Pebblebrook Hotel Trust (PEB) 10-Q 24 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 21, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'Pebblebrook Hotel Trust	'
Entity Central Index Key	'0001474098	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	63,895,085
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'		'
Investment in hotel properties, net	$1,764,615		$1,717,611
Investment in joint venture	258,334		260,304
Ground lease asset, net	23,403		19,217
Cash and cash equivalents	38,477		55,136
Restricted cash	15,274		16,482
Hotel receivables (net of allowance for doubtful accounts of $158 and $270, respectively)	23,227		16,850
Deferred financing costs, net	3,882		4,736
Prepaid expenses and other assets	33,372		26,595
Total assets	2,160,584		2,116,931
LIABILITIES AND EQUITY	'		'
Senior unsecured revolving credit facility	36,000		0
Term loan	100,000	[1]	100,000	[1]
Mortgage debt (including mortgage loan premium of $4,812 and $5,888, respectively)	448,654		454,247
Accounts payable and accrued expenses	79,313		61,428
Advance deposits	10,347		8,432
Accrued interest	1,910		1,945
Distribution payable	20,674		15,795
Total liabilities	696,898		641,847
Commitments and contingencies (Note 11)	'		'
Shareholders' equity:	'		'
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $325,000 at June 30, 2014 and December 31, 2013), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at June 30, 2014 and 13,000,000 issued and outstanding at December 31, 2013	130		130
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 63,764,929 issued and outstanding at June 30, 2014 and 63,709,628 issued and outstanding at December 31, 2013	638		637
Additional paid-in capital	1,544,163		1,541,138
Accumulated other comprehensive income (loss)	508		1,086
Distributions in excess of retained earnings	-84,814		-69,652
Total shareholders' equity	1,460,625		1,473,339
Non-controlling interests	3,061		1,745
Total equity	1,463,686		1,475,084
Total liabilities and equity	$2,160,584		$2,116,931
[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.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'		'
Allowance for doubtful accounts	$158		$270
Mortgage loan premium	4,812	[1]	5,888	[1]
Preferred shares of beneficial interest, liquidation preference value	$325,000		$325,000
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		13,000,000
Preferred shares of beneficial interest, shares outstanding	13,000,000		13,000,000
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	63,764,929		63,709,628
Common shares of beneficial interest, shares outstanding	63,764,929		63,709,628
[1]	Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera.

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Room	$102,384	$83,400	$185,953	$150,539
Food and beverage	35,417	35,228	67,865	66,391
Other operating	9,653	7,673	19,348	14,285
Total revenues	147,454	126,301	273,166	231,215
Hotel operating expenses:	'	'	'	'
Room	24,859	20,847	47,754	39,705
Food and beverage	25,156	25,417	48,966	49,475
Other direct	3,654	3,449	7,125	6,725
Other indirect	36,343	31,412	70,759	60,264
Total hotel operating expenses	90,012	81,125	174,604	156,169
Depreciation and amortization	16,230	13,565	32,118	26,776
Real estate taxes, personal property taxes, property insurance, and ground rent	9,000	8,396	17,308	14,909
General and administrative	5,591	4,246	11,738	8,585
Hotel acquisition costs	236	241	521	1,161
Total operating expenses	121,069	107,573	236,289	207,600
Operating income (loss)	26,385	18,728	36,877	23,615
Interest income	621	660	1,235	1,294
Interest expense	-6,256	-5,925	-12,331	-11,383
Equity in earnings (loss) of joint venture	4,264	3,115	1,020	208
Income (loss) before income taxes	25,014	16,578	26,801	13,734
Income tax (expense) benefit	-2,121	-1,647	213	951
Net income (loss)	22,893	14,931	27,014	14,685
Net income (loss) attributable to non-controlling interests	220	97	263	99
Net income (loss) attributable to the Company	22,673	14,834	26,751	14,586
Distributions to preferred shareholders	-6,082	-6,104	-12,163	-10,772
Net income (loss) attributable to common shareholders	16,591	8,730	14,588	3,814
Net income (loss) per share available to common shareholders, basic and diluted (in dollars per share)	$0.26	$0.14	$0.22	$0.06
Weighted-average number of common shares, basic (in shares)	63,764,929	61,082,770	63,763,935	61,039,721
Weighted-average number of common shares, diluted (in shares)	64,125,057	61,196,396	64,150,266	61,195,034
Comprehensive Income:	'	'	'	'
Net income (loss)	22,893	14,931	27,014	14,685
Unrealized gain (loss) on derivative instruments	-462	1,695	-578	1,800
Comprehensive income (loss)	22,431	16,626	26,436	16,485
Comprehensive income (loss) attributable to non-controlling interests	216	107	258	110
Comprehensive income (loss) attributable to the Company	$22,215	$16,519	$26,178	$16,375

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]	Distributions in Excess of Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data, unless otherwise specified
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	'	'	'	'	'	'
Common Stock, Shares, Outstanding at Dec. 31, 2012	'	'	60,955,090	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Issuance of shares, net of offering costs, Shares	'	4,000,000	171,293	'	'	'	'	'
Issuance of shares, net of offering costs, Value	101,234	40	2	101,192	'	'	101,234	'
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	2,469	'	'	1,679	'	'	1,679	790
Distributions on Common Shares and Units	-19,786	'	'	'	'	-19,664	-19,664	-122
Distributions on Preferred Shares	-10,781	'	'	'	'	-10,772	-10,772	-9
Unrealized gain (loss) on derivative instruments	1,800	'	'	'	1,800	'	1,800	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	14,685	'	'	'	'	14,586	14,586	99
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2013	1,402,397	130	612	1,464,904	1,500	-65,648	1,401,498	899
Preferred Stock, Shares Outstanding at Jun. 30, 2013	'	13,000,000	'	'	'	'	'	'
Common Stock, Shares, Outstanding at Jun. 30, 2013	'	'	61,179,028	'	'	'	'	'
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013	1,475,084	130	637	1,541,138	1,086	-69,652	1,473,339	1,745
Preferred Stock, Shares Outstanding at Dec. 31, 2013	13,000,000	13,000,000	'	'	'	'	'	'
Common Stock, Shares, Outstanding at Dec. 31, 2013	63,709,628	'	63,709,628	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Issuance of shares, net of offering costs, Shares	'	0	0	'	'	'	'	'
Issuance of shares, net of offering costs, Value	-188	0	0	-188	'	'	-188	'
Issuance of Common Shares for Board Of Trustees Compensation , Shares	'	'	13,793	'	'	'	'	'
Issuance of Common Shares for Board Of Trustees Compensation, Value	421	'	'	421	'	'	421	'
Repurchase of Common Stock, Shares	'	'	-20,539	'	'	'	'	'
Repurchase of Common Shares, Value	-632	'	'	-632	'	'	-632	'
Share-based Compensation, Shares	'	'	62,047	'	'	'	'	'
Stock Issued During Period, Value, Share-based Compensation	'	'	1	'	'	'	'	'
Share-based Compensation, Value	4,766	'	'	3,424	'	'	3,425	1,341
Distributions on Common Shares and Units	-30,030	'	'	'	'	-29,750	-29,750	-280
Distributions on Preferred Shares	-12,171	'	'	'	'	-12,163	-12,163	-8
Unrealized gain (loss) on derivative instruments	-578	'	'	'	-578	'	-578	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	27,014	'	'	'	'	26,751	26,751	263
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2014	$1,463,686	$130	$638	$1,544,163	$508	($84,814)	$1,460,625	$3,061
Preferred Stock, Shares Outstanding at Jun. 30, 2014	13,000,000	13,000,000	'	'	'	'	'	'
Common Stock, Shares, Outstanding at Jun. 30, 2014	63,764,929	'	63,764,929	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net income (loss)	$27,014	$14,685
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	32,118	26,776
Share-based compensation	4,766	2,469
Amortization of deferred financing costs and mortgage loan premiums	-212	-62
Non-cash ground rent	1,025	1,740
Equity in (earnings) loss from joint venture	164	976
Other	163	330
Changes in assets and liabilities:	'	'
Restricted cash, net	-38	-1,015
Hotel receivables	-6,104	-12,108
Prepaid expenses and other assets	-4,156	-5,562
Distributions from joint venture, net	1,806	0
Accounts payable and accrued expenses	819	5,916
Advance deposits	1,759	3,451
Net cash provided by (used in) operating activities	59,124	37,596
Investing activities:	'	'
Acquisition of hotel properties	-50,336	-41,716
Improvements and additions to hotel properties	-16,119	-22,651
Investment in joint venture, net	0	26,291
Deposit on hotel properties	-5,000	-3,000
Purchase of corporate office equipment, computer software, and furniture	-28	-29
Restricted cash, net	1,246	-753
Property insurance proceeds	1,113	0
Net cash provided by (used in) investing activities	-69,124	-41,858
Financing activities:	'	'
Gross proceeds from issuance of common shares	0	4,812
Gross proceeds from issuance of preferred shares	0	100,000
Payment of offering costs - common and preferred shares	-188	-3,578
Payment of deferred financing costs	-10	-327
Borrowings under senior credit facility	40,000	0
Repayments under senior credit facility	-4,000	0
Repayments of mortgage debt	-4,516	-3,800
Repurchase of common shares	-632	-523
Distributions - common shares/units	-25,150	-17,230
Distributions - preferred shares	-12,163	-9,400
Net cash provided by (used in) financing activities	-6,659	69,954
Net change in cash and cash equivalents	-16,659	65,692
Cash and cash equivalents, beginning of year	55,136	85,900
Cash and cash equivalents, end of year	$38,477	$151,592

Organization

Organization	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014, the Company owned interests in 30 hotels, including 24 wholly owned hotels with a total of 5,711 guest rooms, and a 49% joint venture interest in six hotels with a total of 1,775 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 June 30, 2014, the Company owned 99.1% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.9% 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	6 Months Ended
	Jun. 30, 2014
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, 2013.
	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, 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 arrangements in connection with the transaction, including 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 generally classify the loss, together with the related operating results, as continuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. See "Recent Accounting Standards" below.
	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. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. 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.
	Recent Accounting Standards
	In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has early adopted this standard effective January 1, 2014. Under this ASU, the Company anticipates that the majority of property sales will not be classified as discontinued operations.
	On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.

Acquisition_of_Hotel_Propertie

Acquisition of Hotel Properties	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
ACQUISITION OF HOTEL PROPERTIES	'
	On May 22, 2014, the Company acquired the 160-room Prescott Hotel located in San Francisco, California for $49.0 million. In addition, the Company paid certain costs of the seller of $1.3 million. The transaction included a fee simple acquisition of 96 guest rooms in one building and a leasehold interest acquisition of 64 guest rooms in an adjacent attached building. In connection with the acquisition of the leasehold interest, the Company assumed a long-term hotel lease with an unaffiliated third party that expires in 2059, with a one time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. This transaction was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The hotel will continue to be managed by Kimpton Hotel & Restaurant Group, LLC, the Hotel's current manager.
	As noted above, the Prescott Hotel is subject to a long-term hotel lease of 64 rooms located in an adjacent attached building. The building portion of the long-term hotel lease assumed was determined to be a capital lease under the criteria in ASC 840 - Leases. At acquisition, the Company recorded a capital lease obligation of $10.8 million related to this leasehold interest, based on the estimated fair value of the payments for the remaining term, and is included in accounts payable and accrued expenses. The Company recorded a capital asset of $11.0 million based on an estimated fair value for the right to use the leased property, which is included in investment in hotel properties, net, in the accompanying consolidated balance sheets.
	The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). The purchase price allocation for the Prescott Hotel is preliminary, however, the Company is still in process of obtaining the valuation and finalizing the accounting for this acquisition.
			2014 Acquisitions
	Land		$	12,275
	Buildings and improvements		45,138
	Furniture, fixtures and equipment		1,094
	Below (Above) market rate contracts		2,473
	Capital lease obligation		(10,758		)
	Net working capital		114
	Net assets acquired		$	50,336
	The following unaudited pro forma financial information presents the results of operations of the Company for the three and six months ended June 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 were acquired on January 1, 2013 and 2012, respectively. The following hotels' pro forma results are included in the pro forma table below: Embassy Suites San Diego Bay-Downtown, Redbury Hotel, Hotel Modera, Radisson Hotel Fisherman's Wharf, and Prescott Hotel. The pro forma results below exclude acquisition costs of $0.2 million and $0.2 million for the three months ended June 30, 2014 and 2013, respectively, and $0.5 million and $1.2 million for the six months ended June 30, 2014 and 2013, 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 or the future results of operations (in thousands, except per-share data).
		For the three months ended June 30,						For the six months ended June 30,
		2014				2013		2014		2013
	Total revenues	$	149,248			$	141,853	$	277,891	$	260,840
	Operating income (loss)	26,888				23,103		37,908		30,024
	Net income (loss) attributable to common shareholders	16,378				12,203		14,145		8,456
	Net income (loss) per share available to common shareholders — basic	$	0.25			$	0.19	$	0.22	$	0.13
	Net income (loss) per share available to common shareholders — diluted	$	0.25			$	0.19	$	0.22	$	0.13
	For both the three and six months ended June 30, 2014, the Company's consolidated statements of operations included $1.5 million of revenues and $0.9 million of hotel operating expenses related to the operations of the Prescott Hotel acquired in 2014.

Investment_in_Hotel_Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
INVESTMENT IN HOTEL PROPERTIES	'
	Investment in Hotel Properties
	Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
		June 30,			December 31, 2013
		2014
	Land	$	284,936		$	272,661
	Buildings and improvements	1,493,434			1,437,593
	Furniture, fixtures and equipment	143,198			135,547
	Construction in progress	6,694			4,138
	Investment in hotel properties	$	1,928,262		$	1,849,939
	Less: Accumulated depreciation	(163,647		)	(132,328		)
	Investment in hotel properties, net	$	1,764,615		$	1,717,611

Investment_in_Joint_Venture

Investment in Joint Venture	6 Months Ended
	Jun. 30, 2014
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.
	As of June 30, 2014, the joint venture reported $474.6 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 $460.0 million in existing first mortgage debt and a $50.0 million unsecured special loan. 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 six months ended June 30, 2014 and 2013 are presented below (in thousands):
		For the three months ended June 30,					For the six months ended June 30,
		2014		2013			2014			2013
	Revenues	$	50,045	$	45,345		$	83,973		$	78,569
	Total expenses	42,571		40,170			84,336			79,392
	Net income (loss)	$	7,474	$	5,175		$	(363	)	$	(823	)
	Company’s 49% interest of net income (loss)	3,662		2,536			(178		)	(403		)
	Basis adjustment	6		(17		)	13			(574		)
	Special loan interest income elimination	596		596			1,185			1,185
	Equity in earnings (loss) in joint venture	$	4,264	$	3,115		$	1,020		$	208
	We classify the distributions from our joint venture in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities.

Debt

Debt	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013, the Company had $36.0 million and no outstanding borrowings under the revolving credit facility, respectively. As of June 30, 2014, the Company was in compliance with the credit agreement debt covenants. For the three and six months ended June 30, 2014, the Company incurred unused commitment fees of $0.2 million and $0.3 million, respectively. For the three and six months ended June 30, 2013, the Company incurred unused commitment fees of $0.2 million and $0.4 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 June 30, 2014, the Company's derivative instruments are in an asset position, with an aggregate fair value of $0.5 million, which is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. For the six months ended June 30, 2014, there was $0.6 million in unrealized loss recorded in accumulated other comprehensive income. During the three and six months ended June 30, 2014 the Company reclassified $0.1 million and $0.3 million, respectively, from accumulated other comprehensive income (loss) and is included in interest expense. During the three and six months ended June 30, 2013, the Company reclassified $0.1 million and $0.3 million, respectively, from accumulated other comprehensive income to net income (loss) and is included in interest expense. The Company expects 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.
	Debt Summary
	Debt as of June 30, 2014 and December 31, 2013 consisted of the following (dollars in thousands):
				Balance Outstanding as of
		Interest Rate	Maturity Date	June 30, 2014		December 31, 2013
	Senior unsecured revolving credit facility	Floating	Jul-16	$	36,000	$	—
	Term loan	Floating(1)	Jul-17	100,000		100,000
	Mortgage loans
	InterContinental Buckhead	4.88%	Jan-16	49,758		50,192
	Skamania Lodge	5.44%	Feb-16	29,579		29,811
	DoubleTree by Hilton Bethesda-Washington DC	5.28%	Feb-16	34,839		35,102
	Embassy Suites San Diego Bay-Downtown	6.28%	Jun-16	65,098		65,725
	Hotel Modera	5.26%	Jul-16	23,412		23,597
	Monaco Washington DC	4.36%	Feb-17	44,172		44,580
	Argonaut Hotel	4.25%	Mar-17	44,575		45,138
	Sofitel Philadelphia	3.90%	Jun-17	47,597		48,218
	Hotel Palomar San Francisco	5.94%	Sep-17	26,632		26,802
	The Westin San Diego Gaslamp Quarter	3.69%	Jan-20	78,180		79,194
	Mortgage loans at stated value			443,842		448,359
	Mortgage loan premiums (2)			4,812		5,888
	Total mortgage loans			$	448,654	$	454,247
	Total debt			$	584,654	$	554,247
	________________________
	(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 for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera.
	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 June 30, 2014 and December 31, 2013 was $453.5 million and $460.9 million, respectively.
	The Company was in compliance with all debt covenants as of June 30, 2014.

Equity

Equity	6 Months Ended
	Jun. 30, 2014
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.
	On March 5, 2014, the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of June 30, 2014, the Company had not sold any shares under the new ATM program, and $175.0 million in common shares remained available for issuance under that ATM program.
	Common Dividends
	The Company declared the following dividends on common shares/units for the six months ended June 30, 2014:
	Dividend per				For the quarter	Record Date	Payable Date
	Share/Unit				ended
	$	0.23			March 31, 2014	March 31, 2014	April 15, 2014
	$	0.23			June 30, 2014	June 30, 2014	July 15, 2014
	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”).
	As of June 30, 2014, 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 ("Series C Preferred Shares") outstanding. As of December 31, 2013, the Company had 5,600,000 Series A Preferred Shares, 3,400,000 Series B Preferred Shares and 4,000,000 Series C 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 applicable 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 six months ended June 30, 2014:
	Security Type		Dividend  per			For the quarter	Record Date	Payable Date
			Share/Unit			ended
	7.875% Series A		$	0.49		March 31, 2014	March 31, 2014	15-Apr-14
	7.875% Series A		$	0.49		June 30, 2014	June 30, 2014	July 15, 2014
	8.00% Series B		$	0.5		March 31, 2014	March 31, 2014	15-Apr-14
	8.00% Series B		$	0.5		June 30, 2014	June 30, 2014	July 15, 2014
	6.50% Series C		$	0.41		March 31, 2014	March 31, 2014	April 15, 2014
	6.50% Series C		$	0.41		June 30, 2014	June 30, 2014	15-Jul-14
	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 June 30, 2014 and December 31, 2013, the Operating Partnership had 607,991 long-term incentive partnership units (“LTIP units”) outstanding. Of the 607,991 LTIP units outstanding at June 30, 2014, 195,290 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	6 Months Ended
	Jun. 30, 2014
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 vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. 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 June 30, 2014, there were 940,553 common shares available for issuance under the Plan.
	Service Condition Share Awards
	From time to time, the Company awards restricted shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment.
	The following table provides a summary of service condition restricted share activity as of June 30, 2014:
		Shares			Weighted-Average
					Grant Date
					Fair Value
	Unvested at January 1, 2014	147,881			$	24.59
	Granted	44,322			$	30.11
	Vested	(62,047	)		$	23.12
	Forfeited	—			$	—
	Unvested at June 30, 2014	130,156			$	27.17
	The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the three and six months ended June 30, 2014, the Company recognized approximately $0.4 million and $0.7 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. For the three and six months ended June 30, 2013 the Company recognized approximately $0.4 million and $0.8 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of June 30, 2014, there was $2.9 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 2.9 years.
	Performance-Based Equity Awards
	On February 8, 2012, the Board of Trustees approved a target award of 72,056 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2015. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 12,048 target awards to non-executive management employees which have no maximum) and will be determined in 2015 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2012 through December 31, 2014.
	On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2016. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 11,753 target awards to non-executive management employees which have no maximum) and will be determined in 2016 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2013 through December 31, 2015.
	On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the agreements for the period of performance beginning on the grant date and ending on the applicable vesting date.
	On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2017. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 12,261 target awards to non-executive management employees which have no maximum) and will be determined in 2017 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2014 through December 31, 2016.
	The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions:
	Performance Award Grant Date			Percentage of Total Award		Grant Date Fair Value by Component ($ in millions)	Volatility	Interest Rate	Dividend Yield
	8-Feb-12
		Relative Total Shareholder Return(1)		30.00%		$0.70	33.00%	0.34%	2.20%
		Absolute Total Shareholder Return (1)		30.00%		$0.60	33.00%	0.34%	2.20%
		EBITDA Comparison (2)		40.00%		$0.70	33.00%	0.34%	2.20%
	30-Jan-13
		Relative Total Shareholder Return (1)		30.00%		$0.70	31.00%	0.41%	2.20%
		Absolute Total Shareholder Return (1)		30.00%		$0.50	31.00%	0.41%	2.20%
		EBITDA Comparison (2)		40.00%		$0.70	31.00%	0.41%	2.20%
	13-Dec-13
		Relative Total Shareholder Return (1)		50.00%		$4.70	29.00%	0.34% - 2.25%	2.40%
		Absolute Total Shareholder Return (1)		50.00%		$2.90	29.00%	0.34% - 2.25%	2.40%
	4-Feb-14
		Relative Total Shareholder Return (1)		30.00%		$0.70	29.00%	0.62%	2.40%
		Absolute Total Shareholder Return (1)		30.00%		$0.50	29.00%	0.62%	2.40%
		EBITDA Comparison (2)		40.00%		$0.80	29.00%	0.62%	2.40%
	(1) The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718.
	(2) The EBITDA Comparison component is a performance condition as defined by ASC 718, and therefore, compensation expense related to this 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.
	Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of June 30, 2014, there was approximately $11.1 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.9 years. For the three and six months ended June 30, 2014, the Company recognized $1.1 million and $2.7 million, respectively, in expense related to these awards. For the three and six months ended June 30, 2013, the Company recognized $0.5 million and $0.9 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 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 June 30, 2014, the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units, all of which are held by officers of the Company.
	LTIP Class A units were granted to executives of the Company concurrent with completion of the Company's initial public offering in December 2009. These LTIP units vest ratably on each of the first five anniversaries of their dates of grant and were valued at $8.50 per LTIP unit at the date of grant using a Monte Carlo simulation method model.
	On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. The LTIP units are subject to time-based vesting in five equal installments beginning January 1, 2016 and ending on January 1, 2020. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million.
	As of June 30, 2014, the Company had 607,991 LTIP units outstanding. All LTIP units will vest upon a change in control. As of June 30, 2014, of the 607,991 units outstanding, 195,290 LTIP units have vested, all of which were LTIP Class A units.
	For the three and six months ended June 30, 2014, the Company recognized $0.7 million and $1.3 million, respectively, in expense related to these units. For the three and six months ended June 30, 2013, the Company recognized $0.4 million and $0.8 million, respectively, in expense related to these units. As of June 30, 2014, there was $6.7 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 2.5 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	6 Months Ended
	Jun. 30, 2014
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 six months ended June 30, 2014 using an estimated combined federal and state statutory tax rate of 39.0%.
	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 June 30, 2014 and December 31, 2013, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2011 and 2010, respectively.

Earnings_per_Common_Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER COMMON SHARE	'
	Earnings Per 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 June 30,						For the six months ended June 30,
		2014			2013			2014			2013
	Numerator:
	Net income (loss) attributable to common shareholders	$	16,591		$	8,730		$	14,588		$	3,814
	Less: dividends paid on unvested share-based compensation	(125		)	(81		)	(250		)	(161		)
	Undistributed earnings attributable to share-based compensation	(14		)	—			—			—
	Net income (loss) available to common shareholders	$	16,452		$	8,649		$	14,338		$	3,653
	Denominator:
	Weighted-average number of common shares — basic	63,764,929			61,082,770			63,763,935			61,039,721
	Effect of dilutive share-based compensation	360,128			113,626			386,331			155,313
	Weighted-average number of common shares — diluted	64,125,057			61,196,396			64,150,266			61,195,034
	Net income (loss) per share available to common shareholders — basic	$	0.26		$	0.14		$	0.22		$	0.06
	Net income (loss) per share available to common shareholders — diluted	$	0.26		$	0.14		$	0.22		$	0.06
	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 net income (loss) available to common shareholders.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
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 52 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 $4.6 million and $8.4 million for the three and six months ended June 30, 2014, respectively, and $4.0 million and $7.2 million for the three and six months ended June 30, 2013, respectively. Base and incentive management fees are included in other indirect expenses in the Company's consolidated statements of operations and comprehensive income.
	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 June 30, 2014 and December 31, 2013, the Company had $15.3 million and $16.5 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 loan agreements. For purposes of the statement of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for furniture and fixtures replacement are shown as investing activities.
	Ground and Hotel Leases
	The Hotel 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 hotel 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 $1.3 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 annual base rent and a percentage rent, which is based on gross hotel and gross food and beverage revenues in excess of certain thresholds, as defined in the lease agreement.
	The Radisson Hotel Fisherman's Wharf is subject to both a long-term primary ground lease and a secondary sublease. The primary ground lease requires the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of hotel revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total hotel revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062. The secondary sublease requires the hotel to make rental payments based on hotel net income, as defined in the agreement, related to the rooms and retail space in existence prior to the 1998 renovation. The secondary sublease expires in April 2016 at which time the hotel will only be subject to the primary ground lease through its maturity in 2062.
	The Prescott Hotel is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 160 guest rooms at the property. The hotel lease expires in 2059, with a one time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease assumed was determined to be a capital lease.
	The ground leases and Hotel Palomar hotel lease are considered operating leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases.
	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 has 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	6 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	'
	Supplemental Information to Statements of Cash Flows
		For the six months ended June 30,
		2014		2013
		(in thousands)
	Interest paid, net of capitalized interest	$	12,539	$	11,162
	Interest capitalized	$	—	$	206
	Income taxes paid	$	1,487	$	1,287
	Non-Cash Investing and Financing Activities:
	Distributions payable on common shares/units	$	15,472	$	10,017
	Distributions payable on preferred shares	$	5,202	$	5,185
	Issuance of common shares for Board of Trustees compensation	$	421	$	207
	Mortgage loans assumed in connection with acquisition	$	—	$	66,732
	Below (above) market rate contracts assumed in connection with acquisition	$	2,473	$	4,751
	Capital lease obligation assumed in connection with acquisition	$	10,758	$	—
	Deposit applied to purchase price of acquisition	$	—	$	4,000
	Accrued additions and improvements to hotel properties	$	3,697	$	1,081

Subsequent_Events_Notes

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Subsequent Events
	On July 17, 2014, the Company acquired the 331-room The Nines hotel located in Portland, Oregon for $127.0 million. The acquisition was funded with $76.3 million of borrowings under the Company's senior unsecured credit facility and assumption of three non-recourse mortgage loans totaling $50.7 million which require interest-only payments through maturity. The three loans are scheduled to mature on March 5, 2015 and have a weighted-average interest rate of 7.39%. In conjunction with the acquisition, the Company is required to indemnify certain tax credit investors for certain income tax liabilities and related expenses such investors will incur if the Company were to repay the three mortgage loans before March 5, 2015 or engage in certain businesses prohibited under the New Markets Tax Credit program. Owning and operating a hotel is not one of those prohibited businesses. The potential indemnification obligation could range from zero to $28.3 million (plus interest, penalties and related expenses), and will expire on March 5, 2015, which is the end of the New Markets Tax Credit compliance period. Due to the nature of these requirements and because compliance with them is within the Company’s control, the Company believes that the likelihood that the Company will be required to pay under this indemnity is remote.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
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, 2013.
	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, 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 arrangements in connection with the transaction, including 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 generally classify the loss, together with the related operating results, as continuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. See "Recent Accounting Standards" below.
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. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. 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.
Recent Accounting Standards	'
	Recent Accounting Standards
	In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has early adopted this standard effective January 1, 2014. Under this ASU, the Company anticipates that the majority of property sales will not be classified as discontinued operations.
	On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.

Acquisition_of_Hotel_Propertie1

Acquisition of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Schedule of Purchase Price Allocation	'
			2014 Acquisitions
	Land		$	12,275
	Buildings and improvements		45,138
	Furniture, fixtures and equipment		1,094
	Below (Above) market rate contracts		2,473
	Capital lease obligation		(10,758		)
	Net working capital		114
	Net assets acquired		$	50,336
Business acquisition, unaudited proforma information	'
		For the three months ended June 30,						For the six months ended June 30,
		2014				2013		2014		2013
	Total revenues	$	149,248			$	141,853	$	277,891	$	260,840
	Operating income (loss)	26,888				23,103		37,908		30,024
	Net income (loss) attributable to common shareholders	16,378				12,203		14,145		8,456
	Net income (loss) per share available to common shareholders — basic	$	0.25			$	0.19	$	0.22	$	0.13
	Net income (loss) per share available to common shareholders — diluted	$	0.25			$	0.19	$	0.22	$	0.13

Investment_in_Hotel_Properties1

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Schedule of Investment in hotel properties	'
	Investment in hotel properties as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
		June 30,			December 31, 2013
		2014
	Land	$	284,936		$	272,661
	Buildings and improvements	1,493,434			1,437,593
	Furniture, fixtures and equipment	143,198			135,547
	Construction in progress	6,694			4,138
	Investment in hotel properties	$	1,928,262		$	1,849,939
	Less: Accumulated depreciation	(163,647		)	(132,328		)
	Investment in hotel properties, net	$	1,764,615		$	1,717,611

Investment_in_Joint_Venture_Ta

Investment in Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2014
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 six months ended June 30, 2014 and 2013 are presented below (in thousands):
		For the three months ended June 30,					For the six months ended June 30,
		2014		2013			2014			2013
	Revenues	$	50,045	$	45,345		$	83,973		$	78,569
	Total expenses	42,571		40,170			84,336			79,392
	Net income (loss)	$	7,474	$	5,175		$	(363	)	$	(823	)
	Company’s 49% interest of net income (loss)	3,662		2,536			(178		)	(403		)
	Basis adjustment	6		(17		)	13			(574		)
	Special loan interest income elimination	596		596			1,185			1,185
	Equity in earnings (loss) in joint venture	$	4,264	$	3,115		$	1,020		$	208

Debt_Tables

Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Summary of Debt	'
	Debt as of June 30, 2014 and December 31, 2013 consisted of the following (dollars in thousands):
				Balance Outstanding as of
		Interest Rate	Maturity Date	June 30, 2014		December 31, 2013
	Senior unsecured revolving credit facility	Floating	Jul-16	$	36,000	$	—
	Term loan	Floating(1)	Jul-17	100,000		100,000
	Mortgage loans
	InterContinental Buckhead	4.88%	Jan-16	49,758		50,192
	Skamania Lodge	5.44%	Feb-16	29,579		29,811
	DoubleTree by Hilton Bethesda-Washington DC	5.28%	Feb-16	34,839		35,102
	Embassy Suites San Diego Bay-Downtown	6.28%	Jun-16	65,098		65,725
	Hotel Modera	5.26%	Jul-16	23,412		23,597
	Monaco Washington DC	4.36%	Feb-17	44,172		44,580
	Argonaut Hotel	4.25%	Mar-17	44,575		45,138
	Sofitel Philadelphia	3.90%	Jun-17	47,597		48,218
	Hotel Palomar San Francisco	5.94%	Sep-17	26,632		26,802
	The Westin San Diego Gaslamp Quarter	3.69%	Jan-20	78,180		79,194
	Mortgage loans at stated value			443,842		448,359
	Mortgage loan premiums (2)			4,812		5,888
	Total mortgage loans			$	448,654	$	454,247
	Total debt			$	584,654	$	554,247
	________________________
	(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 for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera.

Equity_Tables

Equity (Tables)	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Dividends on common shares/units	'
	The Company declared the following dividends on common shares/units for the six months ended June 30, 2014:
	Dividend per				For the quarter	Record Date	Payable Date
	Share/Unit				ended
	$	0.23			March 31, 2014	March 31, 2014	April 15, 2014
	$	0.23			June 30, 2014	June 30, 2014	July 15, 2014
Dividends on preferred shares/units	'
	The Company declared the following dividends on preferred shares for the six months ended June 30, 2014:
	Security Type		Dividend  per			For the quarter	Record Date	Payable Date
			Share/Unit			ended
	7.875% Series A		$	0.49		March 31, 2014	March 31, 2014	15-Apr-14
	7.875% Series A		$	0.49		June 30, 2014	June 30, 2014	July 15, 2014
	8.00% Series B		$	0.5		March 31, 2014	March 31, 2014	15-Apr-14
	8.00% Series B		$	0.5		June 30, 2014	June 30, 2014	July 15, 2014
	6.50% Series C		$	0.41		March 31, 2014	March 31, 2014	April 15, 2014
	6.50% Series C		$	0.41		June 30, 2014	June 30, 2014	15-Jul-14

ShareBased_Compensation_Plan_T

Share-Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of service condition restricted share activity	'
	The following table provides a summary of service condition restricted share activity as of June 30, 2014:
		Shares			Weighted-Average
					Grant Date
					Fair Value
	Unvested at January 1, 2014	147,881			$	24.59
	Granted	44,322			$	30.11
	Vested	(62,047	)		$	23.12
	Forfeited	—			$	—
	Unvested at June 30, 2014	130,156			$	27.17
Performance-based Equity Awards Methodology and Assumptions	'
	The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions:
	Performance Award Grant Date			Percentage of Total Award		Grant Date Fair Value by Component ($ in millions)	Volatility	Interest Rate	Dividend Yield
	8-Feb-12
		Relative Total Shareholder Return(1)		30.00%		$0.70	33.00%	0.34%	2.20%
		Absolute Total Shareholder Return (1)		30.00%		$0.60	33.00%	0.34%	2.20%
		EBITDA Comparison (2)		40.00%		$0.70	33.00%	0.34%	2.20%
	30-Jan-13
		Relative Total Shareholder Return (1)		30.00%		$0.70	31.00%	0.41%	2.20%
		Absolute Total Shareholder Return (1)		30.00%		$0.50	31.00%	0.41%	2.20%
		EBITDA Comparison (2)		40.00%		$0.70	31.00%	0.41%	2.20%
	13-Dec-13
		Relative Total Shareholder Return (1)		50.00%		$4.70	29.00%	0.34% - 2.25%	2.40%
		Absolute Total Shareholder Return (1)		50.00%		$2.90	29.00%	0.34% - 2.25%	2.40%
	4-Feb-14
		Relative Total Shareholder Return (1)		30.00%		$0.70	29.00%	0.62%	2.40%
		Absolute Total Shareholder Return (1)		30.00%		$0.50	29.00%	0.62%	2.40%
		EBITDA Comparison (2)		40.00%		$0.80	29.00%	0.62%	2.40%
	(1) The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718.
	(2) The EBITDA Comparison component is a performance condition as defined by ASC 718, and therefore, compensation expense related to this 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.

Earnings_per_Common_Share_Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2014
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 June 30,						For the six months ended June 30,
		2014			2013			2014			2013
	Numerator:
	Net income (loss) attributable to common shareholders	$	16,591		$	8,730		$	14,588		$	3,814
	Less: dividends paid on unvested share-based compensation	(125		)	(81		)	(250		)	(161		)
	Undistributed earnings attributable to share-based compensation	(14		)	—			—			—
	Net income (loss) available to common shareholders	$	16,452		$	8,649		$	14,338		$	3,653
	Denominator:
	Weighted-average number of common shares — basic	63,764,929			61,082,770			63,763,935			61,039,721
	Effect of dilutive share-based compensation	360,128			113,626			386,331			155,313
	Weighted-average number of common shares — diluted	64,125,057			61,196,396			64,150,266			61,195,034
	Net income (loss) per share available to common shareholders — basic	$	0.26		$	0.14		$	0.22		$	0.06
	Net income (loss) per share available to common shareholders — diluted	$	0.26		$	0.14		$	0.22		$	0.06

Supplemental_Information_to_St1

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Summary of Supplemental Information to Statements of Cash Flows	'
		For the six months ended June 30,
		2014		2013
		(in thousands)
	Interest paid, net of capitalized interest	$	12,539	$	11,162
	Interest capitalized	$	—	$	206
	Income taxes paid	$	1,487	$	1,287
	Non-Cash Investing and Financing Activities:
	Distributions payable on common shares/units	$	15,472	$	10,017
	Distributions payable on preferred shares	$	5,202	$	5,185
	Issuance of common shares for Board of Trustees compensation	$	421	$	207
	Mortgage loans assumed in connection with acquisition	$	—	$	66,732
	Below (above) market rate contracts assumed in connection with acquisition	$	2,473	$	4,751
	Capital lease obligation assumed in connection with acquisition	$	10,758	$	—
	Deposit applied to purchase price of acquisition	$	—	$	4,000
	Accrued additions and improvements to hotel properties	$	3,697	$	1,081

Organization_Details

Organization (Details)	Jun. 30, 2014	Jul. 29, 2011
	GuestRooms	properties
	properties
Organization (Textual) [Abstract]	'	'
Number of hotels owned by the company	30	'
Number of wholly owned real estate properties	24	'
Total number of guest rooms	5,711	'
Percentage of Operating Partnership units owned by company	99.10%	'
Percentage of Operating Partnership units owned by other limited partners	0.90%	'
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	1,775	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2014
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		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Property, Plant and Equipment [Line Items]	'	'	'	'
Land	$12,275	'	$12,275	'
Buildings and improvements	45,138	'	45,138	'
Furniture, fixtures and equipment	1,094	'	1,094	'
Below (Above) Market Rate Contracts	2,473	'	2,473	'
Capital lease obligation	-10,758	'	-10,758	'
Net working capital	114	'	114	'
Net assets acquired	50,336	'	50,336	'
Business acquisition, unaudited proforma information	'	'	'	'
Total revenues	149,248	141,853	277,891	260,840
Operating income (loss)	26,888	23,103	37,908	30,024
Net income (loss) attributable to common shareholders	$16,378	$12,203	$14,145	$8,456
Net income (loss) per share attributable to common shareholders - basic	$0.25	$0.19	$0.22	$0.13
Net income (loss) per share available to common shareholders b diluted	$0.25	$0.19	$0.22	$0.13

Acquisition_of_Hotel_Propertie3

Acquisition of Hotel Properties (Details Textual) (USD $)	3 Months Ended		6 Months Ended		0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	22-May-14	Jun. 30, 2014	22-May-14
	GuestRooms		GuestRooms		The Prescott Hotel [Member]	The Prescott Hotel [Member]	The Prescott Hotel [Member]
							GuestRooms
Business Acquisition [Line Items]	'	'	'	'	'	'	'
Number Of Guest Rooms	5,711	'	5,711	'	'	'	160
Business Combination, Consideration Transferred	'	'	'	'	$49,000,000	'	'
Business Combination, Additional Consideration Transferred	'	'	'	'	1,300,000	'	'
Number of Guest Rooms - Fee Simple	'	'	'	'	'	'	96
Number of Guest Rooms - Leasehold Interest	'	'	'	'	'	'	64
Lease Expiry Period	'	'	'	'	'June 30, 2059	'	'
Ground Lease Extension Option	'	'	'	'	'30 years	'	'
Base Rent	'	'	'	'	500,000	'	'
Capital Lease Obligation	'	'	'	'	'	10,800,000	'
Capital Leased Assets, Gross	11,000,000	'	11,000,000	'	'	'	'
Hotel acquisition costs	236,000	241,000	521,000	1,161,000	'	'	'
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date	1,500,000	'	1,500,000	'	'	'	'
Business Combination, Pro Forma Information, Hotel Operating Expenses of Acquiree Since Acquisition Date	$900,000	'	$900,000	'	'	'	'

Investment_in_Hotel_Properties2

Investment in Hotel Properties (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in hotel properties	'	'
Land	$284,936	$272,661
Buildings and improvements	1,493,434	1,437,593
Furniture, fixtures and equipment	143,198	135,547
Construction in progress	6,694	4,138
Investment in hotel properties	1,928,262	1,849,939
Less: Accumulated depreciation	-163,647	-132,328
Investment in hotel properties, net	$1,764,615	$1,717,611

Investment_in_Joint_Venture_De

Investment in Joint Venture (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Summarized results of operations of investment in the Manhattan Collection joint venture	'	'	'	'
Equity in earnings (loss) in joint venture	$4,264	$3,115	$1,020	$208
Manhattan Collection Joint Venture [Member]	'	'	'	'
Summarized results of operations of investment in the Manhattan Collection joint venture	'	'	'	'
Revenues	50,045	45,345	83,973	78,569
Total expenses	42,571	40,170	84,336	79,392
Net income (loss)	7,474	5,175	-363	-823
Company's 49% interest of net income (loss)	3,662	2,536	-178	-403
Basis adjustment	6	-17	13	-574
Special loan interest income elimination	596	596	1,185	1,185
Equity in earnings (loss) in joint venture	$4,264	$3,115	$1,020	$208

Investment_in_Joint_Venture_De1

Investment in Joint Venture (Details Textual) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jul. 29, 2011	Dec. 28, 2012	Jun. 30, 2014	Dec. 27, 2012	Jul. 29, 2011	Dec. 27, 2012
	properties			Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	Manhattan Collection Joint Venture [Member]	First Mortgage [Member]
					properties		properties	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	30	'	'	'	6	'	6	'
Transaction Values Of Investment In Joint Venture	'	'	$908,000,000	'	'	'	'	'
Debt Instrument, Face Amount	443,842,000	448,359,000	'	'	'	'	'	410,000,000
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	'	'	'	'	3.67%
Unsecured Special Loan	'	'	'	'	'	50,000,000	'	'
Unsecured Special Loan, Interest Rate	'	'	'	9.75%	'	'	'	'
Equity Method Investment, Summarized Financial Information [Abstract]	'	'	'	'	'	'	'	'
Total assets	'	'	'	'	474,600,000	'	'	'
Total liabilities and members' deficit - existing first mortgage debt	'	'	'	'	460,000,000	'	'	'
Total liabilities and members' deficit - unsecured special loan	'	'	'	'	$50,000,000	'	'	'

Debt_Details

Debt (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'		'
Line of Credit Facility, Expiration Date	31-Jul-16		'
Long-term Line of Credit	$36,000		$0
Term loan	100,000	[1]	100,000	[1]
Mortgage debt	'		'
Mortgage debt	448,654		454,247
Debt Instrument, Face Amount	443,842		448,359
Mortgage loan premium	4,812	[2]	5,888	[2]
Total debt	584,654		554,247
Inter Continental Buckhead Hotel [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	4.88%		'
Debt Instrument, Maturity Date	1-Jan-16		'
Mortgage debt	49,758		50,192
Skamania Lodge [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	5.44%		'
Debt Instrument, Maturity Date	1-Feb-16		'
Mortgage debt	29,579		29,811
Double Tree By Hilton Bethesda Washington Dc [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	5.28%		'
Debt Instrument, Maturity Date	1-Feb-16		'
Mortgage debt	34,839		35,102
Embassy Suites San Diego [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	6.28%		'
Debt Instrument, Maturity Date	1-Jun-16		'
Mortgage debt	65,098		65,725
Hotel Modera [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	5.26%		'
Debt Instrument, Maturity Date	1-Jul-16		'
Mortgage debt	23,412		23,597
Monaco Washington D C [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	4.36%		'
Debt Instrument, Maturity Date	1-Feb-17		'
Mortgage debt	44,172		44,580
Argonaut Hotel [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	4.25%		'
Debt Instrument, Maturity Date	1-Mar-17		'
Mortgage debt	44,575		45,138
Sofitel Philadelphia [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	3.90%		'
Debt Instrument, Maturity Date	1-Jun-17		'
Mortgage debt	47,597		48,218
Hotel Palomar San Francisco [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	5.94%		'
Debt Instrument, Maturity Date	1-Sep-17		'
Mortgage debt	26,632		26,802
Westin Gaslamp Quarter [Member] | First Mortgage [Member]	'		'
Mortgage debt	'		'
Interest Rate	3.69%		'
Debt Instrument, Maturity Date	1-Jan-20		'
Mortgage debt	$78,180		$79,194
Term Loan [Member]	'		'
Mortgage debt	'		'
Debt Instrument, Maturity Date	1-Jul-17		'
[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 for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera.

Debt_Details_Textual

Debt (Details Textual) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Aug. 13, 2012

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Minimum [Member]

Maximum [Member]

credit facility [Member]

Revolving facility [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior unsecured revolving credit facility

'

'

'

'

'

'

'

$300,000,000

$200,000,000

'

$100,000,000

$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

'

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

36,000,000

'

36,000,000

'

0

'

'

'

'

'

'

'

'

'

Unused commitment fees

200,000

200,000

300,000

400,000

'

'

'

'

'

'

'

'

'

'

Notional Amount of Interest Rate Cash Flow Hedge Derivatives

100,000,000

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

'

2.55%

'

'

'

'

Derivative Asset, Fair Value

500,000

'

500,000

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain (loss) on derivative instruments

-462,000

1,695,000

-578,000

1,800,000

'

'

'

'

'

'

'

'

-578,000

1,800,000

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

100,000

100,000

300,000

300,000

'

'

'

'

'

'

'

'

'

'

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

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

Estimated fair value of debt

$453,500,000

'

$453,500,000

'

$460,900,000

'

'

'

'

'

'

'

'

'

Equity_Details

Equity (Details) (Common Shares [Member], USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Common Shares [Member]	'	'
Dividends on common shares/units	'	'
Dividend per Share/Unit	$0.23	$0.23
Record Date	30-Jun-14	31-Mar-14
Payable Date	15-Jul-14	15-Apr-14

Equity_Details_1

Equity (Details 1) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
7.875% Series A [Member]	'	'
Dividends on preferred shares/units	'	'
Dividend per Share/Unit	$0.49	$0.49
Record Date	30-Jun-14	31-Mar-14
Payable Date	15-Jul-14	15-Apr-14
8.00% Series B [Member]	'	'
Dividends on preferred shares/units	'	'
Dividend per Share/Unit	$0.50	$0.50
Record Date	30-Jun-14	31-Mar-14
Payable Date	15-Jul-14	15-Apr-14
6.50% Series C [Member]	'	'
Dividends on preferred shares/units	'	'
Dividend per Share/Unit	$0.41	$0.41
Record Date	30-Jun-14	31-Mar-14
Payable Date	15-Jul-14	15-Apr-14

Equity_Details_Textual

Equity (Details Textual) (USD $)	6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
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
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
Preferred Stock, Shares Outstanding	13,000,000	13,000,000
Preferred shares of beneficial interest, redemption price per share	25	'
LTIP Units Disclosures [Abstract]	'	'
Operating Partnership outstanding	607,991	607,991
LTIP units, vested	195,290	'
6.50% Series C [Member]	'	'
Preferred Stock Disclosures [Abstract]	'	'
Preferred Stock, Shares Outstanding	4,000,000	4,000,000
Preferred Stock, Dividend Rate, Percentage	6.50%	'
Share cap on each preferred shares	2.0325	'
7.875% Series A [Member]	'	'
Preferred Stock Disclosures [Abstract]	'	'
Preferred Stock, Shares Outstanding	5,600,000	5,600,000
Preferred Stock, Dividend Rate, Percentage	7.88%	'
Share cap on each preferred shares	2.3234	'
8.00% Series B [Member]	'	'
Preferred Stock Disclosures [Abstract]	'	'
Preferred Stock, Shares Outstanding	3,400,000	3,400,000
Preferred Stock, Dividend Rate, Percentage	8.00%	'
Share cap on each preferred shares	3.4483	'
ATMProgram [Member]	'	'
Common Stock Disclosures [Abstract]	'	'
Mar 2014 Shelf Registration Stmt Maximum Amount	175	'
Sept 2012 Shelf Registration Stmt Maximum Amount	170	'
Amount Available under ATM Program	175	'

ShareBased_Compensation_Plan_D

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

6 Months Ended

0 Months Ended

In Millions, except Share data, unless otherwise specified

Jun. 30, 2014

Feb. 08, 2012

Feb. 08, 2012

Feb. 08, 2012

Feb. 08, 2012

Jan. 30, 2013

Jan. 30, 2013

Jan. 30, 2013

Jan. 30, 2013

Dec. 13, 2013

Dec. 13, 2013

Dec. 13, 2013

Feb. 04, 2014

Feb. 04, 2014

Feb. 04, 2014

Feb. 04, 2014

Dec. 13, 2013

Dec. 13, 2013

Dec. 13, 2013

Dec. 13, 2013

Restricted Stock [Member]

February 2012 [Member]

February 2012 [Member]

February 2012 [Member]

February 2012 [Member]

January 2013 [Member]

January 2013 [Member]

January 2013 [Member]

January 2013 [Member]

December 2013 [Member]

December 2013 [Member]

December 2013 [Member]

February 2014 [Member]

February 2014 [Member]

February 2014 [Member]

February 2014 [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Performance Shares [Member]

Relative TSR [Member]

Absolute TSR [Member]

EBITDA Comparison [Member]

Performance Shares [Member]

Relative TSR [Member]

Absolute TSR [Member]

EBITDA Comparison [Member]

Performance Shares [Member]

Relative TSR [Member]

Absolute TSR [Member]

Performance Shares [Member]

Relative TSR [Member]

Absolute TSR [Member]

EBITDA Comparison [Member]

December 2013 [Member]

December 2013 [Member]

December 2013 [Member]

December 2013 [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Relative TSR [Member]

Absolute TSR [Member]

Relative TSR [Member]

Absolute TSR [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Summary of restricted share activity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested shares, Beginning balance

147,881

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested weighted average grant date fair value, beginning balance

$24.59

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested shares, Granted

44,322

72,056

'

'

'

72,118

'

'

'

252,088

'

'

66,483

'

'

'

'

'

'

'

Granted, weighted average grant date fair value

$30.11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested, shares

-62,047

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested, weighted average grant date fair value

$23.12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited, shares

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited, weighted average grant date fair value

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested shares, Ending balance

130,156

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested weighted average grant date fair value, ending balance

$27.17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of Total Award

'

'

30.00%

[1]

30.00%

[1]

40.00%

[2]

'

30.00%

[1]

30.00%

[1]

40.00%

[2]

'

50.00%

[1]

50.00%

[1]

'

30.00%

[1]

30.00%

[1]

40.00%

[2]

'

'

'

'

Grant Date Fair Value by Component ($ in millions)

'

'

$0.70

[1]

$0.60

[1]

$0.70

[2]

'

$0.70

[1]

$0.50

[1]

$0.70

[2]

'

$4.70

[1]

$2.90

[1]

'

$0.70

[1]

$0.50

[1]

$0.80

[2]

'

'

'

'

Volatility

'

'

33.00%

[1]

33.00%

[1]

33.00%

[2]

'

31.00%

[1]

31.00%

[1]

31.00%

[2]

'

29.00%

[1]

29.00%

[1]

'

29.00%

[1]

29.00%

[1]

29.00%

[2]

'

'

'

'

Interest Rate

'

'

0.34%

[1]

0.34%

[1]

0.34%

[2]

'

0.41%

[1]

0.41%

[1]

0.41%

[2]

'

'

'

'

0.62%

[1]

0.62%

[1]

0.62%

[2]

0.34%

0.34%

2.25%

2.25%

Dividend Yield

'

'

2.20%

[1]

2.20%

[1]

2.20%

[2]

'

2.20%

[1]

2.20%

[1]

2.20%

[2]

'

2.40%

[1]

2.40%

[1]

'

2.40%

[1]

2.40%

[1]

2.40%

[2]

'

'

'

'

[1]

The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718.

[2]

The EBITDA Comparison component is a performance condition as defined by ASC 718 and therefore, compensation expense related to this 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.

ShareBased_Compensation_Plan_D1

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

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

In Millions, except Share data, unless otherwise specified

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 13, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Feb. 08, 2012

Feb. 08, 2012

Feb. 08, 2012

Jan. 30, 2013

Jan. 30, 2013

Jan. 30, 2013

Dec. 13, 2013

Dec. 13, 2013

Dec. 13, 2013

Feb. 04, 2014

Feb. 04, 2014

Feb. 04, 2014

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

LongTermIncentivePartnershipUnitsClassA [Member]

LongtermincentivepartnershipunitsclassB [Member]

Long Term Incentive Partnership Units [Member]

Long Term Incentive Partnership Units [Member]

Long Term Incentive Partnership Units [Member]

Long Term Incentive Partnership Units [Member]

February 2012 [Member]

February 2012 [Member]

February 2012 [Member]

January 2013 [Member]

January 2013 [Member]

January 2013 [Member]

December 2013 [Member]

December 2013 [Member]

December 2013 [Member]

February 2014 [Member]

February 2014 [Member]

February 2014 [Member]

Minimum [Member]

Maximum [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Performance Shares [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based award vesting period

'6 years

'

'

'

'

'

'3 years

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

940,553

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated Share-based Compensation Expense

'

'

$0.40

$0.40

$0.70

$0.80

'

'

$1.10

$0.50

$2.70

$0.90

'

'

$0.70

$0.40

$1.30

$0.80

'

'

'

'

'

'

'

'

'

'

'

'

Total unrecognized compensation cost

'

'

2.9

'

2.9

'

'

'

11.1

'

11.1

'

'

'

6.7

'

6.7

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average remaining vesting period (in years)

'

'

'

'

'2 years 11 months

'

'

'

'

'

'2 years 11 months

'

'

'

'

'

'2 years 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based equity award grant

'

'

'

'

44,322

'

'

'

'

'

'

'

'

'

'

'

'

'

72,056

'

'

72,118

'

'

252,088

'

'

66,483

'

'

Estimated Shares Expected to Vest Minimum and Maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

200.00%

'

0.00%

200.00%

'

0.00%

200.00%

'

0.00%

200.00%

Shares Expected to Vest Not Subject to Maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,048

'

'

11,753

'

'

'

'

'

12,261

'

'

Value of LTIP grants per share

'

'

'

'

'

'

'

'

'

'

'

'

$8.50

$29.19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Units Granted

'

'

'

'

'

'

'

'

'

'

'

'

'

226,882

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Grant date fair value of performance-based equity awards

'

'

'

'

'

'

'

'

'

'

'

'

'

$6.60

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating Partnership outstanding

607,991

607,991

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP units, vested

195,290

'

'

'

'

'

'

'

'

'

'

'

195,290

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income_Taxes_Details_Textual

Income Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Estimated combined federal and state statutory tax rate	39.00%

Earnings_per_Common_Share_Deta

Earnings per Common Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income (loss) attributable to common shareholders	$16,591	$8,730	$14,588	$3,814
Less: dividends paid on unvested share-based compensation	-125	-81	-250	-161
Undistributed earnings attributable to share-based compensation	-14	0	0	0
Net income (loss) available to common shareholders	$16,452	$8,649	$14,338	$3,653
Denominator:	'	'	'	'
Weighted-average number of common shares-basic	63,764,929	61,082,770	63,763,935	61,039,721
Effect of dilutive share-based compensation	360,128	113,626	386,331	155,313
Weighted-average number of common shares-diluted	64,125,057	61,196,396	64,150,266	61,195,034
Net income (loss) per share available to common shareholders-basic	$0.26	$0.14	$0.22	$0.06
Net income (loss) per share available to common shareholders-diluted	$0.26	$0.14	$0.22	$0.06

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

22-May-14

22-May-14

Jun. 30, 2014

Jun. 30, 2014

GuestRooms

GuestRooms

Minimum [Member]

Maximum [Member]

Monaco Washington D C [Member]

Argonaut Hotel [Member]

Hotel Palomar San Francisco [Member]

Radisson Hotel Fisherman's Wharf [Member]

Primary lease [Member]

Secondary lease [Member]

The Prescott Hotel [Member]

The Prescott Hotel [Member]

Radisson Hotel Fisherman's Wharf [Member]

Radisson Hotel Fisherman's Wharf [Member]

Radisson Hotel Fisherman's Wharf [Member]

Radisson Hotel Fisherman's Wharf [Member]

GuestRooms

Primary lease [Member]

Secondary lease [Member]

Management Agreements [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Terms of management agreements not including renewals

'

'

'

'

'

'5 years

'20 years

'

'

'

'

'

'

'

'

'

'

Terms of management agreements including renewals

'

'

'

'

'

'5 years

'52 years

'

'

'

'

'

'

'

'

'

'

Termination fees range

'

'

'

'

'

0

6

'

'

'

'

'

'

'

'

'

'

Base management fee from hotel revenues

'

'

'

'

'

1.00%

4.00%

'

'

'

'

'

'

'

'

'

'

Combined base and incentive management fees

$4,600,000

$4,000,000

$8,400,000

$7,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments and Contingencies (Textual) [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserve funds allowed for hotel maintenance from hotel revenue

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted cash

15,274,000

'

15,274,000

'

16,482,000

'

'

'

'

'

'

'

'

'

'

'

'

Ground lease expiry period

'

'

'

'

'

'

'

'2059

'2059

'2097

'

'

'

'June 30, 2059

'

'2062

'April 2016

Base rent

'

'

'

'

'

'

'

$200,000

$1,300,000

'

$100,000

'

'

$500,000

'

'

'

Ground lease percentage rent on hotel revenues

'

'

'

'

'

'

'

'

'

'

'

5.00%

6.00%

'

'

'

'

Ground lease percentage rent on retail revenues

'

'

'

'

'

'

'

'

'

'

'

7.50%

'

'

'

'

'

Ground lease percentage rent on retail and parking revenues

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

'

'

'

'

Number of Guest Rooms - Leasehold Interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

64

'

'

Number Of Guest Rooms

5,711

'

5,711

'

'

'

'

'

'

'

'

'

'

'

160

'

'

Ground Lease Extension Option

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

Supplemental_Information_to_St2

Supplemental Information to Statements of Cash Flows (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Dividends Payable [Line Items]	'	'
Interest Paid, Net of Capitalized Interest	$12,539	$11,162
Interest Paid, Capitalized	0	206
Income Taxes Paid	1,487	1,287
Distributions payable on shares/units	20,674	'
Issuance of common shares for board of trustees compensation	421	207
Mortgage loan assumed in connection with acquisition	0	66,732
Below (above) market rate contracts assumed in connection with acquisition	2,473	4,751
NonCash Acquisition, Capital Lease Obligation	10,758	0
Deposit Applied To Purchase Price Of Acquisition	0	4,000
Accrued additions and improvements to hotel properties	3,697	1,081
Common Shares [Member]	'	'
Dividends Payable [Line Items]	'	'
Distributions payable on shares/units	15,472	10,017
Preferred Shares [Member]	'	'
Dividends Payable [Line Items]	'	'
Distributions payable on shares/units	$5,202	$5,185

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended		0 Months Ended		0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jul. 17, 2014	Jul. 17, 2014	Jul. 17, 2014	Jul. 17, 2014
	GuestRooms		The Nines Hotel Portland [Member]	The Nines Hotel Portland [Member]	Minimum [Member]	Maximum [Member]
				GuestRooms	The Nines Hotel Portland [Member]	The Nines Hotel Portland [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'
Number Of Guest Rooms	5,711	'	'	331	'	'
Business Combination, Consideration Transferred	'	'	$127,000,000	'	'	'
Borrowings Under Senior Credit Facility	'	'	76,300,000	'	'	'
Loans Assumed	0	66,732,000	50,700,000	'	'	'
Debt Instrument, Maturity Date	'	'	5-Mar-15	'	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	'	7.39%	'	'
Potential Indemnification Obligation	'	'	'	'	$0	$28,300,000