Carey Watermark Investors 10-K 16 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,430,259
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Carey Watermark Investors Inc
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		133,804,030
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate:
Hotels, at cost	$ 2,208,941	$ 1,569,200
Accumulated depreciation	(115,639)	(59,903)
Net investments in hotels	2,093,302	1,509,297
Equity investments in real estate	79,901	13,177
Cash	83,112	330,811
Intangible assets, net	81,877	41,869
Accounts receivable	19,790	14,583
Restricted cash	63,727	61,624
Other assets	38,637	30,894
Total assets	2,460,346	2,002,255
Liabilities:
Non-recourse debt	1,359,422	969,594
Senior Credit Facility	20,000	0
Accounts payable, accrued expenses and other liabilities	103,464	68,798
Due to related parties and affiliates	3,104	2,059
Distributions payable	18,909	14,859
Total liabilities	$ 1,504,899	$ 1,055,310
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 132,686,254 and 129,083,977 shares, respectively, issued and outstanding	$ 134	$ 129
Additional paid-in capital	1,112,640	1,075,768
Distributions and accumulated losses	(241,379)	(142,123)
Accumulated other comprehensive loss	(885)	(517)
Total CWI stockholders’ equity	870,510	933,257
Noncontrolling interests	84,937	13,688
Total equity	955,447	946,945
Total liabilities and equity	$ 2,460,346	$ 2,002,255

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
CWI stockholders’ equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	132,686,254	129,083,977
Common stock, shares outstanding	132,686,254	129,083,977

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Hotel Revenues
Rooms	$ 379,150	$ 248,987	$ 89,394
Food and beverage	118,817	68,095	22,390
Other operating revenue	44,136	30,997	10,439
Total Hotel Revenues	542,103	348,079	122,223
Hotel Expenses
Rooms	82,822	64,483	22,064
Food and beverage	86,694	50,666	16,611
Other hotel operating expenses	24,818	17,167	6,025
Sales and marketing	54,012	32,431	11,523
General and administrative	47,298	27,951	10,523
Property taxes, insurance, rent and other	54,600	24,920	6,299
Repairs and maintenance	19,335	13,121	4,677
Utilities	14,875	10,524	4,114
Management fees	13,682	8,169	2,435
Depreciation and amortization	69,530	46,358	17,185
Total Hotel Expenses	467,666	295,790	101,456
Other Operating Expenses
Acquisition-related expenses	19,868	25,899	26,941
Asset management fees to affiliate and other expenses	12,583	7,329	2,847
Corporate general and administrative expenses	11,906	11,845	6,147
Impairment charge	6,143	0	0
Total Other Operating Expenses	50,500	45,073	35,935
Operating Income (Loss)	23,937	7,216	(15,168)
Other Income and (Expenses)
Interest expense	(54,514)	(36,405)	(14,020)
Equity in earnings (losses) of equity method investments in real estate	2,418	(731)	(51)
Net gain on extinguishment of debt (Note 9)	1,840	0	0
Other income	2,446	46	6
Other (Expenses) and Income, Total	(47,810)	(37,090)	(14,065)
Loss from Operations Before Income Taxes	(23,873)	(29,874)	(29,233)
Provision for income taxes	(6,767)	(3,846)	(1,166)
Net Loss	(30,640)	(33,720)	(30,399)
Loss (income) attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $7,122, $4,096 and $1,948, respectively)	4,915	988	(1,507)
Net Loss Attributable to CWI Stockholders	$ (25,725)	$ (32,732)	$ (31,906)
Basic and Diluted Loss Per Share (usd per share)	$ (0.20)	$ (0.38)	$ (0.66)
Basic and Diluted Weighted-Average Shares Outstanding, shares	131,296,033	85,124,745	48,331,537

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Available Cash Distributions	$ 7,122	$ 4,096	$ 1,948

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net Loss	$ (30,640)	$ (33,720)	$ (30,399)
Other Comprehensive (Loss) Income
Other comprehensive loss before reclassifications — unrealized loss on derivative instruments	(2,570)	(2,974)	(1,088)
Comprehensive Loss	(31,085)	(34,493)	(30,364)
Amounts Attributable to Noncontrolling Interests
Net loss (income)	4,915	988	(1,507)
Change in unrealized loss on derivative instruments	77	392	128
Comprehensive loss (income) attributable to noncontrolling interests	4,992	1,380	(1,379)
Comprehensive Loss Attributable to CWI Stockholders	(26,093)	(33,113)	(31,743)
Interest expense
Other Comprehensive (Loss) Income
Amounts reclassified from accumulated other comprehensive (loss) income	1,600	1,662	941
Net (loss) income from equity investments
Other Comprehensive (Loss) Income
Amounts reclassified from accumulated other comprehensive (loss) income	$ 525	$ 539	$ 182

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive (Loss) Income	Total CWI 1 Stockholders	Noncontrolling Interest
Beginning equity balance, value at Dec. 31, 2012		$ 133,382	$ 16	$ 142,314	$ (9,166)	$ (299)	$ 132,865	$ 517
Beginning equity balance, shares at Dec. 31, 2012			16,299,940
Stockholders' Equity
Net Loss		(30,399)			(31,906)		(31,906)	1,507
Shares issued net of offering costs, value		379,721	$ 43	379,678			379,721
Shares issued, net of offering costs, shares			42,696,113
Shares issued to affiliates - value		2,511	$ 1	2,510			2,511
Shares issued to affiliates - shares			251,071
Contributions from noncontrolling interests		12,917						12,917
Distributions to noncontrolling interests		(2,067)						(2,067)
Shares issued under share incentive plans - value		127		127			127
Shares issued under share incentive plans - share			9,841
Stock-based compensation to directors, value		40		40			40
Stock-based compensation to directors, shares			4,000
Stock dividends issued, value	[1],[2]	8	$ 8				8
Stock dividends issued, shares	[1],[2]		8,463,537
Distributions declared, value		(21,796)			(21,796)		(21,796)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments		35				163	163	(128)
Repurchase of shares, value		(194)		(194)			(194)
Repurchase of shares, shares			(20,667)
Ending equity balance, value at Dec. 31, 2013		474,285	$ 68	524,475	(62,868)	(136)	461,539	12,746
Ending equity balance, shares at Dec. 31, 2013			67,703,835
Stockholders' Equity
Net Loss		(33,720)			(32,732)		(32,732)	(988)
Shares issued net of offering costs, value		543,018	$ 61	542,957			543,018
Shares issued, net of offering costs, shares			60,568,314
Shares issued to affiliates - value		10,400		10,400			10,400
Shares issued to affiliates - shares			1,040,137
Contributions from noncontrolling interests		7,886						7,886
Distributions to noncontrolling interests		(5,564)						(5,564)
Shares issued under share incentive plans - value		231		231			231
Shares issued under share incentive plans - share			10,202
Stock-based compensation to directors, value		180		180			180
Stock-based compensation to directors, shares			18,000
Distributions declared, value		(46,523)			(46,523)		(46,523)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments		(773)				(381)	(381)	(392)
Repurchase of shares, value		(2,475)		(2,475)			(2,475)
Repurchase of shares, shares			(256,511)
Ending equity balance, value at Dec. 31, 2014		$ 946,945	$ 129	1,075,768	(142,123)	(517)	933,257	13,688
Ending equity balance, shares at Dec. 31, 2014		129,083,977	129,083,977
Stockholders' Equity
Net Loss		$ (30,640)			(25,725)		(25,725)	(4,915)
Shares issued net of offering costs, value		42,936	$ 5	42,931			42,936
Shares issued, net of offering costs, shares			4,231,022
Shares issued to affiliates - value		992		992			992
Shares issued to affiliates - shares			96,471
Contributions from noncontrolling interests		86,362						86,362
Distributions to noncontrolling interests		(10,121)						(10,121)
Shares issued under share incentive plans - value		237		237			237
Shares issued under share incentive plans - share			17,607
Stock-based compensation to directors, value		180		180			180
Stock-based compensation to directors, shares			17,476
Distributions declared, value		(73,531)			(73,531)		(73,531)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments		(445)				(368)	(368)	(77)
Repurchase of shares, value		(7,468)		(7,468)			(7,468)
Repurchase of shares, shares			(760,299)
Ending equity balance, value at Dec. 31, 2015		$ 955,447	$ 134	$ 1,112,640	$ (241,379)	$ (885)	$ 870,510	$ 84,937
Ending equity balance, shares at Dec. 31, 2015		132,686,254	132,686,254
[1]	Inclusive of 34,270 shares related to the stock distribution declared in the fourth quarter of 2012 and reflected as issued in the first quarter of 2013.
[2]	Inclusive of a special stock dividend equivalent to $0.1375 per share issued during the fourth quarter of 2013.

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)		$ 0.5875
Stock dividends issued (per share)		$ 0.2125
Special stock dividends issued (per share)	$ 0.1375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows - Operating Activities
Net Loss	$ (30,640)	$ (33,720)	$ (30,399)
Adjustments to net loss:
Depreciation and amortization	69,530	46,358	17,185
Impairment charge	6,143	0	0
Straight-line rent adjustments	5,384	4,210	78
Net gain on extinguishment of debt (Note 9)	(1,982)	0	0
Equity in losses of equity method investments in real estate in excess of distributions received	374	1,170	873
Amortization of deferred financing costs, fair market value of debt, ground lease intangible and other	568	1,775	915
Amortization of stock-based compensation expense	507	411	167
Asset management fees and reimbursable costs to affiliates settled in shares	0	10,957	2,847
Net changes in other operating assets and liabilities	6,042	3,246	2,341
Receipt of key money and other deferred incentive payments	2,850	3,098	0
Increase (decrease) in due to related parties and affiliates	2,493	(3,969)	4,819
Net Cash Provided by (Used in) Operating Activities	61,269	33,536	(1,174)
Cash Flows - Investing Activities
Acquisitions of hotels	(580,047)	(660,020)	(748,983)
Funds placed in escrow	(106,863)	(82,324)	(61,556)
Funds released from escrow	101,540	62,856	25,083
Capital expenditures	(63,600)	(31,013)	(11,873)
Purchase of equity interest	(38,327)	0	0
Proceeds from sale of investment (Note 4)	28,995	0	0
Deposits released for hotel investments	8,600	15,149	13,503
Deposits for hotel investments	(7,818)	(21,649)	(10,623)
Distributions received from equity investments in excess of equity income	5,181	440	29,237
Capital contributions to equity investments in real estate	(205)	0	(265)
Net Cash Used in Investing Activities	(652,544)	(716,561)	(765,477)
Cash Flows - Financing Activities
Proceeds from mortgage financing	318,800	408,846	475,017
Contributions from noncontrolling interests	86,362	7,886	12,917
Distributions paid	(69,481)	(40,973)	(14,193)
Proceeds from issuance of shares, net of offering costs	42,610	543,335	379,975
Scheduled payments and prepayments of mortgage principal	(29,689)	(2,400)	(811)
Proceeds from note payable to affiliate	25,000	11,000	0
Repayment of note payable to affiliate	(25,000)	(11,000)	0
Proceeds from Senior Credit Facility	20,000	0	0
Distributions to noncontrolling interests	(10,121)	(5,564)	(2,067)
Repurchase of shares	(7,468)	(2,475)	(194)
Deferred financing costs	(4,837)	(3,722)	(5,297)
Deposits for mortgage financing	(4,224)	(1,867)	(576)
Deposits released for mortgage financing	2,014	1,867	576
Purchase of interest rate caps	(300)	(414)	0
Withholding on restricted stock units	(90)	(56)	(52)
Net Cash Provided by Financing Activities	343,576	904,463	845,295
Change in Cash During the Year
Net (decrease) increase in cash	(247,699)	221,438	78,644
Cash, beginning of year	330,811	109,373	30,729
Cash, end of year	$ 83,112	$ 330,811	$ 109,373

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 53,067	$ 32,335	$ 11,973
Income taxes paid	$ 8,522	$ 4,530	$ 2,069

Organization and Offering

Organization and Offering	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Offering	Organization and Offering 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, holds 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 Michael G. Medzigian, our chief executive officer, subject to the approval of our independent directors. We held ownership interests in 34 hotels at December 31, 2015 . See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 — Properties 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 December 31, 2015 . Public Offerings We raised $575.8 million through our initial public offering, which ran from September 15, 2010 through September 15, 2013 and $577.4 million through our follow-on offering, which ran from December 20, 2013 through December 31, 2014. From inception through December 31, 2015 , we also received $78.3 million through our distribution reinvestment plan, or DRIP. We have fully invested the proceeds from both our initial public offering and follow-on offering. We intend to invest the proceeds from DRIP in lodging and lodging-related properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies and Estimates Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets or liabilities acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. Purchase Price Allocation — Assets are recorded at fair value and allocated to land, buildings, improvements, furniture, fixtures and equipment, and intangibles assets or liabilities, as applicable, using appraisals and valuations performed by management and independent third parties. Fair values are based on the exit price (i.e. the price that would be received in an orderly transaction to sell an asset or transfer a liability between market participants at the measurement date). We evaluate several factors, including market data for similar assets or similar in-place lease contractual agreements for intangible assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. See further discussion below for evaluation performed by asset or liability. Purchase Price Allocation of Land — Value is ascribed to land based upon comparable valuations from similar land sales in the property’s market, or similar markets. An index of value is computed, per square foot, after assessing the characteristics of the property relative to these comparables. In instances where there is a lack of comparable sales, we utilize a “ground rent capitalization approach” whereby the ground rent is capitalized at a market rate to determine the land value. In assessing comparable sales or estimating ground rent, we consider property rights, financing, conditions of sale, market conditions, location factors, zoning and size. Purchase Price Allocation of Building — The “as vacant” value of the subject building is determined based upon the following cost approach: first, a new replacement cost, including soft costs, is determined for the building, based upon information provided in the property appraisal, construction budgets of similar new and proposed projects, and costing index information from third-party information resources. Second, an amount is deducted from the replacement cost representing physical depreciation, based upon information provided in the appraisal. Purchase Price Allocation of Site Improvements —The value of site improvements is estimated based upon information in the appraisal, industry guides and general estimates. Third-party published unit cost and current and local cost multiplier information is used to determine the replacement cost of the site improvements. The replacement cost is then adjusted to reflect estimated physical depreciation and soft costs to determine the fair value of the improvements. Both building and site improvements are assessed at acquisition to determine if any external obsolescence exists. If the stabilized net operating income, (as indicated in the appraisal), is not sufficient to justify a reproduction of the property in its current condition, external obsolescence is estimated based upon the net operating income shortfall, capitalized at a market rate for a like investment, and is allocated ratably between building and site improvements. Purchase Price Allocation of Furniture, Fixtures and Equipment — Replacement cost of furniture, fixtures and equipment is based upon information contained in the appraisal and industry standards and guidelines. Soft costs and depreciation are also estimated, in a manner similar to that described above, to determine a replacement cost for these assets. Purchase Price Allocation of Intangible Assets and Liabilities — Value is ascribed based on (i) income, or avoidance of expense, (ii) favorable lease arrangements relative to current market rates and (iii) net operating income from villa and condo rental management programs that is derived from not having to replace these contracts in the marketplace. Purchase Price Allocation of Debt — We record debt assumed in business combinations at fair value. We determined the estimated fair value using a discounted cash flow model with rates that take into account the current market interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the time until maturity and the current interest rate. Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. We may incur impairment charges on real estate, related intangible assets and equity investments. Estimates and judgments used when evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investments in hotels, we calculate our share of the estimated fair value of the underlying hotel, which is determined using the discounted cash flows model that includes annual net operating income for a ten year hold period, plus a hypothetical sales price at the end of the holding period. The annual net operating income is determined using the hotel’s projected budgets that take into account projected market factors. The hypothetical sales value of each property is based on the value of the property at the end of the holding period by calculating projected net operating income and applying a selected capitalization rate and deducting estimated costs of sale. The fair value of the underlying investment’s other financial assets and liabilities have fair values that approximate their carrying values. Other Accounting Policies 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 to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision making rights within a loan or joint venture agreement can cause us to consider an entity a VIE. Significant judgment is required to determine whether a VIE should be consolidated. We review the arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. 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. 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 year ended December 31, 2014 , we included rent paid to third-party owners of condominium units at the Hawks Cay Resort totaling $9.2 million in Room expense in our consolidated financial statements. Beginning in 2015, these expenses, which totaled $9.8 million for the year ended December 31, 2015 were included in Property taxes, insurance, rent and other. During the year ended December 31, 2015 , rent paid to third-party owners of condominium units at the Ritz-Carlton Key Biscayne and Ritz-Carlton Fort Lauderdale totaled $4.3 million , which was also included in Property taxes, insurance, rent and other. Both of these hotels were acquired during the second quarter of 2015. Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 20,667 shares in 2013 and 256,511 shares in 2014. We evaluated the impact of this correction on previously-issued financial statements and concluded that they were not materially misstated. In order to conform previously-issued financial statements to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings. The correction eliminates Treasury stock of $3.0 million , $0.5 million and $0.3 million at December 31, 2014, 2013 and 2012, respectively, and results in a corresponding reduction of Additional paid-in capital, which results in no change in Total equity within the consolidated balance sheets as of December 31, 2014, 2013 and 2012 and consolidated statements of equity for the years ended December 31, 2014 and 2013. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Restricted Cash — Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels. Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, deposits, hotel inventories, derivative assets, deferred tax assets, deferred financing costs and deferred franchise fees in the consolidated financial statements. Other liabilities consists primarily of hotel advance deposits, sales use and occupancy taxes payable, unamortized key money and other deferred incentive payments, straight-line rent, accrued income taxes, accrued interest, derivative liabilities and asset retirement obligations. Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. Segments — We operate in one business segment, hospitality, with domestic investments. Hotel Revenue Recognition — We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues (such as room, food and beverage) and revenue from other operating department (such as telephone, spa services, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the brand sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the brand sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete. Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years) and furniture, fixtures and equipment (generally one to 12 years). We compute amortization of intangible assets using the straight-line method over the estimated useful life of the asset. See Note 6 for range of lives by asset. Organization and Offering Costs — The advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were recorded as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we reimbursed our advisor for organization and offering costs incurred. Such reimbursements did not exceed regulatory limitations. Organization costs were expensed as incurred and included in corporate general and administrative expenses in the financial statements. Derivative Instruments — 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 qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Deferred income taxes are recorded for the corporate subsidiaries TRS based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. Share-Based Payments — We have granted restricted stock units, or RSUs, to our independent directors and certain employees of the subadvisor. RSUs issued to employees of the subadvisor generally vest over three years, subject to continued employment, and RSUs issued to our independent directors vest immediately. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees of the subadvisor are based on the fair value of the services received. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share based payment transactions within Corporate general and administrative expense. Income or Loss Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests 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 was hypothetically liquidated at the end of each reporting period. Loss Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Use of Estimates — 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. 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. The adoption and implementation of the standard did not have a material impact on our financial statements. 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 and expect to reclassify $8.6 million of deferred financing costs, net from Other assets to Non-recourse debt as of January 1, 2016. ASU 2015-02, Consolidation (Topic 810) — We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements, including evaluating our joint ventures. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, we expect the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include entities as part of our VIE disclosures. However, there is not expected to be a material impact to our consolidated balance sheets or results of operations for any of the periods presented. 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 2014-0

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Advisor and Affiliates We have an advisory agreement with our advisor to perform certain services for us under a fee arrangement, including managing our overall business; the identification, evaluation, negotiation, purchase and disposition of lodging and lodging-related properties; and the performance of certain administrative duties. The agreement that is currently in effect will expire on December 31, 2016, unless renewed pursuant to its terms. 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): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Operations Acquisition fees $ 15,779 $ 18,305 $ 20,271 Asset management fees 11,757 7,308 2,847 Personnel and overhead reimbursements 7,255 5,347 1,389 Available Cash Distributions 7,122 4,096 1,948 Interest expense 25 10 — $ 41,938 $ 35,066 $ 26,455 Other Transaction Fees Incurred Capitalized acquisition fees for equity method investments $ 1,915 $ — $ — Capitalized loan refinancing fees 270 — — Capitalized loan refinancing fee for equity method investment 205 — 265 Offering costs 171 3,349 6,309 Selling commissions and dealer manager fees — 55,776 40,444 $ 2,561 $ 59,125 $ 47,018 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,605 $ 338 Other amounts due to our advisor 1,105 965 Due to joint venture partners and other 394 367 Organization and offering costs due to our advisor — 322 Due to WPC — 67 $ 3,104 $ 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 (during our offerings, before a NAV was published, we used our offering price of $10.00 per share). We paid our asset management fees in cash for the year ended December 31, 2015 and in shares of our common stock for the years ended December 31, 2014 and 2013. For the year ended December 31, 2015 , $1.0 million in asset management fees were settled in shares, which related to fees incurred during the fourth quarter of 2014. For the years ended December 31, 2014 and 2013, $6.8 million and $2.5 million , respectively, in asset management fees were settled in shares. At December 31, 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 years ended December 31, 2015, 2014 and 2013. 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 have also granted RSUs to employees of the subadvisor pursuant to our 2010 Equity Incentive Plan. The subadvisor provides us with the services of our chief executive officer, subject to the approval of our board of directors. In addition, pursuant to the advisory agreement, commencing in the first quarter of 2014, 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 year ended December 31, 2015 and in shares of our common stock for the year ended December 31, 2014 , at the election of our advisor. For the year ended December 31, 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 year ended December 31, 2014 , $3.6 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, through the termination of our follow on offering on December 31, 2014, 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, 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 the advisory agreement, we were liable for certain expenses related to our initial public offering, which including filing, legal, accounting, printing, advertising, transfer agent and escrow fees, 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 could not 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 exceeded, 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 December 31, 2015 , our advisor incurred organization and offering costs on our behalf related to our follow-on offering of approximately $3.5 million , all of which we have repaid as of December 31, 2015 . During the year ended December 31, 2015 , we charged $0.2 million of deferred offering costs to stockholder’s equity. Jointly-Owned Investments and Other Transactions with Affiliates At December 31, 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 was 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 were made solely at the discretion of WPC’s management. In April 2015, this aggregate amount was increased to $110.0 million . On November 6, 2015, we borrowed $25.0 million from WPC, all of which was repaid as of December 31, 2015. As of December 31, 2015, we no longer have access to these unsecured loans from WPC.

Net Investment in Hotels

Net Investment in Hotels	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): December 31, 2015 2014 Buildings $ 1,629,741 $ 1,226,880 Land 371,712 214,522 Furniture, fixtures and equipment 121,722 88,464 Building and site improvements 63,456 21,989 Construction in progress 22,310 17,345 Hotels, at cost 2,208,941 1,569,200 Less: Accumulated depreciation (115,639 ) (59,903 ) Net investments in hotels $ 2,093,302 $ 1,509,297 During the years ended December 31, 2015 and 2014, we retired fully-depreciated furniture, fixtures and equipment aggregating $10.8 million and $4.0 million , respectively. 2015 Acquisitions During the year ended December 31, 2015 , we acquired six Consolidated Hotels, with real estate and other hotel assets, net of assumed liabilities and contributions from noncontrolling interests, totaling $493.7 million . In connection with these acquisitions, we expensed acquisition costs of $19.9 million , including acquisition fees of $15.8 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 December 31, 2015 (in thousands): 2015 Acquisitions (a) Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (b) (c) Ritz-Carlton Fort Lauderdale (d) Le Méridien Dallas, The Stoneleigh Acquisition Date 2/12/2015 3/19/2015 4/29/2015 5/29/2015 6/30/2015 11/20/2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 22,100 9,400 Building and site improvements 57,105 112,215 47,680 154,182 74,422 57,989 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 1,200 Construction in progress — — — 450 — — Intangible assets — — 720 33,200 7,500 — Accounts receivable 97 94 100 7,957 2,894 66 Other assets 164 608 328 1,703 637 284 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 ) (225 ) Contributions from 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 $ 68,714 From Acquisition Date through December 31, 2015 Revenues $ 14,809 $ 24,561 $ 8,184 $ 44,079 $ 14,201 $ 1,253 Net income (loss) $ 2,504 $ 5,454 $ 1,716 $ 959 $ (2,905 ) $ 187 ___________ (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. (c) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $9.9 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of intangible assets and cumulative additional net depreciation expense of less than $0.1 million , which was recognized in the fourth quarter of 2015. (d) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $14.4 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of land and cumulative additional depreciation expense of $0.2 million , which was recognized in the fourth quarter of 2015. 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 year ended December 31, 2015 . 2014 Acquisitions During the year ended December 31, 2014, we acquired nine hotels with real estate and other hotel assets, net of assumed liabilities and inclusive of contributions from noncontrolling interests totaling $660.0 million . In connection with these acquisitions, we expensed acquisition costs of $25.0 million during the year ended December 31, 2014, including acquisition fees of $18.3 million paid to our advisor. See Note 9 for information about mortgage financing obtained in connection with these 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 December 31, 2014 (in thousands): 2014 Acquisitions Hyatt Place Austin Downtown Courtyard Times Square West Sheraton Austin Hotel at the Capitol Marriott Boca Raton at Boca Center Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center Marriott Sawgrass Golf Resort and Spa (a) Sanderling Resort Staybridge Suites Savannah Historic District Marriott Kansas City Country Club Plaza Acquisition Date 4/1/2014 5/27/2014 5/28/2014 6/12/2014 6/25/2014 10/3/2014 10/28/2014 10/30/2014 11/18/2014 Cash consideration $ 86,673 $ 87,443 $ 90,220 $ 61,794 $ 81,262 $ 128,124 $ 37,052 $ 22,922 $ 56,644 Assets acquired at fair value: Land $ 9,100 $ — $ 18,210 $ 11,500 $ 5,663 $ 26,400 $ 9,800 $ 4,300 $ 5,100 Building and site improvements 73,700 87,437 78,703 46,149 71,598 94,375 23,677 17,753 48,748 Furniture, fixtures and equipment 4,187 3,968 1,983 4,237 4,228 8,830 4,251 739 2,750 Accounts receivable 98 — 92 55 — 382 1 30 27 Other assets 179 368 373 295 362 1,228 336 146 292 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (591 ) (4,330 ) (1,255 ) (442 ) (589 ) (3,091 ) (1,013 ) (46 ) (273 ) Contributions from noncontrolling interests at fair value — — (7,886 ) — — — — — — Net assets acquired at fair value $ 86,673 $ 87,443 $ 90,220 $ 61,794 $ 81,262 $ 128,124 $ 37,052 $ 22,922 $ 56,644 From Acquisition Date through December 31, 2014 Revenues $ 14,792 $ 12,220 $ 15,040 $ 7,630 $ 8,477 $ 10,069 $ 678 $ 665 $ 1,583 Net income (loss) $ 4,407 $ 1,170 $ 3,378 $ 583 $ 2,334 $ 802 $ (559 ) $ 46 $ 115 ___________ (a) 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 ( Note 5 ). 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 year ended December 31, 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) Years Ended December 31, 2015 2014 2013 Pro forma total revenues $ 634,923 $ 644,081 $ 397,763 Pro forma net loss $ (3,337 ) $ (21,805 ) $ (33,899 ) Pro forma (income) loss attributable to noncontrolling interests (1,570 ) 7,093 98 Pro forma loss attributable to CWI stockholders $ (4,907 ) $ (14,712 ) $ (33,801 ) Pro forma loss per share: Basic and diluted pro forma net loss attributable to CWI stockholders $ (0.04 ) $ (0.11 ) $ (0.38 ) Basic and diluted pro forma weighted-average shares outstanding 131,296,033 132,686,254 89,170,201 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 year ended December 31, 2015 and 2014 were issued on January 1, 2014 and 2013, respectively. All acquisition costs for our acquisitions completed during the year ended December 31, 2015 and 2014 are presented as if they were incurred on January 1, 2014 and 2013, respectively. Construction in Progress At December 31, 2015 and 2014 , construction in progress, recorded at cost, was $22.3 million and $17.3 million , respectively, and related primarily to renovations at the Sheraton Austin Hotel at the Capitol, the Renaissance Chicago Downtown, the Marriott Kansas City Country Club Plaza and the Hawks Cay Resort at December 31, 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. During the years ended December 31, 2015 and 2014 , we capitalized $2.0 million and $0.9 million , respectively, of such costs. During the years ended December 31, 2015 , 2014 and 2013 , accrued capital expenditures increased by $6.8 million , $3.3 million and $1.5 million , respectively, representing non-cash investing activity. Asset Retirement Obligation We have recorded an asset retirement obligation for the removal of asbestos and environmental waste in connection with one of our hotels. We estimated the fair value of the asset retirement obligation based on the estimated economic life of the hotel and the estimated removal costs. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loan at the time the liability was incurred. At both December 31, 2015 and 2014, our asset retirement obligation was $0.5 million , and is included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Equity Investments in Real Esta

Equity Investments in Real Estate	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At December 31, 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 our joint 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 December 31, 2015 Carrying Value at December 31, 2015 2014 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 1,752 $ 4,197 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,156 8,980 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 32,668 — Ritz-Carlton Philadelphia Venture (e) PA 299 60% 38,327 5/15/2015 Full-service In progress 38,325 — 1,436 $ 98,255 $ 79,901 $ 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 $3.1 million from this investment during the year ended December 31, 2015 . (c) We received cash distributions of $1.4 million from this investment during the year ended December 31, 2015 . During the fourth quarter of 2015, we also received $0.3 million representing a return of capital for our share of mortgage refinancing proceeds. (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. We received cash distributions of $1.3 million from this investment during the year ended December 31, 2015. (e) We received cash distributions of $2.0 million from this investment during the year ended December 31, 2015 . 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): Years Ended December 31, Venture 2015 2014 2013 Ritz-Carlton Philadelphia Venture $ 1,960 $ — $ — Hyatt French Quarter Venture 660 446 (1,344 ) Westin Atlanta Venture (372 ) (1,177 ) (1,307 ) Marriott Sawgrass Golf Resort & Spa Venture 170 — — Long Beach Venture (a) — — 2,600 Total equity in earnings (losses) of equity method investments in real estate $ 2,418 $ (731 ) $ (51 ) ___________ (a) We sold our 49% interest in the Long Beach Venture in July 2013. No other-than-temporary impairment charges related to our investments in these ventures were recognized during either the years ended December 31, 2015 , 2014 or 2013 . The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): December 31, 2015 2014 Real estate, net $ 309,481 $ 89,375 Other assets 64,444 10,978 Total assets 373,925 100,353 Debt (190,602 ) (68,797 ) Other liabilities (31,946 ) (13,330 ) Total liabilities (222,548 ) (82,127 ) Members’ equity $ 151,377 $ 18,226 Years Ended December 31, 2015 (a) 2014 (a) 2013 (b) Revenues $ 113,503 $ 36,514 $ 45,344 Expenses (111,995 ) (38,642 ) (49,314 ) Net income (loss) attributable to equity method investments $ 1,508 $ (2,128 ) $ (3,970 ) ___________ (a) Represents revenues and expenses from each venture’s respective acquisition date through the respective year end. (b) Includes revenues, expenses and net loss from the Long Beach Venture for the respective periods through the date of sale of this investment on July 17, 2013. At December 31, 2015 and 2014, the unamortized basis differences on our equity investments were $3.5 million and $1.6 million , respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.2 million for each of the years ended December 31, 2015 , 2014 and 2013 .

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In connection with our investment activity during the year ended December 31, 2015 , we recorded intangible assets totaling $40.7 million , representing condo rental programs at the Ritz-Carlton Key Biscayne and the Ritz-Carlton Fort Lauderdale with a weighted average life of 50.9 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): December 31, 2015 December 31, 2014 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (2,005 ) $ 70,395 $ 31,700 $ (837 ) $ 30,863 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,655 (337 ) 11,318 10,936 (167 ) 10,769 In-place leases 1 – 21 317 (153 ) 164 317 (80 ) 237 Total intangible assets, net $ 84,372 $ (2,495 ) $ 81,877 $ 42,953 $ (1,084 ) $ 41,869 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 39 $ (2,061 ) $ (2,100 ) $ 15 $ (2,085 ) Net amortization of intangibles was $1.4 million , $0.9 million and $0.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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, below-market 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 December 31, 2015 , scheduled annual amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Increase to Depreciation and Amortization Increase to Property Taxes, Insurance, Rent and Other Total 2016 $ 1,567 $ 170 $ 1,737 2017 1,531 170 1,701 2018 1,520 170 1,690 2019 1,520 170 1,690 2020 1,520 170 1,690 Thereafter 62,901 8,407 71,308 Total $ 70,559 $ 9,257 $ 79,816

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis 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 years ended December 31, 2015 or 2014 . Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated financial statements. Our non-recourse debt, which we have classified as Level 3, had a carrying value of $1.4 billion and $1.0 billion , and an estimated fair value of $1.4 billion and $1.0 billion , at December 31, 2015 and 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 December 31, 2015 and 2014. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated an impairment charge based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. 2015 — During the year ended December 31, 2015, we recognized an impairment charge of $6.1 million on a property with a fair value measurement of $8.0 million , which approximated its estimated selling price, in order to reduce the carrying value of the property to its estimated fair value.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedges, Assets [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities, including the Senior Credit Facility ( Note 9 ), at December 31, 2015. 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 December 31, Liability Derivatives Fair Value at December 31, as Hedging Instruments Balance Sheet Location 2015 2014 2015 2014 Interest rate caps Other assets $ 117 $ 218 $ — $ — Interest rate swaps Other assets 109 346 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (716 ) (690 ) $ 226 $ 564 $ (716 ) $ (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 December 31, 2015 and 2014, no cash collateral had been posted nor received for any of our derivative positions. We recognized an unrealized loss of $2.6 million , $3.0 million and $1.1 million in Other comprehensive loss on derivatives in connection with our interest rate swaps and caps during the years ended December 31, 2015 , 2014 and 2013 . We reclassified losses of $1.6 million , $1.7 million and $0.9 million from Other comprehensive loss on derivatives into interest expense during years ended December 31, 2015 , 2014 and 2013 . Amounts reported in Other comprehensive loss related to interest rate swaps and caps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. At December 31, 2015 , we estimated that an additional $0.7 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 and caps. 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 December 31, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Face Fair Value at Interest Rate Derivatives Instruments Amount December 31, 2015 Interest rate swaps 4 $ 192,940 $ (607 ) Interest rate caps 7 204,800 117 $ (490 ) 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 December 31, 2015 . At December 31, 2015 , our total credit exposure was $0.2 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 December 31, 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 $0.8 million at both December 31, 2015 and 2014, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at either December 31, 2015 or 2014 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.8 million .

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, Consolidated Hotels Interest Rate Rate Type Current Maturity Date 2015 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 20,200 21,000 Ritz-Carlton Key Biscayne (d) 6.09% Fixed 6/2017 169,371 — Sanderling Resort (a) (b) 4.74% Variable 10/2017 22,000 22,000 Courtyard San Diego Mission Valley (a) (b) 4.60% Variable 12/2017 49,340 50,420 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 21,030 21,585 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 13,051 13,370 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 9,020 9,241 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,828 9,045 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,404 9,635 Hampton Inn Boston Braintree (a) (b) (e) 3.25% Variable 3/2018 12,000 9,500 Lake Arrowhead Resort and Spa (a) (b) (f) 2.48% 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) 2.64% 7.46% 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) 3.49% Variable 7/2019 41,000 34,000 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,637 10,793 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 Le Méridien Dallas, The Stoneleigh (b) 3.49% Variable 12/2020 44,800 — 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 79,391 80,000 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,500 56,500 Marriott Raleigh City Center (h) 4.61% Fixed 9/2038 51,500 51,500 Marriott Sawgrass Golf Resort & Spa (b) (i) N/A N/A N/A — 66,700 $ 1,359,422 $ 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 December 31, 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 year ended December 31, 2015 , we recognized interest expense related to the premium of $2.1 million . (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 2.64% and a mezzanine loan for $21.0 million with an interest rate of 7.46% . 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) The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018. (i) 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 ). Most of our mortgage loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s excess cash flow and would be triggered under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If the provisions were triggered, 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. The lender would then hold all excess cash flow after the payment of debt service in an escrow account until certain performance hurdles are met. At December 31, 2015, the minimum debt service coverage ratio for the Renaissance Chicago Downtown was not met, therefore, a cash management agreement was enacted that permits the lender to sweep the hotel’s excess cash flow. Financing Activity During 2015 In connection with our 2015 Acquisitions ( Note 4 ), we obtained $284.8 million in non-recourse mortgage financing, with a weighted-average annual interest rate of 3.9% and term of 5.8 years. We capitalized $2.6 million of deferred financing costs related to these loans. In connection with our acquisition of Ritz-Carlton Key Biscayne, we assumed a $164.0 million non-recourse mortgage loan with an annual interest rate of 6.09% and a maturity date of June 2017. 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. We capitalized $1.2 million of deferred financing costs related to this loan. During the year ended December 31, 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. Financing Activity During 2014 In connection with our 2014 Acquisitions ( Note 4 ), we obtained $408.6 million in non-recourse mortgage financing, with a weighted-average annual interest rate of 4.2% and term of 6.3 years. We capitalized $3.7 million of deferred financing costs related to these loans. We also drew down a total of $0.3 million on existing mortgage loans for renovations at two hotels. 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 December 31, 2015 , we were in compliance with the applicable covenants for each of our mortgage loans. Senior Credit Facility On December 4, 2015, we, as guarantor, entered into a Credit Agreement with our Operating Partnership as borrower and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement provides for a $50.0 million senior unsecured revolving credit facility, or the Senior Credit Facility, inclusive of a $5.0 million letter of credit subfacility. The Senior Credit Facility is scheduled to mature on December 4, 2017 and bears interest at London Interbank Offered Rate plus 2.75% . The maturity date may be extended by us for one 12-month period, subject to the satisfaction of certain conditions, and an extension fee of 0.25% . In connection with the transaction, we incurred costs of $0.4 million , which are being amortized over the remaining term of the Senior Credit Facility. At December 31, 2015, the outstanding balance under the Senior Credit Facility was $20.0 million , with $30.0 million available to be drawn. We pay a fee of 0.25% on the unused portion of the Senior Credit Facility. The Senior Credit Facility will be used for the working capital needs of the Company and its subsidiaries, as well as for other general corporate purposes. The Credit Agreement includes customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter, as well as various customary affirmative and negative covenants. We were in compliance with all applicable covenants at December 31, 2015 . Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 85,861 2017 282,697 2018 258,261 2019 140,321 2020 95,841 Thereafter through 2038 511,070 1,374,051 Fair market value adjustment (a) 5,371 Total $ 1,379,422 __________ (a) Represents the unamortized premium recorded as of December 31, 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	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2015 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position or results of operations. Renovation Commitments Certain of our hotel franchise and loan agreements require us to make planned renovations to our hotels ( Note 4 ). We do not currently expect to, and are not obligated to, fund any planned renovations on our Unconsolidated Hotels beyond our original investment. At December 31, 2015 , ten hotels were either undergoing renovation or in the planning stage of renovations, and we currently expect that six will be completed during the first half of 2016, one will be completed during the second half of 2016 and three will be completed during the first half of 2017. The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): December 31, 2015 2014 Capital commitments $ 114,193 $ 100,600 Less: paid (54,164 ) (16,363 ) Unpaid commitments 60,029 84,237 Less: amounts in cash or restricted cash designated for renovations (48,575 ) (44,080 ) Unfunded commitments $ 11,454 $ 40,157 Ground Lease Commitments Three of our hotels are subject to ground leases. Scheduled future minimum ground lease payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 3,110 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,600 Total $ 670,877 For the years ended December 31, 2015 , 2014 and 2013 , we recorded rent expense of $3.7 million , $2.9 million and less than $0.1 million , respectively, inclusive of percentage rents of $0.7 million , $0.7 million and less than $0.1 million , respectively, related to these ground leases, which are included in Property taxes, insurance, rent and other in the consolidated financial statements.

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized cash distributions paid per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2015 2014 2013 Ordinary income $ 0.1550 $ 0.0135 $ — Capital gain — — 0.3347 Return of capital 0.4000 0.5365 0.1653 Total distributions paid $ 0.5550 $ 0.5500 $ 0.5000 In connection with the calculation of our NAV, in December 2013, we declared a special stock dividend where stockholders of record as of the close of business on December 16, 2013 received 0.1375 shares of our common stock for each share owned. These shares were issued on December 19, 2013 . During the fourth quarter of 2015, our board of directors declared a quarterly distribution of $0.1425 per share, which was paid on January 15, 2016 to stockholders of record on December 31, 2015, in the amount of $18.9 million .

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments 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 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 awards may be granted, in the aggregate, under these two plans, of which 3,805,469 shares remain available for future grants at December 31, 2015 . A summary of the RSU activity for the years ended December 31, 2015 , 2014 and 2013 follows: RSU Awards Weighted-Average Grant Date Shares Fair Value Nonvested at January 1, 2013 52,702 $ 10.00 Granted (a) (b) 54,175 10.00 Vested (c) (19,065) 10.00 Forfeited (45,002) 10.00 Nonvested at January 1, 2014 42,810 10.00 Granted (a) 68,000 10.00 Vested (c) (33,811) 10.00 Forfeited (5,688) 10.00 Nonvested at January 1, 2015 71,311 10.00 Granted (a) 46,846 10.30 Vested (c) (43,852 ) 10.00 Forfeited — — Nonvested at December 31, 2015 (d) 74,305 $ 10.19 ___________ (a) Includes 29,370 , 50,000 and 45,000 RSUs issued to employees of the subadvisor during the years ended December 31, 2015 , 2014 and 2013 , respectively, and 17,476 , 18,000 and 4,000 RSUs issued to our independent directors during the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) Includes 5,175 RSUs issued to employees of the subadvisor in connection with a special stock distribution issued on December 19, 2013. (c) RSUs issued to employees of the subadvisor generally vest over three years, subject to continued employment, and RSUs issued to independent directors vested immediately. The total fair value of shares vested during the years ended December 31, 2015 , 2014 and 2013 was $0.4 million , $0.3 million and $0.2 million , respectively. (d) We currently expect to recognize compensation expense totaling approximately $0.5 million over the vesting period. The awards to employees of the subadvisor had a weighted-average remaining contractual term of 1.6 years at December 31, 2015 . For the years ended December 31, 2015 , 2014 and 2013 , we recognized share based payment expense of $0.5 million , $0.4 million and $0.2 million , respectively, associated with our awards. We have not recognized any income tax benefit in earnings for our share-based payment arrangements since the inception of our plans.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, we are permitted to own lodging properties but are prohibited from operating these properties. In order to comply with applicable REIT qualification rules, we enter into leases for each of our lodging properties with TRS lessees. The TRS lessees in turn contract with independent hotel management companies that manage day-to-day operations of our hotels under the oversight of the subadvisor. The components of our income tax provision for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 5,363 $ 3,809 $ 1,102 Deferred (384 ) (771 ) (280 ) 4,979 3,038 822 State and Local Current 1,835 1,099 368 Deferred (47 ) (291 ) (24 ) 1,788 808 344 Total Provision $ 6,767 $ 3,846 $ 1,166 Deferred income taxes at December 31, 2015 and 2014 consist of the following (in thousands): At December 31, 2015 2014 Deferred Tax Assets Net operating losses $ 1,902 $ 826 Accrued vacation payable and deferred rent 1,567 861 Interest expense limitation 1,313 — Gift card liability 270 264 Key money liability 218 1,287 Other 472 286 Total deferred income taxes 5,742 3,524 Valuation allowance (1,913 ) (805 ) Total deferred tax assets 3,829 2,719 Deferred Tax Liabilities Villa rental management agreement (1,616 ) (630 ) Other (229 ) (236 ) Total deferred tax liabilities (1,845 ) (866 ) Net Deferred Tax Asset $ 1,984 $ 1,853 A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (dollars in thousands): Years Ended December 31, 2015 2014 2013 Pre-tax income from taxable subsidiaries $ 16,033 $ 8,275 $ 1,414 Federal provision at statutory tax rate 5,612 35.0 % 2,813 34.0 % 495 35.0 % Income not subject to federal tax (1,244 ) (7.8 )% — — % — — % State and local taxes, net of federal benefit 1,023 6.4 % 280 3.4 % 216 15.3 % Valuation allowance 1,108 6.9 % 511 6.2 % 294 20.8 % Other 72 0.4 % 178 2.2 % 20 1.3 % Tax provision — taxable subsidiaries 6,571 40.9 % 3,782 45.8 % 1,025 72.4 % Other state and local taxes 196 64 141 Total provision $ 6,767 $ 3,846 $ 1,166 At December 31, 2015 and 2014 , we had federal net operating losses of $4.8 million and $2.1 million , respectively, and associated deferred tax assets before valuation allowances of $1.7 million and $0.8 million , respectively. Our net operating losses begin expiring in 2033 . Certain state jurisdictions may limit the full utilization of net operating losses. Management determined that at December 31, 2015 and 2014 , $1.1 million and $0.6 million , respectively, of our deferred tax assets related to net operating losses are not more likely than not to be realized and, therefore, required a valuation allowance. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ — $ — Addition based on tax positions related to prior years 684 — Ending balance $ 684 $ — At December 31, 2015, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. At December 31, 2015, we had no accrued interest related to uncertain tax positions. Our tax returns are subject to audit by taxing authorities. The statute of limitations varies by jurisdiction and ranges from three to four years. Such audits can often take years to complete and settle. The tax years 2012 through 2015 remain open to examination by the major taxing jurisdictions to which we are subject.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 109,787 $ 136,191 $ 149,642 $ 146,483 Operating expenses 108,956 126,574 135,403 147,233 Net (loss) income (11,151 ) 907 (3,854 ) (16,542 ) (Income) loss attributable to noncontrolling interests (803 ) 206 2,794 2,718 Net (loss) income attributable to CWI stockholders $ (11,954 ) $ 1,113 $ (1,060 ) $ (13,824 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders (a) $ (0.09 ) $ 0.01 $ (0.01 ) $ (0.10 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2014 (a) June 30, 2014 (a) September 30, 2014 (a) December 31, 2014 (a) Revenue $ 59,685 $ 86,857 $ 97,131 $ 104,406 Operating expenses 61,237 89,055 85,878 104,693 Net loss (8,786 ) (11,938 ) (464 ) (12,532 ) Loss (income) attributable to noncontrolling interests 212 (188 ) 3,294 (2,330 ) Net (loss) income attributable to CWI stockholders $ (8,574 ) $ (12,126 ) $ 2,830 $ (14,862 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders (a) $ (0.13 ) $ (0.16 ) $ 0.03 $ (0.14 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1375 $ 0.1375 ___________ (a) The sum of the quarterly Basic and diluted loss per share does not agree to the annual Loss per share for 2014 as a result of the issuance of common stock from our follow-on offering, which terminated on December 31, 2014. Additionally, our results are not comparable year over year because of hotel acquisitions in 2014 and 2015 .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions On February 12, 2016, we acquired the remaining 25% interest in the Fairmont Sonoma Mission Inn & Spa for a purchase price of $20.5 million , bringing our ownership interest in the hotel to 100% . We acquired our original 75% interest on July 10, 2013. The hotel will continue to be managed by Fairmont Hotels & Resorts (Maryland) LLC. In connection with our acquisition of the remaining 25% interest, we refinanced the existing non-recourse mortgage loan of $44.0 million with a new non-recourse mortgage loan of $64.0 million , with a fixed annual interest rate of 4.36% and term of seven years . On February 17, 2016, we acquired a 100% interest in the Equinox, A Luxury Collection Golf Resort & Spa, from an unaffiliated third party for $75.2 million and obtained a non-recourse mortgage loan of $46.5 million . We drew $30.0 million on our Senior Credit Facility to fund this acquisition. The 195 -room resort is located in Manchester Village, Vermont. The hotel will continue to be managed by HEI Hotel & Resorts. It was not practicable to disclose the preliminary purchase price allocations or consolidated pro forma financial information for these acquisitions given the short period of time between the acquisition dates and the issuance of this Report. Refinancing On March 4, 2016, we refinanced the non-recourse mortgage loan of $79.0 million on the Hawks Cay Resort with a new non-recourse mortgage loan of $100.0 million that has a floating interest rate of LIBOR plus 3.0% , which is subject to an interest rate cap, and a term of four years .

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2015 , 2014 , and 2013 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 805 $ 1,120 $ (12 ) $ 1,913 Year Ended December 31, 2014 Valuation reserve for deferred tax assets $ 294 $ 638 $ (127 ) $ 805 Year Ended December 31, 2013 Valuation reserve for deferred tax assets $ — $ 294 $ — $ 294

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in thousands ) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) Decrease In Net Investments (b) Gross Amount at which Carried at Close of Period (b) Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Accumulated Depreciation (b) Date of Construction Date Acquired Hotel in Braintree, MA $ 12,000 $ 1,516 $ 10,626 $ 1,066 $ — $ 1,516 $ 11,692 $ 13,208 $ 1,239 2001 May 2012 4 ‒ 40 yrs. Hotel in New Orleans, LA 10,637 1,539 15,223 1,822 — 1,539 17,045 18,584 1,855 2004 Jun. 2012 4 ‒ 40 yrs. Hotel in Lake Arrowhead, CA 15,000 4,300 17,990 3,642 — 4,300 21,632 25,932 3,091 1982 Jul. 2012 4 ‒ 40 yrs. Hotel in San Diego, CA 49,340 16,200 65,452 1,436 — 16,200 66,888 83,088 5,421 1971 Dec. 2012 4 ‒ 40 yrs. Hotel in Atlanta, GA 13,051 3,062 13,627 146 — 3,062 13,773 16,835 1,029 1930 Feb. 2013 4 ‒ 40 yrs. Hotel in Baton Rouge, LA 9,404 2,400 11,558 220 — 2,400 11,778 14,178 969 2004 Feb. 2013 4 ‒ 40 yrs. Hotel in Birmingham, AL 9,020 2,634 11,809 60 (6,143 ) 2,634 5,726 8,360 952 1994 Feb. 2013 4 ‒ 40 yrs. Hotel in Frisco, TX 8,828 2,445 12,877 887 — 2,445 13,764 16,209 1,138 2003 Feb. 2013 4 ‒ 40 yrs. Hotel in Memphis, TN 21,030 5,509 23,645 346 — 5,509 23,991 29,500 1,822 1999 Feb. 2013 4 ‒ 40 yrs. Hotel in Pittsburgh, PA 20,200 3,515 25,833 1,188 — 3,515 27,021 30,536 2,097 2003 Mar. 2013 4 ‒ 40 yrs. Hotel in Nashville, TN 44,000 7,850 60,220 432 — 7,850 60,652 68,502 4,017 1961 May 2013 4 ‒ 40 yrs. Hotel in New York, NY 79,391 30,023 81,398 796 — 30,023 82,194 112,217 5,370 2008 Jun. 2013 4 ‒ 40 yrs. Hotel in Sonoma, CA 44,000 17,657 66,593 2,483 — 17,657 69,076 86,733 4,785 1927 Jul. 2013 4 ‒ 40 yrs. Hotel in Raleigh, NC 51,500 — 68,405 1,950 — — 70,355 70,355 4,456 2008 Aug. 2013 4 ‒ 40 yrs. Hotel in Duck Key, FL 79,000 25,800 73,150 8,327 — 25,800 81,477 107,277 4,682 1960 Oct. 2013 4 ‒ 40 yrs. Hotel in Chicago, IL 90,000 — 132,198 17,007 — — 149,205 149,205 8,021 1991 Dec. 2013 4 ‒ 40 yrs. Hotel in Austin, TX 56,500 9,100 73,700 17 — 9,100 73,717 82,817 3,225 2013 Apr. 2014 4 ‒ 40 yrs. Hotel in New York, NY 56,000 — 87,438 86 — — 87,524 87,524 3,499 2013 May 2014 4 ‒ 40 yrs. Hotel in Austin, TX 67,000 18,210 78,703 167 — 18,210 78,870 97,080 3,147 1986 May 2014 4 ‒ 40 yrs. Hotel in Boca Raton, FL 41,000 11,500 46,149 3,731 — 11,500 49,880 61,380 1,797 1987 Jun. 2014 4 ‒ 40 yrs. Hotel in Denver, CO 53,000 5,662 71,598 26 — 5,662 71,624 77,286 2,741 2013 Jun. 2014 4 ‒ 40 yrs. Hotel in Duck, NC 22,000 9,800 23,677 4,839 — 9,800 28,516 38,316 1,005 1985 Oct. 2014 4 ‒ 40 yrs. Hotel in Savannah, GA 14,850 4,300 17,753 3 — 4,300 17,756 22,056 518 2006 Oct. 2014 4 ‒ 40 yrs. Hotel in Kansas City, MO 38,500 5,100 48,748 44 — 5,100 48,792 53,892 1,367 1987 Nov. 2014 4 ‒ 40 yrs. Hotel in Minneapolis, MN 43,500 6,405 57,105 26 — 6,405 57,131 63,536 1,272 1941 Feb. 2015 4 ‒ 40 yrs. Hotel in Pasadena, CA 88,500 22,785 112,215 4 — 22,785 112,219 135,004 2,222 1989 Mar. 2015 4 ‒ 40 yrs. Hotel in Atlanta, GA 38,000 5,700 47,680 30 — 5,700 47,710 53,410 809 2012 Apr. 2015 4 ‒ 40 yrs. Hotel in Key Biscayne, FL 169,371 117,200 154,182 518 — 117,200 154,700 271,900 2,313 2001 May 2015 4 ‒ 40 yrs. Hotel in Fort Lauderdale, FL 70,000 22,100 74,422 6,078 — 22,100 80,500 102,600 1,052 2007 Jun. 2015 4 ‒ 40 yrs. Hotel in Dallas, TX 44,800 9,400 57,989 — — 9,400 57,989 67,389 167 1923 Nov. 2015 4 ‒ 40 yrs. $ 1,359,422 $ 371,712 $ 1,641,963 $ 57,377 $ (6,143 ) $ 371,712 $ 1,693,197 $ 2,064,909 $ 76,078 ___________ (a) Consists of the cost of improvements subsequent to acquisition and acquisition costs, including construction costs primarily for renovations pursuant to our contractual obligations. (b) The decrease in net investments was due to an impairment charge. (c) A reconciliation of hotels and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Hotels Years Ended December 31, 2015 2014 2013 Beginning balance $ 1,463,391 $ 821,551 $ 133,010 Additions 687,183 632,046 682,376 Improvements 41,264 9,794 6,165 Impairment charge (6,143 ) — — Disposition (120,786 ) — — Ending balance $ 2,064,909 $ 1,463,391 $ 821,551 Reconciliation of Accumulated Depreciation for Hotels Years Ended December 31, 2015 2014 2013 Beginning balance $ 35,846 $ 10,550 $ 839 Depreciation expense 41,056 25,296 9,711 Disposition (824 ) — — Ending balance $ 76,078 $ 35,846 $ 10,550 At December 31, 2015 , the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $2.0 billion .

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets or liabilities acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. Purchase Price Allocation — Assets are recorded at fair value and allocated to land, buildings, improvements, furniture, fixtures and equipment, and intangibles assets or liabilities, as applicable, using appraisals and valuations performed by management and independent third parties. Fair values are based on the exit price (i.e. the price that would be received in an orderly transaction to sell an asset or transfer a liability between market participants at the measurement date). We evaluate several factors, including market data for similar assets or similar in-place lease contractual agreements for intangible assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. See further discussion below for evaluation performed by asset or liability. Purchase Price Allocation of Land — Value is ascribed to land based upon comparable valuations from similar land sales in the property’s market, or similar markets. An index of value is computed, per square foot, after assessing the characteristics of the property relative to these comparables. In instances where there is a lack of comparable sales, we utilize a “ground rent capitalization approach” whereby the ground rent is capitalized at a market rate to determine the land value. In assessing comparable sales or estimating ground rent, we consider property rights, financing, conditions of sale, market conditions, location factors, zoning and size. Purchase Price Allocation of Building — The “as vacant” value of the subject building is determined based upon the following cost approach: first, a new replacement cost, including soft costs, is determined for the building, based upon information provided in the property appraisal, construction budgets of similar new and proposed projects, and costing index information from third-party information resources. Second, an amount is deducted from the replacement cost representing physical depreciation, based upon information provided in the appraisal. Purchase Price Allocation of Site Improvements —The value of site improvements is estimated based upon information in the appraisal, industry guides and general estimates. Third-party published unit cost and current and local cost multiplier information is used to determine the replacement cost of the site improvements. The replacement cost is then adjusted to reflect estimated physical depreciation and soft costs to determine the fair value of the improvements. Both building and site improvements are assessed at acquisition to determine if any external obsolescence exists. If the stabilized net operating income, (as indicated in the appraisal), is not sufficient to justify a reproduction of the property in its current condition, external obsolescence is estimated based upon the net operating income shortfall, capitalized at a market rate for a like investment, and is allocated ratably between building and site improvements. Purchase Price Allocation of Furniture, Fixtures and Equipment — Replacement cost of furniture, fixtures and equipment is based upon information contained in the appraisal and industry standards and guidelines. Soft costs and depreciation are also estimated, in a manner similar to that described above, to determine a replacement cost for these assets. Purchase Price Allocation of Intangible Assets and Liabilities — Value is ascribed based on (i) income, or avoidance of expense, (ii) favorable lease arrangements relative to current market rates and (iii) net operating income from villa and condo rental management programs that is derived from not having to replace these contracts in the marketplace. Purchase Price Allocation of Debt — We record debt assumed in business combinations at fair value. We determined the estimated fair value using a discounted cash flow model with rates that take into account the current market interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the time until maturity and the current interest rate.
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. We may incur impairment charges on real estate, related intangible assets and equity investments. Estimates and judgments used when evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investments in hotels, we calculate our share of the estimated fair value of the underlying hotel, which is determined using the discounted cash flows model that includes annual net operating income for a ten year hold period, plus a hypothetical sales price at the end of the holding period. The annual net operating income is determined using the hotel’s projected budgets that take into account projected market factors. The hypothetical sales value of each property is based on the value of the property at the end of the holding period by calculating projected net operating income and applying a selected capitalization rate and deducting estimated costs of sale. The fair value of the underlying investment’s other financial assets and liabilities have fair values that approximate their carrying values.
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 to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision making rights within a loan or joint venture agreement can cause us to consider an entity a VIE. Significant judgment is required to determine whether a VIE should be consolidated. We review the arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. 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.
Reclassification	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.
Share Repurchase	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements.
Real Estate	Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments.
Cash and Cash Equivalents	Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Restricted Cash	Restricted Cash — Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels.
Other Assets and Liabilities	Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, deposits, hotel inventories, derivative assets, deferred tax assets, deferred financing costs and deferred franchise fees in the consolidated financial statements. Other liabilities consists primarily of hotel advance deposits, sales use and occupancy taxes payable, unamortized key money and other deferred incentive payments, straight-line rent, accrued income taxes, accrued interest, derivative liabilities and asset retirement obligations. Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method.
Hotel Revenue Recognition	Hotel Revenue Recognition — We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues (such as room, food and beverage) and revenue from other operating department (such as telephone, spa services, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the brand sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the brand sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Capitalized Cost	Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete.
Depreciation and Amortization	Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years) and furniture, fixtures and equipment (generally one to 12 years). We compute amortization of intangible assets using the straight-line method over the estimated useful life of the asset. See Note 6 for range of lives by asset.
Organization and Offering Costs	Organization and Offering Costs — The advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were recorded as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we reimbursed our advisor for organization and offering costs incurred. Such reimbursements did not exceed regulatory limitations. Organization costs were expensed as incurred and included in corporate general and administrative expenses in the financial statements.
Derivative Instruments	Derivative Instruments — 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 qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. 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.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Deferred income taxes are recorded for the corporate subsidiaries TRS based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors.
Share-Based Payments	Share-Based Payments — We have granted restricted stock units, or RSUs, to our independent directors and certain employees of the subadvisor. RSUs issued to employees of the subadvisor generally vest over three years, subject to continued employment, and RSUs issued to our independent directors vest immediately. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees of the subadvisor are based on the fair value of the services received. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share based payment transactions within Corporate general and administrative expense.
Income or Loss Attributable to Noncontrolling Interests	Income or Loss Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests 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 was hypothetically liquidated at the end of each reporting period.
Loss Per Share	Loss Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements.
Use of Estimates	Use of Estimates — 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.
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. The adoption and implementation of the standard did not have a material impact on our financial statements. 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 and expect to reclassify $8.6 million of deferred financing costs, net from Other assets to Non-recourse debt as of January 1, 2016. ASU 2015-02, Consolidation (Topic 810) — We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements, including evaluating our joint ventures. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, we expect the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include entities as part of our VIE disclosures. However, there is not expected to be a material impact to our consolidated balance sheets or results of operations for any of the periods presented. 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. Recent Accounting Change In February 2016, the Financial Accounting Standards Board issued ASU 2016-02 - Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors).The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as the Company has certain operating and ground lease arrangements for which it is the lessee.
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, below-market 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. Items Measured at Fair Value on a Recurring Basis 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 ).

Agreements and Transactions w29

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of fees paid to Related Parties	The following tables present a summary of fees we paid and expenses we reimbursed to our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Operations Acquisition fees $ 15,779 $ 18,305 $ 20,271 Asset management fees 11,757 7,308 2,847 Personnel and overhead reimbursements 7,255 5,347 1,389 Available Cash Distributions 7,122 4,096 1,948 Interest expense 25 10 — $ 41,938 $ 35,066 $ 26,455 Other Transaction Fees Incurred Capitalized acquisition fees for equity method investments $ 1,915 $ — $ — Capitalized loan refinancing fees 270 — — Capitalized loan refinancing fee for equity method investment 205 — 265 Offering costs 171 3,349 6,309 Selling commissions and dealer manager fees — 55,776 40,444 $ 2,561 $ 59,125 $ 47,018 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,605 $ 338 Other amounts due to our advisor 1,105 965 Due to joint venture partners and other 394 367 Organization and offering costs due to our advisor — 322 Due to WPC — 67 $ 3,104 $ 2,059

Net Investment in Hotels (Table

Net Investment in Hotels (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): December 31, 2015 2014 Buildings $ 1,629,741 $ 1,226,880 Land 371,712 214,522 Furniture, fixtures and equipment 121,722 88,464 Building and site improvements 63,456 21,989 Construction in progress 22,310 17,345 Hotels, at cost 2,208,941 1,569,200 Less: Accumulated depreciation (115,639 ) (59,903 ) Net investments in hotels $ 2,093,302 $ 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 December 31, 2014 (in thousands): 2014 Acquisitions Hyatt Place Austin Downtown Courtyard Times Square West Sheraton Austin Hotel at the Capitol Marriott Boca Raton at Boca Center Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center Marriott Sawgrass Golf Resort and Spa (a) Sanderling Resort Staybridge Suites Savannah Historic District Marriott Kansas City Country Club Plaza Acquisition Date 4/1/2014 5/27/2014 5/28/2014 6/12/2014 6/25/2014 10/3/2014 10/28/2014 10/30/2014 11/18/2014 Cash consideration $ 86,673 $ 87,443 $ 90,220 $ 61,794 $ 81,262 $ 128,124 $ 37,052 $ 22,922 $ 56,644 Assets acquired at fair value: Land $ 9,100 $ — $ 18,210 $ 11,500 $ 5,663 $ 26,400 $ 9,800 $ 4,300 $ 5,100 Building and site improvements 73,700 87,437 78,703 46,149 71,598 94,375 23,677 17,753 48,748 Furniture, fixtures and equipment 4,187 3,968 1,983 4,237 4,228 8,830 4,251 739 2,750 Accounts receivable 98 — 92 55 — 382 1 30 27 Other assets 179 368 373 295 362 1,228 336 146 292 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (591 ) (4,330 ) (1,255 ) (442 ) (589 ) (3,091 ) (1,013 ) (46 ) (273 ) Contributions from noncontrolling interests at fair value — — (7,886 ) — — — — — — Net assets acquired at fair value $ 86,673 $ 87,443 $ 90,220 $ 61,794 $ 81,262 $ 128,124 $ 37,052 $ 22,922 $ 56,644 (a) 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 ( Note 5 ). (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. (c) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $9.9 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of intangible assets and cumulative additional net depreciation expense of less than $0.1 million , which was recognized in the fourth quarter of 2015. (d) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $14.4 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of land and cumulative additional depreciation expense of $0.2 million , which was recognized in the fourth quarter of 2015. 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 December 31, 2015 (in thousands): 2015 Acquisitions (a) Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (b) (c) Ritz-Carlton Fort Lauderdale (d) Le Méridien Dallas, The Stoneleigh Acquisition Date 2/12/2015 3/19/2015 4/29/2015 5/29/2015 6/30/2015 11/20/2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 22,100 9,400 Building and site improvements 57,105 112,215 47,680 154,182 74,422 57,989 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 1,200 Construction in progress — — — 450 — — Intangible assets — — 720 33,200 7,500 — Accounts receivable 97 94 100 7,957 2,894 66 Other assets 164 608 328 1,703 637 284 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 ) (225 ) Contributions from 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 $ 68,714
Schedule Of Revenues and Net Income	From Acquisition Date through December 31, 2015 Revenues $ 14,809 $ 24,561 $ 8,184 $ 44,079 $ 14,201 $ 1,253 Net income (loss) $ 2,504 $ 5,454 $ 1,716 $ 959 $ (2,905 ) $ 187 From Acquisition Date through December 31, 2014 Revenues $ 14,792 $ 12,220 $ 15,040 $ 7,630 $ 8,477 $ 10,069 $ 678 $ 665 $ 1,583 Net income (loss) $ 4,407 $ 1,170 $ 3,378 $ 583 $ 2,334 $ 802 $ (559 ) $ 46 $ 115
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 year ended December 31, 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) Years Ended December 31, 2015 2014 2013 Pro forma total revenues $ 634,923 $ 644,081 $ 397,763 Pro forma net loss $ (3,337 ) $ (21,805 ) $ (33,899 ) Pro forma (income) loss attributable to noncontrolling interests (1,570 ) 7,093 98 Pro forma loss attributable to CWI stockholders $ (4,907 ) $ (14,712 ) $ (33,801 ) Pro forma loss per share: Basic and diluted pro forma net loss attributable to CWI stockholders $ (0.04 ) $ (0.11 ) $ (0.38 ) Basic and diluted pro forma weighted-average shares outstanding 131,296,033 132,686,254 89,170,201 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 year ended December 31, 2015 and 2014 were issued on January 1, 2014 and 2013, respectively. All acquisition costs for our acquisitions completed during the year ended December 31, 2015 and 2014 are presented as if they were incurred on January 1, 2014 and 2013, respectively.

Equity Investments in Real Es31

Equity Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, Venture 2015 2014 2013 Ritz-Carlton Philadelphia Venture $ 1,960 $ — $ — Hyatt French Quarter Venture 660 446 (1,344 ) Westin Atlanta Venture (372 ) (1,177 ) (1,307 ) Marriott Sawgrass Golf Resort & Spa Venture 170 — — Long Beach Venture (a) — — 2,600 Total equity in earnings (losses) of equity method investments in real estate $ 2,418 $ (731 ) $ (51 ) ___________ (a) We sold our 49% interest in the Long Beach Venture in July 2 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 December 31, 2015 Carrying Value at December 31, 2015 2014 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 1,752 $ 4,197 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,156 8,980 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 32,668 — Ritz-Carlton Philadelphia Venture (e) PA 299 60% 38,327 5/15/2015 Full-service In progress 38,325 — 1,436 $ 98,255 $ 79,901 $ 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 $3.1 million from this investment during the year ended December 31, 2015 . (c) We received cash distributions of $1.4 million from this investment during the year ended December 31, 2015 . During the fourth quarter of 2015, we also received $0.3 million representing a return of capital for our share of mortgage refinancing proceeds. (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. We received cash distributions of $1.3 million from this investment during the year ended December 31, 2015. (e) We received cash distributions of $2.0 million from this investment during the year ended December 31, 2015 . 2013 . The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): December 31, 2015 2014 Real estate, net $ 309,481 $ 89,375 Other assets 64,444 10,978 Total assets 373,925 100,353 Debt (190,602 ) (68,797 ) Other liabilities (31,946 ) (13,330 ) Total liabilities (222,548 ) (82,127 ) Members’ equity $ 151,377 $ 18,226 Years Ended December 31, 2015 (a) 2014 (a) 2013 (b) Revenues $ 113,503 $ 36,514 $ 45,344 Expenses (111,995 ) (38,642 ) (49,314 ) Net income (loss) attributable to equity method investments $ 1,508 $ (2,128 ) $ (3,970 ) ___________ (a) Represents revenues and expenses from each venture’s respective acquisition date through the respective year end. (b) Includes revenues, expenses and net loss from the Long Beach Venture for the respective periods through the date of sale of this investment on July 17,

Intangible Assets and Liabili32

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are summarized as follows (dollars in thousands): December 31, 2015 December 31, 2014 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (2,005 ) $ 70,395 $ 31,700 $ (837 ) $ 30,863 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,655 (337 ) 11,318 10,936 (167 ) 10,769 In-place leases 1 – 21 317 (153 ) 164 317 (80 ) 237 Total intangible assets, net $ 84,372 $ (2,495 ) $ 81,877 $ 42,953 $ (1,084 ) $ 41,869 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 39 $ (2,061 ) $ (2,100 ) $ 15 $ (2,085 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at December 31, 2015 , scheduled annual amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Increase to Depreciation and Amortization Increase to Property Taxes, Insurance, Rent and Other Total 2016 $ 1,567 $ 170 $ 1,737 2017 1,531 170 1,701 2018 1,520 170 1,690 2019 1,520 170 1,690 2020 1,520 170 1,690 Thereafter 62,901 8,407 71,308 Total $ 70,559 $ 9,257 $ 79,816

Risk Management and Use of De33

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Derivative Instruments on our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated Asset Derivatives Fair Value at December 31, Liability Derivatives Fair Value at December 31, as Hedging Instruments Balance Sheet Location 2015 2014 2015 2014 Interest rate caps Other assets $ 117 $ 218 $ — $ — Interest rate swaps Other assets 109 346 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (716 ) (690 ) $ 226 $ 564 $ (716 ) $ (690 )
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at December 31, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Face Fair Value at Interest Rate Derivatives Instruments Amount December 31, 2015 Interest rate swaps 4 $ 192,940 $ (607 ) Interest rate caps 7 204,800 117 $ (490 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, Consolidated Hotels Interest Rate Rate Type Current Maturity Date 2015 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 20,200 21,000 Ritz-Carlton Key Biscayne (d) 6.09% Fixed 6/2017 169,371 — Sanderling Resort (a) (b) 4.74% Variable 10/2017 22,000 22,000 Courtyard San Diego Mission Valley (a) (b) 4.60% Variable 12/2017 49,340 50,420 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 21,030 21,585 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 13,051 13,370 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 9,020 9,241 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,828 9,045 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,404 9,635 Hampton Inn Boston Braintree (a) (b) (e) 3.25% Variable 3/2018 12,000 9,500 Lake Arrowhead Resort and Spa (a) (b) (f) 2.48% 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) 2.64% 7.46% 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) 3.49% Variable 7/2019 41,000 34,000 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,637 10,793 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 Le Méridien Dallas, The Stoneleigh (b) 3.49% Variable 12/2020 44,800 — 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 79,391 80,000 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,500 56,500 Marriott Raleigh City Center (h) 4.61% Fixed 9/2038 51,500 51,500 Marriott Sawgrass Golf Resort & Spa (b) (i) N/A N/A N/A — 66,700 $ 1,359,422 $ 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 December 31, 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 year ended December 31, 2015 , we recognized interest expense related to the premium of $2.1 million . (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 2.64% and a mezzanine loan for $21.0 million with an interest rate of 7.46% . 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) The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018. (i) 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 ).
Debt Maturity Schedule	Scheduled debt principal payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 85,861 2017 282,697 2018 258,261 2019 140,321 2020 95,841 Thereafter through 2038 511,070 1,374,051 Fair market value adjustment (a) 5,371 Total $ 1,379,422 __________ (a) Represents the unamortized premium recorded as of December 31, 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)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): December 31, 2015 2014 Capital commitments $ 114,193 $ 100,600 Less: paid (54,164 ) (16,363 ) Unpaid commitments 60,029 84,237 Less: amounts in cash or restricted cash designated for renovations (48,575 ) (44,080 ) Unfunded commitments $ 11,454 $ 40,157
Schedule of Future Minimum Lease Payments for Leases	Scheduled future minimum ground lease payments during each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 3,110 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,600 Total $ 670,877

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared	The following table presents annualized cash distributions paid per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2015 2014 2013 Ordinary income $ 0.1550 $ 0.0135 $ — Capital gain — — 0.3347 Return of capital 0.4000 0.5365 0.1653 Total distributions paid $ 0.5550 $ 0.5500 $ 0.5000

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of the RSU activity for the years ended December 31, 2015 , 2014 and 2013 follows: RSU Awards Weighted-Average Grant Date Shares Fair Value Nonvested at January 1, 2013 52,702 $ 10.00 Granted (a) (b) 54,175 10.00 Vested (c) (19,065) 10.00 Forfeited (45,002) 10.00 Nonvested at January 1, 2014 42,810 10.00 Granted (a) 68,000 10.00 Vested (c) (33,811) 10.00 Forfeited (5,688) 10.00 Nonvested at January 1, 2015 71,311 10.00 Granted (a) 46,846 10.30 Vested (c) (43,852 ) 10.00 Forfeited — — Nonvested at December 31, 2015 (d) 74,305 $ 10.19 ___________ (a) Includes 29,370 , 50,000 and 45,000 RSUs issued to employees of the subadvisor during the years ended December 31, 2015 , 2014 and 2013 , respectively, and 17,476 , 18,000 and 4,000 RSUs issued to our independent directors during the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) Includes 5,175 RSUs issued to employees of the subadvisor in connection with a special stock distribution issued on December 19, 2013. (c) RSUs issued to employees of the subadvisor generally vest over three years, subject to continued employment, and RSUs issued to independent directors vested immediately. The total fair value of shares vested during the years ended December 31, 2015 , 2014 and 2013 was $0.4 million , $0.3 million and $0.2 million , respectively. (d) We currently expect to recognize compensation expense totaling approximately $0.5 million over the vesting period. The awards to employees of the subadvisor had a weighted-average remaining contractual term of 1.6 years at December 31, 2015 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense Benefit	The components of our income tax provision for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 5,363 $ 3,809 $ 1,102 Deferred (384 ) (771 ) (280 ) 4,979 3,038 822 State and Local Current 1,835 1,099 368 Deferred (47 ) (291 ) (24 ) 1,788 808 344 Total Provision $ 6,767 $ 3,846 $ 1,166
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2015 and 2014 consist of the following (in thousands): At December 31, 2015 2014 Deferred Tax Assets Net operating losses $ 1,902 $ 826 Accrued vacation payable and deferred rent 1,567 861 Interest expense limitation 1,313 — Gift card liability 270 264 Key money liability 218 1,287 Other 472 286 Total deferred income taxes 5,742 3,524 Valuation allowance (1,913 ) (805 ) Total deferred tax assets 3,829 2,719 Deferred Tax Liabilities Villa rental management agreement (1,616 ) (630 ) Other (229 ) (236 ) Total deferred tax liabilities (1,845 ) (866 ) Net Deferred Tax Asset $ 1,984 $ 1,853
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (dollars in thousands): Years Ended December 31, 2015 2014 2013 Pre-tax income from taxable subsidiaries $ 16,033 $ 8,275 $ 1,414 Federal provision at statutory tax rate 5,612 35.0 % 2,813 34.0 % 495 35.0 % Income not subject to federal tax (1,244 ) (7.8 )% — — % — — % State and local taxes, net of federal benefit 1,023 6.4 % 280 3.4 % 216 15.3 % Valuation allowance 1,108 6.9 % 511 6.2 % 294 20.8 % Other 72 0.4 % 178 2.2 % 20 1.3 % Tax provision — taxable subsidiaries 6,571 40.9 % 3,782 45.8 % 1,025 72.4 % Other state and local taxes 196 64 141 Total provision $ 6,767 $ 3,846 $ 1,166
Schedule of Unrecognized Tax Benefits Roll Forward	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ — $ — Addition based on tax positions related to prior years 684 — Ending balance $ 684 $ —

Selected Quarterly Financial 39

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 109,787 $ 136,191 $ 149,642 $ 146,483 Operating expenses 108,956 126,574 135,403 147,233 Net (loss) income (11,151 ) 907 (3,854 ) (16,542 ) (Income) loss attributable to noncontrolling interests (803 ) 206 2,794 2,718 Net (loss) income attributable to CWI stockholders $ (11,954 ) $ 1,113 $ (1,060 ) $ (13,824 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders (a) $ (0.09 ) $ 0.01 $ (0.01 ) $ (0.10 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2014 (a) June 30, 2014 (a) September 30, 2014 (a) December 31, 2014 (a) Revenue $ 59,685 $ 86,857 $ 97,131 $ 104,406 Operating expenses 61,237 89,055 85,878 104,693 Net loss (8,786 ) (11,938 ) (464 ) (12,532 ) Loss (income) attributable to noncontrolling interests 212 (188 ) 3,294 (2,330 ) Net (loss) income attributable to CWI stockholders $ (8,574 ) $ (12,126 ) $ 2,830 $ (14,862 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders (a) $ (0.13 ) $ (0.16 ) $ 0.03 $ (0.14 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1375 $ 0.1375 ___________ (a) The sum of the quarterly Basic and diluted loss per share does not agree to the annual Loss per share for 2014 as a result of the issuance of common stock from our follow-on offering, which terminated on December 31, 2014. Additionally, our results are not comparable year over year because of hotel acquisitions in 2014 and 2015 .

Organization and Offering (Narr

Organization and Offering (Narratives) (Details) $ in Millions	12 Months Ended		36 Months Ended
	Dec. 31, 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	34
Proceeds from issuance, initial public offering			$ 575.8
Proceeds from follow on offering		$ 577.4
Proceeds from DRIP	$ 78.3

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Jan. 01, 2016USD ($)
Summary of Significant Accounting Policies
Number of operating segments | segment	1
Vesting period	3 years
New Accounting Pronouncement, Early Adoption, Effect | Subsequent Event | Other assets
Summary of Significant Accounting Policies
deferred financing cost					$ (8.6)
New Accounting Pronouncement, Early Adoption, Effect | Subsequent Event | Non recourse debt
Summary of Significant Accounting Policies
deferred financing cost					$ 8.6
Hotel in Duck Key, FL
Summary of Significant Accounting Policies
Other hotel expenses	$ 9.8	$ 9.2
Ritz-Carlton Fort Lauderdale
Summary of Significant Accounting Policies
Other hotel expenses	$ 4.3
Building and Building Improvements | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	4 years
Building and Building Improvements | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	40 years
Site Improvement | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	4 years
Site Improvement | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	15 years
Furniture and Fixtures | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	1 year
Furniture and Fixtures | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	12 years
Treasury Stock | Restatement Adjustment
Summary of Significant Accounting Policies
Adjustments to account balances		(3)	$ (0.5)	$ (0.3)
Additional Paid In Capital | Restatement Adjustment
Summary of Significant Accounting Policies
Adjustments to account balances		$ (3)	$ (0.5)	$ (0.1)

Agreements and Transactions w42

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 06, 2015	Apr. 30, 2015	Sep. 30, 2014
Related Party Transaction
Percentage of fees earned by advisor paid to subadvisor	20.00%
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%
Offering price	$ 10
Asset management fees charged by the advisor settled in shares, value	$ 1,000,000	$ 6,800,000	$ 2,500,000
Common stock, shares outstanding	132,686,254	129,083,977
Percentage of available cash distribution	10.00%
General partners distribution percentage of net proceeds	15.00%
Personnel and Overhead Reimbursement
Shares issued to satisfy fees due to affiliate, value	$ 100,000	$ 3,600,000
Selling, General and Administrative Expense
Selling commission per share sold	$ 0.70
Dealer revenue per share sold	$ 0.30
Organization and Offering Costs
Deferred offering costs charged to equity	$ 200,000
Other Transactions with Affiliates
Approved line of credit					$ 110,000,000	$ 75,000,000
Loan payable, related party				$ 25,000,000
Advisor
Asset Management Fees and Loan Refinancing Fees
Common stock, shares outstanding	1,501,028
Percentage of common stock owned	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%
Follow-on Offering
Organization and Offering Costs
Organization and offering expenses excluding selling commissions	4.00%
Organizational and professional fees incurred by the advisor	$ 3,500,000

Agreements and Transactions w43

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amounts Included in the Consolidated Statements of Operations
Acquisition fees	$ 15,779	$ 18,305	$ 20,271
Asset management fees	11,757	7,308	2,847
Personnel and overhead reimbursements	7,255	5,347	1,389
Available Cash Distributions	7,122	4,096	1,948
Interest expense	25	10	0
Related party fees included in operating expenses	41,938	35,066	26,455
Other Transaction Fees Incurred
Capitalized acquisition fees for equity method investments	1,915	0	0
Capitalized loan refinancing fees	270	0	0
Capitalized loan refinancing fee for equity method investment	205	0	265
Offering costs	171	3,349	6,309
Selling commissions and dealer manager fees	0	55,776	40,444
Transaction fees incurred	$ 2,561	$ 59,125	$ 47,018

Agreements and Transactions w44

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Amounts Due to Related Parties and Affiliates
Reimbursable costs	$ 1,605	$ 338
Other amounts due to our advisor	1,105	965
Due to joint venture partners and other	394	367
Organization and offering costs due to our advisor	0	322
Due to WPC	0	67
Due to affiliates	$ 3,104	$ 2,059

Net Investment in Hotels (Narra

Net Investment in Hotels (Narratives) (Details) $ in Thousands	Apr. 01, 2015USD ($)	Dec. 31, 2015USD ($)property	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)property	Dec. 31, 2014USD ($)property	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)	May. 29, 2015USD ($)	Oct. 03, 2014USD ($)
Business Acquisition, Cost of Acquired Entity, Purchase Price
Assets retired		$ 10,800				$ 4,000	$ 4,000				$ 10,800	$ 10,800	$ 10,800	$ 4,000
Other income													2,446	46	$ 6
Revenues		146,483	$ 149,642	$ 136,191	$ 109,787		104,406	$ 97,131	$ 86,857	$ 59,685			542,103	348,079	122,223
Net income (loss)		(16,542)	$ (3,854)	907	$ (11,151)		(12,532)	$ (464)	$ (11,938)	$ (8,786)			(30,640)	(33,720)	(30,399)
Real estate under construction		22,310				17,345	17,345				22,310	22,310	22,310	17,345
Capitalized construction cost													2,000	900
Increase in accrued capital expenditures													6,800	3,300	$ 1,500
Asset retirement obligation		$ 500				$ 500	$ 500				$ 500	$ 500	500	$ 500
Marriott Sawgrass Golf Resort and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage	50.00%				50.00%
Proceeds from sales of property	$ 37,200
Other income	$ 2,400
Revenues													13,300
Net income (loss)													$ 2,400
Consolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Number of properties acquired | property		6				9	9				6	6	6	9
Net assets acquired at fair value		$ 493,700				$ 660,000	$ 660,000				$ 493,700	$ 493,700	$ 493,700	$ 660,000
Acquisition costs expensed													19,900	25,000
Acquisition fees paid to advisor													$ 15,800	$ 18,300
Consolidated | Ritz-Carlton Key Biscayne Miami
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value																$ 68,925
Ownership interest, percentage		47.34%									47.34%	47.34%	47.34%
Adjustment to building acquired		$ 9,900
Adjustment to depreciation expense		(100)
Revenues												$ 44,079
Net income (loss)												$ 959
Real estate under construction																$ 450
Consolidated | Ritz-Carlton Key Biscayne Miami | Depreciation expense
Business Acquisition, Cost of Acquired Entity, Purchase Price
Measurement period adjustments		$ (100)
Consolidated | Ritz-Carlton Key Biscayne Miami | CWI 2
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage		19.33%									19.33%	19.33%	19.33%
Consolidated | Ritz-Carlton Fort Lauderdale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value				89,642
Adjustment to building acquired		$ 14,400
Adjustment to land		(200)
Adjustment to depreciation expense		$ (200)
Revenues											$ 14,201
Net income (loss)											$ (2,905)
Real estate under construction				$ 0
Consolidated | Marriott Sawgrass Golf Resort and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value																	$ 128,124
Revenues						10,069
Net income (loss)						$ 802
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, unconsolidated		50.00%									50.00%	50.00%	50.00%				50.00%

Net Investment in Hotels (Detai

Net Investment in Hotels (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Buildings	$ 1,629,741	$ 1,226,880
Land	371,712	214,522
Furniture, fixtures & equipment	121,722	88,464
Building and site improvements	63,456	21,989
Construction in progress	22,310	17,345
Hotels, at cost	2,208,941	1,569,200
Less: Accumulated depreciation	(115,639)	(59,903)
Net investments in hotels	$ 2,093,302	$ 1,509,297

Net Investment in Hotels (Det47

Net Investment in Hotels (Details 2) - USD ($) $ in Thousands	Nov. 20, 2015	Jun. 30, 2015	May. 29, 2015	Apr. 29, 2015	Mar. 19, 2015	Feb. 12, 2015	Nov. 18, 2014	Oct. 30, 2014	Oct. 28, 2014	Oct. 03, 2014	Jun. 25, 2014	Jun. 12, 2014	May. 28, 2014	May. 27, 2014	Apr. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisition consideration
Cash consideration																$ 580,047	$ 660,020	$ 748,983
Assets acquired at fair value:
Construction in progress																22,310	17,345
Consolidated
Liabilities assumed at fair value:
Net assets acquired at fair value																$ 493,700	$ 660,000
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)
Contributions from 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)
Contributions from 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)
Contributions from 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			154,182
Furniture, fixtures and equipment			9,907
Construction in progress			450
Intangible assets			33,200
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)
Contributions from 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		22,100
Building and site improvements		74,422
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)
Contributions from noncontrolling interests at fair value		(15,121)
Net assets acquired at fair value		$ 89,642
Le Méridien Dallas, The Stoneleigh | Consolidated
Acquisition consideration
Cash consideration	$ 68,714
Assets acquired at fair value:
Land	9,400
Building and site improvements	57,989
Furniture, fixtures and equipment	1,200
Construction in progress	0
Intangible assets	0
Accounts receivable	66
Other assets	284
Liabilities assumed at fair value:
Non-recourse debt	0
Accounts payable, accrued expenses and other liabilities	(225)
Contributions from noncontrolling interests at fair value	0
Net assets acquired at fair value	$ 68,714
Hotel in Austin, TX | Consolidated
Acquisition consideration
Cash consideration															$ 86,673
Assets acquired at fair value:
Land															9,100
Building and site improvements															73,700
Furniture, fixtures and equipment															4,187
Accounts receivable															98
Other assets															179
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities															(591)
Contributions from noncontrolling interests at fair value															0
Net assets acquired at fair value															$ 86,673
Hotel in New York, NY | Consolidated
Acquisition consideration
Cash consideration														$ 87,443
Assets acquired at fair value:
Land														0
Building and site improvements														87,437
Furniture, fixtures and equipment														3,968
Accounts receivable														0
Other assets														368
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities														(4,330)
Contributions from noncontrolling interests at fair value														0
Net assets acquired at fair value														$ 87,443
Sheraton Austin Hotel at the Capitol | Consolidated
Acquisition consideration
Cash consideration													$ 90,220
Assets acquired at fair value:
Land													18,210
Building and site improvements													78,703
Furniture, fixtures and equipment													1,983
Accounts receivable													92
Other assets													373
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities													(1,255)
Contributions from noncontrolling interests at fair value													(7,886)
Net assets acquired at fair value													$ 90,220
Marriott Boca Raton at Boca Center | Consolidated
Acquisition consideration
Cash consideration												$ 61,794
Assets acquired at fair value:
Land												11,500
Building and site improvements												46,149
Furniture, fixtures and equipment												4,237
Accounts receivable												55
Other assets												295
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities												(442)
Contributions from noncontrolling interests at fair value												0
Net assets acquired at fair value												$ 61,794
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center | Consolidated
Acquisition consideration
Cash consideration											$ 81,262
Assets acquired at fair value:
Land											5,663
Building and site improvements											71,598
Furniture, fixtures and equipment											4,228
Accounts receivable											0
Other assets											362
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities											(589)
Contributions from noncontrolling interests at fair value											0
Net assets acquired at fair value											$ 81,262
Marriott Sawgrass Golf Resort and Spa | Consolidated
Acquisition consideration
Cash consideration										$ 128,124
Assets acquired at fair value:
Land										26,400
Building and site improvements										94,375
Furniture, fixtures and equipment										8,830
Accounts receivable										382
Other assets										1,228
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities										(3,091)
Contributions from noncontrolling interests at fair value										0
Net assets acquired at fair value										$ 128,124
Sanderling Resort | Consolidated
Acquisition consideration
Cash consideration									$ 37,052
Assets acquired at fair value:
Land									9,800
Building and site improvements									23,677
Furniture, fixtures and equipment									4,251
Accounts receivable									1
Other assets									336
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities									(1,013)
Contributions from noncontrolling interests at fair value									0
Net assets acquired at fair value									$ 37,052
Staybridge Suites Savannah Historic District | Consolidated
Acquisition consideration
Cash consideration								$ 22,922
Assets acquired at fair value:
Land								4,300
Building and site improvements								17,753
Furniture, fixtures and equipment								739
Accounts receivable								30
Other assets								146
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities								(46)
Contributions from noncontrolling interests at fair value								0
Net assets acquired at fair value								$ 22,922
Marriott Kansas City Country Club Plaza | Consolidated
Acquisition consideration
Cash consideration							$ 56,644
Assets acquired at fair value:
Land							5,100
Building and site improvements							48,748
Furniture, fixtures and equipment							2,750
Accounts receivable							27
Other assets							292
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities							(273)
Contributions from noncontrolling interests at fair value							0
Net assets acquired at fair value							$ 56,644

Net Investment in Hotels (Det48

Net Investment in Hotels (Details 3) - USD ($) $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

8 Months Ended

9 Months Ended

11 Months Ended

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Revenue and Earning after acquistion:

Revenues

$ 146,483

$ 149,642

$ 136,191

$ 109,787

$ 104,406

$ 97,131

$ 86,857

$ 59,685

$ 542,103

$ 348,079

$ 122,223

Net income (loss)

$ (16,542)

$ (3,854)

$ 907

$ (11,151)

$ (12,532)

$ (464)

$ (11,938)

$ (8,786)

$ (30,640)

$ (33,720)

$ (30,399)

Consolidated | Westin Minneapolis

Revenue and Earning after acquistion:

Revenues

$ 14,809

Net income (loss)

$ 2,504

Consolidated | Westin Pasadena

Revenue and Earning after acquistion:

Revenues

$ 24,561

Net income (loss)

$ 5,454

Consolidated | Hilton Garden Inn/Homewood Suites Atlanta Midtown

Revenue and Earning after acquistion:

Revenues

$ 8,184

Net income (loss)

$ 1,716

Consolidated | Ritz-Carlton Key Biscayne Miami

Revenue and Earning after acquistion:

Revenues

$ 44,079

Net income (loss)

$ 959

Consolidated | Ritz-Carlton Fort Lauderdale

Revenue and Earning after acquistion:

Revenues

$ 14,201

Net income (loss)

$ (2,905)

Consolidated | Le Méridien Dallas, The Stoneleigh

Revenue and Earning after acquistion:

Revenues

$ 1,253

Net income (loss)

$ 187

Consolidated | Hotel in Austin, TX

Revenue and Earning after acquistion:

Revenues

$ 14,792

Net income (loss)

$ 4,407

Consolidated | Hotel in New York, NY

Revenue and Earning after acquistion:

Revenues

$ 12,220

Net income (loss)

$ 1,170

Consolidated | Sheraton Austin Hotel at the Capitol

Revenue and Earning after acquistion:

Revenues

$ 15,040

Net income (loss)

$ 3,378

Consolidated | Marriott Boca Raton at Boca Center

Revenue and Earning after acquistion:

Revenues

$ 7,630

Net income (loss)

$ 583

Consolidated | Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center

Revenue and Earning after acquistion:

Revenues

$ 8,477

Net income (loss)

$ 2,334

Consolidated | Marriott Sawgrass Golf Resort and Spa

Revenue and Earning after acquistion:

Revenues

$ 10,069

Net income (loss)

$ 802

Consolidated | Sanderling Resort

Revenue and Earning after acquistion:

Revenues

$ 678

Net income (loss)

$ (559)

Consolidated | Staybridge Suites Savannah Historic District

Revenue and Earning after acquistion:

Revenues

$ 665

Net income (loss)

$ 46

Consolidated | Marriott Kansas City Country Club Plaza

Revenue and Earning after acquistion:

Revenues

$ 1,583

Net income (loss)

$ 115

Net Investment in Hotels (Det49

Net Investment in Hotels (Details 4) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pro Forma Financial Information
Pro forma total revenues	$ 634,923	$ 644,081	$ 397,763
Pro forma net loss	(3,337)	(21,805)	(33,899)
Pro forma (income) loss attributable to noncontrolling interests	(1,570)	7,093	98
Pro forma loss attributable to CWI stockholders	$ (4,907)	$ (14,712)	$ (33,801)
Pro forma loss per share:
Basic and diluted pro forma net loss attributable to CWI stockholders, (usd per share)	$ (0.04)	$ (0.11)	$ (0.38)
Pro forma weighted average shares outstanding (in shares)	131,296,033	132,686,254	89,170,201

Equity Investments in Real Es50

Equity Investments in Real Estate (Narratives) (Details) $ in Thousands	May. 15, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 03, 2014	Jul. 17, 2013
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property		34	34
Distributions from equity method investments (return of capital)			$ 5,181	$ 440	$ 29,237
Aggregate unamortized basis difference on equity investments		$ 3,500	3,500	1,600
Amortization of basis differences			$ 200	$ 200	$ 200
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property		4	4
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
Distributions from equity method investments (return of capital)			$ 2,000
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)			$ 3,100
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	$ 1,400
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated		50.00%	50.00%			50.00%
Distributions from equity method investments (return of capital)			$ 1,300
Unconsolidated | Long Beach Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated							49.00%
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

Equity Investments in Real Es51

Equity Investments in Real Estate (Details 1) $ in Thousands	May. 15, 2015USD ($)	Oct. 03, 2014USD ($)	Oct. 03, 2012USD ($)	Sep. 06, 2011USD ($)	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)
Hotel Details
Carrying Value					$ 79,901	$ 13,177
Unconsolidated
Hotel Details
Rooms | room					1,436
Our investments					$ 98,255
Carrying Value					$ 79,901	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					$ 1,752	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					$ 7,156	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					$ 32,668	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					$ 38,325	$ 0

Equity Investments in Real Es52

Equity Investments in Real Estate (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 2,418	$ (731)	$ (51)
Ritz-Carlton Philadelphia | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	1,960	0	0
Hyatt French Quarter Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	660	446	(1,344)
Westin Atlanta Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(372)	(1,177)	(1,307)
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	170	0	0
Long Beach Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 0	$ 0	$ 2,600

Equity Investments in Real Es53

Equity Investments in Real Estate (Details 3) - Unconsolidated - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	$ 309,481	$ 89,375
Other assets	64,444	10,978
Total assets	373,925	100,353
Debt	(190,602)	(68,797)
Other liabilities	(31,946)	(13,330)
Total liabilities	(222,548)	(82,127)
Members’ equity	$ 151,377	$ 18,226

Equity Investments in Real Es54

Equity Investments in Real Estate (Details 4) - Unconsolidated - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	$ 113,503	$ 36,514	$ 45,344
Expenses	(111,995)	(38,642)	(49,314)
Net income (loss) attributable to equity method investments	$ 1,508	$ (2,128)	$ (3,970)

Intangible Assets and Liabili55

Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets
Net amortization of intangibles	$ 1.4	$ 0.9	$ 0.2
Ritz-Carlton Fort Lauderdale | Villa rental program
Finite-Lived Intangible Assets
Intangible assets acquired	$ 40.7
Finite-lived intangible asset, useful life	50 years 10 months 24 days
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Below-market hotel ground leases
Finite-Lived Intangible Assets
Intangible assets acquired	$ 0.7
Finite-lived intangible asset, useful life	9 years 7 months 6 days

Intangible Assets and Liabili56

Intangible Assets and Liabilities (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Amortizable Intangible Assets
Gross Carrying Amount	$ 84,372	$ 42,953
Accumulated Amortization	(2,495)	(1,084)
Net Carrying Amount	$ 81,877	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	39	15
Finite-lived intangible liabilities, net	(2,061)	(2,085)
Villa/condo rental program
Amortizable Intangible Assets
Gross Carrying Amount	72,400	31,700
Accumulated Amortization	(2,005)	(837)
Net Carrying Amount	$ 70,395	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	$ 11,655	10,936
Accumulated Amortization	(337)	(167)
Net Carrying Amount	$ 11,318	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	(153)	(80)
Net Carrying Amount	$ 164	$ 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 Liabili57

Intangible Assets and Liabilities (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Total
2,016	$ 1,737
2,017	1,701
2,018	1,690
2,019	1,690
2,020	1,690
Thereafter	71,308
Total	79,816
Increase to Depreciation and Amortization
Total
2,016	1,567
2,017	1,531
2,018	1,520
2,019	1,520
2,020	1,520
Thereafter	62,901
Total	70,559
Increase to Property Taxes, Insurance, Rent and Other
Total
2,016	170
2,017	170
2,018	170
2,019	170
2,020	170
Thereafter	8,407
Total	$ 9,257

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Impairment charge	$ 6,143	$ 0	$ 0
Property fair value	8,000
Level 3 | Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	1,400,000	1,000,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1,400,000	$ 1,000,000

Risk Management and Use of De59

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk
Collateral posted for derivative positions	$ 0	$ 0
Derivatives in Cash flow Hedging Relationships Gain Loss Recognized in OCI (Effective Portion)
Interest rate swap losses recognized in OCI	2,570,000	2,974,000	$ 1,088,000
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	700,000
Total credit exposure on derivatives	200,000
Derivatives in net liability position, fair value	800,000	800,000
Potential loss on contract termination for default	800,000	800,000
Single Counterparty
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Total credit exposure on derivatives	100,000
Noncontrolling Interest
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	100,000
Interest expense
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest rate swap losses reclassified from OCI to interest expense	$ 1,600,000	$ 1,662,000	$ 941,000

Risk Management and Use of De60

Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value
Derivative asset, fair value, net	$ 226	$ 564
Derivative liability, fair value, net	(716)	(690)
Designated as hedging | Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	117	218
Designated as hedging | Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	109	346
Designated as hedging | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value, net	$ (716)	$ (690)

Risk Management and Use of De61

Risk Management and Use of Derivative Financial Instruments (Details 2) - Designated as hedging $ in Thousands	Dec. 31, 2015USD ($)instrument
Derivative
Fair Value	$ (490)
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments | instrument	4
Notional Amount	$ 192,940
Fair Value	$ (607)
Interest rate caps | Cash flow hedging
Derivative
Number of Instruments | instrument	7
Notional Amount	$ 204,800
Fair Value	$ 117

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Dec. 04, 2015USD ($)	May. 15, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)option	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Apr. 30, 2015USD ($)	Apr. 01, 2015	Sep. 30, 2014USD ($)
Mortgage debt
Debt fair market value adjustment					$ 5,371,000
Gain (loss) on extinguishment of debt					1,840,000	$ 0	$ 0
Carrying value of mortgage					$ 1,359,422,000	$ 969,594,000
Debt, weighted average interest rate					3.90%	4.20%
Payment of debt issuance cost					$ 2,600,000	$ 3,700,000
Non recourse mortgage loan					284,800,000	408,600,000
Proceeds from issuance of secured debt					$ 318,800,000	$ 408,846,000	475,017,000
Debt instrument, term					5 years 9 months 18 days	6 years 3 months 18 days
Repayment of secured debt					$ 29,689,000	$ 2,400,000	$ 811,000
Debt instrument covenant compliance					At December 31, 2015 , we were in compliance with the applicable covenants for each of our mortgage loans.
Maximum borrowing capacity								$ 110,000,000		$ 75,000,000
Senior Credit Facility					$ 20,000,000	0
Debt Refinanced
Mortgage debt
Gain (loss) on extinguishment of debt					$ 1,800,000
Debt, weighted average interest rate					2.80%
Proceeds from issuance of secured debt					$ 27,000,000
Debt instrument, term					3 years
Repayment of secured debt					$ 25,500,000
Additional Draw on loan
Mortgage debt
Proceeds from issuance of secured debt					$ 7,000,000
Unsecured Debt | Sub-credit Facility
Mortgage debt
Maximum borrowing capacity	$ 5,000,000
Unsecured Debt | Revolving Credit Facility
Mortgage debt
Debt instrument covenant compliance					We were in compliance with all applicable covenants at December 31, 2015 .
Maximum borrowing capacity	$ 50,000,000
Extension fee	0.25%
Capitalized debt issuance cost	$ 400,000
Senior Credit Facility					$ 20,000,000
Credit facility remaining draw amount					$ 30,000,000
Unused credit facility fee					0.25%
Unsecured Debt | Revolving Credit Facility | LIBOR
Mortgage debt
Credit facility, interest rate	2.75%
Hawks Cay Resort
Mortgage debt
Number of extension options | option					2
Carrying value of mortgage					$ 79,000,000	79,000,000
Debt instrument, maturity date					Nov. 30, 2016
Ritz-Carlton Key Biscayne Miami
Mortgage debt
Debt fair market value adjustment		$ 7,500,000
Amortization of debt premium					$ 2,100,000
Carrying value of mortgage					$ 169,371,000	0
Debt, weighted average interest rate		6.09%
Payment of debt issuance cost		$ 1,200,000
Proceeds from issuance of secured debt		$ 164,000,000
Debt instrument, maturity date					Jun. 30, 2017
Lake Arrowhead Resorts and Spa
Mortgage debt
Gain (loss) on extinguishment of debt			$ 2,000,000
Carrying value of mortgage					$ 15,000,000	17,955,000
Debt instrument, maturity date					Jun. 30, 2018
Ritz-Carlton Fort Lauderdale
Mortgage debt
Carrying value of mortgage					$ 70,000,000	0
Debt instrument, maturity date					Jul. 31, 2018
Ritz-Carlton Fort Lauderdale | Senior loan
Mortgage debt
Carrying value of mortgage					$ 49,000,000
Debt, weighted average interest rate					2.64%
Debt instrument, maturity date					Jul. 31, 2018
Ritz-Carlton Fort Lauderdale | Mezzanine loan
Mortgage debt
Carrying value of mortgage					$ 21,000,000
Debt, weighted average interest rate					7.46%
Debt instrument, maturity date					Jul. 31, 2018
Hampton Inn Boston Braintree
Mortgage debt
Gain (loss) on extinguishment of debt				$ (100,000)
Carrying value of mortgage					$ 12,000,000	9,500,000
Debt instrument, maturity date					Mar. 31, 2018
Marriott Sawgrass Golf Resort and Spa
Mortgage debt
Carrying value of mortgage					$ 0	66,700,000
Ownership interest, percentage				50.00%					50.00%
Debt instrument, maturity date					Nov. 30, 2019
Hotel
Mortgage debt
Proceeds from issuance of secured debt						$ 300,000

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Hotel Details
Carrying value of mortgage	$ 1,359,422	$ 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	$ 20,200	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	$ 169,371	0
Sanderling Resort
Hotel Details
Effective Interest Rate	4.74%
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	$ 49,340	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	$ 21,030	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	$ 13,051	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	$ 9,020	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	$ 8,828	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	$ 9,404	9,635
Hampton Inn Boston Braintree
Hotel Details
Effective Interest Rate	3.25%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 12,000	9,500
Lake Arrowhead Resorts and Spa
Hotel Details
Effective Interest Rate	2.48%
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	7.46%
Ritz-Carlton Fort Lauderdale | Minimum
Hotel Details
Effective Interest Rate	2.64%
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
Marriott Boca Raton at Boca Center
Hotel Details
Effective Interest Rate	3.49%
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	$ 10,637	10,793
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
Le Méridien Dallas, The Stoneleigh
Hotel Details
Effective Interest Rate	3.49%
Rate Type	Variable
Current Maturity Date	Dec. 31, 2020
Carrying value of mortgage	$ 44,800	0
Renaissance Chicago Downtown
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	$ 79,391	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
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Rate Type	N/A
Current Maturity Date	Nov. 30, 2019
Carrying value of mortgage	$ 0	$ 66,700

Debt (Details 2)

Debt (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Long-term Debt, by Maturity
2,016	$ 85,861
2,017	282,697
2,018	258,261
2,019	140,321
2,020	95,841
Thereafter through 2038	511,070
Total Debt	1,374,051
Fair market value adjustment	5,371
Total	$ 1,379,422

Commitments and Contingencies65

Commitments and Contingencies (Narratives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Funding Commitments
Properties under renovation | property	10
Rent expense	$ 3.7	$ 2.9	$ 0.1
Annual Percentage Rent
Funding Commitments
Rent expense	$ 0.7	$ 0.7	$ 0.1

Commitments and Contingencies66

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Funding Commitments
Capital commitments	$ 114,193	$ 100,600
Less: Paid	(54,164)	(16,363)
Unpaid commitments	60,029	84,237
Less: amounts in cash or restricted cash designated for renovations	(48,575)	(44,080)
Unfunded commitments	$ 11,454	$ 40,157

Commitments and Contingencies67

Commitments and Contingencies (Details 2) $ in Thousands	Dec. 31, 2015USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2,016	$ 3,110
2,017	3,181
2,018	3,254
2,019	3,328
2,020	3,404
Thereafter through 2106	654,600
Total	$ 670,877

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Distributions Per Share
Distributions (per share)	$ 0.1375
Distributions declared (per share)		$ 0.1425	$ 0.1425	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.5600	$ 0.5500	$ 0.5875
Dividend payable, date	Dec. 19, 2013									Jan. 15, 2016
Distributions payable		$ 18,909				$ 14,859				$ 18,909	$ 14,859

Equity (Details)

Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Distributions Per Share
Total distributions paid	$ 0.5550	$ 0.5500	$ 0.5000
Ordinary income
Distributions Per Share
Total distributions paid	0.1550	0.0135	0
Capital gain
Distributions Per Share
Total distributions paid	0	0	0.3347
Return of capital
Distributions Per Share
Total distributions paid	$ 0.4000	$ 0.5365	$ 0.1653

Shared-Based Payments (Narrativ

Shared-Based Payments (Narratives) (Details) - USD ($) $ in Millions	Dec. 13, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Vesting period		3 years
Share-based compensation		$ 0.5	$ 0.4	$ 0.2
RSU Awards
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Granted - shares		46,846	68,000	54,175
Vested shares - fair value		$ 0.4	$ 0.3	$ 0.2
2010 Incentive Plan | RSU Awards
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Shares authorized to issue for grants of restricted stock units and dividend equivalent rights		4,000,000
Shares remaining for available for future grants		3,805,469
Subadvisors | RSU Awards
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Granted - shares	5,175	29,370	50,000	45,000
Stock compensation not yet recognized		$ 0.5
Remaining weighted average contractual terms		1 year 7 months 6 days
Director | RSU Awards
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Granted - shares		17,476	18,000	4,000

Share-Based Payments (Details)

Share-Based Payments (Details) - RSU Awards - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning Balance, shares	71,311	42,810	52,702
Granted, shares	46,846	68,000	54,175
Vested	(43,852)	(33,811)	(19,065)
Forfeited, shares	0	(5,688)	(45,002)
Ending Balance, shares	74,305	71,311	42,810
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning Balance, weighted-average grant date fair value	$ 10	$ 10	$ 10
Granted, weighted-average grant date fair value	10.30	10	10
Vested, weighted-average grant date fair value	10	10	10
Forfeited, weighted-average grant date fair value	0	10	10
Ending Balance, weighted-average grant date fair value	$ 10.19	$ 10	$ 10

Income Taxes (Narratives) (Deta

Income Taxes (Narratives) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency
Operating loss carryforwards	$ 4.8	$ 2.1
Deferred tax asset, operating loss carryforward	1.7	0.8
Operating loss carryforward, valuation allowance	$ 1.1	$ 0.6
Maximum
Income Tax Contingency
Open tax year	2,012
Minimum
Income Tax Contingency
Operating loss carryforwards, expiration date	Dec. 31, 2033
Open tax year	2,015

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal
Current	$ 5,363	$ 3,809	$ 1,102
Deferred	(384)	(771)	(280)
Total	4,979	3,038	822
State and Local
Current	1,835	1,099	368
Deferred	(47)	(291)	(24)
Total	1,788	808	344
Total Provision	$ 6,767	$ 3,846	$ 1,166

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Net operating losses	$ 1,902	$ 826
Accrued vacation payable and deferred rent	1,567	861
Interest expense limitation	1,313	0
Gift card liability	270	264
Key money liability	218	1,287
Other	472	286
Total deferred income taxes	5,742	3,524
Valuation allowance	(1,913)	(805)
Total deferred tax assets	3,829	2,719
Deferred Tax Liabilities
Villa rental management agreement	(1,616)	(630)
Other	(229)	(236)
Total deferred tax liabilities	(1,845)	(866)
Net Deferred Tax Asset	$ 1,984	$ 1,853

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income from taxable subsidiaries	$ 16,033	$ 8,275	$ 1,414
Federal provision at statutory tax rate	5,612	2,813	495
Income not subject to federal tax	(1,244)	0	0
State and local taxes, net of federal benefit	1,023	280	216
Valuation allowance	1,108	511	294
Other	72	178	20
Tax provision — taxable subsidiaries	6,571	3,782	1,025
Other state and local taxes	196	64	141
Total Provision	$ 6,767	$ 3,846	$ 1,166
Effective Income Tax Rate Reconciliation, Percent
Income tax rate - Federal	35.00%	34.00%	35.00%
Income tax rate Income not subject to federal tax	(7.80%)	(0.00%)	(0.00%)
Income tax rate - State and Local	6.40%	3.40%	15.30%
Income tax rate - Valuation Allowance	6.90%	6.20%	20.80%
Income tax rate - Other	0.40%	2.20%	1.30%
Income tax rate - Tax provision	40.90%	45.80%	72.40%

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Beginning balance	$ 0	$ 0
Addition based on tax positions related to prior years	684	0
Ending balance	$ 684	$ 0

Selected Quarterly Financial 77

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Information
Revenues	$ 146,483	$ 149,642	$ 136,191	$ 109,787	$ 104,406	$ 97,131	$ 86,857	$ 59,685	$ 542,103	$ 348,079	$ 122,223
Operating expenses	147,233	135,403	126,574	108,956	104,693	85,878	89,055	61,237
Net Loss	(16,542)	(3,854)	907	(11,151)	(12,532)	(464)	(11,938)	(8,786)	(30,640)	(33,720)	(30,399)
(Income) loss attributable to noncontrolling interests	2,718	2,794	206	(803)	(2,330)	3,294	(188)	212	4,915	988	(1,507)
Net Loss Attributable to CWI Stockholders	$ (13,824)	$ (1,060)	$ 1,113	$ (11,954)	$ (14,862)	$ 2,830	$ (12,126)	$ (8,574)	$ (25,725)	$ (32,732)	$ (31,906)
Basic and diluted (loss) earnings per share attributable to CWI stockholders (usd per share)	$ (0.10)	$ (0.01)	$ 0.01	$ (0.09)	$ (0.14)	$ 0.03	$ (0.16)	$ (0.13)	$ (0.20)	$ (0.38)	$ (0.66)
Distributions declared (per share)	$ 0.1425	$ 0.1425	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.1375	$ 0.5600	$ 0.5500	$ 0.5875

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Mar. 04, 2016USD ($)	Feb. 17, 2016USD ($)room	Feb. 12, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 10, 2013USD ($)
Hotel Statistics
Non-recourse debt				$ 1,359,422	$ 969,594
Debt instrument, term				5 years 9 months 18 days	6 years 3 months 18 days
Proceeds from issuance of secured debt				$ 20,000	$ 0	$ 0
Fairmont Sonoma Mission Inn and Spa
Hotel Statistics
Ownership interest							75.00%
Non-recourse debt							$ 44,000
Fairmont Sonoma Mission Inn and Spa | Subsequent Event
Hotel Statistics
Increase in equity investment ownership. percentage			25.00%
Investment purchase price			$ 20,500
Ownership interest			100.00%
Debt refinanced			$ 64,000
Effective interest rate			4.36%
Debt instrument, term			7 years
Equinox | Subsequent Event
Hotel Statistics
Investment purchase price		$ 75,200
Ownership interest		100.00%
Non-recourse debt		$ 46,500
Proceeds from issuance of secured debt		$ 30,000
Rooms | room		195
Hawks Cay Resort | Subsequent Event
Hotel Statistics
Non-recourse debt	$ 100,000
Debt refinanced	$ 79,000
Debt instrument, term	4 years
Hawks Cay Resort | Subsequent Event | LIBOR
Hotel Statistics
Variable rate on spread	3.00%

Schedule II - Valuation and Q79

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 805	$ 294	$ 0
Other Additions	1,120	638	294
Deductions	(12)	(127)	0
Balance at End of Year	$ 1,913	$ 805	$ 294

Schedule III - Real Estate an80

Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) $ in Billions	Dec. 31, 2015USD ($)
Other Required Disclosures
Real estate tax basis	$ 2

Schedule III - Real Estate an81

Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,359,422
Initial Cost to Company
Land	371,712
Buildings	1,641,963
Costs Capitalized Subsequent to Acquisition	57,377
Decrease In Net Investments (b)	(6,143)
Gross Amount at which Carried at Close of Period
Land	371,712
Buildings	1,693,197
Total	2,064,909	$ 1,463,391	$ 821,551	$ 133,010
Accumulated Depreciation	76,078	$ 35,846	$ 10,550	$ 839
Hotel in Braintree, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,000
Initial Cost to Company
Land	1,516
Buildings	10,626
Costs Capitalized Subsequent to Acquisition	1,066
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	1,516
Buildings	11,692
Total	13,208
Accumulated Depreciation	$ 1,239
Hotel in Braintree, MA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Braintree, MA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in New Orleans, LA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,637
Initial Cost to Company
Land	1,539
Buildings	15,223
Costs Capitalized Subsequent to Acquisition	1,822
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	1,539
Buildings	17,045
Total	18,584
Accumulated Depreciation	$ 1,855
Hotel in New Orleans, LA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in New Orleans, LA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Lake Arrowhead, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,000
Initial Cost to Company
Land	4,300
Buildings	17,990
Costs Capitalized Subsequent to Acquisition	3,642
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	4,300
Buildings	21,632
Total	25,932
Accumulated Depreciation	$ 3,091
Hotel in Lake Arrowhead, CA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Lake Arrowhead, CA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 49,340
Initial Cost to Company
Land	16,200
Buildings	65,452
Costs Capitalized Subsequent to Acquisition	1,436
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	16,200
Buildings	66,888
Total	83,088
Accumulated Depreciation	$ 5,421
Hotel in San Diego, CA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in San Diego, CA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Atlanta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,051
Initial Cost to Company
Land	3,062
Buildings	13,627
Costs Capitalized Subsequent to Acquisition	146
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	3,062
Buildings	13,773
Total	16,835
Accumulated Depreciation	$ 1,029
Hotel in Atlanta, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Atlanta, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Baton Rouge, LA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,404
Initial Cost to Company
Land	2,400
Buildings	11,558
Costs Capitalized Subsequent to Acquisition	220
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	2,400
Buildings	11,778
Total	14,178
Accumulated Depreciation	$ 969
Hotel in Baton Rouge, LA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Baton Rouge, LA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Birmingham, AL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,020
Initial Cost to Company
Land	2,634
Buildings	11,809
Costs Capitalized Subsequent to Acquisition	60
Decrease In Net Investments (b)	(6,143)
Gross Amount at which Carried at Close of Period
Land	2,634
Buildings	5,726
Total	8,360
Accumulated Depreciation	$ 952
Hotel in Birmingham, AL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Birmingham, AL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Frisco, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,828
Initial Cost to Company
Land	2,445
Buildings	12,877
Costs Capitalized Subsequent to Acquisition	887
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	2,445
Buildings	13,764
Total	16,209
Accumulated Depreciation	$ 1,138
Hotel in Frisco, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Frisco, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,030
Initial Cost to Company
Land	5,509
Buildings	23,645
Costs Capitalized Subsequent to Acquisition	346
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	5,509
Buildings	23,991
Total	29,500
Accumulated Depreciation	$ 1,822
Hotel in Memphis, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Memphis, TN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 20,200
Initial Cost to Company
Land	3,515
Buildings	25,833
Costs Capitalized Subsequent to Acquisition	1,188
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	3,515
Buildings	27,021
Total	30,536
Accumulated Depreciation	$ 2,097
Hotel in Pittsburgh, PA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Pittsburgh, PA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Nashville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,000
Initial Cost to Company
Land	7,850
Buildings	60,220
Costs Capitalized Subsequent to Acquisition	432
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	7,850
Buildings	60,652
Total	68,502
Accumulated Depreciation	$ 4,017
Hotel in Nashville, TN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Nashville, TN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in New York, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 79,391
Initial Cost to Company
Land	30,023
Buildings	81,398
Costs Capitalized Subsequent to Acquisition	796
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	30,023
Buildings	82,194
Total	112,217
Accumulated Depreciation	$ 5,370
Hotel in New York, NY | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in New York, NY | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Sonoma, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,000
Initial Cost to Company
Land	17,657
Buildings	66,593
Costs Capitalized Subsequent to Acquisition	2,483
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	17,657
Buildings	69,076
Total	86,733
Accumulated Depreciation	$ 4,785
Hotel in Sonoma, CA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Sonoma, CA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Raleigh, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 51,500
Initial Cost to Company
Land	0
Buildings	68,405
Costs Capitalized Subsequent to Acquisition	1,950
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	70,355
Total	70,355
Accumulated Depreciation	$ 4,456
Hotel in Raleigh, NC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Raleigh, NC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Duck Key, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 79,000
Initial Cost to Company
Land	25,800
Buildings	73,150
Costs Capitalized Subsequent to Acquisition	8,327
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	25,800
Buildings	81,477
Total	107,277
Accumulated Depreciation	$ 4,682
Hotel in Duck Key, FL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Duck Key, FL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 90,000
Initial Cost to Company
Land	0
Buildings	132,198
Costs Capitalized Subsequent to Acquisition	17,007
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	149,205
Total	149,205
Accumulated Depreciation	$ 8,021
Hotel in Chicago, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Chicago, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 56,500
Initial Cost to Company
Land	9,100
Buildings	73,700
Costs Capitalized Subsequent to Acquisition	17
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	9,100
Buildings	73,717
Total	82,817
Accumulated Depreciation	$ 3,225
Hotel in Austin, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Austin, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in New York, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 56,000
Initial Cost to Company
Land	0
Buildings	87,438
Costs Capitalized Subsequent to Acquisition	86
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	87,524
Total	87,524
Accumulated Depreciation	$ 3,499
Hotel in New York, NY | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in New York, NY | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 67,000
Initial Cost to Company
Land	18,210
Buildings	78,703
Costs Capitalized Subsequent to Acquisition	167
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	18,210
Buildings	78,870
Total	97,080
Accumulated Depreciation	$ 3,147
Hotel in Austin, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Austin, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Boca Raton, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 41,000
Initial Cost to Company
Land	11,500
Buildings	46,149
Costs Capitalized Subsequent to Acquisition	3,731
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	11,500
Buildings	49,880
Total	61,380
Accumulated Depreciation	$ 1,797
Hotel in Boca Raton, FL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Boca Raton, FL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 53,000
Initial Cost to Company
Land	5,662
Buildings	71,598
Costs Capitalized Subsequent to Acquisition	26
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	5,662
Buildings	71,624
Total	77,286
Accumulated Depreciation	$ 2,741
Hotel in Denver, CO | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Denver, CO | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Duck, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,000
Initial Cost to Company
Land	9,800
Buildings	23,677
Costs Capitalized Subsequent to Acquisition	4,839
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	9,800
Buildings	28,516
Total	38,316
Accumulated Depreciation	$ 1,005
Hotel in Duck, NC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Duck, NC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,850
Initial Cost to Company
Land	4,300
Buildings	17,753
Costs Capitalized Subsequent to Acquisition	3
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	4,300
Buildings	17,756
Total	22,056
Accumulated Depreciation	$ 518
Hotel in Savannah, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Savannah, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Kansas City, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38,500
Initial Cost to Company
Land	5,100
Buildings	48,748
Costs Capitalized Subsequent to Acquisition	44
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	5,100
Buildings	48,792
Total	53,892
Accumulated Depreciation	$ 1,367
Hotel in Kansas City, MO | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Kansas City, MO | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Minneapolis, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43,500
Initial Cost to Company
Land	6,405
Buildings	57,105
Costs Capitalized Subsequent to Acquisition	26
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	6,405
Buildings	57,131
Total	63,536
Accumulated Depreciation	$ 1,272
Hotel in Minneapolis, MN | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Minneapolis, MN | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Pasadena, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 88,500
Initial Cost to Company
Land	22,785
Buildings	112,215
Costs Capitalized Subsequent to Acquisition	4
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	22,785
Buildings	112,219
Total	135,004
Accumulated Depreciation	$ 2,222
Hotel in Pasadena, CA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Pasadena, CA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Atlanta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38,000
Initial Cost to Company
Land	5,700
Buildings	47,680
Costs Capitalized Subsequent to Acquisition	30
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	5,700
Buildings	47,710
Total	53,410
Accumulated Depreciation	$ 809
Hotel in Atlanta, GA | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Atlanta, GA | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Key Biscayne, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 169,371
Initial Cost to Company
Land	117,200
Buildings	154,182
Costs Capitalized Subsequent to Acquisition	518
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	117,200
Buildings	154,700
Total	271,900
Accumulated Depreciation	$ 2,313
Hotel in Key Biscayne, FL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Key Biscayne, FL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Fort Lauderdale, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 70,000
Initial Cost to Company
Land	22,100
Buildings	74,422
Costs Capitalized Subsequent to Acquisition	6,078
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	22,100
Buildings	80,500
Total	102,600
Accumulated Depreciation	$ 1,052
Hotel in Fort Lauderdale, FL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Fort Lauderdale, FL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hotel in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,800
Initial Cost to Company
Land	9,400
Buildings	57,989
Costs Capitalized Subsequent to Acquisition	0
Decrease In Net Investments (b)	0
Gross Amount at which Carried at Close of Period
Land	9,400
Buildings	57,989
Total	67,389
Accumulated Depreciation	$ 167
Hotel in Dallas, TX | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hotel in Dallas, TX | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years

Schedule III - Real Estate an82

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Operating Real Estate
Beginning balance	$ 1,463,391	$ 821,551	$ 133,010
Additions	687,183	632,046	682,376
Improvements	41,264	9,794	6,165
Impairment charge	(6,143)	0	0
Disposition	(120,786)	0	0
Ending balance	2,064,909	1,463,391	821,551
Reconciliation of Accumulated Depreciation for Operating Real Estate
Beginning balance	35,846	10,550	839
Depreciation expense	41,056	25,296	9,711
Disposition	(824)	0	0
Ending balance	$ 76,078	$ 35,846	$ 10,550