Carey Watermark Investors 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,430,259
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		132,866,620

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in real estate:
Hotels, at cost	$ 2,128,929	$ 1,569,200
Accumulated depreciation	(107,457)	(59,903)
Net investments in hotels	2,021,472	1,509,297
Equity investments in real estate	86,774	13,177
Cash	90,897	330,811
Intangible assets, net	92,154	41,869
Accounts receivable	22,549	14,583
Restricted cash	76,854	61,624
Other assets	35,559	30,894
Total assets	2,426,259	2,002,255
Liabilities:
Non-recourse debt	1,316,737	969,594
Accounts payable, accrued expenses and other liabilities	105,304	68,798
Due to related parties and affiliates	3,021	2,059
Distributions payable	18,773	14,859
Total liabilities	$ 1,443,835	$ 1,055,310
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 132,626,095 and 129,395,679 shares issued, respectively; and 131,734,459 and 129,083,977 shares outstanding, respectively	$ 133	$ 129
Additional paid-in capital	1,111,355	1,078,768
Distributions and accumulated losses	(208,643)	(142,123)
Accumulated other comprehensive loss	(1,720)	(517)
Less: treasury stock at cost, 891,636 and 311,702 shares, respectively	(8,698)	(3,000)
Total CWI stockholders’ equity	892,427	933,257
Noncontrolling interests	89,997	13,688
Total equity	982,424	946,945
Total liabilities and equity	$ 2,426,259	$ 2,002,255

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	132,626,095	129,395,679
Common stock, shares outstanding	131,734,459	129,083,977
Treasury stock, shares	891,636	311,702

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Hotel Revenues
Rooms	$ 104,687	$ 71,732	$ 278,292	$ 174,302
Food and beverage	32,518	17,123	84,647	47,085
Other operating revenue	12,437	8,276	32,682	22,286
Total Hotel Revenues	149,642	97,131	395,621	243,673
Hotel Expenses
Rooms	23,032	17,578	60,125	46,063
Food and beverage	24,392	13,065	61,184	35,272
Other hotel operating expenses	7,220	4,580	18,107	12,273
Sales and marketing	14,245	8,922	39,049	21,838
General and administrative	12,204	7,312	32,568	19,217
Property taxes, insurance, rent and other	15,362	7,203	39,434	17,609
Repairs and maintenance	5,133	3,338	13,972	8,862
Utilities	4,347	2,914	11,111	7,431
Management fees	3,886	2,309	9,694	5,550
Depreciation and amortization	18,990	12,721	50,262	32,207
Total Hotel Expenses	128,811	79,942	335,506	206,322
Other Operating Expense
Acquisition-related expenses	0	1,477	17,493	16,854
Asset management fees to affiliate and other expenses	3,683	1,912	9,098	4,931
Corporate general and administrative expenses	2,909	2,547	8,833	8,062
Total Other Operating Expenses	6,592	5,936	35,424	29,847
Operating Income	14,239	11,253	24,691	7,504
Other Income and (Expenses)
Interest expense	(14,982)	(9,951)	(39,340)	(25,248)
Equity in earnings (losses) of equity method investments in real estate	150	(858)	3,065	(460)
Net gain on extinguishment of debt (Note 9)	0	0	1,840	0
Other income	4	10	2,390	36
Other (Expenses) and Income, Total	(14,828)	(10,799)	(32,045)	(25,672)
(Loss) Income from Operations Before Income Taxes	(589)	454	(7,354)	(18,168)
Provision for income taxes	(3,265)	(918)	(6,741)	(3,019)
Net Loss	(3,854)	(464)	(14,095)	(21,187)
Loss attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $2,463, $1,193, $6,356 and $2,247, respectively)	2,794	3,294	2,196	3,318
Net (Loss) Income Attributable to CWI Stockholders	$ (1,060)	$ 2,830	$ (11,899)	$ (17,869)
Basic and Diluted (Loss) Income Per Share	$ (0.01)	$ 0.03	$ (0.09)	$ (0.23)
Basic and Diluted Weighted-Average Shares Outstanding	131,773,064	86,081,584	130,832,077	76,978,784
Distributions Declared Per Share	$ 0.1425	$ 0.1375	$ 0.4175	$ 0.4125

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Available Cash Distribution	$ 2,463	$ 1,193	$ 6,356	$ 2,247

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Loss	$ (3,854)	$ (464)	$ (14,095)	$ (21,187)
Other Comprehensive (Loss) Income
Other comprehensive (loss) income before reclassifications — unrealized (loss) gain on derivative instruments	(1,477)	592	(3,278)	(1,637)
Comprehensive (Loss) Income	(4,800)	682	(15,770)	(21,177)
Amounts Attributable to Noncontrolling Interests
Net loss	2,794	3,294	2,196	3,318
Change in unrealized loss (gain) on derivative instruments	312	(328)	472	200
Comprehensive loss attributable to noncontrolling interests	3,106	2,966	2,668	3,518
Comprehensive (Loss) Income Attributable to CWI Stockholders	(1,694)	3,648	(13,102)	(17,659)
Interest expense
Other Comprehensive (Loss) Income
Amounts reclassified from accumulated other comprehensive (loss) income	400	418	1,207	1,244
Net (loss) income from equity investments
Other Comprehensive (Loss) Income
Amounts reclassified from accumulated other comprehensive (loss) income	$ 131	$ 136	$ 396	$ 403

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Total CWI 1 Stockholders	Noncontrolling Interest
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	(21,187)			(17,869)			(17,869)	(3,318)
Shares issued net of offering costs, value	209,763	$ 23	209,740				209,763
Shares issued, net of offering costs, shares		23,364,851
Shares issued to affiliates - value	6,527	$ 1	6,526				6,527
Shares issued to affiliates - shares		652,647
Contributions from noncontrolling interests	7,886							7,886
Distributions to noncontrolling interests	(3,051)							(3,051)
Shares issued under share incentive plans - value	161		161				161
Shares issued under share incentive plans - share		8,662
Stock-based compensation to directors, value	180		180				180
Stock-based compensation to directors, shares		18,000
Distributions declared, value	(31,665)			(31,665)			(31,665)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	10				210		210	(200)
Repurchase of shares, value	(2,475)					(2,475)	(2,475)
Repurchase of shares, shares		(256,511)
Ending equity balance, value at Sep. 30, 2014	640,434	$ 92	741,607	(112,402)	74	(3,000)	626,371	14,063
Ending equity balance, shares at Sep. 30, 2014		91,491,484
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	$ (14,095)			(11,899)			(11,899)	(2,196)
Shares issued net of offering costs, value	31,274	$ 4	31,270				31,274
Shares issued, net of offering costs, shares		3,098,864
Shares issued to affiliates - value	994		994				994
Shares issued to affiliates - shares		96,471
Contributions from noncontrolling interests	86,360							86,360
Distributions to noncontrolling interests	(7,383)							(7,383)
Shares issued under share incentive plans - value	143		143				143
Shares issued under share incentive plans - share		17,605
Stock-based compensation to directors, value	180		180				180
Stock-based compensation to directors, shares		17,476
Distributions declared, value	(54,621)			(54,621)			(54,621)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	(1,675)				(1,203)		(1,203)	(472)
Repurchase of shares, value	(5,698)					(5,698)	(5,698)
Repurchase of shares, shares		(579,934)
Ending equity balance, value at Sep. 30, 2015	$ 982,424	$ 133	$ 1,111,355	$ (208,643)	$ (1,720)	$ (8,698)	$ 892,427	$ 89,997
Ending equity balance, shares at Sep. 30, 2015	131,734,459	131,734,459

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)	$ 0.1425	$ 0.1375	$ 0.4175	$ 0.4125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows - Operating Activities
Net Loss	$ (14,095)	$ (21,187)
Adjustments to net loss:
Depreciation and amortization	50,262	32,207
Straight-line rent adjustments	4,039	2,853
Equity in (earnings) losses of equity method investments in real estate in excess of distributions received	(2,679)	460
Net gain on extinguishment of debt (Note 9)	(1,982)	0
Amortization of deferred financing costs, ground lease intangible and other	656	1,549
Amortization of stock-based compensation expense	413	341
Asset management fees and reimbursable costs to affiliates settled in shares	0	7,517
Net changes in other operating assets and liabilities	6,145	3,709
Receipt of key money and other deferred incentive payments	2,831	10
Increase (decrease) in due to related parties and affiliates	2,228	(4,312)
Net Cash Provided by Operating Activities	47,818	23,147
Cash Flows - Investing Activities
Acquisitions of hotels	(511,333)	(415,278)
Funds placed in escrow	(71,152)	(46,523)
Funds released from escrow	52,701	43,718
Capital expenditures	(48,717)	(17,752)
Purchase of equity interest	(38,327)	0
Proceeds from sale of investment (Note 4)	28,995	0
Deposits released for hotel investments	8,600	8,230
Deposits for hotel investments	(4,058)	(15,149)
Distributions received from equity investments in excess of equity income	844	298
Net Cash Used in Investing Activities	(582,447)	(442,456)
Cash Flows - Financing Activities
Proceeds from mortgage financing	274,000	266,548
Contributions from noncontrolling interests	86,360	7,886
Distributions paid	(50,707)	(29,171)
Proceeds from issuance of shares, net of offering costs	30,948	206,068
Scheduled payments and prepayments of mortgage principal	(28,474)	(1,664)
Distributions to noncontrolling interests	(7,383)	(3,051)
Purchase of treasury stock	(5,698)	(2,475)
Deferred financing costs	(4,003)	(2,089)
Deposits for mortgage financing	(2,014)	(1,867)
Deposits released for mortgage financing	2,014	183
Purchase of interest rate caps	(238)	(113)
Withholding on restricted stock units	(90)	(49)
Proceeds from note payable to affiliate	0	11,000
Repayment of note payable to affiliate	0	(11,000)
Net Cash Provided by Financing Activities	294,715	440,206
Change in Cash During the Period
Net (decrease) increase in cash	(239,914)	20,897
Cash, beginning of period	330,811	109,373
Cash, end of period	$ 90,897	$ 130,270

Business

Business	9 Months Ended
	Sep. 30, 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. We conduct substantially all of our investment activities and own all of our assets through CWI OP, LP, or the 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 Carey Lodging Advisors, LLC, or our advisor, 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. The 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, the subadvisor provides us with the services of our chief executive officer during the term of the subadvisory agreement, subject to the approval of our independent directors. We held ownership interests in 33 hotels at September 30, 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 the hotels that we record as equity investments, or our Unconsolidated Hotels, at September 30, 2015 . Public Offerings We raised $575.8 million through our initial public offering, which ran from September 15, 2010 through 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 ran from December 20, 2013 through December 31, 2014. From inception through September 30, 2015 , we also received $66.6 million through our distribution reinvestment plan, or DRIP. We intend to continue to invest the remaining proceeds from our follow-on offering and DRIP in lodging and lodging-related properties.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 United States, 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 Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which mandates a prospective reclassification of certain hotel revenue and hotel expense items within the income statement. During the three and nine months ended September 30, 2014 , we included rent paid to third-party owners of condominium units at the Hawks Cay Resort totaling $2.2 million and $7.4 million , respectively, in Room expense in our consolidated financial statements. Beginning in 2015, these expenses, which totaled $2.4 million and $8.1 million for the three and nine months ended September 30, 2015 , respectively, were included in Property taxes, insurance, rent and other. During the three and nine months ended September 30, 2015, rent paid to third-party owners of condominium units at the Ritz-Carlton Key Biscayne and Ritz-Carlton Fort Lauderdale totaled $1.5 million and $1.9 million , respectively, which was also included in Property taxes, insurance, rent and other. Both of these hotels were acquired during the second quarter of 2015. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are 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 should be deemed a variable interest entity, or VIE, and, if so, whether we should be deemed 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. Recent Accounting Requirements The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: ASU 2015-16, Business Combinations (Topic 805) — ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. 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. 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 August 2015, the Financial Accounting Standards Board issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption 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.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 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 and lodging-related properties and the performance of certain administrative duties. The agreement that is currently in effect will expire on December 31, 2015, unless otherwise renewed by us. Our advisor has entered into a subadvisory agreement with the subadvisor, whereby our advisor pays 20% of the fees earned under the advisory agreement to the subadvisor and the subadvisor provides certain personnel services to us. The following tables present a summary of fees we paid and expenses we reimbursed to our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amounts Included in the Consolidated Statements of Operations Acquisition fees $ — $ — $ 13,919 $ 10,749 Asset management fees 3,152 1,906 8,546 4,905 Available Cash Distribution 2,463 1,193 6,356 2,247 Personnel and overhead reimbursements 1,825 1,240 5,451 3,828 Interest expense — 8 — 10 $ 7,440 $ 4,347 $ 34,272 $ 21,739 Other Transaction Fees Incurred Capitalized acquisition fees for equity method investments $ — $ — $ 1,915 $ — Capitalized loan refinancing fee — — 270 — Offering costs — 488 171 2,805 Selling commissions and dealer manager fees — 10,012 — 20,857 $ — $ 10,500 $ 2,356 $ 23,662 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): September 30, 2015 December 31, 2014 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,622 $ 338 Other amounts due to our advisor 1,054 965 Due to joint venture partners and other 345 367 Organization and offering costs due to our advisor — 322 Due to WPC — 67 $ 3,021 $ 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. 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, which is $10.30 , determined as of September 30, 2014, or, if an NAV has not yet been published, such as during our follow-on offering, the offering price, which was $10.00 per share. We paid our asset management fees in cash for the three and nine months ended September 30, 2015 and in shares of our common stock for the three and nine months ended September 30, 2014 . For the nine months ended September 30, 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 nine months ended September 30, 2014 , $4.7 million in asset management fees were settled in shares. At September 30, 2015 , our advisor owned 1,501,028 shares ( 1.1% ) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other expenses in the consolidated financial statements. No disposition fees were recognized during the three and nine months ended September 30, 2015 and 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 are included in Loss attributable to noncontrolling interests in the consolidated financial statements. Personnel and Overhead Reimbursements/Reimbursable Costs Pursuant to the subadvisory agreement, after we reimburse our advisor, it will subsequently reimburse the subadvisor for personnel costs and other charges. We also grant restricted stock units to employees of the subadvisor pursuant to our 2010 Equity Incentive Plan. The subadvisor provides us with the services of Michael G. Medzigian, our chief executive officer, during the term of the subadvisory agreement, subject to the approval of our board of directors. 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, as well as rent expense. These reimbursements are included in Corporate general and administrative expenses and Due to related parties and affiliates in the consolidated financial statements. We paid these reimbursements in cash for the three and nine months ended September 30, 2015 and in shares of our common stock, at the election of our advisor, for the three and nine months ended September 30, 2014 . For the nine months ended September 30, 2015 , less than $0.1 million in reimbursements were settled in shares that related to reimbursements incurred during the fourth quarter of 2014. For the nine months ended September 30, 2014 , $1.8 million of such fees were settled in shares. 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, which was re-allowed to selected dealers, 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 dealers. These amounts are recorded in Additional paid-in capital in the consolidated financial statements. Other Amounts Due to Our Advisor This balance primarily represented asset management fees payable. Due to Joint Venture Partners and Other 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, we were liable for certain expenses related to our public offerings, including filing, legal, accounting, printing, advertising, transfer agent and escrow fees, which were 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 our initial public offering and 4% of the gross proceeds from our follow-on offering. Through September 30, 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 have repaid as of September 30, 2015. During the nine months ended September 30, 2015 , we charged $0.2 million of deferred offering costs to stockholder’s equity. Jointly-Owned Investments and Other Transactions with Affiliates At September 30, 2015, we owned interests in two jointly-owned investments with our affiliate, Carey Watermark Investors 2 Incorporated, or CWI 2: the Ritz-Carlton Key Biscayne, a Consolidated Hotel, and the Marriott Sawgrass Golf Resort & Spa, an Unconsolidated Hotel. See Note 4 and Note 5 for further discussion. CWI 2 is a publicly-owned, non-listed REIT that is also advised by our advisor and invests in lodging and lodging-related properties. In September 2014, our board of directors and the board of directors of WPC approved unsecured loans to us and CWI 2 of up to $75.0 million in the aggregate, at an interest 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 respective investment committees that we might not otherwise have sufficient available funds to complete. Any such loans are solely at the discretion of WPC’s management. In April 2015, this aggregate amount was increased to $110.0 million . At September 30, 2015 , we had not borrowed any such amounts from WPC. On November 6, 2015, we borrowed $25.0 million from WPC ( Note 12 ). As of the date of this Report, $17.6 million was available to be borrowed from WPC based upon the aggregate borrowings by us and CWI 2.

Net Investment in Hotels and Re

Net Investment in Hotels and Real Estate Under Construction	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): September 30, 2015 December 31, 2014 Buildings $ 1,553,552 $ 1,226,880 Land 376,712 214,522 Furniture, fixtures and equipment 122,751 88,464 Building and site improvements 50,849 21,989 Construction in progress 25,065 17,345 Hotels, at cost 2,128,929 1,569,200 Less: Accumulated depreciation (107,457 ) (59,903 ) Net investments in hotels $ 2,021,472 $ 1,509,297 2015 Acquisitions During the nine months ended September 30, 2015 , we acquired five Consolidated Hotels, with real estate and other hotel assets, net of assumed liabilities and contributions from noncontrolling interests, totaling $425.0 million . In connection with these acquisitions, we expensed acquisition costs of $17.4 million , including acquisition fees of $13.9 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 September 30, 2015 (in thousands): 2015 Acquisitions (a) Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (b) Ritz-Carlton Fort Lauderdale Acquisition date February 12, 2015 March 19, 2015 April 29, 2015 May 29, 2015 June 30, 2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 36,500 Building and site improvements 57,105 112,215 47,680 144,282 60,022 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 Construction in progress — — — 450 — Intangible assets — — 720 43,100 7,500 Accounts receivable 97 94 100 7,957 2,894 Other assets 164 608 328 1,703 637 Liabilities assumed at fair value: Non-recourse debt — — — (171,500 ) — Accounts payable, accrued expenses and other liabilities (441 ) (1,343 ) (171 ) (12,935 ) (6,274 ) Noncontrolling interests at fair value — — — (71,239 ) (15,121 ) Net assets acquired at fair value $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 From Acquisition date through September 30, 2015 Revenues $ 10,796 $ 16,685 $ 5,247 $ 21,390 $ 4,467 Net income (loss) $ 2,054 $ 3,791 $ 1,165 $ (1,683 ) $ (2,425 ) ___________ (a) The purchase price was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the current best estimates of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change. (b) We acquired a 47.34% interest in the joint venture owning this hotel, with our affiliate, CWI 2, acquiring a 19.33% interest. The remaining interest was retained by the seller. Disposition On April 1, 2015, we sold a 50% controlling interest in the Marriott Sawgrass Golf Resort & Spa, which we acquired in October 2014, to CWI 2 for a contractual sales price of $37.2 million . Our remaining 50% interest in the hotel is accounted for as an equity method investment ( Note 5 ). We recognized other income of $2.4 million in our consolidated financial statements resulting primarily from the reimbursement we received from CWI 2 of 50% of the acquisition costs we incurred on our acquisition of the hotel in October 2014, which were expensed in prior periods. Total revenue and net income from operations from this hotel prior to the date of sale were $13.3 million and $2.4 million , respectively, for the nine months ended September 30, 2015. Pro Forma Financial Information The following unaudited consolidated pro forma financial information presents our financial results as if our acquisitions, which are accounted for as business combinations, that we completed during the nine months ended September 30, 2015 and 2014, and the new financings related to these acquisitions, had occurred on January 1, 2014 and 2013, respectively. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma total revenues $ 149,642 $ 133,512 $ 475,308 $ 416,100 Pro forma net (loss) income $ (3,854 ) $ (3,939 ) $ 9,277 $ (17,976 ) Pro forma loss (income) from continuing operations attributable to noncontrolling interests 5,997 8,208 (2,116 ) 7,611 Pro forma income (loss) from continuing operations attributable to CWI stockholders $ 2,143 $ 4,269 $ 7,161 $ (10,365 ) Pro forma income (loss) per share: Basic and diluted pro forma net income (loss) attributable to CWI stockholders $ 0.02 $ 0.03 $ 0.05 $ (0.08 ) Basic and diluted pro forma weighted-average shares outstanding 131,773,064 123,333,871 130,832,077 124,709,383 The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our public offerings in order to raise the funds used for our Consolidated Hotel acquisitions that we completed during the nine months ended September 30, 2015 and 2014 were issued on January 1, 2014 and 2013, respectively. All acquisition costs for our acquisitions completed during the nine months ended September 30, 2015 and 2014 are presented as if they were incurred on January 1, 2014 and 2013, respectively. Construction in Progress At September 30, 2015 and December 31, 2014 , construction in progress, recorded at cost, was $25.1 million and $17.3 million , respectively, and related primarily to renovations at the Marriott Boca Raton at Boca Center, the Hawks Cay Resort, the Ritz-Carlton Fort Lauderdale, and the Marriott Kansas City Country Club Plaza at September 30, 2015 and the Hawks Cay Resort and the 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 $0.5 million and $0.2 million during the three months ended September 30, 2015 and 2014, respectively, and $1.7 million and $0.3 million during the nine months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015 and 2014, accrued capital expenditures increased by $3.3 million and $2.3 million , respectively, representing non-cash investing activity.

Equity Investment in Real Estat

Equity Investment in Real Estate	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At September 30, 2015 , we owned equity interests in four Unconsolidated Hotels, three with unrelated third parties and one with CWI 2. 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 if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on several of our equity method investments. Therefore, we follow the hypothetical liquidation at book value method in determining our share of these 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. Ritz-Carlton Philadelphia Venture On May 15, 2015, we purchased a 60% equity interest in an existing venture that owns and operates the Ritz-Carlton Philadelphia. The joint venture is not a VIE as there is sufficient equity at risk, the equity holders as a group have the characteristics of sufficient financial control, and neither party holds voting rights that are disproportionately less than its obligation to absorb expected losses. The Ritz-Carlton Philadelphia is undergoing a comprehensive public space and guestroom renovation estimated at $21.4 million . At the date we purchased our equity interest in the venture, the hotel planned to incur, and as of the date of this Report, is currently incurring, capital expenditures, and therefore capital expenditure decisions are expected to be made in the ordinary course of business. The annual operating budget for the hotel cannot be implemented without approval by the venture partner. Given the substantial renovations discussed above, the operations of the hotel are evolving and the budget is expected to fluctuate from year to year, and as a result, the above decisions will need to be made in the ordinary course of the operations of the hotel as contemplated in Accounting Standards Codification, or ASC, 810-20-55-9. Based on the foregoing analysis, we determined that the right outlined above represents a substantive participating right under ASC 810-20-25-16 and that the presumption of control has been overcome as detailed in ASC 810-20-25-11, and we further concluded that we should account for our interest in the Ritz-Carlton Philadelphia venture under the equity method of accounting. 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 of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at September 30, 2015 Carrying Value at September 30, 2015 December 31, 2014 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 4,669 $ 4,197 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,711 8,980 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 34,821 — Ritz-Carlton Philadelphia Venture PA 299 60% 38,327 5/15/2015 Full-service Planned Future 39,573 — 1,436 $ 98,255 $ 86,774 $ 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 and $0.4 million from this investment during the three and nine months ended September 30, 2015 , respectively. (c) We received cash distributions of $0.3 million and $0.8 million from this investment during the three and nine months ended September 30, 2015 , respectively. (d) On October 3, 2014, we acquired the Marriott Sawgrass Golf Resort & Spa. On April 1, 2015, we sold a 50% controlling interest to CWI 2 and began accounting for our interest in the hotel as an equity method investment. Our initial investment represents our remaining 50% interest in the Marriott Sawgrass Golf Resort & Spa venture. The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Venture 2015 2014 2015 2014 Ritz-Carlton Philadelphia Venture $ 828 $ — $ 1,246 $ — Hyatt French Quarter Venture (344 ) (529 ) 1,173 401 Marriott Sawgrass Golf Resort & Spa Venture (126 ) — 1,071 — Westin Atlanta Venture (208 ) (329 ) (425 ) (861 ) Total equity in earnings (losses) of equity method investments in real estate $ 150 $ (858 ) $ 3,065 $ (460 ) No other-than-temporary impairment charges related to our investments in these ventures were recognized during either the nine months ended September 30, 2015 or 2014 . At September 30, 2015 and December 31, 2014, the unamortized basis differences on our equity investments were $3.4 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 and $0.1 million during the three and nine months ended September 30, 2015 , respectively, and less than $0.1 million during both the three and nine months ended September 30, 2014 .

Intangible Assets and Liabiliti

Intangible Assets and Liabilities Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets and Liabilities In connection with our investment activity during the nine months ended September 30, 2015, we recorded intangible assets totaling $50.6 million , representing condo rental programs at the Ritz-Carlton Key Biscayne and the Ritz-Carlton Fort Lauderdale with a weighted average life of 50.7 years and a below-market ground lease of $0.7 million at the Hilton Garden Inn/Homewood Suites Atlanta Midtown with a life of 9.6 years. 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): September 30, 2015 December 31, 2014 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Carrying Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 82,300 $ (1,695 ) $ 80,605 $ 31,700 $ (837 ) $ 30,863 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,656 (289 ) 11,367 10,936 (167 ) 10,769 In-place leases 1 – 21 317 (135 ) 182 317 (80 ) 237 Total intangible assets, net $ 94,273 $ (2,119 ) $ 92,154 $ 42,953 $ (1,084 ) $ 41,869 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 33 $ (2,067 ) $ (2,100 ) $ 15 $ (2,085 ) Net amortization of intangibles were $0.5 million and $0.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $1.0 million for both the nine months ended September 30, 2015 and 2014 . Amortization of in-place lease intangibles and the villa/condo rental programs are 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, rent and other in the consolidated financial statements. Based on the intangible assets recorded at September 30, 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) $ 444 $ 42 $ 486 2016 1,765 170 1,935 2017 1,729 170 1,899 2018 1,718 170 1,888 2019 1,718 170 1,888 Thereafter 73,413 8,578 81,991 Total $ 80,787 $ 9,300 $ 90,087

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 $1.3 billion and $1.0 billion , and an estimated fair value of $1.3 billion and $1.0 billion , at September 30, 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 September 30, 2015 and December 31, 2014 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 entering into derivative instruments 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 a counterparty to a hedging arrangement defaulting 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 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 the change in fair value of any derivative 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 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Interest rate swaps Other assets $ — $ 346 $ — $ — Interest rate caps Other assets 72 218 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,540 ) (690 ) $ 72 $ 564 $ (1,540 ) $ (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 September 30, 2015 and December 31, 2014 , no cash collateral had been posted nor received for any of our derivative positions. We recognized an unrealized loss and unrealized gain of $1.5 million and $0.6 million in Other comprehensive loss on derivatives in connection with our interest rate swaps during the three months ended September 30, 2015 and 2014 , respectively, and losses of $3.3 million and $1.6 million during the nine months ended September 30, 2015 and 2014 , respectively. We reclassified losses of $0.4 million from Other comprehensive loss on derivatives into interest expense during both the three months ended September 30, 2015 and 2014 and losses of $1.2 million during both the nine months ended September 30, 2015 and 2014 . 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 September 30, 2015 , we estimated that an additional $1.2 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 a 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 Hotels at September 30, 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 September 30, 2015 Interest rate swaps 4 $ 193,310 $ (1,540 ) Interest rate caps 6 160,000 72 $ (1,468 ) 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 any collateral received. No collateral was received as of September 30, 2015 . At September 30, 2015 , our total credit exposure was $0.1 million and the maximum exposure to any single counterparty was less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At September 30, 2015 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $1.7 million and $0.8 million at September 30, 2015 and December 31, 2014 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at either September 30, 2015 or December 31, 2014 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.7 million and $0.8 million , respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table presents the non-recourse debt on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date September 30, 2015 December 31, 2014 Hawks Cay Resort (a) (b) 5.74% Variable 11/2016 $ 79,000 $ 79,000 Courtyard Pittsburgh Shadyside (b) (c) 4.09% Variable 3/2017 20,400 21,000 Ritz-Carlton Key Biscayne (d) 6.09% Fixed 6/2017 170,271 — Sanderling Resort (a) (b) 4.70% Variable 10/2017 22,000 22,000 Courtyard San Diego Mission Valley (a) (b) 4.60% Variable 12/2017 49,610 50,420 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 21,171 21,585 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 13,132 13,370 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 9,077 9,241 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,884 9,045 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,463 9,635 Hampton Inn Boston Braintree (a) (b) (e) 3.21% Variable 3/2018 12,000 9,500 Lake Arrowhead Resort and Spa (a) (b) (f) 2.46% Variable 6/2018 15,000 17,955 Fairmont Sonoma Mission Inn & Spa (b) 4.13% Variable 7/2018 44,000 44,000 Ritz-Carlton Fort Lauderdale (a) (b) (g) 2.60% 7.42% Variable 7/2018 70,000 — Sheraton Austin Hotel at the Capitol 3.96% Fixed 6/2019 67,000 67,000 Marriott Boca Raton at Boca Center (b) 3.43% Variable 7/2019 41,000 34,000 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,677 10,793 Marriott Sawgrass Golf Resort & Spa (b) (h) 4.00% Variable 11/2019 — 66,700 Staybridge Suites Savannah Historic District 4.70% Fixed 11/2019 14,850 14,850 Hutton Hotel Nashville 5.25% Fixed 7/2020 44,000 44,000 Renaissance Chicago Downtown 4.71% Fixed 1/2021 90,000 90,000 Courtyard Times Square West 4.62% Fixed 6/2021 56,000 56,000 Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 3.80% Fixed 7/2021 53,000 53,000 Marriott Kansas City Country Club Plaza 4.42% Fixed 12/2021 38,500 38,500 Westin Minneapolis 3.63% Fixed 3/2022 43,500 — Westin Pasadena 3.83% Fixed 5/2022 88,500 — Hilton Garden Inn/Homewood Suites Atlanta Midtown 3.75% Fixed 5/2022 38,000 — Holiday Inn Manhattan 6th Avenue Chelsea 4.49% Fixed 6/2023 79,702 80,000 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,500 56,500 Marriott Raleigh City Center (i) 4.61% Fixed 9/2038 51,500 51,500 $ 1,316,737 $ 969,594 ___________ (a) These mortgage loans each have two one-year extension options, all of which are subject to certain conditions. The maturity dates in the table do not reflect extension options. (b) 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 September 30, 2015 after giving effect to a related interest rate cap or swap, when applicable. (c) This mortgage loan has a one-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (d) In connection with our assumption of this loan at the time of acquisition in May 2015, we recorded a fair market value adjustment that resulted in a premium of $7.5 million , which will be amortized over the remaining term of the loan. During the three and nine months ended September 30, 2015 , we recognized amortization expense related to the premium of $0.9 million and $1.2 million , respectively. (e) During the first quarter of 2015, we completed the refinancing of our Hampton Inn Boston Braintree mortgage loan and recognized a loss of $0.1 million on the extinguishment of debt within Other income in the consolidated financial statements. (f) During the second quarter of 2015, we completed the refinancing of our Lake Arrowhead Resort and Spa mortgage loan and recognized a gain of $2.0 million on the extinguishment of debt within Other income in the consolidated financial statements. (g) The debt is comprised of a senior mortgage loan for $49.0 million with an interest rate of 2.60% and a mezzanine loan for $21.0 million with an interest rate of 7.42% . The rates on both loans have effectively been capped through the use of interest rate caps and both loans have a maturity date of July 1, 2018. (h) On April 1, 2015, we sold a 50% controlling interest in the hotel to CWI 2. Our remaining 50% interest in the hotel is accounted for as an equity method investment ( Note 5 ). (i) The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018. Most of our mortgage 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. Financing Activity During 2015 In connection with our 2015 Acquisitions ( Note 4 ), we obtained $240.0 million in non-recourse mortgage financing, with a weighted-average annual interest rate of 3.9% and term of 6.0 years. We capitalized $2.2 million of deferred financing costs related to these loans. During the nine months ended September 30, 2015, we refinanced two non-recourse mortgage loans totaling $25.5 million with new non-recourse mortgage loans totaling $27.0 million , with a weighted-average interest rate of 2.8% and term of three years. We recognized a net gain on extinguishment of debt of $1.8 million . We also drew down $7.0 million on an existing mortgage loan for renovations at the Marriott Boca Raton at Boca Center. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At September 30, 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) $ 1,415 2016 85,861 2017 262,497 2018 258,261 2019 139,529 Thereafter through 2038 562,903 1,310,466 Fair market value adjustment (a) 6,271 Total $ 1,316,737 __________ (a) Represents the unamortized premium recorded as of September 30, 2015 in connection with the assumption of the Ritz-Carlton Key Biscayne mortgage loan as part of the acquisition of the hotel in May 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 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 beyond our original investment. At September 30, 2015 , 12 hotels were either undergoing renovation or in the planning stage of renovations, and we currently expect that four will be completed during the fourth quarter of 2015, four will be completed during the first half of 2016, two will be completed during the second half of 2016 and two will be completed during the first half of 2017. The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): September 30, 2015 December 31, 2014 Capital commitments $ 110,250 $ 100,600 Less: paid (47,479 ) (16,363 ) Unpaid commitments 62,771 84,237 Less: amount held in escrow (42,333 ) (44,080 ) Unfunded commitments $ 20,438 $ 40,157 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) $ 764 2016 3,110 2017 3,181 2018 3,254 2019 3,328 Thereafter through 2106 658,003 Total $ 671,640 For the three and nine months ended September 30, 2015 , we recorded rent expense of $1.0 million and $2.8 million , respectively, inclusive of percentage rents of $0.2 million and $0.5 million , respectively, related to these ground leases, which are included in Property taxes, insurance, rent and other in the consolidated financial statements. For the three and nine months ended September 30, 2014 , we recorded rent expense of $1.0 million and $2.0 million , respectively, inclusive of percentage rents of $0.2 million and $0.5 million , respectively, related to these ground leases.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Equity Stock-Based Payments 2010 Equity Incentive Plan and Directors Incentive Plan — 2010 Incentive Plan We maintain the 2010 Equity Incentive Plan, which authorizes the issuance of shares of our common stock to our officers and officers and employees of the subadvisor, who perform services on our behalf, and to non-director members of the investment committee through stock-based awards. The 2010 Equity Incentive Plan provides for the grant of restricted stock units, or RSUs and dividend equivalent rights. We also maintain the Directors Incentive Plan — 2010 Incentive Plan, which authorizes the issuance of shares of our common stock to our independent directors. The Directors Incentive Plan — 2010 Incentive Plan provides for the grant of RSUs and dividend equivalent rights. A maximum of 4,000,000 shares may be granted, in the aggregate, under these two plans, of which 3,805,469 shares remained available for future grants at September 30, 2015. During the nine months ended September 30, 2015 and 2014, we issued 29,370 RSUs and 42,500 RSUs, respectively, which are generally scheduled to vest over three years , subject to continued employment, to employees of the subadvisor. We issued 4,369 RSUs at $10.30 per unit and 4,500 RSUs at $10.00 per unit in June 2015 and 2014, respectively, to each of our four independent directors, which vested immediately. We recognized stock-based compensation expense associated with these awards of $0.1 million for both the three months ended September 30, 2015 and 2014, and $0.4 million and $0.3 million for the nine months ended September 30, 2015 and 2014, respectively. Stock-based compensation expense is included within Corporate general and administrative expense in the consolidated financial statements. The awards to employees of the subadvisor had a weighted-average remaining contractual term of 1.90 years at September 30, 2015 . At September 30, 2015, we had 74,305 nonvested RSUs outstanding and we currently expect to recognize stock-based compensation expense totaling approximately $0.6 million over the remaining vesting period. We have not recognized any income tax benefit in earnings for our share-based compensation arrangements since the inception of these two plans. Distributions Declared During the third quarter of 2015, our board of directors declared a quarterly distribution of $0.1425 per share, which was paid on October 15, 2015 to stockholders of record on September 30, 2015, in the amount of $18.8 million .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On November 6, 2015, we borrowed $25.0 million from WPC at an interest rate of 30-day London Interbank Offered Rate plus 1.10% and a maturity date of December 30, 2015 ( Note 3 ).

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are 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 should be deemed a variable interest entity, or VIE, and, if so, whether we should be deemed 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.
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 if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on several of our equity method investments. Therefore, we follow the hypothetical liquidation at book value method in determining our share of these 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	Amortization of in-place lease intangibles and the villa/condo rental programs are 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, rent and other in the consolidated financial statements. Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, 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 the change in fair value of any derivative 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 2015-16, Business Combinations (Topic 805) — ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. 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. 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 August 2015, the Financial Accounting Standards Board issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption 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.

Agreements and Transactions w23

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amounts Included in the Consolidated Statements of Operations Acquisition fees $ — $ — $ 13,919 $ 10,749 Asset management fees 3,152 1,906 8,546 4,905 Available Cash Distribution 2,463 1,193 6,356 2,247 Personnel and overhead reimbursements 1,825 1,240 5,451 3,828 Interest expense — 8 — 10 $ 7,440 $ 4,347 $ 34,272 $ 21,739 Other Transaction Fees Incurred Capitalized acquisition fees for equity method investments $ — $ — $ 1,915 $ — Capitalized loan refinancing fee — — 270 — Offering costs — 488 171 2,805 Selling commissions and dealer manager fees — 10,012 — 20,857 $ — $ 10,500 $ 2,356 $ 23,662 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): September 30, 2015 December 31, 2014 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,622 $ 338 Other amounts due to our advisor 1,054 965 Due to joint venture partners and other 345 367 Organization and offering costs due to our advisor — 322 Due to WPC — 67 $ 3,021 $ 2,059

Net Investment in Hotels and 24

Net Investment in Hotels and Real Estate Under Construction (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): September 30, 2015 December 31, 2014 Buildings $ 1,553,552 $ 1,226,880 Land 376,712 214,522 Furniture, fixtures and equipment 122,751 88,464 Building and site improvements 50,849 21,989 Construction in progress 25,065 17,345 Hotels, at cost 2,128,929 1,569,200 Less: Accumulated depreciation (107,457 ) (59,903 ) Net investments in hotels $ 2,021,472 $ 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 September 30, 2015 (in thousands): 2015 Acquisitions (a) Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (b) Ritz-Carlton Fort Lauderdale Acquisition date February 12, 2015 March 19, 2015 April 29, 2015 May 29, 2015 June 30, 2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 36,500 Building and site improvements 57,105 112,215 47,680 144,282 60,022 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 Construction in progress — — — 450 — Intangible assets — — 720 43,100 7,500 Accounts receivable 97 94 100 7,957 2,894 Other assets 164 608 328 1,703 637 Liabilities assumed at fair value: Non-recourse debt — — — (171,500 ) — Accounts payable, accrued expenses and other liabilities (441 ) (1,343 ) (171 ) (12,935 ) (6,274 ) Noncontrolling interests at fair value — — — (71,239 ) (15,121 ) Net assets acquired at fair value $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 (a) The purchase price was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the current best estimates of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change. (b) We acquired a 47.34% interest in the joint venture owning this hotel, with our affiliate, CWI 2, acquiring a 19.33% interest. The remaining interest was retained by the seller.
Schedule Of Revenues and Net Income	From Acquisition date through September 30, 2015 Revenues $ 10,796 $ 16,685 $ 5,247 $ 21,390 $ 4,467 Net income (loss) $ 2,054 $ 3,791 $ 1,165 $ (1,683 ) $ (2,425 )
Pro Forma Information	The following unaudited consolidated pro forma financial information presents our financial results as if our acquisitions, which are accounted for as business combinations, that we completed during the nine months ended September 30, 2015 and 2014, and the new financings related to these acquisitions, had occurred on January 1, 2014 and 2013, respectively. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma total revenues $ 149,642 $ 133,512 $ 475,308 $ 416,100 Pro forma net (loss) income $ (3,854 ) $ (3,939 ) $ 9,277 $ (17,976 ) Pro forma loss (income) from continuing operations attributable to noncontrolling interests 5,997 8,208 (2,116 ) 7,611 Pro forma income (loss) from continuing operations attributable to CWI stockholders $ 2,143 $ 4,269 $ 7,161 $ (10,365 ) Pro forma income (loss) per share: Basic and diluted pro forma net income (loss) attributable to CWI stockholders $ 0.02 $ 0.03 $ 0.05 $ (0.08 ) Basic and diluted pro forma weighted-average shares outstanding 131,773,064 123,333,871 130,832,077 124,709,383 The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our public offerings in order to raise the funds used for our Consolidated Hotel acquisitions that we completed during the nine months ended September 30, 2015 and 2014 were issued on January 1, 2014 and 2013, respectively. All acquisition costs for our acquisitions completed during the nine months ended September 30, 2015 and 2014 are presented as if they were incurred on January 1, 2014 and 2013, respectively.

Equity Investment in Real Est25

Equity Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule Equity Method Investments	The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Venture 2015 2014 2015 2014 Ritz-Carlton Philadelphia Venture $ 828 $ — $ 1,246 $ — Hyatt French Quarter Venture (344 ) (529 ) 1,173 401 Marriott Sawgrass Golf Resort & Spa Venture (126 ) — 1,071 — Westin Atlanta Venture (208 ) (329 ) (425 ) (861 ) Total equity in earnings (losses) of equity method investments in real estate $ 150 $ (858 ) $ 3,065 $ (460 ) 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 of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at September 30, 2015 Carrying Value at September 30, 2015 December 31, 2014 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 4,669 $ 4,197 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,711 8,980 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 34,821 — Ritz-Carlton Philadelphia Venture PA 299 60% 38,327 5/15/2015 Full-service Planned Future 39,573 — 1,436 $ 98,255 $ 86,774 $ 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 and $0.4 million from this investment during the three and nine months ended September 30, 2015 , respectively. (c) We received cash distributions of $0.3 million and $0.8 million from this investment during the three and nine months ended September 30, 2015 , respectively. (d) On October 3, 2014, we acquired the Marriott Sawgrass Golf Resort & Spa. On April 1, 2015, we sold a 50% controlling interest to CWI 2 and began accounting for our interest in the hotel as an equity method investment. Our initial investment represents our remaining 50% interest in the Marriott Sawgrass Golf Resort & Spa venture.

Intangible Assets and Liabili26

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2015 December 31, 2014 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Carrying Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 82,300 $ (1,695 ) $ 80,605 $ 31,700 $ (837 ) $ 30,863 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,656 (289 ) 11,367 10,936 (167 ) 10,769 In-place leases 1 – 21 317 (135 ) 182 317 (80 ) 237 Total intangible assets, net $ 94,273 $ (2,119 ) $ 92,154 $ 42,953 $ (1,084 ) $ 41,869 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 33 $ (2,067 ) $ (2,100 ) $ 15 $ (2,085 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at September 30, 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) $ 444 $ 42 $ 486 2016 1,765 170 1,935 2017 1,729 170 1,899 2018 1,718 170 1,888 2019 1,718 170 1,888 Thereafter 73,413 8,578 81,991 Total $ 80,787 $ 9,300 $ 90,087

Risk Management and Use of De27

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Interest rate swaps Other assets $ — $ 346 $ — $ — Interest rate caps Other assets 72 218 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,540 ) (690 ) $ 72 $ 564 $ (1,540 ) $ (690 )
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at September 30, 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 September 30, 2015 Interest rate swaps 4 $ 193,310 $ (1,540 ) Interest rate caps 6 160,000 72 $ (1,468 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date September 30, 2015 December 31, 2014 Hawks Cay Resort (a) (b) 5.74% Variable 11/2016 $ 79,000 $ 79,000 Courtyard Pittsburgh Shadyside (b) (c) 4.09% Variable 3/2017 20,400 21,000 Ritz-Carlton Key Biscayne (d) 6.09% Fixed 6/2017 170,271 — Sanderling Resort (a) (b) 4.70% Variable 10/2017 22,000 22,000 Courtyard San Diego Mission Valley (a) (b) 4.60% Variable 12/2017 49,610 50,420 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 21,171 21,585 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 13,132 13,370 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 9,077 9,241 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,884 9,045 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,463 9,635 Hampton Inn Boston Braintree (a) (b) (e) 3.21% Variable 3/2018 12,000 9,500 Lake Arrowhead Resort and Spa (a) (b) (f) 2.46% Variable 6/2018 15,000 17,955 Fairmont Sonoma Mission Inn & Spa (b) 4.13% Variable 7/2018 44,000 44,000 Ritz-Carlton Fort Lauderdale (a) (b) (g) 2.60% 7.42% Variable 7/2018 70,000 — Sheraton Austin Hotel at the Capitol 3.96% Fixed 6/2019 67,000 67,000 Marriott Boca Raton at Boca Center (b) 3.43% Variable 7/2019 41,000 34,000 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,677 10,793 Marriott Sawgrass Golf Resort & Spa (b) (h) 4.00% Variable 11/2019 — 66,700 Staybridge Suites Savannah Historic District 4.70% Fixed 11/2019 14,850 14,850 Hutton Hotel Nashville 5.25% Fixed 7/2020 44,000 44,000 Renaissance Chicago Downtown 4.71% Fixed 1/2021 90,000 90,000 Courtyard Times Square West 4.62% Fixed 6/2021 56,000 56,000 Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 3.80% Fixed 7/2021 53,000 53,000 Marriott Kansas City Country Club Plaza 4.42% Fixed 12/2021 38,500 38,500 Westin Minneapolis 3.63% Fixed 3/2022 43,500 — Westin Pasadena 3.83% Fixed 5/2022 88,500 — Hilton Garden Inn/Homewood Suites Atlanta Midtown 3.75% Fixed 5/2022 38,000 — Holiday Inn Manhattan 6th Avenue Chelsea 4.49% Fixed 6/2023 79,702 80,000 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,500 56,500 Marriott Raleigh City Center (i) 4.61% Fixed 9/2038 51,500 51,500 $ 1,316,737 $ 969,594 ___________ (a) These mortgage loans each have two one-year extension options, all of which are subject to certain conditions. The maturity dates in the table do not reflect extension options. (b) 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 September 30, 2015 after giving effect to a related interest rate cap or swap, when applicable. (c) This mortgage loan has a one-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (d) In connection with our assumption of this loan at the time of acquisition in May 2015, we recorded a fair market value adjustment that resulted in a premium of $7.5 million , which will be amortized over the remaining term of the loan. During the three and nine months ended September 30, 2015 , we recognized amortization expense related to the premium of $0.9 million and $1.2 million , respectively. (e) During the first quarter of 2015, we completed the refinancing of our Hampton Inn Boston Braintree mortgage loan and recognized a loss of $0.1 million on the extinguishment of debt within Other income in the consolidated financial statements. (f) During the second quarter of 2015, we completed the refinancing of our Lake Arrowhead Resort and Spa mortgage loan and recognized a gain of $2.0 million on the extinguishment of debt within Other income in the consolidated financial statements. (g) The debt is comprised of a senior mortgage loan for $49.0 million with an interest rate of 2.60% and a mezzanine loan for $21.0 million with an interest rate of 7.42% . The rates on both loans have effectively been capped through the use of interest rate caps and both loans have a maturity date of July 1, 2018. (h) On April 1, 2015, we sold a 50% controlling interest in the hotel to CWI 2. Our remaining 50% interest in the hotel is accounted for as an equity method investment ( Note 5 ). (i) 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) $ 1,415 2016 85,861 2017 262,497 2018 258,261 2019 139,529 Thereafter through 2038 562,903 1,310,466 Fair market value adjustment (a) 6,271 Total $ 1,316,737 __________ (a) Represents the unamortized premium recorded as of September 30, 2015 in connection with the assumption of the Ritz-Carlton Key Biscayne mortgage loan as part of the acquisition of the hotel in May 2015.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): September 30, 2015 December 31, 2014 Capital commitments $ 110,250 $ 100,600 Less: paid (47,479 ) (16,363 ) Unpaid commitments 62,771 84,237 Less: amount held in escrow (42,333 ) (44,080 ) Unfunded commitments $ 20,438 $ 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) $ 764 2016 3,110 2017 3,181 2018 3,254 2019 3,328 Thereafter through 2106 658,003 Total $ 671,640

Business (Narratives) (Details)

Business (Narratives) (Details) $ in Millions	9 Months Ended	12 Months Ended	36 Months Ended
	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital interest ownership in operating partnership	99.985%
Number of properties | property	33
Proceeds from issuance, initial public offering			$ 575.8
Proceeds from follow on offering		$ 577.4
Proceeds from DRIP	$ 66.6

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Hawks Cay Resort
Organization and Offering
Other hotel expenses	$ 2.4	$ 2.2	$ 8.1	$ 7.4
Ritz-Carlton Key Biscayne and Ritz-Carlton Fort Lauderdale
Organization and Offering
Other hotel expenses	$ 1.5		$ 1.9

Agreements and Transactions w32

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 06, 2015	Apr. 30, 2015	Dec. 31, 2014
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		$ 0.70
Dealer revenue per share sold	$ 0.30		$ 0.30
Available Cash Distribution
Percentage of available cash distribution			10.00%
General partners distribution percentage of net proceeds	15.00%		15.00%
Available Cash Distribution	$ 2,463	$ 1,193	$ 6,356	$ 2,247
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			$ 10.30
Offering price			$ 10
Asset management fees charged by the advisor settled in shares, value			$ 1,000	4,700
Common stock, shares outstanding	131,734,459		131,734,459				129,083,977
Personnel and Overhead Reimbursement
Rent expense		100
Shares issued to satisfy fees due to affiliate, value			$ 100	1,800
Organization and Offering Costs
Deferred offering costs charged to equity			$ 200
Other Transactions with Affiliates
Approved line of credit		$ 75,000		$ 75,000		$ 110,000
Subsequent Event
Other Transactions with Affiliates
Loan payable, related party					$ 25,000
Available line of credit					$ 17,600
Advisor
Asset Management Fees and Loan Refinancing Fees
Common stock, shares outstanding	1,501,028		1,501,028
Percentage of common stock owned	1.10%		1.10%
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%		2.00%
Follow-on Offering
Organization and Offering Costs
Organization and offering expenses excluding selling commissions	4.00%		4.00%
Organizational and professional fees incurred by the advisor	$ 3,500		$ 3,500

Agreements and Transactions w33

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amounts Included in the Consolidated Statements of Operations
Acquisition fees	$ 0	$ 0	$ 13,919	$ 10,749
Asset management fees	3,152	1,906	8,546	4,905
Available Cash Distribution	2,463	1,193	6,356	2,247
Personnel reimbursements	1,825	1,240	5,451	3,828
Interest expense	0	8	0	10
Related party fees included in operating expenses	7,440	4,347	34,272	21,739
Other Transaction Fees Incurred
Capitalized acquisition fees for equity method investments	0	0	1,915	0
Capitalized loan refinancing fee	0	0	270	0
Offering costs	0	488	171	2,805
Selling commissions and dealer manager fees	0	10,012	0	20,857
Transaction fees incurred	$ 0	$ 10,500	$ 2,356	$ 23,662

Agreements and Transactions w34

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Amounts Due to Related Parties and Affiliates
Reimbursable costs	$ 1,622	$ 338
Other amounts due to our advisor	1,054	965
Due to joint venture partners and other	345	367
Organization and offering costs due to our advisor	0	322
Due to WPC	0	67
Due to affiliates	$ 3,021	$ 2,059

Net Investment in Hotels and 35

Net Investment in Hotels and Real Estate Under Construction (Narratives) (Details) - USD ($) $ in Thousands	Apr. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	May. 29, 2015	Mar. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues		$ 149,642	$ 97,131		$ 395,621	$ 243,673
Net income (loss)		(3,854)	(464)		(14,095)	(21,187)
Business Acquisition, Cost of Acquired Entity, Purchase Price
Other income		4	10		2,390	36
Real estate under construction		25,065		$ 25,065	25,065				$ 17,345
Capitalized construction cost		500	$ 200		1,700	300
Increase in accrued capital expenditures					3,300	$ 2,300
Consolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value		$ 425,000		$ 425,000	425,000
Acquisition costs expensed					17,400
Acquisition fees paid to advisor					$ 13,900
Consolidated | Ritz-Carlton Key Biscayne Miami
Business Acquisition [Line Items]
Ownership interest, percentage		47.34%		47.34%	47.34%
Revenues				$ 21,390
Net income (loss)				$ (1,683)
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value							$ 68,925
Real estate under construction							$ 450
Consolidated | Ritz-Carlton Key Biscayne Miami | CWI 2
Business Acquisition [Line Items]
Ownership interest, percentage		19.33%		19.33%	19.33%
Marriott Sawgrass Golf Resort and Spa
Business Acquisition [Line Items]
Ownership interest, percentage	50.00%							50.00%
Revenues					$ 13,300
Net income (loss)					$ 2,400
Business Acquisition, Cost of Acquired Entity, Purchase Price
Proceeds from sales of property	$ 37,200
Other income	$ 2,400

Net Investment in Hotels and 36

Net Investment in Hotels and Real Estate Under Construction (Details 1) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Buildings	$ 1,553,552	$ 1,226,880
Land	376,712	214,522
Furniture, fixtures & equipment	122,751	88,464
Building and site improvements	50,849	21,989
Construction in progress	25,065	17,345
Hotels, at cost	2,128,929	1,569,200
Less: Accumulated depreciation	(107,457)	(59,903)
Net investments in hotels	$ 2,021,472	$ 1,509,297

Net Investment in Hotels and 37

Net Investment in Hotels and Real Estate Under Construction (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	May. 29, 2015	Apr. 29, 2015	Mar. 19, 2015	Feb. 12, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Acquisition consideration
Cash consideration						$ 511,333	$ 415,278
Assets acquired at fair value:
Construction in progress						25,065		$ 17,345
Liabilities assumed at fair value:
Non-recourse debt						(240,000)
Consolidated
Liabilities assumed at fair value:
Net assets acquired at fair value						$ 425,000
Westin Minneapolis | Consolidated
Acquisition consideration
Cash consideration					$ 66,176
Assets acquired at fair value:
Land					6,405
Building and site improvements					57,105
Furniture, fixtures and equipment					2,846
Construction in progress					0
Intangible assets					0
Accounts receivable					97
Other assets					164
Liabilities assumed at fair value:
Non-recourse debt					0
Accounts payable, accrued expenses and other liabilities					(441)
Noncontrolling interests at fair value					0
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 and site improvements				112,215
Furniture, fixtures and equipment				7,379
Construction in progress				0
Intangible assets				0
Accounts receivable				94
Other assets				608
Liabilities assumed at fair value:
Non-recourse debt				0
Accounts payable, accrued expenses and other liabilities				(1,343)
Noncontrolling interests at fair value				0
Net assets acquired at fair value				$ 141,738
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Consolidated
Acquisition consideration
Cash consideration			$ 58,492
Assets acquired at fair value:
Land			5,700
Building and site improvements			47,680
Furniture, fixtures and equipment			4,135
Construction in progress			0
Intangible assets			720
Accounts receivable			100
Other assets			328
Liabilities assumed at fair value:
Non-recourse debt			0
Accounts payable, accrued expenses and other liabilities			(171)
Noncontrolling interests at fair value			0
Net assets acquired at fair value			$ 58,492
Ritz-Carlton Key Biscayne Miami | Consolidated
Acquisition consideration
Cash consideration		$ 68,925
Assets acquired at fair value:
Land		117,200
Building and site improvements		144,282
Furniture, fixtures and equipment		9,907
Construction in progress		450
Intangible assets		43,100
Accounts receivable		7,957
Other assets		1,703
Liabilities assumed at fair value:
Non-recourse debt		(171,500)
Accounts payable, accrued expenses and other liabilities		(12,935)
Noncontrolling interests at fair value		(71,239)
Net assets acquired at fair value		$ 68,925
Ritz-Carlton Fort Lauderdale | Consolidated
Acquisition consideration
Cash consideration	$ 89,642
Assets acquired at fair value:
Land	36,500
Building and site improvements	60,022
Furniture, fixtures and equipment	3,484
Construction in progress	0
Intangible assets	7,500
Accounts receivable	2,894
Other assets	637
Liabilities assumed at fair value:
Non-recourse debt	0
Accounts payable, accrued expenses and other liabilities	(6,274)
Noncontrolling interests at fair value	(15,121)
Net assets acquired at fair value	$ 89,642

Net Investment in Hotels and 38

Net Investment in Hotels and Real Estate Under Construction (Details 3) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	5 Months Ended	6 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Revenue and Earning after acquistion:
Revenues	$ 149,642	$ 97,131					$ 395,621	$ 243,673
Net income (loss)	(3,854)	$ (464)					$ (14,095)	$ (21,187)
Consolidated | Westin Minneapolis
Revenue and Earning after acquistion:
Revenues						$ 10,796
Net income (loss)						$ 2,054
Consolidated | Westin Pasadena
Revenue and Earning after acquistion:
Revenues					$ 16,685
Net income (loss)					$ 3,791
Consolidated | Hilton Garden Inn/Homewood Suites Atlanta Midtown
Revenue and Earning after acquistion:
Revenues				$ 5,247
Net income (loss)				$ 1,165
Consolidated | Ritz-Carlton Key Biscayne Miami
Revenue and Earning after acquistion:
Revenues			$ 21,390
Net income (loss)			$ (1,683)
Consolidated | Ritz-Carlton Fort Lauderdale
Revenue and Earning after acquistion:
Revenues	4,467
Net income (loss)	$ (2,425)

Net Investment in Hotels and 39

Net Investment in Hotels and Real Estate Under Construction (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pro Forma Financial Information
Pro forma total revenues	$ 149,642	$ 133,512	$ 475,308	$ 416,100
Pro forma net (loss) income	(3,854)	(3,939)	9,277	(17,976)
Pro forma loss (income) from continuing operations attributable to noncontrolling interests	5,997	8,208	(2,116)	7,611
Pro forma income (loss) from continuing operations attributable to CWI stockholders	$ 2,143	$ 4,269	$ 7,161	$ (10,365)
Pro forma income (loss) per share:
Basic and diluted pro forma net income (loss) attributable to CWI stockholders	$ 0.02	$ 0.03	$ 0.05	$ (0.08)
Pro forma weighted average shares outstanding (in shares)	131,773,064	123,333,871	130,832,077	124,709,383

Equity Investment in Real Est40

Equity Investment in Real Estate (Narratives) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	May. 15, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 03, 2014
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	33		33
Distributions from equity method investments (return of capital)			$ 844	$ 298
Aggregate unamortized basis difference on equity investments	$ 3,400		3,400			$ 1,600
Amortization of basis differences		$ 100	$ 100	$ 100
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	4		4
Unconsolidated | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	1		1
Unconsolidated | Third Party
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	3		3
Unconsolidated | Ritz-Carlton Philadelphia
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated	60.00%		60.00%		60.00%
Estimated renovation expense					$ 21,400
Amortization of basis differences	$ 100
Unconsolidated | Hyatt French Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated	80.00%		80.00%
Distributions from equity method investments (return of capital)	$ 100		$ 400
Unconsolidated | Westin Atlanta Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated	57.00%		57.00%
Distributions from equity method investments (return of capital)	$ 300		$ 800
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated	50.00%		50.00%				50.00%

Equity Investment in Real Est41

Equity Investment in Real Estate (Details 1) $ in Thousands	May. 15, 2015USD ($)	Oct. 03, 2014USD ($)	Oct. 03, 2012USD ($)	Sep. 06, 2011USD ($)	Sep. 30, 2015USD ($)room	Dec. 31, 2014USD ($)
Hotel Details
Carrying Value					$ 86,774	$ 13,177
Unconsolidated
Hotel Details
Rooms | room					1,436
Our investments					$ 98,255
Carrying Value					$ 86,774	13,177
Hyatt New Orleans French Quarter | Unconsolidated
Hotel Details
State					LA
Rooms | room					254
Ownership interest, unconsolidated					80.00%
Our investments				$ 13,000
Acquisition Date					Sep. 6, 2011
Hotel Type					Full-service
Carrying Value					$ 4,669	4,197
Westin Atlanta Venture | Unconsolidated
Hotel Details
State					GA
Rooms | room					372
Ownership interest, unconsolidated					57.00%
Our investments			$ 13,170
Acquisition Date					Oct. 3, 2012
Hotel Type					Full-service
Carrying Value					$ 7,711	8,980
Marriott Sawgrass Golf Resort and Spa | Unconsolidated
Hotel Details
State					FL
Rooms | room					511
Ownership interest, unconsolidated		50.00%			50.00%
Our investments		$ 33,758
Acquisition Date					Oct. 3, 2014
Hotel Type					Resort
Carrying Value					$ 34,821	0
Ritz-Carlton Philadelphia | Unconsolidated
Hotel Details
State					PA
Rooms | room					299
Ownership interest, unconsolidated	60.00%				60.00%
Our investments	$ 38,327
Acquisition Date					May 15, 2015
Hotel Type					Full-service
Carrying Value					$ 39,573	$ 0

Equity Investment in Real Est42

Equity Investment in Real Estate (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 150	$ (858)	$ 3,065	$ (460)
Hyatt French Quarter Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(344)	(529)	1,173	401
Westin Atlanta Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(208)	(329)	(425)	(861)
Marriott Sawgrass Golf Resort and Spa | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(126)	0	1,071	0
Ritz-Carlton Philadelphia | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 828	$ 0	$ 1,246	$ 0

Intangible Assets and Liabili43

Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets
Net amortization of intangibles	$ 0.5	$ 0.3	$ 1	$ 1
Ritz-Carlton Key Biscayne and Ritz-Carlton Fort Lauderdale | Villa rental program
Finite-Lived Intangible Assets
Intangible assets acquired	50.6		$ 50.6
Finite-lived intangible asset, useful life			50 years 8 months 12 days
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Below-market hotel ground leases
Finite-Lived Intangible Assets
Intangible assets acquired	$ 0.7		$ 0.7
Finite-lived intangible asset, useful life			9 years 7 months 6 days

Intangible Assets and Liabili44

Intangible Assets and Liabilities (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Amortizable Intangible Assets
Gross Carrying Amount	$ 94,273	$ 42,953
Accumulated Amortization	(2,119)	(1,084)
Net Carrying Amount	$ 92,154	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	33	15
Finite-lived intangible liabilities, net	(2,067)	(2,085)
Villa/condo rental program
Amortizable Intangible Assets
Gross Carrying Amount	82,300	31,700
Accumulated Amortization	(1,695)	(837)
Net Carrying Amount	$ 80,605	30,863
Villa/condo rental program | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	55 years
Villa/condo rental program | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	45 years
Below-market hotel ground leases
Amortizable Intangible Assets
Gross Carrying Amount	$ 11,656	10,936
Accumulated Amortization	(289)	(167)
Net Carrying Amount	$ 11,367	10,769
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	9 years 7 months 6 days
In-place leases
Amortizable Intangible Assets
Gross Carrying Amount	$ 317	317
Accumulated Amortization	(135)	(80)
Net Carrying Amount	$ 182	$ 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 Liabili45

Intangible Assets and Liabilities (Details 2) $ in Thousands	Sep. 30, 2015USD ($)
Total
2015 (remainder)	$ 486
2,016	1,935
2,017	1,899
2,018	1,888
2,019	1,888
Thereafter	81,991
Total	90,087
Increase to Depreciation and Amortization
Total
2015 (remainder)	444
2,016	1,765
2,017	1,729
2,018	1,718
2,019	1,718
Thereafter	73,413
Total	80,787
Increase to Property Taxes, Insurance and Rent
Total
2015 (remainder)	42
2,016	170
2,017	170
2,018	170
2,019	170
Thereafter	8,578
Total	$ 9,300

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-recourse debt	$ 1,316,737	$ 969,594
Level 3 | Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value		1,000,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1,300,000	$ 1,000,000

Risk Management and Use of De47

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivatives in Cash flow Hedging Relationships Gain Loss Recognized in OCI (Effective Portion)
Interest rate swap losses recognized in OCI	$ 1,500,000	$ 600,000	$ 3,300,000	$ 1,600,000
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest rate swap losses reclassified from OCI to interest expense	400,000	$ 400,000	1,200,000	$ 1,200,000
Collateral posted for derivative positions	0		0		$ 0
Derivatives in net liability position, fair value	1,700,000		1,700,000		800,000
Potential loss on contract termination for default	1,700,000		1,700,000		$ 800,000
Concentration Risk
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense			1,200,000
Total credit exposure on derivatives	100,000		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		$ 100,000

Risk Management and Use of De48

Risk Management and Use of Derivative Financial Instruments (Details 1) - Designated as hedging - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value
Derivative asset, fair value, net	$ 72	$ 564
Derivative liability, fair value, net	(1,540)	(690)
Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	0	346
Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value, net	(1,540)	(690)
Interest rate cap | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	$ 72	$ 218

Risk Management and Use of De49

Risk Management and Use of Derivative Financial Instruments (Details 2) - Designated as hedging $ in Thousands	Sep. 30, 2015USD ($)instrument
Derivative
Fair Value	$ (1,468)
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments | instrument	4
Notional Amount	$ 193,310
Fair Value	$ (1,540)
Interest rate cap | Cash flow hedging
Derivative
Number of Instruments | instrument	6
Notional Amount	$ 160,000
Fair Value	$ 72

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 31, 2015	Apr. 01, 2015	Dec. 31, 2014
Mortgage debt
Debt fair market value adjustment	$ 6,271				$ 6,271
Debt acquired in business acquisition	$ 240,000				$ 240,000
Debt, weighted average interest rate	3.90%				3.90%
Debt instrument, term					6 years
Deferred financing costs, capitalized	$ 2,200				$ 2,200
Carrying value of mortgage	1,316,737				1,316,737				$ 969,594
Gain (loss) on extinguishment of debt	$ 0			$ 0	$ 1,840	$ 0
Debt instrument covenant compliance					Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At September 30, 2015 , we were in compliance with the applicable covenants for each of our mortgage loans.
Debt Refinanced
Mortgage debt
Debt, weighted average interest rate	2.80%				2.80%
Debt instrument, term					3 years
Debt refinanced					$ 25,500
Carrying value of mortgage	$ 27,000				27,000
Gain (loss) on extinguishment of debt					1,800
Additional Draw on loan
Mortgage debt
Carrying value of mortgage	7,000				7,000
Ritz-Carlton Key Biscayne Miami
Mortgage debt
Debt fair market value adjustment							$ 7,500
Amortization of debt premium	900				$ 1,200
Current Maturity Date					Jun. 30, 2017
Carrying value of mortgage	170,271				$ 170,271				0
Lake Arrowhead Resort and Spa
Mortgage debt
Current Maturity Date					Jun. 30, 2018
Carrying value of mortgage	15,000				$ 15,000				17,955
Gain (loss) on extinguishment of debt		$ 2,000
Ritz-Carlton Fort Lauderdale
Mortgage debt
Current Maturity Date					Jul. 31, 2018
Carrying value of mortgage	$ 70,000				$ 70,000				0
Ritz-Carlton Fort Lauderdale | Senior loan
Mortgage debt
Current Maturity Date					Jul. 31, 2018
Debt, weighted average interest rate	2.60%				2.60%
Carrying value of mortgage	$ 49,000				$ 49,000
Ritz-Carlton Fort Lauderdale | Mezzanine loan
Mortgage debt
Current Maturity Date					Jul. 31, 2018
Debt, weighted average interest rate	7.42%				7.42%
Carrying value of mortgage	$ 21,000				$ 21,000
Hampton Inn Boston Braintree
Mortgage debt
Current Maturity Date					Mar. 31, 2018
Carrying value of mortgage	12,000				$ 12,000				9,500
Gain (loss) on extinguishment of debt			$ (100)
Marriott Sawgrass Golf Resort and Spa
Mortgage debt
Current Maturity Date					Nov. 30, 2019
Ownership interest, percentage			50.00%					50.00%
Carrying value of mortgage	$ 0				$ 0				$ 66,700

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Hotel Details
Carrying value of mortgage	$ 1,316,737	$ 969,594
Hawks Cay Resort
Hotel Details
Effective Interest Rate	5.74%
Rate Type	Variable
Current Maturity Date	Nov. 30, 2016
Carrying value of mortgage	$ 79,000	79,000
Courtyard Pittsburgh Shadyside
Hotel Details
Effective Interest Rate	4.09%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2017
Carrying value of mortgage	$ 20,400	21,000
Ritz-Carlton Key Biscayne Miami
Hotel Details
Effective Interest Rate	6.09%
Rate Type	Fixed
Current Maturity Date	Jun. 30, 2017
Carrying value of mortgage	$ 170,271	0
Sanderling Resort
Hotel Details
Effective Interest Rate	4.70%
Rate Type	Variable
Current Maturity Date	Oct. 31, 2017
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	Dec. 31, 2017
Carrying value of mortgage	$ 49,610	50,420
Hampton Inn & Suites Memphis-Beale Street
Hotel Details
Effective Interest Rate	4.07%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 21,171	21,585
Hampton Inn Atlanta Downtown
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 13,132	13,370
Hampton Inn Birmingham Colonnade
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 9,077	9,241
Hampton Inn Frisco Legacy Park
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 8,884	9,045
Hilton Garden Inn Baton Rouge Airport
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 9,463	9,635
Hampton Inn Boston Braintree
Hotel Details
Effective Interest Rate	3.21%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 12,000	9,500
Lake Arrowhead Resort and Spa
Hotel Details
Effective Interest Rate	2.46%
Rate Type	Variable
Current Maturity Date	Jun. 30, 2018
Carrying value of mortgage	$ 15,000	17,955
Fairmont Sonoma Mission Inn and Spa
Hotel Details
Effective Interest Rate	4.13%
Rate Type	Variable
Current Maturity Date	Jul. 31, 2018
Carrying value of mortgage	$ 44,000	44,000
Ritz-Carlton Fort Lauderdale
Hotel Details
Rate Type	Variable
Current Maturity Date	Jul. 31, 2018
Carrying value of mortgage	$ 70,000	0
Ritz-Carlton Fort Lauderdale | Maximum
Hotel Details
Effective Interest Rate	7.42%
Ritz-Carlton Fort Lauderdale | Minimum
Hotel Details
Effective Interest Rate	2.60%
Sheraton Austin Hotel at the Capitol
Hotel Details
Effective Interest Rate	3.96%
Rate Type	Fixed
Current Maturity Date	Jun. 30, 2019
Carrying value of mortgage	$ 67,000	67,000
Marriot Boca Raton at Boca Center
Hotel Details
Effective Interest Rate	3.43%
Rate Type	Variable
Current Maturity Date	Jul. 31, 2019
Carrying value of mortgage	$ 41,000	34,000
Hilton Garden Inn New Orleans French Quarter/CBD
Hotel Details
Effective Interest Rate	5.30%
Rate Type	Fixed
Current Maturity Date	Jul. 31, 2019
Carrying value of mortgage	$ 10,677	10,793
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Effective Interest Rate	4.00%
Rate Type	Variable
Current Maturity Date	Nov. 30, 2019
Carrying value of mortgage	$ 0	66,700
Staybridge Suites Savannah Historic District
Hotel Details
Effective Interest Rate	4.70%
Rate Type	Fixed
Current Maturity Date	Nov. 30, 2019
Carrying value of mortgage	$ 14,850	14,850
Hutton Hotel Nashville
Hotel Details
Effective Interest Rate	5.25%
Rate Type	Fixed
Current Maturity Date	Jul. 31, 2020
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	Jan. 31, 2021
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	Jun. 30, 2021
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	Jul. 31, 2021
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	Dec. 31, 2021
Carrying value of mortgage	$ 38,500	38,500
Westin Minneapolis
Hotel Details
Effective Interest Rate	3.63%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2022
Carrying value of mortgage	$ 43,500	0
Westin Pasadena
Hotel Details
Effective Interest Rate	3.83%
Rate Type	Fixed
Current Maturity Date	May 31, 2022
Carrying value of mortgage	$ 88,500	0
Hilton Garden Inn/Homewood Suites Atlanta Midtown
Hotel Details
Effective Interest Rate	3.75%
Rate Type	Fixed
Current Maturity Date	May 31, 2022
Carrying value of mortgage	$ 38,000	0
Holiday Inn Manhattan 6th Avenue Chelsea
Hotel Details
Effective Interest Rate	4.49%
Rate Type	Fixed
Current Maturity Date	Jun. 30, 2023
Carrying value of mortgage	$ 79,702	80,000
Hyatt Place Austin Downtown
Hotel Details
Effective Interest Rate	4.88%
Rate Type	Fixed
Current Maturity Date	Apr. 30, 2024
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	Sep. 30, 2038
Carrying value of mortgage	$ 51,500	$ 51,500

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Long-term Debt, by Maturity
2015 (remainder)	$ 1,415
2,016	85,861
2,017	262,497
2,018	258,261
2,019	139,529
Thereafter through 2038	562,903
Total Debt	1,310,466
Fair market value adjustment (a)	6,271
Total	$ 1,316,737	$ 969,594

Commitments and Contingencies53

Commitments and Contingencies (Narratives) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)
Funding Commitments
Properties under renovation | property	12		12
Rent expense	$ 1	$ 1	$ 2.8	$ 2
Annual Percentage Rent
Funding Commitments
Rent expense	$ 0.2	$ 0.2	$ 0.5	$ 0.5

Commitments and Contingencies54

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Funding Commitments
Capital Commitments	$ 84,237	$ 100,600
Capital Commitments		110,250
Less: Paid	(47,479)	(16,363)
Unpaid commitment	62,771	84,237
Less: Amount Held in Escrow	(42,333)	(44,080)
Unfunded Commitment	$ 20,438	$ 40,157

Commitments and Contingencies55

Commitments and Contingencies (Details 2) $ in Thousands	Sep. 30, 2015USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2015 (remainder)	$ 764
2,016	3,110
2,017	3,181
2,018	3,254
2,019	3,328
Thereafter through 2106	658,003
Total	$ 671,640

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation			$ 100	$ 100	$ 400	$ 300
Stock based compensation to be recognized in future periods			$ 600		$ 600
Distributions declared (per share)			$ 0.1425	$ 0.1375	$ 0.4175	$ 0.4125
Dividend payable, date					Oct. 15, 2015
Distributions payable			$ 18,773		$ 18,773		$ 14,859
Subadvisors Employees
Share-based Compensation Arrangement by Share-based Payment Award
Remaining weighted average contractual term					1 year 10 months 24 days
Nonvested shares			74,305		74,305
RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted					29,370	42,500
Vesting period					3 years	3 years
RSU Awards | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted	4,369	4,500
Weighted average fair value on grant date	$ 10.30	$ 10
RSU Awards | 2010 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized to issue for grants of restricted stock units and dividend equivalent rights			4,000,000		4,000,000
Shares remaining for future grants			3,805,469		3,805,469

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Nov. 06, 2015USD ($)
Hotel Statistics
Loan payable, related party	$ 25
Effective interest rate	1.10%
Debt instrument, maturity Date	Dec. 30, 2015