Carey Watermark Investors 10-K 16 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 10, 2017	Jun. 30, 2016
Document Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,430,259
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Carey Watermark Investors Inc
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		136,456,602
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate:
Hotels, at cost	$ 2,290,542	$ 2,208,941
Accumulated depreciation	(176,423)	(115,639)
Net investments in hotels	2,114,119	2,093,302
Assets held for sale (Note 4)	35,023	0
Equity investments in real estate	75,928	79,901
Cash	61,762	83,112
Intangible assets, net	80,117	81,877
Accounts receivable	23,879	19,790
Restricted cash	56,496	63,727
Other assets	29,620	30,050
Total assets	2,476,944	2,451,759
Liabilities:
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	1,456,152	1,350,835
Senior Credit Facility	22,785	20,000
Accounts payable, accrued expenses and other liabilities	112,033	103,464
Due to related parties and affiliates	2,628	3,104
Other liabilities held for sale (Note 4)	797	0
Distributions payable	19,292	18,909
Total liabilities	1,613,687	1,496,312
Commitments and contingencies (Note 10)
CWI stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 135,379,038 and 132,686,254 shares, respectively, issued and outstanding	135	134
Additional paid-in capital	1,125,835	1,112,640
Distributions and accumulated losses	(326,748)	(241,379)
Accumulated other comprehensive loss	(1,128)	(885)
Total CWI stockholders’ equity	798,094	870,510
Noncontrolling interests	65,163	84,937
Total equity	863,257	955,447
Total liabilities and equity	$ 2,476,944	$ 2,451,759

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
CWI stockholders’ equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	135,379,038	132,686,254

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Hotel Revenues
Rooms	$ 437,051	$ 379,150	$ 248,987
Food and beverage	159,765	118,817	68,095
Other operating revenue	54,279	44,136	30,997
Total Hotel Revenues	651,095	542,103	348,079
Hotel Expenses
Rooms	94,472	82,822	64,483
Food and beverage	112,928	86,694	50,666
Other hotel operating expenses	29,328	24,818	17,167
Sales and marketing	62,578	54,012	32,431
General and administrative	55,038	47,298	27,951
Property taxes, insurance, rent and other	66,788	54,600	24,920
Repairs and maintenance	20,921	19,335	13,121
Utilities	16,445	14,875	10,524
Management fees	18,190	13,682	8,169
Depreciation and amortization	80,698	69,530	46,358
Total Hotel Expenses	557,386	467,666	295,790
Other Operating Expenses
Asset management fees to affiliate and other expenses	15,468	12,583	7,329
Corporate general and administrative expenses	11,562	11,906	11,845
Impairment charges	4,112	6,143	0
Acquisition-related expenses	3,727	19,868	25,899
Total Other Operating Expenses	34,869	50,500	45,073
Operating Income	58,840	23,937	7,216
Other Income and (Expenses)
Interest expense	(65,164)	(54,514)	(36,405)
Equity in earnings (losses) of equity method investments in real estate	5,232	2,418	(731)
Net (loss) gain on extinguishment of debt (Note 9)	(2,268)	1,840	0
Other income	45	2,446	46
Other (Expenses) and Income, Total	(62,155)	(47,810)	(37,090)
Loss from Operations Before Income Taxes	(3,315)	(23,873)	(29,874)
Provision for income taxes	(3,661)	(6,767)	(3,846)
Net Loss	(6,976)	(30,640)	(33,720)
(Income) loss attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $9,445, $7,122 and $4,096, respectively)	(1,777)	4,915	988
Net Loss Attributable to CWI Stockholders	$ (8,753)	$ (25,725)	$ (32,732)
Basic and Diluted Loss Per Share (usd per share)	$ (0.07)	$ (0.20)	$ (0.38)
Basic and Diluted Weighted-Average Shares Outstanding, shares	134,646,021	131,296,033	85,124,745

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Available Cash Distributions	$ 9,445	$ 7,122	$ 4,096

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,976)	$ (30,640)	$ (33,720)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	308	(445)	(773)
Comprehensive Loss	(6,668)	(31,085)	(34,493)
Amounts Attributable to Noncontrolling Interests
Net (income) loss	(1,777)	4,915	988
Unrealized loss on derivative instruments	372	77	392
Comprehensive (income) loss attributable to noncontrolling interests	(1,405)	4,992	1,380
Comprehensive Loss Attributable to CWI Stockholders	$ (8,073)	$ (26,093)	$ (33,113)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Total CWI 1 Stockholders	Noncontrolling Interest
Beginning equity balance, value at Dec. 31, 2013	$ 474,285	$ 68	$ 524,475	$ (62,868)	$ (136)	$ 461,539	$ 12,746
Beginning equity balance, shares at Dec. 31, 2013		67,703,835
Stockholders' Equity
Net (loss) income	(33,720)			(32,732)		(32,732)	(988)
Shares issued net of offering costs, value	543,018	$ 61	542,957			543,018
Shares issued, net of offering costs, shares		60,568,314
Shares issued to affiliates - value	10,400	$ 0	10,400			10,400
Shares issued to affiliates - shares		1,040,137
Contributions from noncontrolling interests	7,886						7,886
Distributions to noncontrolling interests	(5,564)						(5,564)
Shares issued under share incentive plans - value	231		231			231
Shares issued under share incentive plans - share		10,202
Stock-based compensation to directors, value	180		180			180
Stock-based compensation to directors, shares		18,000
Distributions declared, value	(46,523)			(46,523)		(46,523)
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments	(773)				(381)	(381)	(392)
Repurchase of shares, value	(2,475)		(2,475)			(2,475)
Repurchase of shares, shares		(256,511)
Ending equity balance, value at Dec. 31, 2014	946,945	$ 129	1,075,768	(142,123)	(517)	933,257	13,688
Ending equity balance, shares at Dec. 31, 2014		129,083,977
Stockholders' Equity
Net (loss) income	(30,640)			(25,725)		(25,725)	(4,915)
Shares issued net of offering costs, value	42,936	$ 5	42,931			42,936
Shares issued, net of offering costs, shares		4,231,022
Shares issued to affiliates - value	992		992			992
Shares issued to affiliates - shares		96,471
Contributions from noncontrolling interests	86,362						86,362
Distributions to noncontrolling interests	(10,121)						(10,121)
Shares issued under share incentive plans - value	237		237			237
Shares issued under share incentive plans - share		17,607
Stock-based compensation to directors, value	180		180			180
Stock-based compensation to directors, shares		17,476
Distributions declared, value	(73,531)			(73,531)		(73,531)
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments	(445)				(368)	(368)	(77)
Repurchase of shares, value	(7,468)		(7,468)			(7,468)
Repurchase of shares, shares		(760,299)
Ending equity balance, value at Dec. 31, 2015	$ 955,447	$ 134	1,112,640	(241,379)	(885)	870,510	84,937
Ending equity balance, shares at Dec. 31, 2015	132,686,254	132,686,254
Stockholders' Equity
Net (loss) income	$ (6,976)			(8,753)		(8,753)	1,777
Shares issued net of offering costs, value	46,256	$ 4	46,252			46,256
Shares issued, net of offering costs, shares		4,377,404
Distributions to noncontrolling interests	(17,005)						(17,005)
Shares issued under share incentive plans - value	262		262			262
Shares issued under share incentive plans - share		24,664
Stock-based compensation to directors, value	180	$ 0	180			180
Stock-based compensation to directors, shares		16,886
Purchase of membership interest from noncontrolling interest	(21,121)		(16,024)		(923)	(16,947)	(4,174)
Distributions declared, value	(76,616)			(76,616)		(76,616)
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments	308				680	680	(372)
Repurchase of shares, value	(17,478)	$ (3)	(17,475)			(17,478)
Repurchase of shares, shares		(1,726,170)
Ending equity balance, value at Dec. 31, 2016	$ 863,257	$ 135	$ 1,125,835	$ (326,748)	$ (1,128)	$ 798,094	$ 65,163
Ending equity balance, shares at Dec. 31, 2016	135,379,038	135,379,038

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Distributions declared (per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1375	$ 0.1375	$ 0.5700	$ 0.5600	$ 0.5500

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows - Operating Activities
Net loss	$ (6,976)	$ (30,640)	$ (33,720)
Adjustments to net loss:
Depreciation and amortization	80,698	69,530	46,358
Straight-line rent adjustments	5,309	5,384	4,210
Impairment charges (Note 7)	4,112	6,143	0
Net loss (gain) on extinguishment of debt	1,872	(1,982)	0
Amortization of deferred financing costs, fair market value of debt, ground lease intangible and other	1,489	568	1,775
Amortization of stock-based compensation expense	558	507	411
Equity in losses of equity method investments in real estate in excess of distributions received	0	374	1,170
Asset management fees and reimbursable costs to affiliates settled in shares	0	0	10,957
Net changes in other operating assets and liabilities	(1,977)	6,042	3,246
(Decrease) increase in due to related parties and affiliates	(1,087)	2,493	(3,969)
Receipt of key money and other deferred incentive payments	1,075	2,850	3,098
Net Cash Provided by Operating Activities	85,073	61,269	33,536
Cash Flows — Investing Activities
Funds released from escrow	147,041	101,540	62,856
Funds placed in escrow	(141,899)	(106,863)	(82,324)
Acquisitions of hotels	(75,263)	(580,047)	(660,020)
Capital expenditures	(65,634)	(63,600)	(31,013)
Deposits released for hotel investments	5,718	8,600	15,149
Distributions received from equity investments in excess of equity income	4,381	5,181	440
Funding of loan receivable	(875)	0	0
Purchase of equity interest	0	(38,327)	0
Proceeds from sale of investment (Note 4)	0	28,995	0
Deposits for hotel investments	0	(7,818)	(21,649)
Capital contributions to equity investments in real estate	0	(205)	0
Net Cash Used in Investing Activities	(126,531)	(652,544)	(716,561)
Cash Flows - Financing Activities
Proceeds from mortgage financing	403,500	318,800	408,846
Scheduled payments and prepayments of mortgage principal	(293,924)	(29,689)	(2,400)
Distributions paid	(76,233)	(69,481)	(40,973)
Proceeds from issuance of shares, net of offering costs	46,257	42,610	543,335
Proceeds from Senior Credit Facility	30,000	20,000	0
Repayment of Senior Credit Facility	(27,215)	0	0
Purchase of membership interest from noncontrolling interest (Note 11)	(21,121)	0	0
Repurchase of shares	(17,478)	(7,468)	(2,475)
Distributions to noncontrolling interests	(17,005)	(10,121)	(5,564)
Deferred financing costs	(4,163)	(4,837)	(3,722)
Defeasance premium and related costs on mortgage refinancing	(4,133)	0	0
Deposits released for mortgage financing	4,080	2,014	1,867
Deposits for mortgage financing	(1,970)	(4,224)	(1,867)
Termination of interest rate swap	(1,221)	0	0
Proceeds from loan	1,000	0	0
Withholding on restricted stock units	(116)	(90)	(56)
Scheduled payments of loan	(76)	0	0
Purchase of interest rate caps	(74)	(300)	(414)
Contributions from noncontrolling interests	0	86,362	7,886
Proceeds from note payable to affiliate	0	25,000	11,000
Repayment of note payable to affiliate	0	(25,000)	(11,000)
Net Cash Provided by Financing Activities	20,108	343,576	904,463
Change in Cash During the Year
Net (decrease) increase in cash	(21,350)	(247,699)	221,438
Cash, beginning of year	83,112	330,811	109,373
Cash, end of year	$ 61,762	$ 83,112	$ 330,811

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 62,754	$ 53,067	$ 32,335
Income taxes paid	$ 8,154	$ 8,522	$ 4,530

Organization and Offering

Organization and Offering	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Offering	Organization and Offering 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, that invests in, and through our advisor, manages and seeks 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 of, 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 Mr. Michael G. Medzigian, our chief executive officer, subject to the continuing approval of our independent directors. We held ownership interests in 35 hotels at December 31, 2016 . See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 — 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 December 31, 2016 . Public Offerings We raised $575.8 million through our initial public offering, which ran from September 15, 2010 through September 15, 2013, and $577.4 million through our follow-on offering, which ran from December 20, 2013 through December 31, 2014. From inception through December 31, 2016 , we also received $124.5 million through our distribution reinvestment plan, or DRIP. We have fully invested the proceeds from both our initial public offering and follow-on offering.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets or liabilities acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. We allocate the purchase price among the assets acquired and liabilities assumed based on their respective fair values. In making estimates of fair value for purposes of allocating the purchase price, we utilize a variety of information obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, or when there are adverse changes in the demand for lodging due to declining national or local economic conditions. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, assets held for sale and equity investments. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group 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. Assets Held for Sale — 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 to sell is less, 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 fair value and may recognize an additional impairment charge, if warranted. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. 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. There were no other changes to our consolidated balance sheets or results of operations for the periods presented. At December 31, 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): December 31, 2016 2015 Net investments in hotels $ 518,335 $ 510,295 Intangible assets, net 39,451 40,252 Total assets 587,608 589,530 Non-recourse debt, net $ 341,082 $ 318,936 Total liabilities 372,991 348,372 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 the current year or prior 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 December 31, 2016. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Additionally, 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. Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Assets Held for Sale — 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, or we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Restricted Cash — Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels. Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, deposits, hotel inventories, deferred tax asset and derivative assets in the consolidated financial statements. Other liabilities consists primarily of hotel advance deposits, straight-line rent, sales use and occupancy taxes payable, unamortized key money, deferred tax liabilities, asset retirement obligations, accrued income taxes and derivative liabilities. Deferred Financing Costs — Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. Deferred financing costs are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. Segments — We operate in one business segment, hospitality, with domestic investments. Hotel Revenue Recognition — We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues (such as room, food and beverage) and revenue from other operating departments (such as internet, spa services, parking and gift shops). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the brand sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the brand sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and incremental labor costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete. Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years) and furniture, fixtures and equipment (generally one to 12 years). We compute amortization of intangible assets and liabilities using the straight-line method over the estimated useful life of the asset or liability. See Note 6 for the range of lives by asset or liability. Organization and Offering Costs — Our Advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were recorded as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we reimbursed our Advisor for organization and offering costs incurred. Such reimbursements did not exceed regulatory limitations. Organization costs were expensed as incurred and included in corporate general and administrative expenses in the financial statements. Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. Income Taxes — We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors ( Note 13 ). We recognize deferred income taxes in certain of our subsidiaries taxable in the United States. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 13 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). Share-Based Payments — We have granted restricted stock units, or RSUs, to our independent directors and certain employees of the Subadvisor. RSUs issued to our independent directors vest immediately; RSUs issued to employees of the Subadvisor generally vest over three years, subject to continued employment. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees of the Subadvisor are based on the fair value of the services received. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share based payment transactions within Corporate general and administrative expense. Income or Loss Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests are recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. Loss Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Recent Accounting Requirements The following ASUs promulgated by the FASB are applicable to us: In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. We expect to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on our assessment, the adoption of this standard will not have a material impact on our consolidated financial statements. 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 over the managing member or substantive participating rights over the entity or VIE. 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 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 V

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Advisor and Affiliates We have an advisory agreement with our Advisor to perform certain services for us under a fee arrangement, including managing our overall business; the identification, evaluation, negotiation, purchase and disposition of lodging and lodging-related properties; and the performance of certain administrative duties. The advisory agreement has a term of one year and may be renewed for successive one-year periods. Our Advisor also 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, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2016 2015 2014 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 14,120 $ 11,757 $ 7,308 Available Cash Distributions 9,445 7,122 4,096 Personnel and overhead reimbursements 6,645 7,255 5,347 Acquisition fees 2,158 15,779 18,305 Interest expense — 25 10 $ 32,368 $ 41,938 $ 35,066 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 806 $ 475 $ — Advisor fee for purchase of membership interest ( Note 11 ) 527 — — Capitalized acquisition fees for asset acquisition 29 — — Capitalized acquisition fees for equity method investments — 1,915 — Selling commissions and dealer manager fees — — 55,776 Offering costs — 171 3,349 $ 1,362 $ 2,561 $ 59,125 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2016 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,311 $ 1,605 Other amounts due to our Advisor 1,202 1,105 Due to joint venture partners and other 115 394 $ 2,628 $ 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 the 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 1.0% of the principal amount 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. At our Advisor’s election, we paid our asset management fees in cash for the years ended December 31, 2016 and 2015 and in shares of our common stock for the year ended December 31, 2014. At our Advisor’s election, for the years ended December 31, 2015 and 2014 , $1.0 million and $6.8 million , respectively, in asset management fees were settled in shares of our common stock. The fees settled in shares during the year ended December 31, 2015 related to fees incurred during the fourth quarter of 2014. At December 31, 2016 , our Advisor owned 1,501,028 shares ( 1.1% ) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other expenses in the consolidated financial statements. No disposition fees were recognized during the years ended December 31, 2016 , 2015 and 2014 . Available Cash Distributions Carey Watermark Holdings’ special general partner interest entitles it to receive distributions of 10% of Available Cash, as defined in the agreement of limited partnership of the Operating Partnership, or Available Cash Distributions, generated by the Operating Partnership, subject to certain limitations. In addition, in the event of the dissolution of the Operating Partnership, Carey Watermark Holdings will be entitled to receive distributions of up to 15% of net proceeds, provided certain return thresholds are met for the initial investors in the Operating Partnership. Available Cash Distributions are included in (Income) Loss 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 expenses. Pursuant to the subadvisory agreement, after we reimburse our Advisor, it 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 RSUs 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 years ended December 31, 2016 and 2015 and in shares of our common stock for the year ended December 31, 2014. For the year ended December 31, 2015, less than $0.1 million in reimbursements were settled in shares, all of which related to reimbursements for costs incurred during the fourth quarter of 2014. Acquisition Fees to our Advisor We pay our Advisor 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. Selling Commissions and Dealer Manager Fees We had a dealer manager agreement with Carey Financial, LLC, or Carey Financial, through the termination of our follow-on offering on December 31, 2014, whereby Carey Financial received a selling commission of up to $0.70 per share sold, which was re-allowed to selected dealers, and a dealer manager fee of up to $0.30 per share sold, a portion of which may have been re-allowed to selected dealers. These amounts are recorded in Additional paid-in capital in the consolidated financial statements. Organization and Offering Costs Pursuant to the advisory agreement, we were liable for certain expenses related to our initial public offering, including filing, legal, accounting, printing, advertising, transfer agent and escrow fees, which were deducted from the gross proceeds of the offering. We reimbursed Carey Financial or selected dealers for reasonable bona fide due diligence expenses incurred that were supported by a detailed and itemized invoice. The total underwriting compensation to Carey Financial and selected dealers in connection with the offerings could not exceed limitations prescribed by the Financial Industry Regulatory Authority, Inc. Our Advisor agreed to be responsible for the repayment of organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceeded, in the aggregate, 2% of the gross proceeds from our initial public offering and 4% of the gross proceeds from our follow-on offering. Other Amounts Due to Our Advisor This balance primarily represented asset management fees payable at December 31, 2016 and 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. Jointly Owned Investments and Other Transactions with Affiliates At December 31, 2016 , we owned interests in two jointly owned investments with our affiliate, Carey Watermark Investors 2 Incorporated, or CWI 2: the Ritz-Carlton Key Biscayne, a Consolidated Hotel, and the Marriott Sawgrass Golf Resort & Spa, an Unconsolidated Hotel. CWI 2 is a publicly owned, non-listed REIT that is also advised by our Advisor and invests in lodging and lodging-related properties. In September 2014, our board of directors and the board of directors of WPC approved unsecured loans to us and CWI 2 of up to $75.0 million in the aggregate, at an interest rate equal to the rate at which WPC was able to borrow funds under its senior unsecured credit facility, for the purpose of facilitating acquisitions approved by our respective investment committees that we might not otherwise have sufficient available funds to complete. In April 2015, this aggregate amount was increased to $110.0 million . On November 6, 2015, we borrowed $25.0 million from WPC, all of which was repaid as of December 31, 2015. This loan was made solely at the discretion of WPC’s management. As of December 31, 2015, we no longer had access to these unsecured loans from WPC ( Note 15 ).

Net Investment in Hotels

Net Investment in Hotels	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): December 31, 2016 2015 Buildings $ 1,670,895 $ 1,629,741 Land 380,970 371,712 Furniture, fixtures and equipment 122,155 121,722 Building and site improvements 89,667 63,456 Construction in progress 26,855 22,310 Hotels, at cost 2,290,542 2,208,941 Less: Accumulated depreciation (176,423 ) (115,639 ) Net investments in hotels $ 2,114,119 $ 2,093,302 During the years ended December 31, 2016 and 2015 , we retired fully depreciated furniture, fixtures and equipment aggregating $12.2 million and $10.8 million , respectively. 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 year ended December 31, 2016 and $0.3 million was expensed during the year ended December 31, 2015), including acquisition fees of $2.2 million paid to our Advisor. 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 December 31, 2016 (in thousands): Equinox (a) (b) 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 December 31, 2016 Revenues $ 18,621 Net income $ 2,670 ___________ (a) 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. (b) Excludes an asset adjacent to this hotel that was acquired on August 26, 2016, which was not considered a business combination. 2015 Acquisitions During the year ended December 31, 2015 , we acquired six Consolidated Hotels, with real estate and other hotel assets, net of assumed liabilities and contributions from noncontrolling interests, totaling $493.7 million . In connection with these acquisitions, we expensed acquisition costs of $19.9 million , including acquisition fees of $15.8 million paid to our Advisor. See Note 9 for information about mortgage financing obtained in connection with our acquisitions and Note 10 for information about planned renovations on these hotels, as applicable. The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Acquisitions Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (a) (b) Ritz-Carlton Fort Lauderdale (c) Le Méridien Dallas, The Stoneleigh (d) Acquisition Date 2/12/2015 3/19/2015 4/29/2015 5/29/2015 6/30/2015 11/20/2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 22,100 9,400 Building and site improvements 57,105 112,215 47,680 154,182 74,422 58,010 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 1,200 Construction in progress — — — 450 — — Intangible assets — — 720 33,200 7,500 — Accounts receivable 97 94 100 7,957 2,894 66 Other assets 164 608 328 1,703 637 284 Liabilities assumed at fair value: Non-recourse debt — — — (171,500 ) — — Accounts payable, accrued expenses and other liabilities (441 ) (1,343 ) (171 ) (12,935 ) (6,274 ) (246 ) Contributions from noncontrolling interests at fair value — — — (71,239 ) (15,121 ) — Net assets acquired at fair value $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714 From Acquisition Date through December 31, 2015 Revenues $ 14,809 $ 24,561 $ 8,184 $ 44,079 $ 14,201 $ 1,253 Net income (loss) $ 2,504 $ 5,454 $ 1,716 $ 959 $ (2,905 ) $ 187 ___________ (a) We acquired a 47.34% interest in the joint venture owning this hotel, with our affiliate, CWI 2, acquiring a 19.33% interest. The remaining interest was retained by the seller. (b) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $9.9 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of intangible assets and cumulative additional net depreciation expense of less than $0.1 million , which was recognized in the fourth quarter of 2015. (c) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $14.4 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of land and cumulative additional depreciation expense of $0.2 million , which was recognized in the fourth quarter of 2015. (d) 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 less than $0.1 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. Disposition On April 1, 2015, we sold a 50% controlling interest in the Marriott Sawgrass Golf Resort & Spa, which we acquired in October 2014, to CWI 2 for a contractual sales price of $37.2 million . Our remaining 50% interest in the hotel is accounted for as an equity method investment ( Note 5 ). We recognized other income of $2.4 million during the year ended December 31, 2015 in our consolidated financial statements resulting primarily from the reimbursement we received from CWI 2 of 50% of the acquisition costs we incurred on our acquisition of the hotel in October 2014, which were expensed in prior periods. Total revenue and net income from operations from this hotel prior to the date of sale were $13.3 million and $2.4 million , respectively, for the year ended December 31, 2015. Assets and Liabilities Held for Sale At December 31, 2016 , we had three properties classified as held for sale. These properties were disposed of subsequent to December 31, 2016 ( Note 15 ). Below is a summary of our assets and liabilities held for sale (in thousands): December 31, 2016 2015 Net investments in hotels $ 32,300 $ — Restricted cash 2,089 — Accounts receivable 169 — Other assets 465 — Assets held for sale $ 35,023 $ — Non-recourse debt, net attributable to Assets held for sale $ 26,560 $ — Accounts payable, accrued expenses and other liabilities 789 — Due to related parties and affiliates 8 — Other liabilities held for sale $ 797 $ — 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): Years Ended December 31, 2016 2015 2014 Revenues $ 12,039 $ 24,903 $ 21,261 Expenses (11,246 ) (23,062 ) (27,849 ) Impairment charges (4,112 ) (6,143 ) — (Provision for) benefit from income taxes (13 ) (29 ) 410 Loss from continuing operations from properties classified as held for sale or sold, net of income taxes $ (3,332 ) $ (4,331 ) $ (6,178 ) Construction in Progress At December 31, 2016 and 2015 , construction in progress, recorded at cost, was $26.9 million and $22.3 million , respectively, and related primarily to renovations at the Ritz-Carlton Key Biscayne and the Westin Pasadena at December 31, 2016 , and the Sheraton Austin Hotel at the Capitol, the Renaissance Chicago Downtown, the Marriott Kansas City Country Club Plaza and the Hawks Cay Resort at December 31, 2015 ( Note 10 ). We capitalize interest expense and certain other costs, such as property taxes, property insurance, utilities expense and hotel incremental labor costs, related to hotels undergoing major renovations. During the years ended December 31, 2016 and 2015 , we capitalized $2.1 million and $2.0 million , respectively, of such costs. At December 31, 2016 , 2015 and 2014 , accrued capital expenditures were $2.3 million , $12.6 million and $5.8 million , respectively, representing non-cash investing activity. Asset Retirement Obligation We have recorded an asset retirement obligation for the removal of asbestos and environmental waste in connection with three of our Consolidated Hotels. We estimated the fair value of the asset retirement obligation based on the estimated economic life of the hotel and the estimated removal costs. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loan at the time the liability was incurred. At December 31, 2016 and 2015 , our asset retirement obligation was $1.4 million and $0.5 million , respectively, and is included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Pro Forma Financial Information The following unaudited consolidated pro forma financial information presents our financial results as if our acquisitions, which are accounted for as business combinations, that we completed during the years ended December 31, 2015 and 2014, and the new financings related to these acquisitions, had occurred on January 1, 2014. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2014, nor does it purport to represent the results of operations for future periods. Our acquisition of the Equinox hotel completed during the year ended December 31, 2016 was not deemed significant for pro forma purposes and therefore, the pro forma results for this acquisition are not included in the following pro forma financial information. (Dollars in thousands, except per share amounts) Years Ended December 31, 2015 2014 Pro forma total revenues $ 634,923 $ 644,081 Pro forma net loss $ (3,337 ) $ (21,805 ) Pro forma (income) loss attributable to noncontrolling interests (1,570 ) 7,093 Pro forma loss attributable to CWI stockholders $ (4,907 ) $ (14,712 ) Pro forma loss per share: Basic and diluted pro forma net loss attributable to CWI stockholders $ (0.04 ) $ (0.11 ) Basic and diluted pro forma weighted-average shares outstanding 131,296,033 132,686,254 The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our public offerings in order to raise the funds used for our Consolidated Hotel acquisitions that we completed during the years ended December 31, 2015 and 2014 were issued on January 1, 2014. All acquisition costs for our acquisitions completed during the year ended December 31, 2015 and 2014 are presented as if they were incurred on January 1, 2014.

Equity Investments in Real Esta

Equity Investments in Real Estate	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At December 31, 2016 , we owned equity interests in four Unconsolidated Hotels, three with unrelated third parties and one with CWI 2. We do not control the ventures that own these hotels, but we exercise significant influence over them. We account for these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from acquisition costs paid to our Advisor that we incur and other-than-temporary impairment charges, if any). Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on several of our equity method investments. Therefore, we follow the hypothetical liquidation at book value, or HLBV, 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 December 31, 2016 Carrying Value at December 31, 2016 2015 Hyatt Centric French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 664 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 5,795 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% 33,758 4/1/2015 Resort In progress 31,208 32,668 Ritz-Carlton Philadelphia Venture (f) PA 299 60% 38,327 5/15/2015 Full-service Completed 38,261 38,325 1,439 $ 98,255 $ 75,928 $ 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 $2.2 million from this investment during the year ended December 31, 2016 . (c) We received cash distributions of $2.2 million from this investment during the year ended December 31, 2016 . (d) We received cash distributions of $2.1 million from this investment during the year ended December 31, 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 $3.1 million from this investment during the year ended December 31, 2016 . The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Years Ended December 31, Venture 2016 2015 2014 Ritz-Carlton Philadelphia Venture $ 3,042 $ 1,960 $ — Westin Atlanta Venture 860 (372 ) (1,177 ) Hyatt Centric French Quarter Venture 701 660 446 Marriott Sawgrass Golf Resort & Spa Venture 629 170 — Total equity in earnings (losses) of equity method investments in real estate $ 5,232 $ 2,418 $ (731 ) No other-than-temporary impairment charges related to our investments in these ventures were recognized during the years ended December 31, 2016 , 2015 or 2014 . The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): 2016 2015 2014 Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total (c) Balance Sheet - As of December 31, Real estate, net $ 324,205 $ 100,016 $ 224,189 $ 309,481 $ 95,029 $ 214,452 $ 89,375 Other assets 55,276 7,814 47,462 64,444 15,373 49,071 10,174 Total assets 379,481 107,830 271,651 373,925 110,402 263,523 99,549 Debt 204,132 58,575 145,557 190,602 55,000 135,602 67,993 Other liabilities 37,224 7,652 29,572 31,946 6,918 25,028 13,330 Total liabilities 241,356 66,227 175,129 222,548 61,918 160,630 81,323 Members’ equity 138,125 41,603 96,522 151,377 48,484 102,893 18,226 Percentage of ownership in equity investee 60 % 60 % Pro-rata equity carrying value 76,587 24,962 51,625 84,420 29,090 55,330 11,261 Basis differential adjustment 3,272 1,785 1,487 3,523 1,865 1,658 1,570 HLBV adjustment (3,931 ) 11,514 (15,445 ) (8,042 ) 7,370 (15,412 ) 346 Carrying value $ 75,928 $ 38,261 $ 37,667 $ 79,901 $ 38,325 $ 41,576 $ 13,177 2016 2015 2014 Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total (c) Income Statement - For the year ended December 31, Hotel revenues $ 128,071 $ 36,054 $ 92,017 $ 100,155 $ 24,126 $ 76,029 $ 36,514 Hotel operating expenses 117,514 36,714 80,800 90,478 22,221 68,257 33,816 Other operating expenses 437 239 198 2,090 1,933 157 174 Other income and (expenses) (8,116 ) (2,210 ) (5,906 ) (7,510 ) (1,306 ) (6,204 ) (4,277 ) Provision for income taxes (1,482 ) (434 ) (1,048 ) (492 ) (240 ) (252 ) (375 ) Net income (loss) 522 (3,543 ) 4,065 (415 ) (1,574 ) 1,159 (2,128 ) Percentage of ownership in equity investee 60 % 60 % Pro-rata equity in earnings (losses) of equity method investments in real estate (d) 382 (2,126 ) 2,508 34 (944 ) 978 (969 ) Basis differential adjustment (252 ) (80 ) (172 ) (166 ) (50 ) (116 ) (103 ) HLBV adjustment 5,102 5,248 (146 ) 2,550 2,954 (404 ) 341 Equity in earnings (losses) of equity method investments in real estate $ 5,232 $ 3,042 $ 2,190 $ 2,418 $ 1,960 $ 458 $ (731 ) ___________ (a) We purchased our 60% interest in this venture on May 15, 2015. (b) Includes the Hyatt Centric French Quarter Venture, the Westin Atlanta Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (c) Includes the Hyatt Centric French Quarter Venture and the Westin Atlanta Venture. (d) For the equity investments noted in footnotes (b) and (c), our respective ownership interest in each investment was applied to the results of each individual venture. At December 31, 2016 and 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 $0.2 million , $0.2 million and $0.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are summarized as follows (dollars in thousands): December 31, 2016 December 31, 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (3,510 ) $ 68,890 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (531 ) 11,124 11,655 (337 ) 11,318 In-place leases 2 – 21 235 (132 ) 103 317 (153 ) 164 Total intangible assets, net $ 84,290 $ (4,173 ) $ 80,117 $ 84,372 $ (2,495 ) $ 81,877 Finite-Lived Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 64 $ (2,036 ) $ (2,100 ) $ 39 $ (2,061 ) Net amortization of intangibles was $1.7 million , $1.4 million and $0.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization of the villa/condo rental programs and in-place lease intangibles are included in Depreciation and amortization, and amortization of below-market hotel ground lease, below-market hotel parking garage lease and above-market hotel ground lease intangibles are included in Property taxes, insurance, rent and other in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps and caps that were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market ( Note 8 ). We did not have any transfers into or out of Level 1, Level 2 and Level 3 measurements during the years ended December 31, 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, which we have classified as Level 3, had a carrying value of $1.5 billion and $1.4 billion , and an estimated fair value of $1.5 billion and $1.4 billion , at December 31, 2016 and 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 December 31, 2016 and 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 or 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. 2016 — During the year ended December 31, 2016 , we recognized impairment charges totaling $4.1 million 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 ). Subsequent to December 31, 2016 , we sold these properties ( Note 15 ). 2015 — During the year ended December 31, 2015 , we recognized an impairment charge of $6.1 million on a property with a fair value measurement of $8.0 million in order to reduce the carrying value of the property to its estimated fair value. Subsequent to December 31, 2016 , we sold this property ( Note 15 ).

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedges, Assets [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities, including the 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 loss until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated Asset Derivatives Fair Value at December 31, Liability Derivatives Fair Value at December 31, as Hedging Instruments Balance Sheet Location 2016 2015 2016 2015 Interest rate caps Other assets $ 51 $ 117 $ — $ — Interest rate swaps Other assets 48 109 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2 ) (716 ) $ 99 $ 226 $ (2 ) $ (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 December 31, 2016 and 2015 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized losses of $1.1 million , $2.6 million and $3.0 million in Other comprehensive income (loss) on derivatives in connection with our interest rate swaps and caps during the years ended December 31, 2016 , 2015 and 2014 , respectively. We reclassified losses of $1.0 million , $1.6 million and $1.7 million from Other comprehensive income (loss) on derivatives into interest expense during the years ended December 31, 2016 , 2015 and 2014 , respectively. Amounts reported in Other comprehensive income (loss) related to interest rate swaps and caps will be reclassified to Interest expense as interest expense is incurred on our variable-rate debt. At December 31, 2016 , we estimated that an additional $0.6 million , inclusive of amounts attributable to noncontrolling interests of $0.1 million , will be reclassified as Interest expense during the next 12 months related to our interest rate swaps and caps. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may enter into interest rate swap or cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The face amount on which the swaps are based is not exchanged. An interest rate cap limits the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at December 31, 2016 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Face Amount Fair Value at Interest Rate Derivatives December 31, 2016 Interest rate caps 8 $ 304,270 $ 51 Interest rate swaps 2 68,460 46 $ 97 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2016 . At December 31, 2016 , our total credit exposure was $0.1 million and the maximum exposure to any single counterparty was less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2016 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was less than $0.1 million and $0.8 million at December 31, 2016 and 2015 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at either December 31, 2016 or 2015 , we could have been required to settle our obligations under these agreements at their aggregate termination value of less than $0.1 million and $0.8 million , respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Non-Recourse Debt Our debt consists of mortgage notes payable, which are collateralized by the assignment of hotel properties. The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at December 31, Interest Rate Range Current Maturity Date Ranges (a) 2016 2015 Fixed rate 3.6% - 6.5% 3/2018 - 9/2038 $ 1,084,987 $ 957,189 Variable rate (b) 2.9% - 7.8% 3/2017 - 12/2020 371,165 393,646 $ 1,456,152 $ 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 December 31, 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, 2016, the minimum debt service coverage ratio for the Holiday Inn Manhattan 6 th Avenue Chelsea was not met, therefore, a cash management agreement was enacted that permits the lender to sweep the hotel’s excess cash flow. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At December 31, 2016 , we were in compliance with the applicable covenants for each of our mortgage loans. Senior Credit Facility As of December 31, 2016, we had a senior credit facility that provided for a $25.0 million senior unsecured revolving credit facility, or our Senior Credit Facility, inclusive of a $5.0 million letter of credit subfacility, and was used for our working capital needs as well as for other general corporate purposes. The Senior Credit Facility bore interest at the London Interbank Offered Rate, or LIBOR, plus 2.75% ; however, if at any time our leverage ratio, as defined in the credit agreement, was greater than 65% , interest on loans under our Senior Credit Facility would increase to LIBOR plus 3.25% . Our Senior Credit Facility was 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% ( Note 15 ). At December 31, 2016 , the outstanding balance under our Senior Credit Facility was $22.8 million . We paid a fee of 0.25% on the unused portion of our Senior Credit Facility. The credit agreement, as amended, included customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter, as well as various customary affirmative and negative covenants. We were in compliance with all applicable covenants at December 31, 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 recorded $0.4 million of deferred financing costs related to this loan. During the year ended December 31, 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 of 3.9% and term of 4.8 years. We recognized an aggregate net loss on extinguishment of debt totaling $2.2 million on these refinancings. Financing Activity During 2015 In connection with our 2015 Acquisitions ( Note 4 ), we obtained $284.8 million in non-recourse mortgage financing, with a weighted-average annual interest rate of 3.9% and term of 5.8 years. We recorded $2.6 million of deferred financing costs related to these loans. In connection with our acquisition of the Ritz-Carlton Key Biscayne in May 2015, we assumed a $164.0 million non-recourse mortgage loan with an annual interest rate of 6.09% and a maturity date of June 2017. We recorded a fair market value adjustment that resulted in a premium of $7.5 million , which was being amortized over the remaining term of the loan. We recorded $1.2 million of deferred financing costs related to this loan. This loan was refinanced in 2016. During the year ended December 31, 2015, we refinanced two non-recourse mortgage loans totaling $25.5 million with new non-recourse mortgage loans totaling $27.0 million , with a weighted-average interest rate of 2.8% and term of 3 years. We recognized a net gain on extinguishment of debt of $1.8 million . We also drew down $7.0 million on an existing mortgage loan for renovations at the Marriott Boca Raton at Boca Center. Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 (a) $ 126,805 2018 220,161 2019 148,635 2020 194,553 2021 457,212 Thereafter through 2038 339,969 Total principal payments 1,487,335 Deferred financing costs (b) (8,398 ) Total $ 1,478,937 __________ (a) Includes $22.8 million outstanding under our Senior Credit Facility, which is scheduled to mature on December 4, 2017 , unless extended pursuant to its terms ( Note 15 ). (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	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2016 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position or results of operations. Hotel Management Agreements As of December 31, 2016 , our Consolidated Hotel properties are operated pursuant to long-term management agreements with 12 different management companies, with initial terms ranging from three to 30 years . Each management company receives a base management fee, generally ranging from 1.5% to 3.5% of hotel revenues. Four of our management agreements contain the right and license to operate the hotels under specified brands. No separate franchise agreements exist and no separate franchise fee is required for these hotels. The management agreements that include the benefit of a franchise agreement incur a base management fee equal to 3.0% of hotel revenues. The management companies are generally also eligible to receive an incentive management fee, which is typically calculated as a percentage of operating profit, either (i) in excess of projections with a cap or (ii) after the owner has received a priority return on its investment in the hotel. Franchise Agreements As of December 31, 2016 , we have 12 franchise agreements with Marriott owned brands, nine with Hilton owned brands, two with InterContinental Hotels owned brands and one with a Hyatt owned brand related to our Consolidated Hotels. The franchise agreements have initial terms ranging from 10 to 25 years . This number excludes four hotels that receive the benefits of a franchise agreement pursuant to management agreements, as discussed above. Our franchise agreements grant us the right to the use of the brand name, systems and marks with respect to specified hotels and establish various management, operational, record-keeping, accounting, reporting and marketing standards and procedures that the licensed hotel must comply with. In addition, the franchisor establishes requirements for the quality and condition of the hotel and its furniture, fixtures and equipment, and we are obligated to expend such funds as may be required to maintain the hotel in compliance with those requirements. Typically, our franchise agreements provide for a license fee, or royalty, of 3.0 % to 7.0 % of room revenues and, if applicable, 2.0% to 3.0% of food and beverage revenue. In addition, we generally pay 1.0 % to 4.0% of room revenues as marketing and reservation system contributions for the system-wide benefit of brand hotels. Franchise fees are included in sales and marketing expense in our consolidated financial statements. Renovation Commitments Certain of our hotel franchise and loan agreements require us to make planned renovations to our Consolidated Hotels ( Note 4 ). We do not currently expect to, and are not obligated to, fund any planned renovations on our Unconsolidated Hotels beyond our original investment. At December 31, 2016 , nine hotels were either undergoing renovation or in the planning stage of renovations, and we currently expect that six will be completed during the first half of 2017, one will be completed during the second half of 2017, one 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): December 31, 2016 2015 Capital commitments $ 84,325 $ 114,193 Less: paid (43,179 ) (54,164 ) Unpaid commitments 41,146 60,029 Less: amounts in restricted cash designated for renovations (13,136 ) (35,769 ) Unfunded commitments (a) $ 28,010 $ 24,260 ___________ (a) Of our unfunded commitments at December 31, 2016 and 2015, approximately $5.3 million and $12.8 million , respectively, of unrestricted cash on our balance sheet was designated for renovations. Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major national hotel brands and for most of our hotels subject to mortgage loans, we are obligated to maintain furniture, fixtures and equipment reserve accounts for future capital expenditures at these hotels, sufficient to cover the cost of routine improvements and alterations at the hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels, and typically ranges between 2% and 5% of the respective hotel’s total gross revenue. As of December 31, 2016 and 2015, $29.3 million and $37.1 million , respectively, was held in furniture, fixtures and equipment reserve accounts for future capital expenditures. Ground Lease Commitments Three of our hotels are subject to ground leases. Scheduled future minimum ground lease payments during each of the next five calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 $ 3,181 2018 3,254 2019 3,328 2020 3,404 2021 3,482 Thereafter through 2106 651,118 Total $ 667,767 For the years ended December 31, 2016 , 2015 and 2014 , we recorded rent expense of $3.8 million , $3.7 million and $2.9 million , respectively, inclusive of percentage rents of $0.7 million for each year, related to these ground leases, which are included in Property taxes, insurance, rent and other in the consolidated financial statements.

Equity

Equity	12 Months Ended
	Dec. 31, 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 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): Years Ended December 31, 2016 2015 2014 Net loss attributable to CWI stockholders $ (8,753 ) $ (25,725 ) $ (32,732 ) 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 $ 7,271 $ (25,725 ) $ (32,732 ) ___________ (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): Years Ended December 31, Gains and Losses on Derivative Instruments 2016 2015 2014 Beginning balance $ (885 ) $ (517 ) $ (136 ) Other comprehensive loss before reclassifications (1,084 ) (2,570 ) (2,974 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 970 1,600 1,662 Equity in earnings of equity method investments in real estate 422 525 539 Total 1,392 2,125 2,201 Net current period other comprehensive income (loss) 308 (445 ) (773 ) Net current period other comprehensive loss attributable to noncontrolling interests 372 77 392 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (923 ) — — Ending balance $ (1,128 ) $ (885 ) $ (517 ) Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized cash distributions paid per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2016 2015 2014 Ordinary income $ 0.2234 $ 0.1550 $ 0.0135 Capital gain — — — Return of capital 0.3466 0.4000 0.5365 Total distributions paid $ 0.5700 $ 0.5550 $ 0.5500 During the fourth quarter of 2016, our board of directors declared a quarterly distribution of $0.1425 per share, which was paid on January 13, 2017 to stockholders of record on December 30, 2016, in the amount of $19.3 million .

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments We maintain the 2010 Equity Incentive Plan, which authorizes the issuance of shares of our common stock to our officers and officers and employees of the Subadvisor, who perform services on our behalf, and to any non-director members of the investment committee through stock-based awards. The 2010 Equity Incentive Plan provides for the grant of RSUs and dividend equivalent rights. We also maintain the Directors Incentive Plan — 2010 Incentive Plan, which authorizes the issuance of shares of our common stock to our independent directors. The Directors Incentive Plan — 2010 Incentive Plan provides for the grant of RSUs and dividend equivalent rights. A maximum of 4,000,000 shares may be granted, in the aggregate, under these two plans, of which 3,755,502 shares remain available for future grants at December 31, 2016 . A summary of the RSU activity for the years ended December 31, 2016 , 2015 and 2014 follows: The Subadvisor Independent Directors Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2014 42,810 $ 10.00 — $ — Granted 50,000 10.00 18,000 10.00 Vested (a) (15,811) 10.00 (18,000 ) 10.00 Forfeited (5,688) 10.00 — — Nonvested at January 1, 2015 71,311 10.00 — — Granted 29,370 10.30 17,476 10.30 Vested (a) (26,376 ) 10.00 (17,476 ) 10.30 Forfeited — — — — Nonvested at January 1, 2016 74,305 10.12 — — Granted 41,744 10.66 16,886 10.66 Vested (a) (35,557 ) 10.08 (16,886 ) 10.66 Forfeited (8,663 ) 10.39 — — Nonvested at December 31, 2016 (b) 71,829 $ 10.42 — $ — ___________ (a) RSUs issued to employees of the Subadvisor generally vest over three years, subject to continued employment, and RSUs issued to independent directors vested immediately. The total fair value of shares vested during the years ended December 31, 2016 , 2015 and 2014 was $0.4 million , $0.4 million and $0.3 million , respectively. (b) We currently expect to recognize compensation expense totaling approximately $0.5 million over the vesting period. The awards to employees of the Subadvisor had a weighted-average remaining contractual term of 1.6 years at December 31, 2016 . For the years ended December 31, 2016 , 2015 and 2014 , we recognized share based payment expense of $0.6 million , $0.5 million and $0.4 million , respectively, associated with our awards. We have not recognized any income tax benefit in earnings for our share-based payment arrangements since the inception of our plans.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, we are permitted to own lodging properties but are prohibited from operating these properties. In order to comply with applicable REIT qualification rules, we enter into leases for each of our lodging properties with TRS lessees. The TRS lessees in turn contract with independent hotel management companies that manage day-to-day operations of our hotels under the oversight of the Subadvisor. The components of our income tax provision for the periods presented are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Federal Current $ 2,383 $ 5,363 $ 3,809 Deferred 451 (384 ) (771 ) 2,834 4,979 3,038 State and Local Current 801 1,835 1,099 Deferred 26 (47 ) (291 ) 827 1,788 808 Total Provision $ 3,661 $ 6,767 $ 3,846 Deferred income taxes at December 31, 2016 and 2015 consist of the following (in thousands): At December 31, 2016 2015 Deferred Tax Assets Net operating loss carryforwards $ 5,725 $ 1,902 Accrued vacation payable and deferred rent 1,740 1,567 Deferred revenue - key money 537 218 Gift card liability 361 270 Interest expense limitation 275 1,313 Other 661 472 Total deferred income taxes 9,299 5,742 Valuation allowance (4,909 ) (1,913 ) Total deferred tax assets 4,390 3,829 Deferred Tax Liabilities Villa rental management agreement (7,240 ) (1,616 ) Other (257 ) (229 ) Total deferred tax liabilities (7,497 ) (1,845 ) Net Deferred Tax (Liability) Asset $ (3,107 ) $ 1,984 A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands): Years Ended December 31, 2016 2015 2014 Pre-tax income from taxable subsidiaries $ 4,764 $ 16,033 $ 8,275 Federal provision at statutory tax rate (35%) $ 1,668 $ 5,612 $ 2,813 Valuation allowance 2,526 1,108 511 Income not subject to federal tax (1,239 ) (1,244 ) — State and local taxes, net of federal benefit 534 1,023 280 Non-deductible expenses 102 123 70 Other 70 145 172 Total provision $ 3,661 $ 6,767 $ 3,846 As of December 31, 2016 and 2015, our taxable subsidiaries have recorded gross deferred tax assets of $14.4 million and $4.8 million , respectively, in connection with U.S. federal, state and local net operating losses. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. If not utilized, our federal and state and local net operating losses will begin to expire in 2034 . As of December 31, 2016 and 2015, we recorded a valuation allowance of $4.9 million and $1.9 million , respectively, related to these net operating loss carryforwards and other deferred tax assets. The net deferred tax (liability) asset in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $2.1 million and $2.0 million at December 31, 2016 and 2015, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $5.2 million and less than $0.1 million at December 31, 2016 and 2015, respectively, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 684 $ — (Deduction) addition based on tax positions related to prior years (680 ) 684 Ending balance $ 4 $ 684 At December 31, 2016 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2016 , we had accrued interest related to uncertain tax positions of less than $0.1 million . Our tax returns are subject to audit by taxing authorities. The statute of limitations varies by jurisdiction and ranges from three to four years. Such audits can often take years to complete and settle. The tax years 2013 through 2016 remain open to examination by the major taxing jurisdictions to which we are subject.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2016 (a) June 30, 2016 (a) September 30, 2016 (a) December 31, 2016 (a) Revenues $ 155,359 $ 173,576 $ 166,865 $ 155,295 Operating expenses (b) 147,301 152,822 146,671 145,461 Net (loss) income (5,545 ) 4,237 1,458 (7,126 ) (Income) loss attributable to noncontrolling interests (5,371 ) 293 3,039 262 Net (loss) income attributable to CWI stockholders $ (10,916 ) $ 4,530 $ 4,497 $ (6,864 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.08 ) $ 0.03 $ 0.03 $ (0.05 ) Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2015 (a) June 30, 2015 (a) September 30, 2015 (a) December 31, 2015 (a) Revenue $ 109,787 $ 136,191 $ 149,642 $ 146,483 Operating expenses (b) 108,956 126,574 135,403 147,233 Net (loss) income (11,151 ) 907 (3,854 ) (16,542 ) (Income) loss attributable to noncontrolling interests (803 ) 206 2,794 2,718 Net (loss) income attributable to CWI stockholders $ (11,954 ) $ 1,113 $ (1,060 ) $ (13,824 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.09 ) $ 0.01 $ (0.01 ) $ (0.10 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1425 $ 0.1425 ___________ (a) Our results are not comparable year over year because of hotel acquisitions in 2015 and 2016 . (b) Results include impairment charges of $3.7 million , $0.4 million and $6.1 million for the three months ended June 30, 2016, September 30, 2016 and December 31, 2015, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Disposition On February 1, 2017, we sold our 100% ownership interests in the Hampton Inn Frisco Legacy Park, the Hampton Inn Birmingham Colonnade and the Hilton Garden Inn Baton Rouge Airport to an unaffiliated third party, for a contractual sales price of $33.0 million and net proceeds of approximately $7.7 million . Loans from Affiliate Our board of directors and the board of directors of WPC approved in February 2017 and March 2017, respectively, unsecured loans to us of up to $25.0 million , or the WPC Line of Credit, at an interest rate equal to the rate at which WPC is able to borrow funds under its senior unsecured credit facility. The purpose of the WPC Line of Credit is to repay and terminate our Senior Credit Facility. Any such loans under the WPC Line of Credit are to be made solely at the discretion of WPC’s management. As of the date of this Report, we intend to borrow $25.0 million and simultaneously repay and terminate the Senior Credit Facility in the first quarter of 2017.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2016 , 2015 , and 2014 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 1,913 $ 3,198 $ (202 ) $ 4,909 Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 805 $ 1,120 $ (12 ) $ 1,913 Year Ended December 31, 2014 Valuation reserve for deferred tax assets $ 294 $ 638 $ (127 ) $ 805

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands ) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at (c) Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Accumulated Depreciation (c) Date of Construction Date Acquired Hampton Inn Boston Braintree $ 11,754 $ 1,516 $ 10,626 $ 1,196 $ — $ 1,516 $ 11,822 $ 13,338 $ 1,622 2001 May 2012 4 ‒ 40 yrs. Hilton Garden Inn New Orleans French Quarter/CBD 10,404 1,539 15,223 1,733 — 1,539 16,956 18,495 2,288 2004 Jun. 2012 4 ‒ 40 yrs. Lake Arrowhead Resort and Spa 14,814 4,300 17,990 3,664 — 4,300 21,654 25,954 4,095 1982 Jul. 2012 4 ‒ 40 yrs. Courtyard San Diego Mission Valley 48,157 16,200 65,452 1,470 — 16,200 66,922 83,122 7,307 1971 Dec. 2012 4 ‒ 40 yrs. Hampton Inn Atlanta Downtown 12,678 3,062 13,627 432 — 3,062 14,059 17,121 1,442 1999 Feb. 2013 4 ‒ 40 yrs. Hampton Inn Memphis Beale Street 20,398 5,509 23,645 371 — 5,509 24,016 29,525 2,476 1999 Feb. 2013 4 ‒ 40 yrs. Courtyard Pittsburgh Shadyside 18,988 3,515 25,833 1,182 — 3,515 27,015 30,530 2,897 2003 Mar. 2013 4 ‒ 40 yrs. Hutton Hotel Nashville 43,631 7,850 60,220 481 — 7,850 60,701 68,551 5,614 1961 May 2013 4 ‒ 40 yrs. Holiday Inn Manhattan 6th Ave Chelsea 77,407 30,023 81,398 914 — 30,023 82,312 112,335 7,525 2008 Jun. 2013 4 ‒ 40 yrs. Fairmont Sonoma Mission Inn & Spa 63,578 17,657 66,593 2,958 — 17,657 69,551 87,208 6,988 1927 Jul. 2013 4 ‒ 40 yrs. Marriott Raleigh City Center 51,388 — 68,405 2,015 — — 70,420 70,420 6,455 2008 Aug. 2013 4 ‒ 40 yrs. Hawks Cay Resort 98,446 25,800 73,150 15,458 — 25,800 88,608 114,408 7,634 1960 Oct. 2013 4 ‒ 40 yrs. Renaissance Chicago Downtown 89,763 — 132,198 26,745 — — 158,943 158,943 13,505 1991 Dec. 2013 4 ‒ 40 yrs. Hyatt Place Austin Downtown 56,292 9,100 73,700 24 — 9,100 73,724 82,824 5,071 2013 Apr. 2014 4 ‒ 40 yrs. Courtyard Times Square West 54,713 — 87,438 90 — — 87,528 87,528 5,694 2013 May 2014 4 ‒ 40 yrs. Sheraton Austin Hotel at the Capitol 66,861 18,210 78,703 5,149 — 18,210 83,852 102,062 5,397 1986 May 2014 4 ‒ 40 yrs. Marriott Boca Raton at Boca Center 40,367 11,500 46,149 3,900 — 11,500 50,049 61,549 3,337 1987 Jun. 2014 4 ‒ 40 yrs. Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 52,837 5,662 71,598 26 — 5,662 71,624 77,286 4,549 2013 Jun. 2014 4 ‒ 40 yrs. Sanderling Resort 24,874 9,800 23,677 5,866 — 9,800 29,543 39,343 2,149 1985 Oct. 2014 4 ‒ 40 yrs. Staybridge Suites Savannah Historic District 14,739 4,300 17,753 305 — 4,300 18,058 22,358 980 2006 Oct. 2014 4 ‒ 40 yrs. Marriott Kansas City Country Club Plaza 38,367 5,100 48,748 8,268 — 5,100 57,016 62,116 2,805 1987 Nov. 2014 4 ‒ 40 yrs. Westin Minneapolis 43,298 6,405 57,105 127 — 6,405 57,232 63,637 2,718 2007 Feb. 2015 4 ‒ 40 yrs. Westin Pasadena 88,353 22,785 112,215 112 — 22,785 112,327 135,112 5,045 1989 Mar. 2015 4 ‒ 40 yrs. Hilton Garden Inn/Homewood Suites Atlanta Midtown 37,793 5,700 47,680 109 — 5,700 47,789 53,489 2,015 2012 Apr. 2015 4 ‒ 40 yrs. Ritz-Carlton Key Biscayne 189,763 117,200 154,182 1,268 3,404 118,657 157,397 276,054 6,459 2001 May 2015 4 ‒ 40 yrs. Ritz-Carlton Fort Lauderdale 69,294 22,100 74,422 6,531 1,279 22,380 81,952 104,332 3,576 2007 Jun. 2015 4 ‒ 40 yrs. Le Méridien Dallas, The Stoneleigh 44,470 9,400 57,989 1,257 21 9,400 59,267 68,667 1,715 1923 Nov. 2015 4 ‒ 40 yrs. Equinox, a Luxury Collection Golf Resort & Spa 46,165 15,000 59,235 167 823 15,000 60,225 75,225 1,743 1853 Feb. 2016 4 ‒ 40 yrs. $ 1,429,592 $ 379,233 $ 1,664,954 $ 91,818 $ 5,527 $ 380,970 $ 1,760,562 $ 2,141,532 $ 123,101 _______________ (a) Consists of the cost of improvements subsequent to acquisition, including construction costs primarily for renovations pursuant to our contractual obligations. (b) The increases in the net investments of the Ritz-Carlton Key Biscayne and the Ritz-Carlton For Lauderdale were due to out-of-period adjustments related to deferred tax liabilities ( Note 2 ). The increases in the net investments of the Le Méridien Dallas, The Stoneleigh and the Equinox, a Luxury Collection Golf Resort & Spa were due to measurement period adjustments related to asset retirement obligations for the removal of asbestos and environmental waste. (c) A reconciliation of hotels and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Hotels Years Ended December 31, 2016 2015 2014 Beginning balance $ 2,064,909 $ 1,463,391 $ 821,551 Additions 79,763 687,183 632,046 Reclassification to Assets held for sale (a) (38,823 ) — — Improvements 35,683 41,264 9,794 Impairment charges — (6,143 ) — Disposition — (120,786 ) — Ending balance $ 2,141,532 $ 2,064,909 $ 1,463,391 Reconciliation of Accumulated Depreciation for Hotels Years Ended December 31, 2016 2015 2014 Beginning balance $ 76,078 $ 35,846 $ 10,550 Depreciation expense 50,774 41,056 25,296 Reclassification to Assets held for sale (3,751 ) — — Disposition — (824 ) — Ending balance $ 123,101 $ 76,078 $ 35,846 ___________ (a) Includes $4.1 million of impairment charges recognized during the year ended December 31, 2016 related to properties included in Assets held for sale as of December 31, 2016 ( Note 7 ). At December 31, 2016 , the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $2.1 billion .

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets or liabilities acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. We allocate the purchase price among the assets acquired and liabilities assumed based on their respective fair values. In making estimates of fair value for purposes of allocating the purchase price, we utilize a variety of information obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence.
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, or when there are adverse changes in the demand for lodging due to declining national or local economic conditions. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, assets held for sale and equity investments. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Our investment objective is to hold properties on a long-term basis. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group 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. Assets Held for Sale — 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 to sell is less, 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 fair value and may recognize an additional impairment charge, if warranted. Equity Investments in Real Estate — We evaluate our equity investments in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value.
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.
New Accounting Pronouncements	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. There were no other changes to our consolidated balance sheets or results of operations for the periods presented.
Shares Repurchased	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Real Estate	Real Estate — We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and we expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets as incurred. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Assets Held for Sale — 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, or we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.
Cash	Cash — Our cash is held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Restricted Cash	Restricted Cash — Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels.
Other Assets and Liabilities	Other Assets and Liabilities — Other assets consists primarily of prepaid expenses, deposits, hotel inventories, deferred tax asset and derivative assets in the consolidated financial statements. Other liabilities consists primarily of hotel advance deposits, straight-line rent, sales use and occupancy taxes payable, unamortized key money, deferred tax liabilities, asset retirement obligations, accrued income taxes and derivative liabilities.
Deferred Financing Costs	Deferred Financing Costs — Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. Deferred financing costs are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability.
Hotel Revenue Recognition	Hotel Revenue Recognition — We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues (such as room, food and beverage) and revenue from other operating departments (such as internet, spa services, parking and gift shops). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the brand sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the brand sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand sponsor following a guest’s stay.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Capitalized Cost	Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and incremental labor costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete.
Depreciation and Amortization	Depreciation and Amortization — We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years) and furniture, fixtures and equipment (generally one to 12 years). We compute amortization of intangible assets and liabilities using the straight-line method over the estimated useful life of the asset or liability. See Note 6 for the range of lives by asset or liability.
Organization and Offering Costs	Organization and Offering Costs — Our Advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were recorded as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we reimbursed our Advisor for organization and offering costs incurred. Such reimbursements did not exceed regulatory limitations. Organization costs were expensed as incurred and included in corporate general and administrative expenses in the financial statements.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.
Income Taxes	Income Taxes — We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our investments and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal, state and local income taxes. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of certain income and expense recognitions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors ( Note 13 ). We recognize deferred income taxes in certain of our subsidiaries taxable in the United States. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 13 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Share-Based Payments	Share-Based Payments — We have granted restricted stock units, or RSUs, to our independent directors and certain employees of the Subadvisor. RSUs issued to our independent directors vest immediately; RSUs issued to employees of the Subadvisor generally vest over three years, subject to continued employment. The expense recognized for share-based payment transactions for awards made to directors is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. Share-based payment transactions for awards made to employees of the Subadvisor are based on the fair value of the services received. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share based payment transactions within Corporate general and administrative expense.
Income or Loss Attributable to Noncontrolling Interests	Income or Loss Attributable to Noncontrolling Interests — Earnings attributable to noncontrolling interests are recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
Loss Per Share	Loss Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Requirements	Recent Accounting Requirements The following ASUs promulgated by the FASB are applicable to us: In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. We expect to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on our assessment, the adoption of this standard will not have a material impact on our consolidated financial statements. 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 over the managing member or substantive participating rights over the entity or VIE. 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 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. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-18 on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. We expect to adopt this new guidance on January 1, 2018. We are currently evaluating whether this ASU will have a material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term in substance nonfinancial asset, in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. 2017-05 is effective for periods beginning after December 15, 2017, with early application permitted for fiscal years beginning after December 15, 2016. We are currently evaluating the impact of ASU 2017-05 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
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, or HLBV, 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 the villa/condo rental programs and in-place lease intangibles are included in Depreciation and amortization, and amortization of below-market hotel ground lease, below-market hotel parking garage lease and above-market hotel ground lease intangibles are included in Property taxes, insurance, rent and other in the consolidated financial statements. Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements,
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate swaps and caps that 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 ).

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2016 2015 Net investments in hotels $ 518,335 $ 510,295 Intangible assets, net 39,451 40,252 Total assets 587,608 589,530 Non-recourse debt, net $ 341,082 $ 318,936 Total liabilities 372,991 348,372

Agreements and Transactions w30

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 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, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Years Ended December 31, 2016 2015 2014 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 14,120 $ 11,757 $ 7,308 Available Cash Distributions 9,445 7,122 4,096 Personnel and overhead reimbursements 6,645 7,255 5,347 Acquisition fees 2,158 15,779 18,305 Interest expense — 25 10 $ 32,368 $ 41,938 $ 35,066 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 806 $ 475 $ — Advisor fee for purchase of membership interest ( Note 11 ) 527 — — Capitalized acquisition fees for asset acquisition 29 — — Capitalized acquisition fees for equity method investments — 1,915 — Selling commissions and dealer manager fees — — 55,776 Offering costs — 171 3,349 $ 1,362 $ 2,561 $ 59,125 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): December 31, 2016 2015 Amounts Due to Related Parties and Affiliates Reimbursable costs $ 1,311 $ 1,605 Other amounts due to our Advisor 1,202 1,105 Due to joint venture partners and other 115 394 $ 2,628 $ 3,104

Net Investment in Hotels (Table

Net Investment in Hotels (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): December 31, 2016 2015 Buildings $ 1,670,895 $ 1,629,741 Land 380,970 371,712 Furniture, fixtures and equipment 122,155 121,722 Building and site improvements 89,667 63,456 Construction in progress 26,855 22,310 Hotels, at cost 2,290,542 2,208,941 Less: Accumulated depreciation (176,423 ) (115,639 ) Net investments in hotels $ 2,114,119 $ 2,093,302
Schedule Net Assets Acquired in Business Combination	(a) We acquired a 47.34% interest in the joint venture owning this hotel, with our affiliate, CWI 2, acquiring a 19.33% interest. The remaining interest was retained by the seller. (b) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $9.9 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of intangible assets and cumulative additional net depreciation expense of less than $0.1 million , which was recognized in the fourth quarter of 2015. (c) During the fourth quarter of 2015, we identified a measurement period adjustment that impacted the preliminary acquisition accounting, which resulted in an increase of $14.4 million to the preliminary fair value of the building and a corresponding decrease to the preliminary fair value of land and cumulative additional depreciation expense of $0.2 million , which was recognized in the fourth quarter of 2015. (d) 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 less than $0.1 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. 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 December 31, 2016 (in thousands): Equinox (a) (b) 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 December 31, 2016 Revenues $ 18,621 Net income $ 2,670 ___________ (a) 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. (b) 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 these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Acquisitions Westin Minneapolis Westin Pasadena Hilton Garden Inn/Homewood Suites Atlanta Midtown Ritz-Carlton Key Biscayne (a) (b) Ritz-Carlton Fort Lauderdale (c) Le Méridien Dallas, The Stoneleigh (d) Acquisition Date 2/12/2015 3/19/2015 4/29/2015 5/29/2015 6/30/2015 11/20/2015 Cash consideration $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714 Assets acquired at fair value: Land 6,405 22,785 5,700 117,200 22,100 9,400 Building and site improvements 57,105 112,215 47,680 154,182 74,422 58,010 Furniture, fixtures and equipment 2,846 7,379 4,135 9,907 3,484 1,200 Construction in progress — — — 450 — — Intangible assets — — 720 33,200 7,500 — Accounts receivable 97 94 100 7,957 2,894 66 Other assets 164 608 328 1,703 637 284 Liabilities assumed at fair value: Non-recourse debt — — — (171,500 ) — — Accounts payable, accrued expenses and other liabilities (441 ) (1,343 ) (171 ) (12,935 ) (6,274 ) (246 ) Contributions from noncontrolling interests at fair value — — — (71,239 ) (15,121 ) — Net assets acquired at fair value $ 66,176 $ 141,738 $ 58,492 $ 68,925 $ 89,642 $ 68,714
Schedule Of Revenues and Net Income	From Acquisition Date through December 31, 2015 Revenues $ 14,809 $ 24,561 $ 8,184 $ 44,079 $ 14,201 $ 1,253 Net income (loss) $ 2,504 $ 5,454 $ 1,716 $ 959 $ (2,905 ) $ 187
Assets Held for Sale	Below is a summary of our assets and liabilities held for sale (in thousands): December 31, 2016 2015 Net investments in hotels $ 32,300 $ — Restricted cash 2,089 — Accounts receivable 169 — Other assets 465 — Assets held for sale $ 35,023 $ — Non-recourse debt, net attributable to Assets held for sale $ 26,560 $ — Accounts payable, accrued expenses and other liabilities 789 — Due to related parties and affiliates 8 — Other liabilities held for sale $ 797 $ — 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): Years Ended December 31, 2016 2015 2014 Revenues $ 12,039 $ 24,903 $ 21,261 Expenses (11,246 ) (23,062 ) (27,849 ) Impairment charges (4,112 ) (6,143 ) — (Provision for) benefit from income taxes (13 ) (29 ) 410 Loss from continuing operations from properties classified as held for sale or sold, net of income taxes $ (3,332 ) $ (4,331 ) $ (6,178 )
Pro Forma Information	(Dollars in thousands, except per share amounts) Years Ended December 31, 2015 2014 Pro forma total revenues $ 634,923 $ 644,081 Pro forma net loss $ (3,337 ) $ (21,805 ) Pro forma (income) loss attributable to noncontrolling interests (1,570 ) 7,093 Pro forma loss attributable to CWI stockholders $ (4,907 ) $ (14,712 ) Pro forma loss per share: Basic and diluted pro forma net loss attributable to CWI stockholders $ (0.04 ) $ (0.11 ) Basic and diluted pro forma weighted-average shares outstanding 131,296,033 132,686,254

Equity Investments in Real Es32

Equity Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule Equity Method Investments	The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at December 31, 2016 Carrying Value at December 31, 2016 2015 Hyatt Centric French Quarter Venture (b) LA 254 80% $ 13,000 9/6/2011 Full-service Completed $ 664 $ 1,752 Westin Atlanta Venture (c) GA 372 57% 13,170 10/3/2012 Full-service Completed 5,795 7,156 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% 33,758 4/1/2015 Resort In progress 31,208 32,668 Ritz-Carlton Philadelphia Venture (f) PA 299 60% 38,327 5/15/2015 Full-service Completed 38,261 38,325 1,439 $ 98,255 $ 75,928 $ 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 $2.2 million from this investment during the year ended December 31, 2016 . (c) We received cash distributions of $2.2 million from this investment during the year ended December 31, 2016 . (d) We received cash distributions of $2.1 million from this investment during the year ended December 31, 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 $3.1 million from this investment during the year ended December 31, 2016 . The following tables present combined summarized financial information of our equity method investment entities. Amounts provided are the total amounts attributable to the ventures since our respective dates of acquisition and do not represent our proportionate share (in thousands): 2016 2015 2014 Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total (c) Balance Sheet - As of December 31, Real estate, net $ 324,205 $ 100,016 $ 224,189 $ 309,481 $ 95,029 $ 214,452 $ 89,375 Other assets 55,276 7,814 47,462 64,444 15,373 49,071 10,174 Total assets 379,481 107,830 271,651 373,925 110,402 263,523 99,549 Debt 204,132 58,575 145,557 190,602 55,000 135,602 67,993 Other liabilities 37,224 7,652 29,572 31,946 6,918 25,028 13,330 Total liabilities 241,356 66,227 175,129 222,548 61,918 160,630 81,323 Members’ equity 138,125 41,603 96,522 151,377 48,484 102,893 18,226 Percentage of ownership in equity investee 60 % 60 % Pro-rata equity carrying value 76,587 24,962 51,625 84,420 29,090 55,330 11,261 Basis differential adjustment 3,272 1,785 1,487 3,523 1,865 1,658 1,570 HLBV adjustment (3,931 ) 11,514 (15,445 ) (8,042 ) 7,370 (15,412 ) 346 Carrying value $ 75,928 $ 38,261 $ 37,667 $ 79,901 $ 38,325 $ 41,576 $ 13,177 2016 2015 2014 Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total Ritz-Carlton Philadelphia Venture (a) Other Equity Method Investments (b) Total (c) Income Statement - For the year ended December 31, Hotel revenues $ 128,071 $ 36,054 $ 92,017 $ 100,155 $ 24,126 $ 76,029 $ 36,514 Hotel operating expenses 117,514 36,714 80,800 90,478 22,221 68,257 33,816 Other operating expenses 437 239 198 2,090 1,933 157 174 Other income and (expenses) (8,116 ) (2,210 ) (5,906 ) (7,510 ) (1,306 ) (6,204 ) (4,277 ) Provision for income taxes (1,482 ) (434 ) (1,048 ) (492 ) (240 ) (252 ) (375 ) Net income (loss) 522 (3,543 ) 4,065 (415 ) (1,574 ) 1,159 (2,128 ) Percentage of ownership in equity investee 60 % 60 % Pro-rata equity in earnings (losses) of equity method investments in real estate (d) 382 (2,126 ) 2,508 34 (944 ) 978 (969 ) Basis differential adjustment (252 ) (80 ) (172 ) (166 ) (50 ) (116 ) (103 ) HLBV adjustment 5,102 5,248 (146 ) 2,550 2,954 (404 ) 341 Equity in earnings (losses) of equity method investments in real estate $ 5,232 $ 3,042 $ 2,190 $ 2,418 $ 1,960 $ 458 $ (731 ) ___________ (a) We purchased our 60% interest in this venture on May 15, 2015. (b) Includes the Hyatt Centric French Quarter Venture, the Westin Atlanta Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (c) Includes the Hyatt Centric French Quarter Venture and the Westin Atlanta Venture. (d) For the equity investments noted in footnotes (b) and (c), our respective ownership interest in each investment was applied to the results of each individual venture. The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Years Ended December 31, Venture 2016 2015 2014 Ritz-Carlton Philadelphia Venture $ 3,042 $ 1,960 $ — Westin Atlanta Venture 860 (372 ) (1,177 ) Hyatt Centric French Quarter Venture 701 660 446 Marriott Sawgrass Golf Resort & Spa Venture 629 170 — Total equity in earnings (losses) of equity method investments in real estate $ 5,232 $ 2,418 $ (731 )

Intangible Assets and Liabili33

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are summarized as follows (dollars in thousands): December 31, 2016 December 31, 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Villa/condo rental programs 45 – 55 $ 72,400 $ (3,510 ) $ 68,890 $ 72,400 $ (2,005 ) $ 70,395 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (531 ) 11,124 11,655 (337 ) 11,318 In-place leases 2 – 21 235 (132 ) 103 317 (153 ) 164 Total intangible assets, net $ 84,290 $ (4,173 ) $ 80,117 $ 84,372 $ (2,495 ) $ 81,877 Finite-Lived Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 64 $ (2,036 ) $ (2,100 ) $ 39 $ (2,061 )

Risk Management and Use of De34

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Derivative Instruments on our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated Asset Derivatives Fair Value at December 31, Liability Derivatives Fair Value at December 31, as Hedging Instruments Balance Sheet Location 2016 2015 2016 2015 Interest rate caps Other assets $ 51 $ 117 $ — $ — Interest rate swaps Other assets 48 109 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2 ) (716 ) $ 99 $ 226 $ (2 ) $ (716 )
Schedule of Derivative Instruments	The interest rate swaps and caps that we had outstanding on our Consolidated Hotels at December 31, 2016 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Face Amount Fair Value at Interest Rate Derivatives December 31, 2016 Interest rate caps 8 $ 304,270 $ 51 Interest rate swaps 2 68,460 46 $ 97

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at December 31, Interest Rate Range Current Maturity Date Ranges (a) 2016 2015 Fixed rate 3.6% - 6.5% 3/2018 - 9/2038 $ 1,084,987 $ 957,189 Variable rate (b) 2.9% - 7.8% 3/2017 - 12/2020 371,165 393,646 $ 1,456,152 $ 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 December 31, 2016 through the use of an interest rate cap or swap, when applicable.
Debt Maturity Schedule	Scheduled debt principal payments during each of the next five calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 (a) $ 126,805 2018 220,161 2019 148,635 2020 194,553 2021 457,212 Thereafter through 2038 339,969 Total principal payments 1,487,335 Deferred financing costs (b) (8,398 ) Total $ 1,478,937 __________ (a) Includes $22.8 million outstanding under our Senior Credit Facility, which is scheduled to mature on December 4, 2017 , unless extended pursuant to its terms ( Note 15 ). (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)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Funding Commitments	The following table summarizes our capital commitments related to our Consolidated Hotels (in thousands): December 31, 2016 2015 Capital commitments $ 84,325 $ 114,193 Less: paid (43,179 ) (54,164 ) Unpaid commitments 41,146 60,029 Less: amounts in restricted cash designated for renovations (13,136 ) (35,769 ) Unfunded commitments (a) $ 28,010 $ 24,260 ___________ (a) Of our unfunded commitments at December 31, 2016 and 2015, approximately $5.3 million and $12.8 million , respectively, of unrestricted cash on our balance sheet was designated for renovations.
Schedule of Future Minimum Lease Payments for Leases	Scheduled future minimum ground lease payments during each of the next five calendar years following December 31, 2016 and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 $ 3,181 2018 3,254 2019 3,328 2020 3,404 2021 3,482 Thereafter through 2106 651,118 Total $ 667,767

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Transfers to Noncontrolling Interests	The following table presents a reconciliation of the effect of transfers in noncontrolling interest (in thousands): Years Ended December 31, 2016 2015 2014 Net loss attributable to CWI stockholders $ (8,753 ) $ (25,725 ) $ (32,732 ) 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 $ 7,271 $ (25,725 ) $ (32,732 ) ___________ (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): Years Ended December 31, Gains and Losses on Derivative Instruments 2016 2015 2014 Beginning balance $ (885 ) $ (517 ) $ (136 ) Other comprehensive loss before reclassifications (1,084 ) (2,570 ) (2,974 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 970 1,600 1,662 Equity in earnings of equity method investments in real estate 422 525 539 Total 1,392 2,125 2,201 Net current period other comprehensive income (loss) 308 (445 ) (773 ) Net current period other comprehensive loss attributable to noncontrolling interests 372 77 392 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (923 ) — — Ending balance $ (1,128 ) $ (885 ) $ (517 )
Dividends Declared	The following table presents annualized cash distributions paid per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2016 2015 2014 Ordinary income $ 0.2234 $ 0.1550 $ 0.0135 Capital gain — — — Return of capital 0.3466 0.4000 0.5365 Total distributions paid $ 0.5700 $ 0.5550 $ 0.5500

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of the RSU activity for the years ended December 31, 2016 , 2015 and 2014 follows: The Subadvisor Independent Directors Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Nonvested at January 1, 2014 42,810 $ 10.00 — $ — Granted 50,000 10.00 18,000 10.00 Vested (a) (15,811) 10.00 (18,000 ) 10.00 Forfeited (5,688) 10.00 — — Nonvested at January 1, 2015 71,311 10.00 — — Granted 29,370 10.30 17,476 10.30 Vested (a) (26,376 ) 10.00 (17,476 ) 10.30 Forfeited — — — — Nonvested at January 1, 2016 74,305 10.12 — — Granted 41,744 10.66 16,886 10.66 Vested (a) (35,557 ) 10.08 (16,886 ) 10.66 Forfeited (8,663 ) 10.39 — — Nonvested at December 31, 2016 (b) 71,829 $ 10.42 — $ — ___________ (a) RSUs issued to employees of the Subadvisor generally vest over three years, subject to continued employment, and RSUs issued to independent directors vested immediately. The total fair value of shares vested during the years ended December 31, 2016 , 2015 and 2014 was $0.4 million , $0.4 million and $0.3 million , respectively. (b) We currently expect to recognize compensation expense totaling approximately $0.5 million over the vesting period. The awards to employees of the Subadvisor had a weighted-average remaining contractual term of 1.6 years at December 31, 2016 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense Benefit	The components of our income tax provision for the periods presented are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Federal Current $ 2,383 $ 5,363 $ 3,809 Deferred 451 (384 ) (771 ) 2,834 4,979 3,038 State and Local Current 801 1,835 1,099 Deferred 26 (47 ) (291 ) 827 1,788 808 Total Provision $ 3,661 $ 6,767 $ 3,846
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2016 and 2015 consist of the following (in thousands): At December 31, 2016 2015 Deferred Tax Assets Net operating loss carryforwards $ 5,725 $ 1,902 Accrued vacation payable and deferred rent 1,740 1,567 Deferred revenue - key money 537 218 Gift card liability 361 270 Interest expense limitation 275 1,313 Other 661 472 Total deferred income taxes 9,299 5,742 Valuation allowance (4,909 ) (1,913 ) Total deferred tax assets 4,390 3,829 Deferred Tax Liabilities Villa rental management agreement (7,240 ) (1,616 ) Other (257 ) (229 ) Total deferred tax liabilities (7,497 ) (1,845 ) Net Deferred Tax (Liability) Asset $ (3,107 ) $ 1,984
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the periods presented is as follows (in thousands): Years Ended December 31, 2016 2015 2014 Pre-tax income from taxable subsidiaries $ 4,764 $ 16,033 $ 8,275 Federal provision at statutory tax rate (35%) $ 1,668 $ 5,612 $ 2,813 Valuation allowance 2,526 1,108 511 Income not subject to federal tax (1,239 ) (1,244 ) — State and local taxes, net of federal benefit 534 1,023 280 Non-deductible expenses 102 123 70 Other 70 145 172 Total provision $ 3,661 $ 6,767 $ 3,846
Schedule of Unrecognized Tax Benefits Roll Forward	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 684 $ — (Deduction) addition based on tax positions related to prior years (680 ) 684 Ending balance $ 4 $ 684

Selected Quarterly Financial 40

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2016 (a) June 30, 2016 (a) September 30, 2016 (a) December 31, 2016 (a) Revenues $ 155,359 $ 173,576 $ 166,865 $ 155,295 Operating expenses (b) 147,301 152,822 146,671 145,461 Net (loss) income (5,545 ) 4,237 1,458 (7,126 ) (Income) loss attributable to noncontrolling interests (5,371 ) 293 3,039 262 Net (loss) income attributable to CWI stockholders $ (10,916 ) $ 4,530 $ 4,497 $ (6,864 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.08 ) $ 0.03 $ 0.03 $ (0.05 ) Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2015 (a) June 30, 2015 (a) September 30, 2015 (a) December 31, 2015 (a) Revenue $ 109,787 $ 136,191 $ 149,642 $ 146,483 Operating expenses (b) 108,956 126,574 135,403 147,233 Net (loss) income (11,151 ) 907 (3,854 ) (16,542 ) (Income) loss attributable to noncontrolling interests (803 ) 206 2,794 2,718 Net (loss) income attributable to CWI stockholders $ (11,954 ) $ 1,113 $ (1,060 ) $ (13,824 ) Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.09 ) $ 0.01 $ (0.01 ) $ (0.10 ) Basic and diluted distributions declared per share $ 0.1375 $ 0.1375 $ 0.1425 $ 0.1425 ___________ (a) Our results are not comparable year over year because of hotel acquisitions in 2015 and 2016 . (b) Results include impairment charges of $3.7 million , $0.4 million and $6.1 million for the three months ended June 30, 2016, September 30, 2016 and December 31, 2015, respectively.

Organization and Offering - Nar

Organization and Offering - Narratives (Details) $ in Millions	12 Months Ended		36 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)	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	$ 124.5

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)viesegmentproperty	Dec. 31, 2015USD ($)	Jun. 30, 2015property
Summary of Significant Accounting Policies
Variable interest entities, count | vie	5
Variable interest entities consolidated, count | vie	4
Number of properties | property	35		2
Net investments in hotels	$ 2,114,119	$ 2,093,302
Accounts payable, accrued expenses and other liabilities	112,033	103,464
Deferred financing cost	$ 8,398
Number of operating segments | segment	1
Building and Building Improvements | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	4 years
Building and Building Improvements | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	40 years
Site Improvement | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	4 years
Site Improvement | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	15 years
Furniture and Fixtures | Minimum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	1 year
Furniture and Fixtures | Maximum
Summary of Significant Accounting Policies
Property, plant and equipment, useful life	12 years
ASU 2015-02
Summary of Significant Accounting Policies
Variable interest entities, count | vie	5
ASU 2015-03 | Other assets
Summary of Significant Accounting Policies
Deferred financing cost		(8,600)
ASU 2015-03 | Non recourse debt
Summary of Significant Accounting Policies
Deferred financing cost		$ 8,600
Adjustment for Difference in Tax Basis | Restatement Adjustment
Summary of Significant Accounting Policies
Net investments in hotels	$ 4,900
Accounts payable, accrued expenses and other liabilities	$ 4,900

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Net investments in hotels	$ 2,114,119	$ 2,093,302
Intangible assets, net	80,117	81,877
Total assets	2,476,944	2,451,759
Liabilities
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	1,456,152	1,350,835
Total liabilities	1,613,687	1,496,312
Variable Interest Entity, Primary Beneficiary
Assets
Net investments in hotels	518,335	510,295
Intangible assets, net	39,451	40,252
Total assets	587,608	589,530
Liabilities
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	341,082	318,936
Total liabilities	$ 372,991	$ 348,372

Agreements and Transactions w44

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 06, 2015	Apr. 30, 2015	Sep. 30, 2014
Related Party Transaction
Percentage of fees earned by advisor paid to subadvisor	20.00%
Asset Management Fees and Loan Refinancing Fees
Percentage of asset management fee (based on the aggregate average invested value of investments)	0.50%
Percentage disposition fee	1.50%
Loan refinancing fee percentage	1.00%
Asset management fees charged by the advisor settled in shares, value		$ 1,000,000	$ 6,800,000
Common stock, shares outstanding	135,379,038	132,686,254
Disposition fees	$ 0	$ 0	$ 0
Percentage of available cash distribution	10.00%
General partners distribution percentage of net proceeds	15.00%
Personnel and Overhead Reimbursement
Shares issued to satisfy fees due to affiliate, value		100,000
Selling, General and Administrative Expense
Selling commission per share sold			$ 0.70
Dealer revenue per share sold			$ 0.30
Other Transactions with Affiliates
Approved line of credit		$ 0			$ 110,000,000	$ 75,000,000
Loan payable, related party				$ 25,000,000
Initial Offering
Selling, General and Administrative Expense
Organization and offering expenses excluding selling commissions	2.00%
Follow-on Offering
Selling, General and Administrative Expense
Organization and offering expenses excluding selling commissions	4.00%
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 w45

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 14,120	$ 11,757	$ 7,308
Available Cash Distributions	9,445	7,122	4,096
Personnel and overhead reimbursements	6,645	7,255	5,347
Acquisition fees	2,158	15,779	18,305
Interest expense	0	25	10
Related party fees included in operating expenses	32,368	41,938	35,066
Other Transaction Fees Incurred
Capitalized loan refinancing fees	806	475	0
Advisor fee for purchase of membership interest (Note 11)	527	0	0
Capitalized acquisition fees for asset acquisition	29	0	0
Capitalized acquisition fees for equity method investments	0	1,915	0
Selling commissions and dealer manager fees	0	0	55,776
Offering costs	0	171	3,349
Transaction fees incurred	$ 1,362	$ 2,561	$ 59,125

Agreements and Transactions w46

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amounts Due to Related Parties and Affiliates
Reimbursable costs	$ 1,311	$ 1,605
Other amounts due to our Advisor	1,202	1,105
Due to joint venture partners and other	115	394
Due to affiliates	$ 2,628	$ 3,104

Net Investment in Hotels - Narr

Net Investment in Hotels - Narratives (Details) $ in Thousands	Aug. 26, 2016USD ($)	Feb. 17, 2016USD ($)	Apr. 01, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2016USD ($)property	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)property	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Nov. 20, 2015USD ($)	May 29, 2015USD ($)
Business Acquisition, Cost of Acquired Entity, Purchase Price
Assets retired				$ 10,800	$ 12,200				$ 10,800				$ 10,800	$ 10,800	$ 12,200	$ 12,200	$ 10,800
Acquisition-related expenses																3,727	19,868	$ 25,899
Non recourse mortgage loan				284,800					284,800				284,800	284,800			284,800
Other income																45	2,446	46
Revenues					155,295	$ 166,865	$ 173,576	$ 155,359	146,483	$ 149,642	$ 136,191	$ 109,787				651,095	542,103	348,079
Net income (loss)					(7,126)	$ 1,458	$ 4,237	$ (5,545)	(16,542)	$ (3,854)	$ 907	$ (11,151)				(6,976)	(30,640)	(33,720)
Real estate under construction				22,310	26,855				22,310				22,310	22,310	26,855	26,855	22,310
Capitalized construction cost																2,100	2,000
Increase in accrued capital expenditures																2,300	12,600	$ 5,800
Asset retirement obligation				500	$ 1,400				500				500	500	$ 1,400	$ 1,400	500
Number of properties | property					35						2				35	35
Assets Held for Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Number of properties | property					3										3	3
Marriott Sawgrass Golf Resort and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage												50.00%
Proceeds from sales of property			$ 37,200
Other income																	2,400
Revenues																	13,300
Net income (loss)																	2,400
Consolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value				$ 493,700					$ 493,700				$ 493,700	$ 493,700			493,700
Acquisition fees paid to advisor																	$ 15,800
Number of properties acquired | property				6					6				6	6			6
Acquisition costs expensed																	$ 19,900
Consolidated | Equinox
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest		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
Non recourse mortgage loan		$ 46,500
Our investments	$ 800
Measurement period adjustment to building	800
Capitalized acquisition cost	200
Revenues															$ 18,621
Net income (loss)															$ 2,670
Consolidated | Equinox | Advisor
Business Acquisition, Cost of Acquired Entity, Purchase Price
Capitalized acquisition cost	$ 100
Consolidated | Ritz-Carlton Key Biscayne Miami
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value																				$ 68,925
Ownership interest, percentage				47.34%					47.34%				47.34%	47.34%			47.34%
Adjustment to building acquired									$ 9,900
Adjustment to depreciation expense									$ 100
Revenues														$ 44,079
Net income (loss)														$ 959
Real estate under construction																				$ 450
Consolidated | Ritz-Carlton Key Biscayne Miami | CWI 2
Business Acquisition, Cost of Acquired Entity, Purchase Price
Noncontrolling interest, percentage				19.33%					19.33%				19.33%	19.33%			19.33%
Consolidated | Ritz-Carlton Fort Lauderdale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value											$ 89,642
Adjustment to building acquired									$ 14,400
Adjustment to land									$ 200
Revenues													$ 14,201
Net income (loss)													$ (2,905)
Real estate under construction											$ 0
Consolidated | Le Méridien Dallas, The Stoneleigh
Business Acquisition, Cost of Acquired Entity, Purchase Price
Net assets acquired at fair value																			$ 68,714
Adjustment to building acquired																	$ 100
Revenues				$ 1,253
Net income (loss)				$ 187
Real estate under construction																			$ 0
Unconsolidated
Business Acquisition, Cost of Acquired Entity, Purchase Price
Our investments																$ 98,255
Number of properties | property					4										4	4
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Our investments			$ 33,758
Ownership interest, unconsolidated					50.00%							50.00%			50.00%	50.00%
Unconsolidated | CWI 2
Business Acquisition, Cost of Acquired Entity, Purchase Price
Number of properties | property					1										1	1

Net Investment in Hotels - Prop

Net Investment in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Buildings	$ 1,670,895	$ 1,629,741
Land	380,970	371,712
Furniture, fixtures & equipment	122,155	121,722
Building and site improvements	89,667	63,456
Construction in progress	26,855	22,310
Hotels, at cost	2,290,542	2,208,941
Less: Accumulated depreciation	(176,423)	(115,639)
Net investments in hotels	$ 2,114,119	$ 2,093,302

Net Investment in Hotels - Summ

Net Investment in Hotels - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 17, 2016	Nov. 20, 2015	Jun. 30, 2015	May 29, 2015	Apr. 29, 2015	Mar. 19, 2015	Feb. 12, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition consideration
Cash consideration								$ 75,263	$ 580,047	$ 660,020
Assets acquired at fair value:
Construction in progress								$ 26,855	22,310
Consolidated
Liabilities assumed at fair value:
Net assets acquired at fair value									$ 493,700
Equinox | Consolidated
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
Westin Minneapolis | Consolidated
Acquisition consideration
Cash consideration							$ 66,176
Assets acquired at fair value:
Land							6,405
Building and site improvements							57,105
Furniture, fixtures and equipment							2,846
Construction in progress							0
Intangible assets							0
Accounts receivable							97
Other assets							164
Liabilities assumed at fair value:
Non-recourse debt							0
Accounts payable, accrued expenses and other liabilities							(441)
Contributions from noncontrolling interests at fair value							0
Net assets acquired at fair value							$ 66,176
Westin Pasadena | Consolidated
Acquisition consideration
Cash consideration						$ 141,738
Assets acquired at fair value:
Land						22,785
Building and site improvements						112,215
Furniture, fixtures and equipment						7,379
Construction in progress						0
Intangible assets						0
Accounts receivable						94
Other assets						608
Liabilities assumed at fair value:
Non-recourse debt						0
Accounts payable, accrued expenses and other liabilities						(1,343)
Contributions from noncontrolling interests at fair value						0
Net assets acquired at fair value						$ 141,738
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Consolidated
Acquisition consideration
Cash consideration					$ 58,492
Assets acquired at fair value:
Land					5,700
Building and site improvements					47,680
Furniture, fixtures and equipment					4,135
Construction in progress					0
Intangible assets					720
Accounts receivable					100
Other assets					328
Liabilities assumed at fair value:
Non-recourse debt					0
Accounts payable, accrued expenses and other liabilities					(171)
Contributions from noncontrolling interests at fair value					0
Net assets acquired at fair value					$ 58,492
Ritz-Carlton Key Biscayne Miami | Consolidated
Acquisition consideration
Cash consideration				$ 68,925
Assets acquired at fair value:
Land				117,200
Building and site improvements				154,182
Furniture, fixtures and equipment				9,907
Construction in progress				450
Intangible assets				33,200
Accounts receivable				7,957
Other assets				1,703
Liabilities assumed at fair value:
Non-recourse debt				(171,500)
Accounts payable, accrued expenses and other liabilities				(12,935)
Contributions from noncontrolling interests at fair value				(71,239)
Net assets acquired at fair value				$ 68,925
Ritz-Carlton Fort Lauderdale | Consolidated
Acquisition consideration
Cash consideration			$ 89,642
Assets acquired at fair value:
Land			22,100
Building and site improvements			74,422
Furniture, fixtures and equipment			3,484
Construction in progress			0
Intangible assets			7,500
Accounts receivable			2,894
Other assets			637
Liabilities assumed at fair value:
Non-recourse debt			0
Accounts payable, accrued expenses and other liabilities			(6,274)
Contributions from noncontrolling interests at fair value			(15,121)
Net assets acquired at fair value			$ 89,642
Le Méridien Dallas, The Stoneleigh | Consolidated
Acquisition consideration
Cash consideration		$ 68,714
Assets acquired at fair value:
Land		9,400
Building and site improvements		58,010
Furniture, fixtures and equipment		1,200
Construction in progress		0
Intangible assets		0
Accounts receivable		66
Other assets		284
Liabilities assumed at fair value:
Non-recourse debt		0
Accounts payable, accrued expenses and other liabilities		(246)
Contributions from noncontrolling interests at fair value		0
Net assets acquired at fair value		$ 68,714

Net Investment in Hotels - Inco

Net Investment in Hotels - Income From Acquisitions (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

8 Months Ended

9 Months Ended

10 Months Ended

11 Months Ended

12 Months Ended

Dec. 31, 2015

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Revenue and Earning after acquistion:

Revenues

$ 155,295

$ 166,865

$ 173,576

$ 155,359

$ 146,483

$ 149,642

$ 136,191

$ 109,787

$ 651,095

$ 542,103

$ 348,079

Net income (loss)

$ (7,126)

$ 1,458

$ 4,237

$ (5,545)

$ (16,542)

$ (3,854)

$ 907

$ (11,151)

$ (6,976)

$ (30,640)

$ (33,720)

Consolidated | Equinox

Revenue and Earning after acquistion:

Revenues

$ 18,621

Net income (loss)

$ 2,670

Consolidated | Westin Minneapolis

Revenue and Earning after acquistion:

Revenues

$ 14,809

Net income (loss)

$ 2,504

Consolidated | Westin Pasadena

Revenue and Earning after acquistion:

Revenues

$ 24,561

Net income (loss)

$ 5,454

Consolidated | Hilton Garden Inn/Homewood Suites Atlanta Midtown

Revenue and Earning after acquistion:

Revenues

$ 8,184

Net income (loss)

$ 1,716

Consolidated | Ritz-Carlton Key Biscayne Miami

Revenue and Earning after acquistion:

Revenues

$ 44,079

Net income (loss)

$ 959

Consolidated | Ritz-Carlton Fort Lauderdale

Revenue and Earning after acquistion:

Revenues

$ 14,201

Net income (loss)

$ (2,905)

Consolidated | Le Méridien Dallas, The Stoneleigh

Revenue and Earning after acquistion:

Revenues

$ 1,253

Net income (loss)

$ 187

Net Investment in Hotels - Su51

Net Investment in Hotels - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Assets
Net investments in hotels	$ 32,300	$ 0
Restricted cash	2,089	0
Accounts receivable	169	0
Other assets	465	0
Assets held for sale	35,023	0
Non-recourse debt, net attributable to Assets held for sale	26,560	0
Disposal Group, Including Discontinued Operation, Liabilities
Accounts payable, accrued expenses and other liabilities	789	0
Due to related parties and affiliates	8	0
Other liabilities held for sale	$ 797	$ 0

Net Investment in Hotels - Res

Net Investment in Hotels - Results of Operations for Assets Sold or Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Revenues	$ 12,039	$ 24,903	$ 21,261
Expenses	(11,246)	(23,062)	(27,849)
Impairment charges	(4,112)	(6,143)	0
(Provision for) benefit from income taxes	(13)	(29)	410
Loss from continuing operations from properties classified as held for sale or sold, net of income taxes	$ (3,332)	$ (4,331)	$ (6,178)

Net Investment in Hotels - Pro

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

Equity Investments in Real Es54

Equity Investments in Real Estate - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015property	May 15, 2015	Mar. 31, 2015
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	35			2
Distributions from equity method investments (return of capital)	$ 4,381	$ 5,181	$ 440
Aggregate unamortized basis difference on equity investments	3,300	3,500
Amortization of basis differences	$ 200	$ 200	$ 100
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	4
Unconsolidated | Hyatt French Centric Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$ 2,200
Ownership interest, unconsolidated	80.00%
Unconsolidated | Westin Atlanta Venture
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$ 2,200
Ownership interest, unconsolidated	57.00%
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$ 2,100
Ownership interest, unconsolidated	50.00%					50.00%
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Financial Statement, Reported Amounts
Distributions from equity method investments (return of capital)	$ 3,100
Ownership interest, unconsolidated	60.00%	60.00%			60.00%
Unconsolidated | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	1
Unconsolidated | Third Party
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	3

Equity Investments in Real Es55

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	May 15, 2015USD ($)	Apr. 01, 2015USD ($)	Oct. 03, 2012USD ($)	Sep. 06, 2011USD ($)	Dec. 31, 2016USD ($)room	Dec. 31, 2015USD ($)	Mar. 31, 2015	Dec. 31, 2014USD ($)
Hotel Details
Carrying Value					$ 75,928	$ 79,901
Unconsolidated
Hotel Details
Rooms | room					1,439
Our investments					$ 98,255
Carrying Value					$ 75,928	79,901		$ 13,177
Unconsolidated | Hyatt French Centric Quarter Venture
Hotel Details
State					LA
Rooms | room					254
Ownership interest, unconsolidated					80.00%
Our investments				$ 13,000
Acquisition Date					Sep. 6, 2011
Hotel Type					Full-service
Carrying Value					$ 664	1,752
Unconsolidated | Westin Atlanta Venture
Hotel Details
State					GA
Rooms | room					372
Ownership interest, unconsolidated					57.00%
Our investments			$ 13,170
Acquisition Date					Oct. 3, 2012
Hotel Type					Full-service
Carrying Value					$ 5,795	7,156
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Hotel Details
State					FL
Rooms | room					514
Ownership interest, unconsolidated					50.00%		50.00%
Our investments		$ 33,758
Acquisition Date					Apr. 1, 2015
Hotel Type					Resort
Carrying Value					$ 31,208	$ 32,668
Unconsolidated | Ritz-Carlton Philadelphia Venture
Hotel Details
State					PA
Rooms | room					299
Ownership interest, unconsolidated	60.00%				60.00%	60.00%
Our investments	$ 38,327
Acquisition Date					May 15, 2015
Hotel Type					Full-service
Carrying Value					$ 38,261	$ 38,325

Equity Investments in Real Es56

Equity Investments in Real Estate - Earnings From Unconsolidated Hotel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 5,232	$ 2,418	$ (731)
Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	5,232	2,418	(731)
Unconsolidated | Ritz-Carlton Philadelphia Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	3,042	1,960	0
Unconsolidated | Westin Atlanta Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	860	(372)	(1,177)
Unconsolidated | Hyatt French Centric Quarter Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	701	660	446
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ 629	$ 170	$ 0

Equity Investments in Real Es57

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	May 15, 2015	Mar. 31, 2015	Dec. 31, 2014
Equity Method Investment, Summarized Financial Information, Assets
Equity Method Investments	$ 75,928	$ 79,901
Unconsolidated
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	324,205	309,481			$ 89,375
Other assets	55,276	64,444			10,174
Total assets	379,481	373,925			99,549
Debt	204,132	190,602			67,993
Other liabilities	37,224	31,946			13,330
Total liabilities	241,356	222,548			81,323
Members’ equity	138,125	151,377			18,226
Pro-rata equity carrying value	76,587	84,420			11,261
Basis differential adjustment	3,272	3,523			1,570
HLBV adjustment	(3,931)	(8,042)			346
Equity Method Investments	$ 75,928	79,901			$ 13,177
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Equity Method Investment, Summarized Financial Information, Assets
Ownership interest, unconsolidated	50.00%			50.00%
Equity Method Investments	$ 31,208	32,668
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	100,016	95,029
Other assets	7,814	15,373
Total assets	107,830	110,402
Debt	58,575	55,000
Other liabilities	7,652	6,918
Total liabilities	66,227	61,918
Members’ equity	$ 41,603	$ 48,484
Ownership interest, unconsolidated	60.00%	60.00%	60.00%
Pro-rata equity carrying value	$ 24,962	$ 29,090
Basis differential adjustment	1,785	1,865
HLBV adjustment	11,514	7,370
Equity Method Investments	38,261	38,325
Unconsolidated | Other Equity Method Investments
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	224,189	214,452
Other assets	47,462	49,071
Total assets	271,651	263,523
Debt	145,557	135,602
Other liabilities	29,572	25,028
Total liabilities	175,129	160,630
Members’ equity	96,522	102,893
Pro-rata equity carrying value	51,625	55,330
Basis differential adjustment	1,487	1,658
HLBV adjustment	(15,445)	(15,412)
Equity Method Investments	$ 37,667	$ 41,576

Equity Investments in Real Es58

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments(Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 15, 2015	Mar. 31, 2015
Equity Method Investment, Summarized Financial Information, Income Statement
Equity in earnings (losses) of equity method investments in real estate	$ 5,232	$ 2,418	$ (731)
Unconsolidated
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	128,071	100,155	36,514
Hotel operating expenses	117,514	90,478	33,816
Other operating expenses	437	2,090	174
Other income and (expenses)	(8,116)	(7,510)	(4,277)
Provision for income taxes	(1,482)	(492)	(375)
Net income (loss) attributable to equity method investments	522	(415)	(2,128)
Pro-rata equity in earnings (losses) of equity method investments in real estate (d)	382	34	(969)
Basis differential adjustment	(252)	(166)	(103)
HLBV adjustment	5,102	2,550	341
Equity in earnings (losses) of equity method investments in real estate	$ 5,232	2,418	(731)
Unconsolidated | Marriott Sawgrass Golf Resort and Spa
Equity Method Investment, Summarized Financial Information, Income Statement
Ownership interest, unconsolidated	50.00%				50.00%
Equity in earnings (losses) of equity method investments in real estate	$ 629	170	0
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	36,054	24,126
Hotel operating expenses	36,714	22,221
Other operating expenses	239	1,933
Other income and (expenses)	(2,210)	(1,306)
Provision for income taxes	(434)	(240)
Net income (loss) attributable to equity method investments	$ (3,543)	$ (1,574)
Ownership interest, unconsolidated	60.00%	60.00%		60.00%
Pro-rata equity in earnings (losses) of equity method investments in real estate (d)	$ (2,126)	$ (944)
Basis differential adjustment	(80)	(50)
HLBV adjustment	5,248	2,954
Equity in earnings (losses) of equity method investments in real estate	3,042	1,960	$ 0
Unconsolidated | Other Equity Method Investments
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	92,017	76,029
Hotel operating expenses	80,800	68,257
Other operating expenses	198	157
Other income and (expenses)	(5,906)	(6,204)
Provision for income taxes	(1,048)	(252)
Net income (loss) attributable to equity method investments	4,065	1,159
Pro-rata equity in earnings (losses) of equity method investments in real estate (d)	2,508	978
Basis differential adjustment	(172)	(116)
HLBV adjustment	(146)	(404)
Equity in earnings (losses) of equity method investments in real estate	$ 2,190	$ 458

Intangible Assets and Liabili59

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 1.7	$ 1.4	$ 0.9

Intangible Assets and Liabili60

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 84,290	$ 84,372
Accumulated Amortization	(4,173)	(2,495)
Net Carrying Amount	$ 80,117	81,877
Above-market hotel ground lease
Finite-Lived Intangible Liability
Finite-lived intangible liability, useful life	85 years
Finite-lived intangible liability, gross	$ (2,100)	(2,100)
Finite-lived intangible liability, accumulated depreciation	64	39
Finite-lived intangible liabilities, net	(2,036)	(2,061)
Villa/condo rental program
Finite-Lived Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(3,510)	(2,005)
Net Carrying Amount	$ 68,890	70,395
Villa/condo rental program | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	55 years
Villa/condo rental program | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	45 years
Below-market hotel ground leases and parking garage lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 11,655	11,655
Accumulated Amortization	(531)	(337)
Net Carrying Amount	$ 11,124	11,318
Below-market hotel ground leases and parking garage lease | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	93 years
Below-market hotel ground leases and parking garage lease | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	10 years
In-place leases
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 235	317
Accumulated Amortization	(132)	(153)
Net Carrying Amount	$ 103	$ 164
In-place leases | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	21 years
In-place leases | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	2 years

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Impairment charges	$ 400	$ 3,700	$ 6,100	$ 4,112	$ 6,143	$ 0
Fair Value Disclosure For Impairments				33,000	8,000
Level 3 | Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value			1,400,000	1,500,000	1,400,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value			$ 1,400,000	$ 1,500,000	$ 1,400,000

Risk Management and Use of De62

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Concentration Risk
Collateral posted for derivative positions	$ 0	$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest expense	65,164,000	54,514,000	$ 36,405,000
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	600,000
Total credit exposure on derivatives	100,000
Derivatives in net liability position, fair value	100,000	800,000
Potential loss on contract termination for default	100,000	800,000
Single Counterparty
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Total credit exposure on derivatives	100,000
Gains and Losses on Derivative Instruments
Derivatives in Cash flow Hedging Relationships Gain Loss Recognized in OCI (Effective Portion)
Interest rate swap losses recognized in OCI	1,084,000	2,570,000	2,974,000
Gains and Losses on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest expense	970,000	$ 1,600,000	$ 1,662,000
Noncontrolling Interest
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	$ 100,000

Risk Management and Use of De63

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value
Derivative asset, fair value, net	$ 99	$ 226
Derivative liability, fair value, net	(2)	(716)
Designated as hedging | Other assets | Interest rate swaps
Derivatives, Fair Value
Derivative asset, fair value, net	48	109
Designated as hedging | Other assets | Interest rate caps
Derivatives, Fair Value
Derivative asset, fair value, net	51	117
Designated as hedging | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value, net	$ (2)	$ (716)

Risk Management and Use of De64

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as hedging $ in Thousands	Dec. 31, 2016USD ($)instrument
Derivative
Fair Value	$ 97
Interest rate caps | Cash flow hedging
Derivative
Number of Instruments | instrument	8
Notional Amount	$ 304,270
Fair Value	$ 51
Interest rate swaps | Cash flow hedging
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 68,460
Fair Value	$ 46

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 17, 2016USD ($)	May 15, 2015USD ($)	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Apr. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Mortgage debt
Maximum borrowing capacity				$ 0		$ 110,000,000	$ 75,000,000
Senior Credit Facility			$ 22,785,000	20,000,000
Non recourse mortgage loan				284,800,000
Payment of debt issuance cost				$ 2,600,000
Debt, weighted average interest rate				3.90%
Repayment of secured debt			293,924,000	$ 29,689,000	$ 2,400,000
Proceeds from issuance of secured debt			403,500,000	318,800,000	408,846,000
Gain (loss) on extinguishment of debt			$ (2,268,000)	$ 1,840,000	$ 0
Debt instrument, term				5 years 9 months 18 days
Debt covenant compliance			We were in compliance with all applicable covenants at December 31, 2016
Ritz-Carlton Key Biscayne Miami
Mortgage debt
Payment of debt issuance cost		$ 1,200,000
Debt, weighted average interest rate		6.09%
Proceeds from issuance of secured debt		$ 164,000,000
Debt fair market value adjustment		$ 7,500,000
Marriott Boca Raton at Boca Center
Mortgage debt
Proceeds from issuance of secured debt				$ 7,000,000
Equinox | Consolidated
Mortgage debt
Debt instrument, maturity date	Mar. 1, 2021
Non recourse mortgage loan	$ 46,500,000
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Payment of debt issuance cost	$ 400,000
Unsecured Debt | Sub-credit Facility
Mortgage debt
Debt instrument, maturity date			Dec. 4, 2017
Unsecured Debt | Revolving Credit Facility
Mortgage debt
Maximum borrowing capacity			$ 25,000,000
Senior credit facility leverage ratio threshold			65.00%
Unused credit facility fee			0.25%
Senior Credit Facility			$ 22,800,000
Unsecured Debt | Revolving Credit Facility | LIBOR
Mortgage debt
Debt interest variable interest rate			2.75%
Unsecured Debt | Revolving Credit Facility | LIBOR | Event One
Mortgage debt
Debt interest variable interest rate			3.25%
Unsecured Debt | Sub Facility
Mortgage debt
Maximum borrowing capacity			$ 5,000,000
Debt Refinanced
Mortgage debt
Debt, weighted average interest rate			3.90%	2.80%
Number of loans refinanced, count | loan			4	2
Repayment of secured debt			$ 309,000,000	$ 25,500,000
Proceeds from issuance of secured debt			379,000,000	27,000,000
Gain (loss) on extinguishment of debt			$ (2,200,000)	$ 1,800,000
Debt instrument, term			4 years 9 months 18 days	3 years

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Hotel Details
Carrying value of mortgage	$ 1,456,152	$ 1,350,835
Debt Instrument Fixed Interest Rate
Hotel Details
Carrying value of mortgage	$ 1,084,987	957,189
Debt Instrument Fixed Interest Rate | Maximum
Hotel Details
Effective Interest Rate	6.50%
Current Maturity Date	Sep. 30, 2038
Debt Instrument Fixed Interest Rate | Minimum
Hotel Details
Effective Interest Rate	3.60%
Current Maturity Date	Mar. 31, 2018
Debt Instrument Variable Interest Rate
Hotel Details
Carrying value of mortgage	$ 371,165	$ 393,646
Debt Instrument Variable Interest Rate | Maximum
Hotel Details
Effective Interest Rate	7.80%
Current Maturity Date	Dec. 31, 2020
Debt Instrument Variable Interest Rate | Minimum
Hotel Details
Effective Interest Rate	2.90%
Current Maturity Date	Mar. 31, 2017

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments(Details) $ in Thousands	Dec. 31, 2016USD ($)
Long-term Debt, by Maturity
2,017	$ 126,805
2,018	220,161
2,019	148,635
2,020	194,553
2,021	457,212
Thereafter through 2038	339,969
Total principal payments	1,487,335
Deferred financing costs	(8,398)
Total	$ 1,478,937

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	6 Months Ended			12 Months Ended			18 Months Ended
	Dec. 31, 2018property	Jun. 30, 2018property	Jun. 30, 2017property	Dec. 31, 2016USD ($)propertyagreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2017property	Dec. 31, 2013USD ($)
Funding Commitments
Properties under renovation | property				9
Unrestricted cash				$ 61,762	$ 83,112	$ 330,811		$ 109,373
Restricted cash				$ 56,496	63,727
Number of properties subject to ground leases | property				3
Rent expense				$ 3,800	3,700	2,900
Annual Percentage Rent
Funding Commitments
Rent expense				700	700	$ 700
Renovations
Funding Commitments
Unrestricted cash				5,300	12,800
Furniture, fixtures and equipment
Funding Commitments
Restricted cash				$ 29,300	$ 37,100
Marriott Brand
Funding Commitments
Franchise agreements, count | agreement				12
Hilton Brand
Funding Commitments
Franchise agreements, count | agreement				9
Intercontinental Hotels
Funding Commitments
Franchise agreements, count | agreement				2
Hyatt Brand
Funding Commitments
Franchise agreements, count | agreement				1
Licensing Agreements
Funding Commitments
Base hotel management fee percentage				3.00%
Scenario, Forecast
Funding Commitments
Number of completed construction projects | property	1	1	6				1
Minimum
Funding Commitments
Hotel management contract term				3 years
Base hotel management fee percentage				1.50%
Franchise agreement initial term				10 years
Marketing and reservation contribution rate				1.00%
Required reserve percentage for renovations				2.00%
Minimum | Room Revenue
Funding Commitments
License and royalty fees, percentage				3.00%
Minimum | Food and Beverage Revenue
Funding Commitments
License and royalty fees, percentage				2.00%
Maximum
Funding Commitments
Hotel management contract term				30 years
Base hotel management fee percentage				3.50%
Franchise agreement initial term				25 years
Marketing and reservation contribution rate				4.00%
Required reserve percentage for renovations				5.00%
Maximum | Room Revenue
Funding Commitments
License and royalty fees, percentage				7.00%
Maximum | Food and Beverage Revenue
Funding Commitments
License and royalty fees, percentage				3.00%

Commitments and Contingencies69

Commitments and Contingencies - Renovation Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Funding Commitments
Capital commitments	$ 84,325	$ 114,193
Less: Paid	(43,179)	(54,164)
Unpaid commitments	41,146	60,029
Less: amounts in restricted cash designated for renovations	(13,136)	(35,769)
Unfunded commitments	$ 28,010	$ 24,260

Commitments and Contingencies70

Commitments and Contingencies - Scheduled Future Minimum Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2,017	$ 3,181
2,018	3,254
2,019	3,328
2,020	3,404
2,021	3,482
Thereafter through 2106	651,118
Total	$ 667,767

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsidiary or Equity Method Investee [Line Items]
Purchase of membership interest from noncontrolling interest										$ 21,121	$ 0	$ 0
Advisor fee for purchase of membership interest										$ 527	$ 0	$ 0
Distributions Per Share
Distributions declared (per share)		$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1375	$ 0.1375	$ 0.5700	$ 0.5600	$ 0.5500
Dividend payable, date										Jan. 13, 2017
Distributions payable		$ 19,292				$ 18,909				$ 19,292	$ 18,909
Fairmont Sonoma Mission Inn and Spa
Subsidiary or Equity Method Investee [Line Items]
Increase in equity investment ownership. percentage	25.00%
Purchase of membership interest from noncontrolling interest	$ 20,600
Business acquisition, percentage of voting interests acquired	100.00%

Equity - Transfers to Noncontro

Equity - Transfers to Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss attributable to CWI stockholders	$ (6,864)	$ 4,497	$ 4,530	$ (10,916)	$ (13,824)	$ (1,060)	$ 1,113	$ (11,954)	$ (8,753)	$ (25,725)	$ (32,732)
Transfers to noncontrolling interest
Net transfers to noncontrolling interest									16,024	0	0
Change from net income (loss) attributable to CWI and transfers to noncontrolling interest									7,271	(25,725)	(32,732)
Fairmont Sonoma Mission Inn and Spa
Transfers to noncontrolling interest
Net transfers to noncontrolling interest									$ 16,024	$ 0	$ 0

Equity - Reclassifications of A

Equity - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Beginning equity balance, value	$ 955,447	$ 946,945	$ 474,285
Interest expense	65,164	54,514	36,405
Equity in earnings (losses) of equity method investments in real estate	5,232	2,418	(731)
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture	(16,024)	0	0
Ending equity balance, value	863,257	955,447	946,945
Gains and Losses on Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Beginning equity balance, value	(885)	(517)	(136)
Other comprehensive loss before reclassifications	(1,084)	(2,570)	(2,974)
Total	1,392	2,125	2,201
Net current period other comprehensive income (loss)	308	(445)	(773)
Net current period other comprehensive loss attributable to noncontrolling interests	372	77	392
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture	(923)	0	0
Ending equity balance, value	(1,128)	(885)	(517)
Gains and Losses on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Interest expense	970	1,600	1,662
Equity in earnings (losses) of equity method investments in real estate	$ 422	$ 525	$ 539

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Distributions Per Share
Total distributions paid (per share)	$ 0.5700	$ 0.5550	$ 0.5500
Ordinary income
Distributions Per Share
Total distributions paid (per share)	0.2234	0.1550	0.0135
Capital gain
Distributions Per Share
Total distributions paid (per share)	0	0	0
Return of capital
Distributions Per Share
Total distributions paid (per share)	$ 0.3466	$ 0.4000	$ 0.5365

Share-Based Payments - Narrativ

Share-Based Payments - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Share-based compensation	$ 0.6	$ 0.5	$ 0.4
Directors
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Vesting period	3 years
Vested shares - fair value	$ 0.4	$ 0.4	$ 0.3
Directors | Subadvisors
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Stock compensation not yet recognized	$ 0.5
Remaining weighted average contractual terms	1 year 7 months 6 days
2010 Incentive Plan | Directors
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Shares authorized to issue for grants of restricted stock units and dividend equivalent rights	4,000,000
Shares remaining for available for future grants	3,755,502

Share-Based Payments - Summary

Share-Based Payments - Summary of RSU Activity (Details) - Independent Directors - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Independent Director
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning Balance, shares	0	0	0
Granted, shares	16,886	17,476	18,000
Vested, shares	(16,886)	(17,476)	(18,000)
Forfeited, shares	0	0	0
Ending Balance, shares	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning Balance, weighted-average grant date fair value (per share)	$ 0	$ 0	$ 0
Granted, weighted-average grant date fair value (per share)	10.66	10.30	10
Vested, weighted-average grant date fair value (per share)	10.66	10.30	10
Forfeited, weighted-average grant date fair value (per share)	0	0	0
Ending Balance, weighted-average grant date fair value (per share)	$ 0	$ 0	$ 0
The Subadvisor
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning Balance, shares	74,305	71,311	42,810
Granted, shares	41,744	29,370	50,000
Vested, shares	(35,557)	(26,376)	(15,811)
Forfeited, shares	(8,663)	0	(5,688)
Ending Balance, shares	71,829	74,305	71,311
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Beginning Balance, weighted-average grant date fair value (per share)	$ 10.12	$ 10	$ 10
Granted, weighted-average grant date fair value (per share)	10.66	10.30	10
Vested, weighted-average grant date fair value (per share)	10.08	10	10
Forfeited, weighted-average grant date fair value (per share)	10.39	0	10
Ending Balance, weighted-average grant date fair value (per share)	$ 10.42	$ 10.12	$ 10

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency
Net operating loss carryforwards	$ 5,725	$ 1,902
Valuation allowance	(4,909)	(1,913)
Deferred tax asset		1,984
Deferred tax liability	3,107
Accrued interest on uncertain tax positions	100
Other assets
Income Tax Contingency
Deferred tax asset	2,100	2,000
Accounts payable, accrued expenses and other liabilities
Income Tax Contingency
Deferred tax liability	$ 5,200	100
Maximum
Income Tax Contingency
Open tax year	2,013
Minimum
Income Tax Contingency
Operating loss carryforwards, expiration date	Dec. 31, 2034
Open tax year	2,016
U.S federal, state and local
Income Tax Contingency
Net operating loss carryforwards	$ 14,400	$ 4,800

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal
Current	$ 2,383	$ 5,363	$ 3,809
Deferred	451	(384)	(771)
Total	2,834	4,979	3,038
State and Local
Current	801	1,835	1,099
Deferred	26	(47)	(291)
Total	827	1,788	808
Total Provision	$ 3,661	$ 6,767	$ 3,846

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Assets
Net operating loss carryforwards	$ 5,725	$ 1,902
Accrued vacation payable and deferred rent	1,740	1,567
Deferred revenue - key money	537	218
Gift card liability	361	270
Interest expense limitation	275	1,313
Other	661	472
Total deferred income taxes	9,299	5,742
Valuation allowance	(4,909)	(1,913)
Total deferred tax assets	4,390	3,829
Deferred Tax Liabilities
Villa rental management agreement	(7,240)	(1,616)
Other	(257)	(229)
Total deferred tax liabilities	(7,497)	(1,845)
Net Deferred Tax Liability	$ (3,107)
Net Deferred Tax (Liability) Asset		$ 1,984

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income from taxable subsidiaries	$ 4,764	$ 16,033	$ 8,275
Federal provision at statutory tax rate (35%)	1,668	5,612	2,813
Valuation allowance	2,526	1,108	511
Income not subject to federal tax	(1,239)	(1,244)	0
State and local taxes, net of federal benefit	534	1,023	280
Non-deductible expenses	102	123	70
Other	70	145	172
Total Provision	$ 3,661	$ 6,767	$ 3,846

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Beginning balance	$ 684	$ 0
(Deduction) addition based on tax positions related to prior years	(680)	684
Ending balance	$ 4	$ 684

Selected Quarterly Financial 82

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information
Revenues	$ 155,295	$ 166,865	$ 173,576	$ 155,359	$ 146,483	$ 149,642	$ 136,191	$ 109,787	$ 651,095	$ 542,103	$ 348,079
Operating expenses	145,461	146,671	152,822	147,301	147,233	135,403	126,574	108,956
Net loss	(7,126)	1,458	4,237	(5,545)	(16,542)	(3,854)	907	(11,151)	(6,976)	(30,640)	(33,720)
(Income) loss attributable to noncontrolling interests	262	3,039	293	(5,371)	2,718	2,794	206	(803)	(1,777)	4,915	988
Net Loss Attributable to CWI Stockholders	$ (6,864)	$ 4,497	$ 4,530	$ (10,916)	$ (13,824)	$ (1,060)	$ 1,113	$ (11,954)	$ (8,753)	$ (25,725)	$ (32,732)
Basic and diluted (loss) earnings per share attributable to CWI stockholders (usd per share)	$ (0.05)	$ 0.03	$ 0.03	$ (0.08)	$ (0.10)	$ (0.01)	$ 0.01	$ (0.09)	$ (0.07)	$ (0.20)	$ (0.38)
Distributions declared (per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1375	$ 0.1375	$ 0.5700	$ 0.5600	$ 0.5500
Impairment charges		$ 400	$ 3,700		$ 6,100				$ 4,112	$ 6,143	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 01, 2017	Mar. 15, 2017	Feb. 28, 2017	Dec. 31, 2015	Apr. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Approved line of credit				$ 0	$ 110,000,000	$ 75,000,000
Subsequent Events
Subsequent Event [Line Items]
Approved line of credit		$ 25,000,000	$ 25,000,000
Subsequent Events | Consolidated
Subsequent Event [Line Items]
Contract selling price	$ 33,000,000
Proceeds from sales of property	$ 7,700,000
Subsequent Events | Hampton Inn Frisco Legacy Park | Consolidated
Subsequent Event [Line Items]
Ownership interest, percentage	100.00%
Subsequent Events | Hampton Inn Birmingham Colonnade | Consolidated
Subsequent Event [Line Items]
Ownership interest, percentage	100.00%
Subsequent Events | Hilton Garden Inn Baton Rouge Airport | Consolidated
Subsequent Event [Line Items]
Ownership interest, percentage	100.00%

Schedule II - Valuation and Q84

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 1,913	$ 805	$ 294
Other Additions	3,198	1,120	638
Deductions	(202)	(12)	(127)
Balance at End of Year	$ 4,909	$ 1,913	$ 805

Schedule III - Real Estate an85

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Required Disclosures
Impairment charges	$ 400	$ 3,700	$ 6,100	$ 4,112	$ 6,143	$ 0
Real estate tax basis				$ 2,100,000

Schedule III - Real Estate an86

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,429,592
Initial Cost to Company
Land	379,233
Buildings	1,664,954
Costs Capitalized Subsequent to Acquisition	91,818
Increase In Net Investments	5,527
Gross Amount at which Carried at Close of Period
Land	380,970
Buildings	1,760,562
Total	2,141,532	$ 2,064,909	$ 1,463,391	$ 821,551
Accumulated Depreciation	123,101	$ 76,078	$ 35,846	$ 10,550
Hampton Inn Boston Braintree
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,754
Initial Cost to Company
Land	1,516
Buildings	10,626
Costs Capitalized Subsequent to Acquisition	1,196
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,516
Buildings	11,822
Total	13,338
Accumulated Depreciation	1,622
Hilton Garden Inn New Orleans French Quarter/CBD
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,404
Initial Cost to Company
Land	1,539
Buildings	15,223
Costs Capitalized Subsequent to Acquisition	1,733
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,539
Buildings	16,956
Total	18,495
Accumulated Depreciation	2,288
Lake Arrowhead Resort and Spa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,814
Initial Cost to Company
Land	4,300
Buildings	17,990
Costs Capitalized Subsequent to Acquisition	3,664
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,300
Buildings	21,654
Total	25,954
Accumulated Depreciation	4,095
Courtyard San Diego Mission Valley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,157
Initial Cost to Company
Land	16,200
Buildings	65,452
Costs Capitalized Subsequent to Acquisition	1,470
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,200
Buildings	66,922
Total	83,122
Accumulated Depreciation	7,307
Hampton Inn Atlanta Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,678
Initial Cost to Company
Land	3,062
Buildings	13,627
Costs Capitalized Subsequent to Acquisition	432
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,062
Buildings	14,059
Total	17,121
Accumulated Depreciation	1,442
Hampton Inn Memphis Beale Street
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,398
Initial Cost to Company
Land	5,509
Buildings	23,645
Costs Capitalized Subsequent to Acquisition	371
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,509
Buildings	24,016
Total	29,525
Accumulated Depreciation	2,476
Courtyard Pittsburgh Shadyside
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,988
Initial Cost to Company
Land	3,515
Buildings	25,833
Costs Capitalized Subsequent to Acquisition	1,182
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,515
Buildings	27,015
Total	30,530
Accumulated Depreciation	2,897
Hutton Hotel Nashville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,631
Initial Cost to Company
Land	7,850
Buildings	60,220
Costs Capitalized Subsequent to Acquisition	481
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,850
Buildings	60,701
Total	68,551
Accumulated Depreciation	5,614
Holiday Inn Manhattan 6th Ave Chelsea
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77,407
Initial Cost to Company
Land	30,023
Buildings	81,398
Costs Capitalized Subsequent to Acquisition	914
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	30,023
Buildings	82,312
Total	112,335
Accumulated Depreciation	7,525
Fairmont Sonoma Mission Inn & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,578
Initial Cost to Company
Land	17,657
Buildings	66,593
Costs Capitalized Subsequent to Acquisition	2,958
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	17,657
Buildings	69,551
Total	87,208
Accumulated Depreciation	6,988
Marriott Raleigh City Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,388
Initial Cost to Company
Land	0
Buildings	68,405
Costs Capitalized Subsequent to Acquisition	2,015
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	70,420
Total	70,420
Accumulated Depreciation	6,455
Hawks Cay Resort
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,446
Initial Cost to Company
Land	25,800
Buildings	73,150
Costs Capitalized Subsequent to Acquisition	15,458
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	25,800
Buildings	88,608
Total	114,408
Accumulated Depreciation	7,634
Renaissance Chicago Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	89,763
Initial Cost to Company
Land	0
Buildings	132,198
Costs Capitalized Subsequent to Acquisition	26,745
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	158,943
Total	158,943
Accumulated Depreciation	13,505
Hyatt Place Austin Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	56,292
Initial Cost to Company
Land	9,100
Buildings	73,700
Costs Capitalized Subsequent to Acquisition	24
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,100
Buildings	73,724
Total	82,824
Accumulated Depreciation	5,071
Courtyard Times Square West
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	54,713
Initial Cost to Company
Land	0
Buildings	87,438
Costs Capitalized Subsequent to Acquisition	90
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	87,528
Total	87,528
Accumulated Depreciation	5,694
Sheraton Austin Hotel at the Capitol
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,861
Initial Cost to Company
Land	18,210
Buildings	78,703
Costs Capitalized Subsequent to Acquisition	5,149
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,210
Buildings	83,852
Total	102,062
Accumulated Depreciation	5,397
Marriott Boca Raton at Boca Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,367
Initial Cost to Company
Land	11,500
Buildings	46,149
Costs Capitalized Subsequent to Acquisition	3,900
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	11,500
Buildings	50,049
Total	61,549
Accumulated Depreciation	3,337
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	52,837
Initial Cost to Company
Land	5,662
Buildings	71,598
Costs Capitalized Subsequent to Acquisition	26
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,662
Buildings	71,624
Total	77,286
Accumulated Depreciation	4,549
Sanderling Resort
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,874
Initial Cost to Company
Land	9,800
Buildings	23,677
Costs Capitalized Subsequent to Acquisition	5,866
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,800
Buildings	29,543
Total	39,343
Accumulated Depreciation	2,149
Staybridge Suites Savannah Historic District
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,739
Initial Cost to Company
Land	4,300
Buildings	17,753
Costs Capitalized Subsequent to Acquisition	305
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,300
Buildings	18,058
Total	22,358
Accumulated Depreciation	980
Marriott Kansas City Country Club Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,367
Initial Cost to Company
Land	5,100
Buildings	48,748
Costs Capitalized Subsequent to Acquisition	8,268
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,100
Buildings	57,016
Total	62,116
Accumulated Depreciation	2,805
Westin Minneapolis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,298
Initial Cost to Company
Land	6,405
Buildings	57,105
Costs Capitalized Subsequent to Acquisition	127
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,405
Buildings	57,232
Total	63,637
Accumulated Depreciation	2,718
Westin Pasadena
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,353
Initial Cost to Company
Land	22,785
Buildings	112,215
Costs Capitalized Subsequent to Acquisition	112
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,785
Buildings	112,327
Total	135,112
Accumulated Depreciation	5,045
Hilton Garden Inn/Homewood Suites Atlanta Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,793
Initial Cost to Company
Land	5,700
Buildings	47,680
Costs Capitalized Subsequent to Acquisition	109
Increase In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,700
Buildings	47,789
Total	53,489
Accumulated Depreciation	2,015
Ritz-Carlton Key Biscayne
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	189,763
Initial Cost to Company
Land	117,200
Buildings	154,182
Costs Capitalized Subsequent to Acquisition	1,268
Increase In Net Investments	3,404
Gross Amount at which Carried at Close of Period
Land	118,657
Buildings	157,397
Total	276,054
Accumulated Depreciation	$ 6,459
Ritz-Carlton Key Biscayne | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton Key Biscayne | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ritz-Carlton Fort Lauderdale
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 69,294
Initial Cost to Company
Land	22,100
Buildings	74,422
Costs Capitalized Subsequent to Acquisition	6,531
Increase In Net Investments	1,279
Gross Amount at which Carried at Close of Period
Land	22,380
Buildings	81,952
Total	104,332
Accumulated Depreciation	$ 3,576
Ritz-Carlton Fort Lauderdale | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Ritz-Carlton Fort Lauderdale | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Le Méridien Dallas, The Stoneleigh
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,470
Initial Cost to Company
Land	9,400
Buildings	57,989
Costs Capitalized Subsequent to Acquisition	1,257
Increase In Net Investments	21
Gross Amount at which Carried at Close of Period
Land	9,400
Buildings	59,267
Total	68,667
Accumulated Depreciation	$ 1,715
Le Méridien Dallas, The Stoneleigh | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Le Méridien Dallas, The Stoneleigh | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Equinox, a Luxury Collection Golf Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 46,165
Initial Cost to Company
Land	15,000
Buildings	59,235
Costs Capitalized Subsequent to Acquisition	167
Increase In Net Investments	823
Gross Amount at which Carried at Close of Period
Land	15,000
Buildings	60,225
Total	75,225
Accumulated Depreciation	$ 1,743
Equinox, a Luxury Collection Golf Resort & Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Equinox, a Luxury Collection Golf Resort & Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years

Schedule III - Real Estate an87

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Operating Real Estate
Beginning balance	$ 2,064,909	$ 1,463,391	$ 821,551
Additions	79,763	687,183	632,046
Reclassification to Assets held for sale	(38,823)	0	0
Improvements	35,683	41,264	9,794
Impairment charges	0	(6,143)	0
Disposition	0	(120,786)	0
Ending balance	2,141,532	2,064,909	1,463,391
Reconciliation of Accumulated Depreciation for Operating Real Estate
Beginning balance	76,078	35,846	10,550
Depreciation expense	50,774	41,056	25,296
Reclassification to Assets held for sale	(3,751)	0	0
Disposition	0	(824)	0
Ending balance	$ 123,101	$ 76,078	$ 35,846