georgia
Rooms	372
Ownership interest, unconsolidated	57.00%
Our investments			13,170
Acquisition Date	3-Oct-12
Hotel Type	Full-service
Carrying Value	$8,523			$8,980

Equity_Investment_in_Real_Esta4

Equity Investment in Real Estate (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$660	$125
Hyatt French Quarter Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	835	371
Westin Atlanta Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	($175)	($246)

Intangible_Assets_and_Liabilit2

Intangible Assets and Liabilities (Narratives) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$0.20	$0.30

Intangible_Assets_and_Liabilit3

Intangible Assets and Liabilities (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Amortizable Intangible Assets
Gross Carrying Amount	$42,953	$42,953
Accumulated Amortization	-1,308	-1,084
Net Carrying Amount	41,645	41,869
Above-market hotel ground lease
Finite Lived Intangible Liabilities Net
Finite-lived intangible liability, useful life	85 years
Finite-lived intangible liability, gross	-2,100	-2,100
Finite-lived intangible liability, accumulated depreciation	21	15
Finite-lived intangible liabilities, net	-2,079	-2,085
Villa rental program
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	45 years
Gross Carrying Amount	31,700	31,700
Accumulated Amortization	-1,013	-837
Net Carrying Amount	30,687	30,863
Below-market hotel ground leases
Amortizable Intangible Assets
Gross Carrying Amount	9,446	9,446
Accumulated Amortization	-170	-144
Net Carrying Amount	9,276	9,302
Below-market hotel ground leases | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	92 years 6 months
Below-market hotel ground leases | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	73 years 6 months
Below-market hotel parking garage lease
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	92 years 6 months
Gross Carrying Amount	1,490	1,490
Accumulated Amortization	-27	-23
Net Carrying Amount	1,463	1,467
In-place leases
Amortizable Intangible Assets
Gross Carrying Amount	317	317
Accumulated Amortization	-98	-80
Net Carrying Amount	$219	$237
In-place leases | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	21 years
In-place leases | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	1 year

Intangible_Assets_and_Liabilit4

Intangible Assets and Liabilities (Details 2) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Total
2015 (remainder)	$654
2016	861
2017	826
2018	815
2019	815
Thereafter	35,595
Total	39,566
Increase to Depreciation and Amortization
Total
2015 (remainder)	583
2016	766
2017	731
2018	720
2019	720
Thereafter	27,386
Total	30,906
Increase to Property Taxes, Insurance and Rent
Total
2015 (remainder)	71
2016	95
2017	95
2018	95
2019	95
Thereafter	8,209
Total	$8,660

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narratives) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Carrying value of mortgage	$1,014,717,000	$969,594,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value		990,100,000
Level 3 | Carrying Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Carrying value of mortgage		1,000,000,000
Debt instrument value	$1,038,300,000

Risk_Management_and_Use_of_Der2

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivatives in Cash flow Hedging Relationships Gain Loss Recognized in OCI (Effective Portion)
Interest rate swap gains (losses) recognized in OCI	($1,700,000)	($700,000)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest rate swap losses reclassified from OCI to interest expense	400,000	400,000
Collateral posted for derivative positions	0
Derivatives in net liability position, fair value	1,300,000		800,000
Potential loss on contract termination for default	1,400,000		800,000
Concentration Risk
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	1,300,000
Total credit exposure on derivatives	100,000
Noncontrolling Interest
Concentration Risk
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	100,000
Individual Counterparty
Concentration Risk
Total credit exposure on derivatives	$100,000

Risk_Management_and_Use_of_Der3

Risk Management and Use of Derivative Financial Instruments (Details 1) (Designated as hedging, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Derivatives, Fair Value
Derivative asset, fair value, net	$163	$564
Derivative liability, fair value, net	-1,209	-690
Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	43	346
Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value, net	-1,209	-690
Interest rate cap | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	$120	$218

Risk_Management_and_Use_of_Der4

Risk Management and Use of Derivative Financial Instruments (Details 2) (Designated as hedging, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Derivative
Fair Value	($1,046)
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments	5
Notional Amount	203,500
Fair Value	-1,166
Interest rate cap | Cash flow hedging
Derivative
Number of Instruments	4
Notional Amount	125,250
Fair Value	$120

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Mortgage debt
Debt acquired in business acquisition	$43,500,000
Debt, weighted average interest rate	3.63%
Debt instrument, term	7 years
Deferred financing costs, capitalized	300,000
Non-recourse debt and debt attributable to Assets held for sale	1,014,717,000	969,594,000
Loss on extiguishment of debt	100,000
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, 2015, we were in compliance with the applicable covenants for each of our mortgage loans.
Lake Arrowhead Resort and Spa
Mortgage debt
Discount for debt payoff, settlement price	16,000,000
Debt instrument, face value	27,400,000
Lender participation amount	2,000,000
Non-recourse debt and debt attributable to Assets held for sale	17,977,000	17,955,000
Courtyard Pittsburgh Shadyside
Mortgage debt
Non-recourse debt and debt attributable to Assets held for sale	20,800,000	21,000,000
Boca Raton Marriott at Boca Center
Mortgage debt
Mortgage commitment	41,000,000
Non-recourse debt and debt attributable to Assets held for sale	34,000,000	34,000,000
Marriott Sawgrass Golf Resort and Spa
Mortgage debt
Mortgage commitment	78,000,000
Non-recourse debt and debt attributable to Assets held for sale	66,700,000	66,700,000
Hampton Inn Boston Braintree
Mortgage debt
Stated interest rate	3.00%
Debt instrument, term	3 years
Non-recourse debt and debt attributable to Assets held for sale	$12,000,000	$9,500,000

Debt_Details_1

Debt (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Hotel Details
Carrying value of mortgage	$1,014,717	$969,594
Hampton Inn Boston Braintree
Hotel Details
Effective Interest Rate	3.18%
Rate Type	Variable
Current Maturity Date	31-Mar-18
Carrying value of mortgage	12,000	9,500
Lake Arrowhead Resort and Spa
Hotel Details
Effective Interest Rate	4.34%
Rate Type	Fixed
Current Maturity Date	30-Jun-15
Carrying value of mortgage	17,977	17,955
Hawks Cay Resort
Hotel Details
Effective Interest Rate	5.74%
Rate Type	Variable
Current Maturity Date	30-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	31-Mar-17
Carrying value of mortgage	20,800	21,000
Sanderling Resort
Hotel Details
Effective Interest Rate	4.67%
Rate Type	Variable
Current Maturity Date	31-Oct-17
Carrying value of mortgage	22,000	22,000
Courtyard San Diego Mission Valley
Hotel Details
Effective Interest Rate	4.60%
Rate Type	Variable
Current Maturity Date	31-Dec-17
Carrying value of mortgage	50,150	50,420
Hampton Inn & Suites Memphis-Beale Street
Hotel Details
Effective Interest Rate	4.07%
Rate Type	Fixed
Current Maturity Date	31-Mar-18
Carrying value of mortgage	21,445	21,585
Hampton Inn Atlanta Downtown
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	31-Mar-18
Carrying value of mortgage	13,290	13,370
Hampton Inn Birmingham Colonnade
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	31-Mar-18
Carrying value of mortgage	9,186	9,241
Hampton Inn Frisco Legacy Park
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	31-Mar-18
Carrying value of mortgage	8,990	9,045
Hilton Garden Inn Baton Rouge Airport
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	31-Mar-18
Carrying value of mortgage	9,577	9,635
Fairmont Sonoma Mission Inn and Spa
Hotel Details
Effective Interest Rate	4.13%
Rate Type	Variable
Current Maturity Date	31-Jul-18
Carrying value of mortgage	44,000	44,000
Sheraton Austin Hotel at the Capitol
Hotel Details
Effective Interest Rate	3.96%
Rate Type	Fixed
Current Maturity Date	30-Jun-19
Carrying value of mortgage	67,000	67,000
Marriot Boca Raton at Boca Center
Hotel Details
Effective Interest Rate	3.42%
Rate Type	Variable
Current Maturity Date	31-Jul-19
Carrying value of mortgage	34,000	34,000
Hilton Garden Inn New Orleans French Quarter/CBD
Hotel Details
Effective Interest Rate	5.30%
Rate Type	Fixed
Current Maturity Date	31-Jul-19
Carrying value of mortgage	10,752	10,793
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Effective Interest Rate	4.03%
Rate Type	Variable
Current Maturity Date	30-Nov-19
Carrying value of mortgage	66,700	66,700
Staybridge Suites Savannah Historic District
Hotel Details
Effective Interest Rate	4.70%
Rate Type	Fixed
Current Maturity Date	30-Nov-19
Carrying value of mortgage	14,850	14,850
Hutton Hotel Nashville
Hotel Details
Effective Interest Rate	5.25%
Rate Type	Fixed
Current Maturity Date	31-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	31-Jan-21
Carrying value of mortgage	90,000	90,000
Courtyard Times Square West
Hotel Details
Effective Interest Rate	4.62%
Rate Type	Fixed
Current Maturity Date	30-Jun-21
Carrying value of mortgage	56,000	56,000
Hampton Inn & Suites/ Homewood Suites Denver Downtown Convention Center
Hotel Details
Effective Interest Rate	3.80%
Rate Type	Fixed
Current Maturity Date	31-Jul-21
Carrying value of mortgage	53,000	53,000
Marriott Kansas City Country Club Plaza
Hotel Details
Effective Interest Rate	4.42%
Rate Type	Fixed
Current Maturity Date	31-Dec-21
Carrying value of mortgage	38,500	38,500
Westin Minneapolis
Hotel Details
Effective Interest Rate	3.63%
Rate Type	Fixed
Current Maturity Date	31-Mar-22
Carrying value of mortgage	43,500	0
Holiday Inn Manhattan 6th Avenue Chelsea
Hotel Details
Effective Interest Rate	4.49%
Rate Type	Fixed
Current Maturity Date	30-Jun-23
Carrying value of mortgage	80,000	80,000
Hyatt Place Austin Downtown
Hotel Details
Effective Interest Rate	4.88%
Rate Type	Fixed
Current Maturity Date	30-Apr-24
Carrying value of mortgage	56,500	56,500
Marriott Raleigh City Center
Hotel Details
Effective Interest Rate	4.61%
Rate Type	Fixed
Current Maturity Date	30-Sep-38
Carrying value of mortgage	$51,500	$51,500

Debt_Details_2

Debt (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Long-term Debt, by Maturity
2015 (remainder)	$21,490
2015	85,802
2016	98,351
2017	172,706
2018	197,942
Thereafter through 2038	438,449
Total Debt	1,014,740
Fair market value adjustment	-23
Total	$1,014,717	$969,594

Commitments_and_Contingencies_1

Commitments and Contingencies (Narratives) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	property
Funding Commitments
Properties under renovation	10
Contractual liabilities	$83,946,000		$84,237,000	$100,600,000
Unused mortgage loan	18,300,000
Rent expense	800,000	400,000
Annual Percentage Rent
Funding Commitments
Rent expense	$100,000	$100,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 1) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2014
Funding Commitments
Capital Commitments	$84,237
Capital Commitments			109,000
Less: Paid	-25,054	-16,363
Unpaid commitment	83,946	100,600
Less: Amount Held in Escrow	-38,948		-44,080
Unfunded Commitment	$44,998		$40,157

Commitments_and_Contingencies_3

Commitments and Contingencies (Details 2) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2015 (remainder)	$2,285
2015	3,110
2016	3,181
2017	3,254
2018	3,328
Thereafter through 2106	658,004
Total	$673,162

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Apr. 29, 2015	Apr. 01, 2015	Apr. 02, 2015	Dec. 31, 2014
Hotel Statistics
Non-recourse debt and debt attributable to Assets held for sale	$1,014,717,000				$969,594,000
Debt instrument, term	7 years
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Subsequent Event
Hotel Statistics
Ownership interest, percentage		100.00%
Investment purchase price		58,300,000
Rooms		228
Non-recourse debt and debt attributable to Assets held for sale		38,000,000
Acquisition costs expensed		1,500,000
Marriott Sawgrass Golf Resort and Spa
Hotel Statistics
Non-recourse debt and debt attributable to Assets held for sale	66,700,000				66,700,000
Effective interest rate	4.03%
Marriott Sawgrass Golf Resort and Spa | Subsequent Event
Hotel Statistics
Ownership interest, percentage			50.00%
Contract selling price			70,500,000
Westin Pasadena | Subsequent Event
Hotel Statistics
Non-recourse debt and debt attributable to Assets held for sale				$88,500,000
Effective interest rate				3.80%
Debt instrument, term				7 years