Carey Watermark Investors 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001430259
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		141,007,846
Entity Public Float			$ 0
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate:
Hotels, at cost	$ 2,175,975	$ 2,172,740
Accumulated depreciation	(266,323)	(227,616)
Net investments in hotels	1,909,652	1,945,124
Equity investments in real estate	112,715	131,344
Cash and cash equivalents	66,593	47,994
Intangible assets, net	76,671	78,386
Restricted cash, inclusive of $0 and $3,293, respectively, attributable to Assets held for sale	54,537	84,382
Accounts receivable, net	36,884	38,359
Other assets	23,092	29,208
Assets held for sale	0	105,124
Total assets	2,280,144	2,459,921
Liabilities and Equity
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	1,326,014	1,420,913
WPC Credit Facility	41,637	68,637
Accounts payable, accrued expenses and other liabilities	128,955	136,343
Due to related parties and affiliates	6,258	3,611
Distributions payable	19,898	19,640
Other liabilities held for sale	0	2,889
Total liabilities	1,522,762	1,652,033
Commitments and contingencies (Note 10)
Common stock, $0.001 par value; 300,000,000 shares authorized; 139,627,375 and 137,826,503 shares, respectively, issued and outstanding	140	138
Additional paid-in capital	1,174,887	1,153,652
Distributions and accumulated losses	(471,130)	(399,884)
Accumulated other comprehensive loss	(286)	(455)
Total stockholders’ equity	703,611	753,451
Noncontrolling interests	53,771	54,437
Total equity	757,382	807,888
Total liabilities and equity	$ 2,280,144	$ 2,459,921

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted cash	$ 54,537	$ 84,382
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	139,627,375	137,826,503
Assets Held for Sale
Restricted cash	$ 0	$ 3,293

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Hotel Revenues
Business interruption income	$ 23,579	$ 0	$ 0
Total Hotel Revenues	613,887	629,132	651,095
Expenses
Property taxes, insurance, rent and other	62,586	64,099	66,788
Sales and marketing	57,763	60,702	62,578
General and administrative	53,417	56,066	55,038
Repairs and maintenance	19,857	20,562	20,921
Depreciation and amortization	77,170	81,829	80,698
Total Hotel Operating Expenses	531,212	552,486	557,386
Asset management fees to affiliate and other expenses	15,294	15,454	15,468
Corporate general and administrative expenses	11,602	10,715	11,562
(Gain) loss on hurricane-related property damage	(1,340)	7,008	0
Impairment charges	0	0	4,112
Acquisition-related expenses	0	0	3,727
Total Expenses	556,768	585,663	592,255
Operating income before net gain on sale of real estate	57,119	43,469	58,840
Net gain on sale of real estate	31,260	5,164	0
Operating Income	88,379	48,633	58,840
Interest expense	(66,597)	(67,004)	(65,164)
Equity in (losses) earnings of equity method investments in real estate, net	(1,315)	22,203	5,232
Net loss on extinguishment of debt (Note 9)	(511)	(225)	(2,268)
Other income	665	120	45
Income (loss) before income taxes	20,621	3,727	(3,315)
(Provision for) benefit from income taxes	(4,877)	24	(3,661)
Net Income (Loss)	15,744	3,751	(6,976)
(Income) loss attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $5,142, $7,459 and $9,445, respectively)	(7,688)	1,177	(1,777)
Net Income (Loss) Attributable to CWI Stockholders	$ 8,056	$ 4,928	$ (8,753)
Basic and Diluted Income (Loss) Per Share (usd per share)	$ 0.06	$ 0.04	$ (0.07)
Basic and Diluted Weighted-Average Shares Outstanding (shares)	139,376,034	137,060,359	134,646,021
Rooms
Hotel Revenues
Revenue from customer contracts	$ 385,189	$ 415,733	$ 437,051
Expenses
Cost of goods sales	88,761	92,676	94,472
Food and beverage
Hotel Revenues
Revenue from customer contracts	159,020	160,763	159,765
Expenses
Cost of goods sales	112,708	114,840	112,928
Other operating revenue
Hotel Revenues
Revenue from customer contracts	46,099	52,636	54,279
Expenses
Cost of goods sales	26,400	28,395	29,328
Management fees
Expenses
Cost of goods sales	17,849	17,075	18,190
Utilities
Expenses
Cost of goods sales	$ 14,701	$ 16,242	$ 16,445

Consolidated Statements Of Op_2

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Available Cash Distributions	$ 5,142	$ 7,459	$ 9,445

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 15,744	$ 3,751	$ (6,976)
Other Comprehensive Income
Unrealized gain on derivative instruments	158	691	308
Comprehensive Income (Loss)	15,902	4,442	(6,668)
Amounts Attributable to Noncontrolling Interests
Net (income) loss	(7,688)	1,177	(1,777)
Unrealized loss (gain) on derivative instruments	11	(18)	372
Comprehensive (income) loss attributable to noncontrolling interests	(7,677)	1,159	(1,405)
Comprehensive Income (Loss) Attributable to CWI Stockholders	$ 8,225	$ 5,601	$ (8,073)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total CWI Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2015	$ 955,447	$ 870,510	$ 134	$ 1,112,640	$ (241,379)	$ (885)	$ 84,937
Beginning equity balance, shares at Dec. 31, 2015			132,686,254
Stockholders' Equity
Net income	(6,976)	(8,753)			(8,753)		1,777
Shares issued net of offering costs, value	46,256	46,256	$ 4	46,252
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	180		180
Stock-based compensation to directors, shares			16,886
Purchase of membership interest from noncontrolling interest	(21,121)	(16,947)		(16,024)		(923)	(4,174)
Distributions declared	(76,616)	(76,616)			(76,616)
Other comprehensive income (loss):
Other comprehensive income (loss)	308	680				680	(372)
Repurchase of shares, value	(17,478)	(17,478)	$ (3)	(17,475)
Repurchase of shares, shares			(1,726,170)
Ending equity balance, value at Dec. 31, 2016	863,257	798,094	$ 135	1,125,835	(326,748)	(1,128)	65,163
Ending equity balance, shares at Dec. 31, 2016			135,379,038
Stockholders' Equity
Net income	3,751	4,928			4,928		(1,177)
Shares issued net of offering costs, value	45,160	45,160	$ 4	45,156
Shares issued, net of offering costs, shares			4,205,719
Shares issued to affiliates, value	15,297	15,297	$ 2	15,295
Shares issued to affiliates, shares			1,419,240
Contributions from noncontrolling interests	200						200
Distributions to noncontrolling interests	(9,767)						(9,767)
Shares issued under share incentive plans, value	199	199		199
Shares issued under share incentive plans, share			23,710
Stock-based compensation to directors, value	180	180		180
Stock-based compensation to directors, shares			16,667
Distributions declared	(78,064)	(78,064)			(78,064)
Other comprehensive income (loss):
Other comprehensive income (loss)	691	673				673	18
Repurchase of shares, value	(33,016)	(33,016)	$ (3)	(33,013)
Repurchase of shares, shares			(3,217,871)
Ending equity balance, value at Dec. 31, 2017	$ 807,888	753,451	$ 138	1,153,652	(399,884)	(455)	54,437
Ending equity balance, shares at Dec. 31, 2017	137,826,503		137,826,503
Stockholders' Equity
Net income	$ 15,744	8,056			8,056		7,688
Shares issued net of offering costs, value	43,869	43,869	$ 4	43,865
Shares issued, net of offering costs, shares			4,179,510
Shares issued to affiliates, value	14,235	14,235	$ 2	14,233
Shares issued to affiliates, shares			1,354,701
Distributions to noncontrolling interests	(8,343)						(8,343)
Shares issued under share incentive plans, value	278	278		278
Shares issued under share incentive plans, share			18,971
Stock-based compensation to directors, value	180	180		180
Stock-based compensation to directors, shares			17,291
Distributions declared	(79,302)	(79,302)			(79,302)
Other comprehensive income (loss):
Other comprehensive income (loss)	158	169				169	(11)
Repurchase of shares, value	(37,325)	(37,325)	$ (4)	(37,321)
Repurchase of shares, shares			(3,769,601)
Ending equity balance, value at Dec. 31, 2018	$ 757,382	$ 703,611	$ 140	$ 1,174,887	$ (471,130)	$ (286)	$ 53,771
Ending equity balance, shares at Dec. 31, 2018	139,627,375		139,627,375

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Distributions declared (usd per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.5700	$ 0.5700	$ 0.5700

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows - Operating Activities
Net income (loss)	$ 15,744	$ 3,751	$ (6,976)
Adjustments to net income (loss):
Depreciation and amortization	77,170	81,829	80,698
Net gain on sale of real estate (Note 4)	(31,260)	(5,164)	0
Business interruption income	(23,579)	0	0
Asset management fees to affiliates settled in shares	14,136	14,499	0
Straight-line rent adjustments	6,030	5,247	5,309
Amortization of deferred financing costs, fair market value of debt and other	3,014	2,959	1,489
(Gain) loss on hurricane-related property damage	(1,340)	7,008	0
Equity in losses (earnings) of equity method investments in real estate, net	1,315	(22,203)	(5,232)
Amortization of stock-based compensation expense	558	505	558
Net loss on extinguishment of debt (Note 9)	511	222	2,268
Impairment charges (Note 7)	0	0	4,112
Business interruption insurance proceeds	14,446	9,134	0
Funding of hurricane/fire-related remediation work	(10,746)	(2,248)	0
Insurance proceeds for remediation work due to hurricane/fire damage	5,555	5,991	0
Net changes in other operating assets and liabilities	5,521	(4,090)	(1,977)
Distributions of earnings from equity method investments	3,788	22,390	4,122
Increase (decrease) in due to related parties and affiliates	1,935	106	(1,087)
Receipt of key money and other deferred incentive payments	58	66	1,075
Net Cash Provided by Operating Activities	82,856	120,002	84,359
Cash Flows — Investing Activities
Proceeds from sale of real estate investments (Note 4)	156,646	23,081	0
Capital expenditures	(73,393)	(49,091)	(65,634)
Hurricane/fire-related property insurance proceeds	15,556	12,311	0
Distributions received from equity investments in excess of cumulative equity income	14,238	12,462	5,491
Capital contributions to equity investments in real estate	(732)	(1,618)	0
Repayments of loan receivable	312	273	0
Purchase of equity interest (Note 5)	0	(64,267)	0
Acquisitions of hotels	0	0	(75,263)
Deposits released for hotel investments	0	0	5,718
Funding of loan receivable	0	0	(875)
Net Cash Provided by (Used in) Investing Activities	112,627	(66,849)	(130,563)
Cash Flows — Financing Activities
Scheduled payments and prepayments of mortgage principal	(170,425)	(94,066)	(293,924)
Distributions paid	(79,045)	(77,716)	(76,233)
Proceeds from mortgage financing	75,250	84,500	403,500
Net proceeds from issuance of shares	43,868	45,160	46,257
Repurchase of shares	(37,321)	(33,016)	(17,478)
Repayment of note payable to affiliate	(37,000)	(29,198)	0
Proceeds from note payable to affiliate	10,000	97,835	0
Distributions to noncontrolling interests	(8,343)	(9,767)	(17,005)
Deferred financing costs	(2,320)	(1,919)	(4,163)
Debt extinguishment costs	(511)	0	(4,529)
Scheduled payments of loan	(413)	(315)	(76)
Purchase of interest rate caps	(369)	(11)	(74)
Withholding on restricted stock units	(100)	(126)	(116)
Repayment of senior credit facility	0	(22,785)	(27,215)
Deposits released for mortgage financing	0	1,610	4,080
Deposits for mortgage financing	0	(1,510)	(1,970)
Contributions from noncontrolling interests	0	200	0
Proceeds from senior credit facility	0	0	30,000
Purchase of membership interest from noncontrolling interest (Note 11)	0	0	(21,121)
Termination of interest rate swap	0	0	(1,221)
Proceeds from loan	0	0	1,000
Net Cash (Used in) Provided by Financing Activities	(206,729)	(41,124)	19,712
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Net (decrease) increase in cash and cash equivalents and restricted cash	(11,246)	12,029	(26,492)
Cash and cash equivalents and restricted cash, beginning of year	132,376	120,347	146,839
Cash and cash equivalents and restricted cash, end of year	$ 121,130	$ 132,376	$ 120,347

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 61,295	$ 63,556	$ 62,754
Income taxes paid	$ 2,312	$ 3,977	$ 8,154

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Organization Carey Watermark Investors Incorporated (“CWI”) is a publicly owned, non-traded real estate investment trust (“REIT”) that, together with its consolidated subsidiaries, invests in, manages and seeks to enhance the value of, interests in lodging and lodging-related properties in the United States. We conduct substantially all of our investment activities and own all of our assets through CWI OP, LP (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 (“Carey Watermark Holdings”), which is owned indirectly by both W. P. Carey Inc. (“WPC”) and Watermark Capital Partners, LLC (“Watermark Capital Partners”), holds a special general partner interest in the Operating Partnership. We are managed by Carey Lodging Advisors, LLC, (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 (the “Subadvisor”), a subsidiary of Watermark Capital Partners, provides services to our Advisor, primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent operators that manage the day-to-day operations of our hotels. In addition, the Subadvisor provides us with the services of Mr. Michael G. Medzigian, our Chief Executive Officer, subject to the approval of our independent directors. We held ownership interests in 27 hotels at December 31, 2018 , including 23 hotels that we consolidate (“Consolidated Hotels”) and four hotels that we record as equity investments (“Unconsolidated Hotels”), at December 31, 2018 . 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. We have fully invested the proceeds from both our initial public offering and follow-on offering. In addition, from inception through December 31, 2018 , $213.7 million of distributions were reinvested in our common stock as a result of our distribution reinvestment plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Since our adoption of Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2018, we have had no hotel acquisitions; however, we expect that certain future hotel acquisitions, if any, would be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions). 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. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for the inherent risk associated with each investment. 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 and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. 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. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply the 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. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At both December 31, 2018 and 2017 , 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, 2018 2017 Net investments in hotels $ 497,637 $ 501,287 Intangible assets, net 37,847 38,649 Total assets 576,430 579,807 Non-recourse debt, net $ 344,018 $ 341,563 Total liabilities 373,700 373,548 Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. In accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, we moved Net gain on sale of real estate in the consolidated statements of income to be included within Operating Income. Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash on January 1, 2018, as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements (including at hotels damaged by Hurricane Irma), property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels. The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 66,593 $ 47,994 $ 61,762 Restricted cash (a) 54,537 84,382 58,585 Total cash and cash equivalents and restricted cash $ 121,130 $ 132,376 $ 120,347 ___________ (a) Restricted cash as of December 31, 2017 and 2016 includes $3.3 million and $2.1 million , respectively, that was reclassified from Assets held for sale to Restricted cash upon adoption of ASU 2016-18. 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. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Equity Investments in Real Estate — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. 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. Other Assets and Liabilities — At both December 31, 2018 and 2017 , Other assets consists primarily of prepaid expenses, hotel inventories and deferred tax assets in the consolidated financial statements. At both December 31, 2018 and 2017 , Other liabilities, which are included in Accounts payable, accrued expenses and other liabilities, consists primarily of straight-line rent, hotel advance deposits, sales and use and occupancy taxes payable, intangible liabilities, unamortized key money, deferred tax liabilities, asset retirement obligations and accrued income taxes. At December 31, 2017, Other liabilities also included business interruption insurance advances that have been received, but for which the claim had not been settled. 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 — Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and is presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are 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. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room and applicable amenities for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e., gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. 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. 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 that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. Income Taxes — We elect 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 (“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 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. generally accepted accounting principles (“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 (“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. Income (Loss) Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income (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 Financial Accounting Standards Board (“FASB”), are applicable to us: Pronouncements Adopted as of December 31, 2018 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. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. The adoption of ASU 2014-09 did not have a material 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, (iv) distributions received from equity method investees and (v) separately identifiable cash flows and application of the predominance principle. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. As a result, we reclassified distributions received from equity method investments of $3.2 million and $1.1 million from net cash provided by operating activities to net cash used in investing activities on the consolidated statement of cash flows for the years ended December 31, 2017 and 2016, respectively. The adoption of ASU 2016-15 did not 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. 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 adopted this guidance for our interim and annual periods beginning January 1, 2018. We have had no hotel acquisitions since the adoption of this guidance; however, we expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . 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 company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-05 did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements. We adopted this guidance for our interim period beginning July 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. We adopted this guidance for our interim period beginning October 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract, the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for 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 new standard remains equivalent to existing guidance, but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2018
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 (the “Advisory Agreement”) to perform certain services for us under a fee arrangement, including managing our overall business, our investments, and 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 a subadvisory agreement with the Subadvisor (the “Subadvisory Agreement”) whereby our Advisor pays 20% of its fees earned under the Advisory Agreement to the Subadvisor in return for certain personnel services. 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, 2018 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 14,136 $ 14,499 $ 14,120 Personnel and overhead reimbursements 6,392 5,870 6,645 Available Cash Distributions 5,142 7,459 9,445 Interest expense 1,367 715 — Disposition fees ( Note 4 ) 300 225 — Acquisition fees — — 2,158 $ 27,337 $ 28,768 $ 32,368 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 653 $ 620 $ 806 Capitalized acquisition fees for equity method investments (a) ( Note 5 ) — 4,131 — Advisor fee for purchase of membership interest ( Note 11 ) — — 527 Capitalized acquisition fees for asset acquisition — — 29 $ 653 $ 4,751 $ 1,362 ___________ (a) Our Advisor elected to receive 50% of the acquisition fee related to our investment in the Ritz-Carlton Bacara, Santa Barbara Venture in shares of our common stock and 50% in cash. 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, 2018 2017 Amounts Due to Related Parties and Affiliates Accrued interest on WPC Credit Facility $ 2,082 $ 715 Reimbursable costs 1,785 1,239 Due to other affiliates 1,207 375 Other amounts due to our Advisor 1,184 1,282 $ 6,258 $ 3,611 Asset Management Fees, Disposition 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, (as defined in the Advisory Agreement). 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 of our common stock, 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 (“NAV”). At our Advisor’s election, we paid our asset management fees in shares of our common stock for the years ended December 31, 2018 and 2017 and in cash for the year ended December 31, 2016. For the years ended December 31, 2018 and 2017 , we settled $14.2 million and $13.2 million , respectively, of asset management fees in shares of our common stock. At December 31, 2018 , our Advisor owned 4,274,969 shares ( 3.1% ) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other expenses in the consolidated financial statements. 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 Under the terms of the Advisory Agreement, our Advisor generally allocates expenses of dedicated and shared resources, including the cost of personnel, rent and related office expenses, between us and our affiliate, Carey Watermark Investors 2 Incorporated (“CWI 2”), based on total pro rata hotel revenues on a quarterly basis. CWI 2 is a publicly owned, non-traded REIT that is also advised by our Advisor and invests in lodging and lodging-related properties. 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 restricted stock units to employees of the Subadvisor pursuant to our 2010 Equity Incentive Plan. These reimbursements are included in Corporate general and administrative expenses and Due to related parties and affiliates in the consolidated financial statements. Acquisition Fees to our Advisor We pay our Advisor acquisition fees of 2.5% of the total investment cost of the properties acquired, as defined in the Advisory Agreement, described above, including on our proportionate share of equity method investments and loans originated by us. The total fees paid may not exceed 6% of the aggregate contract purchase price of all investments and loans, as measured over a period specified by the Advisory Agreement. Other Amounts Due to our Advisor This balance primarily represented asset management fees payable to our Advisor. Other Transactions with Affiliates WPC Line of Credit During the first quarter of 2017, our board of directors and the board of directors of WPC approved unsecured loans from WPC to us of up to $25.0 million , at an interest rate equal to the rate at which WPC was able to borrow funds under its senior unsecured credit facility, which we refer to as the WPC Line of Credit, for the purpose of replacing a senior credit facility. On March 23, 2017, we borrowed $22.8 million from WPC at the London Interbank Offered Rate (“LIBOR”) plus 1.0% and a maturity date of March 22, 2018 and simultaneously repaid and terminated a senior credit facility. As further discussed below, the WPC Line of Credit was replaced by the Working Capital Facility (defined below). WPC Credit Facility During the third quarter of 2017, our board of directors and the board of directors of WPC approved secured loans from WPC to us of up to $100.0 million for acquisition funding purposes and $25.0 million for working capital purposes. On September 26, 2017, we entered into a secured credit facility (the “WPC Credit Facility”) with our Operating Partnership as borrower and WPC as lender. The WPC Credit Facility consists of (i) a bridge term loan of $75.0 million (the “Bridge Loan”) for the purpose of acquiring an interest in the Ritz-Carlton Bacara, Santa Barbara Venture ( Note 5 ) and (ii) a $25.0 million revolving working capital facility (the “Working Capital Facility”) to be used for our working capital needs. The Working Capital Facility replaced the WPC Line of Credit, which had an outstanding principal balance of $22.8 million on that date and a maturity date of March 22, 2018. As amended, the Bridge Loan is currently scheduled to mature on June 30, 2019, with one three-month extension available at our option. As amended, the Working Capital Facility is currently scheduled to mature on December 31, 2019. Both loans bear interest at LIBOR plus 1.0% ; provided however, that upon the occurrence of certain events of default (as defined in the loan agreement), all outstanding amounts will be subject to a 2% annual interest rate increase. We serve as guarantor of the WPC Credit Facility and have pledged our unencumbered equity interests in certain properties as collateral, as further described in the pledge and security agreement entered into between the borrower and lender. On September 27, 2017, the Operating Partnership drew down $75.0 million from the Bridge Loan to acquire our interest in the Ritz-Carlton Bacara, Santa Barbara. During the fourth quarter of 2017, we repaid a total of $14.2 million towards the Bridge Loan and $15.0 million towards the Working Capital Facility. At December 31, 2017, the outstanding balances under the Bridge Loan and Working Capital Facility were $60.8 million and $7.8 million , respectively. At December 31, 2018 , the outstanding balances under the Bridge Loan and Working Capital Facility were $40.8 million and $0.8 million , respectively, with $24.2 million available to be drawn on the Working Capital Facility. The WPC Credit Facility includes various customary affirmative and negative covenants. We were in compliance with all applicable covenants at December 31, 2018 and 2017. Jointly-Owned Investments At December 31, 2018 , we owned interests in three ventures with CWI 2: the Ritz-Carlton Key Biscayne, a Consolidated Hotel, and the Marriott Sawgrass Golf Resort & Spa and the Ritz-Carlton Bacara, Santa Barbara, both Unconsolidated Hotels. A third-party also owns an interest in the Ritz-Carlton Key Biscayne.

Net Investment in Hotels

Net Investment in Hotels	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Net Investment in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): December 31, 2018 2017 Buildings $ 1,552,365 $ 1,554,798 Land 355,082 359,383 Building and site improvements 149,323 122,273 Furniture, fixtures and equipment 108,907 123,595 Construction in progress 10,298 12,691 Hotels, at cost 2,175,975 2,172,740 Less: Accumulated depreciation (266,323 ) (227,616 ) Net investments in hotels $ 1,909,652 $ 1,945,124 During the years ended December 31, 2018 and 2017 , we retired fully depreciated furniture, fixtures and equipment aggregating $34.2 million and $11.8 million , respectively. Depreciation expense was $75.7 million , $80.3 million and $79.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Hurricane/Fire-Related Disruption Hurricane Irma made landfall in September 2017, impacting five of our Consolidated Hotels: Hawks Cay Resort, Marriott Boca Raton at Boca Center (which we sold during the first quarter of 2018), Ritz-Carlton Key Biscayne, Ritz-Carlton Fort Lauderdale and Staybridge Suites Savannah Historic District (which we sold during the third quarter of 2018). All five hotels sustained damage and all were forced to close for a period of time, except for Marriott Boca Raton at Boca Center. All hotels reopened shortly after Hurricane Irma, with varying degrees of damage, with the exception of the Hawks Cay Resort, which reopened in August 2018. During the year ended December 31, 2018 , we recognized a gain on hurricane-related property damage of $1.3 million resulting from changes in our estimates of the total aggregate damage incurred at the properties. During the year ended December 31, 2017 , we recognized a loss of $7.0 million , representing the property damage insurance deductibles as well as our best estimate at the time of damage to certain hotels that was below the related deductible. Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Year Ended December 31, 2018 December 31, 2017 Net write-off of fixed assets $ 10,371 $ 25,791 Remediation work performed 5,327 14,286 Property damage insurance receivables and/or advances received (17,038 ) (33,069 ) (Gain) loss on hurricane-related property damage $ (1,340 ) $ 7,008 As of December 31, 2018 , we have received business interruption insurance proceeds related to the Hawks Cay Resort of $21.0 million , all of which was recorded in the consolidated financial statements as Business interruption income during the year ended December 31, 2018 . Additionally, as of December 31, 2018 , we have received business interruption insurance proceeds related to the Fairmont Sonoma Mission Inn & Spa, related to wildfires in Northern California during 2017, of $1.9 million , all of which we recorded in the consolidated financial statements as Business interruption income during the year ended December 31, 2018. As the restoration work continues to be performed, the estimated total cost will change. Any changes to property damage estimates will be recorded in the periods in which they are determined and any additional remediation work will be recorded in the periods in which it is performed. Property Dispositions 2018 Dispositions On January 25, 2018, we sold our 100% ownership interest in the Marriott Boca Raton at Boca Center to an unaffiliated third party for a contractual sales price of $76.0 million , with net proceeds after the repayment of the related mortgage loan of approximately $35.4 million , including the release of $1.4 million of restricted cash. We recognized a gain on sale of $12.3 million during the first quarter of 2018 in connection with this transaction. This property was classified as held for sale at December 31, 2017. On February 5, 2018, we sold our 100% ownership interests in the Hampton Inn Memphis Beale Street and Hampton Inn Atlanta Downtown to an unaffiliated third party for a contractual sales price totaling $63.0 million , with net proceeds after the repayment of the related mortgage loans of approximately $31.8 million , including the release of $2.0 million of restricted cash. We recognized a gain on sale totaling $19.6 million during the first quarter of 2018 in connection with this transaction. These properties were classified as held for sale at December 31, 2017. On September 27, 2018, we sold our 100% ownership interest in the Staybridge Suites Savannah Historic District to an unaffiliated third party for a contractual sales price of $22.0 million , with net proceeds after the defeasance of the related mortgage loan of approximately $6.7 million . We recognized a loss on sale of $0.7 million during the third quarter of 2018 in connection with this transaction, as well as a $0.3 million loss on extinguishment of debt in connection with the defeasance of the loan. 2017 Dispositions 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 $7.4 million , including the release of $2.0 million of restricted cash. The seller assumed the outstanding non-recourse debt on the three properties totaling $26.5 million . We recognized a loss on sale of $0.4 million during the first quarter of 2017. On May 11, 2017, we sold our 100% ownership interest in the Hampton Inn Boston Braintree to an unaffiliated third party for a contractual sales price of $19.0 million , with net proceeds after the repayment of the related mortgage loan of approximately $6.6 million , including the release of $0.6 million of restricted cash. During the second quarter of 2017, we recognized a gain on sale of $5.5 million , which is net of a $0.6 million participation management fee that was incurred as a result of the disposition and paid to the hotel management company, pursuant to the management agreement. Assets and Liabilities Held for Sale At December 31, 2018 , no properties were classified as held for sale. At December 31, 2017 , we had three properties classified as held for sale. These properties were disposed of subsequent to December 31, 2017, as discussed above. Below is a summary of our assets and liabilities held for sale (in thousands): December 31, 2018 2017 Net investments in hotels $ — $ 104,062 Accounts receivable — 681 Other assets — 377 Intangible assets, net — 4 Assets held for sale $ — $ 105,124 Restricted cash attributable to Assets held for sale $ — $ 3,293 Non-recourse debt, net attributable to Assets held for sale $ — $ 71,887 Other liabilities held for sale $ — $ 2,889 Construction in Progress At December 31, 2018 and 2017 , construction in progress, recorded at cost, was $10.3 million and $12.7 million , respectively, and related primarily to planned renovations at the Ritz-Carlton Fort Lauderdale, the Ritz-Carlton Key Biscayne and the Renaissance Chicago Downtown and the restoration of the Hawks Cay Resort as a result of the damage caused by Hurricane Irma at December 31, 2018 , and planned renovations at the Marriott Raleigh City Center, the Equinox, a Luxury Collection Golf Resort & Spa (the “Equinox”), the Sheraton Austin Hotel at the Capitol and the Ritz-Carlton Fort Lauderdale at December 31, 2017 . Upon substantial completion of renovation work, costs are reclassified from construction in progress to buildings, building and site improvements and furniture, fixture and equipment, as applicable, and depreciation will commence. We capitalize qualifying 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. We capitalized $2.6 million and $1.3 million of such costs during the years ended December 31, 2018 and 2017 , respectively. At December 31, 2018 , 2017 and 2016 , accrued capital expenditures were $5.5 million , $6.0 million and $2.3 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 both December 31, 2018 and 2017 , our asset retirement obligation was $1.5 million , and is included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Equity Investments in Real Esta

Equity Investments in Real Estate	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At December 31, 2018 , we owned equity interests in four Unconsolidated Hotels, two with unrelated third parties and two 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 (“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. 2017 Acquisition Ritz-Carlton Bacara, Santa Barbara Venture On September 28, 2017, we formed a tenancy-in-common venture with CWI 2 to acquire the Bacara Resort & Spa for $380.0 million . We own a 40% interest in the venture and CWI 2 owns a 60% interest. Upon acquisition, the hotel was rebranded as the Ritz-Carlton Bacara, Santa Barbara and the manager was changed to Marriott International. The venture meets the definition of joint control as all decisions with respect to the ownership, management and operation of the hotel must be made on a unanimous basis between the two parties; therefore, we have accounted for our interest in this investment under the equity method of accounting. The venture obtained debt comprised of a $175.0 million senior mortgage loan with a floating annual interest rate of LIBOR plus 2.8% and a $55.0 million mezzanine loan with a floating annual interest rate of LIBOR plus 5.8% , both subject to interest rate caps. Both loans have maturity dates of September 28, 2021, with one -year extension options. Our initial investment in this venture, which represents our share of the purchase price and capitalized costs, including fees paid to our Advisor, was $66.3 million at acquisition. We capitalized our share of acquisition costs totaling $4.7 million , including acquisition fees of $4.1 million paid to our Advisor. Our Advisor elected to receive 50% of its acquisition fees in shares of our common stock and 50% in cash, which was approved by our board of directors. For the year ended December 31, 2017 , $2.1 million in acquisitions fees were settled in shares of our common stock. 2017 Disposition Westin Atlanta Venture On October 19, 2017, the Westin Atlanta Venture sold the Westin Atlanta Perimeter North to an unaffiliated third-party for a contractual sales price of $85.5 million . We owned a 57% interest in the venture and received net proceeds of approximately $25.9 million from the sale. We recognized a gain on sale of $21.6 million , which is included in Equity in (losses) earnings of equity method investments in real estate, net in the consolidated statement of operations. Hurricane-Related Disruption The Marriott Sawgrass Golf Resort & Spa was impacted by Hurricane Irma when it made landfall in September 2017. The hotel sustained damage and was forced to close for a period of time. During the years ended December 31, 2018 and 2017, the venture recognized a loss on hurricane-related damage of $0.7 million and $2.7 million , respectively. (in thousands) Years Ended December 31, 2018 December 31, 2017 Net (write-up) write-off of fixed assets $ (173 ) $ 4,938 Remediation work performed 133 1,476 Decrease (increase) to property damage insurance receivables 722 (3,715 ) Loss on hurricane-related property damage $ 682 $ 2,699 As the restoration work continues to be performed, the estimated total costs will change. Any changes to property damage estimates will be recorded in the periods in which they are determined and any additional work will be recorded in the periods in which it is performed. 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 Acquisition Date Hotel Type Carrying Value at December 31, 2018 2017 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 40% 9/28/2017 Resort $ 56,814 $ 65,126 Ritz-Carlton Philadelphia Venture (c) PA 301 60% 5/15/2015 Full-service 29,951 38,469 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% 4/1/2015 Resort 25,439 27,162 Hyatt Centric French Quarter Venture (f) LA 254 80% 9/6/2011 Full-service 511 587 1,427 $ 112,715 $ 131,344 ___________ (a) This investment represents a tenancy-in-common interest; the remaining 60% interest is owned by CWI 2. (b) We received net cash distributions of $3.4 million from this investment during the year ended December 31, 2018 . (c) We received cash distributions of $3.5 million from this investment during the year ended December 31, 2018 . During the first quarter of 2018, we also received a distribution of $4.4 million representing our share of proceeds from a mortgage refinancing in January 2018. We capitalized the refinancing fee paid to the Advisor totaling $0.4 million . (d) 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. (e) We received cash distributions of $3.7 million from this investment during the year ended December 31, 2018 . (f) We received cash distributions of $2.1 million from this investment during the year ended December 31, 2018 . The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which are based on the HLBV method, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Years Ended December 31, Venture 2018 2017 2016 Ritz-Carlton Bacara, Santa Barbara Venture $ (4,879 ) $ (2,824 ) $ — Hyatt Centric French Quarter Venture 2,072 776 701 Marriott Sawgrass Golf Resort & Spa Venture 1,971 (761 ) 629 Ritz-Carlton Philadelphia Venture (985 ) 2,710 3,042 Westin Atlanta Venture (a) 506 22,302 860 Total equity in (losses) earnings of equity method investments in real estate, net $ (1,315 ) $ 22,203 $ 5,232 ___________ (a) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Included in our share of equity in earnings for the year ended December 31, 2017 is the gain on sale of $21.6 million . Our share of equity in earnings during the year ended December 31, 2018 was the result of additional cash distributions received in this period in connection with the disposition. No other-than-temporary impairment charges related to our investments in these ventures were recognized during the years ended December 31, 2018 , 2017 or 2016 . At December 31, 2018 and 2017 , the unamortized basis differences on our equity investments were $7.3 million and $7.2 million , respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.3 million , $0.2 million and $0.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following tables present combined summarized financial information of our equity method investments in real estate. 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): 2018 2017 2016 Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture (b) Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Other Equity Method Investments (c) Balance Sheet – As of December 31, Real estate, net $ 618,012 $ 90,583 $ 362,386 $ 165,043 $ 631,876 $ 94,650 $ 367,035 $ 170,191 $ 324,205 $ 100,016 $ 224,189 Other assets 52,851 8,069 20,093 24,689 60,101 7,967 28,294 23,840 55,276 7,814 47,462 Total assets 670,863 98,652 382,479 189,732 691,977 102,617 395,329 194,031 379,481 107,830 271,651 Debt 400,227 64,210 227,535 108,482 393,539 57,705 226,636 109,198 204,132 58,575 145,557 Other liabilities 57,418 6,506 23,092 27,820 51,425 8,149 16,382 26,894 37,224 7,652 29,572 Total liabilities 457,645 70,716 250,627 136,302 444,964 65,854 243,018 136,092 241,356 66,227 175,129 Members’ equity 213,218 27,936 131,852 53,430 247,013 36,763 152,311 57,939 138,125 41,603 96,522 Percentage of ownership in equity investee 60 % 40 % 60 % 40 % 60 % Pro-rata equity carrying value 96,979 16,762 52,741 27,476 113,036 22,058 60,924 30,054 76,587 24,962 51,625 Basis differential adjustment 6,600 2,016 4,073 511 6,494 1,705 4,202 587 3,272 1,785 1,487 HLBV adjustment 9,136 11,173 — (2,037 ) 11,814 14,706 — (2,892 ) (3,931 ) 11,514 (15,445 ) Carrying value $ 112,715 $ 29,951 $ 56,814 $ 25,950 $ 131,344 $ 38,469 $ 65,126 $ 27,749 $ 75,928 $ 38,261 $ 37,667 2018 2017 2016 Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture Other Equity Method Investments (c) Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture (b) Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Other Equity Method Investments (c) Income Statement – For the year ended December 31, Hotel revenues $ 203,202 $ 44,427 $ 81,670 $ 77,105 $ 146,804 $ 40,626 $ 15,269 $ 90,909 $ 128,071 $ 36,054 $ 92,017 Hotel operating expenses 185,045 41,147 79,955 63,943 139,071 39,694 18,906 80,471 117,514 36,714 80,800 Other operating expenses 684 303 86 295 413 136 52 225 437 239 198 Other income and (expenses) (d) (23,939 ) (3,515 ) (13,494 ) (6,930 ) 5,928 (2,961 ) (3,163 ) 12,052 (8,116 ) (2,210 ) (5,906 ) Provision for income taxes (666 ) 10 — (676 ) (894 ) — (208 ) (686 ) (1,482 ) (434 ) (1,048 ) Net (loss) income (7,132 ) (528 ) (11,865 ) 5,261 12,354 (2,165 ) (7,060 ) 21,579 522 (3,543 ) 4,065 Percentage of ownership in equity investee 60 % 40 % 60 % 40 % 60 % Pro-rata equity in (losses) earnings of equity method investments in real estate (e) (1,977 ) (317 ) (4,746 ) 3,086 8,320 (1,299 ) (2,824 ) 12,443 382 (2,126 ) 2,508 Basis differential adjustment (289 ) (80 ) (133 ) (76 ) (233 ) (80 ) — (153 ) (252 ) (80 ) (172 ) HLBV adjustment 951 (588 ) — 1,539 14,116 4,089 — 10,027 5,102 5,248 (146 ) Equity in (losses) earnings of equity method investments in real estate $ (1,315 ) $ (985 ) $ (4,879 ) $ 4,549 $ 22,203 $ 2,710 $ (2,824 ) $ 22,317 $ 5,232 $ 3,042 $ 2,190 ___________ (a) Includes the Hyatt Centric French Quarter Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (b) We purchased our 40% interest in this venture on September 28, 2017. (c) Includes the Hyatt Centric French Quarter Venture, the Westin Atlanta Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (d) Other income and (expenses) for the year ended December 31, 2018 for the Ritz-Carlton Bacara, Santa Barbara Venture was primarily comprised of interest expense related to its outstanding mortgage loans. Other income and (expenses) for the year ended December 31, 2017 includes a gain on sale of investment of $21.6 million , related to the Westin Atlanta Venture. (e) For the equity investments noted in footnotes (a) and (c), our respective ownership interest in each investment was applied to the results of each individual venture.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 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 $ (6,520 ) $ 65,880 $ 72,400 $ (5,015 ) $ 67,385 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (921 ) 10,734 11,655 (726 ) 10,929 In-place leases 8 – 15 135 (78 ) 57 135 (63 ) 72 Total intangible assets, net $ 84,190 $ (7,519 ) $ 76,671 $ 84,190 $ (5,804 ) $ 78,386 Finite-Lived Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 114 $ (1,986 ) $ (2,100 ) $ 89 $ (2,011 ) Net amortization of intangibles was $1.7 million for each of the years ended December 31, 2018 , 2017 and 2016 , 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, 2018
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, which are included in Other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate caps and swaps ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings and thresholds. 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. We did not have any transfers into or out of Level 1, Level 2 and Level 3 category of measurements during the years ended December 31, 2018 or 2017 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported in Other income and (expenses) in the consolidated financial statements. Our non-recourse debt, net, which we have classified as Level 3, had a carrying value of $1.3 billion and $1.4 billion , and an estimated fair value of $1.3 billion and $1.4 billion , at December 31, 2018 and 2017 , 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, 2018 and 2017 . 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. When the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its carrying value or its fair value, less estimated cost to sell. The estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for the inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value reporting. We did not recognize any impairment charges during the years ended December 31, 2018 and 2017 . 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 values of the properties to their estimated fair values.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedges, Assets [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Market risk includes changes in the value of our properties and related loans. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at December 31, Liability Derivatives Fair Value at December 31, Balance Sheet Location 2018 2017 2018 2017 Interest rate caps Other assets $ 84 $ 1 $ — $ — Interest rate swap Accounts payable, accrued expenses and other liabilities — — — (2 ) $ 84 $ 1 $ — $ (2 ) 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, 2018 and 2017 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized losses of $0.3 million , $0.1 million and $1.1 million in Other comprehensive income (loss) on derivatives in connection with our interest rate swaps and caps during the years ended December 31, 2018 , 2017 and 2016 , respectively. We reclassified $0.4 million , $0.6 million and $1.0 million from Other comprehensive income on derivatives into Interest expense during the years ended December 31, 2018 , 2017 and 2016 , respectively. Amounts reported in Other comprehensive income 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, 2018 , we estimated that an additional $0.1 million will be reclassified as Interest expense during the next 12 months related to our interest rate 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 notional, or 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 caps that we had outstanding on our Consolidated Hotels at December 31, 2018 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Notional Amount Fair Value at Interest Rate Derivatives December 31, 2018 Interest rate caps 5 $ 245,360 $ 84 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, 2018 . At December 31, 2018 , both our total credit exposure and the maximum exposure to any single counterparty were $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, 2018 , we had not been declared in default on any of our derivative obligations. At December 31, 2018 , we had no derivatives that were in a net liability position. The estimated fair value of our derivatives in a net liability position was less than $0.1 million at December 31, 2017 , which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2017 , we could have been required to settle our obligations under these agreements at their aggregate termination value of less than $0.1 million .

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Non-Recourse Debt Our non-recourse 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 Range (a) 2018 2017 Fixed rate 3.6% – 6.5% 6/2019 – 4/2024 $ 1,026,451 $ 1,082,367 Variable rate (b) 4.8% – 8.3% 2/2019 (c) – 11/2021 299,563 338,546 $ 1,326,014 $ 1,420,913 ___________ (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) The interest rate range presented for these mortgage loans reflect the rates in effect at December 31, 2018 through the use of an interest rate cap, when applicable. (c) See discussion below on the Lake Arrowhead Resort and Spa mortgage loan, which matured on February 28, 2019. Lake Arrowhead Resort and Spa The $14.5 million outstanding mortgage loan on Lake Arrowhead Resort and Spa matured on February 28, 2019; we have not paid off the outstanding principal balance, although all required debt service through the date of this Report has continued to be paid on time. We are currently in discussions with the lender to amend the terms of the loan agreement, including, but not limited to, extending the maturity date, although there can be no assurance that we will be able to do so on favorable terms, if at all. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage and debt yield ratios. 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 could be triggered by the lender under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If a lender requires that we enter into a cash management agreement, we would generally be permitted to spend an amount equal to our budgeted hotel operating expenses, taxes, insurance and capital expenditure reserves for the relevant hotel. The lender would then hold all excess cash flow after the payment of debt service in an escrow account until certain performance hurdles are met. Except as discussed below, at December 31, 2018 , we were in compliance with the applicable covenants for each of our mortgage loans. At March 31, 2018, the minimum debt service coverage ratio for the Courtyard Pittsburgh Shadyside was not met; this ratio was still not met as of December 31, 2018 . At September 30, 2018, the minimum debt service coverage ratio for the Westin Minneapolis was not met and we entered into a cash management agreement that permits the lender to sweep the excess cash flow from the hotel. As of December 31, 2018 , this ratio was still not met and the cash management agreement remained in effect. At September 30, 2018, the minimum debt service coverage ratio for the Equinox was not met; this ratio was still not met as of December 31, 2018 . At December 31, 2018, the minimum debt yield ratio for the Sanderling Resort was not met; therefore, beginning in March 2019, the loan began to amortize in an amount equal to the original loan amount over a twenty-five year period and will continue to amortize until such time as the minimum debt yield ratio is met. WPC Credit Facility At December 31, 2018 , we had outstanding balances under the Bridge Loan and Working Capital Facility of $40.8 million and $0.8 million , respectively, with $24.2 million available to be drawn on the Working Capital Facility. These loans are described in Note 3 . Financing Activity During 2018 During the year ended December 31, 2018 , we refinanced three non-recourse mortgage loans totaling $116.1 million with new non-recourse mortgage loans totaling $121.4 million , which have a weighted-average interest rate of 5.6% and a term to maturity of three years , One of these refinancings was accounted for as a loan modification. We recognized a loss on extinguishment of debt of $0.2 million on the refinancings during the year ended December 31, 2018. In connection with the sale of the Staybridge Savannah Historic District during the third quarter of 2018 ( Note 4 ), we defeased the outstanding $14.4 million mortgage loan on the hotel. We recognized a loss on extinguishment of debt of $0.3 million during the year ended December 31, 2018 . Financing Activity During 2017 During the year ended December 31, 2017 , we refinanced three non-recourse mortgage loans totaling $95.6 million with new non-recourse mortgage loans totaling $109.5 million , which have a weighted-average interest rate of 5.0% and a term to maturity of 4.5 years . We recognized a net loss on extinguishment of debt of less than $0.1 million on these refinancings. Scheduled Debt Principal Payments Scheduled debt principal payments during each of the next five calendar years following December 31, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 (a) (b) $ 152,446 2020 223,353 2021 577,443 2022 244,104 2023 126,618 Thereafter through 2024 50,251 1,374,215 Unamortized deferred financing costs (6,564 ) Total $ 1,367,651 __________ (a) Balance includes $91.5 million of scheduled balloon payments on three consolidated mortgage loans. We currently intend to refinance these mortgage loans, although there can be no assurance that we will be able to do so on favorable terms, if at all. (b) Includes $40.8 million and $0.8 million of scheduled payments on the Bridge Loan and Working Capital Facility, respectively, to WPC ( Note 3 ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2018 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, including liens for which we may obtain a bond, provide collateral or provide an indemnity, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Hotel Management Agreements As of December 31, 2018 , our Consolidated Hotel properties are operated pursuant to long-term management agreements with 12 different management companies, with initial terms ranging from five to 30 years . For hotels operated with separate franchise agreements, 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 ranging from 3.0% to 3.5% 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. We incurred management fee expense, including amortization of deferred management fees, of $17.8 million , $17.1 million and $18.2 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Franchise Agreements Sixteen of our Consolidated Hotels operate under franchise or license agreements with national brands that are separate from our management agreements. As of December 31, 2018 , we have 11 franchise agreements with Marriott owned brands, three with Hilton owned brands, one with InterContinental Hotels-owned brands and one with a Hyatt-owned brand related to our Consolidated Hotels. Our typical franchise agreements have initial terms ranging from 15 to 25 years . Three of our hotels are not operated with a hotel brand so the hotels do not have franchise agreements. Typically, our franchise agreements provide for a license fee, or royalty, of 3.0% to 6.0% of room revenues and, if applicable, 2.0% to 3.0% of food and beverage revenue. In addition, we generally pay 1.0% to 4.5% 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. We incurred franchise fee expense, including amortization of deferred franchise fees, of $16.2 million , $18.8 million and $20.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major international 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 3.0% and 5.0% of the respective hotel’s total gross revenue. As of December 31, 2018 and 2017 , $37.9 million and $32.9 million , respectively, was held in furniture, fixtures and equipment reserve accounts for future capital expenditures, and is included in Restricted cash in the consolidated financial statements. Renovation Commitments Certain of our hotel franchise and loan agreements require us to make planned renovations to our hotels. Additionally, from time to time, certain of our hotels may undergo renovations as a result of our decision to upgrade portions of the hotels, such as guestrooms, public space, meeting space, and/or restaurants, in order to better compete with other hotels and alternative lodging options in our markets. At December 31, 2018 , we had various contracts outstanding with third parties in connection with the renovation of certain of our hotels. The remaining commitments under these contracts at December 31, 2018 totaled $21.4 million . Funding for a renovation will first come from our furniture, fixtures and equipment reserve accounts, to the extent permitted by the terms of the management agreement. Should these reserves be unavailable or insufficient to cover the cost of the renovation, we will fund all or the remaining portion of the renovation with existing cash resources, proceeds available under our Working Capital Facility and/or other sources of available capital, including cash flow from operations. 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, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 $ 4,111 2020 4,210 2021 4,312 2022 4,417 2023 4,525 Thereafter through 2106 811,306 Total $ 832,881 For the years ended December 31, 2018 , 2017 and 2016 , we recorded rent expense of $4.5 million , $3.9 million and $3.8 million , respectively, inclusive of percentage rents of $0.8 million , $0.8 million and $0.7 million , respectively, related to these ground leases, which are included in Property taxes, insurance, rent and other in the consolidated financial statements. Additionally, we recorded straight-line rent adjustment expense related to these ground leases of $6.0 million , $5.2 million and $5.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity 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 2018 2017 2016 Beginning balance $ (455 ) $ (1,128 ) $ (885 ) Other comprehensive loss before reclassifications (290 ) (140 ) (1,084 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 448 599 970 Equity in earnings of equity method investments in real estate — 232 422 Total 448 831 1,392 Net current period other comprehensive income 158 691 308 Net current period other comprehensive loss (income) attributable to noncontrolling interests 11 (18 ) 372 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a) — — (923 ) Ending balance $ (286 ) $ (455 ) $ (1,128 ) ___________ (a) On February 12, 2016, we acquired the remaining 25% interest in the Fairmont Sonoma Mission Inn & Spa Venture from an unaffiliated third party for $20.6 million , bringing our ownership interest to 100% . In connection with this transaction, we also paid a fee to our Advisor of $0.5 million . Our acquisition of the additional interest in the venture is accounted for as an equity transaction and we recorded an adjustment of approximately $16.0 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2016 related to the difference between the carrying value and the purchase price. No gain or loss was recognized in the consolidated statement of operations, 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. 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, 2018 2017 2016 Return of capital $ 0.4899 $ 0.2746 $ 0.3466 Ordinary income 0.0801 0.1875 0.2234 Capital gain — 0.1079 — Total distributions paid $ 0.5700 $ 0.5700 $ 0.5700 During the fourth quarter of 2018 , our board of directors declared a quarterly distribution of $0.1425 per share, which was paid on January 15, 2019 to stockholders of record on December 31, 2018 , in the amount of $19.9 million . During the year ended December 31, 2018, our board of directors declared distributions in the aggregate amount of $79.3 million , which equates to $0.5700 per share.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2018
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 stock-based awards to our officers and employees of the Subadvisor who perform services on our behalf. 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 stock-based awards 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 3,641,521 shares remain available for future grants at December 31, 2018 . A summary of the RSU activity for the years ended December 31, 2018 , 2017 and 2016 follows: The Subadvisor Independent Directors Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value 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 January 1, 2017 71,829 10.42 — — Granted 49,075 10.80 16,667 10.80 Vested (a) (35,495 ) 10.31 (16,667 ) 10.80 Forfeited (24,480 ) 10.69 — — Nonvested at January 1, 2018 60,929 10.68 — — Granted 61,178 10.41 17,292 10.41 Vested (a) (28,565 ) 10.59 (17,292 ) 10.41 Forfeited (5,750 ) 10.51 — — Nonvested at December 31, 2018 (b) 87,792 $ 10.53 — $ — ___________ (a) RSUs issued to employees of the Subadvisor generally vest over three years , subject to continued employment and are forfeited if the recipient’s employment termination prior to vesting. RSUs issued to independent directors vest immediately. The total fair value of shares vested was $0.3 million for the year ended December 31, 2018 and $0.4 million for each of the years ended December 31, 2017 and 2016 . (b) We currently expect to recognize compensation expense totaling approximately $0.6 million over the vesting period. The awards to employees of the Subadvisor had a weighted-average remaining contractual term of 1.8 years at December 31, 2018 . For the years ended December 31, 2018 , 2017 and 2016 , we recognized share based payment expense of $0.6 million , $0.5 million and $0.6 million , respectively, associated with RSU awards. Stock-based compensation expense is included within Corporate general and administrative expenses in the consolidated financial statements. 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, 2018
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, 2018 2017 2016 Federal Current $ 2,255 $ 2,004 $ 2,383 Deferred 930 (2,010 ) 451 3,185 (6 ) 2,834 State and Local Current 592 382 801 Deferred 1,100 (400 ) 26 1,692 (18 ) 827 Total Provision (Benefit) $ 4,877 $ (24 ) $ 3,661 Deferred income taxes at December 31, 2018 and 2017 consist of the following (in thousands): At December 31, 2018 2017 Deferred Tax Assets Net operating loss carryforwards $ 7,163 $ 4,918 Accrued vacation payable and deferred rent 1,083 1,148 Deferred revenue — key money 288 304 Gift card liability 282 243 Interest expense limitation — 1,203 Other 513 1,145 Total deferred income taxes 9,329 8,961 Valuation allowance (6,140 ) (4,359 ) Total deferred tax assets 3,189 4,602 Deferred Tax Liabilities Villa rental management agreement (6,016 ) (5,387 ) Other (179 ) (193 ) Total deferred tax liabilities (6,195 ) (5,580 ) Net Deferred Tax Liability $ (3,006 ) $ (978 ) 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, 2018 2017 2016 Pre-tax income (loss) from taxable subsidiaries $ 22,992 $ (4,443 ) $ 4,764 Federal provision (benefit) at statutory tax rate (a) $ 4,828 $ (1,555 ) $ 1,668 (Income) loss not subject to federal tax (2,529 ) 11 (1,239 ) Valuation allowance 1,782 (550 ) 2,526 State and local taxes, net of federal benefit 655 (385 ) 534 Disposition of hotels 300 739 — Non-deductible expenses 204 124 102 Other (363 ) 86 70 Revaluation of deferred taxes due to Tax Cuts and Jobs Act (b) — 1,506 — Total provision (benefit) $ 4,877 $ (24 ) $ 3,661 ___________ (a) The applicable statutory tax rate was 21% , 35% , and 35% for the years ended December 31, 2018, 2017, and 2016, respectively. (b) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21% . This amount reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs. 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 2028 . As of December 31, 2018 and 2017 , we recorded a valuation allowance of $6.1 million and $4.4 million , respectively, related to these net operating loss carryforwards and other deferred tax assets. The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $1.0 million and $1.9 million at December 31, 2018 and 2017 , respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $4.0 million and $2.9 million at December 31, 2018 and 2017 , 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. At both December 31, 2018 and 2017, we had unrecognized tax benefits of less than $0.1 million 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 both December 31, 2018 and 2017, 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 2014 through 2017 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, 2018
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, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 142,431 $ 167,259 $ 148,235 $ 155,962 Operating expenses 137,840 140,797 136,785 141,346 Net income (loss) (a) 19,544 7,867 (7,533 ) (4,134 ) (Income) loss attributable to noncontrolling interests (5,357 ) (146 ) 323 (2,508 ) Net income (loss) attributable to CWI stockholders $ 14,187 $ 7,721 $ (7,210 ) $ (6,642 ) Basic and diluted earnings (loss) per share attributable to CWI stockholders $ 0.10 $ 0.06 $ (0.05 ) $ (0.05 ) Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenue $ 159,704 $ 171,354 $ 154,829 $ 143,245 Operating expenses 147,134 150,663 150,424 137,442 Net (loss) income (a) (932 ) 10,073 (15,821 ) 10,431 (Income) loss attributable to noncontrolling interests (4,480 ) 310 7,052 (1,705 ) Net (loss) income attributable to CWI stockholders $ (5,412 ) $ 10,383 $ (8,769 ) $ 8,726 Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.04 ) $ 0.08 $ (0.06 ) $ 0.06 Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 ___________ (a) Results include a gain on sale of real estate of $31.9 million for the three months ended March 31, 2018, a gain on sale of real estate of $21.6 million during the three months ended December 31, 2017 and a loss on hurricane-related property damage of $7.6 million for the three months ended September 30, 2017.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2018 , 2017 , and 2016 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 4,359 $ 2,966 $ (1,185 ) $ 6,140 Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 4,909 $ 1,376 $ (1,926 ) $ 4,359 Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 1,913 $ 3,198 $ (202 ) $ 4,909

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in thousands ) Initial Cost to Company Costs (a) Increase (Decrease) (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 Hilton Garden Inn New Orleans French Quarter/CBD $ 10,102 $ 1,539 $ 15,223 $ 1,940 $ (58 ) $ 1,538 $ 17,106 $ 18,644 $ 3,306 2004 Jun. 2012 4 – 40 yrs. Lake Arrowhead Resort and Spa 14,497 4,300 17,990 4,198 — 4,300 22,188 26,488 6,233 1982 Jul. 2012 4 – 40 yrs. Courtyard San Diego Mission Valley 45,751 16,200 65,452 1,975 — 16,200 67,427 83,627 11,180 1971 Dec. 2012 4 – 40 yrs. Courtyard Pittsburgh Shadyside 15,266 3,515 25,833 1,893 — 3,515 27,726 31,241 4,509 2003 Mar. 2013 4 – 40 yrs. Hutton Hotel Nashville 42,474 7,850 60,220 14,285 (32 ) 7,850 74,473 82,323 10,274 1961 May 2013 4 – 40 yrs. Holiday Inn Manhattan 6th Ave Chelsea 74,913 30,023 81,398 1,211 — 30,023 82,609 112,632 11,906 2008 Jun. 2013 4 – 40 yrs. Fairmont Sonoma Mission Inn & Spa 61,589 17,657 66,593 3,564 — 17,657 70,157 87,814 11,566 1927 Jul. 2013 4 – 40 yrs. Marriott Raleigh City Center 67,389 — 68,405 8,051 — — 76,456 76,456 10,647 2008 Aug. 2013 4 – 40 yrs. Hawks Cay Resort 95,409 25,800 73,150 51,008 (31,394 ) 25,800 92,764 118,564 13,132 1960 Oct. 2013 4 – 40 yrs. Renaissance Chicago Downtown 87,251 — 132,198 28,915 — — 161,113 161,113 25,854 1991 Dec. 2013 4 – 40 yrs. Hyatt Place Austin Downtown 54,976 9,100 73,700 127 — 9,100 73,827 82,927 8,781 2013 Apr. 2014 4 – 40 yrs. Courtyard Times Square West 53,000 — 87,438 242 — — 87,681 87,681 10,107 2013 May 2014 4 – 40 yrs. Sheraton Austin Hotel at the Capitol 66,976 18,210 78,703 6,911 — 18,210 85,615 103,825 10,731 1986 May 2014 4 – 40 yrs. Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center 51,530 5,662 71,598 137 — 5,663 71,735 77,398 8,184 2013 Jun. 2014 4 – 40 yrs. Sanderling Resort 25,537 9,800 23,677 7,178 — 9,800 30,855 40,655 4,771 1985 Oct. 2014 4 – 40 yrs. Marriott Kansas City Country Club Plaza 38,421 5,100 48,748 8,494 — 5,100 57,242 62,342 6,946 1987 Nov. 2014 4 – 40 yrs. Westin Minneapolis 41,928 6,405 57,105 954 — 6,405 58,059 64,464 5,753 2007 Feb. 2015 4 – 40 yrs. Westin Pasadena 88,408 22,785 112,215 7,368 — 22,785 119,583 142,368 11,892 1989 Mar. 2015 4 – 40 yrs. Hilton Garden Inn/Homewood Suites Atlanta Midtown 37,465 5,700 47,680 161 — 5,700 47,841 53,541 4,445 2012 Apr. 2015 4 – 40 yrs. Ritz-Carlton Key Biscayne 188,438 117,200 154,182 14,966 1,801 118,656 169,493 288,149 16,846 2001 May 2015 4 – 40 yrs. Ritz-Carlton Fort Lauderdale 73,735 22,100 74,422 6,932 1,224 22,380 82,298 104,678 8,745 2007 Jun. 2015 4 – 40 yrs. Le Méridien Dallas, The Stoneleigh 44,635 9,400 57,989 1,853 21 9,400 59,863 69,263 4,997 1923 Nov. 2015 4 – 40 yrs. Equinox, a Luxury Collection Golf Resort & Spa 46,324 15,000 59,235 5,519 823 15,000 65,577 80,577 6,245 1853 Feb. 2016 4 – 40 yrs. $ 1,326,014 $ 353,346 $ 1,553,154 $ 177,882 $ (27,615 ) $ 355,082 $ 1,701,688 $ 2,056,770 $ 217,050 _______________ (a) Consists of the cost of improvements subsequent to acquisition, including construction costs primarily for renovations pursuant to our contractual obligations. (b) The net decrease in net investments was primarily due to the write-off of assets damaged by Hurricane Irma for the Hawks Cay Resort totaling $31.4 million . (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, 2018 2017 2016 Beginning balance $ 2,036,454 $ 2,141,532 $ 2,064,909 Improvements 52,752 40,780 35,869 Dispositions (23,280 ) (13,380 ) — Write-off of assets damaged by hurricane (8,905 ) (24,147 ) — Write-off of fully depreciated assets (251 ) (25 ) (186 ) Reclassification to Assets held for sale (a) — (108,306 ) (38,823 ) Additions — — 79,763 Ending balance $ 2,056,770 $ 2,036,454 $ 2,141,532 Reconciliation of Accumulated Depreciation for Hotels Years Ended December 31, 2018 2017 2016 Beginning balance $ 165,509 $ 123,101 $ 76,078 Depreciation expense 53,758 54,040 50,960 Dispositions (1,966 ) (1,721 ) — Write-off of fully depreciated assets (251 ) (25 ) (186 ) Reclassification to Assets held for sale — (9,886 ) (3,751 ) Ending balance $ 217,050 $ 165,509 $ 123,101 ___________ (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, 2018 , the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $2.0 billion .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Since our adoption of Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2018, we have had no hotel acquisitions; however, we expect that certain future hotel acquisitions, if any, would be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions).
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. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis, discounted for the inherent risk associated with each investment. 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 and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. 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.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply the 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. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At both December 31, 2018 and 2017 , 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, 2018 2017 Net investments in hotels $ 497,637 $ 501,287 Intangible assets, net 37,847 38,649 Total assets 576,430 579,807 Non-recourse debt, net $ 344,018 $ 341,563 Total liabilities 373,700 373,548
Reclassifications	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation
Restricted Cash	Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash on January 1, 2018, as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements (including at hotels damaged by Hurricane Irma), property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels.
Shares Repurchases	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. Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.
Equity Method Investments	Equity Investments in Real Estate — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. 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 (“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.
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.
Other Assets and Liabilities	Other Assets and Liabilities — At both December 31, 2018 and 2017 , Other assets consists primarily of prepaid expenses, hotel inventories and deferred tax assets in the consolidated financial statements. At both December 31, 2018 and 2017 , Other liabilities, which are included in Accounts payable, accrued expenses and other liabilities, consists primarily of straight-line rent, hotel advance deposits, sales and use and occupancy taxes payable, intangible liabilities, unamortized key money, deferred tax liabilities, asset retirement obligations and accrued income taxes.
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 — Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and is presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are 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. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room and applicable amenities for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e., gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
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.
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 that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
Income Taxes	Income Taxes — We elect 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 (“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 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. generally accepted accounting principles (“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 (“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.
Income (Loss) Per Share	Income (Loss) Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income (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 Financial Accounting Standards Board (“FASB”), are applicable to us: Pronouncements Adopted as of December 31, 2018 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. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. The adoption of ASU 2014-09 did not have a material 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, (iv) distributions received from equity method investees and (v) separately identifiable cash flows and application of the predominance principle. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. As a result, we reclassified distributions received from equity method investments of $3.2 million and $1.1 million from net cash provided by operating activities to net cash used in investing activities on the consolidated statement of cash flows for the years ended December 31, 2017 and 2016, respectively. The adoption of ASU 2016-15 did not 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. 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 adopted this guidance for our interim and annual periods beginning January 1, 2018. We have had no hotel acquisitions since the adoption of this guidance; however, we expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . 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 company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-05 did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements. We adopted this guidance for our interim period beginning July 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. We adopted this guidance for our interim period beginning October 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract, the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for 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 new standard remains equivalent to existing guidance, but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB which allows lessors to combine non-lease components with related lease components if certain conditions are met. We will adopt this guidance for our interim and annual periods beginning January 1, 2019 and expect to use the second transition method. We expect to recognize a right-of-use asset and a corresponding lease liability primarily related to our ground leases and other operating leases. The right-of-use asset and corresponding lease liability are expected to be between approximately $40.0 million to $85.0 million , although changes in discount rates, lease terms or other variables may have a significant effect on the calculation of these recorded amounts. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements and will adopt the standard for the fiscal year beginning January 1, 2019.
Intangible Assets and Liabilities	Intangible assets and liabilities, included in Intangible assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements Amortization of 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	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, which are included in Other assets and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate caps and swaps ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings and thresholds. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 Net investments in hotels $ 497,637 $ 501,287 Intangible assets, net 37,847 38,649 Total assets 576,430 579,807 Non-recourse debt, net $ 344,018 $ 341,563 Total liabilities 373,700 373,548
Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 66,593 $ 47,994 $ 61,762 Restricted cash (a) 54,537 84,382 58,585 Total cash and cash equivalents and restricted cash $ 121,130 $ 132,376 $ 120,347 ___________ (a) Restricted cash as of December 31, 2017 and 2016 includes $3.3 million and $2.1 million , respectively, that was reclassified from Assets held for sale to Restricted cash upon adoption of ASU 2016-18.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2018 2017 2016 Cash and cash equivalents $ 66,593 $ 47,994 $ 61,762 Restricted cash (a) 54,537 84,382 58,585 Total cash and cash equivalents and restricted cash $ 121,130 $ 132,376 $ 120,347 ___________ (a) Restricted cash as of December 31, 2017 and 2016 includes $3.3 million and $2.1 million , respectively, that was reclassified from Assets held for sale to Restricted cash upon adoption of ASU 2016-18.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 14,136 $ 14,499 $ 14,120 Personnel and overhead reimbursements 6,392 5,870 6,645 Available Cash Distributions 5,142 7,459 9,445 Interest expense 1,367 715 — Disposition fees ( Note 4 ) 300 225 — Acquisition fees — — 2,158 $ 27,337 $ 28,768 $ 32,368 Other Transaction Fees Incurred Capitalized loan refinancing fees $ 653 $ 620 $ 806 Capitalized acquisition fees for equity method investments (a) ( Note 5 ) — 4,131 — Advisor fee for purchase of membership interest ( Note 11 ) — — 527 Capitalized acquisition fees for asset acquisition — — 29 $ 653 $ 4,751 $ 1,362 ___________ (a) Our Advisor elected to receive 50% of the acquisition fee related to our investment in the Ritz-Carlton Bacara, Santa Barbara Venture in shares of our common stock and 50% in cash. 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, 2018 2017 Amounts Due to Related Parties and Affiliates Accrued interest on WPC Credit Facility $ 2,082 $ 715 Reimbursable costs 1,785 1,239 Due to other affiliates 1,207 375 Other amounts due to our Advisor 1,184 1,282 $ 6,258 $ 3,611

Net Investment in Hotels (Table

Net Investment in Hotels (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): December 31, 2018 2017 Buildings $ 1,552,365 $ 1,554,798 Land 355,082 359,383 Building and site improvements 149,323 122,273 Furniture, fixtures and equipment 108,907 123,595 Construction in progress 10,298 12,691 Hotels, at cost 2,175,975 2,172,740 Less: Accumulated depreciation (266,323 ) (227,616 ) Net investments in hotels $ 1,909,652 $ 1,945,124
Weather Related Disruptions	Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Year Ended December 31, 2018 December 31, 2017 Net write-off of fixed assets $ 10,371 $ 25,791 Remediation work performed 5,327 14,286 Property damage insurance receivables and/or advances received (17,038 ) (33,069 ) (Gain) loss on hurricane-related property damage $ (1,340 ) $ 7,008
Assets Held for Sale	Below is a summary of our assets and liabilities held for sale (in thousands): December 31, 2018 2017 Net investments in hotels $ — $ 104,062 Accounts receivable — 681 Other assets — 377 Intangible assets, net — 4 Assets held for sale $ — $ 105,124 Restricted cash attributable to Assets held for sale $ — $ 3,293 Non-recourse debt, net attributable to Assets held for sale $ — $ 71,887 Other liabilities held for sale $ — $ 2,889

Equity Investments in Real Es_2

Equity Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Weather Related Disruptions	Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Year Ended December 31, 2018 December 31, 2017 Net write-off of fixed assets $ 10,371 $ 25,791 Remediation work performed 5,327 14,286 Property damage insurance receivables and/or advances received (17,038 ) (33,069 ) (Gain) loss on hurricane-related property damage $ (1,340 ) $ 7,008
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 Acquisition Date Hotel Type Carrying Value at December 31, 2018 2017 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 40% 9/28/2017 Resort $ 56,814 $ 65,126 Ritz-Carlton Philadelphia Venture (c) PA 301 60% 5/15/2015 Full-service 29,951 38,469 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% 4/1/2015 Resort 25,439 27,162 Hyatt Centric French Quarter Venture (f) LA 254 80% 9/6/2011 Full-service 511 587 1,427 $ 112,715 $ 131,344 ___________ (a) This investment represents a tenancy-in-common interest; the remaining 60% interest is owned by CWI 2. (b) We received net cash distributions of $3.4 million from this investment during the year ended December 31, 2018 . (c) We received cash distributions of $3.5 million from this investment during the year ended December 31, 2018 . During the first quarter of 2018, we also received a distribution of $4.4 million representing our share of proceeds from a mortgage refinancing in January 2018. We capitalized the refinancing fee paid to the Advisor totaling $0.4 million . (d) 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. (e) We received cash distributions of $3.7 million from this investment during the year ended December 31, 2018 . (f) We received cash distributions of $2.1 million from this investment during the year ended December 31, 2018 . The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which are based on the HLBV method, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Years Ended December 31, Venture 2018 2017 2016 Ritz-Carlton Bacara, Santa Barbara Venture $ (4,879 ) $ (2,824 ) $ — Hyatt Centric French Quarter Venture 2,072 776 701 Marriott Sawgrass Golf Resort & Spa Venture 1,971 (761 ) 629 Ritz-Carlton Philadelphia Venture (985 ) 2,710 3,042 Westin Atlanta Venture (a) 506 22,302 860 Total equity in (losses) earnings of equity method investments in real estate, net $ (1,315 ) $ 22,203 $ 5,232 ___________ (a) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Included in our share of equity in earnings for the year ended December 31, 2017 is the gain on sale of $21.6 million . Our share of equity in earnings during the year ended December 31, 2018 was the result of additional cash distributions received in this period in connection with the disposition. The following tables present combined summarized financial information of our equity method investments in real estate. 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): 2018 2017 2016 Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture (b) Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Other Equity Method Investments (c) Balance Sheet – As of December 31, Real estate, net $ 618,012 $ 90,583 $ 362,386 $ 165,043 $ 631,876 $ 94,650 $ 367,035 $ 170,191 $ 324,205 $ 100,016 $ 224,189 Other assets 52,851 8,069 20,093 24,689 60,101 7,967 28,294 23,840 55,276 7,814 47,462 Total assets 670,863 98,652 382,479 189,732 691,977 102,617 395,329 194,031 379,481 107,830 271,651 Debt 400,227 64,210 227,535 108,482 393,539 57,705 226,636 109,198 204,132 58,575 145,557 Other liabilities 57,418 6,506 23,092 27,820 51,425 8,149 16,382 26,894 37,224 7,652 29,572 Total liabilities 457,645 70,716 250,627 136,302 444,964 65,854 243,018 136,092 241,356 66,227 175,129 Members’ equity 213,218 27,936 131,852 53,430 247,013 36,763 152,311 57,939 138,125 41,603 96,522 Percentage of ownership in equity investee 60 % 40 % 60 % 40 % 60 % Pro-rata equity carrying value 96,979 16,762 52,741 27,476 113,036 22,058 60,924 30,054 76,587 24,962 51,625 Basis differential adjustment 6,600 2,016 4,073 511 6,494 1,705 4,202 587 3,272 1,785 1,487 HLBV adjustment 9,136 11,173 — (2,037 ) 11,814 14,706 — (2,892 ) (3,931 ) 11,514 (15,445 ) Carrying value $ 112,715 $ 29,951 $ 56,814 $ 25,950 $ 131,344 $ 38,469 $ 65,126 $ 27,749 $ 75,928 $ 38,261 $ 37,667 2018 2017 2016 Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture Other Equity Method Investments (c) Total Ritz-Carlton Philadelphia Venture Ritz-Carlton Bacara, Santa Barbara Venture (b) Other Equity Method Investments (a) Total Ritz-Carlton Philadelphia Venture Other Equity Method Investments (c) Income Statement – For the year ended December 31, Hotel revenues $ 203,202 $ 44,427 $ 81,670 $ 77,105 $ 146,804 $ 40,626 $ 15,269 $ 90,909 $ 128,071 $ 36,054 $ 92,017 Hotel operating expenses 185,045 41,147 79,955 63,943 139,071 39,694 18,906 80,471 117,514 36,714 80,800 Other operating expenses 684 303 86 295 413 136 52 225 437 239 198 Other income and (expenses) (d) (23,939 ) (3,515 ) (13,494 ) (6,930 ) 5,928 (2,961 ) (3,163 ) 12,052 (8,116 ) (2,210 ) (5,906 ) Provision for income taxes (666 ) 10 — (676 ) (894 ) — (208 ) (686 ) (1,482 ) (434 ) (1,048 ) Net (loss) income (7,132 ) (528 ) (11,865 ) 5,261 12,354 (2,165 ) (7,060 ) 21,579 522 (3,543 ) 4,065 Percentage of ownership in equity investee 60 % 40 % 60 % 40 % 60 % Pro-rata equity in (losses) earnings of equity method investments in real estate (e) (1,977 ) (317 ) (4,746 ) 3,086 8,320 (1,299 ) (2,824 ) 12,443 382 (2,126 ) 2,508 Basis differential adjustment (289 ) (80 ) (133 ) (76 ) (233 ) (80 ) — (153 ) (252 ) (80 ) (172 ) HLBV adjustment 951 (588 ) — 1,539 14,116 4,089 — 10,027 5,102 5,248 (146 ) Equity in (losses) earnings of equity method investments in real estate $ (1,315 ) $ (985 ) $ (4,879 ) $ 4,549 $ 22,203 $ 2,710 $ (2,824 ) $ 22,317 $ 5,232 $ 3,042 $ 2,190 ___________ (a) Includes the Hyatt Centric French Quarter Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (b) We purchased our 40% interest in this venture on September 28, 2017. (c) Includes the Hyatt Centric French Quarter Venture, the Westin Atlanta Venture and the Marriott Sawgrass Golf Resort & Spa Venture. (d) Other income and (expenses) for the year ended December 31, 2018 for the Ritz-Carlton Bacara, Santa Barbara Venture was primarily comprised of interest expense related to its outstanding mortgage loans. Other income and (expenses) for the year ended December 31, 2017 includes a gain on sale of investment of $21.6 million , related to the Westin Atlanta Venture. (e) For the equity investments noted in footnotes (a) and (c), our respective ownership interest in each investment was applied to the results of each individual venture.
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Schedule of Equity Method Investments [Line Items]
Weather Related Disruptions	(in thousands) Years Ended December 31, 2018 December 31, 2017 Net (write-up) write-off of fixed assets $ (173 ) $ 4,938 Remediation work performed 133 1,476 Decrease (increase) to property damage insurance receivables 722 (3,715 ) Loss on hurricane-related property damage $ 682 $ 2,699

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 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 $ (6,520 ) $ 65,880 $ 72,400 $ (5,015 ) $ 67,385 Below-market hotel ground leases and parking garage lease 10 – 93 11,655 (921 ) 10,734 11,655 (726 ) 10,929 In-place leases 8 – 15 135 (78 ) 57 135 (63 ) 72 Total intangible assets, net $ 84,190 $ (7,519 ) $ 76,671 $ 84,190 $ (5,804 ) $ 78,386 Finite-Lived Intangible Liability Above-market hotel ground lease 85 $ (2,100 ) $ 114 $ (1,986 ) $ (2,100 ) $ 89 $ (2,011 )

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Derivative Instruments on our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at December 31, Liability Derivatives Fair Value at December 31, Balance Sheet Location 2018 2017 2018 2017 Interest rate caps Other assets $ 84 $ 1 $ — $ — Interest rate swap Accounts payable, accrued expenses and other liabilities — — — (2 ) $ 84 $ 1 $ — $ (2 )
Schedule of Derivative Instruments	The interest rate caps that we had outstanding on our Consolidated Hotels at December 31, 2018 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Notional Amount Fair Value at Interest Rate Derivatives December 31, 2018 Interest rate caps 5 $ 245,360 $ 84

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
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 Range (a) 2018 2017 Fixed rate 3.6% – 6.5% 6/2019 – 4/2024 $ 1,026,451 $ 1,082,367 Variable rate (b) 4.8% – 8.3% 2/2019 (c) – 11/2021 299,563 338,546 $ 1,326,014 $ 1,420,913 ___________ (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) The interest rate range presented for these mortgage loans reflect the rates in effect at December 31, 2018 through the use of an interest rate cap, when applicable. (c) See discussion below on the Lake Arrowhead Resort and Spa mortgage loan, which matured on February 28, 2019.
Debt Maturity Schedule	Scheduled debt principal payments during each of the next five calendar years following December 31, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 (a) (b) $ 152,446 2020 223,353 2021 577,443 2022 244,104 2023 126,618 Thereafter through 2024 50,251 1,374,215 Unamortized deferred financing costs (6,564 ) Total $ 1,367,651 __________ (a) Balance includes $91.5 million of scheduled balloon payments on three consolidated mortgage loans. We currently intend to refinance these mortgage loans, although there can be no assurance that we will be able to do so on favorable terms, if at all. (b) Includes $40.8 million and $0.8 million of scheduled payments on the Bridge Loan and Working Capital Facility, respectively, to WPC ( Note 3 ).

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
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, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 $ 4,111 2020 4,210 2021 4,312 2022 4,417 2023 4,525 Thereafter through 2106 811,306 Total $ 832,881

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
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 2018 2017 2016 Beginning balance $ (455 ) $ (1,128 ) $ (885 ) Other comprehensive loss before reclassifications (290 ) (140 ) (1,084 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 448 599 970 Equity in earnings of equity method investments in real estate — 232 422 Total 448 831 1,392 Net current period other comprehensive income 158 691 308 Net current period other comprehensive loss (income) attributable to noncontrolling interests 11 (18 ) 372 Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a) — — (923 ) Ending balance $ (286 ) $ (455 ) $ (1,128 ) ___________ (a) On February 12, 2016, we acquired the remaining 25% interest in the Fairmont Sonoma Mission Inn & Spa Venture from an unaffiliated third party for $20.6 million , bringing our ownership interest to 100% . In connection with this transaction, we also paid a fee to our Advisor of $0.5 million . Our acquisition of the additional interest in the venture is accounted for as an equity transaction and we recorded an adjustment of approximately $16.0 million to Additional paid-in capital in our consolidated statement of equity for the year ended December 31, 2016 related to the difference between the carrying value and the purchase price. No gain or loss was recognized in the consolidated statement of operations, 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.
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, 2018 2017 2016 Return of capital $ 0.4899 $ 0.2746 $ 0.3466 Ordinary income 0.0801 0.1875 0.2234 Capital gain — 0.1079 — Total distributions paid $ 0.5700 $ 0.5700 $ 0.5700

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 follows: The Subadvisor Independent Directors Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value 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 January 1, 2017 71,829 10.42 — — Granted 49,075 10.80 16,667 10.80 Vested (a) (35,495 ) 10.31 (16,667 ) 10.80 Forfeited (24,480 ) 10.69 — — Nonvested at January 1, 2018 60,929 10.68 — — Granted 61,178 10.41 17,292 10.41 Vested (a) (28,565 ) 10.59 (17,292 ) 10.41 Forfeited (5,750 ) 10.51 — — Nonvested at December 31, 2018 (b) 87,792 $ 10.53 — $ — ___________ (a) RSUs issued to employees of the Subadvisor generally vest over three years , subject to continued employment and are forfeited if the recipient’s employment termination prior to vesting. RSUs issued to independent directors vest immediately. The total fair value of shares vested was $0.3 million for the year ended December 31, 2018 and $0.4 million for each of the years ended December 31, 2017 and 2016 . (b) We currently expect to recognize compensation expense totaling approximately $0.6 million over the vesting period. The awards to employees of the Subadvisor had a weighted-average remaining contractual term of 1.8 years at December 31, 2018 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Federal Current $ 2,255 $ 2,004 $ 2,383 Deferred 930 (2,010 ) 451 3,185 (6 ) 2,834 State and Local Current 592 382 801 Deferred 1,100 (400 ) 26 1,692 (18 ) 827 Total Provision (Benefit) $ 4,877 $ (24 ) $ 3,661
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes at December 31, 2018 and 2017 consist of the following (in thousands): At December 31, 2018 2017 Deferred Tax Assets Net operating loss carryforwards $ 7,163 $ 4,918 Accrued vacation payable and deferred rent 1,083 1,148 Deferred revenue — key money 288 304 Gift card liability 282 243 Interest expense limitation — 1,203 Other 513 1,145 Total deferred income taxes 9,329 8,961 Valuation allowance (6,140 ) (4,359 ) Total deferred tax assets 3,189 4,602 Deferred Tax Liabilities Villa rental management agreement (6,016 ) (5,387 ) Other (179 ) (193 ) Total deferred tax liabilities (6,195 ) (5,580 ) Net Deferred Tax Liability $ (3,006 ) $ (978 )
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, 2018 2017 2016 Pre-tax income (loss) from taxable subsidiaries $ 22,992 $ (4,443 ) $ 4,764 Federal provision (benefit) at statutory tax rate (a) $ 4,828 $ (1,555 ) $ 1,668 (Income) loss not subject to federal tax (2,529 ) 11 (1,239 ) Valuation allowance 1,782 (550 ) 2,526 State and local taxes, net of federal benefit 655 (385 ) 534 Disposition of hotels 300 739 — Non-deductible expenses 204 124 102 Other (363 ) 86 70 Revaluation of deferred taxes due to Tax Cuts and Jobs Act (b) — 1,506 — Total provision (benefit) $ 4,877 $ (24 ) $ 3,661 ___________ (a) The applicable statutory tax rate was 21% , 35% , and 35% for the years ended December 31, 2018, 2017, and 2016, respectively. (b) The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21% . This amount reflects the net impact of the Tax Cuts and Jobs Act on our domestic TRSs.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 142,431 $ 167,259 $ 148,235 $ 155,962 Operating expenses 137,840 140,797 136,785 141,346 Net income (loss) (a) 19,544 7,867 (7,533 ) (4,134 ) (Income) loss attributable to noncontrolling interests (5,357 ) (146 ) 323 (2,508 ) Net income (loss) attributable to CWI stockholders $ 14,187 $ 7,721 $ (7,210 ) $ (6,642 ) Basic and diluted earnings (loss) per share attributable to CWI stockholders $ 0.10 $ 0.06 $ (0.05 ) $ (0.05 ) Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenue $ 159,704 $ 171,354 $ 154,829 $ 143,245 Operating expenses 147,134 150,663 150,424 137,442 Net (loss) income (a) (932 ) 10,073 (15,821 ) 10,431 (Income) loss attributable to noncontrolling interests (4,480 ) 310 7,052 (1,705 ) Net (loss) income attributable to CWI stockholders $ (5,412 ) $ 10,383 $ (8,769 ) $ 8,726 Basic and diluted (loss) earnings per share attributable to CWI stockholders $ (0.04 ) $ 0.08 $ (0.06 ) $ 0.06 Basic and diluted distributions declared per share $ 0.1425 $ 0.1425 $ 0.1425 $ 0.1425 ___________ (a) Results include a gain on sale of real estate of $31.9 million for the three months ended March 31, 2018, a gain on sale of real estate of $21.6 million during the three months ended December 31, 2017 and a loss on hurricane-related property damage of $7.6 million for the three months ended September 30, 2017.

Business and Organization - Nar

Business and Organization - Narratives (Details) $ in Millions	12 Months Ended	36 Months Ended	100 Months Ended
	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)	Dec. 31, 2018USD ($)property
Real Estate Properties [Line Items]
Capital interest ownership in operating partnership			99.985%
Proceeds from issuance, initial public offering | $		$ 575.8
Proceeds from follow on offering | $	$ 577.4
Proceeds from DRIP | $			$ 213.7
Unconsolidated
Real Estate Properties [Line Items]
Number of properties			4
Hotel
Real Estate Properties [Line Items]
Number of properties			27
Hotel | Consolidated
Real Estate Properties [Line Items]
Number of properties			23
Hotel | Unconsolidated
Real Estate Properties [Line Items]
Number of properties			4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)viesegment	Dec. 31, 2017USD ($)vie	Dec. 31, 2016USD ($)	Jan. 01, 2019USD ($)
Summary of Significant Accounting Policies
Restricted cash	$ 54,537	$ 84,382	$ 58,585
Variable interest entities, count | vie	5	5
Variable interest entities consolidated, count | vie	4	4
Net investments in hotels	$ 1,909,652	$ 1,945,124
Number of operating segments | segment	1
Net cash used in investing activities	$ 112,627	(66,849)	(130,563)
Net cash provided by operating activities	$ 82,856	120,002	84,359
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
Restricted Stock Units (RSUs)
Summary of Significant Accounting Policies
Vesting period	3 years
ASU 2016-18
Summary of Significant Accounting Policies
Restricted cash		3,300	2,100
ASU 2016-15
Summary of Significant Accounting Policies
Net cash used in investing activities		3,200	1,100
Net cash provided by operating activities		$ (3,200)	$ (1,100)
Scenario, Forecast | Subsequent Event | ASU 2016-02 | Minimum
Summary of Significant Accounting Policies
Right-of-use asset				$ 40,000
Lease liability				40,000
Scenario, Forecast | Subsequent Event | ASU 2016-02 | Maximum
Summary of Significant Accounting Policies
Right-of-use asset				85,000
Lease liability				$ 85,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Net investments in hotels	$ 1,909,652	$ 1,945,124
Intangible assets, net	76,671	78,386
Total assets	2,280,144	2,459,921
Liabilities
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	1,326,014	1,420,913
Total liabilities	1,522,762	1,652,033
Variable Interest Entity, Primary Beneficiary
Assets
Net investments in hotels	497,637	501,287
Intangible assets, net	37,847	38,649
Total assets	576,430	579,807
Liabilities
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)	344,018	341,563
Total liabilities	$ 373,700	$ 373,548

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 66,593	$ 47,994	$ 61,762
Restricted cash	54,537	84,382	58,585
Total cash and cash equivalents and restricted cash	$ 121,130	$ 132,376	$ 120,347	$ 146,839

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Sep. 27, 2017USD ($)	Sep. 26, 2017USD ($)	Mar. 23, 2017USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2018USD ($)investmentshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Related Party Transaction
Advisory agreement, term					1 year
Advisory agreement additional renewal period, term					1 year
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					$ 14,200,000	$ 13,200,000
Common stock, shares outstanding | shares				137,826,503	139,627,375	137,826,503
Percentage of available cash distribution					10.00%
General partners distribution percentage of net proceeds					15.00%
Other Transactions with Affiliates
Repayment of short term debt					$ 413,000	$ 315,000	$ 76,000
WPC Credit Facility
Other Transactions with Affiliates
Line of credit available for specific transaction								$ 100,000,000
WPC Credit Facility | LIBOR
Other Transactions with Affiliates
Debt interest variable interest rate		1.00%
Potential change in interest rate		2.00%
Revolving Credit Facility | WPC Credit Facility
Other Transactions with Affiliates
Approved line of credit		$ 25,000,000						$ 25,000,000
Line of credit				$ 7,800,000	800,000	7,800,000
Repayments of line of credit				15,000,000
Line of credit, remaining borrowing capacity					24,200,000
Bridge loan | WPC Credit Facility
Other Transactions with Affiliates
Approved line of credit		75,000,000
Proceeds from short term debt	$ 75,000,000
Repayment of short term debt				14,200,000
Bridge loan				$ 60,800,000	$ 40,800,000	$ 60,800,000
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 | shares					4,274,969
Percentage of common stock owned					3.10%
W.P. Carey | WPC Line of Credit | LIBOR
Other Transactions with Affiliates
Debt interest variable interest rate			1.00%
W.P. Carey | Revolving Credit Facility | WPC Line of Credit
Other Transactions with Affiliates
Approved line of credit									$ 25,000,000
Line of credit		$ 22,800,000	$ 22,800,000
CWI 2
Other Transactions with Affiliates
Number of jointly owned investments | investment					3
Ritz-Carlton Bacara
Related Party Transaction
Percentage of acquisition fees settled in shares					50.00%
Percentage of acquisition fees settled in cash					50.00%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amounts Included in the Consolidated Statements of Operations
Hotel expenses	$ 531,212	$ 552,486	$ 557,386
Personnel and overhead reimbursements	6,392	5,870	6,645
Available Cash Distributions	5,142	7,459	9,445
Interest expense	1,367	715	0
Disposition fees	300	225	0
Acquisition fees	0	0	2,158
Related party fees included in operating expenses	27,337	28,768	32,368
Other Transaction Fees Incurred
Capitalized loan refinancing fees	653	620	806
Capitalized acquisition fees for equity method investments	0	4,131	0
Advisor fee for purchase of membership interest	0	0	527
Capitalized acquisition fees for asset acquisition	0	0	29
Transaction fees incurred	653	4,751	1,362
Asset management fees
Amounts Included in the Consolidated Statements of Operations
Hotel expenses	$ 14,136	$ 14,499	$ 14,120

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Amounts Due to Related Parties and Affiliates
Accrued interest on WPC Credit Facility	$ 2,082	$ 715
Reimbursable costs	1,785	1,239
Due to other affiliates	1,207	375
Other amounts due to our Advisor	1,184	1,282
Amounts Due to Related Parties and Affiliates	$ 6,258	$ 3,611

Net Investment in Hotels - Narr

Net Investment in Hotels - Narratives (Details) $ in Thousands	Sep. 27, 2018USD ($)	Feb. 05, 2018USD ($)	Jan. 25, 2018USD ($)	May 11, 2017USD ($)	Feb. 01, 2017USD ($)property	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition, Cost of Acquired Entity, Purchase Price
Assets retired											$ 34,200	$ 11,800
Depreciation											75,700	80,300	$ 79,100
(Gain) loss on hurricane-related property damage						$ 7,600					(1,340)	7,008	0
Proceeds from sale of investments											156,646	23,081	0
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)											1,326,014	1,420,913
Gains (loss) on sales of real estate investments											31,260	5,164	0
Loss on extinguishment of debt											511	225	2,268
Real estate under construction											10,298	12,691
Capitalized construction cost											2,600	1,300
Capital expenditures incurred but not yet paid											5,500	6,000	$ 2,300
Asset retirement obligation											1,500	$ 1,500
Hampton Inn | Assets Disposed of by Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage		100.00%
Contract selling price		$ 63,000
Proceeds from sale of investments		31,800
Decrease in restricted cash		$ 2,000
Gains (loss) on sales of real estate investments							$ 19,600
Boca Raton Marriott | Assets Disposed of by Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage			100.00%
Contract selling price			$ 76,000
Proceeds from sale of investments			35,400
Decrease in restricted cash			$ 1,400
Gains (loss) on sales of real estate investments							$ 12,300
Staybridge Suites Savannah Historic District | Assets Disposed of by Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage	100.00%
Contract selling price	$ 22,000
Proceeds from sale of investments	$ 6,700
Gains (loss) on sales of real estate investments								$ (700)
Loss on extinguishment of debt								$ 300			300
Hampton Inn Frisco Legacy Park, the Hampton Inn Birmingham Colonnade and the Hilton Garden Inn Baton Rouge Airport | Assets Disposed of by Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage					100.00%
Contract selling price					$ 33,000
Proceeds from sale of investments					7,400
Decrease in restricted cash					$ 2,000
Number of properties | property					3
Non-recourse debt, net, including debt attributable to Assets held for sale (Note 4)					$ 26,500
Gains (loss) on sales of real estate investments										$ (400)
Hampton Inn Boston Braintree | Assets Disposed of by Sale
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest, percentage				100.00%
Contract selling price				$ 19,000
Proceeds from sale of investments				6,600
Decrease in restricted cash				$ 600
Gains (loss) on sales of real estate investments									$ 5,500
Participation management fee									$ 600
Hurricane [Member] | Hawks Cay Resort
Business Acquisition, Cost of Acquired Entity, Purchase Price
Cumulative proceeds from business interruption proceeds											21,000
Fire [Member] | Fairmont Sonoma Mission Inn and Spa
Business Acquisition, Cost of Acquired Entity, Purchase Price
Cumulative proceeds from business interruption proceeds											$ 1,900

Net Investment in Hotels - Prop

Net Investment in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Buildings	$ 1,552,365	$ 1,554,798
Land	355,082	359,383
Building and site improvements	149,323	122,273
Furniture, fixtures and equipment	108,907	123,595
Construction in progress	10,298	12,691
Hotels, at cost	2,175,975	2,172,740
Less: Accumulated depreciation	(266,323)	(227,616)
Net investments in hotels	$ 1,909,652	$ 1,945,124

Net Investment in Hotels - Weat

Net Investment in Hotels - Weather-Related Disruptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Net write-off of fixed assets		$ 10,371	$ 25,791
Remediation work performed		5,327	14,286
Property damage insurance receivables and/or advances received		(17,038)	(33,069)
(Gain) loss on hurricane-related property damage	$ 7,600	$ (1,340)	$ 7,008	$ 0

Net Investment in Hotels - Summ

Net Investment in Hotels - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disposal Group, Including Discontinued Operation, Assets
Assets held for sale	$ 0	$ 105,124
Disposal Group, Including Discontinued Operation, Liabilities
Other liabilities held for sale	0	2,889
Assets Held for Sale
Disposal Group, Including Discontinued Operation, Assets
Net investments in hotels	0	104,062
Accounts receivable	0	681
Other assets	0	377
Intangible assets, net	0	4
Assets held for sale	0	105,124
Disposal Group, Including Discontinued Operation, Liabilities
Restricted cash	0	3,293
Non-recourse debt, net attributable to Assets held for sale	0	71,887
Other liabilities held for sale	$ 0	$ 2,889

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	Oct. 19, 2017USD ($)	Sep. 28, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Equity Method Investment, Financial Statement, Reported Amounts
Carrying value of mortgage				$ 1,420,913,000	$ 1,326,014,000	$ 1,420,913,000
Equity investments in real estate				131,344,000	112,715,000	131,344,000
Gain on sale of equity investments				21,600,000
Distributions received from equity investments in excess of cumulative equity income					14,238,000	12,462,000	$ 5,491,000
Capitalized loan refinancing fees					653,000	620,000	806,000
Equity method investment, other than temporary impairments					0	0	0
Aggregate unamortized basis difference on equity investments				7,200,000	7,300,000	7,200,000
Basis differential adjustment					$ 300,000	200,000	300,000
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property					4
Equity investments in real estate				$ 131,344,000	$ 112,715,000	$ 131,344,000	$ 75,928,000
Unconsolidated | Ritz-Carlton Bacara
Equity Method Investment, Financial Statement, Reported Amounts
Investment purchase price		$ 380,000,000
Ownership interest, unconsolidated		40.00%		40.00%	40.00%	40.00%
Option extension term		1 year
Equity investments in real estate		$ 66,300,000		$ 65,126,000	$ 56,814,000	$ 65,126,000
Capitalized acquisition cost		4,700,000
Acquisition fees settled in shares, value						2,100,000
Distributions from equity method investments (return of capital)					$ 3,400,000
Unconsolidated | Ritz-Carlton Bacara | Advisor
Equity Method Investment, Financial Statement, Reported Amounts
Capitalized acquisition cost		$ 4,100,000
Percentage of acquisition fees settled in shares		50.00%
Percentage of acquisition fees settled in cash		50.00%
Unconsolidated | Ritz-Carlton Bacara | Senior mortgage loan
Equity Method Investment, Financial Statement, Reported Amounts
Carrying value of mortgage		$ 175,000,000
Unconsolidated | Ritz-Carlton Bacara | Mezzanine loan
Equity Method Investment, Financial Statement, Reported Amounts
Carrying value of mortgage		$ 55,000,000
Unconsolidated | Ritz-Carlton Bacara | LIBOR | Senior mortgage loan
Equity Method Investment, Financial Statement, Reported Amounts
Debt interest variable interest rate		2.80%
Unconsolidated | Ritz-Carlton Bacara | LIBOR | Mezzanine loan
Equity Method Investment, Financial Statement, Reported Amounts
Debt interest variable interest rate		5.80%
Unconsolidated | Ritz-Carlton Bacara | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated		60.00%			60.00%
Unconsolidated | Westin Atlanta Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated	57.00%
Contract selling price	$ 85,500,000
Proceeds from sale of equity investment	25,900,000
Gain on sale of equity investments	$ 21,600,000					21,600,000
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated					50.00%
Equity investments in real estate				$ 27,162,000	$ 25,439,000	27,162,000
Remediation expense					133,000	$ 1,476,000
Distributions from equity method investments (return of capital)					$ 3,700,000
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated				60.00%	60.00%	60.00%	60.00%
Equity investments in real estate				$ 38,469,000	$ 29,951,000	$ 38,469,000	$ 38,261,000
Distributions from equity method investments (return of capital)					3,500,000
Distributions received from equity investments in excess of cumulative equity income			$ 4,400,000
Capitalized loan refinancing fees					$ 400,000
Unconsolidated | Hyatt French Centric Quarter Venture
Equity Method Investment, Financial Statement, Reported Amounts
Ownership interest, unconsolidated					80.00%
Equity investments in real estate				$ 587,000	$ 511,000	$ 587,000
Distributions from equity method investments (return of capital)					$ 2,100,000
Unconsolidated | CWI 2
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property					2
Unconsolidated | Third Party
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property					2

Equity Investments in Real Es_4

Equity Investments in Real Estate - Hurricane Related Disruptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Net write-off of fixed assets		$ 10,371	$ 25,791
Future Proceed from Property Damage Receivables		17,038	33,069
(Gain) loss on hurricane-related property damage	$ 7,600	(1,340)	7,008	$ 0
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Schedule of Equity Method Investments [Line Items]
Net write-off of fixed assets		(173)	4,938
Remediation Expense		133	1,476
Future Proceed from Property Damage Receivables		722	(3,715)
(Gain) loss on hurricane-related property damage		$ 682	$ 2,699

Equity Investments in Real Es_5

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)room	Dec. 31, 2017USD ($)	Oct. 19, 2017	Sep. 28, 2017USD ($)	Dec. 31, 2016USD ($)
Hotel Details
Carrying Value	$ 112,715	$ 131,344
Unconsolidated
Hotel Details
Number of Rooms | room	1,427
Carrying Value	$ 112,715	$ 131,344			$ 75,928
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Hotel Details
State	CA
Number of Rooms | room	358
Ownership interest, unconsolidated	40.00%	40.00%		40.00%
Acquisition Date	Sep. 28, 2017
Hotel Type	Resort
Carrying Value	$ 56,814	$ 65,126		$ 66,300
Unconsolidated | Ritz-Carlton Philadelphia Venture
Hotel Details
State	PA
Number of Rooms | room	301
Ownership interest, unconsolidated	60.00%	60.00%			60.00%
Acquisition Date	May 15, 2015
Hotel Type	Full-service
Carrying Value	$ 29,951	$ 38,469			$ 38,261
Unconsolidated | Marriott Sawgrass Golf Resort and Spa Ventures
Hotel Details
State	FL
Number of Rooms | room	514
Ownership interest, unconsolidated	50.00%
Acquisition Date	Apr. 1, 2015
Hotel Type	Resort
Carrying Value	$ 25,439	27,162
Unconsolidated | Hyatt French Centric Quarter Venture
Hotel Details
State	LA
Number of Rooms | room	254
Ownership interest, unconsolidated	80.00%
Acquisition Date	Sep. 6, 2011
Hotel Type	Full-service
Carrying Value	$ 511	$ 587
Unconsolidated | Westin Atlanta Venture
Hotel Details
Ownership interest, unconsolidated			57.00%

Equity Investments in Real Es_6

Equity Investments in Real Estate - Earnings From Unconsolidated Hotel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	$ (1,315)	$ 22,203	$ 5,232
Unconsolidated
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(1,315)	22,203	5,232
Unconsolidated | Westin Atlanta Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	506	22,302	860
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(4,879)	(2,824)	0
Unconsolidated | Ritz-Carlton Philadelphia Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Net income from equity investments in real estate	(985)	2,710	3,042
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	2,072	776	701
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	$ 1,971	$ (761)	$ 629

Equity Investments in Real Es_7

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Sep. 28, 2017	Dec. 31, 2016
Equity Method Investment, Summarized Financial Information, Assets
Equity Method Investments	$ 112,715	$ 131,344
Unconsolidated
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	618,012	631,876		$ 324,205
Other assets	52,851	60,101		55,276
Total assets	670,863	691,977		379,481
Debt	400,227	393,539		204,132
Other liabilities	57,418	51,425		37,224
Total liabilities	457,645	444,964		241,356
Members’ equity	213,218	247,013		138,125
Pro-rata equity carrying value	96,979	113,036		76,587
Basis differential adjustment	6,600	6,494		3,272
HLBV adjustment	9,136	11,814		(3,931)
Equity Method Investments	112,715	131,344		75,928
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	90,583	94,650		100,016
Other assets	8,069	7,967		7,814
Total assets	98,652	102,617		107,830
Debt	64,210	57,705		58,575
Other liabilities	6,506	8,149		7,652
Total liabilities	70,716	65,854		66,227
Members’ equity	$ 27,936	$ 36,763		$ 41,603
Ownership interest, unconsolidated	60.00%	60.00%		60.00%
Pro-rata equity carrying value	$ 16,762	$ 22,058		$ 24,962
Basis differential adjustment	2,016	1,705		1,785
HLBV adjustment	11,173	14,706		11,514
Equity Method Investments	29,951	38,469		38,261
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	362,386	367,035
Other assets	20,093	28,294
Total assets	382,479	395,329
Debt	227,535	226,636
Other liabilities	23,092	16,382
Total liabilities	250,627	243,018
Members’ equity	$ 131,852	$ 152,311
Ownership interest, unconsolidated	40.00%	40.00%	40.00%
Pro-rata equity carrying value	$ 52,741	$ 60,924
Basis differential adjustment	4,073	4,202
HLBV adjustment	0	0
Equity Method Investments	56,814	65,126	$ 66,300
Unconsolidated | Other Equity Method Investments
Equity Method Investment, Summarized Financial Information, Assets
Real estate, net	165,043	170,191		224,189
Other assets	24,689	23,840		47,462
Total assets	189,732	194,031		271,651
Debt	108,482	109,198		145,557
Other liabilities	27,820	26,894		29,572
Total liabilities	136,302	136,092		175,129
Members’ equity	53,430	57,939		96,522
Pro-rata equity carrying value	27,476	30,054		51,625
Basis differential adjustment	511	587		1,487
HLBV adjustment	(2,037)	(2,892)		(15,445)
Equity Method Investments	$ 25,950	$ 27,749		$ 37,667

Equity Investments in Real Es_8

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 28, 2017
Equity Method Investment, Summarized Financial Information, Income Statement
Equity in (losses) earnings of equity method investments in real estate	$ (1,315)	$ 22,203	$ 5,232
Unconsolidated
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	203,202	146,804	128,071
Hotel operating expenses	185,045	139,071	117,514
Other operating expenses	684	413	437
Other income and (expenses)	(23,939)	5,928	(8,116)
Provision for income taxes	(666)	(894)	(1,482)
Net income (loss) attributable to equity method investments	(7,132)	12,354	522
Pro-rata equity in (losses) earnings of equity method investments in real estate (e)	(1,977)	8,320	382
Basis differential adjustment	(289)	(233)	(252)
HLBV adjustment	951	14,116	5,102
Equity in (losses) earnings of equity method investments in real estate	(1,315)	22,203	5,232
Unconsolidated | Ritz-Carlton Philadelphia Venture
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	44,427	40,626	36,054
Hotel operating expenses	41,147	39,694	36,714
Other operating expenses	303	136	239
Other income and (expenses)	(3,515)	(2,961)	(2,210)
Provision for income taxes	10	0	(434)
Net income (loss) attributable to equity method investments	$ (528)	$ (2,165)	$ (3,543)
Ownership interest, unconsolidated	60.00%	60.00%	60.00%
Pro-rata equity in (losses) earnings of equity method investments in real estate (e)	$ (317)	$ (1,299)	$ (2,126)
Basis differential adjustment	(80)	(80)	(80)
HLBV adjustment	(588)	4,089	5,248
Equity in (losses) earnings of equity method investments in real estate	(985)	2,710	3,042
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	81,670	15,269
Hotel operating expenses	79,955	18,906
Other operating expenses	86	52
Other income and (expenses)	(13,494)	(3,163)
Provision for income taxes	0	(208)
Net income (loss) attributable to equity method investments	$ (11,865)	$ (7,060)
Ownership interest, unconsolidated	40.00%	40.00%		40.00%
Pro-rata equity in (losses) earnings of equity method investments in real estate (e)	$ (4,746)	$ (2,824)
Basis differential adjustment	(133)	0
HLBV adjustment	0	0
Equity in (losses) earnings of equity method investments in real estate	(4,879)	(2,824)	0
Unconsolidated | Other Equity Method Investments
Equity Method Investment, Summarized Financial Information, Income Statement
Revenues	77,105	90,909	92,017
Hotel operating expenses	63,943	80,471	80,800
Other operating expenses	295	225	198
Other income and (expenses)	(6,930)	12,052	(5,906)
Provision for income taxes	(676)	(686)	(1,048)
Net income (loss) attributable to equity method investments	5,261	21,579	4,065
Pro-rata equity in (losses) earnings of equity method investments in real estate (e)	3,086	12,443	2,508
Basis differential adjustment	(76)	(153)	(172)
HLBV adjustment	1,539	10,027	(146)
Equity in (losses) earnings of equity method investments in real estate	$ 4,549	$ 22,317	$ 2,190

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 1.7	$ 1.7	$ 1.7

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 84,190	$ 84,190
Accumulated Amortization	(7,519)	(5,804)
Net Carrying Amount	$ 76,671	78,386
Above-market hotel ground lease
Finite-Lived Intangible Liability
Finite-lived intangible liability, useful life	85 years
Gross Carrying Amount	$ (2,100)	(2,100)
Accumulated Amortization	114	89
Net Carrying Amount	(1,986)	(2,011)
Villa/condo rental programs
Finite-Lived Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(6,520)	(5,015)
Net Carrying Amount	$ 65,880	67,385
Villa/condo rental programs | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	45 years
Villa/condo rental programs | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	55 years
Below-market hotel ground leases and parking garage lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 11,655	11,655
Accumulated Amortization	(921)	(726)
Net Carrying Amount	$ 10,734	10,929
Below-market hotel ground leases and parking garage lease | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	10 years
Below-market hotel ground leases and parking garage lease | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	93 years
In-place leases
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 135	135
Accumulated Amortization	(78)	(63)
Net Carrying Amount	$ 57	$ 72
In-place leases | Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	8 years
In-place leases | Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	15 years

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Impairment charges	$ 0	$ 0	$ 4,112
Level 3 | Real Estate | Fair Value, Measurements, Nonrecurring
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Impairment charges			$ 4,100
Number of properties | property			3
Fair Value disclosure for impairments			$ 33,000
Level 3 | Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	1,300,000	1,400,000
Level 3 | Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1,300,000	$ 1,400,000

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk
Collateral posted for derivative positions	$ 0	$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest expense	66,597,000	67,004,000	$ 65,164,000
Amounts reported in OCI related to interest rate swaps to be reclassified to interest expense	100,000
Total credit exposure on derivatives	100,000
Derivatives in net liability position, fair value (less than)	0	100,000
Potential loss on contract termination for default (less than)		100,000
Single Counterparty
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Total credit exposure on derivatives	100,000
AOCI Including Portion Attributable to Noncontrolling Interest
Concentration Risk
Interest rate swap losses recognized in OCI	290,000	140,000	1,084,000
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income
Interest expense	$ 448,000	$ 599,000	$ 970,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instrument (Details) - Designated as hedging - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative asset, fair value, net	$ 84	$ 1
Derivative liability, fair value, net	0	(2)
Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	84	1
Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value, net	$ 0	$ (2)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as hedging - Cash flow hedging - Interest rate caps $ in Thousands	Dec. 31, 2018USD ($)instrument
Derivative
Number of Instruments | instrument	5
Notional Amount	$ 245,360
Fair Value	$ 84

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)	Feb. 28, 2019USD ($)
Mortgage debt
Carrying value of mortgage			$ 1,326,014	$ 1,420,913
Loss on extinguishment of debt			511	225	$ 2,268
Repayment of secured debt			170,425	94,066	$ 293,924
Debt principal scheduled to be repaid in 2019			152,446
Assets Disposed of by Sale | Staybridge Suites Savannah Historic District
Mortgage debt
Loss on extinguishment of debt		$ 300	300
Debt extinguished	$ 14,400
WPC Credit Facility | Bridge loan
Mortgage debt
Bridge loan			40,800	60,800
WPC Credit Facility | Revolving Credit Facility
Mortgage debt
Line of credit			800	7,800
Line of credit, remaining borrowing capacity			24,200
Debt refinanced
Mortgage debt
Loss on extinguishment of debt			$ 200	$ 100
Number of loans refinanced, count | loan			3	3
Repayment of secured debt			$ 116,100	$ 95,600
Non recourse mortgage loan			$ 121,400	$ 109,500
Debt, weighted average interest rate			5.60%	5.00%
Debt instrument, term			3 years	4 years 6 months
Balloon payment
Mortgage debt
Debt principal scheduled to be repaid in 2019			$ 91,500
Lake Arrowhead Resort and Spa | Subsequent Event
Mortgage debt
Mortgage loan						$ 14,500

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Hotel Details
Carrying value of mortgage	$ 1,326,014	$ 1,420,913
Debt Instrument Fixed Interest Rate
Hotel Details
Carrying value of mortgage	$ 1,026,451	1,082,367
Debt Instrument Fixed Interest Rate | Minimum
Hotel Details
Effective Interest Rate	3.60%
Current Maturity Date	Jun. 30, 2019
Debt Instrument Fixed Interest Rate | Maximum
Hotel Details
Effective Interest Rate	6.50%
Current Maturity Date	Apr. 30, 2024
Debt Instrument Variable Interest Rate
Hotel Details
Carrying value of mortgage	$ 299,563	$ 338,546
Debt Instrument Variable Interest Rate | Minimum
Hotel Details
Effective Interest Rate	3.40%
Current Maturity Date	Feb. 28, 2019
Debt Instrument Variable Interest Rate | Maximum
Hotel Details
Effective Interest Rate	8.30%
Current Maturity Date	Nov. 30, 2021

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Long-term Debt, by Maturity
2019	$ 152,446
2020	223,353
2021	577,443
2022	244,104
2023	126,618
Thereafter through 2024	50,251
Total principal payments	1,374,215
Unamortized deferred financing costs	(6,564)
Total	$ 1,367,651

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertymanagement_companyagreement	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Funding Commitments
Number of management companies | management_company	12
Contractual obligation	$ 21,400
Number of properties subject to ground leases | property	3
Rent expense	$ 4,500	$ 3,900	$ 3,800
Straight-line rent adjustments	6,030	5,247	5,309
Annual Percentage Rent
Funding Commitments
Rent expense	800	800	700
Furniture, fixtures and equipment
Funding Commitments
Restricted cash	$ 37,900	32,900
Marriott Brand
Funding Commitments
Franchise agreements, count | agreement	11
Hilton Brand
Funding Commitments
Franchise agreements, count | agreement	3
Intercontinental Hotels
Funding Commitments
Franchise agreements, count | agreement	1
Hyatt Brand
Funding Commitments
Franchise agreements, count | agreement	1
Minimum
Funding Commitments
Hotel management contract term	5 years
Base hotel management fee percentage	1.50%
Franchise agreement initial term	15 years
Marketing and reservation contribution rate	1.00%
Required FF&E percentage for future capital expenditures	3.00%
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%
Minimum | Licensing Agreements
Funding Commitments
Base hotel management fee percentage	3.00%
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	4.50%
Required FF&E percentage for future capital expenditures	5.00%
Maximum | Room revenue
Funding Commitments
License and royalty fees, percentage	6.00%
Maximum | Food and beverage revenue
Funding Commitments
License and royalty fees, percentage	3.00%
Maximum | Licensing Agreements
Funding Commitments
Base hotel management fee percentage	3.50%
Management fees
Funding Commitments
Cost of goods sales	$ 17,849	17,075	18,190
Franchise [Member]
Funding Commitments
Cost of goods sales	$ 16,200	$ 18,800	$ 20,500

Commitments and Contingencies_2

Commitments and Contingencies - Scheduled Future Minimum Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2019	$ 4,111
2020	4,210
2021	4,312
2022	4,417
2023	4,525
Thereafter through 2106	811,306
Total	$ 832,881

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsidiary or Equity Method Investee
Advisor fee for purchase of membership interest										$ 0	$ 0	$ 527
Decrease to additional paid in capital												$ 16,000
Distributions Per Share
Distributions declared (usd per share)		$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.5700	$ 0.5700	$ 0.5700
Distributions payable		$ 19,898				$ 19,640				$ 19,898	$ 19,640
Dividends										$ 79,302	$ 78,064	$ 76,616
Fairmont Sonoma Mission Inn and Spa
Subsidiary or Equity Method Investee
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%
Advisor fee for purchase of membership interest	$ 500

Equity - Reclassifications of A

Equity - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Feb. 12, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest
Beginning equity balance, value		$ 807,888	$ 863,257	$ 955,447
Interest expense		66,597	67,004	65,164
Equity in (losses) earnings of equity method investments in real estate, net		(1,315)	22,203	5,232
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a)				(16,000)
Ending equity balance, value		757,382	807,888	863,257
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest
Beginning equity balance, value		(455)	(1,128)	(885)
Reclassification to additional-paid in capital relating to purchase of remaining 25% membership interest in Fairmont Sonoma Mission Inn & Spa venture (a)		0	0	(923)
Ending equity balance, value		(286)	(455)	(1,128)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest
Other comprehensive loss before reclassifications		(290)	(140)	(1,084)
Total amounts reclassified from accumulated other comprehensive loss		448	831	1,392
Net current period other comprehensive income		158	691	308
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
AOCI Including Portion Attributable to Noncontrolling Interest
Interest expense		448	599	970
Equity in (losses) earnings of equity method investments in real estate, net		0	232	422
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest
Net current period other comprehensive loss (income) attributable to noncontrolling interests		$ 11	$ (18)	$ 372
Fairmont Sonoma Mission Inn and Spa
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Membership interest purchased	25.00%

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distributions Per Share
Total distributions paid (usd per share)	$ 0.5700	$ 0.5700	$ 0.5700
Return of capital
Distributions Per Share
Total distributions paid (usd per share)	0.4899	0.2746	0.3466
Ordinary income
Distributions Per Share
Total distributions paid (usd per share)	0.0801	0.1875	0.2234
Capital gain
Distributions Per Share
Total distributions paid (usd per share)	$ 0	$ 0.1079	$ 0

Share-Based Payments - Narrativ

Share-Based Payments - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Share-based compensation	$ 0.6	$ 0.5	$ 0.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Vesting period	3 years
Vested shares - fair value	$ 0.3	$ 0.4	$ 0.4
Restricted Stock Units (RSUs) | Subadvisors
Share-based Compensation Arrangement by Share-based Payment Awards Additional Disclosures
Stock compensation not yet recognized	$ 0.6
Remaining weighted average contractual terms	1 year 9 months 26 days
2010 Incentive Plan | Restricted Stock Units (RSUs)
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 (in shares)	4,000,000
Shares remaining for available for future grants (in shares)	3,641,521

Share-Based Payments - Summary

Share-Based Payments - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Independent Director
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Beginning Balance (in shares)	0	0	0
Granted (in shares)	17,292	16,667	16,886
Vested (in shares)	(17,292)	(16,667)	(16,886)
Forfeited (in shares)	0	0	0
Ending Balance (in 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 (usd per share)	$ 0	$ 0	$ 0
Granted, weighted-average grant date fair value (usd per share)	10.41	10.80	10.66
Vested, weighted-average grant date fair value (usd per share)	10.41	10.80	10.66
Forfeited, weighted-average grant date fair value (usd per share)	0	0	0
Ending Balance, weighted-average grant date fair value (usd 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 (in shares)	60,929	71,829	74,305
Granted (in shares)	61,178	49,075	41,744
Vested (in shares)	(28,565)	(35,495)	(35,557)
Forfeited (in shares)	(5,750)	(24,480)	(8,663)
Ending Balance (in shares)	87,792	60,929	71,829
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 (usd per share)	$ 10.68	$ 10.42	$ 10.12
Granted, weighted-average grant date fair value (usd per share)	10.41	10.80	10.66
Vested, weighted-average grant date fair value (usd per share)	10.59	10.31	10.08
Forfeited, weighted-average grant date fair value (usd per share)	10.51	10.69	10.39
Ending Balance, weighted-average grant date fair value (usd per share)	$ 10.53	$ 10.68	$ 10.42

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency
Valuation allowance	$ 6,140	$ 4,359
Deferred tax liability	3,006	978
Unrecognized tax benefit (less than)	100	100
Accrued interest on uncertain tax positions	$ 100	100
Minimum
Income Tax Contingency
Open tax year	2017
Maximum
Income Tax Contingency
Open tax year	2014
Other assets
Income Tax Contingency
Deferred tax asset	$ 1,000	1,900
Accounts payable, accrued expenses and other liabilities
Income Tax Contingency
Deferred tax liability	$ 4,000	$ 2,900

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal
Current	$ 2,255	$ 2,004	$ 2,383
Deferred	930	(2,010)	451
Total	3,185	(6)	2,834
State and Local
Current	592	382	801
Deferred	1,100	(400)	26
Total	1,692	(18)	827
Total Provision (Benefit)	$ 4,877	$ (24)	$ 3,661

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets
Net operating loss carryforwards	$ 7,163	$ 4,918
Accrued vacation payable and deferred rent	1,083	1,148
Deferred revenue — key money	288	304
Gift card liability	282	243
Interest expense limitation	0	1,203
Other	513	1,145
Total deferred income taxes	9,329	8,961
Valuation allowance	(6,140)	(4,359)
Total deferred tax assets	3,189	4,602
Deferred Tax Liabilities
Villa rental management agreement	(6,016)	(5,387)
Other	(179)	(193)
Total deferred tax liabilities	(6,195)	(5,580)
Net Deferred Tax Liability	$ (3,006)	$ (978)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income (loss) from taxable subsidiaries	$ 22,992	$ (4,443)	$ 4,764
Federal provision (benefit) at statutory tax rate	4,828	(1,555)	1,668
(Income) loss not subject to federal tax	(2,529)	11	(1,239)
Valuation allowance	1,782	(550)	2,526
State and local taxes, net of federal benefit	655	(385)	534
Disposition of hotels	300	739	0
Non-deductible expenses	204	124	102
Other	(363)	86	70
Revaluation of deferred taxes due to Tax Cuts and Jobs Act	0	1,506	0
Total Provision (Benefit)	$ 4,877	$ (24)	$ 3,661

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Information
Revenues	$ 155,962	$ 148,235	$ 167,259	$ 142,431	$ 143,245	$ 154,829	$ 171,354	$ 159,704	$ 613,887	$ 629,132	$ 651,095
Operating expenses	141,346	136,785	140,797	137,840	137,442	150,424	150,663	147,134
Net income (loss)	(4,134)	(7,533)	7,867	19,544	10,431	(15,821)	10,073	(932)	15,744	3,751	(6,976)
(Income) loss attributable to noncontrolling interests	(2,508)	323	(146)	(5,357)	(1,705)	7,052	310	(4,480)	(7,688)	1,177	(1,777)
Net Income (Loss) Attributable to CWI Stockholders	$ (6,642)	$ (7,210)	$ 7,721	$ 14,187	$ 8,726	$ (8,769)	$ 10,383	$ (5,412)	$ 8,056	$ 4,928	$ (8,753)
Basic and diluted (loss) earnings per share attributable to CWI stockholders (usd per share)	$ (0.05)	$ (0.05)	$ 0.06	$ 0.10	$ 0.06	$ (0.06)	$ 0.08	$ (0.04)	$ 0.06	$ 0.04	$ (0.07)
Distributions declared (usd per share)	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.1425	$ 0.5700	$ 0.5700	$ 0.5700
Net gain on sale of real estate				$ 31,900					$ 31,260	$ 5,164	$ 0
Gain on sale of equity investments					$ 21,600
(Gain) loss on hurricane-related property damage		$ 7,600							$ (1,340)	$ 7,008	$ 0

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 4,359	$ 4,909	$ 1,913
Other Additions	2,966	1,376	3,198
Deductions	(1,185)	(1,926)	(202)
Balance at End of Year	$ 6,140	$ 4,359	$ 4,909

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Required Disclosures
Impairment charges	$ 0	$ 0	$ 4,112
Real estate tax basis	$ 2,000,000

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,326,014
Initial Cost to Company
Land	353,346
Buildings	1,553,154
Costs Capitalized Subsequent to Acquisition	177,882
Increase (Decrease) In Net Investments	(27,615)
Gross Amount at which Carried at Close of Period
Land	355,082
Buildings	1,701,688
Total	2,056,770	$ 2,036,454	$ 2,141,532	$ 2,064,909
Accumulated Depreciation	217,050	$ 165,509	$ 123,101	$ 76,078
Hilton Garden Inn New Orleans French Quarter/CBD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,102
Initial Cost to Company
Land	1,539
Buildings	15,223
Costs Capitalized Subsequent to Acquisition	1,940
Increase (Decrease) In Net Investments	(58)
Gross Amount at which Carried at Close of Period
Land	1,538
Buildings	17,106
Total	18,644
Accumulated Depreciation	$ 3,306
Hilton Garden Inn New Orleans French Quarter/CBD | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hilton Garden Inn New Orleans French Quarter/CBD | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Lake Arrowhead Resort and Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,497
Initial Cost to Company
Land	4,300
Buildings	17,990
Costs Capitalized Subsequent to Acquisition	4,198
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,300
Buildings	22,188
Total	26,488
Accumulated Depreciation	$ 6,233
Lake Arrowhead Resort and Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Lake Arrowhead Resort and Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard San Diego Mission Valley
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 45,751
Initial Cost to Company
Land	16,200
Buildings	65,452
Costs Capitalized Subsequent to Acquisition	1,975
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,200
Buildings	67,427
Total	83,627
Accumulated Depreciation	$ 11,180
Courtyard San Diego Mission Valley | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Courtyard San Diego Mission Valley | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard Pittsburgh Shadyside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,266
Initial Cost to Company
Land	3,515
Buildings	25,833
Costs Capitalized Subsequent to Acquisition	1,893
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,515
Buildings	27,726
Total	31,241
Accumulated Depreciation	$ 4,509
Courtyard Pittsburgh Shadyside | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Courtyard Pittsburgh Shadyside | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hutton Hotel Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 42,474
Initial Cost to Company
Land	7,850
Buildings	60,220
Costs Capitalized Subsequent to Acquisition	14,285
Increase (Decrease) In Net Investments	(32)
Gross Amount at which Carried at Close of Period
Land	7,850
Buildings	74,473
Total	82,323
Accumulated Depreciation	$ 10,274
Hutton Hotel Nashville | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hutton Hotel Nashville | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Holiday Inn Manhattan 6th Ave Chelsea
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 74,913
Initial Cost to Company
Land	30,023
Buildings	81,398
Costs Capitalized Subsequent to Acquisition	1,211
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	30,023
Buildings	82,609
Total	112,632
Accumulated Depreciation	$ 11,906
Holiday Inn Manhattan 6th Ave Chelsea | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Holiday Inn Manhattan 6th Ave Chelsea | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fairmont Sonoma Mission Inn & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 61,589
Initial Cost to Company
Land	17,657
Buildings	66,593
Costs Capitalized Subsequent to Acquisition	3,564
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	17,657
Buildings	70,157
Total	87,814
Accumulated Depreciation	$ 11,566
Fairmont Sonoma Mission Inn & Spa | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Fairmont Sonoma Mission Inn & Spa | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Marriott Raleigh City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 67,389
Initial Cost to Company
Land	0
Buildings	68,405
Costs Capitalized Subsequent to Acquisition	8,051
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	76,456
Total	76,456
Accumulated Depreciation	$ 10,647
Marriott Raleigh City Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Marriott Raleigh City Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hawks Cay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 95,409
Initial Cost to Company
Land	25,800
Buildings	73,150
Costs Capitalized Subsequent to Acquisition	51,008
Increase (Decrease) In Net Investments	(31,394)
Gross Amount at which Carried at Close of Period
Land	25,800
Buildings	92,764
Total	118,564
Accumulated Depreciation	$ 13,132
Hawks Cay Resort | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hawks Cay Resort | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Renaissance Chicago Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 87,251
Initial Cost to Company
Land	0
Buildings	132,198
Costs Capitalized Subsequent to Acquisition	28,915
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	161,113
Total	161,113
Accumulated Depreciation	$ 25,854
Renaissance Chicago Downtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Renaissance Chicago Downtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hyatt Place Austin Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54,976
Initial Cost to Company
Land	9,100
Buildings	73,700
Costs Capitalized Subsequent to Acquisition	127
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,100
Buildings	73,827
Total	82,927
Accumulated Depreciation	$ 8,781
Hyatt Place Austin Downtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hyatt Place Austin Downtown | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Courtyard Times Square West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 53,000
Initial Cost to Company
Land	0
Buildings	87,438
Costs Capitalized Subsequent to Acquisition	242
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	87,681
Total	87,681
Accumulated Depreciation	$ 10,107
Courtyard Times Square West | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Courtyard Times Square West | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sheraton Austin Hotel at the Capitol
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 66,976
Initial Cost to Company
Land	18,210
Buildings	78,703
Costs Capitalized Subsequent to Acquisition	6,911
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,210
Buildings	85,615
Total	103,825
Accumulated Depreciation	$ 10,731
Sheraton Austin Hotel at the Capitol | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Sheraton Austin Hotel at the Capitol | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 51,530
Initial Cost to Company
Land	5,662
Buildings	71,598
Costs Capitalized Subsequent to Acquisition	137
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,663
Buildings	71,735
Total	77,398
Accumulated Depreciation	$ 8,184
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hampton Inn & Suites/Homewood Suites Denver Downtown Convention Center | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sanderling Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25,537
Initial Cost to Company
Land	9,800
Buildings	23,677
Costs Capitalized Subsequent to Acquisition	7,178
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,800
Buildings	30,855
Total	40,655
Accumulated Depreciation	$ 4,771
Sanderling Resort | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Sanderling Resort | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Marriott Kansas City Country Club Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38,421
Initial Cost to Company
Land	5,100
Buildings	48,748
Costs Capitalized Subsequent to Acquisition	8,494
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,100
Buildings	57,242
Total	62,342
Accumulated Depreciation	$ 6,946
Marriott Kansas City Country Club Plaza | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Marriott Kansas City Country Club Plaza | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Westin Minneapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 41,928
Initial Cost to Company
Land	6,405
Buildings	57,105
Costs Capitalized Subsequent to Acquisition	954
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,405
Buildings	58,059
Total	64,464
Accumulated Depreciation	$ 5,753
Westin Minneapolis | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Westin Minneapolis | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Westin Pasadena
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 88,408
Initial Cost to Company
Land	22,785
Buildings	112,215
Costs Capitalized Subsequent to Acquisition	7,368
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	22,785
Buildings	119,583
Total	142,368
Accumulated Depreciation	$ 11,892
Westin Pasadena | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Westin Pasadena | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hilton Garden Inn/Homewood Suites Atlanta Midtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 37,465
Initial Cost to Company
Land	5,700
Buildings	47,680
Costs Capitalized Subsequent to Acquisition	161
Increase (Decrease) In Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,700
Buildings	47,841
Total	53,541
Accumulated Depreciation	$ 4,445
Hilton Garden Inn/Homewood Suites Atlanta Midtown | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Hilton Garden Inn/Homewood Suites Atlanta Midtown | 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 Key Biscayne
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 188,438
Initial Cost to Company
Land	117,200
Buildings	154,182
Costs Capitalized Subsequent to Acquisition	14,966
Increase (Decrease) In Net Investments	1,801
Gross Amount at which Carried at Close of Period
Land	118,656
Buildings	169,493
Total	288,149
Accumulated Depreciation	$ 16,846
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 73,735
Initial Cost to Company
Land	22,100
Buildings	74,422
Costs Capitalized Subsequent to Acquisition	6,932
Increase (Decrease) In Net Investments	1,224
Gross Amount at which Carried at Close of Period
Land	22,380
Buildings	82,298
Total	104,678
Accumulated Depreciation	$ 8,745
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,635
Initial Cost to Company
Land	9,400
Buildings	57,989
Costs Capitalized Subsequent to Acquisition	1,853
Increase (Decrease) In Net Investments	21
Gross Amount at which Carried at Close of Period
Land	9,400
Buildings	59,863
Total	69,263
Accumulated Depreciation	$ 4,997
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 46,324
Initial Cost to Company
Land	15,000
Buildings	59,235
Costs Capitalized Subsequent to Acquisition	5,519
Increase (Decrease) In Net Investments	823
Gross Amount at which Carried at Close of Period
Land	15,000
Buildings	65,577
Total	80,577
Accumulated Depreciation	$ 6,245
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 an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Operating Real Estate
Beginning balance	$ 2,036,454	$ 2,141,532	$ 2,064,909
Improvements	52,752	40,780	35,869
Dispositions	(23,280)	(13,380)	0
Write-off of assets damaged by hurricane	(8,905)	(24,147)	0
Write-off of fully depreciated assets	(251)	(25)	(186)
Reclassification to Assets held for sale	0	(108,306)	(38,823)
Additions	0	0	79,763
Ending balance	2,056,770	2,036,454	2,141,532
Reconciliation of Accumulated Depreciation for Operating Real Estate
Beginning balance	165,509	123,101	76,078
Depreciation expense	53,758	54,040	50,960
Dispositions	(1,966)	(1,721)	0
Write-off of fully depreciated assets	(251)	(25)	(186)
Reclassification to Assets held for sale	0	(9,886)	(3,751)
Ending balance	$ 217,050	$ 165,509	$ 123,101