Pebblebrook Hotel Trust (PEB) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 20, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Pebblebrook Hotel Trust
Entity Central Index Key	1,474,098
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,853,807
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investment in hotel properties, net		$ 2,672,557	$ 2,343,690
Investment in joint venture		247,312	258,828
Ground lease asset, net		30,513	30,891
Cash and cash equivalents		33,212	52,883
Restricted cash		13,463	16,383
Hotel receivables (net of allowance for doubtful accounts of $145 and $139, respectively)		31,615	21,320
Deferred financing costs, net		7,527	6,246
Prepaid expenses and other assets		49,050	40,243
Total assets		3,085,249	2,770,484
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	310,000	50,000
Term loans	[2]	400,000	300,000
Mortgage debt (including mortgage loan premium of $2,658 and $4,026, respectively)		437,198	493,987
Accounts payable and accrued expenses		132,520	106,828
Advance deposits		15,565	11,583
Accrued interest		2,499	2,382
Distribution payable		29,523	23,293
Total liabilities		$ 1,327,305	$ 988,073
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at June 30, 2015 and $350,000 at December 31, 2014), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at June 30, 2015 and 14,000,000 shares issued and outstanding at December 31, 2014		$ 140	$ 140
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,735,129 issued and outstanding at June 30, 2015 and 71,553,481 issued and outstanding at December 31, 2014		717	716
Additional paid-in capital		1,864,607	1,864,739
Accumulated other comprehensive income (loss)		(433)	(341)
Distributions in excess of retained earnings		(108,926)	(84,163)
Total shareholders’ equity		1,756,105	1,781,091
Non-controlling interests		1,839	1,320
Total equity		1,757,944	1,782,411
Total liabilities and equity		$ 3,085,249	$ 2,770,484
[1]	Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.
[2]	Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts		$ 145	$ 139
Mortgage loan premium	[1]	2,658	4,026
Preferred shares of beneficial interest, liquidation preference value		$ 350,000	$ 350,000
Preferred shares of beneficial interest, par value (usd per share)		$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized		100,000,000	100,000,000
Preferred shares of beneficial interest, shares issued		14,000,000	14,000,000
Preferred shares of beneficial interest, shares outstanding		14,000,000	14,000,000
Common shares of beneficial interest, par value (usd per share)		$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized		500,000,000	500,000,000
Common shares of beneficial interest, shares issued		71,735,129	71,553,481
Common shares of beneficial interest, shares outstanding		71,735,129	71,553,481
[1]	Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco; Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, A Luxury Collection Hotel, Portland.

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Room	$ 137,443	$ 102,384	$ 246,277	$ 185,953
Food and beverage	46,823	35,417	90,061	67,865
Other operating	13,417	9,653	24,780	19,348
Total revenues	197,683	147,454	361,118	273,166
Hotel operating expenses:
Room	30,982	24,859	58,965	47,754
Food and beverage	31,384	25,156	60,777	48,966
Other direct	53,627	39,997	103,463	77,884
Total hotel operating expenses	115,993	90,012	223,205	174,604
Depreciation and amortization	24,885	16,230	46,210	32,118
Real estate taxes, personal property taxes, property insurance, and ground rent	10,885	9,000	22,165	17,308
General and administrative	6,169	5,591	13,741	11,738
Hotel acquisition costs	4,334	236	4,465	521
Total operating expenses	162,266	121,069	309,786	236,289
Operating income (loss)	35,417	26,385	51,332	36,877
Interest income	621	621	1,256	1,235
Interest expense	(9,256)	(6,256)	(17,577)	(12,331)
Equity in earnings (loss) of joint venture	3,320	4,264	(1,128)	1,020
Income (loss) before income taxes	30,102	25,014	33,883	26,801
Income tax (expense) benefit	(3,519)	(2,121)	(130)	213
Net income (loss)	26,583	22,893	33,753	27,014
Net income (loss) attributable to non-controlling interests	92	220	119	263
Net income (loss) attributable to the Company	26,491	22,673	33,634	26,751
Distributions to preferred shareholders	(6,487)	(6,082)	(12,975)	(12,163)
Net income (loss) attributable to common shareholders	$ 20,004	$ 16,591	$ 20,659	$ 14,588
Net income (loss) per share available to common shareholders-basic (in dollars per share)	$ 0.28	$ 0.26	$ 0.29	$ 0.22
Net income (loss) per share available to common shareholders, diluted	$ 0.27	$ 0.26	$ 0.28	$ 0.22
Weighted-average number of common shares, basic (in shares)	71,735,129	63,764,929	71,696,294	63,763,935
Weighted-average number of common shares, diluted (in shares)	72,425,952	64,125,057	72,463,419	64,150,266
Comprehensive Income:
Net income (loss)	$ 26,583	$ 22,893	$ 33,753	$ 27,014
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	4,077	(462)	(92)	(578)
Comprehensive income (loss)	30,660	22,431	33,661	26,436
Comprehensive income (loss) attributable to non-controlling interests	105	216	119	258
Comprehensive income (loss) attributable to the Company	$ 30,555	$ 22,215	$ 33,542	$ 26,178

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	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]
Preferred Stock, Shares Outstanding at Dec. 31, 2013		13,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2013			63,709,628
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Value	(188)			(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, Net of Forfeitures			$ 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
Preferred Stock, Shares Outstanding at Jun. 30, 2014		13,000,000
Common Stock, Shares, Outstanding at Jun. 30, 2014			63,764,929
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 Dec. 31, 2014	14,000,000	14,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2014	71,553,481		71,553,481
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014	$ 1,782,411	$ 140	$ 716	1,864,739	(341)	(84,163)	1,781,091	1,320
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	(139)	$ 0	$ 0	(139)			(139)
Issuance of Common Shares for Board Of Trustees Compensation , Shares			8,084
Issuance of Common Shares for Board Of Trustees Compensation, Value	372			372			372
Repurchase of Common Stock, Shares			(84,835)
Repurchase of Common Shares, Value	(4,094)			(4,094)			(4,094)
Share-based Compensation, Shares			258,399
Stock Issued During Period, Value, Share-based Compensation			$ 1
Share-based Compensation, Value	4,284			3,729			3,730	554
Distributions on Common Shares and Units	(45,569)					(45,422)	(45,422)	(147)
Distributions on Preferred Shares	(12,982)					(12,975)	(12,975)	(7)
Unrealized gain (loss) on derivative instruments	(92)				(92)		(92)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 33,753					33,634	33,634	119
Preferred Stock, Shares Outstanding at Jun. 30, 2015	14,000,000	14,000,000
Common Stock, Shares, Outstanding at Jun. 30, 2015	71,735,129		71,735,129
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jun. 30, 2015	$ 1,757,944	$ 140	$ 717	$ 1,864,607	$ (433)	$ (108,926)	$ 1,756,105	$ 1,839

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income (loss)	$ 33,753	$ 27,014
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	46,210	32,118
Share-based compensation	4,284	4,766
Amortization of deferred financing costs and mortgage loan premiums	(184)	(212)
Non-cash ground rent	1,190	1,025
Equity in (earnings) loss from joint venture	2,313	164
Other	706	163
Changes in assets and liabilities:
Restricted cash, net	(161)	(38)
Hotel receivables	(9,562)	(6,104)
Prepaid expenses and other assets	(4,160)	(4,156)
Distributions from joint venture, net	9,203	1,806
Accounts payable and accrued expenses	4,327	819
Advance deposits	2,461	1,759
Net cash provided by (used in) operating activities	90,380	59,124
Investing activities:
Acquisition of hotel properties	(305,146)	(50,336)
Improvements and additions to hotel properties	(53,353)	(16,119)
Deposit on hotel properties	(3,000)	(5,000)
Receipt from note receivable	3,020	0
Purchase of corporate office equipment, computer software, and furniture	(221)	(28)
Restricted cash, net	3,081	1,246
Property insurance proceeds	0	1,113
Net cash provided by (used in) investing activities	(355,619)	(69,124)
Financing activities:
Payment of offering costs - common and preferred shares	(139)	(188)
Payment of deferred financing costs	(2,466)	(10)
Borrowings under senior credit facility	380,000	40,000
Repayments under senior credit facility	(120,000)	(4,000)
Proceeds from term loan	100,000	0
Repayments of mortgage debt	(55,420)	(4,516)
Repurchase of common shares	(4,094)	(632)
Distributions - common shares/units	(39,338)	(25,150)
Distributions - preferred shares	(12,975)	(12,163)
Net cash provided by (used in) financing activities	245,568	(6,659)
Net change in cash and cash equivalents	(19,671)	(16,659)
Cash and cash equivalents, beginning of year	52,883	55,136
Cash and cash equivalents, end of year	$ 33,212	$ 38,477

Organization

Organization	6 Months Ended
	Jun. 30, 2015
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, 2015 , the Company owned interests in 37 hotels, including 31 wholly owned hotels with a total of 7,402 guest rooms, and a 49% joint venture interest in six hotels with a total of 1,777 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; Naples, Florida; Nashville, Tennessee; 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 Los Angeles (Beverly Hills), 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, 2015 , the Company owned 99.7 % of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3 % 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 with its subsidiaries, “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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 U.S. 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, 2014 . 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 is 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 and will cease recording depreciation expense 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 the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. 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. 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. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. 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 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 standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The Company does not expect ASU No. 2015-02 to have a significant impact on its consolidated financial statements and related disclosures. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The new standard will be effective for the Company on January 1, 2016 and will not have an impact on the Company's financial position, results of operations or cash flows.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
ACQUISITION OF HOTEL PROPERTIES	Acquisition of Hotel Properties The Company finalized the purchase price allocation for the Union Station Hotel, Autograph Collection, which was acquired on December 10, 2014. The final purchase price was allocated as follows: $39.3 million to building and improvements, $5.4 million to furniture and fixtures, and $7.5 million to below (above) market rate contracts and other intangibles. On May 21, 2015, the Company acquired the 189 -room LaPlaya Beach Resort and LaPlaya Beach Club located in Naples, Florida for $185.5 million . The acquisition was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The hotel will continue to be managed by Noble House Hotels and Resorts. The Company is finalizing the accounting for this acquisition. The preliminary allocation of the purchase price is as follows: $112.6 million to land, $82.1 million to building and improvements, $6.7 million to furniture and fixtures, and $(16.8) million to below (above) market rate contracts and other intangibles. On June 11, 2015, the Company acquired the 221 -room The Tuscan Fisherman's Wharf, a Best Western Plus Hotel located in San Francisco, California for $122.0 million . The acquisition was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The Company is finalizing the accounting for this acquisition. The preliminary allocation of the purchase price is as follows: $29.1 million to land, $90.3 million to building and improvements, and $2.5 million to furniture and fixtures. The following unaudited pro forma financial information presents the results of the Company for the three and six months ended June 30, 2015 and 2014 as if the hotels acquired in 2015 and 2014 were acquired on January 1, 2014 and 2013, respectively. The following hotels' pro forma results are included in the pro forma table below: Prescott Hotel ; The Nines, A Luxury Collection Hotel, Portland ; The Westin Colonnade Coral Gables ; Hotel Palomar Los Angeles - Beverly Hills ; Union Station Hotel, Autograph Collection ; Revere Hotel Boston Common ; LaPlaya Beach Resort and LaPlaya Beach Club ; and The Tuscan Fisherman's Wharf, a Best Western Plus Hotel . The pro forma results below exclude acquisition costs of $4.3 million and $0.2 million for the three months ended June 30, 2015 and 2014 , respectively, and $4.5 million and $0.5 million for the six months ended June 30, 2015 and 2014 , 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, 2015 2014 2015 2014 Total revenues $ 208,893 $ 199,906 $ 392,420 $ 375,006 Operating income (loss) 43,076 38,149 65,947 56,667 Net income (loss) attributable to common shareholders 26,807 27,054 33,480 31,806 Net income (loss) per share available to common shareholders — basic $ 0.37 $ 0.38 $ 0.46 $ 0.44 Net income (loss) per share available to common shareholders — diluted $ 0.37 $ 0.37 $ 0.46 $ 0.44

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
INVESTMENT IN HOTEL PROPERTIES	Investment in Hotel Properties Investment in hotel properties as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): June 30, December 31, 2014 Land $ 499,381 $ 357,680 Buildings and improvements 2,201,682 1,987,050 Furniture, fixtures and equipment 196,425 183,016 Construction in progress 11,743 10,524 Investment in hotel properties $ 2,909,231 $ 2,538,270 Less: Accumulated depreciation (236,674 ) (194,580 ) Investment in hotel properties, net $ 2,672,557 $ 2,343,690

Investment in Joint Venture

Investment in Joint Venture	6 Months Ended
	Jun. 30, 2015
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. In conjunction with the joint venture's refinancing in 2012, 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, 2015 , the joint venture reported $451.9 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, 2015 and 2014 are presented below (in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Revenues $ 47,538 $ 50,045 $ 78,559 $ 83,973 Total expenses 42,347 42,571 83,850 84,335 Net income (loss) $ 5,191 $ 7,474 $ (5,291 ) $ (362 ) Company’s 49% interest of net income (loss) 2,543 3,662 (2,593 ) (177 ) Basis adjustment 181 6 280 13 Special loan interest income elimination 596 596 1,185 1,184 Equity in earnings (loss) in joint venture $ 3,320 $ 4,264 $ (1,128 ) $ 1,020 The Company classifies the distributions from its 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, 2015
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Revolving Credit Facility On May 19, 2015, the Company exercised the accordion feature under its amended and restated credit agreement that governs the Company's senior unsecured revolving credit facility and the Company's unsecured term loan facility to increase the aggregate borrowing capacity by $150.0 million to $750.0 million . The Company's $750.0 million credit facility provides for a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan ("First Term Loan"). The revolving credit facility matures in January 2019 with options to extend the maturity date to January 2020 . The First Term Loan matures in January 2020 . The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.0 billion , subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.55% to 2.30% , depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% 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 minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value. As of June 30, 2015 and December 31, 2014 , the Company had $310.0 million and $50.0 million , respectively, in outstanding borrowings under the revolving credit facility. As of June 30, 2015 , the Company was in compliance with the credit agreement debt covenants. For the three and six months ended June 30, 2015 , the Company incurred unused commitment fees of $0.2 million and $0.3 million , respectively. 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. Unsecured Term Loan Facilities As of December 31, 2014 , the Company had $300.0 million outstanding under the First Term Loan which matures in January 2020 . This term loan facility bears interest at a variable rate of LIBOR plus 1.50% to 2.25% , depending on the Company's leverage ratio. On April 13, 2015, the Company entered into a second unsecured term loan facility ("Second Term Loan"). The Second Term Loan has a $100.0 million capacity and matures in April 2022 . The Company drew the full $100.0 million under this facility. The Second Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.55% , depending on the Company's leverage ratio. On June 10, 2015, the Company entered into a third unsecured term loan facility ("Third Term Loan"). The Third Term Loan has a $125.0 million capacity, which may be increased up to $250.0 million , subject to lender approval, and matures in January 2021 . This term loan bears interest at a variable rate of LIBOR plus 1.45% to 2.20% , depending on the Company's leverage ratio. In July 2015, the Company borrowed $125.0 million under the Third Term Loan. As of June 30, 2015 and December 31, 2014 , the Company had $400.0 million and $300.0 million , respectively, in outstanding borrowings under the unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. As of June 30, 2015 , the Company was in compliance with all debt covenants. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities (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. Prior to amending and restating the credit facility agreement in October 2014, the Company had entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to hedge the LIBOR rate on its borrowing under the term loan facility through July 13, 2017. Upon amending and restating the credit agreement and drawing down the additional $200.0 million under the term loan facility, the Company entered into additional swap agreements to hedge the full $300.0 million , and, as a result, the First Term Loan had a weighted-average effective interest rate of 2.93% through July 13, 2017 and a weighted-average effective interest rate of 3.51% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at June 30, 2015 . The Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Second Term Loan, and as a result, the Second Term Loan had a weighted-average effective interest rate of 3.46% , based on the Company’s leverage ratio at June 30, 2015 . In July 2015, the Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Third Term Loan, and as a result, the Third Term Loan had a weighted-average effective interest rate of 3.29% , based on the Company’s leverage ratio at June 30, 2015 . 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, 2015 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $1.7 million and $2.1 million , respectively, in the accompanying consolidated balance sheets. For the three and six months ended June 30, 2015 , there was $4.1 million in unrealized gain and $0.1 million in unrealized loss, respectively, recorded in accumulated other comprehensive income. During the three and six months ended June 30, 2015 , the Company reclassified $1.2 million and $2 million , respectively, from accumulated other comprehensive income (loss) to interest expense. 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) to interest expense. The Company expects approximately $4.1 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. On March 5, 2015 , the Company repaid the mortgage loans totaling $50.7 million on The Nines, A Luxury Collection Hotel, Portland. Debt Summary Debt as of June 30, 2015 and December 31, 2014 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date June 30, 2015 December 31, 2014 Senior unsecured revolving credit facility Floating (1) January 2019 $ 310,000 $ 50,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 100,000 — Third Term Loan Floating (2) January 2021 — — Total term loans 400,000 300,000 Mortgage loans The Nines, A Luxury Collection Hotel, Portland (3) 7.39% March 2015 — 50,725 InterContinental Buckhead Atlanta 4.88% January 2016 48,865 49,320 Skamania Lodge 5.44% February 2016 29,101 29,308 DoubleTree by Hilton Bethesda-Washington DC 5.28% February 2016 34,298 34,575 Embassy Suites San Diego Bay-Downtown 6.28% June 2016 63,794 64,462 Hotel Modera 5.26% July 2016 23,030 23,225 Monaco Washington DC 4.36% February 2017 43,330 43,756 Argonaut Hotel 4.25% March 2017 43,418 44,006 Sofitel Philadelphia 3.90% June 2017 46,322 46,968 Hotel Palomar San Francisco 5.94% September 2017 26,280 26,461 The Westin Gaslamp Quarter San Diego 3.69% January 2020 76,102 77,155 Mortgage loans at stated value 434,540 489,961 Mortgage loan premiums (4) 2,658 4,026 Total mortgage loans $ 437,198 $ 493,987 Total debt $ 1,147,198 $ 843,987 ________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. (2) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014 , the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above. (3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, A Luxury Collection Hotel, Portland. (4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco; Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, A Luxury Collection Hotel, Portland. 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, 2015 and December 31, 2014 was $444.6 million and $503.9 million , respectively. The Company was in compliance with all debt covenants as of June 30, 2015 .

Equity

Equity	6 Months Ended
	Jun. 30, 2015
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, 2015 , $159.8 million in common shares remained available for issuance under the $175.0 million ATM program. Common Dividends The Company declared the following dividends on common shares/units for the six months ended June 30, 2015 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.31 March 31, 2015 March 31, 2015 April 15, 2015 $ 0.31 June 30, 2015 June 30, 2015 July 15, 2015 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, 2015 and December 31, 2014 , the Company had 5,600,000 of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares"), 3,400,000 of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") and 5,000,000 of its 6.50% 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, 2015 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 7.875% Series A $ 0.49 March 31, 2015 March 31, 2015 April 15, 2015 7.875% Series A $ 0.49 June 30, 2015 June 30, 2015 July 15, 2015 8.00% Series B $ 0.50 March 31, 2015 March 31, 2015 April 15, 2015 8.00% Series B $ 0.50 June 30, 2015 June 30, 2015 July 15, 2015 6.50% Series C $ 0.41 March 31, 2015 March 31, 2015 April 15, 2015 6.50% Series C $ 0.41 June 30, 2015 June 30, 2015 July 15, 2015 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, 2015 and December 31, 2014 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at June 30, 2015 , 9,469 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.

Share-Based Compensation Plan

Share-Based Compensation Plan	6 Months Ended
	Jun. 30, 2015
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 and restated (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, 2015 , there were 767,952 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, 2015 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2015 129,988 $ 27.17 Granted 40,507 $ 48.87 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at June 30, 2015 118,678 $ 35.13 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, 2015 , 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. 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. As of June 30, 2015 , there was $3.3 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 2.8 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. In February 2015, these awards vested and the Company issued 120,016 and 87,556 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were 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. On February 11, 2015, the Board of Trustees approved a target award of 44,962 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2018. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 8,559 target awards to non-executive management employees which have no maximum) and will be determined in 2018 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2015 through December 31, 2017. 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 February 8, 2012 Relative Total Shareholder Return 30.00% $0.7 33.00% 0.34% 2.20% Absolute Total Shareholder Return 30.00% $0.6 33.00% 0.34% 2.20% EBITDA Comparison 40.00% $0.7 33.00% 0.34% 2.20% January 30, 2013 Relative Total Shareholder Return 30.00% $0.7 31.00% 0.41% 2.20% Absolute Total Shareholder Return 30.00% $0.5 31.00% 0.41% 2.20% EBITDA Comparison 40.00% $0.7 31.00% 0.41% 2.20% December 13, 2013 Relative Total Shareholder Return 50.00% $4.7 29.00% 0.34% - 2.25% 2.40% Absolute Total Shareholder Return 50.00% $2.9 29.00% 0.34% - 2.25% 2.40% February 4, 2014 Relative Total Shareholder Return 30.00% $0.7 29.00% 0.62% 2.40% Absolute Total Shareholder Return 30.00% $0.5 29.00% 0.62% 2.40% EBITDA Comparison 40.00% $0.8 29.00% 0.62% 2.40% February 11, 2015 Relative Total Shareholder Return 30.00% $0.9 22.00% 1.02% 2.50% Absolute Total Shareholder Return 40.00% $0.7 22.00% 1.02% 2.50% EBITDA Comparison 30.00% $0.7 22.00% 1.02% 2.50% In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. 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 based on the Company's estimate of the probable level of achievement, 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, 2015 , there was approximately $13.7 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.2 years. For the three and six months ended June 30, 2015 , the Company recognized $1.5 million and $3.0 million , respectively, in expense related to these awards. 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. 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, 2015 , 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, 2015 , the Company had 236,351 LTIP units outstanding. All LTIP units will vest upon a change in control. As of June 30, 2015 , of the 236,351 units outstanding, 9,469 LTIP units have vested, all of which were LTIP Class A units. For the three and six months ended June 30, 2015 , the Company recognized $0.3 million and $0.6 million , respectively, in expense related to these 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. As of June 30, 2015 , there was $4.9 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.3 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
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, 2015 using an estimated combined federal and state statutory tax rate of 38.0% . 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, 2015 and December 31, 2014 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2012 and 2011, respectively.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to common shareholders $ 20,004 $ 16,591 $ 20,659 $ 14,588 Less: dividends paid on unvested share-based compensation (107 ) (125 ) (215 ) (250 ) Undistributed earnings attributable to share-based compensation — (14 ) — — Net income (loss) available to common shareholders $ 19,897 $ 16,452 $ 20,444 $ 14,338 Denominator: Weighted-average number of common shares — basic 71,735,129 63,764,929 71,696,294 63,763,935 Effect of dilutive share-based compensation 690,823 360,128 767,125 386,331 Weighted-average number of common shares — diluted 72,425,952 64,125,057 72,463,419 64,150,266 Net income (loss) per share available to common shareholders — basic $ 0.28 $ 0.26 $ 0.29 $ 0.22 Net income (loss) per share available to common shareholders — diluted $ 0.27 $ 0.26 $ 0.28 $ 0.22 For the three months ended June 30, 2015 , 40,111 unvested service condition restricted shares and performance based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. 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, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies Management Agreements The Company’s hotel properties are operated pursuant to management agreements with various management companies. The 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 2% 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 $6.0 million and $10.8 million for the three and six months ended June 30, 2015 , respectively, and $4.6 million and $8.4 million for the three and six months ended June 30, 2014 , 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, 2015 and December 31, 2014 , the Company had $13.5 million and $16.4 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 Hotel Zephyr 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 Hotel Palomar Los Angeles - Beverly Hills is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2107 , including 19 five -year extension options. The hotel is required to pay annual base rent of approximately $3.5 million through January 2017 and the base rent will be adjusted for consumer price index ("CPI") increases at each five -year extension. The Union Station Hotel, Autograph Collection is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2105 . The hotel is required to pay the greater of annual base rent of $0.1 million or annual real property taxes. The ground leases and Hotel Palomar San Francisco 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. Ground rent expense was $2.8 million and $5.5 million for the three and six months ended June 30, 2015 , respectively, and $2.1 million and $3.7 million for the three and six months ended June 30, 2014 , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. 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 Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 (in thousands) Interest paid, net of capitalized interest $ 17,587 $ 12,539 Interest capitalized $ 193 $ — Income taxes paid $ 1,824 $ 1,487 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 23,973 $ 15,472 Distributions payable on preferred shares $ 5,550 $ 5,202 Issuance of common shares for Board of Trustees compensation $ 373 $ 421 Below (above) market rate contracts assumed in connection with acquisition $ 20,110 $ 2,473 Capital lease obligation assumed in connection with acquisition $ — $ 10,758 Accrued additions and improvements to hotel properties $ 2,299 $ 3,697 Write-off of fully depreciated furniture, fixtures and equipment $ 3,550 $ — Write-off of deferred financing costs $ 321 $ —

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
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 U.S. 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, 2014 . 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 is 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 and will cease recording depreciation expense 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 the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. 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.
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. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
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 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 standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. On February 18, 2015, the FASB issued ASU No. 2015-02, Consolidation - Amendments to the Consolidation Analysis , which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The new standard is effective for the Company on January 1, 2016. The Company does not expect ASU No. 2015-02 to have a significant impact on its consolidated financial statements and related disclosures. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for periods beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. The new standard will be effective for the Company on January 1, 2016 and will not have an impact on the Company's financial position, results of operations or cash flows.

Acquisition of Hotel Properti20

Acquisition of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business acquisition, unaudited proforma information	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, 2015 2014 2015 2014 Total revenues $ 208,893 $ 199,906 $ 392,420 $ 375,006 Operating income (loss) 43,076 38,149 65,947 56,667 Net income (loss) attributable to common shareholders 26,807 27,054 33,480 31,806 Net income (loss) per share available to common shareholders — basic $ 0.37 $ 0.38 $ 0.46 $ 0.44 Net income (loss) per share available to common shareholders — diluted $ 0.37 $ 0.37 $ 0.46 $ 0.44

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): June 30, December 31, 2014 Land $ 499,381 $ 357,680 Buildings and improvements 2,201,682 1,987,050 Furniture, fixtures and equipment 196,425 183,016 Construction in progress 11,743 10,524 Investment in hotel properties $ 2,909,231 $ 2,538,270 Less: Accumulated depreciation (236,674 ) (194,580 ) Investment in hotel properties, net $ 2,672,557 $ 2,343,690

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 and 2014 are presented below (in thousands): For the three months ended June 30, For the six months ended June 30, 2015 2014 2015 2014 Revenues $ 47,538 $ 50,045 $ 78,559 $ 83,973 Total expenses 42,347 42,571 83,850 84,335 Net income (loss) $ 5,191 $ 7,474 $ (5,291 ) $ (362 ) Company’s 49% interest of net income (loss) 2,543 3,662 (2,593 ) (177 ) Basis adjustment 181 6 280 13 Special loan interest income elimination 596 596 1,185 1,184 Equity in earnings (loss) in joint venture $ 3,320 $ 4,264 $ (1,128 ) $ 1,020

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Debt	Debt as of June 30, 2015 and December 31, 2014 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date June 30, 2015 December 31, 2014 Senior unsecured revolving credit facility Floating (1) January 2019 $ 310,000 $ 50,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 100,000 — Third Term Loan Floating (2) January 2021 — — Total term loans 400,000 300,000 Mortgage loans The Nines, A Luxury Collection Hotel, Portland (3) 7.39% March 2015 — 50,725 InterContinental Buckhead Atlanta 4.88% January 2016 48,865 49,320 Skamania Lodge 5.44% February 2016 29,101 29,308 DoubleTree by Hilton Bethesda-Washington DC 5.28% February 2016 34,298 34,575 Embassy Suites San Diego Bay-Downtown 6.28% June 2016 63,794 64,462 Hotel Modera 5.26% July 2016 23,030 23,225 Monaco Washington DC 4.36% February 2017 43,330 43,756 Argonaut Hotel 4.25% March 2017 43,418 44,006 Sofitel Philadelphia 3.90% June 2017 46,322 46,968 Hotel Palomar San Francisco 5.94% September 2017 26,280 26,461 The Westin Gaslamp Quarter San Diego 3.69% January 2020 76,102 77,155 Mortgage loans at stated value 434,540 489,961 Mortgage loan premiums (4) 2,658 4,026 Total mortgage loans $ 437,198 $ 493,987 Total debt $ 1,147,198 $ 843,987 ________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. (2) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014 , the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above. (3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, A Luxury Collection Hotel, Portland. (4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco; Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, A Luxury Collection Hotel, Portland.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the six months ended June 30, 2015 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.31 March 31, 2015 March 31, 2015 April 15, 2015 $ 0.31 June 30, 2015 June 30, 2015 July 15, 2015
Dividends on preferred shares/units	The Company declared the following dividends on preferred shares for the six months ended June 30, 2015 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 7.875% Series A $ 0.49 March 31, 2015 March 31, 2015 April 15, 2015 7.875% Series A $ 0.49 June 30, 2015 June 30, 2015 July 15, 2015 8.00% Series B $ 0.50 March 31, 2015 March 31, 2015 April 15, 2015 8.00% Series B $ 0.50 June 30, 2015 June 30, 2015 July 15, 2015 6.50% Series C $ 0.41 March 31, 2015 March 31, 2015 April 15, 2015 6.50% Series C $ 0.41 June 30, 2015 June 30, 2015 July 15, 2015

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2015 129,988 $ 27.17 Granted 40,507 $ 48.87 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at June 30, 2015 118,678 $ 35.13
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 February 8, 2012 Relative Total Shareholder Return 30.00% $0.7 33.00% 0.34% 2.20% Absolute Total Shareholder Return 30.00% $0.6 33.00% 0.34% 2.20% EBITDA Comparison 40.00% $0.7 33.00% 0.34% 2.20% January 30, 2013 Relative Total Shareholder Return 30.00% $0.7 31.00% 0.41% 2.20% Absolute Total Shareholder Return 30.00% $0.5 31.00% 0.41% 2.20% EBITDA Comparison 40.00% $0.7 31.00% 0.41% 2.20% December 13, 2013 Relative Total Shareholder Return 50.00% $4.7 29.00% 0.34% - 2.25% 2.40% Absolute Total Shareholder Return 50.00% $2.9 29.00% 0.34% - 2.25% 2.40% February 4, 2014 Relative Total Shareholder Return 30.00% $0.7 29.00% 0.62% 2.40% Absolute Total Shareholder Return 30.00% $0.5 29.00% 0.62% 2.40% EBITDA Comparison 40.00% $0.8 29.00% 0.62% 2.40% February 11, 2015 Relative Total Shareholder Return 30.00% $0.9 22.00% 1.02% 2.50% Absolute Total Shareholder Return 40.00% $0.7 22.00% 1.02% 2.50% EBITDA Comparison 30.00% $0.7 22.00% 1.02% 2.50%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to common shareholders $ 20,004 $ 16,591 $ 20,659 $ 14,588 Less: dividends paid on unvested share-based compensation (107 ) (125 ) (215 ) (250 ) Undistributed earnings attributable to share-based compensation — (14 ) — — Net income (loss) available to common shareholders $ 19,897 $ 16,452 $ 20,444 $ 14,338 Denominator: Weighted-average number of common shares — basic 71,735,129 63,764,929 71,696,294 63,763,935 Effect of dilutive share-based compensation 690,823 360,128 767,125 386,331 Weighted-average number of common shares — diluted 72,425,952 64,125,057 72,463,419 64,150,266 Net income (loss) per share available to common shareholders — basic $ 0.28 $ 0.26 $ 0.29 $ 0.22 Net income (loss) per share available to common shareholders — diluted $ 0.27 $ 0.26 $ 0.28 $ 0.22

Supplemental Information to S27

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the six months ended June 30, 2015 2014 (in thousands) Interest paid, net of capitalized interest $ 17,587 $ 12,539 Interest capitalized $ 193 $ — Income taxes paid $ 1,824 $ 1,487 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 23,973 $ 15,472 Distributions payable on preferred shares $ 5,550 $ 5,202 Issuance of common shares for Board of Trustees compensation $ 373 $ 421 Below (above) market rate contracts assumed in connection with acquisition $ 20,110 $ 2,473 Capital lease obligation assumed in connection with acquisition $ — $ 10,758 Accrued additions and improvements to hotel properties $ 2,299 $ 3,697 Write-off of fully depreciated furniture, fixtures and equipment $ 3,550 $ — Write-off of deferred financing costs $ 321 $ —

Organization (Details)

Organization (Details)	Jun. 30, 2015propertiesGuestRooms	Jul. 29, 2011properties
Organization (Textual) [Abstract]
Number of hotels owned by the company	37
Number of wholly owned real estate properties	31
Total number of guest rooms | GuestRooms	7,402
Percentage of Operating Partnership units owned by company	99.70%
Percentage of Operating Partnership units owned by other limited partners	0.30%
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 | GuestRooms	1,777

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details) - 6 months ended Jun. 30, 2015	Total
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 Properti30

Acquisition of Hotel Properties (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business acquisition, unaudited proforma information
Total revenues	$ 208,893	$ 199,906	$ 392,420	$ 375,006
Operating income (loss)	43,076	38,149	65,947	56,667
Net income (loss) attributable to common shareholders	$ 26,807	$ 27,054	$ 33,480	$ 31,806
Net income (loss) per share attributable to common shareholders - basic (usd per share)	$ 0.37	$ 0.38	$ 0.46	$ 0.44
Net income (loss) per share available to common shareholders — diluted (usd per share)	$ 0.37	$ 0.37	$ 0.46	$ 0.44

Acquisition of Hotel Properti31

Acquisition of Hotel Properties (Details Textual) $ in Thousands	Jun. 11, 2015USD ($)GuestRooms	May. 21, 2015USD ($)GuestRooms	Jun. 30, 2015USD ($)GuestRooms	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)GuestRooms	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Number Of Guest Rooms | GuestRooms			7,402		7,402
Hotel acquisition costs			$ 4,334	$ 236	$ 4,465	$ 521
Union Station Hotel Nashville [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings			39,300		39,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment			5,400		5,400
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill			$ 7,500		$ 7,500
LaPlaya Beach Resort [Member]
Business Acquisition [Line Items]
Number Of Guest Rooms | GuestRooms		189
Business Combination, Additional Consideration Transferred		$ 185,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land		112,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings		82,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment		6,700
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill		$ (16,800)
The Tuscan Fisherman's Wharf [Member]
Business Acquisition [Line Items]
Number Of Guest Rooms | GuestRooms	221
Business Combination, Additional Consideration Transferred	$ 122,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	29,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	90,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment	$ 2,500

Investment in Hotel Propertie32

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment in hotel properties
Land	$ 499,381	$ 357,680
Buildings and improvements	2,201,682	1,987,050
Furniture, fixtures and equipment	196,425	183,016
Construction in progress	11,743	10,524
Investment in hotel properties	2,909,231	2,538,270
Less: Accumulated depreciation	(236,674)	(194,580)
Investment in hotel properties, net	$ 2,672,557	$ 2,343,690

Investment in Joint Venture (De

Investment in Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summarized results of operations of investment in the Manhattan Collection joint venture
Equity in earnings (loss) in joint venture	$ 3,320	$ 4,264	$ (1,128)	$ 1,020
Manhattan Collection Joint Venture [Member]
Summarized results of operations of investment in the Manhattan Collection joint venture
Revenues	47,538	50,045	78,559	83,973
Total expenses	42,347	42,571	83,850	84,335
Net income (loss)	5,191	7,474	(5,291)	(362)
Company's 49% interest of net income (loss)	2,543	3,662	(2,593)	(177)
Basis adjustment	181	6	280	13
Special loan interest income elimination	596	596	1,185	1,184
Equity in earnings (loss) in joint venture	$ 3,320	$ 4,264	$ (1,128)	$ 1,020

Investment in Joint Venture (34

Investment in Joint Venture (Details Textual) $ in Millions	Dec. 27, 2012USD ($)	Jun. 30, 2015USD ($)properties	Jul. 29, 2011USD ($)properties
Investment in Joint Venture (Textual) [Abstract]
Number of properties owned | properties		37
Transaction Values Of Investment In Joint Venture			$ 908
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 | properties		6	6
Unsecured Special Loan	$ 50
Unsecured Special Loan, Interest Rate	9.75%
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets		$ 451.9
Total liabilities and members' deficit - existing first mortgage debt		460
Total liabilities and members' deficit - unsecured special loan		$ 50

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Term loans	[1]	$ 400,000	$ 300,000
Senior unsecured revolving credit facility	[2]	310,000	50,000
Mortgage debt
Mortgage debt		437,198	493,987
Mortgage loans at stated value		434,540	489,961
Mortgage loan premiums	[3]	2,658	4,026
Total debt		$ 1,147,198	843,987
The Nines Hotel Portland [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate	[4]	7.39%
Maturity Date	[4]	Mar. 1, 2015
Mortgage debt	[4]	$ 0	50,725
Inter Continental Buckhead Hotel [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		4.88%
Maturity Date		Jan. 1, 2016
Mortgage debt		$ 48,865	49,320
Skamania Lodge [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		5.44%
Maturity Date		Feb. 1, 2016
Mortgage debt		$ 29,101	29,308
Double Tree By Hilton Bethesda Washington DC [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		5.28%
Maturity Date		Feb. 1, 2016
Mortgage debt		$ 34,298	34,575
Embassy Suites San Diego [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		6.28%
Maturity Date		Jun. 1, 2016
Mortgage debt		$ 63,794	64,462
Hotel Modera [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		5.26%
Maturity Date		Jul. 1, 2016
Mortgage debt		$ 23,030	23,225
Monaco Washington D C [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		4.36%
Maturity Date		Feb. 1, 2017
Mortgage debt		$ 43,330	43,756
Argonaut Hotel [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		4.25%
Maturity Date		Mar. 1, 2017
Mortgage debt		$ 43,418	44,006
Sofitel Philadelphia [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		3.90%
Maturity Date		Jun. 1, 2017
Mortgage debt		$ 46,322	46,968
Hotel Palomar San Francisco [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		5.94%
Maturity Date		Sep. 1, 2017
Mortgage debt		$ 26,280	26,461
Westin Gaslamp Quarter [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate		3.69%
Maturity Date		Jan. 1, 2020
Mortgage debt		$ 76,102	77,155
Revolving Credit Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date	[2]	Jan. 15, 2019
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date		Jan. 15, 2020
First Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[1]	$ 300,000	300,000
Second Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date		Apr. 15, 2022
Term loans	[1]	$ 100,000	0
Third Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date		Jan. 10, 2021
Term loans	[1]	$ 0	$ 0
[1]	Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.
[2]	Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.
[3]	Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco; Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, A Luxury Collection Hotel, Portland.
[4]	The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, A Luxury Collection Hotel, Portland.

Debt (Details Textual)

Debt (Details Textual) - USD ($)

Jun. 10, 2015

May. 19, 2015

Apr. 13, 2015

Mar. 05, 2015

Dec. 17, 2014

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Jul. 23, 2015

Dec. 31, 2014

Oct. 31, 2014

Line of Credit Facility [Line Items]

Proceeds from Issuance of Unsecured Debt

$ 100,000,000

$ 0

Outstanding borrowings under the credit facility

[1]

$ 310,000,000

310,000,000

$ 50,000,000

Term loans

[2]

400,000,000

400,000,000

300,000,000

Borrowings under senior credit facility

380,000,000

40,000,000

Unrealized gain (loss) on derivative instruments

4,077,000

$ (462,000)

(92,000)

(578,000)

Repayments of mortgage debt

55,420,000

4,516,000

Estimated fair value of debt

444,600,000

444,600,000

503,900,000

The Nines Hotel Portland [Member]

Line of Credit Facility [Line Items]

Repayments of mortgage debt

$ 50,700,000

Interest Rate Swap [Member]

Line of Credit Facility [Line Items]

Notional amount

300,000,000

300,000,000

$ 100,000,000

Aggregate asset

1,700,000

1,700,000

Aggregate liability

2,100,000

2,100,000

Reclassification from AOCI to interest expense

1,200,000

100,000

2,000,000

300,000

Expected reclassifications in next 12 months

$ 4,100,000

Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Expiration date

[1]

Jan. 15, 2019

Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Increase in borrowing capacity

$ 150,000,000

Borrowing capacity

$ 750,000,000

450,000,000

$ 450,000,000

Maximum borrowing capacity

1,000,000,000

1,000,000,000

Outstanding borrowings under the credit facility

310,000,000

310,000,000

50,000,000

Unused commitment fees

200,000

$ 200,000

$ 300,000

$ 300,000

Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Minimum [Member]

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.20%

Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.55%

Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Maximum [Member]

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.30%

Revolving Credit Facility [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.30%

Term Loan [Member]

Line of Credit Facility [Line Items]

Expiration date

Jan. 15, 2020

Term Loan [Member] | First Term Loan [Member]

Line of Credit Facility [Line Items]

Term loans

[2]

300,000,000

$ 300,000,000

300,000,000

Borrowings under senior credit facility

$ 200,000,000

Term Loan [Member] | First Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.50%

Term Loan [Member] | First Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.25%

Term Loan [Member] | Second Term Loan [Member]

Line of Credit Facility [Line Items]

Borrowing capacity

$ 100,000,000

Expiration date

Apr. 15, 2022

Proceeds from Issuance of Unsecured Debt

$ 100,000,000

Term loans

[2]

100,000,000

$ 100,000,000

0

Term Loan [Member] | Second Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.70%

Term Loan [Member] | Second Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.55%

Term Loan [Member] | Third Term Loan [Member]

Line of Credit Facility [Line Items]

Borrowing capacity

$ 125,000,000

Expiration date

Jan. 10, 2021

Maximum borrowing capacity

$ 250,000,000

Term loans

[2]

$ 0

$ 0

$ 0

Term Loan [Member] | Third Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.45%

Term Loan [Member] | Third Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.20%

Term Loan [Member] | Interest Rate Swap [Member] | Second Term Loan [Member]

Line of Credit Facility [Line Items]

Weighted average interest rate

3.46%

3.46%

Term Loan [Member] | Interest Rate Swap [Member] | Term Loan Through July 12, 2017 [Member]

Line of Credit Facility [Line Items]

Effective interest rate

2.93%

2.93%

Term Loan [Member] | Interest Rate Swap [Member] | Term Loan July 13, 2017 through January 15, 2020 [Member]

Line of Credit Facility [Line Items]

Weighted average interest rate

3.51%

3.51%

Term Loan [Member] | Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Borrowing capacity

$ 300,000,000

$ 300,000,000

Subsequent Event [Member] | Term Loan [Member] | Third Term Loan [Member]

Line of Credit Facility [Line Items]

Outstanding borrowings under the credit facility

$ 125,000,000

Subsequent Event [Member] | Term Loan [Member] | Interest Rate Swap [Member] | Third Term Loan [Member]

Line of Credit Facility [Line Items]

Weighted average interest rate

3.29%

[1]

Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.

[2]

Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.

Equity (Details)

Equity (Details) - Common Shares [Member] - $ / shares	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Dividends on common shares/units
Dividend per Share/Unit (usd per share)	$ 0.31	$ 0.31
Record Date	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jul. 15, 2015	Apr. 15, 2015

Equity (Details 1)

Equity (Details 1) - $ / shares	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
7.875% Series A [Member]
Dividends on preferred shares/units
Dividend per Share/Unit (usd per share)	$ 0.49	$ 0.49
Record Date	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jul. 15, 2015	Apr. 15, 2015
8.00% Series B [Member]
Dividends on preferred shares/units
Dividend per Share/Unit (usd per share)	$ 0.50	$ 0.50
Record Date	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jul. 15, 2015	Apr. 15, 2015
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share/Unit (usd per share)	$ 0.41	$ 0.41
Record Date	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jul. 15, 2015	Apr. 15, 2015

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares
Common Stock Disclosures [Abstract]
Common shares of beneficial interest, shares authorized	500,000,000	500,000,000
Common shares of beneficial interest, par value (usd per share) | $ / shares	$ 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 (usd per share) | $ / shares	$ 0.01	$ 0.01
Preferred Stock, Shares Outstanding	14,000,000
Preferred shares of beneficial interest, redemption price per share (usd per share) | $ / shares	$ 25
LTIP Units Disclosures [Abstract]
Operating Partnership outstanding	236,351	236,351
LTIP units, vested	9,469
6.50% Series C [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Shares Outstanding	5,000,000
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
Preferred Stock, Dividend Rate, Percentage	7.875%
Share cap on each preferred shares	2.3234
8.00% Series B [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Shares Outstanding	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 | $	$ 159.8

Share-Based Compensation Plan40

Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Feb. 08, 2012	Jun. 30, 2015
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance						129,988
Unvested shares, Granted						40,507
Vested, shares						(50,827)
Forfeited, shares						(990)
Unvested shares, Ending balance						118,678
Unvested weighted average grant date fair value, beginning balance						$ 27.17
Granted, weighted average grant date fair value						48.87
Vested, weighted average grant date fair value						25.70
Forfeited, weighted average grant date fair value						36.45
Unvested weighted average grant date fair value, ending balance						$ 35.13
February 2012 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted					72,056
February 2012 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award					30.00%
Grant Date Fair Value by Component ($ in millions)					$ 0.7
Volatility					33.00%
Interest Rate					0.34%
Dividend Yield					2.20%
February 2012 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award					30.00%
Grant Date Fair Value by Component ($ in millions)					$ 0.6
Volatility					33.00%
Interest Rate					0.34%
Dividend Yield					2.20%
February 2012 [Member] | EBITDA Comparison [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award					40.00%
Grant Date Fair Value by Component ($ in millions)					$ 0.7
Volatility					33.00%
Interest Rate					0.34%
Dividend Yield					2.20%
January 2013 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted				72,118
January 2013 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				30.00%
Grant Date Fair Value by Component ($ in millions)				$ 0.7
Volatility				31.00%
Interest Rate				0.41%
Dividend Yield				2.20%
January 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				30.00%
Grant Date Fair Value by Component ($ in millions)				$ 0.5
Volatility				31.00%
Interest Rate				0.41%
Dividend Yield				2.20%
January 2013 [Member] | EBITDA Comparison [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				40.00%
Grant Date Fair Value by Component ($ in millions)				$ 0.7
Volatility				31.00%
Interest Rate				0.41%
Dividend Yield				2.20%
December 2013 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted			252,088
December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award			50.00%
Grant Date Fair Value by Component ($ in millions)			$ 4.7
Volatility			29.00%
Dividend Yield			2.40%
December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award			50.00%
Grant Date Fair Value by Component ($ in millions)			$ 2.9
Volatility			29.00%
Dividend Yield			2.40%
February 2014 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted		66,483
February 2014 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		30.00%
Grant Date Fair Value by Component ($ in millions)		$ 0.7
Volatility		29.00%
Interest Rate		0.62%
Dividend Yield		2.40%
February 2014 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		30.00%
Grant Date Fair Value by Component ($ in millions)		$ 0.5
Volatility		29.00%
Interest Rate		0.62%
Dividend Yield		2.40%
February 2014 [Member] | EBITDA Comparison [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		40.00%
Grant Date Fair Value by Component ($ in millions)		$ 0.8
Volatility		29.00%
Interest Rate		0.62%
Dividend Yield		2.40%
February 2015 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted	44,962
February 2015 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award	30.00%
Grant Date Fair Value by Component ($ in millions)	$ 0.9
Volatility	22.00%
Interest Rate	1.02%
Dividend Yield	2.50%
February 2015 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award	40.00%
Grant Date Fair Value by Component ($ in millions)	$ 0.7
Volatility	22.00%
Interest Rate	1.02%
Dividend Yield	2.50%
February 2015 [Member] | EBITDA Comparison [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award	30.00%
Grant Date Fair Value by Component ($ in millions)	$ 0.7
Volatility	22.00%
Interest Rate	1.02%
Dividend Yield	2.50%
Minimum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate			0.34%
Minimum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate			0.34%
Maximum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate			2.25%
Maximum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate			2.25%

Share-Based Compensation Plan41

Share-Based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Feb. 08, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-Based Compensation Plan (Textual) [Abstract]
Share-based award vesting period								6 years
Number of common shares available for issuance under the 2009 Equity Incentive Plan						767,952		767,952
Operating Partnership outstanding						236,351		236,351		236,351
LTIP units, vested						9,469		9,469
Restricted Stock [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Allocated Share-based Compensation Expense						$ 0.4	$ 0.4	$ 0.8	$ 0.7
Total unrecognized compensation cost						3.3		$ 3.3
Weighted average remaining vesting period (in years)								2 years 9 months
Share-based equity award grant								40,507
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period								50,827
Restricted Stock [Member] | Minimum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based award vesting period								3 years
Restricted Stock [Member] | Maximum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based award vesting period								5 years
Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Allocated Share-based Compensation Expense						1.5	1.1	$ 3	2.7
Total unrecognized compensation cost						$ 13.7		$ 13.7
Weighted average remaining vesting period (in years)								2 years 2 months
LongTermIncentivePartnershipUnitsClassA [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Value of LTIP grants per share						$ 8.50		$ 8.50
LTIP units, vested						9,469		9,469
LongtermincentivepartnershipunitsclassB [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Value of LTIP grants per share			$ 29.19
LTIP Units Granted			226,882
Grant date fair value of performance-based equity awards			$ 6.6
Long Term Incentive Partnership Units [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Allocated Share-based Compensation Expense						$ 0.3	$ 0.7	$ 0.6	$ 1.3
Total unrecognized compensation cost						$ 4.9		$ 4.9
Weighted average remaining vesting period (in years)								2 years 3 months
February 2012 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant					72,056
January 2013 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant				72,118
Shares Expected to Vest Not Subject to Maximum				11,753
January 2013 [Member] | Performance Shares [Member] | Minimum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum				0.00%
January 2013 [Member] | Performance Shares [Member] | Maximum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum				200.00%
December 2013 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant			252,088
December 2013 [Member] | Performance Shares [Member] | Minimum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum			0.00%
December 2013 [Member] | Performance Shares [Member] | Maximum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum			200.00%
February 2014 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant		66,483
Shares Expected to Vest Not Subject to Maximum		12,261
February 2014 [Member] | Performance Shares [Member] | Minimum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum		0.00%
February 2014 [Member] | Performance Shares [Member] | Maximum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum		200.00%
February 2015 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant	44,962
Shares Expected to Vest Not Subject to Maximum	8,559
February 2015 [Member] | Performance Shares [Member] | Minimum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum	0.00%
February 2015 [Member] | Performance Shares [Member] | Maximum [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Estimated Shares Expected to Vest Minimum and Maximum	200.00%
Officer Awards [Member] | February 2012 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period								120,016
Nonexecutive management award [Member] | February 2012 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period								87,556

Income Taxes (Details Textual)

Income Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Estimated combined federal and state statutory tax rate	38.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	40,111
Numerator:
Net income (loss) attributable to common shareholders	$ 20,004	$ 16,591	$ 20,659	$ 14,588
Less: dividends paid on unvested share-based compensation	(107)	(125)	(215)	(250)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	0	(14)	0	0
Net income (loss) available to common shareholders	$ 19,897	$ 16,452	$ 20,444	$ 14,338
Denominator:
Weighted-average number of common shares-basic	71,735,129	63,764,929	71,696,294	63,763,935
Effect of dilutive share-based compensation	690,823	360,128	767,125	386,331
Weighted-average number of common shares-diluted	72,425,952	64,125,057	72,463,419	64,150,266
Net income (loss) per share available to common shareholders-basic (in dollars per share)	$ 0.28	$ 0.26	$ 0.29	$ 0.22
Net income (loss) per share available to common shareholders-diluted (usd per share)	$ 0.27	$ 0.26	$ 0.28	$ 0.22

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)GuestRooms	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)GuestRoomsextension_option	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 6,000	$ 4,600	$ 10,800	$ 8,400
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue			4.00%
Restricted cash	$ 13,463		$ 13,463		$ 16,383
Number Of Guest Rooms | GuestRooms	7,402		7,402
Operating Leases, Rent Expense	$ 2,800	$ 2,100	$ 5,500	$ 3,700
Minimum [Member]
Management Agreements [Line Items]
Terms of management agreements not including renewals			5 years
Terms of management agreements including renewals			5 years
Termination fees range			0
Base management fee from hotel revenues			2.00%
Maximum [Member]
Management Agreements [Line Items]
Terms of management agreements not including renewals
Terms of management agreements including renewals			52 years
Termination fees range			6
Base management fee from hotel revenues			4.00%
The Prescott Hotel [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			June 30, 2059
Base rent			$ 500
Number Of Guest Rooms | GuestRooms	160		160
Ground Lease Extension Option			30 years
Monaco Washington D C [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,059
Base rent			$ 200
Argonaut Hotel [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,059
Base rent			$ 1,300
Hotel Palomar San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,097
Radisson Hotel Fisherman's Wharf [Member]
Commitments and Contingencies (Textual) [Abstract]
Base rent			$ 100
Palomar Los Angeles - Westwood [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,107
Base rent			$ 3,500
Ground Lease Extension Option			5 years
Number of Extension Options | extension_option			19
Union Station Hotel Nashville [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,105
Base rent			$ 100
Primary lease [Member] | Radisson Hotel Fisherman's Wharf [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			2,062
Ground lease percentage rent on hotel revenues			5.00%
Ground lease percentage rent on retail revenues			7.50%
Ground lease percentage rent on hotel revenues b			6.00%
Ground lease percentage rent on retail and parking revenues			7.50%
Secondary lease [Member] | Radisson Hotel Fisherman's Wharf [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			April 2,016
The Prescott Hotel [Member]
Commitments and Contingencies (Textual) [Abstract]
Number of Guest Rooms - Leasehold Interest | GuestRooms			64

Supplemental Information to S45

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Dividends Payable [Line Items]
Interest paid, net of capitalized interest	$ 17,587	$ 12,539
Interest capitalized	193	0
Income taxes paid	1,824	1,487
Distributions payable on shares/units	29,523		$ 23,293
Issuance of common shares for Board of Trustees compensation	373	421
Below (above) market rate contracts assumed in connection with acquisition	20,110	2,473
Capital lease obligation assumed in connection with acquisition	0	10,758
Accrued additions and improvements to hotel properties	2,299	3,697
Write-off of fully depreciated furniture, fixtures and equipment	3,550	0
Write-off of deferred financing costs	321	0
Common Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	23,973	15,472
Preferred Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	$ 5,550	$ 5,202

Uncategorized Items - peb-20150

Label	Element	Value
Series A Preferred Stock [Member]
Preferred Stock, Shares Outstanding	us-gaap_PreferredStockSharesOutstanding	5,600,000
Series B Preferred Stock [Member]
Preferred Stock, Shares Outstanding	us-gaap_PreferredStockSharesOutstanding	3,400,000
Series C Preferred Stock [Member]
Preferred Stock, Shares Outstanding	us-gaap_PreferredStockSharesOutstanding	5,000,000