Pebblebrook Hotel Trust (PEB) 10-K 22 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 15, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
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		71,946,073
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 3,000,000,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment in hotel properties, net		$ 2,673,584	$ 2,343,690
Investment in joint venture		248,794	258,828
Ground lease asset, net		30,218	30,891
Cash and cash equivalents		26,345	52,883
Restricted cash		9,453	16,383
Hotel receivables (net of allowance for doubtful accounts of $243 and $139, respectively)		25,062	21,320
Deferred financing costs, net		7,141	6,246
Prepaid expenses and other assets		42,333	40,243
Total assets		3,062,930	2,770,484
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	165,000	50,000
Term loans	[2]	525,000	300,000
Senior unsecured notes		100,000	0
Mortgage debt (including mortgage loan premium of $1,581 and $4,026, respectively)		320,054	493,987
Accounts payable and accrued expenses		141,897	106,828
Advance deposits		17,726	11,583
Accrued interest		2,550	2,382
Distribution payable		29,869	23,293
Total liabilities		$ 1,302,096	$ 988,073
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at December 31, 2015 and $350,000 at December 31, 2014), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at December 31, 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 December 31, 2015 and 71,553,481 issued and outstanding at December 31, 2014		717	716
Additional paid-in capital		1,868,047	1,864,739
Accumulated other comprehensive income (loss)		(4,750)	(341)
Distributions in excess of retained earnings		(105,765)	(84,163)
Total shareholders’ equity		1,758,389	1,781,091
Non-controlling interests		2,445	1,320
Total equity		1,760,834	1,782,411
Total liabilities and equity		$ 3,062,930	$ 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, the Second Term Loan and the Third Term Loan. At December 31, 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		Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts		$ 243	$ 139
Mortgage loan premium	[1]	1,581	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 Zelos (formerly 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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Room	$ 526,573	$ 410,600	$ 321,630
Food and beverage	190,852	148,114	136,531
Other operating	53,439	40,062	31,056
Total revenues	770,864	598,776	489,217
Hotel operating expenses:
Room	124,090	102,709	83,390
Food and beverage	128,816	104,843	100,244
Other direct and indirect	215,169	166,435	140,564
Total hotel operating expenses	468,075	373,987	324,198
Depreciation and amortization	95,872	68,324	55,570
Real estate taxes, personal property taxes, property insurance, and ground rent	46,947	36,878	31,052
General and administrative	27,649	26,349	17,166
Hotel acquisition costs	4,686	1,973	3,376
Total operating expenses	643,229	507,511	431,362
Operating income (loss)	127,635	91,265	57,855
Interest income	2,511	2,529	2,620
Interest expense	(38,774)	(27,065)	(23,680)
Equity in earnings (loss) of joint venture	6,213	10,065	7,623
Income (loss) before income taxes	97,585	76,794	44,418
Income tax (expense) benefit	(2,590)	(3,251)	(1,226)
Net income (loss)	94,995	73,543	43,192
Net income (loss) attributable to non-controlling interests	327	677	274
Net income (loss) attributable to the Company	94,668	72,866	42,918
Distributions to preferred shareholders	(25,950)	(25,079)	(22,953)
Net income (loss) attributable to common shareholders	$ 68,718	$ 47,787	$ 19,965
Net income (loss) per share available to common shareholders-basic (in dollars per share)	$ 0.95	$ 0.72	$ 0.32
Net income (loss) per share available to common shareholders-diluted (in dollars per share)	$ 0.94	$ 0.71	$ 0.32
Weighted-average number of common shares, basic (in shares)	71,715,870	65,646,712	61,498,389
Weighted-average number of common shares, diluted (in shares)	72,384,289	66,264,118	61,836,741
Comprehensive Income:
Net income (loss)	$ 94,995	$ 73,543	$ 43,192
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(4,409)	(1,427)	1,386
Comprehensive income (loss)	90,586	72,116	44,578
Comprehensive income (loss) attributable to non-controlling interests	313	665	287
Comprehensive income (loss) attributable to the Company	$ 90,273	$ 71,451	$ 44,291

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, 2012		9,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2012			60,955,090
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012	$ 1,313,092	$ 90	$ 610	$ 1,362,349	$ (300)	$ (49,798)	$ 1,312,951	$ 141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Shares		4,000,000	2,701,893
Issuance of shares, net of offering costs, Value	175,575	$ 40	$ 27	175,508			175,575
Issuance of Common Shares for Board Of Trustees Compensation , Shares			9,097
Issuance of Common Shares for Board Of Trustees Compensation, Value	207			207			207
Repurchase of Common Stock, Shares			(21,644)
Repurchase of Common Shares, Value	(523)			(523)			(523)
Share-based Compensation, Shares			65,192
Share-based Compensation, Value	5,222			3,597			3,597	1,625
Distributions on Common Shares and Units	(40,099)					(39,819)	(39,819)	(280)
Distributions on Preferred Shares	(22,968)					(22,953)	(22,953)	(15)
Unrealized gain (loss) on derivative instruments	1,386				1,386		1,386
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	43,192					42,918	42,918	274
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, Shares		1,000,000	7,530,000
Issuance of shares, net of offering costs, Value	316,910	$ 10	$ 75	316,825			316,910
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			62,498
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			$ 1
Share-based Compensation, Value	11,695			9,085			9,086	2,609
Distributions on Common Shares and Units	(62,857)					(62,298)	(62,298)	(559)
Distributions on Preferred Shares	(25,095)					(25,079)	(25,079)	(16)
Redemption of non-controlling interest LTIP units, Shares			258,101
Redemption of non-controlling interest LTIP units, Value	(5,231)		$ 3	(2,098)			(2,095)	(3,136)
Unrealized gain (loss) on derivative instruments	(1,427)				(1,427)		(1,427)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 73,543					72,866	72,866	677
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, Value	(195)			(195)			(195)
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
Share-based Compensation, Value	8,331		$ 1	7,225			7,226	1,105
Distributions on Common Shares and Units	(90,612)					(90,320)	(90,320)	(292)
Distributions on Preferred Shares	(25,965)					(25,950)	(25,950)	(15)
Unrealized gain (loss) on derivative instruments	(4,409)				(4,409)		(4,409)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 94,995					94,668	94,668	327
Preferred Stock, Shares Outstanding at Dec. 31, 2015	14,000,000	14,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2015	71,735,129		71,735,129
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2015	$ 1,760,834	$ 140	$ 717	$ 1,868,047	$ (4,750)	$ (105,765)	$ 1,758,389	$ 2,445

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income (loss)	$ 94,995	$ 73,543	$ 43,192
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	95,872	68,324	55,570
Share-based compensation	8,331	11,695	5,222
Amortization of deferred financing costs and mortgage loan premiums	(29)	(604)	(259)
Non-cash ground rent	2,380	2,252	3,128
Equity in (earnings) loss from joint venture	(3,824)	(7,676)	(5,234)
Other	2,038	407	892
Changes in assets and liabilities:
Restricted cash, net	1,635	71	(1,266)
Hotel receivables	(3,107)	(3,544)	(3,343)
Prepaid expenses and other assets	(212)	(3,763)	(3,441)
Distributions from joint venture	13,858	9,152	1,617
Accounts payable and accrued expenses	4,161	10,598	8,051
Advance deposits	4,622	829	3,324
Net cash provided by (used in) operating activities	220,720	161,284	107,453
Investing activities:
Acquisition of hotel properties	(305,146)	(575,748)	(230,769)
Improvements and additions to hotel properties	(99,785)	(52,553)	(38,753)
Distribution from (investment in) joint venture, net	0	0	26,291
Deposit on hotel properties	(3,000)	0	0
Receipt from (acquisition of) note receivable	3,020	(3,020)	0
Purchase of corporate office equipment, software, and furniture	(278)	(1,146)	(33)
Restricted cash, net	5,295	28	(3,182)
Property insurance proceeds	0	1,113	458
Net cash provided by (used in) investing activities	(399,894)	(631,326)	(245,988)
Financing activities:
Gross proceeds from issuance of common shares	0	293,211	79,362
Gross proceeds from issuance of preferred shares	0	25,000	100,000
Payment of offering costs - common and preferred shares	(195)	(1,301)	(3,787)
Payment of deferred financing costs	(3,311)	(3,696)	(650)
Borrowings under senior revolving credit facility	490,000	180,000	0
Repayments under senior revolving credit facility	(375,000)	(130,000)	0
Proceeds from term loans	225,000	200,000	0
Proceeds from senior unsecured notes	100,000	0	0
Repayments of mortgage debt	(171,488)	(9,123)	(8,099)
Repurchase of common shares	(4,094)	(632)	(523)
Redemption of non-controlling interests	0	(5,231)	0
Distributions - common shares/units	(84,037)	(55,708)	(36,969)
Distributions - preferred shares	(25,950)	(24,731)	(21,563)
Proceeds from membership deposits	2,302	0	0
Repayments of membership deposits	(591)	0	0
Net cash provided by (used in) financing activities	152,636	467,789	107,771
Net change in cash and cash equivalents	(26,538)	(2,253)	(30,764)
Cash and cash equivalents, beginning of year	52,883	55,136	85,900
Cash and cash equivalents, end of year	$ 26,345	$ 52,883	$ 55,136

Organization

Organization	12 Months Ended
	Dec. 31, 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 December 31, 2015 , the Company owned interests in 37 hotels, including 31 wholly owned hotels with a total of 7,408 guest rooms, and a 49% joint venture interest in six hotels with a total of 1,787 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 December 31, 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation 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. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. 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 classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method, over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. 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 increases or decreases to interest expense. 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 recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other revenues on the consolidated statements of operations over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method with an interest rate defined as the incremental borrowing rate. The accretion is included in interest expense. 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) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available 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. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2015 , 2014 and 2013 , comprehensive income (loss) was $90.6 million , $72.1 million and $44.6 million , respectively. As of December 31, 2015 and 2014 , the Company's accumulated other comprehensive income (loss) was $(4.8) million and $(0.3) million , respectively. Recent Accounting Standards In May 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. In February 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. In April 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 Company will adopt this standard on January 1, 2016 and it will not have a material impact on the Company's financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest — Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of this guidance will have a material effect on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company will adopt this standard on January 1, 2016 and it 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	12 Months Ended
	Dec. 31, 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 final purchase price was allocated 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 hotel is managed by Noble House Hotels and Resorts. The final purchase price was allocated 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 years ended December 31, 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: The Prescott Hotel San Francisco ; 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 $4.7 million and $2.0 million for the years ended December 31, 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 year ended December 31, 2015 2014 (Unaudited) Total revenues $ 801,578 $ 769,553 Operating income (loss) 141,487 123,542 Net income (loss) attributable to common shareholders 79,576 75,401 Net income (loss) per share available to common shareholders — basic $ 1.10 $ 1.04 Net income (loss) per share available to common shareholders — diluted $ 1.09 $ 1.04

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2015 and December 31, 2014 consisted of the following (in thousands): December 31, December 31, 2014 Land $ 499,381 $ 357,680 Buildings and improvements 2,225,168 1,987,050 Furniture, fixtures and equipment 205,890 183,016 Construction in progress 26,322 10,524 Investment in hotel properties $ 2,956,761 $ 2,538,270 Less: Accumulated depreciation (283,177 ) (194,580 ) Investment in hotel properties, net $ 2,673,584 $ 2,343,690 As of December 31, 2015 and 2014 , buildings and improvements include capital lease asset of $12.2 million and $12.2 million , respectively, and accumulated depreciation includes amounts related to capital lease asset of $0.4 million and $0.2 million , respectively. Depreciation of capital lease asset is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented.

Investment in Joint Venture

Investment in Joint Venture	12 Months Ended
	Dec. 31, 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 December 31, 2015 , the joint venture reported $451.6 million in total assets, which represents the historical cost 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, consisting of a single $410.0 million loan secured by five of the properties (excluding Dumont NYC) and a $50.0 million loan secured by the Dumont NYC, and a $50.0 million unsecured special loan. At December 31, 2015 , the five hotel properties securing the joint venture’s $410.0 million loan entered a cash trigger period, as defined in the loan agreement, because their aggregate net operating income on a trailing 12-month basis was below a minimum threshold. As a result, the joint venture may not make distributions of cash generated by such hotel properties to its partners, including us, until the minimum net operating income from such hotel properties on a trailing 12-month basis exceeds the minimum threshold. The joint venture was in compliance with all of its debt covenants as of December 31, 2015 . 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 years ended December 31, 2015 , 2014 and 2013 are presented below (in thousands): For the year ended December 31, 2015 2014 2013 Revenues $ 177,775 $ 185,609 $ 172,968 Total expenses 171,109 169,683 161,145 Net income (loss) $ 6,666 $ 15,926 $ 11,823 Company’s 49% interest of net income (loss) 3,266 7,804 5,793 Basis adjustment 558 (128 ) (559 ) Special loan interest income elimination 2,389 2,389 2,389 Equity in earnings (loss) in joint venture $ 6,213 $ 10,065 $ 7,623 The Company classifies the distributions from the Manhattan Collection 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	12 Months Ended
	Dec. 31, 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 unsecured credit facility provides for a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan (the "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 December 31, 2015 and December 31, 2014 , the Company had $165.0 million and $50.0 million , respectively, in outstanding borrowings under the revolving credit facility. As of December 31, 2015 , the Company had $285.0 million borrowing capacity remaining under its unsecured revolving credit facility. As of December 31, 2015 , the Company was in compliance with the credit agreement debt covenants. For the years ended December 31, 2015 , 2014 and 2013 , the Company incurred unused commitment fees of $0.6 million , $0.7 million and $0.7 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 (the "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 (the "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. On July 10, 2015, the Company borrowed $125.0 million under the Third Term Loan. As of December 31, 2015 and December 31, 2014 , the Company had $525.0 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 December 31, 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). Senior Unsecured Notes On November 12, 2015, the Company issued $60.0 million of senior unsecured notes (the "Series A Notes") bearing a fixed interest rate of 4.70% per annum and maturing in December 2023 . On November 12, 2015, the Company issued $40.0 million of senior unsecured notes (the "Series B Notes") bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 . Each of these notes is subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. 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. As of December 31, 2015 , the Company had interest rate swaps with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan 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 December 31, 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 December 31, 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 December 31, 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 incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. As of December 31, 2015 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $0.4 million and $5.1 million , respectively, in the accompanying consolidated balance sheets. For the years ended December 31, 2015 and 2014 , there was $4.4 million and $1.4 million in unrealized loss, respectively, recorded in accumulated other comprehensive income. During the years ended December 31, 2015 , 2014 and 2013 , the Company reclassified $5.4 million , $0.6 million and $0.5 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $4.7 million will be reclassified from accumulated other comprehensive income (loss) to interest expense 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 $50.7 million mortgage loan on The Nines, a Luxury Collection Hotel, Portland . On October 6, 2015 , the Company repaid the $48.6 million mortgage loan on the InterContinental Buckhead Atlanta . On November 6, 2015 , the Company repaid the $28.9 million mortgage loan on the Skamania Lodge and the $34.1 million mortgage loan on the DoubleTree by Hilton Hotel Bethesda -Washington DC . Debt Summary Debt as of December 31, 2015 and December 31, 2014 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2015 December 31, 2014 Senior unsecured revolving credit facility Floating (1) January 2019 $ 165,000 $ 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 125,000 — Total term loans 525,000 300,000 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 — Series B Notes 4.93% December 2025 40,000 — Total senior unsecured notes 100,000 — Mortgage loans The Nines, a Luxury Collection Hotel, Portland (3) 7.39% March 2015 — 50,725 InterContinental Buckhead Atlanta 4.88% January 2016 — 49,320 Skamania Lodge 5.44% February 2016 — 29,308 DoubleTree by Hilton Hotel Bethesda -Washington DC 5.28% February 2016 — 34,575 Embassy Suites San Diego Bay - Downtown 6.28% June 2016 63,116 64,462 Hotel Modera 5.26% July 2016 22,833 23,225 Hotel Monaco Washington DC 4.36% February 2017 42,895 43,756 Argonaut Hotel 4.25% March 2017 42,823 44,006 Sofitel Philadelphia 3.90% June 2017 45,668 46,968 Hotel Zelos (formerly Hotel Palomar San Francisco) 5.94% September 2017 26,098 26,461 The Westin San Diego Gaslamp Quarter 3.69% January 2020 75,040 77,155 Mortgage loans at stated value 318,473 489,961 Mortgage loan premiums (4) 1,581 4,026 Total mortgage loans $ 320,054 $ 493,987 Total debt $ 1,110,054 $ 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, the Second Term Loan and the Third Term Loan. At December 31, 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 Zelos (formerly 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 fixed rate debt as of December 31, 2015 and December 31, 2014 was $465.4 million and $503.9 million , respectively. The Company was in compliance with all debt covenants as of December 31, 2015 . Future scheduled debt principal payments for the Company's debt as of December 31, 2015 are as follows (in thousands): 2016 $ 91,993 2017 155,908 2018 2,366 2019 167,456 2020 365,750 Thereafter 325,000 Total debt principal payments 1,108,473 Premium on mortgage debt 1,581 Total debt $ 1,110,054

Equity

Equity	12 Months Ended
	Dec. 31, 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 December 31, 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 year ended December 31, 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 $ 0.31 September 30, 2015 September 30, 2015 October 15, 2015 $ 0.31 December 31, 2015 December 31, 2015 January 15, 2016 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 December 31, 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 ("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 year ended December 31, 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 7.875% Series A $ 0.49 September 30, 2015 September 30, 2015 October 15, 2015 7.875% Series A $ 0.49 December 31, 2015 December 31, 2015 January 15, 2016 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 8.00% Series B $ 0.50 September 30, 2015 September 30, 2015 October 15, 2015 8.00% Series B $ 0.50 December 31, 2015 December 31, 2015 January 15, 2016 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 6.50% Series C $ 0.41 September 30, 2015 September 30, 2015 October 15, 2015 6.50% Series C $ 0.41 December 31, 2015 December 31, 2015 January 15, 2016 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 December 31, 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 December 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 2015 , there were 762,013 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 December 31, 2015 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2013 128,622 $ 22.19 Granted 84,451 $ 26.07 Vested (65,192 ) $ 21.96 Forfeited — $ — Unvested at December 31, 2013 147,881 $ 24.59 Granted 44,322 $ 30.11 Vested (62,047 ) $ 23.12 Forfeited (168 ) $ 27.57 Unvested at December 31, 2014 129,988 $ 27.17 Granted 46,446 $ 48.00 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at December 31, 2015 124,617 $ 35.46 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 years ended December 31, 2015 , 2014 and 2013 , the Company recognized approximately $1.6 million , $1.4 million and $1.5 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of December 31, 2015 , there was $2.7 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 2.5 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 vested 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. On July 27, 2015, a target award of 771 performance-based equity awards was granted to an employee of the Company. This award vests on January 1, 2018. The actual number of common shares that ultimately vest will be determined in 2018 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2016 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% July 27, 2015 Relative Total Shareholder Return 30.00% — (1) 22.00% 0.68% 2.50% Absolute Total Shareholder Return 40.00% — (1) 22.00% 0.68% 2.50% EBITDA Comparison 30.00% — (1) 22.00% 0.68% 2.50% (1) Amounts round to zero. 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 December 31, 2015 , there was approximately $10.2 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.8 years. For the years ended December 31, 2015 , 2014 and 2013 , the Company recognized $5.6 million , $7.7 million and $2.1 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 December 31, 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 December 31, 2015 , the Company had 236,351 LTIP units outstanding. All LTIP units will vest upon a change in control. As of December 31, 2015 , of the 236,351 units outstanding, 9,469 LTIP units have vested, all of which were LTIP Class A units. For the years ended December 31, 2015 , 2014 and 2013 , the Company recognized $1.1 million , $2.6 million and $1.6 million , respectively, in expense related to these units. As of December 31, 2015 , there was $4.4 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 2.0 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	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. 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. However, as a REIT, the Company is still 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, taxable income from non-REIT activities managed through taxable-REIT subsidiaries is subject to federal, state and local income taxes. PHL is a TRS of the Company and as such is required to pay federal and state income taxes as a regular C Corporation. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Amount % Amount % Amount % Common Shares: Ordinary income $ 1.1715 98.21 % $ 0.9108 100.00 % $ 0.6000 100.00 % Qualified dividend 0.0213 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.1928 100.00 % $ 0.9108 100.00 % $ 0.6000 100.00 % Series A Preferred Shares: Ordinary income $ 1.9336 98.21 % $ 2.3948 100.00 % $ 2.0349 100.00 % Qualified dividend 0.0352 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.9688 100.00 % $ 2.3948 100.00 % $ 2.0349 100.00 % Series B Preferred Shares: Ordinary income $ 1.9643 98.21 % $ 2.4328 100.00 % $ 2.0672 100.00 % Qualified dividend 0.0357 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 2.0000 100.00 % $ 2.4328 100.00 % $ 2.0672 100.00 % Series C Preferred Shares: Ordinary income $ 1.5960 98.22 % $ 1.9767 100.00 % $ 0.9890 100.00 % Qualified dividend 0.0290 1.78 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.9767 100.00 % $ 0.9890 100.00 % The common and preferred share distributions declared on December 15, 2012 and paid on January 15, 2013 were treated as 2013 distributions for tax purposes. The common distribution declared on December 13, 2013 and paid on January 15, 2014 was treated as a 2014 distribution for tax purposes. For tax purposes, $0.4261 , $0.4328 and $0.3517 of the Series A, Series B, and Series C, respectively, of the preferred share distributions declared on December 13, 2013 and paid on January 15, 2014 were treated as 2014 distributions. Of the common distribution declared on December 15, 2014 and paid on January 15, 2015, $0.1692 was treated as a 2015 distribution for tax purposes. The preferred share distributions declared on December 15, 2014 and paid on January 15, 2015 were treated as 2014 distributions for tax purposes. Of the common distribution declared on December 15, 2015 and paid on January 15, 2016, $0.2164 was treated as a 2016 distribution for tax purposes. The preferred share distributions declared on December 15, 2015 and paid on January 15, 2016 were treated as 2015 distributions for tax purposes. For the years ended December 31, 2015 , 2014 and 2013 , th e Operating Partnership income tax expenses was $0.9 million , $0.2 million and $0.2 million , respectively. The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2015 2014 2013 Federal Current $ 1,389 $ 2,121 $ 718 Deferred 55 317 — State and local Current 287 555 313 Deferred (72 ) 25 — Income tax expense (benefit) $ 1,659 $ 3,018 $ 1,031 A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2015 2014 2013 Statutory federal tax expense (benefit) $ 1,367 $ 2,561 $ 718 State income tax expense (benefit), net of federal tax (benefit) expense 111 457 313 Other 181 — — Income tax expense (benefit) $ 1,659 $ 3,018 $ 1,031 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 December 31, 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 Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per 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 year ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to common shareholders $ 68,718 $ 47,787 $ 19,965 Less: dividends paid on unvested share-based compensation (432 ) (459 ) (328 ) Undistributed earnings attributable to share-based compensation — — — Net income (loss) available to common shareholders $ 68,286 $ 47,328 $ 19,637 Denominator: Weighted-average number of common shares — basic 71,715,870 65,646,712 61,498,389 Effect of dilutive share-based compensation 668,419 617,406 338,352 Weighted-average number of common shares — diluted 72,384,289 66,264,118 61,836,741 Net income (loss) per share available to common shareholders — basic $ 0.95 $ 0.72 $ 0.32 Net income (loss) per share available to common shareholders — diluted $ 0.94 $ 0.71 $ 0.32 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	12 Months Ended
	Dec. 31, 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 five 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. For the years ended December 31, 2015 , 2014 and 2013 , combined base and incentive management fees were and $23.5 million , $19.3 million and $15.8 million , respectively. Base and incentive management fees are included in other direct and 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 December 31, 2015 and December 31, 2014 , the Company had $9.5 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 Zelos (formerly 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 (formerly Radisson Hotel Fisherman's Wharf) is subject to both a long-term primary ground lease and a secondary sublease. The primary ground lease requires the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of hotel revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total hotel revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062 . The secondary sublease requires the hotel to make rental payments based on hotel net income, as defined in the agreement, related to the rooms and retail space in existence prior to the 1998 renovation. The secondary sublease expires in April 2016 at which time the hotel will only be subject to the primary ground lease through its maturity in 2062. The Prescott Hotel San Francisco 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 164 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 2016 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 Zelos (formerly 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 $12.1 million , $8.9 million and $7.6 million for the years ended December 31, 2015 , 2014 and 2013 , 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. Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2015 (in thousands): 2016 $ 7,240 2017 7,326 2018 7,744 2019 7,807 2020 7,873 Thereafter 747,083 Total $ 785,073 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	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the year ended December 31, 2015 2014 2013 (in thousands) Interest paid, net of capitalized interest $ 38,128 $ 26,945 $ 23,528 Interest capitalized $ 598 $ — $ 206 Income taxes paid $ 2,487 $ 3,049 $ 1,572 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 24,319 $ 17,743 $ 10,592 Distributions payable on preferred shares $ 5,550 $ 5,550 $ 5,203 Issuance of common shares for Board of Trustees compensation $ 372 $ 421 $ 207 Mortgage loans assumed in connection with acquisition $ — $ 50,725 $ 90,448 Below (above) market rate contracts assumed in connection with acquisition $ 20,110 $ 15,375 $ 2,826 Capital lease obligation assumed in connection with acquisition $ — $ 10,758 $ — Deposit applied to purchase price of acquisition $ — $ — $ 4,000 Accrued additions and improvements to hotel properties $ 1,262 $ 6,537 $ 603 Write-off of fully depreciated furniture, fixtures and equipment $ 6,013 $ 4,446 $ — Write-off of deferred financing costs $ 1,577 $ 2,258 $ — For the year ended December 31, 2014 , the Company redeemed 258,101 LTIP units for the same number of common shares. No LTIP units were redeemed for the years ended December 31, 2015 and 2013 .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 5, 2016 , the Company exercised its accordion options on the Second Term Loan and the Third Term Loan and increased the borrowing capacities of both loans by $75.0 million to $175.0 million and $200.0 million , respectively. The Company drew down a total of $150.0 million from both facilities. The additional borrowing on the Second Term Loan remains floating at a variable rate of LIBOR plus 1.70% to 2.55% , depending on the Company's leverage ratio. The Company entered into interest rate swap agreements to effectively fix the LIBOR rate for the entire duration of the Third Term Loan, resulting in a weighted-average effective interest rate of 3.21% , based on the Company's leverage ratio at December 31, 2015 . On February 8, 2016, the Company announced the redemption of the Series A Preferred Shares on March 11, 2016, at a redemption value of $25.00 per share plus accrued and unpaid dividends. On February 10, 2016 , the Board of Trustees granted awards of an aggregate of 67,280 service condition restricted common shares and 100,919 target performance-based equity to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2019 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2016 through December 31, 2018. On February 10, 2016 , the Board of Trustees authorized a new share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	NOTE 14. Quarterly Operating Results (Unaudited) The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2015 and 2014 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 163,435 $ 197,683 $ 216,321 $ 193,425 Net income (loss) 7,170 26,583 38,248 22,994 Net income (loss) attributable to the Company 7,143 26,491 38,119 22,915 Net income (loss) attributable to common shareholders 655 20,004 31,631 16,428 Net income (loss) per share available to common shareholders, basic $ 0.01 $ 0.28 $ 0.44 $ 0.23 Net income (loss) per share available to common shareholders, diluted $ 0.01 $ 0.27 $ 0.43 $ 0.23 Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 125,712 $ 147,454 $ 169,676 $ 155,934 Net income (loss) 4,121 22,893 30,439 16,090 Net income (loss) attributable to the Company 4,078 22,673 30,165 15,950 Net income (loss) attributable to common shareholders (2,003 ) 16,591 23,737 9,462 Net income (loss) per share available to common shareholders, basic and diluted $ (0.03 ) $ 0.26 $ 0.36 $ 0.13

Schedule III--Real Estate and A

Schedule III--Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III--Real Estate and Accumulated Depreciation	Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2015 (In thousands) Initial Costs Gross Amount at End of Year Description Encumb-rances Land Building and Improvements Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life DoubleTree by Hilton Hotel Bethesda -Washington DC $ — $ 10,065 $ 53,000 $ 4,035 $ 8,573 $ 10,065 $ 58,812 $ 6,796 $ 75,673 $ 13,584 $ 62,089 1971 6/4/2010 3-40 years Sir Francis Drake — 22,500 60,547 6,953 18,605 22,500 71,771 14,334 108,605 20,390 88,215 1928 6/22/2010 3-40 years InterContinental Buckhead Atlanta — 25,000 68,844 11,000 11,306 25,000 73,667 17,483 116,150 22,404 93,746 2004 7/1/2010 3-40 years Hotel Monaco Washington DC 42,895 — 60,630 2,441 11,660 — 66,048 8,683 74,731 11,613 63,118 1839 9/9/2010 3-40 years The Grand Hotel Minneapolis — 4,950 26,616 300 9,798 4,950 32,941 3,773 41,664 7,262 34,402 1912 9/29/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 7,957 7,130 48,840 7,626 63,596 10,369 53,227 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 13,394 18,784 88,533 8,736 116,053 16,464 99,589 1972 11/19/2010 3-40 years Sofitel Philadelphia 45,668 18,000 64,256 4,639 8,257 18,000 69,153 7,999 95,152 13,769 81,383 2000 12/3/2010 3-40 years Argonaut Hotel 42,823 — 79,492 4,247 6,070 — 82,491 7,318 89,809 14,661 75,148 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter 75,040 25,537 86,089 6,850 18,910 25,537 102,484 9,365 137,386 18,185 119,201 1987 4/6/2011 1-40 years Hotel Monaco Seattle — 10,105 38,888 2,073 7,205 10,105 42,120 6,046 58,271 8,740 49,531 1969 4/7/2011 3-40 years Mondrian Los Angeles — 20,306 110,283 6,091 9,359 20,306 115,042 10,691 146,039 19,488 126,551 1959 5/3/2011 3-40 years Viceroy Miami — 8,368 24,246 3,723 3,103 8,368 25,251 5,821 39,440 7,377 32,063 2009 5/26/2011 1-40 years W Boston — 19,453 63,893 5,887 5,520 19,453 66,278 9,022 94,753 13,625 81,128 2009 6/8/2011 2-40 years Hotel Zetta — 7,294 22,166 290 15,603 7,294 33,794 4,265 45,353 5,155 40,198 1913 4/4/2012 3-40 years Hotel Vintage Seattle — 8,170 23,557 706 6,719 8,170 28,127 2,855 39,152 3,476 35,676 1922 7/9/2012 3-40 years Hotel Vintage Portland — 6,222 23,012 1,093 11,929 6,222 32,000 4,034 42,256 3,340 38,916 1894 7/9/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 25,056 24,403 111,080 10,779 146,262 12,955 133,307 1969 8/23/2012 3-40 years Hotel Zelos (formerly Hotel Palomar San Francisco) (2 ) 26,098 — 63,430 3,780 7,501 — 68,462 6,249 74,711 9,304 65,407 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown (3 ) 63,116 20,103 90,162 6,881 12,095 20,103 99,913 9,225 129,241 11,130 118,111 1988 1/29/2013 3-40 years The Redbury Hollywood — 8,057 24,833 1,000 1,655 8,057 25,938 1,550 35,545 1,988 33,557 2008 8/8/2013 3-40 years Hotel Modera (4 ) 22,833 8,215 37,874 1,500 2,822 8,215 39,744 2,452 50,411 3,754 46,657 1962 8/28/2013 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2015 (In thousands) Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 26,244 — 139,264 6,975 146,239 8,201 138,038 1964 12/9/2013 3-40 years The Prescott Hotel San Francisco — 12,561 43,665 1,094 15,101 12,561 46,448 13,412 72,421 1,842 70,579 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 4,263 18,493 93,595 11,764 123,852 5,270 118,582 1909 7/17/2014 3-40 years The Westin Colonnade Coral Gables — 12,108 46,317 1,271 7,639 12,108 50,425 4,802 67,335 2,034 65,301 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles - Beverly Hills — — 90,675 1,500 539 — 90,954 1,760 92,714 2,787 89,927 1972 11/20/2014 3-40 years Union Station Hotel, Autograph Collection — — 37,803 6,833 1,749 — 40,085 6,300 46,385 2,013 44,372 1900 12/10/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 1,844 41,857 208,530 11,727 262,114 7,067 255,047 1972 12/18/2014 3-40 years LaPlaya Beach Resort and LaPlaya Beach Club — 112,575 82,117 6,733 1,785 112,575 83,030 7,605 203,210 2,971 200,239 1968 5/21/2015 3-40 years The Tuscan Fisherman's Wharf, a Best Western Plus Hotel — 29,125 90,323 2,500 290 29,125 90,348 2,765 122,238 1,959 120,279 1990 6/11/2015 2-40 years $ 318,473 $ 499,381 $ 2,049,089 $ 125,741 $ 282,551 $ 499,381 $ 2,225,168 $ 232,212 $ 2,956,761 $ 283,177 $ 2,673,584 (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on the Hotel Zelos (formerly Hotel Palomar San Francisco) is presented at face value, which excludes loan premium of $0.9 million at December 31, 2015. (3) Encumbrance on the Embassy Suites San Diego Bay - Downtown is presented at face value, which excludes loan premium of $0.6 million at December 31, 2015. (4) Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.1 million at December 31, 2015. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation-Continued As of December 31, 2015 (In thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2012 $ 1,495,167 Acquisitions 318,619 Capital Expenditures 38,153 Disposal of Assets (2,000 ) Balance at December 31, 2013 $ 1,849,939 Acquisitions 633,687 Capital Expenditures 59,090 Disposal of Assets (4,446 ) Balance at December 31, 2014 $ 2,538,270 Acquisitions 323,373 Capital Expenditures 101,131 Disposal of Assets (6,013 ) Balance at December 31, 2015 $ 2,956,761 Reconciliation of Accumulated Depreciation: Balance at December 31, 2012 $ 77,938 Depreciation 54,511 Disposal of Assets (121 ) Balance at December 31, 2013 $ 132,328 Depreciation 66,698 Disposal of Assets (4,446 ) Balance at December 31, 2014 $ 194,580 Depreciation 94,610 Disposal of Assets (6,013 ) Balance at December 31, 2015 $ 283,177

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations.
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 classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Investment in Joint Venture	Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture.
Deferred Financing Costs	Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method, over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. 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 increases or decreases to interest expense.
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 recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other revenues on the consolidated statements of operations over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method with an interest rate defined as the incremental borrowing rate. The accretion is included in interest expense. 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) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available 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.
Comprehensive Income	Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2015 , 2014 and 2013 , comprehensive income (loss) was $90.6 million , $72.1 million and $44.6 million , respectively. As of December 31, 2015 and 2014 , the Company's accumulated other comprehensive income (loss) was $(4.8) million and $(0.3) million , respectively.
Recent Accounting Standards	Recent Accounting Standards In May 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. In February 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. In April 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 Company will adopt this standard on January 1, 2016 and it will not have a material impact on the Company's financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest — Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of this guidance will have a material effect on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company will adopt this standard on January 1, 2016 and it will not have an impact on the Company's financial position, results of operations or cash flows.

Acquisition of Hotel Properti23

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015 2014 (Unaudited) Total revenues $ 801,578 $ 769,553 Operating income (loss) 141,487 123,542 Net income (loss) attributable to common shareholders 79,576 75,401 Net income (loss) per share available to common shareholders — basic $ 1.10 $ 1.04 Net income (loss) per share available to common shareholders — diluted $ 1.09 $ 1.04

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of December 31, 2015 and December 31, 2014 consisted of the following (in thousands): December 31, December 31, 2014 Land $ 499,381 $ 357,680 Buildings and improvements 2,225,168 1,987,050 Furniture, fixtures and equipment 205,890 183,016 Construction in progress 26,322 10,524 Investment in hotel properties $ 2,956,761 $ 2,538,270 Less: Accumulated depreciation (283,177 ) (194,580 ) Investment in hotel properties, net $ 2,673,584 $ 2,343,690

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 are presented below (in thousands): For the year ended December 31, 2015 2014 2013 Revenues $ 177,775 $ 185,609 $ 172,968 Total expenses 171,109 169,683 161,145 Net income (loss) $ 6,666 $ 15,926 $ 11,823 Company’s 49% interest of net income (loss) 3,266 7,804 5,793 Basis adjustment 558 (128 ) (559 ) Special loan interest income elimination 2,389 2,389 2,389 Equity in earnings (loss) in joint venture $ 6,213 $ 10,065 $ 7,623

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Debt	Debt as of December 31, 2015 and December 31, 2014 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2015 December 31, 2014 Senior unsecured revolving credit facility Floating (1) January 2019 $ 165,000 $ 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 125,000 — Total term loans 525,000 300,000 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 — Series B Notes 4.93% December 2025 40,000 — Total senior unsecured notes 100,000 — Mortgage loans The Nines, a Luxury Collection Hotel, Portland (3) 7.39% March 2015 — 50,725 InterContinental Buckhead Atlanta 4.88% January 2016 — 49,320 Skamania Lodge 5.44% February 2016 — 29,308 DoubleTree by Hilton Hotel Bethesda -Washington DC 5.28% February 2016 — 34,575 Embassy Suites San Diego Bay - Downtown 6.28% June 2016 63,116 64,462 Hotel Modera 5.26% July 2016 22,833 23,225 Hotel Monaco Washington DC 4.36% February 2017 42,895 43,756 Argonaut Hotel 4.25% March 2017 42,823 44,006 Sofitel Philadelphia 3.90% June 2017 45,668 46,968 Hotel Zelos (formerly Hotel Palomar San Francisco) 5.94% September 2017 26,098 26,461 The Westin San Diego Gaslamp Quarter 3.69% January 2020 75,040 77,155 Mortgage loans at stated value 318,473 489,961 Mortgage loan premiums (4) 1,581 4,026 Total mortgage loans $ 320,054 $ 493,987 Total debt $ 1,110,054 $ 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, the Second Term Loan and the Third Term Loan. At December 31, 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 Zelos (formerly Hotel Palomar San Francisco) ; Embassy Suites San Diego Bay - Downtown ; Hotel Modera ; and The Nines, a Luxury Collection Hotel, Portland .
Schedule of Maturities of Long-term Debt	Future scheduled debt principal payments for the Company's debt as of December 31, 2015 are as follows (in thousands): 2016 $ 91,993 2017 155,908 2018 2,366 2019 167,456 2020 365,750 Thereafter 325,000 Total debt principal payments 1,108,473 Premium on mortgage debt 1,581 Total debt $ 1,110,054

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the year ended December 31, 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 $ 0.31 September 30, 2015 September 30, 2015 October 15, 2015 $ 0.31 December 31, 2015 December 31, 2015 January 15, 2016
Dividends on preferred shares	The Company declared the following dividends on preferred shares for the year ended December 31, 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 7.875% Series A $ 0.49 September 30, 2015 September 30, 2015 October 15, 2015 7.875% Series A $ 0.49 December 31, 2015 December 31, 2015 January 15, 2016 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 8.00% Series B $ 0.50 September 30, 2015 September 30, 2015 October 15, 2015 8.00% Series B $ 0.50 December 31, 2015 December 31, 2015 January 15, 2016 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 6.50% Series C $ 0.41 September 30, 2015 September 30, 2015 October 15, 2015 6.50% Series C $ 0.41 December 31, 2015 December 31, 2015 January 15, 2016

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2013 128,622 $ 22.19 Granted 84,451 $ 26.07 Vested (65,192 ) $ 21.96 Forfeited — $ — Unvested at December 31, 2013 147,881 $ 24.59 Granted 44,322 $ 30.11 Vested (62,047 ) $ 23.12 Forfeited (168 ) $ 27.57 Unvested at December 31, 2014 129,988 $ 27.17 Granted 46,446 $ 48.00 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at December 31, 2015 124,617 $ 35.46
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% July 27, 2015 Relative Total Shareholder Return 30.00% — (1) 22.00% 0.68% 2.50% Absolute Total Shareholder Return 40.00% — (1) 22.00% 0.68% 2.50% EBITDA Comparison 30.00% — (1) 22.00% 0.68% 2.50% (1) Amounts round to zero.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Shares On A Tax Basis	The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Amount % Amount % Amount % Common Shares: Ordinary income $ 1.1715 98.21 % $ 0.9108 100.00 % $ 0.6000 100.00 % Qualified dividend 0.0213 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.1928 100.00 % $ 0.9108 100.00 % $ 0.6000 100.00 % Series A Preferred Shares: Ordinary income $ 1.9336 98.21 % $ 2.3948 100.00 % $ 2.0349 100.00 % Qualified dividend 0.0352 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.9688 100.00 % $ 2.3948 100.00 % $ 2.0349 100.00 % Series B Preferred Shares: Ordinary income $ 1.9643 98.21 % $ 2.4328 100.00 % $ 2.0672 100.00 % Qualified dividend 0.0357 1.79 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 2.0000 100.00 % $ 2.4328 100.00 % $ 2.0672 100.00 % Series C Preferred Shares: Ordinary income $ 1.5960 98.22 % $ 1.9767 100.00 % $ 0.9890 100.00 % Qualified dividend 0.0290 1.78 % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.9767 100.00 % $ 0.9890 100.00 %
Components of Income Tax Expense	The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2015 2014 2013 Federal Current $ 1,389 $ 2,121 $ 718 Deferred 55 317 — State and local Current 287 555 313 Deferred (72 ) 25 — Income tax expense (benefit) $ 1,659 $ 3,018 $ 1,031
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2015 2014 2013 Statutory federal tax expense (benefit) $ 1,367 $ 2,561 $ 718 State income tax expense (benefit), net of federal tax (benefit) expense 111 457 313 Other 181 — — Income tax expense (benefit) $ 1,659 $ 3,018 $ 1,031

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to common shareholders $ 68,718 $ 47,787 $ 19,965 Less: dividends paid on unvested share-based compensation (432 ) (459 ) (328 ) Undistributed earnings attributable to share-based compensation — — — Net income (loss) available to common shareholders $ 68,286 $ 47,328 $ 19,637 Denominator: Weighted-average number of common shares — basic 71,715,870 65,646,712 61,498,389 Effect of dilutive share-based compensation 668,419 617,406 338,352 Weighted-average number of common shares — diluted 72,384,289 66,264,118 61,836,741 Net income (loss) per share available to common shareholders — basic $ 0.95 $ 0.72 $ 0.32 Net income (loss) per share available to common shareholders — diluted $ 0.94 $ 0.71 $ 0.32

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating and Capital Leases	Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2015 (in thousands): 2016 $ 7,240 2017 7,326 2018 7,744 2019 7,807 2020 7,873 Thereafter 747,083 Total $ 785,073

Supplemental Information to S32

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2015 2014 2013 (in thousands) Interest paid, net of capitalized interest $ 38,128 $ 26,945 $ 23,528 Interest capitalized $ 598 $ — $ 206 Income taxes paid $ 2,487 $ 3,049 $ 1,572 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 24,319 $ 17,743 $ 10,592 Distributions payable on preferred shares $ 5,550 $ 5,550 $ 5,203 Issuance of common shares for Board of Trustees compensation $ 372 $ 421 $ 207 Mortgage loans assumed in connection with acquisition $ — $ 50,725 $ 90,448 Below (above) market rate contracts assumed in connection with acquisition $ 20,110 $ 15,375 $ 2,826 Capital lease obligation assumed in connection with acquisition $ — $ 10,758 $ — Deposit applied to purchase price of acquisition $ — $ — $ 4,000 Accrued additions and improvements to hotel properties $ 1,262 $ 6,537 $ 603 Write-off of fully depreciated furniture, fixtures and equipment $ 6,013 $ 4,446 $ — Write-off of deferred financing costs $ 1,577 $ 2,258 $ —

Quarterly Operating Results (33

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2015 and 2014 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 163,435 $ 197,683 $ 216,321 $ 193,425 Net income (loss) 7,170 26,583 38,248 22,994 Net income (loss) attributable to the Company 7,143 26,491 38,119 22,915 Net income (loss) attributable to common shareholders 655 20,004 31,631 16,428 Net income (loss) per share available to common shareholders, basic $ 0.01 $ 0.28 $ 0.44 $ 0.23 Net income (loss) per share available to common shareholders, diluted $ 0.01 $ 0.27 $ 0.43 $ 0.23 Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 125,712 $ 147,454 $ 169,676 $ 155,934 Net income (loss) 4,121 22,893 30,439 16,090 Net income (loss) attributable to the Company 4,078 22,673 30,165 15,950 Net income (loss) attributable to common shareholders (2,003 ) 16,591 23,737 9,462 Net income (loss) per share available to common shareholders, basic and diluted $ (0.03 ) $ 0.26 $ 0.36 $ 0.13

Organization (Details)

Organization (Details)	Dec. 31, 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	7,408
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	1,787

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of Significant Accounting Policies (Textual) [Abstract]
Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust	90.00%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 90,586	$ 72,116	$ 44,578
Accumulated other comprehensive income (loss)	$ (4,750)	$ (341)
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 Properti36

Acquisition of Hotel Properties (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business acquisition, unaudited proforma information
Total revenues	$ 801,578	$ 769,553
Operating income (loss)	141,487	123,542
Net income (loss) attributable to common shareholders	$ 79,576	$ 75,401
Net income (loss) per share available to common shareholders - basic (usd per share)	$ 1.10	$ 1.04
Net income (loss) per share available to common shareholders — diluted (usd per share)	$ 1.09	$ 1.04

Acquisition of Hotel Properti37

Acquisition of Hotel Properties (Details Textual) $ in Thousands	Jun. 11, 2015USD ($)GuestRooms	May. 21, 2015USD ($)GuestRooms	Dec. 31, 2015USD ($)GuestRooms	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Number Of Guest Rooms | GuestRooms			7,408
Hotel acquisition costs			$ 4,686	$ 1,973	$ 3,376
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual			33,400
Business Combination, Pro Forma Information, Expenses of Acquiree since Acquisition Date, Actual			20,600
Union Station Hotel Nashville [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings			39,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment			5,400
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill			$ 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 Propertie38

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Capital Leased Assets, Gross	$ 12,200	$ 12,200
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	400	200
Investment in hotel properties
Land	499,381	357,680
Buildings and improvements	2,225,168	1,987,050
Furniture, fixtures and equipment	205,890	183,016
Construction in progress	26,322	10,524
Investment in hotel properties	2,956,761	2,538,270
Less: Accumulated depreciation	(283,177)	(194,580)
Investment in hotel properties, net	$ 2,673,584	$ 2,343,690

Investment in Joint Venture (De

Investment in Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summarized results of operations of investment in the Manhattan Collection joint venture
Equity in earnings (loss) in joint venture	$ 6,213	$ 10,065	$ 7,623
Manhattan Collection Joint Venture [Member]
Summarized results of operations of investment in the Manhattan Collection joint venture
Revenues	177,775	185,609	172,968
Total expenses	171,109	169,683	161,145
Net income (loss)	6,666	15,926	11,823
Company's 49% interest of net income (loss)	3,266	7,804	5,793
Basis adjustment	558	(128)	(559)
Special loan interest income elimination	2,389	2,389	2,389
Equity in earnings (loss) in joint venture	$ 6,213	$ 10,065	$ 7,623

Investment in Joint Venture (40

Investment in Joint Venture (Details Textual) $ in Millions	Dec. 27, 2012USD ($)	Dec. 31, 2015USD ($)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		$ 451.6
Total liabilities and members' deficit - existing first mortgage debt		460
Total liabilities and members' deficit - unsecured special loan		$ 50
Number of Real Estate Properties Securing Debt | properties		5
Equity Method Investment Summarized Financial Information, Liabilities, First Mortgage Debt Secured by Five Properties		$ 410
EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesFirstMortgageDebtSecuredbyDumontNYC		$ 50

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		Nov. 12, 2015	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Term loans	[1]		$ 525,000	$ 300,000
Senior unsecured notes			100,000	0
Senior unsecured revolving credit facility	[2]		165,000	50,000
Mortgage debt
Mortgage debt			320,054	493,987
Mortgage loans at stated value			318,473	489,961
Mortgage loan premium	[3]		1,581	4,026
Total debt			$ 1,110,054	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			$ 0	49,320
Skamania Lodge [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			5.44%
Maturity Date			Feb. 1, 2016
Mortgage debt			$ 0	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			$ 0	34,575
Embassy Suites San Diego [Member]
Mortgage debt
Mortgage loan premium			$ 600
Embassy Suites San Diego [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			6.28%
Maturity Date			Jun. 1, 2016
Mortgage debt			$ 63,116	64,462
Hotel Modera [Member]
Mortgage debt
Mortgage loan premium			$ 100
Hotel Modera [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			5.26%
Maturity Date			Jul. 1, 2016
Mortgage debt			$ 22,833	23,225
Monaco Washington D C [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			4.36%
Maturity Date			Feb. 1, 2017
Mortgage debt			$ 42,895	43,756
Argonaut Hotel [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			4.25%
Maturity Date			Mar. 1, 2017
Mortgage debt			$ 42,823	44,006
Sofitel Philadelphia [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			3.90%
Maturity Date			Jun. 1, 2017
Mortgage debt			$ 45,668	46,968
Hotel Zelos San Francisco [Member]
Mortgage debt
Mortgage loan premium			$ 900
Hotel Zelos San Francisco [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			5.94%
Maturity Date			Sep. 1, 2017
Mortgage debt			$ 26,098	26,461
Westin Gaslamp Quarter [Member] | First Mortgage [Member]
Mortgage debt
Interest Rate			3.69%
Maturity Date			Jan. 1, 2020
Mortgage debt			$ 75,040	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]
Mortgage Loans on Real Estate [Line Items]
Expiration date			Apr. 15, 2022
Second Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[1]		$ 100,000	0
Third Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date			Jan. 10, 2021
Third Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[1]		$ 125,000	0
Series A Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Senior unsecured notes			$ 60,000	0
Mortgage debt
Interest Rate			4.70%
Maturity Date		Dec. 1, 2023	Dec. 1, 2023
Series B Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Senior unsecured notes			$ 40,000	$ 0
Mortgage debt
Interest Rate			4.93%
Maturity Date		Dec. 1, 2025	Dec. 1, 2025
[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, the Second Term Loan and the Third Term Loan. At December 31, 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 Zelos (formerly 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 ($)

Nov. 12, 2015

Nov. 06, 2015

Oct. 06, 2015

Jul. 10, 2015

Jun. 10, 2015

May. 19, 2015

Apr. 13, 2015

Mar. 05, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Line of Credit Facility [Line Items]

Proceeds from Issuance of Unsecured Debt

$ 100,000,000

$ 0

$ 0

Outstanding borrowings under the credit facility

[1]

165,000,000

50,000,000

Term loans

[2]

525,000,000

300,000,000

Unrealized gain (loss) on derivative instruments

(4,409,000)

(1,427,000)

1,386,000

Repayments of mortgage debt

171,488,000

9,123,000

8,099,000

Estimated fair value of debt

$ 465,400,000

503,900,000

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

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%

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%

Third Term Loan [Member]

Line of Credit Facility [Line Items]

Borrowing capacity

$ 125,000,000

Expiration date

Jan. 10, 2021

Proceeds from Issuance of Unsecured Debt

$ 125,000,000

Maximum borrowing capacity

$ 250,000,000

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%

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%

Series A Notes [Member]

Line of Credit Facility [Line Items]

Maturity date

Dec. 1, 2023

Dec. 1, 2023

Proceeds from Issuance of Senior Long-term Debt

$ 60,000,000

Stated interest rate

4.70%

Series B Notes [Member]

Line of Credit Facility [Line Items]

Maturity date

Dec. 1, 2025

Dec. 1, 2025

Proceeds from Issuance of Senior Long-term Debt

$ 40,000,000

Stated interest rate

4.93%

The Nines Hotel Portland [Member]

Line of Credit Facility [Line Items]

Repayments of mortgage debt

$ 50,700,000

Inter Continental Buckhead Hotel [Member]

Line of Credit Facility [Line Items]

Repayments of mortgage debt

$ 48,600,000

Skamania Lodge [Member]

Line of Credit Facility [Line Items]

Repayments of mortgage debt

$ 28,900,000

Double Tree By Hilton Bethesda Washington DC [Member]

Line of Credit Facility [Line Items]

Repayments of mortgage debt

$ 34,100,000

Interest Rate Swap [Member]

Line of Credit Facility [Line Items]

Notional amount

$ 300,000,000

Derivative Asset

400,000

Aggregate liability

5,100,000

Reclassification from AOCI to interest expense

5,400,000

600,000

500,000

Expected reclassifications in next 12 months

$ 4,700,000

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

Maximum borrowing capacity

1,000,000,000

Outstanding borrowings under the credit facility

165,000,000

50,000,000

Line of Credit Facility, Remaining Borrowing Capacity

285,000,000

Unused commitment fees

$ 600,000

700,000

700,000

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

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]

Term loans

[2]

$ 100,000,000

0

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

Line of Credit Facility [Line Items]

Term loans

[2]

$ 125,000,000

0

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

Line of Credit Facility [Line Items]

Weighted average interest rate

3.46%

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

Line of Credit Facility [Line Items]

Weighted average interest rate

3.29%

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%

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%

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

Line of Credit Facility [Line Items]

Borrowing capacity

$ 300,000,000

AOCI Attributable to Parent [Member]

Line of Credit Facility [Line Items]

Unrealized gain (loss) on derivative instruments

$ (4,409,000)

$ (1,427,000)

$ 1,386,000

[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, the Second Term Loan and the Third Term Loan. At December 31, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.

Debt (Five Year Maturity Schedu

Debt (Five Year Maturity Schedule) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016		$ 91,993
2,017		155,908
2,018		2,366
2,019		167,456
2,020		365,750
Thereafter		325,000
Total debt principal payments		1,108,473
Mortgage loan premium	[1]	1,581	$ 4,026
Total debt		$ 1,110,054	$ 843,987
[1]	Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco); Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, a Luxury Collection Hotel, Portland.

Equity (Details)

Equity (Details) - Common Shares [Member] - $ / shares	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Dividends on common shares/units
Dividend per Share/Unit (usd per share)	$ 0.31	$ 0.31	$ 0.31	$ 0.31
Record Date	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jan. 15, 2016	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015

Equity (Details 1)

Equity (Details 1) - $ / shares	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
7.875% Series A [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.49	$ 0.49	$ 0.49	$ 0.49
Record Date	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jan. 15, 2016	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015
8.00% Series B [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.50	$ 0.50	$ 0.50	$ 0.50
Record Date	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jan. 15, 2016	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.41
Record Date	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Payable Date	Jan. 15, 2016	Oct. 15, 2015	Jul. 15, 2015	Apr. 15, 2015

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)shares$ / shares	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	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	5,000,000
Preferred Stock, Dividend Rate, Percentage	6.50%	6.50%
Share cap on each preferred shares	2.0325
7.875% Series A [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Shares Outstanding	5,600,000	5,600,000
Preferred Stock, Dividend Rate, Percentage	7.875%	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	3,400,000
Preferred Stock, Dividend Rate, Percentage	8.00%	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 Plan47

Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions		Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Feb. 08, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance								129,988	147,881	128,622
Unvested shares, Granted								46,446	44,322	84,451
Vested, shares								(50,827)	(62,047)	(65,192)
Forfeited, shares								(990)	(168)	0
Unvested shares, Ending balance								124,617	129,988	147,881
Unvested weighted average grant date fair value, beginning balance								$ 27.17	$ 24.59	$ 22.19
Granted, weighted average grant date fair value								48	30.11	26.07
Vested, weighted average grant date fair value								25.70	23.12	21.96
Forfeited, weighted average grant date fair value								36.45	27.57	0
Unvested weighted average grant date fair value, ending balance								$ 35.46	$ 27.17	$ 24.59
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%
July 2015 [Member] | Performance Shares [Member]
Summary of restricted share activity
Unvested shares, Granted		771
July 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)	[1]	$ 0
Volatility		22.00%
Interest Rate		0.68%
Dividend Yield		2.50%
July 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)	[1]	$ 0
Volatility		22.00%
Interest Rate		0.68%
Dividend Yield		2.50%
July 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)	[1]	$ 0
Volatility		22.00%
Interest Rate		0.68%
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%
[1]	Amounts round to zero.

Share-Based Compensation Plan48

Share-Based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Feb. 08, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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							762,013
Operating Partnership outstanding							236,351	236,351
LTIP units, vested							9,469
Restricted Stock [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Allocated Share-based Compensation Expense							$ 1.6	$ 1.4	$ 1.5
Total unrecognized compensation cost							$ 2.7
Weighted average remaining vesting period (in years)							2 years 6 months
Share-based equity award grant							46,446	44,322	84,451
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period							50,827	62,047	65,192
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							$ 5.6	$ 7.7	$ 2.1
Total unrecognized compensation cost							$ 10.2
Weighted average remaining vesting period (in years)							1 year 9 months
LongTermIncentivePartnershipUnitsClassA [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Value of LTIP grants per share							$ 8.50
LTIP units, vested							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							$ 1.1	$ 2.6	$ 1.6
Total unrecognized compensation cost							$ 4.4
Weighted average remaining vesting period (in years)							2 years
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%
July 2015 [Member] | Performance Shares [Member]
Share-Based Compensation Plan (Textual) [Abstract]
Share-based equity award grant	771
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) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Income Tax Line Items [Line Items]
Income Tax Expense (Benefit)	$ 2,590	$ 3,251	$ 1,226
7.875% Series A [Member]
Schedule of Income Tax Line Items [Line Items]
Prior Year Distributions Carryforward as Current Year Distribution		$ 0.4261
8.00% Series B [Member]
Schedule of Income Tax Line Items [Line Items]
Prior Year Distributions Carryforward as Current Year Distribution		0.4328
6.50% Series C [Member]
Schedule of Income Tax Line Items [Line Items]
Prior Year Distributions Carryforward as Current Year Distribution		0.3517
Common Shares [Member]
Schedule of Income Tax Line Items [Line Items]
Prior Year Distributions Carryforward as Current Year Distribution	$ 0.2164	$ 0.1692
Operating Partnership [Member]
Schedule of Income Tax Line Items [Line Items]
Income Tax Expense (Benefit)	$ 900	$ 200	$ 200

Income Taxes (Distributions Pai

Income Taxes (Distributions Paid) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Shares [Member]
Class of Stock [Line Items]
Ordinary Income Per Share	$ 1.1715	$ 0.9108	$ 0.6000
Qualified Dividend per Share	0.0213	0	0
Capital Gain Per Share	0	0	0
Return of Capital Per Share	0	0	0
Distributions Paid Per Share on a Tax Basis	$ 1.1928	$ 0.9108	$ 0.6000
Percentage of Ordinary Income	98.21%	100.00%	100.00%
Percentage of Qualified Dividend	1.79%	0.00%	0.00%
Percentage of Capital Gain	0.00%	0.00%	0.00%
Percentage of Return of Capital	0.00%	0.00%	0.00%
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%
7.875% Series A [Member]
Class of Stock [Line Items]
Ordinary Income Per Share	$ 1.9336	$ 2.3948	$ 2.0349
Qualified Dividend per Share	0.0352	0	0
Capital Gain Per Share	0	0	0
Return of Capital Per Share	0	0	0
Distributions Paid Per Share on a Tax Basis	$ 1.9688	$ 2.3948	$ 2.0349
Percentage of Ordinary Income	98.21%	100.00%	100.00%
Percentage of Qualified Dividend	1.79%	0.00%	0.00%
Percentage of Capital Gain	0.00%	0.00%	0.00%
Percentage of Return of Capital	0.00%	0.00%	0.00%
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%
8.00% Series B [Member]
Class of Stock [Line Items]
Ordinary Income Per Share	$ 1.9643	$ 2.4328	$ 2.0672
Qualified Dividend per Share	0.0357	0	0
Capital Gain Per Share	0	0	0
Return of Capital Per Share	0	0	0
Distributions Paid Per Share on a Tax Basis	$ 2	$ 2.4328	$ 2.0672
Percentage of Ordinary Income	98.21%	100.00%	100.00%
Percentage of Qualified Dividend	1.79%	0.00%	0.00%
Percentage of Capital Gain	0.00%	0.00%	0.00%
Percentage of Return of Capital	0.00%	0.00%	0.00%
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%
6.50% Series C [Member]
Class of Stock [Line Items]
Ordinary Income Per Share	$ 1.5960	$ 1.9767	$ 0.9890
Qualified Dividend per Share	0.0290	0	0
Capital Gain Per Share	0	0	0
Return of Capital Per Share	0	0	0
Distributions Paid Per Share on a Tax Basis	$ 1.6250	$ 1.9767	$ 0.9890
Percentage of Ordinary Income	98.22%	100.00%	100.00%
Percentage of Qualified Dividend	1.78%	0.00%	0.00%
Percentage of Capital Gain	0.00%	0.00%	0.00%
Percentage of Return of Capital	0.00%	0.00%	0.00%
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Expense (Benefit)	$ 2,590	$ 3,251	$ 1,226
PHL [Member]
Current Federal Tax Expense (Benefit)	1,389	2,121	718
Deferred Federal Income Tax Expense (Benefit)	55	317	0
Current State and Local Tax Expense (Benefit)	287	555	313
Deferred State and Local Income Tax Expense (Benefit)	(72)	25	0
Income Tax Expense (Benefit)	$ 1,659	$ 3,018	$ 1,031

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of the Statutory Federal Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Expense (Benefit)	$ 2,590	$ 3,251	$ 1,226
PHL [Member]
Statutory federal tax expense (benefit)	1,367	2,561	718
State income tax expense (benefit), net of federal tax (benefit)	111	457	313
Other	181	0	0
Income Tax Expense (Benefit)	$ 1,659	$ 3,018	$ 1,031

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income (loss) attributable to common shareholders	$ 16,428	$ 31,631	$ 20,004	$ 655	$ 9,462	$ 23,737	$ 16,591	$ (2,003)	$ 68,718	$ 47,787	$ 19,965
Less: dividends paid on unvested share-based compensation									(432)	(459)	(328)
Undistributed Earnings Attributable to Share-Based Compensation									0	0	0
Net income (loss) available to common shareholders									$ 68,286	$ 47,328	$ 19,637
Denominator:
Weighted-average number of common shares-basic									71,715,870	65,646,712	61,498,389
Effect of dilutive share-based compensation									668,419	617,406	338,352
Weighted-average number of common shares-diluted									72,384,289	66,264,118	61,836,741
Net income (loss) per share available to common shareholders-basic (in dollars per share)	$ 0.23	$ 0.44	$ 0.28	$ 0.01					$ 0.95	$ 0.72	$ 0.32
Net income (loss) per share available to common shareholders-diluted (in dollars per share)	$ 0.23	$ 0.43	$ 0.27	$ 0.01					$ 0.94	$ 0.71	$ 0.32

Commitments and Contingencies54

Commitments and Contingencies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)GuestRoomsextension_option	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 23,500	$ 19,300	$ 15,800
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue	4.00%
Restricted cash	$ 9,453	16,383
Number Of Guest Rooms | GuestRooms	7,408
Operating Leases, Rent Expense	$ 12,100	$ 8,900	$ 7,600
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	20 years
Terms of management agreements including renewals	52 years
Termination fees range	5
Base management fee from hotel revenues	4.00%
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 Zelos San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period	2,097
The Prescott Hotel [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period	June 30, 2059
Base rent	$ 500
Ground Lease Extension Option	30 years
Hotel Palomar Los Angeles - Beverly Hills [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
Hotel Zephyr Fisherman's Wharf [Member]
Commitments and Contingencies (Textual) [Abstract]
Base rent	$ 100
Primary lease [Member] | Hotel Zephyr 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] | Hotel Zephyr 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
Number Of Guest Rooms | GuestRooms	164

Commitments and Contingencies55

Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Capital and Operating Leases) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 7,240
2,017	7,326
2,018	7,744
2,019	7,807
2,020	7,873
Thereafter	747,083
Total	$ 785,073

Supplemental Information to S56

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends Payable [Line Items]
Interest paid, net of capitalized interest	$ 38,128	$ 26,945	$ 23,528
Interest capitalized	598	0	206
Income taxes paid	2,487	3,049	1,572
Distributions payable on shares/units	29,869	23,293
Issuance of common shares for Board of Trustees compensation	372	421	207
Mortgage loans assumed in connection with acquisition	0	50,725	90,448
Below (above) market rate contracts assumed in connection with acquisition	20,110	15,375	2,826
Capital lease obligation assumed in connection with acquisition	0	10,758	0
Deposit Applied To Purchase Price Of Acquisition	0	0	4,000
Accrued additions and improvements to hotel properties	1,262	6,537	603
Write-off of fully depreciated furniture, fixtures and equipment	6,013	4,446	0
Write-off of deferred financing costs	$ 1,577	$ 2,258	$ 0
Long Term Incentive Partnership Units Converted To Common Units	0	258,101	0
Common Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	$ 24,319	$ 17,743	$ 10,592
Preferred Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	$ 5,550	$ 5,550	$ 5,203

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 10, 2016	Jan. 05, 2016	Jun. 10, 2015	Apr. 13, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 08, 2016
Subsequent Event [Line Items]
Preferred Stock, Redemption Price Per Share					$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					6 years
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Debt		$ 150,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Second Term Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Increase in Borrowing Capacity		75,000,000
Maximum borrowing capacity		175,000,000
Third Term Loan [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 250,000,000
Third Term Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Increase in Borrowing Capacity		75,000,000
Maximum borrowing capacity		$ 200,000,000
Weighted average interest rate		3.21%
7.875% Series A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred Stock, Redemption Price Per Share								$ 25
Common Shares [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 150,000,000
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based equity award grant					46,446	44,322	84,451
Restricted Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based equity award grant	67,280
Restricted Stock [Member] | Minimum [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Restricted Stock [Member] | Maximum [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					5 years
Performance Shares [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based equity award grant	100,919
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Second Term Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.70%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Second Term Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.70%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Third Term Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.45%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Second Term Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.55%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Second Term Loan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.55%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Third Term Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.20%

Quarterly Operating Results (58

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 193,425	$ 216,321	$ 197,683	$ 163,435	$ 155,934	$ 169,676	$ 147,454	$ 125,712	$ 770,864	$ 598,776	$ 489,217
Net income (loss)	22,994	38,248	26,583	7,170	16,090	30,439	22,893	4,121	94,995	73,543	43,192
Net income (loss) attributable to the Company	22,915	38,119	26,491	7,143	15,950	30,165	22,673	4,078	94,668	72,866	42,918
Net income (loss) attributable to common shareholders	$ 16,428	$ 31,631	$ 20,004	$ 655	$ 9,462	$ 23,737	$ 16,591	$ (2,003)	$ 68,718	$ 47,787	$ 19,965
Net income (loss) per share available to common shareholders-basic (in dollars per share)	$ 0.23	$ 0.44	$ 0.28	$ 0.01					$ 0.95	$ 0.72	$ 0.32
Net income (loss) per share available to common shareholders-diluted (in dollars per share)	$ 0.23	$ 0.43	$ 0.27	$ 0.01					$ 0.94	$ 0.71	$ 0.32
Net income (loss) per share available to common shareholders, basic and diluted (in dollars per share)					$ 0.13	$ 0.36	$ 0.26	$ (0.03)

Schedule III--Real Estate and59

Schedule III--Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 318,473
Initial Cost of Land		499,381
Initial Cost of Buildings and Improvements		2,049,089
Initial Cost of Furniture Fixtures and Equipment		125,741
Costs Capitalized Subsequent to Acquisition	[1]	282,551
Carrying Amount of Land		499,381
Carrying Amount of Buildings and Improvements		2,225,168
Carrying Value of Furniture Fixtures and Equipment		232,212
Carrying Value, Total		2,956,761	$ 2,538,270	$ 1,849,939	$ 1,495,167
Accumulated Depreciation		283,177	194,580	$ 132,328	$ 77,938
Net Book Value		2,673,584
Mortgage loan premium	[2]	1,581	$ 4,026
Double Tree By Hilton Bethesda Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost of Land		10,065
Initial Cost of Buildings and Improvements		53,000
Initial Cost of Furniture Fixtures and Equipment		4,035
Costs Capitalized Subsequent to Acquisition	[1]	8,573
Carrying Amount of Land		10,065
Carrying Amount of Buildings and Improvements		58,812
Carrying Value of Furniture Fixtures and Equipment		6,796
Carrying Value, Total		75,673
Accumulated Depreciation		13,584
Net Book Value		$ 62,089
Year of Original Construction		1,971
Date Acquired		Jun. 4, 2010
Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		22,500
Initial Cost of Buildings and Improvements		60,547
Initial Cost of Furniture Fixtures and Equipment		6,953
Costs Capitalized Subsequent to Acquisition	[1]	18,605
Carrying Amount of Land		22,500
Carrying Amount of Buildings and Improvements		71,771
Carrying Value of Furniture Fixtures and Equipment		14,334
Carrying Value, Total		108,605
Accumulated Depreciation		20,390
Net Book Value		$ 88,215
Year of Original Construction		1,928
Date Acquired		Jun. 22, 2010
Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		25,000
Initial Cost of Buildings and Improvements		68,844
Initial Cost of Furniture Fixtures and Equipment		11,000
Costs Capitalized Subsequent to Acquisition	[1]	11,306
Carrying Amount of Land		25,000
Carrying Amount of Buildings and Improvements		73,667
Carrying Value of Furniture Fixtures and Equipment		17,483
Carrying Value, Total		116,150
Accumulated Depreciation		22,404
Net Book Value		$ 93,746
Year of Original Construction		2,004
Date Acquired		Jul. 1, 2010
Monaco Washington D C [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 42,895
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		60,630
Initial Cost of Furniture Fixtures and Equipment		2,441
Costs Capitalized Subsequent to Acquisition	[1]	11,660
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		66,048
Carrying Value of Furniture Fixtures and Equipment		8,683
Carrying Value, Total		74,731
Accumulated Depreciation		11,613
Net Book Value		$ 63,118
Year of Original Construction		1,839
Date Acquired		Sep. 9, 2010
The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		4,950
Initial Cost of Buildings and Improvements		26,616
Initial Cost of Furniture Fixtures and Equipment		300
Costs Capitalized Subsequent to Acquisition	[1]	9,798
Carrying Amount of Land		4,950
Carrying Amount of Buildings and Improvements		32,941
Carrying Value of Furniture Fixtures and Equipment		3,773
Carrying Value, Total		41,664
Accumulated Depreciation		7,262
Net Book Value		$ 34,402
Year of Original Construction		1,912
Date Acquired		Sep. 29, 2010
Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		7,130
Initial Cost of Buildings and Improvements		44,987
Initial Cost of Furniture Fixtures and Equipment		3,523
Costs Capitalized Subsequent to Acquisition	[1]	7,957
Carrying Amount of Land		7,130
Carrying Amount of Buildings and Improvements		48,840
Carrying Value of Furniture Fixtures and Equipment		7,626
Carrying Value, Total		63,596
Accumulated Depreciation		10,369
Net Book Value		$ 53,227
Year of Original Construction		1,993
Date Acquired		Nov. 3, 2010
Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		18,784
Initial Cost of Buildings and Improvements		81,580
Initial Cost of Furniture Fixtures and Equipment		2,295
Costs Capitalized Subsequent to Acquisition	[1]	13,394
Carrying Amount of Land		18,784
Carrying Amount of Buildings and Improvements		88,533
Carrying Value of Furniture Fixtures and Equipment		8,736
Carrying Value, Total		116,053
Accumulated Depreciation		16,464
Net Book Value		$ 99,589
Year of Original Construction		1,972
Date Acquired		Nov. 19, 2010
Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 45,668
Initial Cost of Land		18,000
Initial Cost of Buildings and Improvements		64,256
Initial Cost of Furniture Fixtures and Equipment		4,639
Costs Capitalized Subsequent to Acquisition	[1]	8,257
Carrying Amount of Land		18,000
Carrying Amount of Buildings and Improvements		69,153
Carrying Value of Furniture Fixtures and Equipment		7,999
Carrying Value, Total		95,152
Accumulated Depreciation		13,769
Net Book Value		$ 81,383
Year of Original Construction		2,000
Date Acquired		Dec. 3, 2010
Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 42,823
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		79,492
Initial Cost of Furniture Fixtures and Equipment		4,247
Costs Capitalized Subsequent to Acquisition	[1]	6,070
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		82,491
Carrying Value of Furniture Fixtures and Equipment		7,318
Carrying Value, Total		89,809
Accumulated Depreciation		14,661
Net Book Value		$ 75,148
Year of Original Construction		1,907
Date Acquired		Feb. 16, 2011
Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 75,040
Initial Cost of Land		25,537
Initial Cost of Buildings and Improvements		86,089
Initial Cost of Furniture Fixtures and Equipment		6,850
Costs Capitalized Subsequent to Acquisition	[1]	18,910
Carrying Amount of Land		25,537
Carrying Amount of Buildings and Improvements		102,484
Carrying Value of Furniture Fixtures and Equipment		9,365
Carrying Value, Total		137,386
Accumulated Depreciation		18,185
Net Book Value		$ 119,201
Year of Original Construction		1,987
Date Acquired		Apr. 6, 2011
Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		10,105
Initial Cost of Buildings and Improvements		38,888
Initial Cost of Furniture Fixtures and Equipment		2,073
Costs Capitalized Subsequent to Acquisition	[1]	7,205
Carrying Amount of Land		10,105
Carrying Amount of Buildings and Improvements		42,120
Carrying Value of Furniture Fixtures and Equipment		6,046
Carrying Value, Total		58,271
Accumulated Depreciation		8,740
Net Book Value		$ 49,531
Year of Original Construction		1,969
Date Acquired		Apr. 7, 2011
Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		20,306
Initial Cost of Buildings and Improvements		110,283
Initial Cost of Furniture Fixtures and Equipment		6,091
Costs Capitalized Subsequent to Acquisition	[1]	9,359
Carrying Amount of Land		20,306
Carrying Amount of Buildings and Improvements		115,042
Carrying Value of Furniture Fixtures and Equipment		10,691
Carrying Value, Total		146,039
Accumulated Depreciation		19,488
Net Book Value		$ 126,551
Year of Original Construction		1,959
Date Acquired		May 3, 2011
Viceroy Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		8,368
Initial Cost of Buildings and Improvements		24,246
Initial Cost of Furniture Fixtures and Equipment		3,723
Costs Capitalized Subsequent to Acquisition	[1]	3,103
Carrying Amount of Land		8,368
Carrying Amount of Buildings and Improvements		25,251
Carrying Value of Furniture Fixtures and Equipment		5,821
Carrying Value, Total		39,440
Accumulated Depreciation		7,377
Net Book Value		$ 32,063
Year of Original Construction		2,009
Date Acquired		May 26, 2011
W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		19,453
Initial Cost of Buildings and Improvements		63,893
Initial Cost of Furniture Fixtures and Equipment		5,887
Costs Capitalized Subsequent to Acquisition	[1]	5,520
Carrying Amount of Land		19,453
Carrying Amount of Buildings and Improvements		66,278
Carrying Value of Furniture Fixtures and Equipment		9,022
Carrying Value, Total		94,753
Accumulated Depreciation		13,625
Net Book Value		$ 81,128
Year of Original Construction		2,009
Date Acquired		Jun. 8, 2011
Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		7,294
Initial Cost of Buildings and Improvements		22,166
Initial Cost of Furniture Fixtures and Equipment		290
Costs Capitalized Subsequent to Acquisition	[1]	15,603
Carrying Amount of Land		7,294
Carrying Amount of Buildings and Improvements		33,794
Carrying Value of Furniture Fixtures and Equipment		4,265
Carrying Value, Total		45,353
Accumulated Depreciation		5,155
Net Book Value		$ 40,198
Year of Original Construction		1,913
Date Acquired		Apr. 4, 2012
Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		8,170
Initial Cost of Buildings and Improvements		23,557
Initial Cost of Furniture Fixtures and Equipment		706
Costs Capitalized Subsequent to Acquisition	[1]	6,719
Carrying Amount of Land		8,170
Carrying Amount of Buildings and Improvements		28,127
Carrying Value of Furniture Fixtures and Equipment		2,855
Carrying Value, Total		39,152
Accumulated Depreciation		3,476
Net Book Value		$ 35,676
Year of Original Construction		1,922
Date Acquired		Jul. 9, 2012
Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		6,222
Initial Cost of Buildings and Improvements		23,012
Initial Cost of Furniture Fixtures and Equipment		1,093
Costs Capitalized Subsequent to Acquisition	[1]	11,929
Carrying Amount of Land		6,222
Carrying Amount of Buildings and Improvements		32,000
Carrying Value of Furniture Fixtures and Equipment		4,034
Carrying Value, Total		42,256
Accumulated Depreciation		3,340
Net Book Value		$ 38,916
Year of Original Construction		1,894
Date Acquired		Jul. 9, 2012
W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		24,403
Initial Cost of Buildings and Improvements		93,203
Initial Cost of Furniture Fixtures and Equipment		3,600
Costs Capitalized Subsequent to Acquisition	[1]	25,056
Carrying Amount of Land		24,403
Carrying Amount of Buildings and Improvements		111,080
Carrying Value of Furniture Fixtures and Equipment		10,779
Carrying Value, Total		146,262
Accumulated Depreciation		12,955
Net Book Value		$ 133,307
Year of Original Construction		1,969
Date Acquired		Aug. 23, 2012
Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 26,098
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		63,430
Initial Cost of Furniture Fixtures and Equipment		3,780
Costs Capitalized Subsequent to Acquisition	[1]	7,501
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		68,462
Carrying Value of Furniture Fixtures and Equipment		6,249
Carrying Value, Total		74,711
Accumulated Depreciation		9,304
Net Book Value		$ 65,407
Year of Original Construction		1,907
Date Acquired		Oct. 25, 2012
Mortgage loan premium		$ 900
Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[4]	63,116
Initial Cost of Land		20,103
Initial Cost of Buildings and Improvements		90,162
Initial Cost of Furniture Fixtures and Equipment		6,881
Costs Capitalized Subsequent to Acquisition	[1]	12,095
Carrying Amount of Land		20,103
Carrying Amount of Buildings and Improvements		99,913
Carrying Value of Furniture Fixtures and Equipment		9,225
Carrying Value, Total		129,241
Accumulated Depreciation		11,130
Net Book Value		$ 118,111
Year of Original Construction		1,988
Date Acquired		Jan. 29, 2013
Mortgage loan premium		$ 600
Redbury Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost of Land		8,057
Initial Cost of Buildings and Improvements		24,833
Initial Cost of Furniture Fixtures and Equipment		1,000
Costs Capitalized Subsequent to Acquisition	[1]	1,655
Carrying Amount of Land		8,057
Carrying Amount of Buildings and Improvements		25,938
Carrying Value of Furniture Fixtures and Equipment		1,550
Carrying Value, Total		35,545
Accumulated Depreciation		1,988
Net Book Value		$ 33,557
Year of Original Construction		2,008
Date Acquired		Aug. 8, 2013
Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[5]	$ 22,833
Initial Cost of Land		8,215
Initial Cost of Buildings and Improvements		37,874
Initial Cost of Furniture Fixtures and Equipment		1,500
Costs Capitalized Subsequent to Acquisition	[1]	2,822
Carrying Amount of Land		8,215
Carrying Amount of Buildings and Improvements		39,744
Carrying Value of Furniture Fixtures and Equipment		2,452
Carrying Value, Total		50,411
Accumulated Depreciation		3,754
Net Book Value		$ 46,657
Year of Original Construction		1,962
Date Acquired		Aug. 28, 2013
Mortgage loan premium		$ 100
Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		116,445
Initial Cost of Furniture Fixtures and Equipment		3,550
Costs Capitalized Subsequent to Acquisition	[1]	26,244
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		139,264
Carrying Value of Furniture Fixtures and Equipment		6,975
Carrying Value, Total		146,239
Accumulated Depreciation		8,201
Net Book Value		$ 138,038
Year of Original Construction		1,964
Date Acquired		Dec. 9, 2013
The Prescott Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		12,561
Initial Cost of Buildings and Improvements		43,665
Initial Cost of Furniture Fixtures and Equipment		1,094
Costs Capitalized Subsequent to Acquisition	[1]	15,101
Carrying Amount of Land		12,561
Carrying Amount of Buildings and Improvements		46,448
Carrying Value of Furniture Fixtures and Equipment		13,412
Carrying Value, Total		72,421
Accumulated Depreciation		1,842
Net Book Value		$ 70,579
Year of Original Construction		1,913
Date Acquired		May 22, 2014
The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		18,493
Initial Cost of Buildings and Improvements		92,339
Initial Cost of Furniture Fixtures and Equipment		8,757
Costs Capitalized Subsequent to Acquisition	[1]	4,263
Carrying Amount of Land		18,493
Carrying Amount of Buildings and Improvements		93,595
Carrying Value of Furniture Fixtures and Equipment		11,764
Carrying Value, Total		123,852
Accumulated Depreciation		5,270
Net Book Value		$ 118,582
Year of Original Construction		1,909
Date Acquired		Jul. 17, 2014
Westin Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		12,108
Initial Cost of Buildings and Improvements		46,317
Initial Cost of Furniture Fixtures and Equipment		1,271
Costs Capitalized Subsequent to Acquisition	[1]	7,639
Carrying Amount of Land		12,108
Carrying Amount of Buildings and Improvements		50,425
Carrying Value of Furniture Fixtures and Equipment		4,802
Carrying Value, Total		67,335
Accumulated Depreciation		2,034
Net Book Value		$ 65,301
Year of Original Construction		1,989
Date Acquired		Nov. 12, 2014
Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		90,675
Initial Cost of Furniture Fixtures and Equipment		1,500
Costs Capitalized Subsequent to Acquisition	[1]	539
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		90,954
Carrying Value of Furniture Fixtures and Equipment		1,760
Carrying Value, Total		92,714
Accumulated Depreciation		2,787
Net Book Value		$ 89,927
Year of Original Construction		1,972
Date Acquired		Nov. 20, 2014
Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		37,803
Initial Cost of Furniture Fixtures and Equipment		6,833
Costs Capitalized Subsequent to Acquisition	[1]	1,749
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements		40,085
Carrying Value of Furniture Fixtures and Equipment		6,300
Carrying Value, Total		46,385
Accumulated Depreciation		2,013
Net Book Value		$ 44,372
Year of Original Construction		1,900
Date Acquired		Dec. 10, 2014
Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		41,857
Initial Cost of Buildings and Improvements		207,817
Initial Cost of Furniture Fixtures and Equipment		10,596
Costs Capitalized Subsequent to Acquisition	[1]	1,844
Carrying Amount of Land		41,857
Carrying Amount of Buildings and Improvements		208,530
Carrying Value of Furniture Fixtures and Equipment		11,727
Carrying Value, Total		262,114
Accumulated Depreciation		7,067
Net Book Value		$ 255,047
Year of Original Construction		1,972
Date Acquired		Dec. 18, 2014
LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		112,575
Initial Cost of Buildings and Improvements		82,117
Initial Cost of Furniture Fixtures and Equipment		6,733
Costs Capitalized Subsequent to Acquisition	[1]	1,785
Carrying Amount of Land		112,575
Carrying Amount of Buildings and Improvements		83,030
Carrying Value of Furniture Fixtures and Equipment		7,605
Carrying Value, Total		203,210
Accumulated Depreciation		2,971
Net Book Value		$ 200,239
Year of Original Construction		1,968
Date Acquired		May 21, 2015
The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		29,125
Initial Cost of Buildings and Improvements		90,323
Initial Cost of Furniture Fixtures and Equipment		2,500
Costs Capitalized Subsequent to Acquisition	[1]	290
Carrying Amount of Land		29,125
Carrying Amount of Buildings and Improvements		90,348
Carrying Value of Furniture Fixtures and Equipment		2,765
Carrying Value, Total		122,238
Accumulated Depreciation		1,959
Net Book Value		$ 120,279
Year of Original Construction		1,990
Date Acquired		Jun. 11, 2015
Minimum [Member] | Double Tree By Hilton Bethesda Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Monaco Washington D C [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		1 year
Minimum [Member] | Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Viceroy Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		1 year
Minimum [Member] | W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		2 years
Minimum [Member] | Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Redbury Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | The Prescott Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		1 year
Minimum [Member] | The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Westin Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		2 years
Minimum [Member] | Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		3 years
Minimum [Member] | The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		2 years
Maximum [Member] | Double Tree By Hilton Bethesda Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Monaco Washington D C [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Viceroy Miami [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Redbury Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | The Prescott Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		45 years
Maximum [Member] | The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Westin Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
Maximum [Member] | The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life		40 years
[1]	Disposals are reflected as reductions to cost capitalized subsequent to acquisition.
[2]	Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco); Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, a Luxury Collection Hotel, Portland.
[3]	Encumbrance on the Hotel Zelos (formerly Hotel Palomar San Francisco) is presented at face value, which excludes loan premium of $0.9 million at December 31, 2015.
[4]	Encumbrance on the Embassy Suites San Diego Bay - Downtown is presented at face value, which excludes loan premium of $0.6 million at December 31, 2015.
[5]	Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.1 million at December 31, 2015.

Schedule III--Real Estate and60

Schedule III--Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Carrying Value, Total	$ 2,956,761	$ 2,538,270	$ 1,849,939	$ 1,495,167
Acquisitions	323,373	633,687	318,619
Capital Expenditures	101,131	59,090	38,153
Disposal of Assets	(6,013)	(4,446)	(2,000)
Accumulated Depreciation	283,177	194,580	132,328	$ 77,938
Depreciation Expense	94,610	66,698	54,511
Disposal of Assets	$ (6,013)	$ (4,446)	$ (121)