Carey Watermark Investors 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Period Focus	Q3
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		135,802,034

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments in real estate:
Hotels, at cost	$ 2,291,859	$ 2,208,941
Accumulated depreciation	(168,723)	(115,639)
Net investments in hotels	2,123,136	2,093,302
Assets held for sale (Note 4)	35,226	0
Equity investments in real estate	79,643	79,901
Cash	72,363	83,112
Intangible assets, net	80,553	81,877
Accounts receivable	23,230	19,790
Restricted cash	63,073	63,727
Other assets	26,827	30,050
Total assets	2,504,051	2,451,759
Liabilities:
Non-recourse debt, including debt attributable to Assets held for sale, net (Note 4)	1,456,714	1,350,835
Senior Credit Facility	22,785	20,000
Accounts payable, accrued expenses and other liabilities	116,151	103,464
Due to related parties and affiliates	2,832	3,104
Other liabilities held for sale (Note 4)	1,236	0
Distributions payable	19,197	18,909
Total liabilities	1,618,915	1,496,312
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 134,718,582 and 132,686,254 shares, respectively, issued and outstanding	135	134
Additional paid-in capital	1,118,477	1,112,640
Distributions and accumulated losses	(300,589)	(241,379)
Accumulated other comprehensive loss	(1,900)	(885)
Total CWI stockholders’ equity	816,123	870,510
Noncontrolling interests	69,013	84,937
Total equity	885,136	955,447
Total liabilities and equity	$ 2,504,051	$ 2,451,759

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	134,718,582	132,686,254

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Hotel Revenues
Rooms	$ 111,812	$ 104,687	$ 332,986	$ 278,292
Food and beverage	39,857	32,518	120,772	84,647
Other operating revenue	15,196	12,437	42,043	32,682
Total Hotel Revenues	166,865	149,642	495,801	395,621
Hotel Expenses
Rooms	24,409	23,032	70,979	60,125
Food and beverage	28,501	24,392	84,956	61,184
Other hotel operating expenses	7,927	7,220	22,585	18,107
Sales and marketing	15,633	14,245	46,672	39,049
General and administrative	13,868	12,204	40,981	32,568
Property taxes, insurance, rent and other	15,666	15,362	49,851	39,434
Repairs and maintenance	5,283	5,133	15,741	13,972
Utilities	4,624	4,347	12,376	11,111
Management fees	3,100	3,886	13,824	9,694
Depreciation and amortization	20,538	18,990	60,272	50,262
Total Hotel Expenses	139,549	128,811	418,237	335,506
Other Operating Expense
Asset management fees to affiliate and other expenses	4,029	3,683	11,740	9,098
Corporate general and administrative expenses	2,641	2,909	8,978	8,833
Impairment charges	452	0	4,112	0
Acquisition-related expenses	0	0	3,727	17,493
Total Other Operating Expenses	7,122	6,592	28,557	35,424
Operating Income	20,194	14,239	49,007	24,691
Other Income and (Expenses)
Interest expense	(16,363)	(14,982)	(48,542)	(39,340)
Equity in (losses) earnings of equity method investments in real estate	(140)	150	4,976	3,065
Net (loss) gain on extinguishment of debt (Note 9)	(1,204)	0	(2,268)	1,840
Other income	8	4	22	2,390
Other (Expenses) and Income, Total	(17,699)	(14,828)	(45,812)	(32,045)
Income (Loss) from Operations Before Income Taxes	2,495	(589)	3,195	(7,354)
Provision for income taxes	(1,037)	(3,265)	(3,041)	(6,741)
Net Loss	1,458	(3,854)	154	(14,095)
Loss (income) attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $2,838, $2,463, $6,931 and $6,356, respectively)	3,039	2,794	(2,039)	2,196
Net Income (Loss) Attributable to CWI Stockholders	$ 4,497	$ (1,060)	$ (1,885)	$ (11,899)
Basic and Diluted Loss Per Share (usd per share)	$ 0.03	$ (0.01)	$ (0.01)	$ (0.09)
Basic and Diluted Weighted-Average Shares Outstanding (shares)	134,956,598	131,773,064	134,329,382	130,832,077
Distributions declared (per share)	$ 0.1425	$ 0.1425	$ 0.4275	$ 0.4175

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Available Cash Distributions	$ 2,838	$ 2,463	$ 6,931	$ 6,356

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,458	$ (3,854)	$ 154	$ (14,095)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	594	(946)	(464)	(1,675)
Comprehensive Income (Loss)	2,052	(4,800)	(310)	(15,770)
Amounts Attributable to Noncontrolling Interests
Net loss (income)	3,039	2,794	(2,039)	2,196
Unrealized loss on derivative instruments	0	312	372	472
Comprehensive loss (income) attributable to noncontrolling interests	3,039	3,106	(1,667)	2,668
Comprehensive Income (Loss) Attributable to CWI Stockholders	$ 5,091	$ (1,694)	$ (1,977)	$ (13,102)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Total CWI 1 Stockholders	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning equity balance, value at Dec. 31, 2014	$ 946,945	$ 933,257	$ 129	$ 1,075,768	$ (142,123)	$ (517)	$ 13,688
Beginning equity balance, shares at Dec. 31, 2014			129,083,977
Stockholders' Equity
Net (loss) income	(14,095)	(11,899)			(11,899)		(2,196)
Shares issued net of offering costs, value	31,274	31,274	$ 4	31,270
Shares issued, net of offering costs, shares			3,098,864
Distributions to noncontrolling interests	(7,383)						(7,383)
Shares issued under share incentive plans - value	143	143		143
Shares issued under share incentive plans - shares			17,605
Stock-based compensation to directors - value	180	180		180
Stock-based compensation to directors - shares			17,476
Shares issued to affiliates - value	994	994		994
Shares issued to affiliates - shares			96,471
Contributions from noncontrolling interests	86,360						86,360
Distributions declared, value	(54,621)	(54,621)			(54,621)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	(1,675)	(1,203)				(1,203)	(472)
Repurchase of shares, value	(5,698)	(5,698)		(5,698)
Repurchase of shares, shares			(579,934)
Ending equity balance, value at Sep. 30, 2015	982,424	892,427	$ 133	1,102,657	(208,643)	(1,720)	89,997
Ending equity balance, shares at Sep. 30, 2015			131,734,459
Stockholders' Equity
Net (loss) income	(3,854)
Ending equity balance, value at Sep. 30, 2015	982,424	892,427	$ 133	1,102,657	(208,643)	(1,720)	89,997
Ending equity balance, shares at Sep. 30, 2015			131,734,459
Stockholders' Equity
Distributions declared, value	(18,900)
Ending equity balance, value at Dec. 31, 2015	$ 955,447	870,510	$ 134	1,112,640	(241,379)	(885)	84,937
Ending equity balance, shares at Dec. 31, 2015	132,686,254		132,686,254
Stockholders' Equity
Distributions declared, value	$ (38,100)
Beginning equity balance, value at Dec. 31, 2015	$ 955,447	870,510	$ 134	1,112,640	(241,379)	(885)	84,937
Beginning equity balance, shares at Dec. 31, 2015	132,686,254		132,686,254
Stockholders' Equity
Net (loss) income	$ 154	(1,885)			(1,885)		2,039
Shares issued net of offering costs, value	34,707	34,707	$ 3	34,704
Shares issued, net of offering costs, shares			3,293,952
Distributions to noncontrolling interests	(13,417)						(13,417)
Shares issued under share incentive plans - value	168	168		168
Shares issued under share incentive plans - shares			24,664
Stock-based compensation to directors - value	180	180		180
Stock-based compensation to directors - shares			16,886
Purchase of membership interest from noncontrolling interest	(21,121)	(16,947)		(16,024)		(923)	(4,174)
Distributions declared, value	(57,325)	(57,325)			(57,325)
Other comprehensive loss:
Change in net unrealized (loss) gain on derivative instruments	(464)	(92)				(92)	(372)
Repurchase of shares, value	(13,193)	(13,193)	$ (2)	(13,191)
Repurchase of shares, shares			(1,303,174)
Ending equity balance, value at Sep. 30, 2016	$ 885,136	816,123	$ 135	1,118,477	(300,589)	(1,900)	69,013
Ending equity balance, shares at Sep. 30, 2016	134,718,582		134,718,582
Stockholders' Equity
Net (loss) income	$ 1,458
Ending equity balance, value at Sep. 30, 2016	$ 885,136	$ 816,123	$ 135	$ 1,118,477	$ (300,589)	$ (1,900)	$ 69,013
Ending equity balance, shares at Sep. 30, 2016	134,718,582		134,718,582

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)	$ 0.1425	$ 0.1425	$ 0.4275	$ 0.4175

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows - Operating Activities
Net income (loss)	$ 154	$ (14,095)
Adjustments to net loss:
Depreciation and amortization	60,272	50,262
Impairment charges	4,112	0
Straight-line rent adjustments	3,983	4,039
Loss (gain) on extinguishment of debt (Note 9)	1,872	(1,982)
Equity in earnings of equity method investments in real estate in excess of distributions received	(1,782)	(2,679)
Amortization of deferred financing costs, fair market value of debt, ground lease intangible and other	611	656
Amortization of stock-based compensation expense	465	413
Net changes in other operating assets and liabilities	2,031	6,145
Receipt of key money and other deferred incentive payments	1,075	2,831
(Decrease) increase in due to related parties and affiliates	(424)	2,228
Net Cash Provided by Operating Activities	72,369	47,818
Cash Flows - Investing Activities
Funds placed in escrow	(107,304)	(71,152)
Funds released from escrow	105,809	52,701
Acquisitions of hotels	(75,263)	(511,333)
Capital expenditures	(51,133)	(48,717)
Deposits released for hotel investments	5,718	8,600
Distributions received from equity investments in excess of equity income	2,014	844
Purchase of equity interest	0	(38,327)
Proceeds from sale of investment	0	28,995
Deposits for hotel investments	0	(4,058)
Net Cash Used in Investing Activities	(120,159)	(582,447)
Cash Flows - Financing Activities
Proceeds from mortgage financing	403,500	274,000
Scheduled payments and prepayments of mortgage principal	(291,637)	(28,474)
Distributions paid	(57,037)	(50,707)
Proceeds from issuance of shares, net of offering costs	34,707	30,948
Proceeds from Senior Credit Facility	30,000	0
Repayment of Senior Credit Facility	(27,215)	0
Purchase of membership interest from noncontrolling interest (Note 11)	(21,121)	0
Distributions to noncontrolling interests	(13,417)	(7,383)
Repurchase of shares	(13,142)	(5,698)
Deferred financing costs	(4,163)	(4,003)
Defeasance premium and related costs on mortgage refinancing	(4,133)	0
Deposits released for mortgage financing	4,080	2,014
Deposits for mortgage financing	(1,970)	(2,014)
Termination of interest rate swap	(1,221)	0
Withholding on restricted stock units	(116)	(90)
Purchase of interest rate caps	(74)	(238)
Contributions from noncontrolling interests	0	86,360
Net Cash Provided by Financing Activities	37,041	294,715
Change in Cash During the Period
Net decrease in cash	(10,749)	(239,914)
Cash, beginning of period	83,112	330,811
Cash, end of period	$ 72,363	$ 90,897

Business

Business	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Organization Carey Watermark Investors Incorporated, or CWI and, together with its consolidated subsidiaries, we, us or our, is a publicly-owned, non-listed real estate investment trust, or REIT, formed as a Maryland corporation in March 2008 for the purpose of acquiring, owning, disposing of and, through our advisor, managing and seeking to enhance the value of interests in lodging and lodging-related properties primarily in the United States. 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. CWA, LLC, a subsidiary of Watermark Capital Partners, or the Subadvisor, 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 September 30, 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 September 30, 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 September 30, 2016 , we also received $113.0 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	9 Months Ended
	Sep. 30, 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 this change in guidance, 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. At September 30, 2016 , we considered five entities to be VIEs, four of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): September 30, 2016 December 31, 2015 Net investments in hotels $ 516,291 $ 510,295 Intangible assets, net 39,651 40,252 Total assets 590,903 589,530 Non-recourse debt, net $ 339,997 $ 318,936 Total liabilities 370,779 348,372 Out-of-Period Adjustment During the third quarter of 2016, we identified and recorded an out-of-period adjustment related to a difference between the tax basis and financial reporting basis of certain villa/condo rental management agreements that were entered into upon the acquisition of two hotels during the second quarter of 2015, which resulted in a deferred tax liability. We concluded that this adjustment was not material to our consolidated financial statements for any of the current year or prior year periods presented. The adjustment is reflected as an increase of $4.9 million to Net investments in hotels and a corresponding increase to Accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of September 30, 2016. 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 repurchased 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 579,934 shares during the nine months ended September 30, 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 $8.7 million as of September 30, 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 September 30, 2015 and consolidated statement of equity for the nine months ended September 30, 2015 . The accompanying consolidated statement of equity for the nine months ended September 30, 2015 has been revised accordingly. 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. Please 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 2016-05 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. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-15 on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-17 on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 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 advisory agreement has a term of one year and may be renewed for successive one-year periods. 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, as discussed below. The following tables present a summary of fees we paid; expenses we reimbursed and distributions we made to our Advisor, Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,560 $ 3,152 $ 10,568 $ 8,546 Available Cash Distributions 2,838 2,463 6,931 6,356 Personnel and overhead reimbursements 1,527 1,825 5,106 5,451 Acquisition fees — — 2,158 13,919 $ 7,925 $ 7,440 $ 24,763 $ 34,272 Other Transaction Fees Incurred Capitalized loan refinancing fee $ 306 $ — $ 806 $ 270 Advisor fee for purchase of membership interest ( Note 11 ) — — 527 — Capitalized acquisition fees for asset acquisition 29 — 29 — Capitalized acquisition fees for equity method investments — — — 1,915 $ 335 $ — $ 1,362 $ 2,185 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): September 30, 2016 December 31, 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,441 $ 1,605 Other amounts due to our Advisor 1,212 1,105 Due to joint-venture partners and other 133 394 Due to CWI 2 46 $ — $ 2,832 $ 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 the three and nine months ended September 30, 2016 and 2015 . For the nine months ended September 30, 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 September 30, 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 and nine months ended September 30, 2016 or 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 limited partnership agreement 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 (income) attributable to noncontrolling interests in the consolidated financial statements. Personnel and Overhead Reimbursements/Reimbursable Costs We reimburse our Advisor for the actual cost of personnel based on their time devoted to providing administrative services to us, as well as rent and related office 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 the three and nine months ended September 30, 2016 and 2015 . For the nine months ended September 30, 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. 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. Other Amounts Due to Our Advisor This balance primarily represents asset management fees payable at September 30, 2016 and December 31, 2015. 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 September 30, 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 Investments in Hotels

Net Investments in Hotels	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): September 30, 2016 December 31, 2015 Buildings $ 1,670,791 $ 1,629,741 Land 380,970 371,712 Furniture, fixtures and equipment 132,437 121,722 Building and site improvements 89,414 63,456 Construction in progress 18,247 22,310 Hotels, at cost 2,291,859 2,208,941 Less: Accumulated depreciation (168,723 ) (115,639 ) Net investments in hotels $ 2,123,136 $ 2,093,302 2016 Acquisition On February 17, 2016, we acquired a 100% interest in the Equinox, a Luxury Collection Golf Resort & Spa, or the Equinox, which includes real estate and other hotel assets, net of assumed liabilities, totaling $74.2 million . This acquisition was considered to be a business combination. In connection with this acquisition, we expensed acquisition costs of $4.0 million (of which $3.7 million was expensed during the nine months ended September 30, 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. We obtained a non-recourse mortgage loan on the property of $46.5 million upon acquisition ( Note 9 ). Subsequently, on August 26, 2016, we acquired a single family residence adjacent to the hotel for a purchase price of $0.8 million , which we intend to renovate to create additional available rooms and event space at the resort. This acquisition was considered to be an asset acquisition. In connection with this acquisition, we capitalized acquisition costs of $0.2 million , including acquisition fees paid to our advisor of less than $0.1 million . 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 the date of acquisition through September 30, 2016 (in thousands): Equinox (a) (b) (c) Acquisition date February 17, 2016 Cash consideration $ 74,224 Assets acquired at fair value: Land $ 14,800 Building and site improvements 59,219 Furniture, fixtures and equipment 1,100 Accounts receivable 534 Other assets 854 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (2,283 ) Net assets acquired at fair value $ 74,224 From Acquisition date through September 30, 2016 Revenues $ 13,294 Net income $ 2,477 ___________ (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 is subject to change. (b) Subsequent to our initial reporting of the assets acquired and liabilities assumed, we identified a measurement period adjustment related to an asset retirement obligation for the removal of asbestos and environmental waste that impacted the preliminary acquisition accounting, which resulted in an increase of $0.8 million to the preliminary fair value of the building and a corresponding increase to the preliminary fair value of accounts payable, accrued expenses and other liabilities. (c) Excludes an asset adjacent to this hotel that was acquired on August 26, 2016, which was not considered a business combination. Assets and Liabilities Held for Sale At September 30, 2016 , we had three properties classified as held for sale as it is probable that these properties will be sold within one year from September 30, 2016. There can be no assurance that the properties will be sold at the contracted prices, or at all. Below is a summary of our assets and liabilities held for sale (in thousands): September 30, 2016 December 31, 2015 Net investments in hotels $ 32,250 $ — Restricted cash 2,148 — Accounts receivable 324 — Other assets 504 — Assets held for sale $ 35,226 $ — Non-recourse debt attributable to Assets held for sale $ 26,616 $ — Accounts payable, accrued expenses and other liabilities $ 1,217 $ — Due to related parties and affiliates 19 — Other liabilities held for sale $ 1,236 $ — The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 3,102 $ 2,845 $ 9,081 $ 22,198 Expenses (3,017 ) (2,959 ) (8,711 ) (19,505 ) Impairment charges (452 ) — (4,112 ) — Benefit from (provision for) income taxes 19 (22 ) 24 (32 ) (Loss) income from continuing operations from properties classified as held for sale or sold, net of income taxes $ (348 ) $ (136 ) $ (3,718 ) $ 2,661 In addition to the three properties classified as held for sale discussed above, on April 1, 2015, we sold a 50% controlling interest in the Marriott Sawgrass Golf Resort & Spa, which we acquired in October 2014, to CWI 2 for a contractual sales price of $37.2 million . Our remaining 50% interest in the hotel is accounted for as an equity method investment ( Note 5 ). We recognized other income of $2.4 million during the nine months ended September 30, 2015 in our consolidated financial statements resulting primarily from the reimbursement that we received from CWI 2 of 50% of the acquisition costs that we incurred in connection with our acquisition of the hotel in October 2014, which had been expensed in prior periods. Construction in Progress At September 30, 2016 and December 31, 2015 , construction in progress, recorded at cost, was $18.2 million and $22.3 million , respectively, and related primarily to renovations at the Ritz-Carlton Key Biscayne, the Sheraton Austin Hotel at the Capitol and the Westin Pasadena at September 30, 2016 and the Marriott Kansas City Country Club Plaza, the Renaissance Chicago Downtown, the Sheraton Austin Hotel at the Capitol and the Hawks Cay Resort at 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 $0.5 million of such costs during both the three months ended September 30, 2016 and 2015 and $1.7 million during both the nine months ended September 30, 2016 and 2015 . At September 30, 2016 and December 31, 2015, accrued capital expenditures were $5.8 million and $12.6 million , respectively, representing non-cash investing activity.

Equity Investment in Real Estat

Equity Investment in Real Estate	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At September 30, 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): Unconsolidated Hotels State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at September 30, 2016 Carrying Value at September 30, 2016 December 31, 2015 Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 683 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 6,186 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 511 50% 33,758 10/3/2014 Resort In progress 32,882 32,668 Ritz-Carlton Philadelphia Venture (f) PA 299 60% 38,327 5/15/2015 Full-service Completed 39,892 38,325 1,436 $ 98,255 $ 79,643 $ 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 $0.2 million and $1.6 million from this investment during the three and nine months ended September 30, 2016 , respectively. (c) We received cash distributions of $0.7 million and $1.7 million from this investment during the three and nine months ended September 30, 2016 , respectively. (d) We received cash distributions of $1.3 million from this investment during the nine months ended September 30, 2016 . No cash distributions were received from this investment during the three months ended September 30, 2016 . (e) This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. (f) We received cash distributions of $0.3 million and $0.6 million from this investment during the three and nine months ended September 30, 2016 , respectively. The following table sets forth our share of equity in (losses) 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 September 30, Nine Months Ended September 30, Venture 2016 2015 2016 2015 Ritz-Carlton Philadelphia Venture $ 804 $ 828 $ 2,190 $ 1,246 Marriott Sawgrass Golf Resort & Spa Venture (711 ) (126 ) 1,512 1,071 Westin Atlanta Venture 204 (208 ) 728 (425 ) Hyatt French Quarter Venture (437 ) (344 ) 546 1,173 Total equity in (losses) earnings of equity method investments in real estate $ (140 ) $ 150 $ 4,976 $ 3,065 No other-than-temporary impairment charges related to our investments in these ventures were recognized during the three or nine months ended September 30, 2016 or 2015 . At September 30, 2016 and December 31, 2015, the unamortized basis differences on our equity investments were $3.3 million and $3.5 million , respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.1 million and less than $0.1 million during the three months ended September 30, 2016 and 2015 , respectively, and by $0.2 million and $0.1 million for the nine months ended September 30, 2016 and 2015 , respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 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): September 30, 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 $ (3,134 ) $ 69,266 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (482 ) 11,173 11,655 (337 ) 11,318 In-place leases 2 – 21 317 (203 ) 114 317 (153 ) 164 Total intangible assets, net $ 84,372 $ (3,819 ) $ 80,553 $ 84,372 $ (2,495 ) $ 81,877 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 58 $ (2,042 ) $ (2,100 ) $ 39 $ (2,061 ) Net amortization of intangibles was $0.4 million and $0.5 million for the three months ended September 30, 2016 and 2015 , respectively, and $1.3 million and $1.0 million for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 category of measurements during the three or nine months ended September 30, 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 $1.5 billion and $1.4 billion at September 30, 2016 and December 31, 2015 , respectively, and an estimated fair value of $1.5 billion and $1.4 billion at September 30, 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 September 30, 2016 and December 31, 2015 . Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. We classify real estate assets as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge, if warranted. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated an impairment charge based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. During the three and nine months ended September 30, 2016 , we recognized impairment charges totaling $0.5 million and $4.1 million , respectively, on three properties with an aggregate fair value measurement of $33.0 million in order to reduce the carrying value of the properties to their estimated fair values less costs to sell. The fair value measurements for the properties, which are classified as held for sale, approximated their estimated selling prices ( Note 4 ).

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 ). 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 income (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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Interest rate swaps Other assets $ — $ 109 $ — $ — Interest rate caps Other assets 18 117 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (98 ) (716 ) $ 18 $ 226 $ (98 ) $ (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 September 30, 2016 and December 31, 2015 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized income of $0.2 million and unrealized loss of $1.5 million in Other comprehensive income (loss) on derivatives in connection with our interest rate swaps and caps during the three months ended September 30, 2016 and 2015 , respectively, and losses of $1.5 million and $3.3 million during the nine months ended September 30, 2016 and 2015 , respectively. We reclassified losses of $0.2 million and $0.4 million from Other comprehensive income (loss) on derivatives into interest expense during the three months ended September 30, 2016 and 2015 , respectively, and losses of $0.8 million and $1.2 million during the nine months ended September 30, 2016 and 2015 . Amounts reported in Other comprehensive income (loss) related to interest rate swaps will be reclassified to Interest expense as interest expense is incurred on our variable-rate debt. At September 30, 2016 , we estimated that an additional $0.8 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 September 30, 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 September 30, 2016 Interest rate swaps 2 $ 68,830 $ (98 ) Interest rate caps 8 304,518 18 $ (80 ) Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of September 30, 2016 . At September 30, 2016 , our total credit exposure was less than $0.1 million and the maximum exposure to any single counterparty was less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At September 30, 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 $0.1 million and $0.8 million at September 30, 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 September 30, 2016 or December 31, 2015 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.1 million and $0.8 million , respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 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 Interest Rate Range Current Maturity Date Range (a) September 30, 2016 December 31, 2015 Fixed rate 3.6% - 5.3% 3/2018 - 9/2038 $ 1,084,853 $ 957,189 Variable rate (b) 2.8% - 7.8% 3/2017 - 12/2020 371,861 393,646 $ 1,456,714 $ 1,350,835 ___________ (a) Many of our mortgage loans have extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (b) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 8 ). The interest rate range presented for these mortgage loans reflect the rates in effect at September 30, 2016 through the use of an interest rate cap or swap, when applicable. 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 retain all excess cash flow after the payment of debt service in an escrow account until certain performance hurdles are met. At December 31, 2015 , the minimum debt service coverage ratio for the Renaissance Chicago Downtown was not met, and therefore a cash management agreement was triggered that permits the lender to sweep the hotel’s excess cash flow. As of September 30, 2016 , this ratio was still not met and the cash management agreement remained in effect. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At September 30, 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% . As amended, our Senior Credit Facility also contained a provision that, once the outstanding balance is reduced below $25.0 million , the capacity under the facility would be permanently reduced to $25.0 million . At September 30, 2016 , the outstanding balance under our Senior Credit Facility was $22.8 million , and therefore the capacity under the facility is now $25.0 million . We pay a fee of 0.25% on the unused portion of our Senior Credit Facility. The credit agreement, as amended, includes customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter, as well as various customary affirmative and negative covenants. We were in compliance with all applicable covenants at September 30, 2016 . 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 4.5% and a maturity date of March 1, 2021 . We recognized $0.4 million of deferred financing costs related to this loan. During the nine months ended September 30, 2016 , we refinanced four non-recourse mortgage loans totaling $309.0 million with new non-recourse mortgage loans totaling $379.0 million , which have a weighted-average interest rate and term of 3.9% and 4.8 years, respectively. We recognized an aggregate net loss on extinguishment of debt totaling $2.2 million on these refinancings. 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) $ 1,686 2017 (a) 126,959 2018 219,536 2019 147,955 2020 195,381 Thereafter through 2038 797,181 1,488,698 Deferred financing costs (b) (9,199 ) Total $ 1,479,499 __________ (a) Includes the $22.8 million outstanding balance under our Senior Credit Facility, which is scheduled to mature on December 4, 2017 , unless extended pursuant to its terms. (b) 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 ).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 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 September 30, 2016 , nine hotels were either undergoing renovation or in the planning stage of renovations, and we currently expect that two will be completed during the fourth quarter of 2016, three will be completed during the first half of 2017, one will be completed during the second half of 2017, two will be completed during the first half of 2018 and one will be completed during the second half of 2018. The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): September 30, 2016 December 31, 2015 Capital commitments $ 145,277 $ 114,193 Less: paid (92,351 ) (54,164 ) Unpaid commitments 52,926 60,029 Less: amounts in cash or restricted cash designated for renovations (30,958 ) (48,575 ) Unfunded commitments $ 21,968 $ 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) $ 781 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,599 Total $ 668,547 For both the three months ended September 30, 2016 and 2015 , we recorded rent expense of $1.0 million , inclusive of percentage rents of $0.2 million for each period, related to these ground leases, which are included in Property taxes, insurance, rent and other in the consolidated financial statements. For the nine months ended September 30, 2016 and 2015 , we recorded rent expense of $2.9 million and $2.8 million , respectively, inclusive of percentage rents of $0.5 million for each period, related to these ground leases.

Equity

Equity	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) attributable to CWI stockholders $ 4,497 $ (1,060 ) (1,885 ) (11,899 ) 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 income (loss) attributable to CWI and transfers to noncontrolling interest $ 4,497 $ (1,060 ) $ 14,139 $ (11,899 ) ___________ (a) Includes $0.5 million fee paid to our Advisor for the purchase of the remaining interest in the venture. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, Gains and Losses on Derivative Instruments 2016 2015 Beginning balance $ (2,494 ) $ (1,086 ) Other comprehensive income (loss) before reclassifications 247 (1,477 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 242 400 Equity in earnings of equity method investments in real estate 105 131 Total 347 531 Net current period other comprehensive income (loss) 594 (946 ) Net current period other comprehensive loss attributable to noncontrolling interests — 312 Ending balance $ (1,900 ) $ (1,720 ) Nine Months Ended September 30, Gains and Losses on Derivative Instruments 2016 2015 Beginning balance $ (885 ) $ (517 ) Other comprehensive loss before reclassifications (1,547 ) (3,278 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 760 1,207 Equity in earnings of equity method investments in real estate 323 396 Total 1,083 1,603 Net current period other comprehensive loss (464 ) (1,675 ) Net current period other comprehensive loss attributable to noncontrolling interests 372 472 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (923 ) — Ending balance $ (1,900 ) $ (1,720 ) Distributions Declared During the third quarter of 2016, our board of directors declared a quarterly distribution of $ 0.1425 per share, which was paid on October 14, 2016 to stockholders of record on September 30, 2016 , in the aggregate amount of $19.2 million . For the nine months ended September 30, 2016 , our board of directors declared distributions aggregating $57.3 million , including distributions of $38.1 million declared during the six months ended June 30, 2016. We paid distributions totaling $57.0 million during the nine months ended September 30, 2016 , comprised of distributions declared during the six months ended June 30, 2016 and the three months ended December 31, 2015 of $38.1 million and $18.9 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually and intend to do so for the tax year ending December 31, 2016 . Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and nine months ended September 30, 2016 and 2015 . We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. Certain of our subsidiaries have elected taxable REIT subsidiary, or TRS, status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. The accompanying consolidated financial statements include an interim tax provision for our TRSs for the three and nine months ended September 30, 2016 and 2015 . Current income tax benefit was $0.7 million for the three months ended September 30, 2016 and current tax expense was $2.6 million for the three months ended September 30, 2015 . Current tax expense was $3.0 million and $5.8 million for the nine months ended September 30, 2016 and 2015 , respectively. Our TRSs are subject to U.S. federal and state income taxes. As such, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe that more likely than not we will not realize the deferred tax asset based on available evidence at the time the determination is made. A change in circumstances may cause us to change our judgment about whether a deferred tax asset will more likely than not be realized. We generally report any change in the valuation allowance through our income statement in the period in which such changes in circumstances occur. Deferred tax assets (net of valuation allowance) and liabilities for our TRS were recorded, as necessary, as of September 30, 2016 and December 31, 2015 . Deferred tax assets (net of valuation allowance) totaled $2.1 million and $3.8 million at September 30, 2016 and December 31, 2015 , respectively and are included in Other assets in the consolidated financial statements. Deferred tax liabilities totaled $4.9 million and $1.8 million at September 30, 2016 and December 31, 2015 , respectively and are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The majority of our deferred tax assets relate to net operating losses, accrued expenses and key money liability. The majority of our deferred tax liabilities relate to differences between the tax basis and financial reporting basis of the villa/condo rental management agreements. Provision for income taxes included deferred income tax expense of $1.7 million and $0.7 million for the three months ended September 30, 2016 and 2015 , respectively, and less than $0.1 million and $1.0 million for the nine months ended September 30, 2016 and 2015 , respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 this change in guidance, 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. Please 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 2016-05 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. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-15 on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-17 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	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. Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements,
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps and caps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market ( Note 8 ).
Impairment	We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. We classify real estate assets as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge, if warranted. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. As a result of our assessments, we calculated an impairment charge based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change.
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 income (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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): September 30, 2016 December 31, 2015 Net investments in hotels $ 516,291 $ 510,295 Intangible assets, net 39,651 40,252 Total assets 590,903 589,530 Non-recourse debt, net $ 339,997 $ 318,936 Total liabilities 370,779 348,372

Agreements and Transactions w24

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Summary of fees paid to Related Parties	The following tables present a summary of fees we paid; expenses we reimbursed and distributions we made to our Advisor, Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,560 $ 3,152 $ 10,568 $ 8,546 Available Cash Distributions 2,838 2,463 6,931 6,356 Personnel and overhead reimbursements 1,527 1,825 5,106 5,451 Acquisition fees — — 2,158 13,919 $ 7,925 $ 7,440 $ 24,763 $ 34,272 Other Transaction Fees Incurred Capitalized loan refinancing fee $ 306 $ — $ 806 $ 270 Advisor fee for purchase of membership interest ( Note 11 ) — — 527 — Capitalized acquisition fees for asset acquisition 29 — 29 — Capitalized acquisition fees for equity method investments — — — 1,915 $ 335 $ — $ 1,362 $ 2,185 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): September 30, 2016 December 31, 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,441 $ 1,605 Other amounts due to our Advisor 1,212 1,105 Due to joint-venture partners and other 133 394 Due to CWI 2 46 $ — $ 2,832 $ 3,104

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): September 30, 2016 December 31, 2015 Buildings $ 1,670,791 $ 1,629,741 Land 380,970 371,712 Furniture, fixtures and equipment 132,437 121,722 Building and site improvements 89,414 63,456 Construction in progress 18,247 22,310 Hotels, at cost 2,291,859 2,208,941 Less: Accumulated depreciation (168,723 ) (115,639 ) Net investments in hotels $ 2,123,136 $ 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 is subject to change. (b) Subsequent to our initial reporting of the assets acquired and liabilities assumed, we identified a measurement period adjustment related to an asset retirement obligation for the removal of asbestos and environmental waste that impacted the preliminary acquisition accounting, which resulted in an increase of $0.8 million to the preliminary fair value of the building and a corresponding increase to the preliminary fair value of accounts payable, accrued expenses and other liabilities. (c) Excludes an asset adjacent to this hotel that was acquired on August 26, 2016, which was not considered a business combination. 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 the date of acquisition through September 30, 2016 (in thousands): Equinox (a) (b) (c) Acquisition date February 17, 2016 Cash consideration $ 74,224 Assets acquired at fair value: Land $ 14,800 Building and site improvements 59,219 Furniture, fixtures and equipment 1,100 Accounts receivable 534 Other assets 854 Liabilities assumed at fair value: Accounts payable, accrued expenses and other liabilities (2,283 ) Net assets acquired at fair value $ 74,224
Schedule Of Revenues and Net Income	From Acquisition date through September 30, 2016 Revenues $ 13,294 Net income $ 2,477
Assets Held-for-sale	Below is a summary of our assets and liabilities held for sale (in thousands): September 30, 2016 December 31, 2015 Net investments in hotels $ 32,250 $ — Restricted cash 2,148 — Accounts receivable 324 — Other assets 504 — Assets held for sale $ 35,226 $ — Non-recourse debt attributable to Assets held for sale $ 26,616 $ — Accounts payable, accrued expenses and other liabilities $ 1,217 $ — Due to related parties and affiliates 19 — Other liabilities held for sale $ 1,236 $ — The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 3,102 $ 2,845 $ 9,081 $ 22,198 Expenses (3,017 ) (2,959 ) (8,711 ) (19,505 ) Impairment charges (452 ) — (4,112 ) — Benefit from (provision for) income taxes 19 (22 ) 24 (32 ) (Loss) income from continuing operations from properties classified as held for sale or sold, net of income taxes $ (348 ) $ (136 ) $ (3,718 ) $ 2,661

Equity Investment in Real Est26

Equity Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule Equity Method Investments	The following table sets forth our share of equity in (losses) 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 September 30, Nine Months Ended September 30, Venture 2016 2015 2016 2015 Ritz-Carlton Philadelphia Venture $ 804 $ 828 $ 2,190 $ 1,246 Marriott Sawgrass Golf Resort & Spa Venture (711 ) (126 ) 1,512 1,071 Westin Atlanta Venture 204 (208 ) 728 (425 ) Hyatt French Quarter Venture (437 ) (344 ) 546 1,173 Total equity in (losses) earnings of equity method investments in real estate $ (140 ) $ 150 $ 4,976 $ 3,065 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): Unconsolidated Hotels State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at September 30, 2016 Carrying Value at September 30, 2016 December 31, 2015 Hyatt French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 683 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 6,186 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 511 50% 33,758 10/3/2014 Resort In progress 32,882 32,668 Ritz-Carlton Philadelphia Venture (f) PA 299 60% 38,327 5/15/2015 Full-service Completed 39,892 38,325 1,436 $ 98,255 $ 79,643 $ 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 $0.2 million and $1.6 million from this investment during the three and nine months ended September 30, 2016 , respectively. (c) We received cash distributions of $0.7 million and $1.7 million from this investment during the three and nine months ended September 30, 2016 , respectively. (d) We received cash distributions of $1.3 million from this investment during the nine months ended September 30, 2016 . No cash distributions were received from this investment during the three months ended September 30, 2016 . (e) This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. (f) We received cash distributions of $0.3 million and $0.6 million from this investment during the three and nine months ended September 30, 2016 , respectively.

Intangible Assets and Liabili27

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 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 $ (3,134 ) $ 69,266 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (482 ) 11,173 11,655 (337 ) 11,318 In-place leases 2 – 21 317 (203 ) 114 317 (153 ) 164 Total intangible assets, net $ 84,372 $ (3,819 ) $ 80,553 $ 84,372 $ (2,495 ) $ 81,877 Amortizable Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 58 $ (2,042 ) $ (2,100 ) $ 39 $ (2,061 )

Risk Management and Use of De28

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Interest rate swaps Other assets $ — $ 109 $ — $ — Interest rate caps Other assets 18 117 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (98 ) (716 ) $ 18 $ 226 $ (98 ) $ (716 )
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at September 30, 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 September 30, 2016 Interest rate swaps 2 $ 68,830 $ (98 ) Interest rate caps 8 304,518 18 $ (80 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 Interest Rate Range Current Maturity Date Range (a) September 30, 2016 December 31, 2015 Fixed rate 3.6% - 5.3% 3/2018 - 9/2038 $ 1,084,853 $ 957,189 Variable rate (b) 2.8% - 7.8% 3/2017 - 12/2020 371,861 393,646 $ 1,456,714 $ 1,350,835 ___________ (a) Many of our mortgage loans have extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (b) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 8 ). The interest rate range presented for these mortgage loans reflect the rates in effect at September 30, 2016 through the use of an interest rate cap or swap, when applicable.
Debt Maturity Schedule	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) $ 1,686 2017 (a) 126,959 2018 219,536 2019 147,955 2020 195,381 Thereafter through 2038 797,181 1,488,698 Deferred financing costs (b) (9,199 ) Total $ 1,479,499 __________ (a) Includes the $22.8 million outstanding balance under our Senior Credit Facility, which is scheduled to mature on December 4, 2017 , unless extended pursuant to its terms. (b) 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 ).

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): September 30, 2016 December 31, 2015 Capital commitments $ 145,277 $ 114,193 Less: paid (92,351 ) (54,164 ) Unpaid commitments 52,926 60,029 Less: amounts in cash or restricted cash designated for renovations (30,958 ) (48,575 ) Unfunded commitments $ 21,968 $ 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) $ 781 2017 3,181 2018 3,254 2019 3,328 2020 3,404 Thereafter through 2106 654,599 Total $ 668,547

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) attributable to CWI stockholders $ 4,497 $ (1,060 ) (1,885 ) (11,899 ) 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 income (loss) attributable to CWI and transfers to noncontrolling interest $ 4,497 $ (1,060 ) $ 14,139 $ (11,899 ) ___________ (a) Includes $0.5 million fee paid to our Advisor for the purchase of the remaining interest in the venture.
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, Gains and Losses on Derivative Instruments 2016 2015 Beginning balance $ (2,494 ) $ (1,086 ) Other comprehensive income (loss) before reclassifications 247 (1,477 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 242 400 Equity in earnings of equity method investments in real estate 105 131 Total 347 531 Net current period other comprehensive income (loss) 594 (946 ) Net current period other comprehensive loss attributable to noncontrolling interests — 312 Ending balance $ (1,900 ) $ (1,720 ) Nine Months Ended September 30, Gains and Losses on Derivative Instruments 2016 2015 Beginning balance $ (885 ) $ (517 ) Other comprehensive loss before reclassifications (1,547 ) (3,278 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 760 1,207 Equity in earnings of equity method investments in real estate 323 396 Total 1,083 1,603 Net current period other comprehensive loss (464 ) (1,675 ) Net current period other comprehensive loss attributable to noncontrolling interests 372 472 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (923 ) — Ending balance $ (1,900 ) $ (1,720 )

Business (Narratives) (Details)

Business (Narratives) (Details) $ in Millions	12 Months Ended	36 Months Ended	73 Months Ended
	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)	Sep. 30, 2016USD ($)property	Jun. 30, 2015property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital interest ownership in operating partnership			99.985%
Number of properties | property			35	2
Proceeds from issuance, initial public offering		$ 575.8
Proceeds from follow on offering	$ 577.4
Proceeds from DRIP			$ 113

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)viepropertyshares	Sep. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)	Jun. 30, 2015property
Organization and Offering
Variable interest entities, count | vie	5
Variable interest entities consolidated, count | vie	4
Number of properties | property	35			2
Net investments in hotels	$ 2,123,136		$ 2,093,302
Accounts payable, accrued expenses and other liabilities	116,151		103,464
Deferred financing costs	$ 9,199
Common Stock
Organization and Offering
Stock repurchased during period, shares | shares	1,303,174	579,934
Treasury Stock
Organization and Offering
Prior period reclassification adjustment		$ (8,700)
Additional Paid In Capital
Organization and Offering
Prior period reclassification adjustment		$ (8,700)
Restatement Adjustment | Adjustment for Difference in Tax Basis
Organization and Offering
Net investments in hotels	$ 4,900
Accounts payable, accrued expenses and other liabilities	$ 4,900
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

Basis of Presentation (Details

Basis of Presentation (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Net investments in hotels	$ 2,123,136	$ 2,093,302
Intangible assets, net	80,553	81,877
Total assets	2,504,051	2,451,759
Liabilities
Non-recourse debt, including debt attributable to Assets held for sale, net (Note 4)	1,456,714	1,350,835
Total liabilities	1,618,915	1,496,312
Variable Interest Entity
Assets
Net investments in hotels	516,291	510,295
Intangible assets, net	39,651	40,252
Total assets	590,903	589,530
Liabilities
Non-recourse debt, including debt attributable to Assets held for sale, net (Note 4)	339,997	318,936
Total liabilities	$ 370,779	$ 348,372

Agreements and Transactions w35

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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
Common stock, shares outstanding	134,718,582		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		$ 0.1
Invested asset
Acquisition Fee
Percentage of acquisition fees	2.50%
Contract purchase price | Maximum
Acquisition Fee
Percentage of acquisition fees	6.00%
Advisor
Asset Management Fees and Loan Refinancing Fees
Common stock, shares outstanding	1,501,028
Percentage of common stock owned	1.10%

Agreements and Transactions w36

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 3,560	$ 3,152	$ 10,568	$ 8,546
Available Cash Distributions	2,838	2,463	6,931	6,356
Personnel and overhead reimbursements	1,527	1,825	5,106	5,451
Acquisition fees	0	0	2,158	13,919
Related party fees included in operating expenses	7,925	7,440	24,763	34,272
Other Transaction Fees Incurred
Capitalized loan refinancing fee	306	0	806	270
Advisor fee for purchase of membership interest (Note 11)	0	0	527	0
Capitalized acquisition fees for asset acquisition	29	0	29	0
Capitalized acquisition fees for equity method investments	0	0	0	1,915
Other transactions fees incurred	$ 335	$ 0	$ 1,362	$ 2,185

Agreements and Transactions w37

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Amounts Due to Related Parties and Affiliates
Reimbursable costs	$ 1,441	$ 1,605
Other amounts due to our Advisor	1,212	1,105
Due to joint-venture partners and other	133	394
Due to affiliates	2,832	3,104
CWI 2
Amounts Due to Related Parties and Affiliates
Due to affiliates	$ 46	$ 0

Net Investments in Hotels (Narr

Net Investments in Hotels (Narratives) (Details) $ in Thousands	Aug. 26, 2016USD ($)	Feb. 17, 2016USD ($)	Apr. 01, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015property
Business Acquisition, Cost of Acquired Entity, Purchase Price
Acquisition-related expenses				$ 0	$ 0	$ 3,727	$ 17,493
Real estate under construction				18,247		18,247		$ 22,310
Capitalized construction cost				$ 500	$ 500	1,700	1,700
Accrued capital expenditures						$ 5,800		12,600
Number of properties | property				35		35			2
Assets held for sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Number of properties | property				3		3
Marriott Sawgrass Golf Resort & Spa Venture
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, unconsolidated			50.00%	50.00%		50.00%
Proceeds from the sales of equity method investments			$ 37,200
Other income							$ 2,400
Marriott Sawgrass Golf Resort & Spa Venture | CWI 2
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, unconsolidated			50.00%
Consolidated | Equinox
Business Acquisition, Cost of Acquired Entity, Purchase Price
Percentage of business acquired		100.00%
Net assets acquired at fair value		$ 74,224
Acquisition-related expenses		4,000				$ 3,700		$ 300
Acquisition fees paid to advisor						$ 2,200
Secured Debt		$ 46,500
Measurement period adjustment to building	$ 800
Measurement period adjustment to accounts payable, accrued expenses and other liabilities	800
Acquisition costs, capitalized	200
Consolidated | Equinox | Advisor
Business Acquisition, Cost of Acquired Entity, Purchase Price
Acquisition costs, capitalized	$ 100

Net Investments in Hotels (Deta

Net Investments in Hotels (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate [Abstract]
Buildings	$ 1,670,791	$ 1,629,741
Land	380,970	371,712
Furniture, fixtures & equipment	132,437	121,722
Building and site improvements	89,414	63,456
Construction in progress	18,247	22,310
Hotels, at cost	2,291,859	2,208,941
Less: Accumulated depreciation	(168,723)	(115,639)
Net investments in hotels	$ 2,123,136	$ 2,093,302

Net Investments in Hotels (De40

Net Investments in Hotels (Details 2) - USD ($) $ in Thousands	Feb. 17, 2016	Sep. 30, 2016	Sep. 30, 2015
Acquisition consideration
Cash consideration		$ 75,263	$ 511,333
Consolidated | Equinox
Acquisition consideration
Cash consideration	$ 74,224
Assets acquired at fair value:
Land	14,800
Building and site improvements	59,219
Furniture, fixtures and equipment	1,100
Accounts receivable	534
Other assets	854
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities	(2,283)
Net assets acquired at fair value	$ 74,224

Net Investments in Hotels (De41

Net Investments in Hotels (Details 3) - USD ($) $ in Thousands	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Revenue and Earning after acquistion:
Revenues	$ 166,865	$ 149,642		$ 495,801	$ 395,621
Net income (loss)	$ 1,458	$ (3,854)		$ 154	$ (14,095)
Equinox | Consolidated
Revenue and Earning after acquistion:
Revenues			$ 13,294
Net income (loss)			$ 2,477

Net Investments in Hotels (De42

Net Investments in Hotels (Details 4) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Assets
Net investments in hotels	$ 32,250	$ 0
Restricted cash	2,148	0
Accounts receivable	324	0
Other assets	504	0
Assets held for sale	35,226	0
Non-recourse debt attributable to Assets held for sale	26,616	0
Disposal Group, Including Discontinued Operation, Liabilities
Accounts payable, accrued expenses and other liabilities	1,217	0
Due to related parties and affiliates	19	0
Other liabilities held for sale (Note 4)	$ 1,236	$ 0

Net Investments in Hotels (De43

Net Investments in Hotels (Details 5) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Real Estate [Abstract]
Revenues	$ 3,102	$ 2,845	$ 9,081	$ 22,198
Expenses	(3,017)	(2,959)	(8,711)	(19,505)
Impairment charges	452	0	4,112	0
Benefit from (provision for) income taxes	19	(22)	24	(32)
(Loss) income from continuing operations from properties classified as held for sale or sold, net of income taxes	$ (348)	$ (136)	$ (3,718)	$ 2,661

Equity Investment in Real Est44

Equity Investment in Real Estate (Narratives) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015property
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	35		35			2
Aggregate unamortized basis difference on equity investments | $	$ 3.3		$ 3.3		$ 3.5
Amortization of basis differences | $	$ 0.1	$ 0.1	$ 0.2	$ 0.1
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	4		4
Unconsolidated | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	1		1
Unconsolidated | Third Party
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties	3		3

Equity Investment in Real Est45

Equity Investment in Real Estate (Details 1)	May 15, 2015USD ($)	Oct. 03, 2014USD ($)	Oct. 03, 2012USD ($)	Sep. 06, 2011USD ($)	Sep. 30, 2016USD ($)room	Sep. 30, 2016USD ($)room	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Apr. 01, 2015
Hotel Details
Carrying Value					$ 79,643,000	$ 79,643,000		$ 79,901,000
Distributions from equity method investments (return of capital)						$ 2,014,000	$ 844,000
Unconsolidated
Hotel Details
Rooms | room					1,436	1,436
Our investments						$ 98,255,000
Carrying Value					$ 79,643,000	$ 79,643,000		79,901,000
Hyatt New Orleans French Quarter | Unconsolidated
Hotel Details
State						LA
Rooms | room					254	254
Ownership interest, unconsolidated					80.00%	80.00%
Our investments				$ 13,000,000
Acquisition Date						Sep. 6, 2011
Hotel Type						Full-service
Carrying Value					$ 683,000	$ 683,000		1,752,000
Distributions from equity method investments (return of capital)					$ 200,000	$ 1,600,000
Westin Atlanta Venture | Unconsolidated
Hotel Details
State						GA
Rooms | room					372	372
Ownership interest, unconsolidated					57.00%	57.00%
Our investments			$ 13,170,000
Acquisition Date						Oct. 3, 2012
Hotel Type						Full-service
Carrying Value					$ 6,186,000	$ 6,186,000		7,156,000
Distributions from equity method investments (return of capital)					$ 700,000	$ 1,700,000
Marriott Sawgrass Golf Resort & Spa Venture
Hotel Details
Ownership interest, unconsolidated					50.00%	50.00%			50.00%
Marriott Sawgrass Golf Resort & Spa Venture | Unconsolidated
Hotel Details
State						FL
Rooms | room					511	511
Ownership interest, unconsolidated					50.00%	50.00%
Our investments		$ 33,758,000
Acquisition Date						Oct. 3, 2014
Hotel Type						Resort
Carrying Value					$ 32,882,000	$ 32,882,000		32,668,000
Distributions from equity method investments (return of capital)					$ 0	$ 1,300,000
Ritz-Carlton Philadelphia Venture | Unconsolidated
Hotel Details
State						PA
Rooms | room					299	299
Ownership interest, unconsolidated					60.00%	60.00%
Our investments	$ 38,327,000
Acquisition Date						May 15, 2015
Hotel Type						Full-service
Carrying Value					$ 39,892,000	$ 39,892,000		$ 38,325,000
Distributions from equity method investments (return of capital)					$ 300,000	$ 600,000

Equity Investment in Real Est46

Equity Investment in Real Estate (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in (losses) earnings of equity method investments in real estate	$ (140)	$ 150	$ 4,976	$ 3,065
Ritz-Carlton Philadelphia Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in (losses) earnings of equity method investments in real estate	804	828	2,190	1,246
Marriott Sawgrass Golf Resort & Spa Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in (losses) earnings of equity method investments in real estate	(711)	(126)	1,512	1,071
Westin Atlanta Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in (losses) earnings of equity method investments in real estate	204	(208)	728	(425)
Hyatt French Quarter Venture | Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in (losses) earnings of equity method investments in real estate	$ (437)	$ (344)	$ 546	$ 1,173

Intangible Assets and Liabili47

Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 0.4	$ 0.5	$ 1.3	$ 1

Intangible Assets and Liabili48

Intangible Assets and Liabilities (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Amortizable Intangible Assets
Gross Carrying Amount	$ 84,372	$ 84,372
Accumulated Amortization	(3,819)	(2,495)
Net Carrying Amount	$ 80,553	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	58	39
Finite-lived intangible liabilities, net	(2,042)	(2,061)
Villa/condo rental program
Amortizable Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(3,134)	(2,005)
Net Carrying Amount	$ 69,266	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	(482)	(337)
Net Carrying Amount	$ 11,173	11,318
Below-market hotel ground leases | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	93 years
Below-market hotel ground leases | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	10 years
In-place leases
Amortizable Intangible Assets
Gross Carrying Amount	$ 317	317
Accumulated Amortization	(203)	(153)
Net Carrying Amount	$ 114	$ 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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Impairment charges	$ 452	$ 0	$ 4,112	$ 0
Estimated fair value | Impaired Properties
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Properties, fair value			33,000
Level 3 | Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	1,500,000		1,500,000		$ 1,400,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1,500,000		$ 1,500,000		$ 1,400,000

Risk Management and Use of De50

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Concentration Risk
Collateral posted for derivative positions	$ 0		$ 0		$ 0
Unrealized gain (loss) on derivative instruments	594,000	$ (946,000)	(464,000)	$ (1,675,000)
Interest expense	16,363,000	14,982,000	48,542,000	39,340,000
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense			800,000
Total credit exposure on derivatives	100,000		100,000
Derivatives in net liability position, fair value	100,000		100,000		800,000
Potential loss on contract termination for default	100,000		100,000		$ 800,000
Individual Counterparty
Concentration Risk
Total credit exposure on derivatives	100,000		100,000
Gains and Losses on Derivative Instruments
Concentration Risk
Unrealized gain (loss) on derivative instruments	247,000	(1,477,000)	(1,547,000)	(3,278,000)
Gains and Losses on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss
Concentration Risk
Interest expense	$ 242,000	$ 400,000	760,000	$ 1,207,000
Noncontrolling Interest
Concentration Risk
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense			$ 100,000

Risk Management and Use of De51

Risk Management and Use of Derivative Financial Instruments (Details 1) - Designated as hedging - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value
Derivative asset, fair value, net	$ 18	$ 226
Derivative liability, fair value, net	(98)	(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	(98)	(716)
Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	$ 18	$ 117

Risk Management and Use of De52

Risk Management and Use of Derivative Financial Instruments (Details 2) - Designated as hedging	Sep. 30, 2016USD ($)instrument
Derivative
Fair Value	$ (80,000)
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 68,830,000
Fair Value	$ (98,000)
Interest rate caps | Cash flow hedging
Derivative
Number of Instruments | instrument	8
Notional Amount	$ 304,518,000
Fair Value	$ 18,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Feb. 17, 2016USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Mortgage debt
Long-term line of credit		$ 22,785,000			$ 22,785,000		$ 20,000,000
Repayments of secured debt					291,637,000	$ 28,474,000
Proceeds from mortgage financing					403,500,000	274,000,000
Loss on extinguishment of debt		1,204,000		$ 0	2,268,000	$ (1,840,000)
Equinox | Consolidated
Mortgage debt
Debt instrument, maturity date	Mar. 1, 2021
Secured Debt	$ 46,500,000
Debt, weighted average interest rate	4.50%
Capitalized financing cost	$ 400,000
Unsecured Debt | Revolving Credit Facility
Mortgage debt
Maximum borrowing capacity		25,000,000			$ 25,000,000		$ 5,000,000
Unused commitment fee percentage			0.25%		0.25%
Senior credit facility leverage ratio threshold							65.00%
Long-term line of credit		$ 22,800,000			$ 22,800,000
Unsecured Debt | Revolving Credit Facility | LIBOR
Mortgage debt
Debt instrument, basis spread on variable rate			2.75%
Unsecured Debt | Revolving Credit Facility | LIBOR | Event I
Mortgage debt
Debt instrument, basis spread on variable rate			3.25%
Unsecured Debt | Letter of Credit
Mortgage debt
Maximum borrowing capacity			$ 35,000,000				$ 50,000,000
Debt instrument, maturity date			Dec. 4, 2017
Debt instrument funding capacity threshold							$ 25,000,000
Debt Refinanced
Mortgage debt
Debt, weighted average interest rate		3.90%			3.90%
Number of loans refinanced, count | loan					4
Repayments of secured debt					$ 309,000,000
Proceeds from mortgage financing					$ 379,000,000
Debt instrument, term					4 years 9 months 18 days
Loss on extinguishment of debt					$ 2,200,000

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Hotel Details
Carrying value of mortgage	$ 1,456,714	$ 1,350,835
Fixed rate
Hotel Details
Carrying value of mortgage	$ 1,084,853	957,189
Fixed rate | Maximum
Hotel Details
Effective Interest Rate	5.30%
Current Maturity Date	Sep. 30, 2038
Fixed rate | Minimum
Hotel Details
Effective Interest Rate	3.60%
Current Maturity Date	Mar. 31, 2018
Variable rate
Hotel Details
Carrying value of mortgage	$ 371,861	$ 393,646
Variable rate | Maximum
Hotel Details
Effective Interest Rate	7.80%
Current Maturity Date	Dec. 31, 2020
Variable rate | Minimum
Hotel Details
Effective Interest Rate	2.80%
Current Maturity Date	Mar. 31, 2017

Debt (Details 2)

Debt (Details 2) $ in Thousands	Sep. 30, 2016USD ($)
Long-term Debt, by Maturity
2016 (remainder)	$ 1,686
2,017	126,959
2,018	219,536
2,019	147,955
2,020	195,381
Thereafter through 2038	797,181
Total Debt	1,488,698
Deferred financing costs	(9,199)
Total	$ 1,479,499

Commitments and Contingencies56

Commitments and Contingencies (Narratives) (Details) $ in Millions	3 Months Ended			6 Months Ended				9 Months Ended
	Dec. 31, 2016property	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2018property	Jun. 30, 2018property	Dec. 31, 2017property	Jun. 30, 2017property	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Funding Commitments
Properties under renovation		9						9
Rent expense | $		$ 1	$ 1					$ 2.9	$ 2.8
Number of hotels subject to ground lease		3						3
Annual Percentage Rent
Funding Commitments
Rent expense | $		$ 0.2	$ 0.2					$ 0.5	$ 0.5
Forecast
Funding Commitments
Number of construction projects expected to be completed	2			1	2	1	3

Commitments and Contingencies57

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Funding Commitments
Capital Commitments	$ 145,277	$ 114,193
Less: Paid	(92,351)	(54,164)
Unpaid commitment	52,926	60,029
Less: Amount Held in Escrow	(30,958)	(48,575)
Unfunded Commitment	$ 21,968	$ 11,454

Commitments and Contingencies58

Commitments and Contingencies (Details 2) $ in Thousands	Sep. 30, 2016USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2016 (remainder)	$ 781
2,017	3,181
2,018	3,254
2,019	3,328
2,020	3,404
Thereafter through 2106	654,599
Total	$ 668,547

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Purchase of Additional Interests
Purchase of additional shares						$ 21,121	$ 0
Advisor fee for purchase of membership interest		$ 0		$ 0		$ 527	$ 0
Distributions declared (per share)		$ 0.1425		$ 0.1425		$ 0.4275	$ 0.4175
Dividend payable, date		Oct. 14, 2016
Distributions payable		$ 19,197	$ 18,909			$ 19,197
Distributions paid						57,037	$ 50,707
Dividends			$ 18,900		$ 38,100	$ 57,325	$ 54,621
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 (Details 1)

Equity (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income (Loss) Attributable to Parent	$ 4,497	$ (1,060)	$ (1,885)	$ (11,899)
Transfers to noncontrolling interest
Net transfers to noncontrolling interest	0	0	16,024	0
Change from net income (loss) attributable to CWI and transfers to noncontrolling interest	4,497	(1,060)	14,139	(11,899)
Fairmont Sonoma Mission Inn and Spa
Transfers to noncontrolling interest
Net transfers to noncontrolling interest	$ 0	$ 0	$ 16,024	$ 0

Equity (Details 2)

Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance, value			$ 955,447	$ 946,945
Other comprehensive income (loss) before reclassifications	$ 594	$ (946)	(464)	(1,675)
Interest expense	16,363	14,982	48,542	39,340
Equity in (losses) earnings of equity method investments in real estate	(140)	150	4,976	3,065
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture	0	0	16,024	0
Ending equity balance, value	885,136	982,424	885,136	982,424
Gains and Losses on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance, value	(2,494)	(1,086)	(885)	(517)
Other comprehensive income (loss) before reclassifications	247	(1,477)	(1,547)	(3,278)
Total	347	531	1,083	1,603
Net current period other comprehensive income (loss)	594	(946)	(464)	(1,675)
Net current period other comprehensive loss attributable to noncontrolling interests	0	312	372	472
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture			(923)	0
Ending equity balance, value	(1,900)	(1,720)	(1,900)	(1,720)
Gains and Losses on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Interest expense	242	400	760	1,207
Equity in (losses) earnings of equity method investments in real estate	$ 105	$ 131	$ 323	$ 396

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current income tax (benefit) expense	$ (0.7)	$ 2.6	$ 3	$ 5.8
Deferred tax assets, net of valuation allowance	2.1		2.1		$ 3.8
Deferred tax liability	4.9		4.9		$ 1.8
Deferred income tax expense	$ 1.7	$ 0.7	$ 0.1	$ 1