Carey Watermark Investors 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,430,259
Entity Registrant Name	Carey Watermark Investors Inc
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		134,627,177

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments in real estate:
Hotels, at cost (inclusive of $530,666 and $525,635, respectively, attributable to variable interest entities, or VIEs)	$ 2,302,010	$ 2,208,941
Accumulated depreciation (inclusive of $19,298 and $15,341, respectively, attributable to VIEs)	(134,844)	(115,639)
Net investments in hotels	2,167,166	2,093,302
Equity investments in real estate	80,481	79,901
Cash (inclusive of $13,020 and $15,069, respectively, attributable to VIEs)	77,881	83,112
Intangible assets, net (inclusive of $40,052 and $40,252, respectively, attributable to VIEs)	81,434	81,877
Accounts receivable (inclusive of $15,719 and $7,078, respectively, attributable to VIEs)	29,195	19,790
Restricted cash (inclusive of $7,389 and $11,934, respectively, attributable to VIEs)	60,651	63,727
Other assets (inclusive of $4,663 and $4,901, respectively, attributable to VIEs)	26,061	30,050
Total assets	2,522,869	2,451,759
Liabilities:
Non-recourse debt, net (inclusive of $318,333 and $318,936, respectively, attributable to VIEs)	1,434,566	1,350,835
Long-term Line of Credit	35,000	20,000
Accounts payable, accrued expenses and other liabilities (inclusive of $31,049 and $29,437, respectively, attributable to VIEs)	116,477	103,464
Due to related parties and affiliates	3,991	3,104
Distributions payable	19,027	18,909
Total liabilities	$ 1,609,061	$ 1,496,312
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 133,520,416 and 132,686,254 shares, respectively, issued and outstanding	$ 134	$ 134
Additional paid-in capital	1,105,362	1,112,640
Distributions and accumulated losses	(271,322)	(241,379)
Accumulated other comprehensive loss	(2,352)	(885)
Total CWI stockholders’ equity	831,822	870,510
Noncontrolling interests	81,986	84,937
Total equity	913,808	955,447
Total liabilities and equity	$ 2,522,869	$ 2,451,759

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Hotels, at cost	$ 2,302,010	$ 2,208,941
Accumulated depreciation	134,844	115,639
Cash	77,881	83,112
Intangible assets, net	81,434	81,877
Accounts receivable	29,195	19,790
Restricted cash	60,651	63,727
Other assets	26,061	30,050
Liabilities:
Carrying value of mortgage	1,434,566	1,350,835
Accounts payable	$ 116,477	$ 103,464
Equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	133,520,416	132,686,254
Variable Interest Entity
Assets
Hotels, at cost	$ 530,666	$ 525,635
Accumulated depreciation	19,298	15,341
Cash	13,020	15,069
Intangible assets, net	40,052	40,252
Accounts receivable	15,719	7,078
Restricted cash	7,389	11,934
Other assets	4,663	4,901
Liabilities:
Carrying value of mortgage	318,333	318,936
Accounts payable	$ 31,049	$ 29,437

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Hotel Revenues
Rooms	$ 106,109	$ 76,107
Food and beverage	37,000	23,832
Other operating revenue	12,250	9,848
Total Hotel Revenues	155,359	109,787
Hotel Expenses
Rooms	22,578	17,191
Food and beverage	26,690	17,027
Other hotel operating expenses	7,021	5,279
Sales and marketing	14,948	11,585
General and administrative	13,544	9,606
Property taxes, insurance, rent and other	17,508	11,530
Repairs and maintenance	5,120	4,489
Utilities	3,874	3,378
Management fees	5,525	2,628
Depreciation and amortization	19,600	14,300
Total Hotel Expenses	136,408	97,013
Other Operating Expense
Asset management fees to affiliate and other expenses	3,772	2,569
Acquisition-related expenses	3,727	6,388
Corporate general and administrative expenses	3,394	2,986
Total Other Operating Expenses	10,893	11,943
Operating Income	8,058	831
Other Income and (Expenses)
Interest expense	(16,017)	(11,495)
Equity in earnings of equity method investments in real estate	2,302	660
Loss on extinguishment of debt (Note 9)	(1,064)	(147)
Other income	5	11
Other (Expenses) and Income, Total	(14,774)	(10,971)
Loss from Operations Before Income Taxes	(6,716)	(10,140)
Benefit from (provision for) income taxes	1,171	(1,011)
Net Loss	(5,545)	(11,151)
Income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $2,507 and $1,847, respectively)	(5,371)	(803)
Net Loss Attributable to CWI Stockholders	$ (10,916)	$ (11,954)
Basic and Diluted Loss Per Share (usd per share)	$ (0.08)	$ (0.09)
Basic and Diluted Weighted-Average Shares Outstanding (shares)	133,622,187	129,842,946
Distributions declared (per share)	$ 0.1425	$ 0.1375

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Available Cash Distributions	$ 2,507	$ 1,847

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statements of Comprehensive Loss
Net Loss	$ (5,545)	$ (11,151)
Other Comprehensive Loss
Other comprehensive loss before reclassifications — unrealized loss on derivative instruments	(1,298)	(1,731)
Comprehensive Loss	(6,458)	(12,346)
Amounts Attributable to Noncontrolling Interests
Net income	(5,371)	(803)
Change in unrealized loss on derivative instruments	369	310
Comprehensive income attributable to noncontrolling interests	(5,002)	(493)
Comprehensive Loss Attributable to CWI Stockholders	(11,460)	(12,839)
Interest expense
Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive (loss) income	275	404
Net (loss) income from equity investments
Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive (loss) income	$ 110	$ 132

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Total CWI 1 Stockholders	Noncontrolling Interest
Beginning equity balance, value at Dec. 31, 2014	$ 946,945	$ 129	$ 1,075,768	$ (142,123)	$ (517)	$ 933,257	$ 13,688
Beginning equity balance, shares at Dec. 31, 2014		129,083,977
Stockholders' Equity
Net Loss	(11,151)			(11,954)		(11,954)	803
Shares issued net of offering costs, value	9,027	$ 1	9,026			9,027
Shares issued, net of offering costs, shares		935,081
Distributions to noncontrolling interests	(2,331)						(2,331)
Shares issued to affiliates - value	994		994			994
Shares issued to affiliates - shares		96,469
Shares issued under share incentive plans - value	73		73			73
Distributions declared, value	(17,853)			(17,853)		(17,853)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	(1,195)				(885)	(885)	(310)
Repurchase of shares, value	(1,717)		(1,717)			(1,717)
Repurchase of shares, shares		(174,339)
Ending equity balance, value at Mar. 31, 2015	922,792	$ 130	1,084,144	(171,930)	(1,402)	910,942	11,850
Ending equity balance, shares at Mar. 31, 2015		129,941,188
Beginning equity balance, value at Dec. 31, 2015	$ 955,447	$ 134	1,112,640	(241,379)	(885)	870,510	84,937
Beginning equity balance, shares at Dec. 31, 2015	132,686,254	132,686,254
Stockholders' Equity
Net Loss	$ (5,545)			(10,916)		(10,916)	5,371
Shares issued net of offering costs, value	11,637	$ 1	11,636			11,637
Shares issued, net of offering costs, shares		1,129,614
Distributions to noncontrolling interests	(3,779)						(3,779)
Shares issued under share incentive plans - value	93		93			93
Purchase of membership interest from noncontrolling interest	(21,121)		(16,024)		(923)	(16,947)	(4,174)
Distributions declared, value	(19,027)			(19,027)		(19,027)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	(913)				(544)	(544)	(369)
Repurchase of shares, value	(2,984)	$ (1)	(2,983)			(2,984)
Repurchase of shares, shares		(295,452)
Ending equity balance, value at Mar. 31, 2016	$ 913,808	$ 134	$ 1,105,362	$ (271,322)	$ (2,352)	$ 831,822	$ 81,986
Ending equity balance, shares at Mar. 31, 2016	133,520,416	133,520,416

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)	$ 0.1425	$ 0.1375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows - Operating Activities
Net Loss	$ (5,545)	$ (11,151)
Adjustments to net loss:
Depreciation and amortization	19,600	14,300
Equity in earnings of equity method investments in real estate in excess of distributions received	(1,658)	(533)
Straight-line rent adjustments	1,324	1,342
Loss on extinguishment of debt (Note 9)	668	15
Amortization of stock-based compensation expense	93	73
Amortization of deferred financing costs, fair market value of debt, ground lease intangible and other	(66)	504
Net changes in other operating assets and liabilities	(1,489)	2,593
Receipt of key money and other deferred incentive payments	1,050	2,713
Increase in due to related parties and affiliates	56	6,074
Net Cash Provided by Operating Activities	14,033	15,930
Cash Flows - Investing Activities
Acquisitions of hotels	(74,224)	(207,914)
Funds released from escrow	39,621	19,889
Funds placed in escrow	(36,545)	(16,661)
Capital expenditures	(18,984)	(13,698)
Deposits released for hotel investments	5,718	0
Distributions received from equity investments in excess of equity income	999	282
Deposits for hotel investments	0	(2,100)
Net Cash Used in Investing Activities	(83,415)	(220,202)
Cash Flows - Financing Activities
Proceeds from mortgage financing	210,500	55,500
Scheduled payments and prepayments of mortgage principal	124,440	10,399
Proceeds from Senior Credit Facility	30,000	0
Purchase of membership interest from noncontrolling interest (Note 11)	(21,121)	0
Distributions paid	(18,909)	(14,859)
Repayment of Senior Credit Facility	(15,000)	0
Proceeds from issuance of shares, net of offering costs	11,635	8,772
Distributions to noncontrolling interests	(3,779)	(2,331)
Repurchase of shares	(2,984)	(1,717)
Deferred financing costs	(2,306)	(558)
Deposits released for mortgage financing	1,850	0
Termination of interest rate swap	(1,221)	0
Purchase of interest rate caps	(74)	(35)
Deposits for mortgage financing	0	(1,914)
Net Cash Provided by Financing Activities	64,151	32,459
Change in Cash During the Period
Net decrease in cash	(5,231)	(171,813)
Cash, beginning of period	83,112	330,811
Cash, end of period	$ 77,881	$ 158,998

Business

Business	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Organization Carey Watermark Investors Incorporated, or CWI or CWI 1, and, together with its consolidated subsidiaries, we, us, or our, 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 35 hotels at March 31, 2016 . See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 — Portfolio Overview for a complete listing of the hotels that we consolidate, or our Consolidated Hotels, and the hotels that we record as equity investments, or our Unconsolidated Hotels, at March 31, 2016 . 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 March 31, 2016 , we also received $89.9 million through our distribution reinvestment plan, or DRIP. We have fully invested the proceeds from both our initial public offering and follow-on offering.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2015 , which are included in our 2015 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. 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. On January 1, 2016, we adopted the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Update, or ASU, 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , as described in the Recent Accounting Pronouncements section below, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. 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 are 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 the 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. Limited partnerships and other similar entities which operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual 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 the 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 or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed this analysis on all of our subsidiary entities following the guidance in ASU 2015-02 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, at March 31, 2016, we considered five entities VIEs, four of which we consolidate and one of which we account for as an equity investment, and have reflected the assets and liabilities of these consolidated VIEs parenthetically on our consolidated balance sheets. As part of this assessment, we determined that five entities that were previously classified as voting interest entities should now be classified as VIEs as of January 1, 2016 and therefore included in our VIE disclosure. However, there was no change in determining whether or not we consolidate these entities as a result of the new guidance. We elected to retrospectively adopt ASU 2015-02 which resulted in changes to our VIE disclosures within the consolidated balance sheets. There were no other changes to our consolidated balance sheets or results of operations for the period presented. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. 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 shares 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 in our consolidated balance sheets. We repurchased 174,339 shares during the three months ended March 31, 2015. 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 correction eliminates Treasury stock of $4.7 million as of March 31, 2015 and results in a corresponding reduction of Additional paid-in capital, but has no impact on total equity within the consolidated balance sheet as of March 31, 2015 and consolidated statement of equity for the three months ended March 31, 2015. The accompanying consolidated statement of equity for the three months ended March 31, 2015 has been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended June 30, 2015 and September 30, 2015, as those financial statements are presented in future filings. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. On January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) as described in the Recent Accounting Pronouncements section below. ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result of adopting this guidance, we reclassified $8.6 million of deferred financing costs, net from Other assets to Non-recourse debt, net as of December 31, 2015. Recent Accounting Pronouncements In May 2014, the FASB issued 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 FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, 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. In February 2015 , the FASB issued ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 amends the current consolidation guidance, including modification of the guidance for evaluating whether limited partnerships and similar legal entities are VIEs or voting interest entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, 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. Refer to the discussion in the Basis of Consolidation section above. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset, and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. 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 and retrospective application is required. We adopted ASU 2015-03 on January 1, 2016 and have disclosed the reclassification of our debt issuance costs in the Reclassifications section above. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively. Instead, an acquirer will recognize a measurement period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 is effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final lease standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) : Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. ASU 2016-05 clarifies that a change in counterparty to a derivative contract in and of itself, does not require the dedesignation of a hedging relationship. ASU 2016-05 is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted and entities have the option of adopting this guidance on a prospective basis to new derivative contracts or on a modified retrospective basis. We elected to early adopt ASU 2-16-05 on January 1, 2016 on a prospective basis and there was no impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323). ASU 2016-07 simplifies the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead, the equity method of accounting will be applied prospectively from the date significant influence is obtained. The new standard should be applied prospectively for investments that qualify for the equity method of accounting in interim and annual periods beginning after December 15, 2016. Early adoption is permitted and we elected to early adopt this standard as of January 1, 2016. The adoption of this standard had no impact on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2016
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): Three Months Ended March 31, 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,470 $ 2,553 Available Cash Distributions 2,507 1,847 Acquisition fees 2,158 5,682 Personnel and overhead reimbursements 1,975 1,848 $ 10,110 $ 11,930 Other Transaction Fees Incurred Advisor fee for purchase of membership interest ( Note 11 ) $ 527 $ — Capitalized loan refinancing fee 500 — $ 1,027 $ — The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2016 December 31, 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,799 $ 1,605 Other amounts due to our Advisor 1,680 1,105 Due to CWI 2 399 — Due to joint venture partners and other 113 394 $ 3,991 $ 3,104 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. We paid our asset management fees in cash for both the three months ended March 31, 2016 and 2015 . For the three months ended March 31, 2015 , $1.0 million in asset management fees were settled in shares of our common stock, which related to fees incurred during the fourth quarter of 2014. At March 31, 2016 , our Advisor owned 1,501,028 shares ( 1.1% ) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other expenses in the consolidated financial statements. No disposition fees were recognized during the three months ended March 31, 2016 and 2015 . 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. Acquisition Fees to our Advisor 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. Personnel and Overhead Reimbursements/Reimbursable Costs 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. Pursuant to the subadvisory agreement, after we reimburse our Advisor, the Advisor will subsequently reimburse the Subadvisor for personnel costs and other charges, including the services of our chief executive officer, subject to the approval of our board of directors. We have also granted restricted stock units to employees of the Subadvisor pursuant to our 2010 Equity Incentive Plan. 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 both the three months ended March 31, 2016 and 2015 . For the three months ended March 31, 2015 , less than $0.1 million in reimbursements were settled in shares, all of which related to reimbursements for costs incurred during the fourth quarter of 2014. Other Amounts Due to Our Advisor This balance primarily represents asset management fees payable at March 31, 2016 and December 31, 2015. At March 31, 2016, this balance also included $0.5 million for the Hawks Cay Resort mortgage loan refinancing fee due to the Advisor. 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. Jointly-Owned Investments and Other Transactions with Affiliates At March 31, 2016 , 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. CWI 2 is a publicly-owned, non-listed REIT that is also advised by our Advisor and invests in lodging and lodging-related properties.

Net Investment in Hotels

Net Investment in Hotels	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Buildings $ 1,688,982 $ 1,629,741 Land 386,512 371,712 Furniture, fixtures and equipment 123,537 121,722 Building and site improvements 64,145 63,456 Construction in progress 38,834 22,310 Hotels, at cost 2,302,010 2,208,941 Less: Accumulated depreciation (134,844 ) (115,639 ) Net investments in hotels $ 2,167,166 $ 2,093,302 2016 Acquisition During the three months ended March 31, 2016 , we acquired one Consolidated Hotel, the Equinox, a Luxury Collection Golf Resort & Spa, or Equinox, which we refer to as our 2016 Acquisition and includes real estate and other hotel assets, net of assumed liabilities, totaling $74.2 million . In connection with this acquisition, we expensed acquisition costs of $4.0 million (of which $3.7 million was expensed during the three months ended March 31, 2016 and $0.3 million was expensed during the year ended December 31, 2015), including acquisition fees of $2.2 million paid to our Advisor. See Note 9 for information about mortgage financing obtained in connection with this acquisition and Note 10 for information about planned renovations on this hotel. The following tables present a summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition, and revenues and earnings thereon, since date of acquisition through March 31, 2016 (in thousands): Equinox (a) Acquisition date February 17, 2016 Cash consideration $ 74,224 Assets acquired at fair value: Land 14,800 Building and site improvements 58,396 Furniture, fixtures and equipment 1,100 Accounts receivable 534 Other assets 854 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (1,460 ) Net assets acquired at fair value $ 74,224 From Acquisition date through March 31, 2016 Revenues $ 1,289 Net loss $ (115 ) ___________ (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. Construction in Progress At March 31, 2016 and December 31, 2015 , construction in progress, recorded at cost, was $38.8 million and $22.3 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 both March 31, 2016 and December 31, 2015 ( Note 10 ). We capitalize interest expense and certain other costs, such as property taxes, property insurance and hotel incremental labor costs, related to hotels undergoing major renovations. We capitalized $0.3 million and $1.0 million of such costs during the three months ended March 31, 2016 and 2015 , respectively. During the three months ended March 31, 2016 and 2015 , accrued capital expenditures decreased by $1.1 million and increased by $2.2 million , respectively, representing non-cash investing activity.

Equity Investment in Real Estat

Equity Investment in Real Estate	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At March 31, 2016 , 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. 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 March 31, 2016 Carrying Value at March 31, 2016 December 31, 2015 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 721 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,109 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 33,794 32,668 Ritz-Carlton Philadelphia Venture (e) PA 299 60% 38,327 5/15/2015 Full-service Planned Future 38,857 38,325 1,436 $ 98,255 $ 80,481 $ 79,901 ___________ (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 $1.2 million from this investment during the three months ended March 31, 2016 . (c) We received cash distributions of $0.3 million from this investment during the three months ended March 31, 2016 . (d) This investment is considered a VIE ( Note 2 ). (e) We received cash distributions of $0.1 million from this investment during the three months ended March 31, 2016 . The following table sets forth our share of equity in earnings from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Venture 2016 2015 Marriott Sawgrass Golf Resort & Spa Venture $ 1,126 $ — Ritz-Carlton Philadelphia Venture 644 — Westin Atlanta Venture 292 (175 ) Hyatt French Quarter Venture 240 835 Total equity in earnings of equity method investments in real estate $ 2,302 $ 660 No other-than-temporary impairment charges related to our investments in these ventures were recognized during either the three months ended March 31, 2016 or 2015 . At both March 31, 2016 and December 31, 2015, the unamortized basis differences on our equity investments were $3.5 million . Net amortization of the basis differences reduced the carrying values of our equity investments by $0.1 million and less than $0.1 million for the three months ended March 31, 2016 and 2015 , respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	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): March 31, 2016 December 31, 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Carrying Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (2,382 ) $ 70,018 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,655 (384 ) 11,271 11,655 (337 ) 11,318 In-place leases 2 – 21 317 (172 ) 145 317 (153 ) 164 Total intangible assets, net $ 84,372 $ (2,938 ) $ 81,434 $ 84,372 $ (2,495 ) $ 81,877 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 46 $ (2,054 ) $ (2,100 ) $ 39 $ (2,061 ) Net amortization of intangibles was $0.4 million and $0.2 million for the three months ended March 31, 2016 and 2015 , respectively. Amortization of in-place lease intangibles and the villa/condo rental programs is included in Depreciation and amortization, and amortization of hotel parking garage lease, below-market hotel ground lease and above-market hotel ground lease intangibles is included in Property taxes, insurance, rent and other in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps and caps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market ( Note 8 ). We did not have any transfers into or out of Level 1, Level 2 and Level 3 measurements during the three months ended March 31, 2016 or 2015 . 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, net, which we have classified as Level 3, had a carrying value of $1.4 billion at both March 31, 2016 and December 31, 2015 , and an estimated fair value of $1.5 billion and $1.4 billion at March 31, 2016 and December 31, 2015 , respectively. We determined the estimated fair value using a discounted cash flow model with rates that take into account the interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at both March 31, 2016 and December 31, 2015 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 our Senior Credit Facility ( Note 9 ), at March 31, 2016 . 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 as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Interest rate swaps Other assets $ — $ 109 $ — $ — Interest rate caps Other assets 86 117 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (209 ) (716 ) $ 86 $ 226 $ (209 ) $ (716 ) All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis in our consolidated financial statements. At both March 31, 2016 and December 31, 2015 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized losses of $1.3 million and $1.7 million in Other comprehensive loss on derivatives in connection with our interest rate swaps during the three months ended March 31, 2016 and 2015 , respectively. We reclassified losses of $0.3 million and $0.4 million from Other comprehensive loss on derivatives into interest expense during the three months ended March 31, 2016 and 2015 , respectively. Amounts reported in Other comprehensive loss related to interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. At March 31, 2016 , we estimated that an additional $0.9 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 March 31, 2016 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 March 31, 2016 Interest rate swaps 2 $ 69,570 $ (209 ) Interest rate caps 8 304,750 86 $ (123 ) 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 March 31, 2016 . At March 31, 2016 , our total credit exposure was $0.1 million and the maximum exposure to any single counterparty was less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2016 , 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 $0.2 million and $0.8 million at March 31, 2016 and December 31, 2015 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at either March 31, 2016 or December 31, 2015 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.2 million and $0.8 million , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date March 31, 2016 December 31, 2015 Courtyard Pittsburgh Shadyside (a) (b) 4.09% Variable 3/2017 19,941 20,126 Ritz-Carlton Key Biscayne (c) 6.09% Fixed 6/2017 167,748 168,503 Sanderling Resort (a) (d) 4.94% Variable 10/2017 21,807 21,777 Courtyard San Diego Mission Valley (a) (d) 4.60% Variable 12/2017 48,883 49,126 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 20,795 20,926 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 12,901 12,974 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 8,904 8,953 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,719 8,768 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,293 9,345 Hampton Inn Boston Braintree (a) (d) 3.44% Variable 3/2018 11,836 11,815 Lake Arrowhead Resort and Spa (a) (d) 2.69% Variable 6/2018 14,714 14,681 Ritz-Carlton Fort Lauderdale (a) (d) (e) 2.84% 7.67% Variable 7/2018 68,941 68,824 Sheraton Austin Hotel at the Capitol 3.96% Fixed 6/2019 66,818 66,803 Marriott Boca Raton at Boca Center (a) 3.69% Variable 7/2019 40,605 40,574 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,506 10,540 Staybridge Suites Savannah Historic District 4.70% Fixed 11/2019 14,734 14,726 Hawks Cay Resort (a) (d) (f) 3.44% Variable 3/2020 98,041 78,591 Hutton Hotel Nashville 5.25% Fixed 7/2020 43,838 43,828 Le Méridien Dallas, The Stoneleigh (a) 3.69% Variable 12/2020 44,405 44,384 Renaissance Chicago Downtown 4.71% Fixed 1/2021 89,719 89,704 Equinox (g) 4.51% Fixed 3/2021 46,105 — Courtyard Times Square West 4.62% Fixed 6/2021 55,311 55,506 Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 3.80% Fixed 7/2021 52,810 52,801 Marriott Kansas City Country Club Plaza 4.42% Fixed 12/2021 38,346 38,339 Westin Minneapolis 3.63% Fixed 3/2022 43,268 43,258 Westin Pasadena 3.83% Fixed 5/2022 88,332 88,325 Hilton Garden Inn/Homewood Suites Atlanta Midtown 3.75% Fixed 5/2022 37,765 37,755 Fairmont Sonoma Mission Inn & Spa (h) 4.36% Fixed 3/2023 63,607 43,748 Holiday Inn Manhattan 6th Avenue Chelsea 4.49% Fixed 6/2023 78,268 78,555 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,271 56,263 Marriott Raleigh City Center (i) 4.61% Fixed 9/2038 51,335 51,317 $ 1,434,566 $ 1,350,835 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 8 ). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2016 after giving effect to a related interest rate cap or swap, when applicable. (b) 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. (c) In connection with our assumption of this loan at the time of acquisition in May 2015, we recorded a fair market value adjustment that resulted in a premium of $7.5 million , which will be amortized over the remaining term of the loan. During the three months ended March 31, 2016 , we recognized interest expense related to the premium of $0.9 million . (d) 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 (e) The debt is comprised of a senior mortgage loan for $49.0 million with an interest rate of 2.84% and a mezzanine loan for $21.0 million with an interest rate of 7.67% . 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. (f) During the first quarter of 2016, we completed a refinancing of this mortgage loan and recognized a loss of $0.7 million on the extinguishment of debt within the consolidated financial statements. (g) This mortgage loan has a five-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (h) During the first quarter of 2016, we completed a refinancing of this mortgage loan and recognized a loss of $0.3 million on the extinguishment of debt within the consolidated financial statements. (i) The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018. Most of our mortgage loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s excess cash flow and would be triggered under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If a provision 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 March 31, 2016 , the minimum debt service coverage ratio for the Renaissance Chicago Downtown was not met, and therefore a cash management agreement was enacted that permits the lender to sweep the hotel’s excess cash flow. Financing Activity During 2016 In connection with our 2016 Acquisition ( Note 4 ), we obtained $46.5 million in non-recourse mortgage financing, with a fixed interest rate of 4.51% and a maturity date of March 1, 2021. We recognized $0.4 million of deferred financing costs related to this loan. During the three months ended March 31, 2016 , we refinanced two non-recourse mortgage loans totaling $123.0 million with new non-recourse mortgage loans totaling $164.0 million , which have a weighted-average interest rate of 3.80% and term of 5.2 years. We recognized a loss on extinguishment of debt totaling $1.0 million on these refinancings. 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 March 31, 2016 , we were in compliance with the applicable covenants for each of our mortgage loans. Senior Credit Facility At December 31, 2015, we had a senior credit facility that provided for a $50.0 million senior unsecured revolving credit facility, or our Senior Credit Facility, inclusive of a $5.0 million letter of credit subfacility, and is used for the working capital needs of the Company and its subsidiaries, as well as for other general corporate purposes. On March 31, 2016, we amended our Senior Credit Facility, which reduced the capacity under the facility from $50.0 million to $35.0 million , and altered certain covenant calculations. As amended, our Senior Credit Facility continues to bear interest at the London Interbank Offered Rate, or LIBOR, plus 2.75% ; however, if at any time the Company’s leverage ratio, as defined in the credit agreement, is greater than 65% , interest on loans under our Senior Credit Facility will increase to LIBOR plus 3.25% . Our Senior Credit Facility is scheduled to mature on December 4, 2017, but may be extended by us for one 12-month period, subject to the satisfaction of certain conditions and an extension fee of 0.25% . At March 31, 2016, the outstanding balance under our Senior Credit Facility was $35.0 million . We pay a fee of 0.25% on the unused portion of our Senior Credit Facility. 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 as outlined in the First Amendment to Credit Agreement. We were in compliance with all applicable covenants at March 31, 2016 . Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2016 , each of the next four calendar years following December 31, 2016 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 5,401 2017 299,657 2018 218,436 2019 144,564 2020 191,852 Thereafter through 2038 615,200 1,475,110 Deferred financing costs (a) (10,015 ) Fair market value adjustment (b) 4,471 Total $ 1,469,566 __________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets to Non-recourse debt, net as of December 31, 2015 ( Note 2 ). (b) Represents the unamortized premium recorded as of March 31, 2016 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	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2016 , 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 March 31, 2016 , 11 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 four will be completed during the first half of 2017. The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): March 31, 2016 December 31, 2015 Capital commitments $ 129,003 $ 114,193 Less: paid (68,632 ) (54,164 ) Unpaid commitments 60,371 60,029 Less: amounts in cash or restricted cash designated for renovations (38,463 ) (48,575 ) Unfunded commitments $ 21,908 $ 11,454 Ground Lease Commitments Three of our hotels are subject to ground leases. Scheduled future minimum ground lease payments during the remainder of 2016 , each of the next four calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 2,336 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,600 Total $ 670,103 For the three months ended March 31, 2016 and 2015 , we recorded rent expense of $0.9 million and $0.8 million , respectively, inclusive of percentage rents of $0.1 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	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	Equity Transfers to Noncontrolling Interests On February 12, 2016, we acquired the remaining 25% interest in the Fairmont Sonoma Mission Inn & Spa Venture from an unaffiliated third party for $20.6 million , bringing our ownership interest to 100% . In connection with this transaction, we also paid a fee to our Advisor of $0.5 million . Our acquisition of the additional interest in the venture is accounted for as an equity transaction, with no gain or loss recognized, and the components of accumulated other comprehensive loss are proportionately reallocated to us from the noncontrolling interest as presented in the consolidated statement of equity. The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): Three Months Ended March 31, 2016 2015 Net loss attributable to CWI stockholders $ (10,916 ) $ (11,954 ) Transfers to noncontrolling interest Decrease in CWI’s additional paid-in capital for purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a) (16,024 ) — Net transfers to noncontrolling interest (16,024 ) — Change from net loss attributable to CWI and transfers to noncontrolling interest $ (26,940 ) $ (11,954 ) ___________ (a) Includes $0.5 million fee paid to our Advisor for the purchase of the remaining interest in the venture. Distributions Declared During the first quarter of 2016, our board of directors declared a quarterly distribution of $ 0.1425 per share, which was paid on April 15, 2016 to stockholders of record on March 31, 2016 , in the aggregate amount of $19.0 million .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP.
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.
Recently Adopted Accounting Policy	On January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) as described in the Recent Accounting Pronouncements section below. ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result of adopting this guidance, we reclassified $8.6 million of deferred financing costs, net from Other assets to Non-recourse debt, net as of December 31, 2015. On January 1, 2016, we adopted the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Update, or ASU, 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , as described in the Recent Accounting Pronouncements section below, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. 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 are 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 the 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. Limited partnerships and other similar entities which operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual 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 the 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 or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed this analysis on all of our subsidiary entities following the guidance in ASU 2015-02 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, at March 31, 2016, we considered five entities VIEs, four of which we consolidate and one of which we account for as an equity investment, and have reflected the assets and liabilities of these consolidated VIEs parenthetically on our consolidated balance sheets. As part of this assessment, we determined that five entities that were previously classified as voting interest entities should now be classified as VIEs as of January 1, 2016 and therefore included in our VIE disclosure. However, there was no change in determining whether or not we consolidate these entities as a result of the new guidance. We elected to retrospectively adopt ASU 2015-02 which resulted in changes to our VIE disclosures within the consolidated balance sheets. There were no other changes to our consolidated balance sheets or results of operations for the period presented.
New Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued 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 FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, 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. In February 2015 , the FASB issued ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 amends the current consolidation guidance, including modification of the guidance for evaluating whether limited partnerships and similar legal entities are VIEs or voting interest entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, 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. Refer to the discussion in the Basis of Consolidation section above. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset, and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. 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 and retrospective application is required. We adopted ASU 2015-03 on January 1, 2016 and have disclosed the reclassification of our debt issuance costs in the Reclassifications section above. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively. Instead, an acquirer will recognize a measurement period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 is effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final lease standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) : Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. ASU 2016-05 clarifies that a change in counterparty to a derivative contract in and of itself, does not require the dedesignation of a hedging relationship. ASU 2016-05 is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted and entities have the option of adopting this guidance on a prospective basis to new derivative contracts or on a modified retrospective basis. We elected to early adopt ASU 2-16-05 on January 1, 2016 on a prospective basis and there was no impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323). ASU 2016-07 simplifies the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead, the equity method of accounting will be applied prospectively from the date significant influence is obtained. The new standard should be applied prospectively for investments that qualify for the equity method of accounting in interim and annual periods beginning after December 15, 2016. Early adoption is permitted and we elected to early adopt this standard as of January 1, 2016. The adoption of this standard had no impact on our consolidated financial statements.
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	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, Amortization of in-place lease intangibles and the villa/condo rental programs is included in Depreciation and amortization, and amortization of hotel parking garage lease, below-market hotel ground lease and above-market hotel ground lease intangibles is included in Property taxes, insurance, rent and other in the consolidated financial statements.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps and caps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market ( Note 8 ).
Derivatives	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

Agreements and Transactions w22

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Summary of fees paid to Related Parties	The following tables present a summary of fees we paid and expenses we reimbursed to our Advisor, Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended March 31, 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,470 $ 2,553 Available Cash Distributions 2,507 1,847 Acquisition fees 2,158 5,682 Personnel and overhead reimbursements 1,975 1,848 $ 10,110 $ 11,930 Other Transaction Fees Incurred Advisor fee for purchase of membership interest ( Note 11 ) $ 527 $ — Capitalized loan refinancing fee 500 — $ 1,027 $ — The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2016 December 31, 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,799 $ 1,605 Other amounts due to our Advisor 1,680 1,105 Due to CWI 2 399 — Due to joint venture partners and other 113 394 $ 3,991 $ 3,104

Net Investment in Hotels (Table

Net Investment in Hotels (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Buildings $ 1,688,982 $ 1,629,741 Land 386,512 371,712 Furniture, fixtures and equipment 123,537 121,722 Building and site improvements 64,145 63,456 Construction in progress 38,834 22,310 Hotels, at cost 2,302,010 2,208,941 Less: Accumulated depreciation (134,844 ) (115,639 ) Net investments in hotels $ 2,167,166 $ 2,093,302
Schedule Net Assets Acquired in Business Combination	(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. The following tables present a summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition, and revenues and earnings thereon, since date of acquisition through March 31, 2016 (in thousands): Equinox (a) Acquisition date February 17, 2016 Cash consideration $ 74,224 Assets acquired at fair value: Land 14,800 Building and site improvements 58,396 Furniture, fixtures and equipment 1,100 Accounts receivable 534 Other assets 854 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (1,460 ) Net assets acquired at fair value $ 74,224
Schedule Of Revenues and Net Income	From Acquisition date through March 31, 2016 Revenues $ 1,289 Net loss $ (115 )

Equity Investment in Real Est24

Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule Equity Method Investments	The following table sets forth our share of equity in earnings from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Venture 2016 2015 Marriott Sawgrass Golf Resort & Spa Venture $ 1,126 $ — Ritz-Carlton Philadelphia Venture 644 — Westin Atlanta Venture 292 (175 ) Hyatt French Quarter Venture 240 835 Total equity in earnings of equity method investments in real estate $ 2,302 $ 660 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 March 31, 2016 Carrying Value at March 31, 2016 December 31, 2015 Unconsolidated Hotels Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 721 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 7,109 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) FL 511 50% 33,758 10/3/2014 Resort In progress 33,794 32,668 Ritz-Carlton Philadelphia Venture (e) PA 299 60% 38,327 5/15/2015 Full-service Planned Future 38,857 38,325 1,436 $ 98,255 $ 80,481 $ 79,901 ___________ (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 $1.2 million from this investment during the three months ended March 31, 2016 . (c) We received cash distributions of $0.3 million from this investment during the three months ended March 31, 2016 . (d) This investment is considered a VIE ( Note 2 ). (e) We received cash distributions of $0.1 million from this investment during the three months ended March 31, 2016 .

Intangible Assets and Liabili25

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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): March 31, 2016 December 31, 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Carrying Amortizable Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (2,382 ) $ 70,018 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 9.6 - 92.5 11,655 (384 ) 11,271 11,655 (337 ) 11,318 In-place leases 2 – 21 317 (172 ) 145 317 (153 ) 164 Total intangible assets, net $ 84,372 $ (2,938 ) $ 81,434 $ 84,372 $ (2,495 ) $ 81,877 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 46 $ (2,054 ) $ (2,100 ) $ 39 $ (2,061 )

Risk Management and Use of De26

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Interest rate swaps Other assets $ — $ 109 $ — $ — Interest rate caps Other assets 86 117 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (209 ) (716 ) $ 86 $ 226 $ (209 ) $ (716 )
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at March 31, 2016 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 March 31, 2016 Interest rate swaps 2 $ 69,570 $ (209 ) Interest rate caps 8 304,750 86 $ (123 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date March 31, 2016 December 31, 2015 Courtyard Pittsburgh Shadyside (a) (b) 4.09% Variable 3/2017 19,941 20,126 Ritz-Carlton Key Biscayne (c) 6.09% Fixed 6/2017 167,748 168,503 Sanderling Resort (a) (d) 4.94% Variable 10/2017 21,807 21,777 Courtyard San Diego Mission Valley (a) (d) 4.60% Variable 12/2017 48,883 49,126 Hampton Inn Memphis Beale Street 4.07% Fixed 3/2018 20,795 20,926 Hampton Inn Atlanta Downtown 4.12% Fixed 3/2018 12,901 12,974 Hampton Inn Birmingham Colonnade 4.12% Fixed 3/2018 8,904 8,953 Hampton Inn Frisco Legacy Park 4.12% Fixed 3/2018 8,719 8,768 Hilton Garden Inn Baton Rouge Airport 4.12% Fixed 3/2018 9,293 9,345 Hampton Inn Boston Braintree (a) (d) 3.44% Variable 3/2018 11,836 11,815 Lake Arrowhead Resort and Spa (a) (d) 2.69% Variable 6/2018 14,714 14,681 Ritz-Carlton Fort Lauderdale (a) (d) (e) 2.84% 7.67% Variable 7/2018 68,941 68,824 Sheraton Austin Hotel at the Capitol 3.96% Fixed 6/2019 66,818 66,803 Marriott Boca Raton at Boca Center (a) 3.69% Variable 7/2019 40,605 40,574 Hilton Garden Inn New Orleans French Quarter/CBD 5.30% Fixed 7/2019 10,506 10,540 Staybridge Suites Savannah Historic District 4.70% Fixed 11/2019 14,734 14,726 Hawks Cay Resort (a) (d) (f) 3.44% Variable 3/2020 98,041 78,591 Hutton Hotel Nashville 5.25% Fixed 7/2020 43,838 43,828 Le Méridien Dallas, The Stoneleigh (a) 3.69% Variable 12/2020 44,405 44,384 Renaissance Chicago Downtown 4.71% Fixed 1/2021 89,719 89,704 Equinox (g) 4.51% Fixed 3/2021 46,105 — Courtyard Times Square West 4.62% Fixed 6/2021 55,311 55,506 Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 3.80% Fixed 7/2021 52,810 52,801 Marriott Kansas City Country Club Plaza 4.42% Fixed 12/2021 38,346 38,339 Westin Minneapolis 3.63% Fixed 3/2022 43,268 43,258 Westin Pasadena 3.83% Fixed 5/2022 88,332 88,325 Hilton Garden Inn/Homewood Suites Atlanta Midtown 3.75% Fixed 5/2022 37,765 37,755 Fairmont Sonoma Mission Inn & Spa (h) 4.36% Fixed 3/2023 63,607 43,748 Holiday Inn Manhattan 6th Avenue Chelsea 4.49% Fixed 6/2023 78,268 78,555 Hyatt Place Austin Downtown 4.88% Fixed 4/2024 56,271 56,263 Marriott Raleigh City Center (i) 4.61% Fixed 9/2038 51,335 51,317 $ 1,434,566 $ 1,350,835 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 8 ). The interest rates presented for these mortgage loans reflect the rate in effect at March 31, 2016 after giving effect to a related interest rate cap or swap, when applicable. (b) 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. (c) In connection with our assumption of this loan at the time of acquisition in May 2015, we recorded a fair market value adjustment that resulted in a premium of $7.5 million , which will be amortized over the remaining term of the loan. During the three months ended March 31, 2016 , we recognized interest expense related to the premium of $0.9 million . (d) 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 (e) The debt is comprised of a senior mortgage loan for $49.0 million with an interest rate of 2.84% and a mezzanine loan for $21.0 million with an interest rate of 7.67% . 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. (f) During the first quarter of 2016, we completed a refinancing of this mortgage loan and recognized a loss of $0.7 million on the extinguishment of debt within the consolidated financial statements. (g) This mortgage loan has a five-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (h) During the first quarter of 2016, we completed a refinancing of this mortgage loan and recognized a loss of $0.3 million on the extinguishment of debt within the consolidated financial statements. (i) The mortgage loan includes a call option by the lender, with the earliest repayment date being September 1, 2018.
Debt Maturity Schedule	Scheduled debt principal payments during the remainder of 2016 , each of the next four calendar years following December 31, 2016 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 5,401 2017 299,657 2018 218,436 2019 144,564 2020 191,852 Thereafter through 2038 615,200 1,475,110 Deferred financing costs (a) (10,015 ) Fair market value adjustment (b) 4,471 Total $ 1,469,566 __________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets to Non-recourse debt, net as of December 31, 2015 ( Note 2 ). (b) Represents the unamortized premium recorded as of March 31, 2016 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)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): March 31, 2016 December 31, 2015 Capital commitments $ 129,003 $ 114,193 Less: paid (68,632 ) (54,164 ) Unpaid commitments 60,371 60,029 Less: amounts in cash or restricted cash designated for renovations (38,463 ) (48,575 ) Unfunded commitments $ 21,908 $ 11,454
Schedule of Future Minimum Lease Payments for Leases	Scheduled future minimum ground lease payments during the remainder of 2016 , each of the next four calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 2,336 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,600 Total $ 670,103

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Transfers to Noncontrolling Interests	The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): Three Months Ended March 31, 2016 2015 Net loss attributable to CWI stockholders $ (10,916 ) $ (11,954 ) Transfers to noncontrolling interest Decrease in CWI’s additional paid-in capital for purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a) (16,024 ) — Net transfers to noncontrolling interest (16,024 ) — Change from net loss attributable to CWI and transfers to noncontrolling interest $ (26,940 ) $ (11,954 )

Business (Narratives) (Details)

Business (Narratives) (Details) $ in Millions	12 Months Ended	36 Months Ended	67 Months Ended
	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)	Mar. 31, 2016USD ($)property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital interest ownership in operating partnership			99.985%
Number of properties | property			35
Proceeds from issuance, initial public offering		$ 575.8
Proceeds from follow on offering	$ 577.4
Proceeds from DRIP			$ 89.9

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)vieshares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)
Organization and Offering
Variable interest entities, count | vie	5
Deferred financing costs	$ 10,015
Common Stock
Organization and Offering
Stock repurchased during period, shares | shares	295,452	174,339
Treasury Stock
Organization and Offering
Prior period reclassification adjustment		$ (4,700)
Additional Paid In Capital
Organization and Offering
Prior period reclassification adjustment		$ (4,700)
Accounting Standards Update 2015-02
Organization and Offering
Variable interest entities, count | vie	5
Accounting Standards Update 2015-03 | Other assets
Organization and Offering
Deferred financing costs			$ (8,600)
Accounting Standards Update 2015-03 | Non recourse debt
Organization and Offering
Deferred financing costs			$ 8,600
Consolidated Entities
Organization and Offering
Variable interest entities, count | vie	4
Equity Method Investee
Organization and Offering
Variable interest entities, count | vie	1

Agreements and Transactions w32

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Agreement with Our Advisors and Affiliates
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%
Asset management fees settled In shares, value		$ 1,000
Common stock, shares outstanding	133,520,416		132,686,254
Available Cash Distribution
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
Selling, General and Administrative Expense
Other amounts due to our Advisor	$ 1,680		$ 1,105
Hawks Cay Resort
Selling, General and Administrative Expense
Other amounts due to our Advisor	$ 500
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%

Agreements and Transactions w33

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 3,470	$ 2,553
Available Cash Distributions	2,507	1,847
Acquisition fees	2,158	5,682
Personnel and overhead reimbursements	1,975	1,848
Related party fees included in operating expenses	10,110	11,930
Other Transaction Fees Incurred
Advisor fee for purchase of membership interest (Note 11)	527	0
Capitalized loan refinancing fee	500	0
Other transaction fees incurred	$ 1,027	$ 0

Agreements and Transactions w34

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amounts Due to Related Parties and Affiliates
Reimbursable costs	$ 1,799	$ 1,605
Other amounts due to our Advisor	1,680	1,105
Due to CWI 2	399	0
Due to joint venture partners and other	113	394
Due to affiliates	$ 3,991	$ 3,104

Net Investment in Hotels (Narra

Net Investment in Hotels (Narratives) (Details) - USD ($) $ in Thousands	Feb. 17, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition, Cost of Acquired Entity, Purchase Price
Acquisition-related expenses		$ 3,727	$ 6,388
Real estate under construction		38,834		$ 22,310
Capitalized construction cost		300	1,000
(Decrease) increase in accrued capital expenditures		(1,100)	$ 2,200
Consolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value	$ 74,200
Acquisition-related expenses	$ 4,000	3,700		$ 300
Acquisition fees paid to advisor		$ 2,200

Net Investment in Hotels (Detai

Net Investment in Hotels (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Buildings	$ 1,688,982	$ 1,629,741
Land	386,512	371,712
Furniture, fixtures & equipment	123,537	121,722
Building and site improvements	64,145	63,456
Construction in progress	38,834	22,310
Hotels, at cost	2,302,010	2,208,941
Less: Accumulated depreciation	(134,844)	(115,639)
Net investments in hotels	$ 2,167,166	$ 2,093,302

Net Investment in Hotels (Det37

Net Investment in Hotels (Details 2) - USD ($) $ in Thousands	Feb. 17, 2016	Mar. 31, 2016	Mar. 31, 2015
Acquisition consideration
Cash consideration		$ 74,224	$ 207,914
Consolidated
Liabilities assumed at fair value:
Net assets acquired at fair value	$ 74,200
Consolidated | Equinox
Acquisition consideration
Cash consideration	74,224
Assets acquired at fair value:
Land	14,800
Building and site improvements	58,396
Furniture, fixtures and equipment	1,100
Accounts receivable	534
Other assets	854
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities	(1,460)
Net assets acquired at fair value	$ 74,224

Net Investment in Hotels (Det38

Net Investment in Hotels (Details 3) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Revenue and Earning after acquistion:
Revenues		$ 155,359	$ 109,787
Net income (loss)		$ (5,545)	$ (11,151)
Equinox | Consolidated
Revenue and Earning after acquistion:
Revenues	$ 1,289
Net income (loss)	$ (115)

Equity Investment in Real Est39

Equity Investment in Real Estate (Narratives) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	35
Aggregate unamortized basis difference on equity investments | $	$ 3.5		$ 3.5
Amortization of basis differences | $	$ 0.1	$ 0.1
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	4
Unconsolidated | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	1
Unconsolidated | Third Party
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	3

Equity Investment in Real Est40

Equity Investment in Real Estate (Details 1) $ in Thousands	May. 15, 2015USD ($)	Oct. 03, 2014USD ($)	Oct. 03, 2012USD ($)	Sep. 06, 2011USD ($)	Mar. 31, 2016USD ($)room	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Hotel Details
Carrying Value					$ 80,481		$ 79,901
Distributions from equity method investments (return of capital)					$ 999	$ 282
Unconsolidated
Hotel Details
Rooms | room					1,436
Our investments					$ 98,255
Carrying Value					$ 80,481		79,901
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					$ 721		1,752
Distributions from equity method investments (return of capital)					$ 1,200
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					$ 7,109		7,156
Distributions from equity method investments (return of capital)					$ 300
Marriott Sawgrass Golf Resort & Spa Venture | Unconsolidated
Hotel Details
State					FL
Rooms | room					511
Ownership interest, unconsolidated					50.00%
Our investments		$ 33,758
Acquisition Date					Oct. 3, 2014
Hotel Type					Resort
Carrying Value					$ 33,794		32,668
Ritz-Carlton Philadelphia Venture | Unconsolidated
Hotel Details
State					PA
Rooms | room					299
Ownership interest, unconsolidated					60.00%
Our investments	$ 38,327
Acquisition Date					May 15, 2015
Hotel Type					Full-service
Carrying Value					$ 38,857		$ 38,325
Distributions from equity method investments (return of capital)					$ 100

Equity Investment in Real Est41

Equity Investment in Real Estate (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in earnings of equity method investments in real estate	$ 2,302	$ 660
Marriott Sawgrass Golf Resort & Spa Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in earnings of equity method investments in real estate	1,126	0
Ritz-Carlton Philadelphia Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in earnings of equity method investments in real estate	644	0
Westin Atlanta Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in earnings of equity method investments in real estate	292	(175)
Hyatt French Quarter Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in earnings of equity method investments in real estate	$ 240	$ 835

Intangible Assets and Liabili42

Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 0.4	$ 0.2

Intangible Assets and Liabili43

Intangible Assets and Liabilities (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Amortizable Intangible Assets
Gross Carrying Amount	$ 84,372	$ 84,372
Accumulated Amortization	(2,938)	(2,495)
Net Carrying Amount	$ 81,434	81,877
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	46	39
Finite-lived intangible liabilities, net	(2,054)	(2,061)
Villa/condo rental program
Amortizable Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(2,382)	(2,005)
Net Carrying Amount	$ 70,018	70,395
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	11,655
Accumulated Amortization	(384)	(337)
Net Carrying Amount	$ 11,271	11,318
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	(172)	(153)
Net Carrying Amount	$ 145	$ 164
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	2 years

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) - Level 3 - USD ($) $ in Billions	Mar. 31, 2016	Dec. 31, 2015
Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1.4	$ 1.4
Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1.5	$ 1.4

Risk Management and Use of De45

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Concentration Risk
Collateral posted for derivative positions	$ 0		$ 0
Unrealized loss recognized in OCI	1,298,000	$ 1,731,000
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	900,000
Total credit exposure on derivatives	100,000
Derivatives in net liability position, fair value	200,000		800,000
Potential loss on contract termination for default	200,000		$ 800,000
Noncontrolling Interest
Concentration Risk
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	100,000
Individual Counterparty
Concentration Risk
Total credit exposure on derivatives	100,000
Interest expense
Concentration Risk
Loss reclassified outside of OCI	$ 275,000	$ 404,000

Risk Management and Use of De46

Risk Management and Use of Derivative Financial Instruments (Details 1) - Designated as hedging - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value
Derivative asset, fair value, net	$ 86	$ 226
Derivative liability, fair value, net	(209)	(716)
Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	0	109
Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value, net	(209)	(716)
Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	$ 86	$ 117

Risk Management and Use of De47

Risk Management and Use of Derivative Financial Instruments (Details 2) - Designated as hedging	Mar. 31, 2016USD ($)instrument
Derivative
Fair Value	$ (123,000)
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 69,570,000
Fair Value	$ (209,000)
Interest rate caps | Cash flow hedging
Derivative
Number of Instruments | instrument	8
Notional Amount	$ 304,750,000
Fair Value	$ 86,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)extension	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	May. 31, 2015USD ($)
Mortgage debt
Debt fair market value adjustment	$ 4,471,000
Carrying value of mortgage	$ 1,434,566,000		$ 1,350,835,000
Debt, weighted average interest rate	4.51%
Loss on extinguishment of debt	$ 1,064,000	$ 147,000
Dent instrument face amount	46,500,000
Capitalized financing cost	400,000
Repayments of secured debt	124,440,000	10,399,000
Proceeds from mortgage financing	$ 210,500,000	$ 55,500,000
Debt instrument, term	6 years
Debt instrument covenant compliance	At March 31, 2016 , we were in compliance with the applicable covenants for each of our mortgage loans.
Long-term line of credit	$ 35,000,000		20,000,000
Debt Refinanced
Mortgage debt
Debt, weighted average interest rate	3.80%
Loss on extinguishment of debt	$ 1,000,000
Repayments of secured debt	123,000,000
Proceeds from mortgage financing	$ 164,000,000
Debt instrument, term	5 years 2 months 12 days
Ritz-Carlton Key Biscayne Miami
Mortgage debt
Debt fair market value adjustment				$ 7,500,000
Amortization of debt premium	$ 900,000
Carrying value of mortgage	$ 167,748,000		168,503,000
Debt instrument, maturity date	Jun. 30, 2017
Ritz-Carlton Fort Lauderdale
Mortgage debt
Carrying value of mortgage	$ 68,941,000		68,824,000
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	2.84%
Ritz-Carlton Fort Lauderdale | Mezzanine loan
Mortgage debt
Carrying value of mortgage	$ 21,000,000
Debt, weighted average interest rate	7.67%
Hawks Cay Resort
Mortgage debt
Number of Extension Options | extension	2
Carrying value of mortgage	$ 98,041,000		78,591,000
Loss on extinguishment of debt	$ 700,000
Debt instrument, maturity date	Mar. 31, 2020
Fairmont Sonoma Mission Inn and Spa
Mortgage debt
Carrying value of mortgage	$ 63,607,000		43,748,000
Loss on extinguishment of debt	$ 300,000
Debt instrument, maturity date	Mar. 31, 2023
Revolving Credit Facility | Unsecured Debt
Mortgage debt
Maximum borrowing capacity	$ 35,000,000		50,000,000
Senior credit facility leverage ratio threshold	65.00%
Extension Fee	0.25%
Long-term line of credit	$ 35,000,000
Unused commitment fee percentage	0.25%
Letter of Credit | Unsecured Debt
Mortgage debt
Maximum borrowing capacity			$ 5,000,000
LIBOR | Revolving Credit Facility | Unsecured Debt
Mortgage debt
Debt instrument, basis spread on variable rate	2.75%
LIBOR | Revolving Credit Facility | Unsecured Debt | Event I
Mortgage debt
Debt instrument, basis spread on variable rate	3.25%

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Hotel Details
Carrying value of mortgage	$ 1,434,566	$ 1,350,835
Courtyard Pittsburgh Shadyside
Hotel Details
Effective Interest Rate	4.09%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2017
Carrying value of mortgage	$ 19,941	20,126
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	$ 167,748	168,503
Sanderling Resort
Hotel Details
Effective Interest Rate	4.94%
Rate Type	Variable
Current Maturity Date	Oct. 31, 2017
Carrying value of mortgage	$ 21,807	21,777
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	$ 48,883	49,126
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	$ 20,795	20,926
Hampton Inn Atlanta Downtown
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 12,901	12,974
Hampton Inn Birmingham Colonnade
Hotel Details
Effective Interest Rate	4.12%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 8,904	8,953
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	$ 8,719	8,768
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	$ 9,293	9,345
Hampton Inn Boston Braintree
Hotel Details
Effective Interest Rate	3.44%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2018
Carrying value of mortgage	$ 11,836	11,815
Lake Arrowhead Resort and Spa
Hotel Details
Effective Interest Rate	2.69%
Rate Type	Variable
Current Maturity Date	Jun. 30, 2018
Carrying value of mortgage	$ 14,714	14,681
Ritz-Carlton Fort Lauderdale
Hotel Details
Rate Type	Variable
Current Maturity Date	Jul. 31, 2018
Carrying value of mortgage	$ 68,941	68,824
Ritz-Carlton Fort Lauderdale | Maximum
Hotel Details
Effective Interest Rate	7.67%
Ritz-Carlton Fort Lauderdale | Minimum
Hotel Details
Effective Interest Rate	2.84%
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	$ 66,818	66,803
Marriot Boca Raton at Boca Center
Hotel Details
Effective Interest Rate	3.69%
Rate Type	Variable
Current Maturity Date	Jul. 31, 2019
Carrying value of mortgage	$ 40,605	40,574
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	$ 10,506	10,540
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	$ 14,734	14,726
Hawks Cay Resort
Hotel Details
Effective Interest Rate	3.44%
Rate Type	Variable
Current Maturity Date	Mar. 31, 2020
Carrying value of mortgage	$ 98,041	78,591
Hutton Hotel Nashville
Hotel Details
Effective Interest Rate	5.25%
Rate Type	Fixed
Current Maturity Date	Jul. 31, 2020
Carrying value of mortgage	$ 43,838	43,828
Le Meridien Dallas, The Stoneleigh
Hotel Details
Effective Interest Rate	3.69%
Rate Type	Variable
Current Maturity Date	Dec. 31, 2020
Carrying value of mortgage	$ 44,405	44,384
Renaissance Chicago Downtown Hotel
Hotel Details
Effective Interest Rate	4.71%
Rate Type	Fixed
Current Maturity Date	Jan. 31, 2021
Carrying value of mortgage	$ 89,719	89,704
Equinox
Hotel Details
Effective Interest Rate	4.51%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2021
Carrying value of mortgage	$ 46,105	0
Courtyard Times Square West
Hotel Details
Effective Interest Rate	4.62%
Rate Type	Fixed
Current Maturity Date	Jun. 30, 2021
Carrying value of mortgage	$ 55,311	55,506
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	$ 52,810	52,801
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	$ 38,346	38,339
Westin Minneapolis
Hotel Details
Effective Interest Rate	3.63%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2022
Carrying value of mortgage	$ 43,268	43,258
Westin Pasadena
Hotel Details
Effective Interest Rate	3.83%
Rate Type	Fixed
Current Maturity Date	May 31, 2022
Carrying value of mortgage	$ 88,332	88,325
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	$ 37,765	37,755
Fairmont Sonoma Mission Inn and Spa
Hotel Details
Effective Interest Rate	4.36%
Rate Type	Fixed
Current Maturity Date	Mar. 31, 2023
Carrying value of mortgage	$ 63,607	43,748
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	$ 78,268	78,555
Hyatt Place Austin Downtown
Hotel Details
Effective Interest Rate	4.88%
Rate Type	Fixed
Current Maturity Date	Apr. 30, 2024
Carrying value of mortgage	$ 56,271	56,263
Marriott Raleigh City Center
Hotel Details
Effective Interest Rate	4.61%
Rate Type	Fixed
Current Maturity Date	Sep. 30, 2038
Carrying value of mortgage	$ 51,335	$ 51,317

Debt (Details 2)

Debt (Details 2) $ in Thousands	Mar. 31, 2016USD ($)
Long-term Debt, by Maturity
2016 (remainder)	$ 5,401
2,017	299,657
2,018	218,436
2,019	144,564
2,020	191,852
Thereafter through 2038	615,200
Total Debt	1,475,110
Deferred financing costs	(10,015)
Fair market value adjustment	4,471
Total	$ 1,469,566

Commitments and Contingencies51

Commitments and Contingencies (Narratives) (Details) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2017property	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2016property	Jun. 30, 2016property
Funding Commitments
Properties under renovation | property		11
Rent expense | $		$ 0.9	$ 0.8
Annual Percentage Rent
Funding Commitments
Rent expense | $		$ 0.1	$ 0.1
Forecast
Funding Commitments
Number Of construction projects expected to be completed | property	4			1	6

Commitments and Contingencies52

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Funding Commitments
Capital Commitments	$ 129,003	$ 114,193
Less: Paid	(68,632)	(54,164)
Unpaid commitment	60,371	60,029
Less: Amount Held in Escrow	(38,463)	(48,575)
Unfunded Commitment	$ 21,908	$ 11,454

Commitments and Contingencies53

Commitments and Contingencies (Details 2) $ in Thousands	Mar. 31, 2016USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2016 (remainder)	$ 2,336
2,017	3,181
2,018	3,254
2,019	3,328
2,020	3,404
Thereafter through 2106	654,600
Total	$ 670,103

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Purchase of Additional Interests
Purchase of additional shares		$ 21,121	$ 0
Advisor fee for purchase of membership interest		$ 527	$ 0
Distributions declared (per share)		$ 0.1425	$ 0.1375
Dividend payable, date		Apr. 15, 2016
Distributions payable		$ 19,027		$ 18,909
Fairmont Sonoma Mission Inn and Spa
Purchase of Additional Interests
Increase equity Investment ownership percentage	25.00%
Purchase of additional shares	$ 20,600
Business acquisition, percentage of voting interests acquired	100.00%

Equity Equity (Details)

Equity Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income (Loss) Attributable to Parent	$ (10,916)	$ (11,954)
Transfers to noncontrolling interest
Net transfers to noncontrolling interest	(16,024)	0
Change from net loss attributable to CWI and transfers to noncontrolling interest	(26,940)	(11,954)
Fairmont Sonoma Mission Inn and Spa
Transfers to noncontrolling interest
Net transfers to noncontrolling interest	$ (16,024)	$ 0