Carey Watermark Investors 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001430259
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Carey Watermark Investors Inc
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		141,339,071

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments in real estate:
Hotels, at cost	$ 2,177,734	$ 2,175,975
Accumulated depreciation	(280,001)	(266,323)
Net investments in hotels	1,897,733	1,909,652
Equity investments in real estate	113,172	112,715
Operating lease right-of-use assets	50,533
Cash and cash equivalents	60,973	66,593
Intangible assets, net	65,982	76,671
Restricted cash	52,688	54,537
Accounts receivable, net	43,899	36,884
Other assets	23,157	23,092
Total assets	2,308,137	2,280,144
Liabilities and Equity
Non-recourse debt, net	1,322,948	1,326,014
WPC Credit Facility	41,637	41,637
Accounts payable, accrued expenses and other liabilities	109,187	128,955
Operating lease liabilities	70,742
Due to related parties and affiliates	5,285	6,258
Distributions payable	20,092	19,898
Total liabilities	1,569,891	1,522,762
Commitments and contingencies (Note 10)
Common stock, $0.001 par value; 300,000,000 shares authorized; 141,007,846 and 139,627,375 shares, respectively, issued and outstanding	141	140
Additional paid-in capital	1,189,328	1,174,887
Distributions and accumulated losses	(505,586)	(471,130)
Accumulated other comprehensive loss	(411)	(286)
Total stockholders’ equity	683,472	703,611
Noncontrolling interests	54,774	53,771
Total equity	738,246	757,382
Total liabilities and equity	$ 2,308,137	$ 2,280,144

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	300,000,000	300,000,000
Common stock, shares outstanding (shares)	141,007,846	139,627,375

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Hotel Revenues
Business interruption income	$ 467	$ 133
Revenues	152,190	142,431
Expenses
Property taxes, insurance, rent and other	19,800	15,426
Sales and marketing	14,071	14,295
General and administrative	13,738	13,077
Repairs and maintenance	4,962	4,785
Depreciation and amortization	18,954	19,711
Total Hotel Operating Expenses	137,958	131,523
Asset management fees to affiliate and other expenses	3,731	3,918
Corporate general and administrative expenses	3,109	2,968
Loss (gain) on hurricane-related property damage	232	(569)
Total Expenses	145,030	137,840
Operating income before net gain on sale of real estate	7,160	4,591
Net gain on sale of real estate	0	31,929
Operating Income	7,160	36,520
Interest expense	(16,408)	(16,781)
Equity in losses of equity method investments in real estate, net	(540)	(1,025)
Other income	122	122
(Loss) Income before income taxes	(9,666)	18,836
(Provision for) benefit from income taxes	(120)	708
Net (Loss) Income	(9,786)	19,544
Income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,899 and $972, respectively)	(4,578)	(5,357)
Net (Loss) Income Attributable to CWI Stockholders	$ (14,364)	$ 14,187
Basic and Diluted (Loss) Income Per Share (usd per share)	$ (0.10)	$ 0.10
Basic and Diluted Weighted-Average Shares Outstanding (shares)	140,691,355	138,780,516
Rooms
Hotel Revenues
Hotel Revenues	$ 96,237	$ 91,792
Expenses
Costs of services	21,993	21,814
Food and beverage
Hotel Revenues
Hotel Revenues	42,761	40,474
Expenses
Costs of services	29,085	27,910
Other operating revenue
Hotel Revenues
Hotel Revenues	12,725	10,032
Expenses
Costs of services	6,859	6,265
Management fees
Expenses
Costs of services	4,798	4,672
Utilities
Expenses
Costs of services	$ 3,698	$ 3,568

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Available Cash Distributions	$ 1,899	$ 972

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (9,786)	$ 19,544
Other Comprehensive (Loss) Income
Unrealized (loss) gain on derivative instruments	(125)	315
Comprehensive (Loss) Income	(9,911)	19,859
Amounts Attributable to Noncontrolling Interests
Net income	(4,578)	(5,357)
Unrealized gain on derivative instruments	0	(12)
Comprehensive income attributable to noncontrolling interests	(4,578)	(5,369)
Comprehensive (Loss) Income Attributable to CWI Stockholders	$ (14,489)	$ 14,490

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Total CWI 1 Stockholders	Common Stock	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2017	$ 807,888	$ 753,451	$ 138	$ 1,153,652	$ (399,884)	$ (455)	$ 54,437
Beginning equity balance, shares at Dec. 31, 2017			137,826,503
Stockholders' Equity
Net income (loss)	19,544	14,187			14,187		5,357
Shares issued, net of offering costs, value	11,083	11,083	$ 1	11,082
Shares issued, net of offering costs, shares			1,026,208
Shares issued to affiliates, value	3,640	3,640		3,640
Shares issued to affiliates, shares			337,030
Distributions to noncontrolling interests	(972)						(972)
Shares issued under share incentive plans	75	75		75
Distributions declared, value	(19,837)	(19,837)			(19,837)
Other comprehensive loss	315	303				303	12
Ending equity balance, value at Mar. 31, 2018	821,736	762,902	$ 139	1,168,449	(405,534)	(152)	58,834
Ending equity balance, shares at Mar. 31, 2018			139,189,741
Beginning equity balance, value at Dec. 31, 2018	$ 757,382	703,611	$ 140	1,174,887	(471,130)	(286)	53,771
Beginning equity balance, shares at Dec. 31, 2018	139,627,375		139,627,375
Stockholders' Equity
Net income (loss)	$ (9,786)	(14,364)			(14,364)		4,578
Shares issued, net of offering costs, value	10,829	10,829	$ 1	10,828
Shares issued, net of offering costs, shares			1,041,452
Shares issued to affiliates, value	3,507	3,507		3,507
Shares issued to affiliates, shares			336,945
Distributions to noncontrolling interests	(3,575)						(3,575)
Shares issued under share incentive plans	84	84		84
Stock-based compensation to directors, value	30	30		30
Stock-based compensation to directors, shares			2,882
Distributions declared, value	(20,092)	(20,092)			(20,092)
Other comprehensive loss	(125)	(125)				(125)
Repurchase of shares, value	(8)	(8)	$ 0	(8)
Repurchase of shares, shares			(808)
Ending equity balance, value at Mar. 31, 2019	$ 738,246	$ 683,472	$ 141	$ 1,189,328	$ (505,586)	$ (411)	$ 54,774
Ending equity balance, shares at Mar. 31, 2019	141,007,846		141,007,846

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions declared (usd per share)	$ 0.1425	$ 0.1425

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows - Operating Activities
Net (Loss) Income	$ (9,786)	$ 19,544
Adjustments to net (loss) income:
Depreciation and amortization	18,954	19,711
Asset management fees to affiliates settled in shares	3,563	3,560
Amortization of deferred financing costs and other	696	863
Equity in losses of equity method investments in real estate, net	540	1,025
Business interruption income	(467)	(133)
Loss (gain) on hurricane-related property damage	232	(569)
Amortization of stock-based compensation expense	113	75
Net gain on sale of real estate (Note 4)	0	(31,929)
Straight-line rent adjustments	0	1,283
Net changes in other operating assets and liabilities	(2,491)	(4,285)
Net decrease in operating lease right-of-use assets	2,009
Insurance proceeds for remediation work due to hurricane damage	1,285	806
Decrease in due to related parties and affiliates	(1,053)	(24)
Distributions of earnings from equity method investments	614	1,127
Receipt of key money and other deferred incentive payments	500	0
Business interruption insurance proceeds	467	250
Net increase in operating lease liabilities	288
Funding of hurricane/fire-related remediation work	(3)	(8,742)
Net Cash Provided by Operating Activities	15,461	2,562
Cash Flows — Investing Activities
Capital expenditures	(9,938)	(14,265)
Hurricane-related property insurance proceeds	5,059	313
Capital contributions to equity investments in real estate	(1,690)	(342)
Repayments of loan receivable	54	110
Distributions received from equity investments in excess of cumulative equity income	25	5,721
Proceeds from the sale of real estate investments (Note 4)	0	135,491
Net Cash (Used in) Provided by Investing Activities	(6,490)	127,028
Cash Flows — Financing Activities
Distributions paid	(19,898)	(19,642)
Net proceeds from issuance of shares	10,830	11,083
Scheduled payments and prepayments of mortgage principal	(4,223)	(74,917)
Distributions to noncontrolling interests	(3,575)	(972)
Proceeds from mortgage financing	546	0
Scheduled payments of loan	(64)	(227)
Purchase of interest rate caps	(35)	(97)
Repurchase of shares	(11)	0
Deferred financing costs	(10)	0
Repayment of note payable to affiliate	0	(37,000)
Proceeds from note payable to affiliate	0	10,000
Net Cash Used In Financing Activities	(16,440)	(111,772)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Net (decrease) increase in cash and cash equivalents and restricted cash	(7,469)	17,818
Cash and cash equivalents and restricted cash, beginning of period	121,130	132,376
Cash and cash equivalents and restricted cash, end of period	$ 113,661	$ 150,194

Business

Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business 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 March 31, 2019 , including 23 hotels that we consolidate (“Consolidated Hotels”) and four hotels that we record as equity investments (“Unconsolidated Hotels”). 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 March 31, 2019 , $224.6 million of distributions were reinvested in our common stock as a result of our distribution reinvestment plan (“DRIP”).

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2018 , which are included in our 2018 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. 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 March 31, 2019 and December 31, 2018 , 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): March 31, 2019 December 31, 2018 Net investments in hotels $ 495,423 $ 497,637 Intangible assets, net 37,647 37,847 Total assets 580,748 576,430 Non-recourse debt, net $ 343,317 $ 344,018 Total liabilities 377,129 373,700 Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. In accordance with the SEC’s adoption of certain rule and form amendments on August 17, 2018, we moved Net gain on sale of real estate in the consolidated statements of income to be included within Operating Income. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 60,973 $ 66,593 Restricted cash 52,688 54,537 Total cash and cash equivalents and restricted cash $ 113,661 $ 121,130 Recent Accounting Pronouncements Pronouncements Adopted as of March 31, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification and initial direct costs. The adoption of the lease standard did not result in a cumulative effect adjustment recognized in the opening balance of retained earnings as of January 1, 2019. The most significant impact of the adoption of ASU 2016-02 was the recognition of operating lease right-of-use (“ROU”) assets and corresponding lease liabilities primarily related to our ground leases, and to a lesser extent, our parking garage and equipment leases, for which we were the lessee of $52.6 million and $70.5 million , respectively, on January 1, 2019, which included reclassifying below-market ground lease and parking garage lease intangible assets, above-market ground lease intangible liabilities and deferred rent as a component of the ROU asset (a net reclassification of $17.9 million ). See Note 10 for additional disclosures of the presentation of these amounts in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments may consist of payments based on a percentage of revenue and increases as a result of Consumer Price Index (“CPI”) or other comparable indices. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of ASU 2017-12 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions in exchange for goods and services from nonemployees, which will align the accounting for such payments to nonemployees with the existing requirements for share-based payments granted to employees (with certain exceptions). These share-based payments will now be measured at the grant-date fair value of the equity instrument issued. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard did not have a material impact on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2019
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): Three Months Ended March 31, 2019 2018 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,563 $ 3,560 Available Cash Distributions 1,899 972 Personnel and overhead reimbursements 1,616 1,438 Interest expense 362 378 Disposition fees — 190 $ 7,440 $ 6,538 Other Transaction Fees Incurred Capitalized loan refinancing fees $ — $ 390 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Amounts Due to Related Parties and Affiliates Accrued interest on WPC Credit Facility $ 2,444 $ 2,082 Reimbursable costs 1,424 1,785 Other amounts due to our Advisor 1,225 1,184 Due to other affiliates 192 1,207 $ 5,285 $ 6,258 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 described 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”). For the three months ended March 31, 2019 and 2018 , we settled $3.5 million and $3.6 million , respectively, of asset management fees in shares of our common stock at our Advisor’s election. At March 31, 2019 , our Advisor owned 4,611,915 shares ( 3.3% ) 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 limited partnership agreement of the Operating Partnership) (“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 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. Other Amounts Due to our Advisor This balance primarily represented asset management fees payable to our Advisor. Other Transactions with Affiliates WPC Credit Facility 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 up to $75.0 million (the “Bridge Loan”) for the purpose of acquiring an interest in the Ritz-Carlton Bacara, Santa Barbara Venture and (ii) a $25.0 million revolving working capital facility (the “Working Capital Facility”) to be used for our working capital needs. 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. If the Advisory Agreement expires or is terminated, both the Bridge Loan and the Working Capital Facility would mature at that time. Both loans bear interest at the London Interbank Offered Rate (“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 2.0% 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. At both March 31, 2019 and 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 under the Working Capital Facility. On April 24, 2019, we borrowed an additional $5.0 million under the Working Capital Facility ( Note 13 ). The WPC Credit Facility includes various customary affirmative and negative covenants. We were in compliance with all applicable covenants at March 31, 2019 . Jointly-Owned Investments At March 31, 2019 , 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 Investments in Hotels

Net Investments in Hotels	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Buildings $ 1,550,447 $ 1,552,365 Land 355,082 355,082 Building and site improvements 151,982 149,323 Furniture, fixtures and equipment 105,608 108,907 Construction in progress 14,615 10,298 Hotels, at cost 2,177,734 2,175,975 Less: Accumulated depreciation (280,001 ) (266,323 ) Net investments in hotels $ 1,897,733 $ 1,909,652 During the three months ended March 31, 2019 and 2018, we retired fully depreciated furniture, fixtures and equipment aggregating $4.9 million and $4.3 million , respectively. Depreciation expense was $18.6 million and $19.3 million for the three months ended March 31, 2019 and 2018, respectively. Hurricane-Related Disruption During the three months ended March 31, 2019 and 2018, we recognized a loss of $0.2 million and a gain of $0.6 million , respectively, resulting from changes in our estimates of the total aggregate damage incurred at our properties. Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Three Months Ended March 31, 2019 2018 Net write-off of fixed assets $ 1,947 $ 5,658 Remediation work performed — 5,797 Property damage insurance receivables (1,715 ) (12,024 ) Loss (gain) on hurricane-related property damage $ 232 $ (569 ) As of March 31, 2019 , we have received cumulative business interruption insurance proceeds of $21.4 million , of which we recorded $0.5 million in the consolidated statements of operations as Business interruption income during the three months ended March 31, 2019 . No business interruption income was recorded in the consolidated statements of operations during the three months ended March 31, 2018 related to Hurricane Irma. 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 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. 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. Construction in Progress At March 31, 2019 and December 31, 2018 , construction in progress, recorded at cost, was $14.6 million and $10.3 million , respectively, and related primarily to planned renovations at Ritz-Carlton Fort Lauderdale, the Ritz-Carlton Key Biscayne and Renaissance Chicago Downtown and the restoration of the Hawks Cay Resort as a result of the damage caused by Hurricane Irma, at both March 31, 2019 and December 31, 2018 . 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 $0.3 million and $0.7 million of such costs during the three months ended March 31, 2019 and 2018 , respectively. At March 31, 2019 and December 31, 2018 , accrued capital expenditures were $4.1 million and $5.5 million , respectively, representing non-cash investing activity.

Equity Investments in Real Esta

Equity Investments in Real Estate	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At March 31, 2019 , 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 was hypothetically liquidated at the end of each reporting period. The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Hotel Type Carrying Value at March 31, 2019 December 31, 2018 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 40% Resort $ 56,475 $ 56,814 Ritz-Carlton Philadelphia Venture (c) PA 301 60% Full-service 28,467 29,951 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% Resort 27,745 25,439 Hyatt Centric French Quarter Venture (f) LA 254 80% Full-service 485 511 1,427 $ 113,172 $ 112,715 ___________ (a) This investment represents a tenancy-in-common interest; the remaining 60.0% interest is owned by CWI 2. (b) We contributed $1.7 million to this investment during the three months ended March 31, 2019 , which included funding for the hotel’s renovation. (c) No cash distributions were received from this investment during the three months ended March 31, 2019 . (d) We received cash distributions of $0.2 million from this investment during the three months ended March 31, 2019 . (e) This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence, but does not give us power over decisions that significantly affect the economic performance of the entity. (f) We received cash distributions of $0.5 million from this investment during the three months ended March 31, 2019 . The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Venture 2019 2018 Marriott Sawgrass Golf Resort & Spa Venture $ 2,491 $ 1,623 Ritz-Carlton Bacara, Santa Barbara Venture (1,976 ) (1,950 ) Ritz-Carlton Philadelphia Venture (1,485 ) (1,476 ) Hyatt Centric French Quarter Venture 430 387 Westin Atlanta Venture (a) — 391 Total equity in losses of equity method investments in real estate $ (540 ) $ (1,025 ) ___________ (a) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Our share of equity in earnings during the three months ended March 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 three months ended March 31, 2019 or 2018 . At March 31, 2019 and December 31, 2018 , the unamortized basis differences on our equity investments were $7.2 million and $7.3 million , respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.2 million and $0.1 million during the three months ended March 31, 2019 and 2018 , respectively. 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 short period of time. During the three months ended March 31, 2019 and 2018, the venture recognized gains on hurricane-related property damage of less than $0.1 million and $0.3 million , respectively. Three Months Ended March 31, (in thousands) 2019 2018 Net write-off (write-up) of fixed assets $ 3,043 $ (575 ) Remediation work performed — (376 ) (Increase) decrease in property damage insurance receivables (3,053 ) 639 Gain on hurricane-related property damage (a) $ (10 ) $ (312 ) ___________ (a) Includes a loss of $0.6 million during the three months ended March 31, 2018 resulting from pre-existing damage (which was discovered as a result of Hurricane Irma and is not covered by insurance). 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 remediation work will be recorded in the periods in which it is performed.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities are summarized as follows (dollars in thousands): March 31, 2019 December 31, 2018 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 $ (6,896 ) $ 65,504 $ 72,400 $ (6,520 ) $ 65,880 Below-market hotel ground leases and parking garage lease (a) 10 - 93 — — — 10,935 (645 ) 10,290 Other intangible assets 8 - 15 855 (377 ) 478 855 (354 ) 501 Total intangible assets, net $ 73,255 $ (7,273 ) $ 65,982 $ 84,190 $ (7,519 ) $ 76,671 Finite-Lived Intangible Liability Above-market hotel ground lease (a) 85 $ — $ — $ — $ (2,100 ) $ 114 $ (1,986 ) ___________ (a) On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) ( Note 2 ). As a result of adopting this guidance, on January 1, 2019, we reclassified our below-market ground lease and parking garage lease intangible assets (previously included in Intangible assets, net) and above-market ground lease intangible liabilities (previously included in Accounts payable, accrued expenses and other liabilities) to Operating lease ROU assets on the consolidated balance sheet. Net amortization of intangibles was $0.4 million for both the three months ended March 31, 2019 and 2018 . Amortization of the villa/condo rental programs and in-place lease intangibles are included in Depreciation and amortization in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps ( 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 three months ended March 31, 2019 or 2018 . 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 at both March 31, 2019 and December 31, 2018 and an estimated fair value of $1.3 billion at both March 31, 2019 and December 31, 2018 . We determined the estimated fair value using a discounted cash flow model with rates that take into account the interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at both March 31, 2019 and December 31, 2018 . 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. Where 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 current carrying value or its fair value, less estimated cost to sell. We did not recognize any impairment charges during the three months ended March 31, 2019 or 2018 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 (loss) income until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Balance Sheet Location March 31, 2019 December 31, 2018 Interest rate caps Other assets $ 18 $ 84 All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis in our consolidated financial statements. At both March 31, 2019 and December 31, 2018 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized losses of $0.2 million and unrealized income of $0.1 million in Other comprehensive (loss) income on derivatives in connection with our interest rate swaps and caps during the three months ended March 31, 2019 and 2018 , respectively. We reclassified less than $0.1 million and $0.2 million from Other comprehensive (loss) income on derivatives into Interest expense during the three months ended March 31, 2019 and 2018 , respectively. Amounts reported in Other comprehensive income related to interest rate caps will be reclassified to Interest expense as interest expense is incurred on our variable-rate debt. At March 31, 2019 , we estimated that an additional $0.2 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 March 31, 2019 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Fair Value at Interest Rate Derivatives Notional Amount March 31, 2019 Interest rate caps 6 $ 289,320 $ 18 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2019 . At March 31, 2019 , both our total credit exposure and the maximum exposure to any single counterparty were less than $0.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2019 , we had not been declared in default on any of our derivative obligations. At both March 31, 2019 and December 31, 2018 , we had no derivatives that were in a net liability position.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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 Interest Rate Range Current Maturity Date Range (a) March 31, 2019 December 31, 2018 Fixed rate 3.6% – 6.5% 6/2019 – 4/2024 $ 1,023,462 $ 1,026,451 Variable rate (b) 4.8% – 8.3% 5/2019 (c) – 11/2021 299,486 299,563 $ 1,322,948 $ 1,326,014 ___________ (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 March 31, 2019 through the use of an interest rate cap, when applicable. (c) See discussion below on the Lake Arrowhead Resort and Spa mortgage loan, which matures on May 29, 2019. Lake Arrowhead Resort and Spa The $14.5 million outstanding mortgage loan on Lake Arrowhead Resort and Spa that matured on February 28, 2019 was modified to extend the maturity date to May 29, 2019. We are currently in discussions with the lender to further 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 March 31, 2019 , 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 March 31, 2019 and we are in the process of entering into a cash management agreement with the lender. 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 March 31, 2019 , 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, a Luxury Collection Golf Resort & Spa was not met; this ratio was still not met as of March 31, 2019 . At December 31, 2018, the minimum debt yield ratio for the Sanderling Resort was not met; therefore, in May 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. As of March 31, 2019 , this ratio was still not met. WPC Credit Facility At March 31, 2019 , 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 . On April 24, 2019, we borrowed an additional $5.0 million under the Working Capital Facility ( Note 13 ). Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2019 and each of the next five calendar years following December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) (a) (b) $ 148,159 2020 223,899 2021 577,443 2022 244,104 2023 126,618 2024 50,252 Total principal payments 1,370,475 Unamortized deferred financing costs (5,890 ) Total $ 1,364,585 ___________ (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	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2019 , 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 March 31, 2019 , our Consolidated Hotel properties were 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 $4.8 million and $4.7 million for the three months ended March 31, 2019 and 2018 , respectively. 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 March 31, 2019 , we had 11 franchise agreements with Marriott-owned brands, three with Hilton-owned brands, one with an InterContinental Hotels-owned brand 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. Generally, 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 $3.8 million and $4.1 million for the three months ended March 31, 2019 and 2018 , respectively. 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 March 31, 2019 and December 31, 2018 , $38.8 million and $37.9 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 March 31, 2019 , 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 March 31, 2019 totaled $21.1 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. Leases Lease Obligations We recognize an operating ROU asset and a corresponding lease liability for ground lease arrangements, hotel parking leases and various hotel equipment leases for which we are the lessee. Our leases have remaining lease terms ranging from less than one year to 88 years (excluding extension options not reasonably certain of being exercised). Lease Cost Certain information related to the total lease cost for operating leases for the three months ended March 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2019 Fixed lease cost $ 3,660 Variable lease cost 123 Total lease cost $ 3,783 Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): March 31, 2019 Operating lease right-of-use assets $ 50,533 Operating lease liabilities 70,742 Weighted-average remaining lease term 69.6 years Weighted-average discount rate 9.1 % Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $1.3 million for the three months ended March 31, 2019 . Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet as of March 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 4,066 2020 5,422 2021 5,330 2022 5,321 2023 5,240 Thereafter through 2107 903,169 Total lease payments 928,548 Less: amount of lease payments representing interest (857,806 ) Present value of future lease payments/lease obligations $ 70,742 Scheduled future minimum ground lease payments for the years subsequent to the year ended December 31, 2018 were: $4.1 million for 2019, $4.2 million for 2020, $4.3 million for 2021, $4.4 million for 2022, $4.5 million for 2023 and $811.3 million for the years thereafter.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity	Equity Reclassifications Out of Accumulated Other Comprehensive Loss The following table presents a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, Gains and Losses on Derivative Instruments 2019 2018 Beginning balance $ (286 ) $ (455 ) Other comprehensive (loss) income before reclassifications (150 ) 147 Amounts reclassified from accumulated other comprehensive loss to interest expense 25 168 Net current period other comprehensive (loss) income (125 ) 315 Net current period other comprehensive income attributable to noncontrolling interests — (12 ) Ending balance $ (411 ) $ (152 ) Distributions Declared During the first quarter of 2019 , our board of directors declared a quarterly distribution of $0.1425 per share, which was paid on April 15, 2019 to stockholders of record on March 29, 2019, in the aggregate amount of $20.1 million .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100.0% of our taxable income annually and intend to do so for the tax year ending December 31, 2019 . Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2019 and 2018 . We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. The accompanying consolidated financial statements include an interim tax provision for our TRSs for the three months ended March 31, 2019 and 2018 . Current income tax expense was $0.7 million and $0.9 million for the three months ended March 31, 2019 and 2018 , respectively. Our TRSs are subject to U.S. federal and state income taxes. As such, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe that it is more likely than not that we will not realize the tax benefit of deferred tax assets based on available evidence at the time the determination is made. A change in circumstances may cause us to change our judgment about whether a deferred tax asset will more likely than not be realized. We generally report any change in the valuation allowance through our income statement in the period in which such changes in circumstances occur. The majority of our deferred tax assets relate to net operating losses, interest expense limitation and accrued expenses. The majority of our deferred tax liabilities relate to differences between the tax basis and financial reporting basis of our villa/condo rental management agreements. Benefit from income taxes included deferred income tax benefits of $0.5 million and $1.6 million for the three months ended March 31, 2019 and 2018 , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On April 24, 2019, we borrowed an additional $5.0 million under the Working Capital Facility ( Note 3 ).

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated
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 March 31, 2019 and December 31, 2018 , 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): March 31, 2019 December 31, 2018 Net investments in hotels $ 495,423 $ 497,637 Intangible assets, net 37,647 37,847 Total assets 580,748 576,430 Non-recourse debt, net $ 343,317 $ 344,018 Total liabilities 377,129 373,700
Recently Adopted Accounting Policies and Pronouncements to be Adopted	Pronouncements Adopted as of March 31, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification and initial direct costs. The adoption of the lease standard did not result in a cumulative effect adjustment recognized in the opening balance of retained earnings as of January 1, 2019. The most significant impact of the adoption of ASU 2016-02 was the recognition of operating lease right-of-use (“ROU”) assets and corresponding lease liabilities primarily related to our ground leases, and to a lesser extent, our parking garage and equipment leases, for which we were the lessee of $52.6 million and $70.5 million , respectively, on January 1, 2019, which included reclassifying below-market ground lease and parking garage lease intangible assets, above-market ground lease intangible liabilities and deferred rent as a component of the ROU asset (a net reclassification of $17.9 million ). See Note 10 for additional disclosures of the presentation of these amounts in our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments may consist of payments based on a percentage of revenue and increases as a result of Consumer Price Index (“CPI”) or other comparable indices. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of ASU 2017-12 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions in exchange for goods and services from nonemployees, which will align the accounting for such payments to nonemployees with the existing requirements for share-based payments granted to employees (with certain exceptions). These share-based payments will now be measured at the grant-date fair value of the equity instrument issued. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard did not have a material impact on our consolidated financial statements.
Equity Method Investments	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on several of our equity method investments. Therefore, we follow the hypothetical liquidation at book value (“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 was hypothetically liquidated at the end of each reporting period.
Intangible Assets and Liabilities	Amortization of the villa/condo rental programs and in-place lease intangibles are included in Depreciation and amortization 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 — Our derivative assets, which are included in Other assets in the consolidated financial statements, are comprised of interest rate caps ( 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.
Derivatives	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
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): March 31, 2019 December 31, 2018 Net investments in hotels $ 495,423 $ 497,637 Intangible assets, net 37,647 37,847 Total assets 580,748 576,430 Non-recourse debt, net $ 343,317 $ 344,018 Total liabilities 377,129 373,700
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 60,973 $ 66,593 Restricted cash 52,688 54,537 Total cash and cash equivalents and restricted cash $ 113,661 $ 121,130
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 60,973 $ 66,593 Restricted cash 52,688 54,537 Total cash and cash equivalents and restricted cash $ 113,661 $ 121,130

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
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): Three Months Ended March 31, 2019 2018 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 3,563 $ 3,560 Available Cash Distributions 1,899 972 Personnel and overhead reimbursements 1,616 1,438 Interest expense 362 378 Disposition fees — 190 $ 7,440 $ 6,538 Other Transaction Fees Incurred Capitalized loan refinancing fees $ — $ 390 The following table presents a summary of the amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Amounts Due to Related Parties and Affiliates Accrued interest on WPC Credit Facility $ 2,444 $ 2,082 Reimbursable costs 1,424 1,785 Other amounts due to our Advisor 1,225 1,184 Due to other affiliates 192 1,207 $ 5,285 $ 6,258

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): March 31, 2019 December 31, 2018 Buildings $ 1,550,447 $ 1,552,365 Land 355,082 355,082 Building and site improvements 151,982 149,323 Furniture, fixtures and equipment 105,608 108,907 Construction in progress 14,615 10,298 Hotels, at cost 2,177,734 2,175,975 Less: Accumulated depreciation (280,001 ) (266,323 ) Net investments in hotels $ 1,897,733 $ 1,909,652
Schedule of Weather Related Disruptions	Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Three Months Ended March 31, 2019 2018 Net write-off of fixed assets $ 1,947 $ 5,658 Remediation work performed — 5,797 Property damage insurance receivables (1,715 ) (12,024 ) Loss (gain) on hurricane-related property damage $ 232 $ (569 )

Equity Investments in Real Es_2

Equity Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Equity Method Investments
Schedule Equity Method Investments	The following table sets forth our share of equity in earnings (losses) from our Unconsolidated Hotels, which are based on the HLBV model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended March 31, Venture 2019 2018 Marriott Sawgrass Golf Resort & Spa Venture $ 2,491 $ 1,623 Ritz-Carlton Bacara, Santa Barbara Venture (1,976 ) (1,950 ) Ritz-Carlton Philadelphia Venture (1,485 ) (1,476 ) Hyatt Centric French Quarter Venture 430 387 Westin Atlanta Venture (a) — 391 Total equity in losses of equity method investments in real estate $ (540 ) $ (1,025 ) ___________ (a) On October 19, 2017, the venture sold the Westin Atlanta Perimeter North to an unaffiliated third party. Our share of equity in earnings during the three months ended March 31, 2018 was the result of additional cash distributions received in this period in connection with the disposition. 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 Hotel Type Carrying Value at March 31, 2019 December 31, 2018 Ritz-Carlton Bacara, Santa Barbara Venture (a) (b) CA 358 40% Resort $ 56,475 $ 56,814 Ritz-Carlton Philadelphia Venture (c) PA 301 60% Full-service 28,467 29,951 Marriott Sawgrass Golf Resort & Spa Venture (d) (e) FL 514 50% Resort 27,745 25,439 Hyatt Centric French Quarter Venture (f) LA 254 80% Full-service 485 511 1,427 $ 113,172 $ 112,715 ___________ (a) This investment represents a tenancy-in-common interest; the remaining 60.0% interest is owned by CWI 2. (b) We contributed $1.7 million to this investment during the three months ended March 31, 2019 , which included funding for the hotel’s renovation. (c) No cash distributions were received from this investment during the three months ended March 31, 2019 . (d) We received cash distributions of $0.2 million from this investment during the three months ended March 31, 2019 . (e) This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence, but does not give us power over decisions that significantly affect the economic performance of the entity. (f) We received cash distributions of $0.5 million from this investment during the three months ended March 31, 2019 .
Schedule of Weather Related Disruptions	Below is a summary of the items that comprised our aggregate damage incurred at the properties (in thousands): Three Months Ended March 31, 2019 2018 Net write-off of fixed assets $ 1,947 $ 5,658 Remediation work performed — 5,797 Property damage insurance receivables (1,715 ) (12,024 ) Loss (gain) on hurricane-related property damage $ 232 $ (569 )
Unconsolidated | Marriott Sawgrass Golf Resort & Spa Venture
Schedule of Equity Method Investments
Schedule of Weather Related Disruptions	Three Months Ended March 31, (in thousands) 2019 2018 Net write-off (write-up) of fixed assets $ 3,043 $ (575 ) Remediation work performed — (376 ) (Increase) decrease in property damage insurance receivables (3,053 ) 639 Gain on hurricane-related property damage (a) $ (10 ) $ (312 ) ___________ (a) Includes a loss of $0.6 million during the three months ended March 31, 2018 resulting from pre-existing damage (which was discovered as a result of Hurricane Irma and is not covered by insurance).

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (dollars in thousands): March 31, 2019 December 31, 2018 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 $ (6,896 ) $ 65,504 $ 72,400 $ (6,520 ) $ 65,880 Below-market hotel ground leases and parking garage lease (a) 10 - 93 — — — 10,935 (645 ) 10,290 Other intangible assets 8 - 15 855 (377 ) 478 855 (354 ) 501 Total intangible assets, net $ 73,255 $ (7,273 ) $ 65,982 $ 84,190 $ (7,519 ) $ 76,671 Finite-Lived Intangible Liability Above-market hotel ground lease (a) 85 $ — $ — $ — $ (2,100 ) $ 114 $ (1,986 ) ___________ (a) On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) ( Note 2 ). As a result of adopting this guidance, on January 1, 2019, we reclassified our below-market ground lease and parking garage lease intangible assets (previously included in Intangible assets, net) and above-market ground lease intangible liabilities (previously included in Accounts payable, accrued expenses and other liabilities) to Operating lease ROU assets on the consolidated balance sheet.

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 Balance Sheet Location March 31, 2019 December 31, 2018 Interest rate caps Other assets $ 18 $ 84
Schedule of Derivative Instruments	The interest rate caps that we had outstanding on our Consolidated Hotels at March 31, 2019 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Instruments Fair Value at Interest Rate Derivatives Notional Amount March 31, 2019 Interest rate caps 6 $ 289,320 $ 18

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt, net on our Consolidated Hotel investments (dollars in thousands): Carrying Amount at Interest Rate Range Current Maturity Date Range (a) March 31, 2019 December 31, 2018 Fixed rate 3.6% – 6.5% 6/2019 – 4/2024 $ 1,023,462 $ 1,026,451 Variable rate (b) 4.8% – 8.3% 5/2019 (c) – 11/2021 299,486 299,563 $ 1,322,948 $ 1,326,014 ___________ (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 March 31, 2019 through the use of an interest rate cap, when applicable. (c) See discussion below on the Lake Arrowhead Resort and Spa mortgage loan, which matures on May 29, 2019.
Debt Maturity Schedule	Scheduled debt principal payments during the remainder of 2019 and each of the next five calendar years following December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) (a) (b) $ 148,159 2020 223,899 2021 577,443 2022 244,104 2023 126,618 2024 50,252 Total principal payments 1,370,475 Unamortized deferred financing costs (5,890 ) Total $ 1,364,585 ___________ (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)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Lease Cost	Certain information related to the total lease cost for operating leases for the three months ended March 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2019 Fixed lease cost $ 3,660 Variable lease cost 123 Total lease cost $ 3,783
Other Information	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): March 31, 2019 Operating lease right-of-use assets $ 50,533 Operating lease liabilities 70,742 Weighted-average remaining lease term 69.6 years Weighted-average discount rate 9.1 %
Undiscounted Cash Flows	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet as of March 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 4,066 2020 5,422 2021 5,330 2022 5,321 2023 5,240 Thereafter through 2107 903,169 Total lease payments 928,548 Less: amount of lease payments representing interest (857,806 ) Present value of future lease payments/lease obligations $ 70,742

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Reclassification out of Accumulated Other Comprehensive Income (Loss)	The following table presents a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, Gains and Losses on Derivative Instruments 2019 2018 Beginning balance $ (286 ) $ (455 ) Other comprehensive (loss) income before reclassifications (150 ) 147 Amounts reclassified from accumulated other comprehensive loss to interest expense 25 168 Net current period other comprehensive (loss) income (125 ) 315 Net current period other comprehensive income attributable to noncontrolling interests — (12 ) Ending balance $ (411 ) $ (152 )

Business - Narratives (Details)

Business - Narratives (Details) $ in Millions	12 Months Ended	36 Months Ended	103 Months Ended
	Dec. 31, 2014USD ($)	Sep. 15, 2013USD ($)	Mar. 31, 2019USD ($)property
Real Estate Properties
Capital interest ownership in operating partnership (percent)			99.985%
Proceeds from issuance, initial public offering | $		$ 575.8
Proceeds from follow on offering | $	$ 577.4
Proceeds from DRIP | $			$ 224.6
Hotel
Real Estate Properties
Number of properties			27
Consolidated Properties | Hotel
Real Estate Properties
Number of properties			23
Unconsolidated
Real Estate Properties
Number of properties			4
Unconsolidated | Hotel
Real Estate Properties
Number of properties			4

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation - Narratives (Details) $ in Thousands	Mar. 31, 2019USD ($)vie	Jan. 01, 2019USD ($)	Dec. 31, 2018vie
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities, count | vie	5		5
Variable interest entities consolidated, count | vie	4		4
Adjustments
Operating lease right-of-use assets	$ 50,533
Operating lease liabilities	$ 70,742
ASU 2016-02
Adjustments
Operating lease right-of-use assets		$ 52,600
Operating lease liabilities		70,500
Below-market ground lease and parking garage lease intangible assets, above-market ground lease intangible liabilities and deferred rent		$ (17,900)

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Net investments in hotels	$ 1,897,733	$ 1,909,652
Intangible assets, net	65,982	76,671
Total assets	2,308,137	2,280,144
Liabilities
Non-recourse debt, net	1,322,948	1,326,014
Total liabilities	1,569,891	1,522,762
Variable Interest Entity
Assets
Net investments in hotels	495,423	497,637
Intangible assets, net	37,647	37,847
Total assets	580,748	576,430
Liabilities
Non-recourse debt, net	343,317	344,018
Total liabilities	$ 377,129	$ 373,700

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 60,973	$ 66,593
Restricted cash	52,688	54,537
Total cash and cash equivalents and restricted cash	$ 113,661	$ 121,130	$ 150,194	$ 132,376

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Apr. 24, 2019USD ($)	Sep. 26, 2017USD ($)	Mar. 31, 2019USD ($)investmentshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)shares
Related Party Transaction [Line Items]
Advisory agreement, term			1 year
Advisory agreement additional renewal period, term			1 year
Agreement with Our Advisors and Affiliates
Percentage of fees earned by advisor paid to subadvisor			20.00%
Percentage of asset management fee (based on the aggregate average invested value of investments)			0.50%
Percentage disposition fee			1.50%
Loan refinancing fee percentage			1.00%
Asset management fees settled in shares			$ 3,500,000	$ 3,600,000
Common stock, shares outstanding (shares) | shares			141,007,846		139,627,375
Available Cash Distribution
Percentage of available cash distribution			10.00%
General partners distribution percentage of net proceeds			15.00%
WPC Credit Facility | LIBOR
Available Cash Distribution
Debt instrument, basis spread on variable rate		1.00%
Debt instrument, annual incremental increase		2.00%
WPC Credit Facility | Revolving Credit Facility
Available Cash Distribution
Maximum borrowing capacity		$ 25,000,000
Line of credit			$ 800,000		$ 800,000
Line of credit remaining borrowing capacity			24,200,000		24,200,000
WPC Credit Facility | Revolving Credit Facility | Subsequent Events
Available Cash Distribution
Proceeds from line of credit	$ 5,000,000
WPC Credit Facility | Bridge Loan
Available Cash Distribution
Maximum borrowing capacity		$ 75,000,000
Bridge loan			$ 40,800,000		$ 40,800,000
Advisor [Member] | Affiliated entity
Agreement with Our Advisors and Affiliates
Common stock, shares outstanding (shares) | shares			4,611,915
Percentage of common stock owned			3.30%
CWI 2 | Affiliated entity
Available Cash Distribution
Number of jointly owned investments | investment			3

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amounts Included in the Consolidated Statements of Operations
Hotel expenses	$ 137,958	$ 131,523
Available Cash Distributions	1,899	972
Personnel and overhead reimbursements	1,616	1,438
Interest expense	362	378
Disposition fees	0	190
Related party fees included in operating expenses	7,440	6,538
Other Transaction Fees Incurred
Capitalized loan refinancing fees	0	390
Asset management fees
Amounts Included in the Consolidated Statements of Operations
Hotel expenses	$ 3,563	$ 3,560

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Amounts Due to Related Parties and Affiliates
Accrued interest on WPC Credit Facility	$ 2,444	$ 2,082
Reimbursable costs	1,424	1,785
Other amounts due to our Advisor	1,225	1,184
Due to other affiliates	192	1,207
Due to affiliates	$ 5,285	$ 6,258

Net Investments in Hotels - Nar

Net Investments in Hotels - Narratives (Details) - USD ($)	Feb. 05, 2018	Jan. 25, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Business Acquisition, Cost of Acquired Entity, Purchase Price
Assets Retired			$ 4,900,000	$ 4,300,000
Depreciation expense			18,600,000	19,300,000
Gain on hurricane-related property damage			232,000	(569,000)
Business interruption income			467,000	133,000
Proceeds sales of investment			0	135,491,000
Net gain (loss) on sale of real estate, net of tax			0	31,929,000
Real estate under construction			14,615,000		$ 10,298,000
Capitalized construction cost			300,000	700,000
Accrued capital expenditures			4,100,000		$ 5,500,000
Boca Raton Marriott | Assets Sold
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest		100.00%
Contract price		$ 76,000,000
Proceeds sales of investment		35,400,000
Funds released from escrow		$ 1,400,000
Net gain (loss) on sale of real estate, net of tax				12,300,000
Hampton Inn Boston Braintree | Assets Sold
Business Acquisition, Cost of Acquired Entity, Purchase Price
Ownership interest	100.00%
Contract price	$ 63,000,000
Proceeds sales of investment	31,800,000
Funds released from escrow	$ 2,000,000
Net gain (loss) on sale of real estate, net of tax				19,600,000
Hurricane
Business Acquisition, Cost of Acquired Entity, Purchase Price
Cumulative gain on business interruption			21,400,000
Business interruption income			$ 500,000	$ 0

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Buildings	$ 1,550,447	$ 1,552,365
Land	355,082	355,082
Building and site improvements	151,982	149,323
Furniture, fixtures and equipment	105,608	108,907
Construction in progress	14,615	10,298
Hotels, at cost	2,177,734	2,175,975
Less: Accumulated depreciation	(280,001)	(266,323)
Net investments in hotels	$ 1,897,733	$ 1,909,652

Net Investments in Hotels - Wea

Net Investments in Hotels - Weather Interruptions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Net write-off of fixed assets	$ 1,947	$ 5,658
Remediation work performed	0	5,797
Property damage insurance receivables	(1,715)	(12,024)
Loss (gain) on hurricane-related property damage	$ 232	$ (569)

Equity Investments in Real Es_3

Equity Investments in Real Estate - Narratives (Details)	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Equity Method Investment, Financial Statement, Reported Amounts
Impairment of equity method investments	$ 0	$ 0
Aggregate unamortized basis difference on equity investments	7,200,000		$ 7,300,000
Amortization of basis differences	200,000	100,000
Gain on hurricane-related property damage	$ 232,000	(569,000)
Losses related to Pre-existing damages		600,000
Unconsolidated
Equity Method Investment, Financial Statement, Reported Amounts
Number of properties | property	4
Unconsolidated | Marriott Sawgrass Golf Resort & Spa Venture
Equity Method Investment, Financial Statement, Reported Amounts
Gain on hurricane-related property damage	$ (10,000)	$ (312,000)
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 - Ownership Interest in Equity Investments (Details)	3 Months Ended
	Mar. 31, 2019USD ($)room	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Hotel Details
Carrying Value	$ 113,172,000		$ 112,715,000
Capital contributions to equity investments in real estate	$ 1,690,000	$ 342,000
Unconsolidated
Hotel Details
Number of Rooms | room	1,427
Carrying Value	$ 113,172,000		112,715,000
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Hotel Details
State	CA
Number of Rooms | room	358
Ownership interest, unconsolidated	40.00%
Hotel Type	Resort
Carrying Value	$ 56,475,000		56,814,000
Capital contributions to equity investments in real estate	$ 1,700,000
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture | CWI 2
Hotel Details
Ownership interest, unconsolidated	60.00%
Unconsolidated | Ritz-Carlton Philadelphia Venture
Hotel Details
State	PA
Number of Rooms | room	301
Ownership interest, unconsolidated	60.00%
Hotel Type	Full-service
Carrying Value	$ 28,467,000		29,951,000
Distributions from equity method investments (return of capital)	$ 0
Unconsolidated | Marriott Sawgrass Golf Resort & Spa Venture
Hotel Details
State	FL
Number of Rooms | room	514
Ownership interest, unconsolidated	50.00%
Hotel Type	Resort
Carrying Value	$ 27,745,000		25,439,000
Distributions from equity method investments (return of capital)	$ 200,000
Unconsolidated | Hyatt Centric French Quarter Venture
Hotel Details
State	LA
Number of Rooms | room	254
Ownership interest, unconsolidated	80.00%
Hotel Type	Full-service
Carrying Value	$ 485,000		$ 511,000
Distributions from equity method investments (return of capital)	$ 500,000

Equity Investments in Real Es_5

Equity Investments in Real Estate - Earnings From Unconsolidated Hotel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	$ (540)	$ (1,025)
Unconsolidated | Marriott Sawgrass Golf Resort & Spa Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	2,491	1,623
Unconsolidated | Ritz-Carlton Bacara, Santa Barbara Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	(1,976)	(1,950)
Unconsolidated | Ritz-Carlton Philadelphia Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	(1,485)	(1,476)
Unconsolidated | Hyatt Centric French Quarter Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	430	387
Unconsolidated | Westin Atlanta Venture
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
Total equity in losses of equity method investments in real estate	$ 0	$ 391

Equity Investments in Real Es_6

Equity Investments in Real Estate - Hurricane Related Disruptions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments
Net write-off (write-up) of fixed assets	$ 1,947	$ 5,658
Decrease (increase) in property damage insurance receivables	1,715	12,024
Gain on hurricane-related property damage	232	(569)
Unconsolidated | Marriott Sawgrass Golf Resort & Spa Venture
Schedule of Equity Method Investments
Net write-off (write-up) of fixed assets	3,043	(575)
Remediation work performed	0	(376)
Decrease (increase) in property damage insurance receivables	(3,053)	639
Gain on hurricane-related property damage	$ (10)	$ (312)

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Net amortization of intangibles	$ 0.4	$ 0.4

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Amortizable Intangible Assets
Gross Carrying Amount	$ 73,255	$ 84,190
Accumulated Amortization	(7,273)	(7,519)
Net Carrying Amount	65,982	$ 76,671
Above-market hotel ground lease (a)
Finite Lived Intangible Liabilities Net
Finite-lived intangible liability, useful life		85 years
Finite-lived intangible liability, gross		$ (2,100)
Finite-lived intangible liability, accumulated depreciation		114
Finite-lived intangible liabilities, net		(1,986)
Villa/condo rental programs
Amortizable Intangible Assets
Gross Carrying Amount	72,400	72,400
Accumulated Amortization	(6,896)	(6,520)
Net Carrying Amount	$ 65,504	65,880
Villa/condo rental programs | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	55 years
Villa/condo rental programs | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	45 years
Below-market hotel ground leases and parking garage lease (a)
Amortizable Intangible Assets
Gross Carrying Amount		10,935
Accumulated Amortization		(645)
Net Carrying Amount		$ 10,290
Below-market hotel ground leases and parking garage lease (a) | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life		10 years
Below-market hotel ground leases and parking garage lease (a) | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life		93 years
Other intangible assets
Amortizable Intangible Assets
Gross Carrying Amount	$ 855	$ 855
Accumulated Amortization	(377)	(354)
Net Carrying Amount	$ 478	$ 501
Other intangible assets | Minimum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	8 years
Other intangible assets | Maximum
Amortizable Intangible Assets
Finite-lived intangible asset, useful life	15 years

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - Level 3 - USD ($) $ in Billions	Mar. 31, 2019	Dec. 31, 2018
Reported Value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1.3	$ 1.3
Estimated fair value
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Debt instrument value	$ 1.3	$ 1.3

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Concentration Risk
Collateral posted for derivative positions	$ 0		$ 0
Interest expense	16,408,000	$ 16,781,000
Estimated amount of derivative income to be reclassified from OCI to income	200,000
Total credit exposure on derivatives (less than)	100,000
Derivatives in net liability position, fair value	0		$ 0
Individual Counterparty
Concentration Risk
Total credit exposure on derivatives (less than)	100,000
AOCI Including Portion Attributable to Noncontrolling Interest
Concentration Risk
Unrealized gain (loss) on derivative instruments	(150,000)	147,000
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive income
Concentration Risk
Interest expense	$ 25,000	$ 168,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instrument (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Designated as hedging | Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset, fair value, net	$ 18	$ 84

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	Mar. 31, 2019USD ($)instrument
Derivative
Number of Instruments | instrument	6
Notional Amount	$ 289,320
Fair Value	$ 18

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Apr. 24, 2019	Mar. 31, 2019	Feb. 28, 2019	Dec. 31, 2018
Mortgage debt
Scheduled payments		$ 148,159
Balloon Payment
Mortgage debt
Scheduled payments		91,500
Bridge Loan | WPC Credit Facility
Mortgage debt
Bridge loan		40,800		$ 40,800
Revolving Credit Facility | WPC Credit Facility
Mortgage debt
Line of credit		800		800
Line of credit remaining borrowing capacity		$ 24,200		$ 24,200
Revolving Credit Facility | WPC Credit Facility | Subsequent Events
Mortgage debt
Proceeds from line of credit	$ 5,000
Lake Arrowhead Resort
Mortgage debt
Current portion of long term debt			$ 14,500
Sanderling Resort
Mortgage debt
Debt instrument, amortization period		25 years

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Hotel Details
Non-recourse debt, net	$ 1,322,948	$ 1,326,014
Fixed rate
Hotel Details
Non-recourse debt, net	$ 1,023,462	1,026,451
Fixed rate | Minimum
Hotel Details
Interest rate	3.60%
Current maturity date	Jun. 30, 2019
Fixed rate | Maximum
Hotel Details
Interest rate	6.50%
Current maturity date	Apr. 30, 2024
Variable rate
Hotel Details
Non-recourse debt, net	$ 299,486	$ 299,563
Variable rate | Minimum
Hotel Details
Interest rate	4.80%
Current maturity date	May 31, 2019
Variable rate | Maximum
Hotel Details
Interest rate	8.30%
Current maturity date	Nov. 30, 2021

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Long-term Debt, by Maturity
2019 (remainder)	$ 148,159
2020	223,899
2021	577,443
2022	244,104
2023	126,618
2024	50,252
Total Debt	1,370,475
Unamortized deferred financing costs	(5,890)
Total	$ 1,364,585

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)agreementmanagement_company	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Funding Commitments
Number of management companies | management_company	12
Contractual obligation	$ 21,100
Operating lease payments	1,300
Operating lease future minimum payments, year one			$ 4,100
Operating lease future minimum payments, year two			4,200
Operating lease future minimum payments, year three			4,300
Operating lease future minimum payments, year four			4,400
Operating lease future minimum payments, year five			4,500
Operating lease future minimum payments, years thereafter			811,300
Furniture and fixtures
Funding Commitments
Restricted cash	$ 38,800		$ 37,900
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
Management fees
Funding Commitments
Costs of services	$ 4,798	$ 4,672
Franchise fees
Funding Commitments
Costs of services	$ 3,800	$ 4,100
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 (percentage)	1.00%
Required FF&E percentages for future capital expenditures	3.00%
Operating lease term	1 year
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 (percentage)	4.50%
Required FF&E percentages for future capital expenditures	5.00%
Operating lease term	88 years
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%

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease Cost
Fixed lease cost	$ 3,660
Variable lease cost	123
Total lease cost	$ 3,783

Commitments and Contingencies_3

Commitments and Contingencies - Supplemental Balance Sheet (Details) $ in Thousands	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 50,533
Operating lease liabilities	$ 70,742
Weighted-average remaining lease term	69 years 7 months 6 days
Weighted-average discount rate (percent)	9.10%

Commitments and Contingencies_4

Commitments and Contingencies - Undiscounted Cash Flows (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases, Future Minimum Payments Receivable, Fiscal Year Maturity
2019 (remainder)	$ 4,066
2020	5,422
2021	5,330
2022	5,321
2023	5,240
Thereafter through 2107	903,169
Total lease payments	928,548
Less: amount of lease payments representing interest	(857,806)
Present value of future lease payments/lease obligations	$ 70,742

Equity - Narratives (Details)

Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Equity [Abstract]
Distributions declared (usd per share)	$ 0.1425	$ 0.1425
Distributions payable	$ 20,092		$ 19,898

Equity - Reclassifications of A

Equity - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance, value	$ 757,382	$ 807,888
Amounts reclassified from accumulated other comprehensive loss to interest expense	16,408	16,781
Ending equity balance, value	738,246	821,736
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance, value	(286)	(455)
Ending equity balance, value	(411)	(152)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive (loss) income before reclassifications	(150)	147
Net current period other comprehensive (loss) income	(125)	315
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to interest expense
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Amounts reclassified from accumulated other comprehensive loss to interest expense	25	168
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Net current period other comprehensive income attributable to noncontrolling interests	$ 0	$ (12)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 0.7	$ 0.9
Deferred income tax benefit	$ 0.5	$ 1.6

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 24, 2019USD ($)
Subsequent Events | WPC Credit Facility | Revolving Credit Facility
Subsequent Event
Proceeds from line of credit	$ 5