Pebblebrook Hotel Trust (PEB) 10-Q24 Oct 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Oct. 21, 2013
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pebblebrook Hotel Trust
Entity Central Index Key	1474098
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		61,545,040
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Investment in hotel properties, net	$1,603,236	$1,417,229
Investment in joint venture	256,658	283,011
Ground lease asset, net	10,118	10,283
Cash and cash equivalents	110,042	85,900
Restricted cash	15,930	12,034
Hotel receivables (net of allowance for doubtful accounts of $260 and $28, respectively)	23,500	13,463
Deferred financing costs, net	5,167	5,753
Prepaid expenses and other assets	20,194	18,489
Total assets	2,044,845	1,846,162
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	0	0
Term loan	100,000	100,000
Mortgage debt (including mortgage loan premium of $6,270 and $2,498, respectively)	456,847	368,508
Accounts payable and accrued expenses	57,916	47,364
Advance deposits	8,203	4,596
Accrued interest	1,896	1,328
Distribution payable	15,271	11,274
Total liabilities	640,133	533,070
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $225,000 at September 30, 2013 and December 31, 2012), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at September 30, 2013 and 9,000,000 issued and outstanding at December 31, 2012	130	90
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 61,179,628 issued and outstanding at September 30, 2013 and 60,955,090 issued and outstanding at December 31, 2012	612	610
Additional paid-in capital	1,465,905	1,362,349
Accumulated other comprehensive income (loss)	911	-300
Distributions in excess of retained earnings	-64,191	-49,798
Total shareholders' equity	1,403,367	1,312,951
Non-controlling interests	1,345	141
Total equity	1,404,712	1,313,092
Total liabilities and equity	$2,044,845	$1,846,162

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$260		$28
Mortgage loan premium	6,270	[1]	2,498	[1]
Preferred shares of beneficial interest, liquidation preference value	$325,000		$225,000
Preferred shares of beneficial interest, par value	$0.01		$0.01
Preferred shares of beneficial interest, shares authorized	100,000,000		100,000,000
Preferred shares of beneficial interest, shares issued	13,000,000		9,000,000
Preferred shares of beneficial interest, shares outstanding	13,000,000		9,000,000
Common shares of beneficial interest, par value	$0.01		$0.01
Common shares of beneficial interest, shares authorized	500,000,000		500,000,000
Common shares of beneficial interest, shares issued	61,179,628		60,955,090
Common shares of beneficial interest, shares outstanding	61,179,628		60,955,090

[1]	Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of September 30, 2013 and the Hotel Palomar San Francisco as of December 31, 2012.

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Room	$90,093	$68,596	$240,632	$175,083
Food and beverage	32,900	29,236	99,291	83,630
Other operating	8,241	6,473	22,526	17,233
Total revenues	131,234	104,305	362,449	275,946
Hotel operating expenses:
Room	22,063	17,045	61,768	45,521
Food and beverage	24,705	21,716	74,180	61,836
Other direct	3,619	3,229	10,344	8,935
Other indirect	32,629	26,061	92,893	71,999
Total hotel operating expenses	83,016	68,051	239,185	188,291
Depreciation and amortization	13,971	11,055	40,747	30,742
Real estate taxes, personal property taxes and property insurance	6,008	4,571	17,240	12,610
Ground rent	1,983	651	5,660	1,608
General and administrative	4,253	3,886	12,838	12,296
Hotel acquisition costs	268	514	1,429	1,340
Total operating expenses	109,499	88,728	317,099	246,887
Operating income (loss)	21,735	15,577	45,350	29,059
Interest income	670	82	1,964	111
Interest expense	-6,074	-3,949	-17,457	-10,671
Equity in earnings (loss) of joint venture	2,284	2,152	2,492	1,636
Income (loss) before income taxes	18,615	13,862	32,349	20,135
Income tax (expense) benefit	-1,088	-1,757	-137	-840
Net income (loss)	17,527	12,105	32,212	19,295
Net income (loss) attributable to non-controlling interests	112	187	211	304
Net income (loss) attributable to the Company	17,415	11,918	32,001	18,991
Distributions to preferred shareholders	-6,100	-4,456	-16,872	-13,369
Net income (loss) attributable to common shareholders	11,315	7,462	15,129	5,622
Net income (loss) per share available to common shareholders, basic and diluted (in dollars per share)	$0.18	$0.13	$0.24	$0.10
Weighted-average number of common shares, basic (in shares)	61,179,524	58,714,055	61,086,834	54,227,155
Weighted-average number of common shares, diluted (in shares)	61,347,863	58,760,334	61,279,252	54,314,469
Comprehensive Income:
Net income (loss)	17,527	12,105	32,212	19,295
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	-589	-389	1,211	-389
Comprehensive income (loss)	16,938	11,716	33,423	18,906
Comprehensive income (loss) attributable to non-controlling interests	108	181	218	298
Comprehensive income (loss) attributable to the Company	$16,830	$11,535	$33,205	$18,608

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data, unless otherwise specified	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011	$1,116,348	$90	$508	$1,142,905		($30,252)	$1,113,251	$3,097
Preferred Stock, Shares Outstanding at Dec. 31, 2011		9,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2011			50,769,024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Shares			9,544,087
Issuance of shares, net of offering costs, Value	211,520		95	211,425			211,520
Issuance of Common Shares for Board Of Trustees Compensation , Shares			10,361
Issuance of Common Shares for Board Of Trustees Compensation, Value	199			199			199
Repurchase of Common Stock, Shares			-15,595
Repurchase of Common Shares, Value	-319			-319			-319
Share-based Compensation, Shares			48,324
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			1
Share-based Compensation, Value	2,750			1,564			1,565	1,185
Distributions on Common Shares and Units	-20,810					-20,476	-20,476	-334
Distributions on Preferred Shares	-13,378					-13,369	-13,369	-9
Unrealized gain (loss) on derivative instruments	-389				-389		-389
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	19,295					18,991	18,991	304
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2012	1,315,216	90	604	1,355,774		-45,106	1,310,973	4,243
Preferred Stock, Shares Outstanding at Sep. 30, 2012		9,000,000
Common Stock, Shares, Outstanding at Sep. 30, 2012			60,356,201
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012	1,313,092	90	610	1,362,349	-300	-49,798	1,312,951	141
Preferred Stock, Shares Outstanding at Dec. 31, 2012	9,000,000	9,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2012	60,955,090		60,955,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Shares		4,000,000	171,893
Issuance of shares, net of offering costs, Value	101,242	40	2	101,200			101,242
Issuance of Common Shares for Board Of Trustees Compensation , Shares			9,097
Issuance of Common Shares for Board Of Trustees Compensation, Value	207			207			207
Repurchase of Common Stock, Shares			-21,644
Repurchase of Common Shares, Value	-523			-523			-523
Share-based Compensation, Shares			65,192
Share-based Compensation, Value	3,857			2,672			2,672	1,185
Distributions on Common Shares and Units	-29,705					-29,522	-29,522	-183
Distributions on Preferred Shares	-16,881					-16,872	-16,872	-9
Unrealized gain (loss) on derivative instruments	1,211				1,211		1,211
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	32,212					32,001	32,001	211
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2013	$1,404,712	$130	$612	$1,465,905	$911	($64,191)	$1,403,367	$1,345
Preferred Stock, Shares Outstanding at Sep. 30, 2013	13,000,000	13,000,000
Common Stock, Shares, Outstanding at Sep. 30, 2013	61,179,628		61,179,628

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating activities:
Net income (loss)	$32,212	$19,295
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	40,747	30,742
Share-based compensation	3,857	2,750
Amortization of deferred financing costs and mortgage loan premiums	-147	1,128
Non-cash ground rent	2,405	164
Equity in (earnings) loss from joint venture	-706	-1,636
Other	447	218
Changes in assets and liabilities:
Restricted cash, net	-2,061	-174
Hotel receivables	-9,995	-6,944
Prepaid expenses and other assets	-4,413	1,456
Distributions from joint venture	735	0
Accounts payable and accrued expenses	8,550	9,146
Advance deposits	3,433	999
Net cash provided by (used in) operating activities	75,064	57,144
Investing activities:
Acquisition of hotel properties	-99,274	-217,371
Improvements and additions to hotel properties	-27,682	-40,484
Investment in joint venture	26,291	289
Deposit on hotel properties	0	-3,000
Purchase of corporate office equipment, computer software, and furniture	-32	-25
Restricted cash, net	-1,835	2,550
Net cash provided by (used in) investing activities	-102,532	-258,041
Financing activities:
Gross proceeds from issuance of common shares	4,829	218,054
Gross proceeds from issuance of preferred shares	100,000	0
Payment of offering costs - common and preferred shares	-3,586	-6,534
Payment of deferred financing costs	-649	-3,043
Borrowings under senior credit facility	0	95,000
Repayments under senior credit facility	0	-95,000
Proceeds from term loan	0	100,000
Proceeds from mortgage debt	0	143,000
Repayments of mortgage debt	-5,881	-135,468
Repurchase of common shares	-523	-319
Distributions - common shares/units	-27,099	-19,633
Distributions - preferred shares	-15,481	-13,369
Net cash provided by (used in) financing activities	51,610	282,688
Net change in cash and cash equivalents	24,142	81,791
Cash and cash equivalents, beginning of year	85,900	65,684
Cash and cash equivalents, end of period	$110,042	$147,475

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	Organization
	Pebblebrook Hotel Trust (the “Company”) was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets.
	As of September 30, 2013, the Company owned interests in 28 hotels, including 22 wholly owned hotels with a total of 5,191 guest rooms, and a 49% joint venture interest in six hotels with 1,733 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Bethesda, Maryland; Boston, Massachusetts; Hollywood, California; Los Angeles, California; Miami, Florida; Minneapolis, Minnesota; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Westwood, California.
	Substantially all of the Company’s assets are held by, and all of the operations are conducted through, Pebblebrook Hotel, L.P. (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. At September 30, 2013, the Company owned 99.4% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.6% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively, “PHL”), the Company’s taxable REIT subsidiary (“TRS”), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method.
	Use of Estimates
	The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
	Fair Value Measurements
	A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:


	1	Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

	2	Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable.

	3	Level 3 – Model-derived valuations with unobservable inputs.

	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
	The Company's financial instruments include cash and cash equivalents, restricted cash, interest rate swap derivatives, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments.
	Investment in Hotel Properties
	Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangement terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information.
	Acquisition costs are expensed as incurred.
	Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.
	Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations.
	The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.
	The Company will classify a hotel as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If these criteria are met and if the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss and will cease recording depreciation expense. The Company will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
	Revenue Recognition
	Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations.
	Income Taxes
	To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
	Share-based Compensation
	The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term, and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
	Earnings Per Share
	Basic earnings per share (“EPS”) is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Acquisition_of_Hotel_Propertie

Acquisition of Hotel Properties	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]
ACQUISITION OF HOTEL PROPERTIES	Acquisition of Hotel Properties
	On January 29, 2013, the Company acquired the 337-suite Embassy Suites San Diego Bay-Downtown located in San Diego, California for $112.5 million. The acquisition was funded with $45.8 million of available cash and the assumption of a $66.7 million first mortgage loan. The fixed rate mortgage loan that was assumed was determined to have an interest rate that was above the current market interest rate. The Company recorded a $4.8 million mortgage loan premium for the above market interest that is amortized as a reduction in interest expense through the maturity of the loan. The Company selected HEI Hotels and Resorts to manage the hotel.
	On August 8, 2013, the Company acquired the 57-suite Redbury Hotel located in Hollywood, California for $34.0 million. The acquisition was funded with available cash and the property will continue to be managed by sbe Hotel Group.
	On August 28, 2013, the Company acquired the 174-room Hotel Modera located in Portland, Oregon for $47.5 million. The acquisition was funded with $23.8 million of available cash and the assumption of a $23.7 million first mortgage loan. The fixed rate mortgage loan that was assumed was determined to have an interest rate that was above the current market interest rate. The Company recorded a $0.4 million mortgage loan premium for the above market interest that is amortized as a reduction in interest expense through the maturity of the loan. The Company selected OLS Hotels and Resorts to manage the hotel.
	The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). The allocation of fair value for the Hotel Modera is preliminary and is subject to change in the fourth quarter of 2013 upon management's final determination of fair values for the acquired assets and liabilities.


		Embassy Suites San Diego Bay-Downtown			Redbury Hotel			Hotel Modera			Total
	Land	$	20,103		$	8,057		$	7,490		$	35,650

	Buildings and improvements	90,161			24,833			38,183			153,177

	Furniture, fixtures and equipment	6,881			1,000			1,500			9,381

	Above market rate contracts	(4,751		)	—			(395		)	(5,146		)

	Mortgage debt	(66,732		)	—			(23,716		)	(90,448		)

	In place lease assets and intangibles	66			—			355			421

	Net working capital	(12		)	(165		)	416			239

	Net assets acquired	$	45,716		$	33,725		$	23,833		$	103,274

	The following unaudited pro forma financial information presents the results of operations of the Company for the three and nine months ended September 30, 2013 and 2012 as if the hotels acquired in 2013 and 2012 were acquired on January 1, 2012 and 2011, respectively. The following hotels' pro forma results are included in the pro forma table below: Hotel Zetta (formerly Hotel Milano), Hotel Vintage Park Seattle, Hotel Vintage Plaza Portland, W Los Angeles - Westwood, Hotel Palomar San Francisco, Embassy Suites San Diego Bay-Downtown, Redbury Hotel, and Hotel Modera. The pro forma results below excluded acquisition costs of $0.3 million and $0.5 million for the three months ended September 30, 2013 and 2012, respectively, and $1.4 million and $1.3 million for the nine months ended September 30, 2013 and 2012, respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred on January 1, 2012 and 2011 or the future results of operations (in thousands, except per-share data).



		For the three months ended September 30,						For the nine months ended September 30,
		2013			2012			2013			2012
		(Unaudited)						(Unaudited)
	Total revenues	$	134,013		$	126,110		$	376,812		$	353,854

	Operating income (loss)	22,916			20,951			49,347			42,430

	Net income (loss) attributable to common shareholders	11,803			12,166			17,047			17,023

	Net income (loss) per share available to common shareholders — basic	$	0.19		$	0.2		$	0.28		$	0.27

	Net income (loss) per share available to common shareholders — diluted	$	0.19		$	0.2		$	0.27		$	0.27


	For the three and nine months ended September 30, 2013, the Company's consolidated statements of operations included $9.4 million and $18.8 million of revenues, respectively and $5.1 million and $10.2 million of hotel operating expenses, respectively, related to the operations of the Embassy Suites San Diego Bay - Downtown, Redbury Hotel, and Hotel Modera acquired in 2013.

Investment_in_Hotel_Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	Investment in Hotel Properties
	Investment in hotel properties as of September 30, 2013 and December 31, 2012 consisted of the following (in thousands):



		September 30,			December 31, 2012
		2013
	Land	$	271,936		$	236,287

	Buildings and improvements	1,317,050			1,141,347

	Furniture, fixtures and equipment	128,507			107,938

	Construction in progress	3,668			9,595

	Investment in hotel properties	$	1,721,161		$	1,495,167

	Less: Accumulated depreciation	(117,925		)	(77,938		)
	Investment in hotel properties, net	$	1,603,236		$	1,417,229

Investment_in_Joint_Venture

Investment in Joint Venture	9 Months Ended
	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	Investment in Joint Venture
	On July 29, 2011, the Company acquired a 49% interest in a joint venture (the “Manhattan Collection joint venture”), which owns six properties in New York, New York. The transaction valued the six hotels at approximately $908.0 million (subject to working capital and similar adjustments). The Company accounts for this investment using the equity method.
	On December 27, 2012, the Manhattan Collection joint venture refinanced its existing loans with a new, single $410.0 million loan, secured by five of the properties (excluding Affinia Dumont) owned by the joint venture. The new loan bears interest at an annual fixed rate of 3.67% and requires interest-only payments through maturity on January 5, 2018. In conjunction with the refinancing, the Company provided the joint venture a $50.0 million unsecured special loan which matures at the earlier of July 4, 2018, the closing of any refinancing of the secured loan or the closing date of a portfolio sale (as defined in the loan agreement). The unsecured special loan bears interest at an annual fixed rate of 9.75% and requires interest-only payments through maturity. The unsecured special loan is pre-payable by the joint venture at any time. The unsecured special loan to the joint venture is included in the investment in joint venture on the consolidated balance sheets. Interest income is recorded on the accrual basis and the Company's 49% pro-rata portion of the special loan and related interest income is eliminated.
	On April 4, 2013, the joint venture obtained a $50.0 million first mortgage loan secured by the Affinia Dumont. The loan bears interest at an annual fixed rate of 3.14% and requires interest-only payments through maturity on May 1, 2018.
	On April 10, 2013, the Company received a $23.0 million distribution from the proceeds of the Affinia Dumont debt financing. This distribution is presented as an investing activity in the Company's consolidated statements of cash flows.
	As of September 30, 2013, the joint venture reported approximately $507.6 million in total assets, which represents the basis of the hotels prior to the Company's investment. The joint venture's total liabilities and members' deficit include approximately $460.0 million in existing first mortgage debt, a $50.0 million unsecured special loan and approximately $40.0 million of preferred capital, which may be distributed to the Company's joint venture partner after October 29, 2013. The Company is not a guarantor of any existing debt of the joint venture except for limited customary carve-outs related to fraud or misapplication of funds.
	At the time of the Company’s investment, the estimated fair value of the hotel properties owned by the Manhattan Collection joint venture exceeded the carrying value. This basis difference between the Company’s investment in the joint venture and the Company’s proportionate 49% interest in these depreciable assets held by the joint venture is amortized over the estimated life of the underlying assets and recognized as a component of equity in earnings (loss) of joint venture (referred to as the basis adjustment in the table below).
	The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the three and nine months ended September 30, 2013 and 2012 are presented below (in thousands):


		For the three months ended September 30,					For the nine months ended September 30,
		2013		2012			2013			2012
	Revenues	$	43,299	$	43,843		$	121,868		$	122,273

	Total expenses	39,881		38,262			119,273			115,862

	Net income (loss)	$	3,418	$	5,581		$	2,595		$	6,411

	Company’s 49% interest of net income (loss)	1,675		2,734			1,272			3,141

	Basis adjustment	7		(582		)	(567		)	(1,505		)

	Special loan interest income elimination	602		—			1,787			—

	Equity in earnings (loss) in joint venture	$	2,284	$	2,152		$	2,492		$	1,636

Debt

Debt	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Debt	Debt
	Senior Unsecured Revolving Credit Facility
	The Company's $300.0 million credit facility provides for a $200.0 million unsecured revolving credit facility and a $100.0 million unsecured term loan. The revolving credit facility matures in July 2016, and the Company has a one-year extension option. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement up to $600.0 million, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.75% to 2.50%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.25% or 0.35% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a maximum debt service coverage ratio, a minimum fixed charge coverage ratio, and a minimum net worth. As of September 30, 2013 and December 31, 2012, the Company had no outstanding borrowings under the revolving credit facility. As of September 30, 2013, the Company was in compliance with the credit agreement debt covenants. For the three and nine months ended September 30, 2013, the Company incurred unused commitment fees of $0.2 million and $0.5 million, respectively. For the three and nine months ended September 30, 2012, the Company incurred unused commitment fees of $0.2 million and $0.7 million, respectively.
	Term Loan
	On August 13, 2012, the Company drew the entire $100.0 million unsecured term loan provided for under its amended senior credit agreement. The five-year term loan matures in July 2017 and bears interest at a variable rate, but was swapped to an effective fixed interest rate for the full five-year term (see “Derivative and Hedging Activities” below).
	Derivative and Hedging Activities
	The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. Effective August 13, 2012, the Company entered into three interest rate swap agreements with an aggregate notional amount of $100.0 million for the term loan's full five-year term, resulting in an effective fixed interest rate of 2.55% at the Company's current leverage ratio (as defined in the agreement). The Company has designated its pay-fixed, receive-floating interest rate swap derivatives as cash flow hedges.
	The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.
	As of September 30, 2013, the Company's derivative instruments are in an asset position, with an aggregate fair value of $0.9 million, which is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. For the nine months ended September 30, 2013, there was $1.2 million in unrealized gain recorded in accumulated other comprehensive income. During the three and nine months ended September 30, 2013, the Company reclassified $0.1 million and $0.4 million, respectively, from accumulated other comprehensive income to net income (loss) and is included in interest expense. During the three and nine months ended September 30, 2012, the Company reclassified $0.1 million from accumulated other comprehensive income to net income (loss). The Company expects that approximately $0.5 million will be reclassified from accumulated other comprehensive income to net income (loss) in the next 12 months.
	Mortgage Debt
	Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds.
	In conjunction with the acquisition of the Embassy Suites San Diego Bay-Downtown, the Company assumed a $66.7 million first mortgage loan secured by the property. The loan has a remaining term of three years, bears interest at an annual fixed rate of 6.28% and requires monthly principal and interest payments of $0.5 million. As the loan's interest rate was above market for loans with comparable terms, the Company recorded a loan premium of $4.8 million, which is amortized to interest expense over the remaining term of the loan.
	In conjunction with the acquisition of the Hotel Modera, the Company assumed a $23.7 million first mortgage loan secured by the property. The loan has a remaining term of three years, bears interest at an annual fixed rate of 5.26% and requires monthly principal and interest payments of $0.1 million. As the loan's interest rate was above market for loans with comparable terms, the Company recorded a loan premium of $0.4 million, which is amortized to interest expense over the remaining term of the loan.
	Debt Summary
	Debt as of September 30, 2013 and December 31, 2012 consisted of the following (dollars in thousands):


				Balance Outstanding as of
		Interest Rate	Maturity Date	September 30, 2013		December 31, 2012
	Senior unsecured revolving credit facility	Floating	Jul-16	$	—	$	—


	Term loan	Floating(1)	Jul-17	100,000		100,000


	Mortgage loans
	InterContinental Buckhead	4.88%	Jan-16	50,405		51,022

	Skamania Lodge	5.44%	Feb-16	29,925		30,252

	DoubleTree by Hilton Bethesda-Washington DC	5.28%	Feb-16	35,231		35,602

	Embassy Suites San Diego Bay-Downtown	6.28%	Jun-16	66,031		—

	Hotel Modera	5.26%	Jul-16	23,688		—

	Monaco Washington DC	4.36%	Feb-17	44,780		45,368

	Argonaut Hotel	4.25%	Mar-17	45,415		46,223

	Sofitel Philadelphia	3.90%	Jun-17	48,524		49,419

	Hotel Palomar San Francisco	5.94%	Sep-17	26,885		27,124

	The Westin San Diego Gaslamp Quarter	3.69%	Jan-20	79,693		81,000

	Mortgage loans at stated value			450,577		366,010

	Mortgage loan premiums (2)			6,270		2,498

	Total mortgage loans			$	456,847	$	368,508

	Total debt			$	556,847	$	468,508


	________________________
	(1) The Company entered into interest rate swaps to effectively fix the interest rate at 2.55% for the full five-year term, based on its current leverage ratio.
	(2) Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of September 30, 2013 and the Hotel Palomar San Francisco as of December 31, 2012.
	The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s mortgage debt as of September 30, 2013 and December 31, 2012 was $466.4 million and $372.3 million, respectively.
	The Company was in compliance with all debt covenants as of September 30, 2013.

Equity

Equity	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]
EQUITY	Equity
	Common Shares
	The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company’s board of trustees.
	For the nine months ended September 30, 2013, the Company issued 171,893 common shares at an average price of $28.09 per share under its $170.0 million at-the-market offering ("ATM") program and raised $4.8 million, net of commissions. As of September 30, 2013, $165.2 million of common shares remained available for issuance under the ATM program.
	Common Dividends
	The Company declared the following dividends on common shares/units for the nine months ended September 30, 2013:



	Dividend per				For the quarter	Record Date	Payable Date
	Share/Unit				ended
	$	0.16			March 31, 2013	April 1, 2013	April 15, 2013

	$	0.16			June 30, 2013	July 1, 2013	July 15, 2013

	$	0.16			September 30, 2013	September 30, 2013	October 15, 2013

	Preferred Shares
	The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”).
	On March 18, 2013, the Company issued 3,600,000 shares of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") at a public offering price of $25.00 per share, for a total of $87.1 million of net proceeds, after deducting the underwriting discount and other offering-related costs.
	On April 12, 2013, the Company issued an additional 400,000 shares of its Series C Preferred Shares at a public offering price of $25.00 per share, for a total of $9.6 million of proceeds, after deducting the underwriting discount and other offering-related costs.
	As of September 30, 2013, the Company had 5,600,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares"), 3,400,000 shares of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") and 4,000,000 shares of its 6.50% Series C Preferred Shares outstanding. As of December 31, 2012, the Company had 5,600,000 shares of its 7.875% Series A Preferred Shares and 3,400,000 shares of its 8.00% Series B Preferred Shares outstanding.
	The Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares of beneficial interest and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company may not redeem the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares prior to March 11, 2016, September 21, 2016, and March 18, 2018, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. After those dates, the Company may, at its option, redeem the Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series A Preferred Share is 2.3234 common shares, each Series B Preferred Share is 3.4483 common shares, and each Series C Preferred Share is 2.0325 common shares.
	Preferred Dividends
	The Company declared the following dividends on preferred shares for the nine months ended September 30, 2013:



	Security Type		Dividend per			For the quarter	Record Date	Payable Date
			Share/Unit			ended
	7.875% Series A		$	0.49		March 31, 2013	April 1, 2013	15-Apr-13

	7.875% Series A		$	0.49		June 30, 2013	July 1, 2013	July 15, 2013

	7.875% Series A		$	0.49		September 30, 2013	September 30, 2013	October 15, 2013

	8.00% Series B		$	0.5		March 31, 2013	April 1, 2013	15-Apr-13

	8.00% Series B		$	0.5		June 30, 2013	July 1, 2013	July 15, 2013

	8.00% Series B		$	0.5		September 30, 2013	September 30, 2013	October 15, 2013

	6.50% Series C		$	0.12		March 31, 2013	April 1, 2013	April 15, 2013

	6.50% Series C		$	0.41		June 30, 2013	July 1, 2013	15-Jul-13

	6.50% Series C		$	0.41		September 30, 2013	September 30, 2013	15-Oct-13


	Non-controlling Interest of Common Units in Operating Partnership
	Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.
	As of September 30, 2013 and December 31, 2012, the Operating Partnership had 381,109 long-term incentive partnership units (“LTIP units”) outstanding, all of which have reached parity with other common Operating Partnership units. As of September 30, 2013, of the 381,109 LTIP units outstanding, 9,470 units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above.

ShareBased_Compensation_Plan

Share-Based Compensation Plan	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION PLAN	Share-Based Compensation Plan
	The Company maintains the 2009 Equity Incentive Plan, as amended (the "Plan") to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan generally vest over three to five years. The Company pays dividends on unvested restricted shares. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of September 30, 2013, there were 987,480 common shares available for issuance under the Plan.
	Service Condition Share Awards
	The following table provides a summary of service condition restricted share activity as of September 30, 2013:



		Shares		Weighted-Average
				Grant Date
				Fair Value
	Unvested at January 1, 2013	128,622		$	22.19

	Granted	59,245		$	24.74

	Vested	(65,192	)	$	21.96

	Forfeited	—		$	—

	Unvested at September 30, 2013	122,675		$	23.65

	The fair value of each restricted share award is determined based on the closing price of the Company’s common shares on the grant date. For the three and nine months ended September 30, 2013, the Company recognized approximately $0.4 million and $1.2 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. For the three and nine months ended September 30, 2012, the Company recognized approximately $0.4 million and $1.1 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of September 30, 2013, there was $1.9 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.1 years.
	Performance-Based Equity Awards
	Performance-based equity awards granted to officers and employees cliff vest after three years if certain performance measurements are met. These awards also require continued employment and are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements.
	The performance measurements include share price and operating metrics which consist of (1) the Company's total shareholder return relative to the total shareholder return of seven companies in a designated peer group ("Relative TSR"); (2) the Company's total shareholder return to established total shareholder return thresholds ("Absolute TSR"); and (3) the change in the gap between the Company's hotel-level earnings before interest, taxes, depreciation and amortization ("Hotel EBITDA") margin compared to that of a peer company. Dividends accumulate over the vesting period and are paid to the grantee once the number of vested shares is determined.
	The Relative TSR and Absolute TSR measurements each represent 30% of the award and the Hotel EBITDA margin measurement represents 40% of the award. The Relative TSR and Absolute TSR measurements are market conditions and the Hotel EBITDA measurement is a performance condition as market and performance conditions are defined in ASC Topic 718.
	On January 30, 2013, the Board of Trustees approved a target award of 60,365 performance-based equity awards to certain officers of the Company (“officer awards”) and approved a target award of 11,753 performance-based equity awards to employees of the Company (“employee awards”). The actual number of common shares that ultimately vest will be determined in 2016 based on certain share price and operating performance metrics for the period from January 1, 2013 through December 31, 2015. The officer awards are subject to a maximum award cap; however, there is no maximum or cap of the number of shares which may vest on the employee awards. The fair values of the market conditions were determined using a Monte Carlo simulation method performed by a third-party valuation firm. The assumptions for determining the fair value of the Relative TSR and Absolute TSR components included: risk-free interest rate of 0.41%, dividend yield of 2.2%, and expected volatility of 31%. The simulations also considered the actual TSR performance of the Company's shares and the share performance of the peer group. The grant date fair value of the Relative TSR component was $9.53 per target share and the grant date fair value of the Absolute TSR component was $7.46 per target share. The grant date fair value of the Hotel EBITDA component was $24.74 and was determined based on the closing share price on the date of grant. Compensation expense on the Hotel EBITDA component will be reassessed at each reporting date to determine whether achievement of the target performance condition is probable, and the accrual of compensation expense will be adjusted as appropriate. The grant date fair value of the officer and employee awards, based upon the estimated number of shares (the target awards) that are expected to vest, was $1.9 million.
	The Company recognizes compensation expense on a straight-line basis through the vesting date. As of September 30, 2013, there was approximately $3.1 million of unrecognized compensation expense related to performance-based awards which will be recognized over the weighted-average remaining vesting period of 1.7 years. For the three and nine months ended September 30, 2013, the Company recognized $0.6 million and $1.5 million, respectively, in expense related to these awards. For the three and nine months ended September 30, 2012, the Company recognized $0.2 million and $0.4 million, respectively, in expense related to these awards.
	Long-Term Incentive Partnership Units
	LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Company’s Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership.
	As of September 30, 2013, the Company had 381,109 LTIP units outstanding, all of which were held by officers of the Company. These LTIP units vest ratably on each of the first five anniversaries of their dates of grant. All LTIP units will vest upon a change in control. The LTIP units were valued at $8.50 per LTIP unit at the date of grant using a Monte Carlo simulation method model. As of September 30, 2013, of the 381,109 units outstanding, 9,470 LTIP units have vested.
	The Company recognized $0.4 million and $1.2 million in share-based compensation expense related to the LTIP units for the three and nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, there was $1.9 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.3 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes

	The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL’s income tax expense (benefit) for the nine months ended September 30, 2013 using an estimated combined federal and state statutory tax rate of 41.0%.

	The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of September 30, 2013 and December 31, 2012, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2009.

Earnings_per_Common_Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	Earnings per Common Share
	The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):


		For the three months ended September 30,						For the nine months ended September 30,
		2013			2012			2013			2012
	Numerator:
	Net income (loss) attributable to common shareholders	$	11,315		$	7,462		$	15,129		$	5,622

	Less: dividends paid on unvested share-based compensation	(81		)	(83		)	(242		)	(249		)
	Undistributed earnings attributable to share-based compensation	(11		)	—			—			—

	Net income (loss) available to common shareholders	$	11,223		$	7,379		$	14,887		$	5,373

	Denominator:
	Weighted-average number of common shares — basic	61,179,524			58,714,055			61,086,834			54,227,155

	Effect of dilutive share-based compensation	168,339			46,279			192,418			87,314

	Weighted-average number of common shares — diluted	61,347,863			58,760,334			61,279,252			54,314,469


	Net income (loss) per share available to common shareholders — basic	$	0.18		$	0.13		$	0.24		$	0.1

	Net income (loss) per share available to common shareholders — diluted	$	0.18		$	0.13		$	0.24		$	0.1

	The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive at net income (loss) available to common shareholders.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies
	Management Agreements
	The Company’s hotel properties are operated pursuant to management agreements with various management companies. The initial terms of these management agreements range from five years to 20 years, not including renewals, and five years to 40 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to six times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement.
	The management agreements require the payment of a base management fee generally between 1% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Combined base and incentive management fees were $4.2 million and $11.4 million for the three and nine months ended September 30, 2013, respectively, and $3.3 million and $8.0 million for the three and nine months ended September 30, 2012, respectively.
	Reserve Funds
	Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment.
	Restricted Cash
	At September 30, 2013 and December 31, 2012, the Company had $15.9 million and $12.0 million, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or lender requirements.
	Ground Leases
	The Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark.
	The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $1.2 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark.

	The Hotel Palomar San Francisco is subject to a long-term hotel lease for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097. The hotel is required to pay an annual base rent payment and a percentage rent payment, which is based on gross hotel and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement.
	Litigation
	The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company may obtain insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental_Information_to_St

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	Supplemental Information to Statements of Cash Flows



		For the nine months ended September 30,
		2013		2012
		(in thousands)
	Interest paid, net of capitalized interest	$	17,242	$	9,438

	Interest capitalized	$	206	$	—

	Income taxes paid	$	1,420	$	1,329

	Non-Cash Investing and Financing Activities:
	Distributions payable on common shares/units	$	10,068	$	7,396

	Distributions payable on preferred shares	$	5,203	$	3,813

	Issuance of common shares for board of trustees compensation	$	207	$	199

	Mortgage loan assumed in connection with acquisition	$	90,448	$	—

	Above market rate contracts assumed in connection with acquisition	$	5,146	$	—

	Deposit applied to purchase price of acquisition	$	4,000	$	—

	Accrued additions and improvements to hotel properties	$	1,308	$	537

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method.
Use of Estimates	Use of Estimates
	The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements	Fair Value Measurements
	A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:


	1	Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

	2	Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable.

	3	Level 3 – Model-derived valuations with unobservable inputs.

	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
	The Company's financial instruments include cash and cash equivalents, restricted cash, interest rate swap derivatives, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties
	Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangement terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information.
	Acquisition costs are expensed as incurred.
	Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.
	Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations.
	The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.
	The Company will classify a hotel as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If these criteria are met and if the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss and will cease recording depreciation expense. The Company will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Revenue Recognition	Revenue Recognition
	Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations.
Income Taxes	Income Taxes
	To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation
	The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term, and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share	Earnings Per Share
	Basic earnings per share (“EPS”) is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Acquisition_of_Hotel_Propertie1

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). The allocation of fair value for the Hotel Modera is preliminary and is subject to change in the fourth quarter of 2013 upon management's final determination of fair values for the acquired assets and liabilities.


		Embassy Suites San Diego Bay-Downtown			Redbury Hotel			Hotel Modera			Total
	Land	$	20,103		$	8,057		$	7,490		$	35,650

	Buildings and improvements	90,161			24,833			38,183			153,177

	Furniture, fixtures and equipment	6,881			1,000			1,500			9,381

	Above market rate contracts	(4,751		)	—			(395		)	(5,146		)

	Mortgage debt	(66,732		)	—			(23,716		)	(90,448		)

	In place lease assets and intangibles	66			—			355			421

	Net working capital	(12		)	(165		)	416			239

	Net assets acquired	$	45,716		$	33,725		$	23,833		$	103,274

Business acquisition, unaudited proforma information	The following unaudited pro forma financial information presents the results of operations of the Company for the three and nine months ended September 30, 2013 and 2012 as if the hotels acquired in 2013 and 2012 were acquired on January 1, 2012 and 2011, respectively. The following hotels' pro forma results are included in the pro forma table below: Hotel Zetta (formerly Hotel Milano), Hotel Vintage Park Seattle, Hotel Vintage Plaza Portland, W Los Angeles - Westwood, Hotel Palomar San Francisco, Embassy Suites San Diego Bay-Downtown, Redbury Hotel, and Hotel Modera. The pro forma results below excluded acquisition costs of $0.3 million and $0.5 million for the three months ended September 30, 2013 and 2012, respectively, and $1.4 million and $1.3 million for the nine months ended September 30, 2013 and 2012, respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred on January 1, 2012 and 2011 or the future results of operations (in thousands, except per-share data).



		For the three months ended September 30,						For the nine months ended September 30,
		2013			2012			2013			2012
		(Unaudited)						(Unaudited)
	Total revenues	$	134,013		$	126,110		$	376,812		$	353,854

	Operating income (loss)	22,916			20,951			49,347			42,430

	Net income (loss) attributable to common shareholders	11,803			12,166			17,047			17,023

	Net income (loss) per share available to common shareholders — basic	$	0.19		$	0.2		$	0.28		$	0.27

	Net income (loss) per share available to common shareholders — diluted	$	0.19		$	0.2		$	0.27		$	0.27


	For the three and nine months ended September 30, 2013, the Company's consolidated statements of operations included $9.4 million and $18.8 million of revenues, respectively and $5.1 million and $10.2 million of hotel operating expenses, respectively, related to the operations of the Embassy Suites San Diego Bay - Downtown, Redbury Hotel, and Hotel Modera acquired in 2013.

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of September 30, 2013 and December 31, 2012 consisted of the following (in thousands):



		September 30,			December 31, 2012
		2013
	Land	$	271,936		$	236,287

	Buildings and improvements	1,317,050			1,141,347

	Furniture, fixtures and equipment	128,507			107,938

	Construction in progress	3,668			9,595

	Investment in hotel properties	$	1,721,161		$	1,495,167

	Less: Accumulated depreciation	(117,925		)	(77,938		)
	Investment in hotel properties, net	$	1,603,236		$	1,417,229

Investment_in_Joint_Venture_Ta

Investment in Joint Venture (Tables)	9 Months Ended
	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]
Summarized results of operations of investment in the Manhattan Collection joint venture	The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the three and nine months ended September 30, 2013 and 2012 are presented below (in thousands):


		For the three months ended September 30,					For the nine months ended September 30,
		2013		2012			2013			2012
	Revenues	$	43,299	$	43,843		$	121,868		$	122,273

	Total expenses	39,881		38,262			119,273			115,862

	Net income (loss)	$	3,418	$	5,581		$	2,595		$	6,411

	Company’s 49% interest of net income (loss)	1,675		2,734			1,272			3,141

	Basis adjustment	7		(582		)	(567		)	(1,505		)

	Special loan interest income elimination	602		—			1,787			—

	Equity in earnings (loss) in joint venture	$	2,284	$	2,152		$	2,492		$	1,636

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Mortgage debt	Debt as of September 30, 2013 and December 31, 2012 consisted of the following (dollars in thousands):


				Balance Outstanding as of
		Interest Rate	Maturity Date	September 30, 2013		December 31, 2012
	Senior unsecured revolving credit facility	Floating	Jul-16	$	—	$	—


	Term loan	Floating(1)	Jul-17	100,000		100,000


	Mortgage loans
	InterContinental Buckhead	4.88%	Jan-16	50,405		51,022

	Skamania Lodge	5.44%	Feb-16	29,925		30,252

	DoubleTree by Hilton Bethesda-Washington DC	5.28%	Feb-16	35,231		35,602

	Embassy Suites San Diego Bay-Downtown	6.28%	Jun-16	66,031		—

	Hotel Modera	5.26%	Jul-16	23,688		—

	Monaco Washington DC	4.36%	Feb-17	44,780		45,368

	Argonaut Hotel	4.25%	Mar-17	45,415		46,223

	Sofitel Philadelphia	3.90%	Jun-17	48,524		49,419

	Hotel Palomar San Francisco	5.94%	Sep-17	26,885		27,124

	The Westin San Diego Gaslamp Quarter	3.69%	Jan-20	79,693		81,000

	Mortgage loans at stated value			450,577		366,010

	Mortgage loan premiums (2)			6,270		2,498

	Total mortgage loans			$	456,847	$	368,508

	Total debt			$	556,847	$	468,508

Equity_Tables

Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the nine months ended September 30, 2013:



	Dividend per				For the quarter	Record Date	Payable Date
	Share/Unit				ended
	$	0.16			March 31, 2013	April 1, 2013	April 15, 2013

	$	0.16			June 30, 2013	July 1, 2013	July 15, 2013

	$	0.16			September 30, 2013	September 30, 2013	October 15, 2013

Dividends on preferred shares/units	The Company declared the following dividends on preferred shares for the nine months ended September 30, 2013:



	Security Type		Dividend per			For the quarter	Record Date	Payable Date
			Share/Unit			ended
	7.875% Series A		$	0.49		March 31, 2013	April 1, 2013	15-Apr-13

	7.875% Series A		$	0.49		June 30, 2013	July 1, 2013	July 15, 2013

	7.875% Series A		$	0.49		September 30, 2013	September 30, 2013	October 15, 2013

	8.00% Series B		$	0.5		March 31, 2013	April 1, 2013	15-Apr-13

	8.00% Series B		$	0.5		June 30, 2013	July 1, 2013	July 15, 2013

	8.00% Series B		$	0.5		September 30, 2013	September 30, 2013	October 15, 2013

	6.50% Series C		$	0.12		March 31, 2013	April 1, 2013	April 15, 2013

	6.50% Series C		$	0.41		June 30, 2013	July 1, 2013	15-Jul-13

	6.50% Series C		$	0.41		September 30, 2013	September 30, 2013	15-Oct-13

ShareBased_Compensation_Plan_T

Share-Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted share activity	The following table provides a summary of service condition restricted share activity as of September 30, 2013:



		Shares		Weighted-Average
				Grant Date
				Fair Value
	Unvested at January 1, 2013	128,622		$	22.19

	Granted	59,245		$	24.74

	Vested	(65,192	)	$	21.96

	Forfeited	—		$	—

	Unvested at September 30, 2013	122,675		$	23.65

Earnings_per_Common_Share_Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per common share	The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):


		For the three months ended September 30,						For the nine months ended September 30,
		2013			2012			2013			2012
	Numerator:
	Net income (loss) attributable to common shareholders	$	11,315		$	7,462		$	15,129		$	5,622

	Less: dividends paid on unvested share-based compensation	(81		)	(83		)	(242		)	(249		)
	Undistributed earnings attributable to share-based compensation	(11		)	—			—			—

	Net income (loss) available to common shareholders	$	11,223		$	7,379		$	14,887		$	5,373

	Denominator:
	Weighted-average number of common shares — basic	61,179,524			58,714,055			61,086,834			54,227,155

	Effect of dilutive share-based compensation	168,339			46,279			192,418			87,314

	Weighted-average number of common shares — diluted	61,347,863			58,760,334			61,279,252			54,314,469


	Net income (loss) per share available to common shareholders — basic	$	0.18		$	0.13		$	0.24		$	0.1

	Net income (loss) per share available to common shareholders — diluted	$	0.18		$	0.13		$	0.24		$	0.1

Supplemental_Information_to_St1

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows

		For the nine months ended September 30,
		2013		2012
		(in thousands)
	Interest paid, net of capitalized interest	$	17,242	$	9,438

	Interest capitalized	$	206	$	—

	Income taxes paid	$	1,420	$	1,329

	Non-Cash Investing and Financing Activities:
	Distributions payable on common shares/units	$	10,068	$	7,396

	Distributions payable on preferred shares	$	5,203	$	3,813

	Issuance of common shares for board of trustees compensation	$	207	$	199

	Mortgage loan assumed in connection with acquisition	$	90,448	$	—

	Above market rate contracts assumed in connection with acquisition	$	5,146	$	—

	Deposit applied to purchase price of acquisition	$	4,000	$	—

	Accrued additions and improvements to hotel properties	$	1,308	$	537

Organization_Details

Organization (Details)	Sep. 30, 2013	Jul. 29, 2011
	GuestRooms	properties
	properties
Organization (Textual) [Abstract]
Number of hotels owned by the company	28
Number of wholly owned real estate properties	22
Total number of guest rooms	5,191
Percentage of Operating Partnership units owned by company	99.40%
Percentage of Operating Partnership units owned by other limited partners	0.60%
Manhattan Collection Joint Venture [Member]
Organization (Textual) [Abstract]
Number of hotels owned by the company	6	6
Equity interest issued in a joint venture	49.00%	49.00%
Number of guest rooms in joint ventured real estate properties	1,733

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2013
Summary of Significant Accounting Policies (Textual) [Abstract]
Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust	90.00%
Minimum [Member] \| Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Minimum [Member] \| Furniture Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	1 year
Maximum [Member] \| Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Maximum [Member] \| Furniture Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years

Acquisition_of_Hotel_Propertie2

Acquisition of Hotel Properties (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Jan. 29, 2013	Jan. 29, 2013	Jan. 29, 2013	Jan. 29, 2013	Aug. 08, 2013	Aug. 08, 2013	Aug. 08, 2013	Aug. 08, 2013	Aug. 28, 2013	Aug. 28, 2013	Aug. 28, 2013	Aug. 28, 2013
					Land [Member]	Buildings and improvements [Member]	Furniture, fixtures and equipment [Member]	Embassy Suites San Diego [Member]	Embassy Suites San Diego [Member]	Embassy Suites San Diego [Member]	Embassy Suites San Diego [Member]	Redbury Hotel [Member]	Redbury Hotel [Member]	Redbury Hotel [Member]	Redbury Hotel [Member]	Hotel Modera [Member]	Hotel Modera [Member]	Hotel Modera [Member]	Hotel Modera [Member]
									Land [Member]	Buildings and improvements [Member]	Furniture, fixtures and equipment [Member]		Land [Member]	Buildings and improvements [Member]	Furniture, fixtures and equipment [Member]		Land [Member]	Buildings and improvements [Member]	Furniture, fixtures and equipment [Member]
Real Estate Properties [Line Items]
Proforma adjustment - Acquisition Costs	$300,000	$500,000	$1,400,000	$1,300,000
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract]
Property, plant and equipment					35,650,000	153,177,000	9,381,000		20,103,000	90,161,000	6,881,000		8,057,000	24,833,000	1,000,000		7,490,000	38,183,000	1,500,000
Above market rate contracts	-5,146,000		-5,146,000					-4,751,000				0				-395,000
Mortgage debt	-90,448,000		-90,448,000					-66,732,000				0				-23,716,000
In place lease assets and intangibles	421,000		421,000					66,000				0				355,000
Net working capital	239,000		239,000					-12,000				-165,000				416,000
Net assets acquired	103,274,000		103,274,000					45,716,000				33,725,000				23,833,000
Business acquisition, unaudited proforma information
Total revenues	134,013,000	126,110,000	376,812,000	353,854,000
Operating income (loss)	22,916,000	20,951,000	49,347,000	42,430,000
Net income (loss) attributable to common shareholders	$11,803,000	$12,166,000	$17,047,000	$17,023,000
Net income (loss) per share attributable to common shareholders - basic	$0.19	$0.20	$0.28	$0.27
Net income (loss) per share available to common shareholders b diluted	$0.19	$0.20	$0.27	$0.27

Acquisition_of_Hotel_Propertie3

Acquisition of Hotel Properties (Details Textual) (USD $)	3 Months Ended			9 Months Ended					0 Months Ended
	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012		Jan. 29, 2013	Aug. 08, 2013	Aug. 28, 2013
	GuestRooms			GuestRooms					Embassy Suites San Diego [Member]	Redbury Hotel [Member]	Hotel Modera [Member]
									GuestRooms	GuestRooms	GuestRooms
Business Acquisition [Line Items]
Number Of Guest Rooms	5,191			5,191					337	57	174
Acquisition price									$112,500,000	$34,000,000	$47,500,000
Proforma adjustment - Acquisition Costs	300,000		500,000	1,400,000		1,300,000
Acquisition, cash paid									45,800,000		23,800,000
Loans Assumed				90,448,000		0			66,700,000		23,700,000
Mortgage loan premium	6,270,000	[1]		6,270,000	[1]		2,498,000	[1]	4,800,000		400,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	9,400,000			18,800,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$5,100,000			$10,200,000

[1]	Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of September 30, 2013 and the Hotel Palomar San Francisco as of December 31, 2012.

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Investment in hotel properties
Land	$271,936	$236,287
Buildings and improvements	1,317,050	1,141,347
Furniture, fixtures and equipment	128,507	107,938
Construction in progress	3,668	9,595
Investment in hotel properties	1,721,161	1,495,167
Less: Accumulated depreciation	-117,925	-77,938
Investment in hotel properties, net	$1,603,236	$1,417,229

Investment_in_Joint_Venture_De

Investment in Joint Venture (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Summarized results of operations of investment in the Manhattan Collection joint venture
Equity in earnings (loss) in joint venture	$2,284	$2,152	$2,492	$1,636
Manhattan Collection Joint Venture [Member]
Summarized results of operations of investment in the Manhattan Collection joint venture
Revenues	43,299	43,843	121,868	122,273
Total expenses	39,881	38,262	119,273	115,862
Net income (loss)	3,418	5,581	2,595	6,411
Company's 49% interest of net income (loss)	1,675	2,734	1,272	3,141
Basis adjustment	7	-582	-567	-1,505
Special loan interest income elimination	602	0	1,787	0
Equity in earnings (loss) in joint venture	$2,284	$2,152	$2,492	$1,636

Investment_in_Joint_Venture_De1

Investment in Joint Venture (Details Textual) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Jul. 29, 2011	Apr. 11, 2013	Dec. 28, 2012	Sep. 30, 2013	Dec. 27, 2012	Jul. 29, 2011	Dec. 27, 2012	Apr. 04, 2013
	properties			Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	First Mortgage [Member]	Second Mortgage [Member]
						properties		properties	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]
Investment in Joint Venture (Textual) [Abstract]
Equity interest issued in a joint venture						49.00%		49.00%
Number of properties owned	28					6		6
Transaction Values Of Investment In Joint Venture			$908,000,000
Debt Instrument, Face Amount	450,577,000	366,010,000							410,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage									3.67%	3.14%
Related Party Transaction, Rate					9.75%
Proceeds from Equity Method Investment, Dividends or Distributions				23,000,000
Due to Affiliate							50,000,000
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets						507,600,000
Total liabilities and members' deficit - existing first mortgage debt						460,000,000
Total liabilities and members' deficit - unsecured special loan						50,000,000
Total liabilities and members' deficit - preferred capital						$40,000,000

Debt_Details

Debt (Details) (USD $)

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Jan. 29, 2013

Sep. 30, 2013

Aug. 28, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Inter Continental Buckhead Hotel [Member]

Skamania Lodge [Member]

Double Tree By Hilton Bethesda Washington Dc [Member]

Embassy Suites San Diego [Member]

Hotel Modera [Member]

Monaco Washington D C [Member]

Argonaut Hotel [Member]

Sofitel Philadelphia [Member]

Hotel Palomar San Francisco [Member]

Westin Gaslamp Quarter [Member]

Term Loan [Member]

First Mortgage [Member]

Mortgage Loans on Real Estate [Line Items]

Line of Credit Facility, Expiration Date

31-Jul-16

Long-term Line of Credit

Term loan

100,000

Mortgage debt

Interest Rate

4.88%

5.44%

5.28%

6.28%

5.26%

4.36%

4.25%

3.90%

5.94%

3.69%

Debt Instrument, Maturity Date

1-Jan-16

1-Feb-16

5-Jun-16

6-Jul-16

1-Feb-17

1-Mar-17

1-Jun-17

1-Sep-17

1-Jan-20

1-Jul-17

Mortgage debt

456,847

368,508

50,405

51,022

29,925

30,252

35,231

35,602

66,031

23,688

44,780

45,368

45,415

46,223

48,524

49,419

26,885

27,124

79,693

81,000

Debt Instrument, Face Amount

450,577

366,010

Mortgage loan premium

6,270

[1]

2,498

[1]

4,800

400

Total debt

$556,847

$468,508

[1]

Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of September 30, 2013 and the Hotel Palomar San Francisco as of December 31, 2012.

Debt_Details_Textual

Debt (Details Textual) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Aug. 13, 2012

Sep. 30, 2013

Minimum [Member]

Maximum [Member]

Revolving facility [Member]

Term Loan [Member]

Line of Credit Facility [Line Items]

Senior unsecured revolving credit facility

$300,000,000

$200,000,000

$100,000,000

Credit facility maturity date

31-Jul-16

Credit facility maturity extension option

1 year

Line of Credit Facility, Maximum Borrowing Capacity

600,000,000

Credit facility borrowings LIBOR rate plus

1.75%

2.50%

Annual rate of unused commitment fee

0.25%

0.35%

Outstanding borrowings under the credit facility

Unused commitment fees

200,000

500,000

700,000

Notional Amount of Interest Rate Cash Flow Hedge Derivatives

100,000,000

Debt Instrument, Interest Rate, Stated Percentage

2.55%

Derivative Asset, Fair Value, Gross Asset

900,000

Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax

1,200,000

Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax

100,000

400,000

100,000

Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred

$500,000

Debt_Details_Textual_1

Debt (Details Textual 1) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Jan. 29, 2013

Sep. 30, 2013

Aug. 28, 2013

Sep. 30, 2013

Embassy Suites San Diego [Member]

Hotel Modera [Member]

First Mortgage [Member]

Mortgage Loans on Real Estate [Line Items]

Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax

$100,000

$400,000

$100,000

Loans Assumed

90,448,000

66,700,000

23,700,000

Term of mortgage loan

3 years

Interest Rate

6.28%

5.26%

Debt instrument, monthly principal and interest payments

500,000

100,000

Mortgage loan premium

6,270,000

[1]

6,270,000

[1]

2,498,000

[1]

4,800,000

400,000

Estimated fair value of debt

$466,400,000

$372,300,000

[1]

Equity_Details

Equity (Details) (Common Shares [Member], USD $)	3 Months Ended
Equity (Details) (Common Shares [Member], USD $)	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
Common Shares [Member]
Dividends on common shares/units
Dividend per Share/Unit	$0.16	$0.16	$0.16
Record Date	30-Sep-13	1-Jul-13	1-Apr-13
Payable Date	15-Oct-13	15-Jul-13	15-Apr-13

Equity_Details_1

Equity (Details 1) (USD $)	3 Months Ended
Equity (Details 1) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
7.875% Series A [Member]
Dividends on preferred shares/units
Dividend per Share/Unit	$0.49	$0.49	$0.49
Record Date	30-Sep-13	1-Jul-13	1-Apr-13
Payable Date	15-Oct-13	15-Jul-13	15-Apr-13
8.00% Series B [Member]
Dividends on preferred shares/units
Dividend per Share/Unit	$0.50	$0.50	$0.50
Record Date	30-Sep-13	1-Jul-13	1-Apr-13
Payable Date	15-Oct-13	15-Jul-13	15-Apr-13
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share/Unit	$0.41	$0.41	$0.12
Record Date	30-Sep-13	1-Jul-13	1-Apr-13
Payable Date	15-Oct-13	15-Jul-13	15-Apr-13

Equity_Details_Textual

Equity (Details Textual) (USD $)	9 Months Ended			0 Months Ended		9 Months Ended		12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Apr. 12, 2013	Mar. 18, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	6.50% Series C [Member]	6.50% Series C [Member]	6.50% Series C [Member]	7.875% Series A [Member]	7.875% Series A [Member]	8.00% Series B [Member]	8.00% Series B [Member]	ATMProgram [Member]
Common Stock Disclosures [Abstract]
Common shares of beneficial interest, shares authorized	500,000,000		500,000,000
Common shares of beneficial interest, par value	$0.01		$0.01
Sept 2012 Shelf Registration Stmt Maximum Amount											$165,200,000
Preferred Stock Disclosures [Abstract]
Preferred shares of beneficial interest, shares authorized	100,000,000		100,000,000
Preferred shares of beneficial interest, par value	$0.01		$0.01
Issuance of shares, net of offering costs, Shares				400,000	3,600,000						171,893
Preferred Stock, Dividend Rate, Percentage						6.50%	7.88%	7.88%	8.00%	8.00%
Preferred shares issued, net of commissions (per share)				$25	$25
Preferred Stock, Shares Outstanding	13,000,000		9,000,000			4,000,000	5,600,000	5,600,000	3,400,000	3,400,000
Preferred shares of beneficial interest, redemption price per share	$25
Share cap on each preferred shares						2.0325	2.3234		3.4483
Stock Issued During Period, Value Per Share, New Issues											$28.09
Proceeds from Issuance of Common Stock	4,829,000	218,054,000									4,800,000
LTIP Units Disclosures [Abstract]
Operating Partnership outstanding	381,109		381,109
LTIP units, vested	9,470
Net proceeds from issuance of preferred shares				9,600,000	87,100,000
Sept 2012 Shelf Registration Stmt Maximum Amount											$170,000,000

ShareBased_Compensation_Plan_D

Share-Based Compensation Plan (Details) (Restricted Stock [Member], USD $)	9 Months Ended
	Sep. 30, 2013
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance	128,622
Unvested weighted average grant date fair value, beginning balance	$22.19
Unvested shares, Granted	59,245
Granted, weighted average grant date fair value	$24.74
Vested, shares	-65,192
Vested, weighted average grant date fair value	$21.96
Forfeited, shares	0
Forfeited, weighted average grant date fair value	$0
Unvested shares, Ending balance	122,675
Unvested weighted average grant date fair value, ending balance	$23.65

ShareBased_Compensation_Plan_D1

Share-Based Compensation Plan (Details Textual) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Jan. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jan. 30, 2013

Sep. 30, 2013

Jan. 30, 2013

Sep. 30, 2013

Jan. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

In Millions, except Share data, unless otherwise specified

Restricted Stock [Member]

Performance Shares [Member]

Long Term Incentive Partnership Units [Member]

Minimum [Member]

Maximum [Member]

company

Officer Awards [Member]

Employee Awards [Member]

Relative TSR [Member]

Hotel EBITDA [Member]

Absolute TSR [Member]

Maximum [Member]

Officer Awards [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

3 years

5 years

3 years

Number of common shares available for issuance under the 2009 Equity Incentive Plan

987,480

Share-based compensation expense

$0.40

$1.20

$1.10

$0.60

$0.20

$1.50

$0.40

$1.20

Total unrecognized compensation cost

1.9

3.1

1.9

Weighted average remaining vesting period (in years)

2 years 1 month

1 year 8 months

1 year 4 months

Number of Companies in Designated Peer Group

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Weight Of Performance Metric To Total Grant

30.00%

40.00%

Share-based equity award grant

59,245

60,365

11,753

Risk-free interest rate

0.41%

Dividend yield

2.20%

Expected volatility

31.00%

Granted, weighted average grant date fair value

$24.74

$9.53

$24.74

$7.46

Grant date fair value of performance-based equity awards

$1.90

Operating Partnership outstanding

381,109

Value of LTIP grants per share

$8.50

LTIP units, vested

9,470

Income_Taxes_Details

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2013
Income Tax (Textual) [Abstract]
Estimated combined federal and state statutory tax rate	41.00%

Earnings_per_Common_Share_Deta

Earnings per Common Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Numerator:
Net income (loss) attributable to common shareholders	$11,315	$7,462	$15,129	$5,622
Less: dividends paid on unvested share-based compensation	-81	-83	-242	-249
Undistributed earnings attributable to share-based compensation	-11	0	0	0
Net income (loss) available to common shareholders	$11,223	$7,379	$14,887	$5,373
Denominator:
Weighted-average number of common shares-basic	61,179,524	58,714,055	61,086,834	54,227,155
Effect of dilutive share-based compensation	168,339	46,279	192,418	87,314
Weighted-average number of common shares-diluted	61,347,863	58,760,334	61,279,252	54,314,469
Net income (loss) per share available to common shareholders-basic	$0.18	$0.13	$0.24	$0.10
Net income (loss) per share available to common shareholders-diluted	$0.18	$0.13	$0.24	$0.10

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details Textual) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Management Agreements [Line Items]
Combined base and incentive management fees	$4,200,000	$3,300,000	$11,400,000	$8,000,000
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue			4.00%
Restricted cash	15,930,000		15,930,000		12,034,000
Minimum [Member]
Management Agreements [Line Items]
Terms of management agreements not including renewals			5 years
Terms of management agreements including renewals			5 years
Termination fees range			0
Base management fee from hotel revenues			1.00%
Maximum [Member]
Management Agreements [Line Items]
Terms of management agreements not including renewals			20 years
Terms of management agreements including renewals			40 years
Termination fees range			6
Base management fee from hotel revenues			4.00%
Monaco Washington D C [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2059
Base rent			200,000
Argonaut Hotel [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2059
Base rent			$1,200,000
Hotel Palomar San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2097

Supplemental_Information_to_St2

Supplemental Information to Statements of Cash Flows (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Dividends Payable [Line Items]
Interest Paid, Net of Capitalized Interest	$17,242	$9,438
Interest Paid, Capitalized	206	0
Income Taxes Paid	1,420	1,329
Distributions payable on shares/units	15,271
Issuance of common shares for board of trustees compensation	207	199
Mortgage loan assumed in connection with acquisition	90,448	0
Above market rate contracts assumed in connection with acquisition	5,146	0
Deposit Applied To Purchase Price Of Acquisition	4,000	0
Accrued additions and improvements to hotel properties	1,308	537
Common Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	10,068	7,396
Preferred Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	$5,203	$3,813