Pebblebrook Hotel Trust (PEB) 10-Q 25 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Pebblebrook Hotel Trust
Entity Central Index Key	1,474,098
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		72,058,795

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
ASSETS
Investment in hotel properties, net		$ 2,612,933	$ 2,673,584
Investment in joint venture		244,370	248,794
Ground lease asset, net		29,922	30,218
Cash and cash equivalents		36,307	26,345
Restricted cash		7,888	9,453
Hotel receivables (net of allowance for doubtful accounts of $300 and $243, respectively)		29,888	25,062
Prepaid expenses and other assets		36,452	45,015
Total assets		2,997,760	3,058,471
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	30,000	165,000
Term loans, net of unamortized deferred financing costs		671,377	521,883
Senior unsecured notes, net of unamortized deferred financing costs		99,425	99,392
Mortgage debt, net of unamortized loan premiums and deferred financing costs		229,696	319,320
Accounts payable and accrued expenses		158,966	141,897
Advance deposits		19,432	17,726
Accrued interest		2,570	2,550
Distribution payable		33,168	29,869
Total liabilities		1,244,634	1,297,637
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $335,000 at June 30, 2016 and $350,000 at December 31, 2015), 100,000,000 shares authorized; 13,400,000 shares issued and outstanding at June 30, 2016 and 14,000,000 shares issued and outstanding at December 31, 2015		134	140
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,922,904 issued and outstanding at June 30, 2016 and 71,735,129 issued and outstanding at December 31, 2015		719	717
Additional paid-in capital		1,854,623	1,868,047
Accumulated other comprehensive income (loss)		(20,869)	(4,750)
Distributions in excess of retained earnings		(84,596)	(105,765)
Total shareholders’ equity		1,750,011	1,758,389
Non-controlling interests		3,115	2,445
Total equity		1,753,126	1,760,834
Total liabilities and equity		$ 2,997,760	$ 3,058,471
[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.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 300	$ 243
Preferred shares of beneficial interest, liquidation preference value	$ 335,000	$ 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	13,400,000	14,000,000
Preferred shares of beneficial interest, shares outstanding	13,400,000	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	71,922,904	71,735,129
Common shares of beneficial interest, shares outstanding	71,922,904	71,735,129

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Room	$ 148,450	$ 137,443	$ 279,854	$ 246,277
Food and beverage	49,673	46,823	100,369	90,061
Other operating	14,149	13,417	28,294	24,780
Total revenues	212,272	197,683	408,517	361,118
Hotel operating expenses:
Room	34,094	30,982	66,319	58,965
Food and beverage	32,532	31,384	66,569	60,777
Other direct and indirect	55,679	53,627	111,327	103,463
Total hotel operating expenses	122,305	115,993	244,215	223,205
Depreciation and amortization	25,859	24,885	50,920	46,210
Real estate taxes, personal property taxes, property insurance, and ground rent	12,428	10,885	24,893	22,165
General and administrative	6,344	6,169	13,140	13,741
Hotel acquisition and disposition costs	11	4,334	17	4,465
Total operating expenses	166,947	162,266	333,185	309,786
Operating income (loss)	45,325	35,417	75,332	51,332
Interest income	620	621	1,245	1,256
Interest expense	(11,432)	(9,256)	(22,233)	(17,577)
Other	(101)	0	(1,872)	0
Gain on sale of hotel properties	40,326	0	40,326	0
Equity in earnings (loss) of joint venture	1,682	3,320	(3,233)	(1,128)
Income (loss) before income taxes	76,420	30,102	89,565	33,883
Income tax (expense) benefit	(1,982)	(3,519)	1,510	(130)
Net income (loss)	74,438	26,583	91,075	33,753
Net income (loss) attributable to non-controlling interests	248	92	306	119
Net income (loss) attributable to the Company	74,190	26,491	90,769	33,634
Distributions to preferred shareholders	(4,241)	(6,487)	(10,085)	(12,975)
Issuance costs of redeemed preferred shares	0	0	(4,169)	0
Net income (loss) attributable to common shareholders	$ 69,949	$ 20,004	$ 76,515	$ 20,659
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.97	$ 0.28	$ 1.06	$ 0.29
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.96	$ 0.27	$ 1.05	$ 0.28
Weighted-average number of common shares, basic (in shares)	71,922,904	71,735,129	71,879,859	71,696,294
Weighted-average number of common shares, diluted (in shares)	72,319,784	72,425,952	72,373,376	72,463,419
Comprehensive Income:
Net income (loss)	$ 74,438	$ 26,583	$ 91,075	$ 33,753
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(4,635)	4,077	(16,119)	(92)
Comprehensive income (loss)	69,803	30,660	74,956	33,661
Comprehensive income (loss) attributable to non-controlling interests	234	105	254	119
Comprehensive income (loss) attributable to the Company	$ 69,569	$ 30,555	$ 74,702	$ 33,542

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]	Non-controlling Interests [Member]
Preferred Stock, Shares Outstanding at Dec. 31, 2014		14,000,000
Common Stock, Shares, Outstanding at Dec. 31, 2014			71,553,481
Beginning balance 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	(139)			(139)			(139)
Issuance of Common Shares for Board Of Trustees Compensation , Shares			8,084
Issuance of Common Shares for Board Of Trustees Compensation, Value	372			372			372
Repurchase of Common Stock, Shares			(84,835)
Repurchase of Common Shares, Value	(4,094)			(4,094)			(4,094)
Share-based Compensation, Shares			258,399
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			$ 1
Share-based Compensation, Value	4,284			3,729			3,730	554
Distributions on Common Shares and Units	(45,569)					(45,422)	(45,422)	(147)
Distributions on Preferred Shares	(12,982)					(12,975)	(12,975)	(7)
Unrealized gain (loss) on derivative instruments	(92)				(92)		(92)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	33,753					33,634	33,634	119
Preferred Stock, Shares Outstanding at Jun. 30, 2015		14,000,000
Common Stock, Shares, Outstanding at Jun. 30, 2015			71,735,129
Ending balance at Jun. 30, 2015	$ 1,757,944	$ 140	$ 717	1,864,607	(433)	(108,926)	1,756,105	1,839
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
Beginning balance at Dec. 31, 2015	$ 1,760,834	$ 140	$ 717	1,868,047	(4,750)	(105,765)	1,758,389	2,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, New Issues		5,000,000	0
Issuance of shares, net of offering costs, Value	120,969	$ 50	$ 0	120,919			120,969
Stock Redeemed or Called During Period, Shares		(5,600,000)
Stock Redeemed or Called During Period, Value	(140,025)	$ (56)		(135,800)		(4,169)	(140,025)
Issuance of Common Shares for Board Of Trustees Compensation , Shares			21,407
Issuance of Common Shares for Board Of Trustees Compensation, Value	606			606			606
Repurchase of Common Stock, Shares			(88,510)
Repurchase of Common Shares, Value	(2,496)		$ (1)	(2,495)			(2,496)
Share-based Compensation, Shares			254,878
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			$ 3
Share-based Compensation, Value	3,901			3,346			3,349	552
Distributions on Common Shares and Units	(55,525)					(55,346)	(55,346)	(179)
Distributions on Preferred Shares	(10,094)					(10,085)	(10,085)	(9)
Unrealized gain (loss) on derivative instruments	(16,119)				(16,119)		(16,119)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 91,075					90,769	90,769	306
Preferred Stock, Shares Outstanding at Jun. 30, 2016	13,400,000	13,400,000
Common Stock, Shares, Outstanding at Jun. 30, 2016	71,922,904		71,922,904
Ending balance at Jun. 30, 2016	$ 1,753,126	$ 134	$ 719	$ 1,854,623	$ (20,869)	$ (84,596)	$ 1,750,011	$ 3,115

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net income (loss)	$ 91,075	$ 33,753
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	50,920	46,210
Share-based compensation	3,901	4,284
Loss on derivative instruments	1,872	0
Amortization of deferred financing costs and mortgage loan premiums	260	(184)
Gain on sale of hotel properties	(40,326)	0
Non-cash ground rent	1,277	1,190
Equity in (earnings) loss from joint venture	4,424	2,313
Other	1,263	706
Changes in assets and liabilities:
Restricted cash, net	734	(161)
Hotel receivables	(4,944)	(9,562)
Prepaid expenses and other assets	2,676	(4,160)
Distributions from joint venture	0	9,203
Accounts payable and accrued expenses	1,987	4,327
Advance deposits	2,000	2,461
Net cash provided by (used in) operating activities	117,119	90,380
Investing activities:
Acquisition of hotel properties	0	(305,146)
Improvements and additions to hotel properties	(60,117)	(53,353)
Deposit on hotel properties	3,000	(3,000)
Proceeds from sale of hotel properties	107,565	0
Receipt from (acquisition of) note receivable	0	3,020
Purchase of corporate office equipment, software, and furniture	(44)	(221)
Restricted cash, net	831	3,081
Net cash provided by (used in) investing activities	51,235	(355,619)
Financing activities:
Gross proceeds from issuance of preferred shares	125,000	0
Payment of offering costs - common and preferred shares	(4,055)	(139)
Payment of deferred financing costs	(950)	(2,466)
Borrowings under senior revolving credit facility	254,000	380,000
Repayments under senior revolving credit facility	(389,000)	(120,000)
Proceeds from term loans	150,000	100,000
Repayments of mortgage debt	(88,939)	(55,420)
Repurchase of common shares	(2,496)	(4,094)
Redemption of preferred shares	(140,000)	0
Distributions - common shares/units	(50,376)	(39,338)
Distributions - preferred shares	(11,934)	(12,975)
Proceeds from membership deposits	847	0
Repayments of membership deposits	(489)	0
Net cash provided by (used in) financing activities	(158,392)	245,568
Net change in cash and cash equivalents	9,962	(19,671)
Cash and cash equivalents, beginning of year	26,345	52,883
Cash and cash equivalents, end of period	$ 36,307	$ 33,212

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets. As of June 30, 2016 , the Company owned interests in 35 hotels, including 29 wholly owned hotels with a total of 7,235 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; Miami (Coral Gables), 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 Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At June 30, 2016 , the Company owned 99.7 % of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3 % of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), the Company’s taxable REIT subsidiary ("TRS"), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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 that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquisition of a hotel property, 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, approval of the Board of Trustees has been obtained, 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. 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 operating 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. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (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 Company adopted this standard on January 1, 2016 and concluded that no change was required to its accounting for its joint venture. However, the Operating Partnership now meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. 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. The Company adopted this standard on January 1, 2016 and presents all debt issuance costs, other than issuance costs related to its senior unsecured revolving credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of the balance sheet. The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the 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 adopted this standard on January 1, 2016 and elected to continue presenting debt issuance costs related to its senior unsecured revolving credit facility as an asset which is included in prepaid expenses and other assets on the accompanying consolidated balance sheets. The adoption of this standard did not have an impact on the Company's 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 non-current on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company adopted this standard on January 1, 2016 and it did not have an impact on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU-2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate of the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for the Company on January 1, 2017, however, early adoption is permitted. The Company early adopted this standard on April 1, 2016 and it did not have an impact on the Company's financial position, results of operations or cash flows.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	Acquisition and Disposition of Hotel Properties Acquisitions The Company had no hotel acquisitions during the three and six months ended June 30, 2016 . The following unaudited pro forma financial information presents the results of the Company for the three and six months ended June 30, 2016 and 2015 as if the hotels acquired in 2015 were acquired on January 1, 2014. The following hotels' pro forma results are included in the pro forma table below: LaPlaya Beach Resort and LaPlaya Beach Club ; and The Tuscan Fisherman's Wharf, a Best Western Plus Hotel . The pro forma results below exclude acquisition costs of $4.3 million and $4.5 million for the three and six months ended June 30, 2015 , respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred or the future results of operations (in thousands, except per-share data). For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 (Unaudited) Total revenues $ 212,272 $ 208,893 $ 408,517 $ 392,420 Operating income (loss) 45,325 42,341 75,332 64,976 Net income (loss) attributable to common shareholders 69,949 26,072 76,515 32,509 Net income (loss) per share available to common shareholders — basic $ 0.97 $ 0.36 $ 1.06 $ 0.45 Net income (loss) per share available to common shareholders — diluted $ 0.96 $ 0.36 $ 1.05 $ 0.45
Dispositions	Dispositions On May 5, 2016 , the Company sold an excess land parcel adjacent to the Revere Hotel Boston Common for $6.0 million . The Company recognized a gain of $3.3 million related to the sale of this land. On June 1, 2016 , the Company sold the Viceroy Miami for $64.5 million . The Company recognized a gain of $30.5 million related to the sale of this hotel property. On June 1, 2016 , the Company sold the The Redbury Hollywood for $40.9 million . The Company recognized a gain of $6.5 million related to the sale of this hotel property. For the three and six months ended June 30, 2016 , the Company's consolidated statements of operations included operating income of $1.2 million and $4.1 million , respectively, related to the hotel properties sold. For the three and six months ended June 30, 2015 , the Company's consolidated statements of operations included operating income of $1.7 million and $4.5 million , respectively, related to the hotel properties sold. The sales of land and hotel properties described above did not represent a strategic shift in the Company’s business plan or primary markets, and therefore, did not qualify as discontinued operations.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, December 31, 2015 Land $ 480,366 $ 499,381 Buildings and improvements 2,225,737 2,225,168 Furniture, fixtures and equipment 218,284 205,890 Construction in progress 11,766 26,322 Investment in hotel properties $ 2,936,153 $ 2,956,761 Less: Accumulated depreciation (323,220 ) (283,177 ) Investment in hotel properties, net $ 2,612,933 $ 2,673,584

Investment in Joint Venture

Investment in Joint Venture	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	Investment in Joint Venture On July 29, 2011, the Company acquired a 49% interest in a joint venture (the “Manhattan Collection joint venture”), which owns six properties in New York, New York. The transaction valued the six hotels at approximately $908.0 million (subject to working capital and similar adjustments). The Company accounts for this investment using the equity method. In conjunction with the joint venture's refinancing in 2012, the Company provided the joint venture a $50.0 million unsecured special loan which matures at the earlier of July 4, 2018, the closing of any refinancing of the secured loan or the closing date of a portfolio sale (as defined in the loan agreement). The unsecured special loan bears interest at an annual fixed rate of 9.75% and requires interest-only payments through maturity. The unsecured special loan is pre-payable by the joint venture at any time. The unsecured special loan to the joint venture is included in the investment in joint venture on the consolidated balance sheets. Interest income is recorded on the accrual basis and the Company's 49% pro-rata portion of the special loan and related interest income is eliminated. As of June 30, 2016 , the joint venture reported $445.0 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 the $50.0 million unsecured special loan provided by the Company as described above. At June 30, 2016 , the five hotel properties securing the joint venture’s $410.0 million loan are in 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 the Company, 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 June 30, 2016 . 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 in the joint venture, the estimated fair value of the hotel properties owned by the Manhattan Collection joint venture exceeded the carrying value. This basis difference between the Company’s investment in the joint venture and the Company’s proportionate 49% interest in these depreciable assets held by the joint venture is amortized over the estimated life of the underlying assets and recognized as a component of equity in earnings (loss) of joint venture (referred to as the basis adjustment in the table below). The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the three and six months ended June 30, 2016 and 2015 are presented below (in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Revenues $ 45,698 $ 47,538 $ 76,879 $ 78,559 Total expenses 43,579 42,347 86,193 83,850 Net income (loss) $ 2,119 $ 5,191 $ (9,314 ) $ (5,291 ) Company’s 49% interest of net income (loss) 1,038 2,543 (4,564 ) (2,593 ) Basis adjustment 49 181 140 280 Special loan interest income elimination 595 596 1,191 1,185 Equity in earnings (loss) in joint venture $ 1,682 $ 3,320 $ (3,233 ) $ (1,128 ) 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	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Revolving Credit Facility On May 19, 2015, the Company exercised the accordion feature under the 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 June 30, 2016 and December 31, 2015 , the Company had $30.0 million and $165.0 million , respectively, in outstanding borrowings under the revolving credit facility. As of June 30, 2016 , the Company had $420.0 million borrowing capacity remaining under its unsecured revolving credit facility. As of June 30, 2016 , the Company was in compliance with the credit agreement debt covenants. For the three and six months ended June 30, 2016 , the Company incurred unused commitment fees of $0.2 million and $0.4 million , respectively. For the three and six months ended June 30, 2015 , the Company incurred unused commitment fees of $0.2 million and $0.3 million , respectively. Unsecured Term Loan Facilities As of June 30, 2016 , 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, which may be increased to up to $200.0 million , subject to lender approval, and matures in April 2022 . On January 5, 2016, the Company exercised its accordion option to increase the borrowing capacity under the Second Term Loan to $175.0 million . As of June 30, 2016 , the Company had $175.0 million outstanding under the Second Term Loan. 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 . On January 5, 2016, the Company exercised its accordion option to increase the borrowing capacity under the Third Term Loan to $200.0 million . As of June 30, 2016 , the Company had $200.0 million outstanding under the Third Term Loan. This Third Term Loan bears interest at a variable rate of LIBOR plus 1.45% to 2.20% , depending on the Company's leverage ratio. As of June 30, 2016 and December 31, 2015 , the Company had $675.0 million and $525.0 million , respectively, in outstanding borrowings under the unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. As of June 30, 2016 , the Company was in compliance with all debt covenants of its term loan facilities. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities, except for $75.0 million on the Second Term Loan (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 . The Series A Notes and the Series B Notes are subject to debt covenants substantially similar to the covenants under the amended and restated credit agreement. As of June 30, 2016 , the Company was in compliance with all such debt covenants. Derivative and Hedging Activities The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. 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 other expense in the consolidated statements of operations and comprehensive income. As of June 30, 2016 , 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 3.23% through July 13, 2017 and a weighted-average effective interest rate of 3.81% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at June 30, 2016 . The Company entered into interest rate swap agreements with an aggregate notional amount of $100.0 million 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 3.86% , based on the Company’s leverage ratio at June 30, 2016 . The remaining $75.0 million borrowing under 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 with an aggregate notional amount of $200.0 million 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 3.51% , based on the Company’s leverage ratio at June 30, 2016 . 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 June 30, 2016 , the Company's derivative instruments were in liability positions, with aggregate liability fair values of $22.7 million in the accompanying consolidated balance sheets. For the three and six months ended June 30, 2016 , there was $4.6 million and $16.1 million in unrealized loss, respectively, recorded in accumulated other comprehensive income. For the three and six months ended June 30, 2015 , there was $4.1 million in unrealized gain and $0.1 million in unrealized loss, respectively, recorded in accumulated other comprehensive income. For the three and six months ended June 30, 2016 , the Company recorded a loss of $0.1 million and $1.9 million , respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the three and six months ended June 30, 2016 , the Company reclassified $1.6 million and $3.2 million , respectively, from accumulated other comprehensive income (loss) to interest expense. For the three and six months ended June 30, 2015 , the Company reclassified $1.2 million and $2.0 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $5.6 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 April 5, 2016 , the Company repaid the $62.8 million mortgage loan on the Embassy Suites San Diego Bay - Downtown , without penalty, using proceeds from the senior unsecured revolving credit facility. On May 5, 2016 , the Company repaid the $22.7 million mortgage loan on the Hotel Modera , without penalty, using proceeds from the senior unsecured revolving credit facility. Debt Summary Debt as of June 30, 2016 and December 31, 2015 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date June 30, 2016 December 31, 2015 Senior unsecured revolving credit facility Floating (1) January 2019 $ 30,000 $ 165,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 175,000 100,000 Third Term Loan Floating (2) January 2021 200,000 125,000 Total term loans at stated value 675,000 525,000 Deferred financing costs, net (3,623 ) (3,117 ) Total term loans $ 671,377 $ 521,883 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 60,000 Series B Notes 4.93% December 2025 40,000 40,000 Total senior unsecured notes at stated value 100,000 100,000 Deferred financing costs, net (575 ) (608 ) Total senior unsecured notes $ 99,425 $ 99,392 Mortgage loans Embassy Suites San Diego Bay - Downtown 6.28% June 2016 — 63,116 Hotel Modera 5.26% July 2016 — 22,833 Hotel Monaco Washington DC 4.36% February 2017 42,451 42,895 Argonaut Hotel 4.25% March 2017 42,216 42,823 Sofitel Philadelphia 3.90% June 2017 45,001 45,668 Hotel Zelos (formerly Hotel Palomar San Francisco) 5.94% September 2017 25,911 26,098 The Westin San Diego Gaslamp Quarter 3.69% January 2020 73,956 75,040 Mortgage loans at stated value 229,535 318,473 Mortgage loan premiums and deferred financing costs (3) 161 847 Total mortgage loans $ 229,696 $ 319,320 Total debt $ 1,030,498 $ 1,105,595 ________________________ (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, a portion of the Second Term Loan and the Third Term Loan. At June 30, 2016 and December 31, 2015 , the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above. (3) As of June 30, 2016 , loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco) . 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 June 30, 2016 and December 31, 2015 was $340.4 million and $465.4 million , respectively. The Company was in compliance with all debt covenants as of June 30, 2016 .

Equity

Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company’s board of trustees. On March 5, 2014 , the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of June 30, 2016 , $159.8 million in common shares remained available for issuance under the $175.0 million ATM program. On February 22, 2016, the Company announced that its Board of Trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common 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. As of June 30, 2016 , the Company had no repurchases under this program. Common Dividends The Company declared the following dividends on common shares/units for the six months ended June 30, 2016 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.38 March 31, 2016 March 31, 2016 April 15, 2016 $ 0.38 June 30, 2016 June 30, 2016 July 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”). On March 11, 2016, the Company redeemed all 5,600,000 of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares") at a redemption amount of $25.00 per share plus accrued and unpaid dividends. On June 9, 2016, the Company issued 5,000,000 of its 6.375% Series D Cumulative Redeemable Preferred Shares (“Series D Preferred Shares”) at a public offering price of $25.00 per share, for net proceeds of approximately $121.1 million , after deducting the underwriting discount and other offering-related costs. As of June 30, 2016 , the Company had none of its Series A Preferred Shares, 3,400,000 of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares"), 5,000,000 of its 6.50% Series C Preferred Shares ("Series C Preferred Shares") and 5,000,000 of its Series D Preferred shares outstanding. As of December 31, 2015 , the Company had 5,600,000 of its Series A Preferred Shares, 3,400,000 of its Series B Preferred shares and 5,000,000 of its Series C Preferred Shares outstanding. The Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares (collectively, the “Preferred Shares”) rank senior to the Company's 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 could not redeem the Series A Preferred Shares prior to March 11, 2016 and may not redeem the Series B Preferred Shares, Series C Preferred Shares or Series D Preferred Shares prior to September 21, 2016, March 18, 2018 and June 9, 2021, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or 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 B Preferred Share is 3.4483 common shares, each Series C Preferred Share is 2.0325 common shares and each Series D Preferred Shares is 1.9794 common shares. Preferred Dividends The Company declared the following dividends on preferred shares for the six months ended June 30, 2016 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 8.00% Series B $ 0.50 March 31, 2016 March 31, 2016 April 15, 2016 8.00% Series B $ 0.50 June 30, 2016 June 30, 2016 July 15, 2016 6.50% Series C $ 0.41 March 31, 2016 March 31, 2016 April 15, 2016 6.50% Series C $ 0.41 June 30, 2016 June 30, 2016 July 15, 2016 6.375% Series D $ 0.16 June 30, 2016 June 30, 2016 July 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 the Company’s common shares on a one -for- one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. As of June 30, 2016 and December 31, 2015 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at June 30, 2016 , 54,845 units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above.

Share-Based Compensation Plan

Share-Based Compensation Plan	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plan	Share-Based Compensation Plan The Company maintains the 2009 Equity Incentive Plan, as amended and restated (the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of June 30, 2016 , there were 160,286 common shares available for issuance under the Plan, assuming performance-based equity awards vest at target. Service Condition Share Awards From time to time, the Company awards restricted shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity as of June 30, 2016 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 124,617 $ 35.46 Granted 67,280 $ 23.81 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at June 30, 2016 134,636 $ 30.85 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the three and six months ended June 30, 2016 , the Company recognized approximately $0.4 million and $0.9 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. For the three and six months ended June 30, 2015 , the Company recognized approximately $0.4 million and $0.8 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of June 30, 2016 , there was $3.3 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.3 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 award 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. In January 2016, these awards vested and the Company issued 120,730 and 56,562 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 award 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 award agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. In January 2016, one fifth of these awards vested and the Company issued 25,134 of common shares which represented achieving 49% of the 50,418 target number of shares. 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 10,092 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 award 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 award 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 award agreements for the period of performance from January 1, 2016 through December 31, 2017. On February 10, 2016, the Board of Trustees approved a target award of 100,919 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2019. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 17,372 target awards to non-executive management employees which have no maximum) and will be determined in 2019 based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2018. The grant date fair value of the performance awards, with market conditions, 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% February 10, 2016 Relative Total Shareholder Return 70.00% $1.6 25.00% 0.71% 3.00% Absolute Total Shareholder Return 15.00% $0.2 25.00% 0.71% 3.00% EBITDA Comparison 15.00% $0.4 25.00% 0.71% 3.00% (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 June 30, 2016 , there was approximately $12.0 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.0 years. For the three and six months ended June 30, 2016 , the Company recognized $1.3 million and $2.5 million , respectively, in expense related to these awards. For the three and six months ended June 30, 2015 , the Company recognized $1.5 million and $3.0 million , respectively, in expense related to these awards. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of June 30, 2016 , 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. The Company granted 929,099 LTIP Class A units to executive officers of the Company at and shortly after the completion of its initial public offering in December 2009. These LTIP units vested 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. These LTIP units are subject to time-based vesting in five equal annual installments beginning January 1, 2016 and ending on January 1, 2020 . The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million . As of June 30, 2016 , the Company had 236,351 LTIP units outstanding. All LTIP unvested units will vest upon a change in control. As of June 30, 2016 , of the 236,351 units outstanding, 54,845 LTIP units have vested. For the three and six months ended June 30, 2016 , the Company recognized $0.3 million and $0.6 million , respectively, in expense related to these units. For the three and six months ended June 30, 2015 , the Company recognized $0.3 million and $0.6 million , respectively, in expense related to these units. As of June 30, 2016 , there was $3.8 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL's income tax expense (benefit) for the six months ended June 30, 2016 using an estimated combined federal and state statutory tax rate of 38.0% . The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of June 30, 2016 and December 31, 2015 , 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	6 Months Ended
	Jun. 30, 2016
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 three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 69,949 $ 20,004 $ 76,515 $ 20,659 Less: dividends paid on unvested share-based compensation (120 ) (107 ) (241 ) (215 ) Undistributed earnings attributable to share-based compensation (185 ) — (92 ) — Net income (loss) available to common shareholders $ 69,644 $ 19,897 $ 76,182 $ 20,444 Denominator: Weighted-average number of common shares — basic 71,922,904 71,735,129 71,879,859 71,696,294 Effect of dilutive share-based compensation 396,880 690,823 493,517 767,125 Weighted-average number of common shares — diluted 72,319,784 72,425,952 72,373,376 72,463,419 Net income (loss) per share available to common shareholders — basic $ 0.97 $ 0.28 $ 1.06 $ 0.29 Net income (loss) per share available to common shareholders — diluted $ 0.96 $ 0.27 $ 1.05 $ 0.28 For the three and six months ended June 30, 2016 , 117,201 and 117,201 , respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. There were 40,111 and no anti-dilutive shares excluded for the three and six months ended June 30, 2015 , respectively. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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. Com bined base and incentive management fees were $6.1 million and $11.7 million for the three and six months ended June 30, 2016 , respectively, and $6.0 million and $10.8 million for the three and six months ended June 30, 2015 , 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 June 30, 2016 and December 31, 2015 , the Company had $7.9 million and $9.5 million , respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements. For purposes of the statement of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for furniture and fixtures replacement are shown as investing activities. Ground and Hotel Leases The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059 . The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark. The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059 . The hotel is required to pay the greater of an annual base rent of $1.3 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark. The Hotel 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 expired in April 2016 from which time the hotel became only subject to the primary ground lease through its maturity in 2062. The Hotel Zeppelin San Francisco (formerly Prescott Hotel) is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 196 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 $3.8 million through January 2021 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 the 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 $3.0 million and $5.9 million for the three and six months ended June 30, 2016 , respectively, and $2.8 million and $5.5 million for the three and six months ended June 30, 2015 , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the six months ended June 30, 2016 2015 (in thousands) Interest paid, net of capitalized interest $ 21,671 $ 17,587 Interest capitalized $ 492 $ 193 Income taxes paid $ 357 $ 1,824 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 29,467 $ 23,973 Distributions payable on preferred shares $ 3,701 $ 5,550 Issuance of common shares for Board of Trustees compensation $ 606 $ 373 Below (above) market rate contracts assumed in connection with acquisition $ — $ 20,110 Accrued additions and improvements to hotel properties $ 2,988 $ 2,299 Write-off of fully depreciated furniture, fixtures and equipment $ — $ 3,550 Write-off of deferred financing costs $ 550 $ 321

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On July 7, 2016, the Company's shareholders approved an amendment to the 2009 Equity Incentive Plan, as amended and restated (the "Plan"), to increase the number of shares available to be issued under the Plan from 2,422,625 shares to 3,672,625 shares.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. 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 that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquisition of a hotel property, 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, approval of the Board of Trustees has been obtained, 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.
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 operating 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.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (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 Company adopted this standard on January 1, 2016 and concluded that no change was required to its accounting for its joint venture. However, the Operating Partnership now meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. 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. The Company adopted this standard on January 1, 2016 and presents all debt issuance costs, other than issuance costs related to its senior unsecured revolving credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of the balance sheet. The adoption of this standard did not have a material impact on the Company's financial position and had no impact on the 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 adopted this standard on January 1, 2016 and elected to continue presenting debt issuance costs related to its senior unsecured revolving credit facility as an asset which is included in prepaid expenses and other assets on the accompanying consolidated balance sheets. The adoption of this standard did not have an impact on the Company's 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 non-current on the balance sheet. The new standard is effective for the Company on January 1, 2017 but earlier adoption is permitted. The Company adopted this standard on January 1, 2016 and it did not have an impact on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU-2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate of the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for the Company on January 1, 2017, however, early adoption is permitted. The Company early adopted this standard on April 1, 2016 and it did not have an impact on the Company's financial position, results of operations or cash flows.

Acquisition and Disposition o21

Acquisition and Disposition of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Business acquisition, unaudited proforma information	The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred or the future results of operations (in thousands, except per-share data). For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 (Unaudited) Total revenues $ 212,272 $ 208,893 $ 408,517 $ 392,420 Operating income (loss) 45,325 42,341 75,332 64,976 Net income (loss) attributable to common shareholders 69,949 26,072 76,515 32,509 Net income (loss) per share available to common shareholders — basic $ 0.97 $ 0.36 $ 1.06 $ 0.45 Net income (loss) per share available to common shareholders — diluted $ 0.96 $ 0.36 $ 1.05 $ 0.45

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, December 31, 2015 Land $ 480,366 $ 499,381 Buildings and improvements 2,225,737 2,225,168 Furniture, fixtures and equipment 218,284 205,890 Construction in progress 11,766 26,322 Investment in hotel properties $ 2,936,153 $ 2,956,761 Less: Accumulated depreciation (323,220 ) (283,177 ) Investment in hotel properties, net $ 2,612,933 $ 2,673,584

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summarized results of operations of investment in the Manhattan Collection joint venture	The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the three and six months ended June 30, 2016 and 2015 are presented below (in thousands): For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Revenues $ 45,698 $ 47,538 $ 76,879 $ 78,559 Total expenses 43,579 42,347 86,193 83,850 Net income (loss) $ 2,119 $ 5,191 $ (9,314 ) $ (5,291 ) Company’s 49% interest of net income (loss) 1,038 2,543 (4,564 ) (2,593 ) Basis adjustment 49 181 140 280 Special loan interest income elimination 595 596 1,191 1,185 Equity in earnings (loss) in joint venture $ 1,682 $ 3,320 $ (3,233 ) $ (1,128 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Debt	Debt as of June 30, 2016 and December 31, 2015 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date June 30, 2016 December 31, 2015 Senior unsecured revolving credit facility Floating (1) January 2019 $ 30,000 $ 165,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 175,000 100,000 Third Term Loan Floating (2) January 2021 200,000 125,000 Total term loans at stated value 675,000 525,000 Deferred financing costs, net (3,623 ) (3,117 ) Total term loans $ 671,377 $ 521,883 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 60,000 Series B Notes 4.93% December 2025 40,000 40,000 Total senior unsecured notes at stated value 100,000 100,000 Deferred financing costs, net (575 ) (608 ) Total senior unsecured notes $ 99,425 $ 99,392 Mortgage loans Embassy Suites San Diego Bay - Downtown 6.28% June 2016 — 63,116 Hotel Modera 5.26% July 2016 — 22,833 Hotel Monaco Washington DC 4.36% February 2017 42,451 42,895 Argonaut Hotel 4.25% March 2017 42,216 42,823 Sofitel Philadelphia 3.90% June 2017 45,001 45,668 Hotel Zelos (formerly Hotel Palomar San Francisco) 5.94% September 2017 25,911 26,098 The Westin San Diego Gaslamp Quarter 3.69% January 2020 73,956 75,040 Mortgage loans at stated value 229,535 318,473 Mortgage loan premiums and deferred financing costs (3) 161 847 Total mortgage loans $ 229,696 $ 319,320 Total debt $ 1,030,498 $ 1,105,595 ________________________ (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, a portion of the Second Term Loan and the Third Term Loan. At June 30, 2016 and December 31, 2015 , the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above. (3) As of June 30, 2016 , loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco) .

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the six months ended June 30, 2016 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.38 March 31, 2016 March 31, 2016 April 15, 2016 $ 0.38 June 30, 2016 June 30, 2016 July 15, 2016
Dividends on preferred shares	The Company declared the following dividends on preferred shares for the six months ended June 30, 2016 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 8.00% Series B $ 0.50 March 31, 2016 March 31, 2016 April 15, 2016 8.00% Series B $ 0.50 June 30, 2016 June 30, 2016 July 15, 2016 6.50% Series C $ 0.41 March 31, 2016 March 31, 2016 April 15, 2016 6.50% Series C $ 0.41 June 30, 2016 June 30, 2016 July 15, 2016 6.375% Series D $ 0.16 June 30, 2016 June 30, 2016 July 15, 2016

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of service condition restricted share activity	The following table provides a summary of service condition restricted share activity as of June 30, 2016 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2015 124,617 $ 35.46 Granted 67,280 $ 23.81 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at June 30, 2016 134,636 $ 30.85
Performance-based Equity Awards Methodology and Assumptions	The grant date fair value of the performance awards, with market conditions, 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% February 10, 2016 Relative Total Shareholder Return 70.00% $1.6 25.00% 0.71% 3.00% Absolute Total Shareholder Return 15.00% $0.2 25.00% 0.71% 3.00% EBITDA Comparison 15.00% $0.4 25.00% 0.71% 3.00% (1) Amounts round to zero.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per common share	The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the three months ended June 30, For the six months ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 69,949 $ 20,004 $ 76,515 $ 20,659 Less: dividends paid on unvested share-based compensation (120 ) (107 ) (241 ) (215 ) Undistributed earnings attributable to share-based compensation (185 ) — (92 ) — Net income (loss) available to common shareholders $ 69,644 $ 19,897 $ 76,182 $ 20,444 Denominator: Weighted-average number of common shares — basic 71,922,904 71,735,129 71,879,859 71,696,294 Effect of dilutive share-based compensation 396,880 690,823 493,517 767,125 Weighted-average number of common shares — diluted 72,319,784 72,425,952 72,373,376 72,463,419 Net income (loss) per share available to common shareholders — basic $ 0.97 $ 0.28 $ 1.06 $ 0.29 Net income (loss) per share available to common shareholders — diluted $ 0.96 $ 0.27 $ 1.05 $ 0.28

Supplemental Information to S28

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the six months ended June 30, 2016 2015 (in thousands) Interest paid, net of capitalized interest $ 21,671 $ 17,587 Interest capitalized $ 492 $ 193 Income taxes paid $ 357 $ 1,824 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 29,467 $ 23,973 Distributions payable on preferred shares $ 3,701 $ 5,550 Issuance of common shares for Board of Trustees compensation $ 606 $ 373 Below (above) market rate contracts assumed in connection with acquisition $ — $ 20,110 Accrued additions and improvements to hotel properties $ 2,988 $ 2,299 Write-off of fully depreciated furniture, fixtures and equipment $ — $ 3,550 Write-off of deferred financing costs $ 550 $ 321

Organization (Details)

Organization (Details)	Jun. 30, 2016propertiesGuestRooms	Jul. 29, 2011properties
Organization (Textual) [Abstract]
Number of hotels owned by the company	35
Number of wholly owned real estate properties	29
Total number of guest rooms | GuestRooms	7,235
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 Accoun30

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies (Textual) [Abstract]
Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust	90.00%
Minimum [Member] | Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Minimum [Member] | Furniture Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	1 year
Maximum [Member] | Land, Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Maximum [Member] | Furniture Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years

Acquisition and Disposition o31

Acquisition and Disposition of Hotel Properties (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business acquisition, unaudited proforma information
Total revenues	$ 212,272	$ 208,893	$ 408,517	$ 392,420
Operating income (loss)	45,325	42,341	75,332	64,976
Net income (loss) attributable to common shareholders	$ 69,949	$ 26,072	$ 76,515	$ 32,509
Net income (loss) per share available to common shareholders - basic (usd per share)	$ 0.97	$ 0.36	$ 1.06	$ 0.45
Net income (loss) per share available to common shareholders — diluted (usd per share)	$ 0.96	$ 0.36	$ 1.05	$ 0.45

Acquisition and Disposition o32

Acquisition and Disposition of Hotel Properties (Details Textual) - USD ($) $ in Thousands	Jun. 01, 2016	May 05, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate Properties [Line Items]
Hotel acquisition and disposition costs			$ 11	$ 4,334	$ 17	$ 4,465
Gain on sale of hotel properties			40,326	0	40,326	0
Operating Income from Disposal Group			$ 1,200	$ 1,700	$ 4,100	$ 4,500
Discontinued Operations, Disposed of by Sale [Member] | Revere Boston Common, Excess Land [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold		$ 6,000
Gain on sale of hotel properties		$ 3,300
Discontinued Operations, Disposed of by Sale [Member] | Viceroy Miami [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold	$ 64,500
Gain on sale of hotel properties	30,500
Discontinued Operations, Disposed of by Sale [Member] | Redbury Hotel [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold	40,900
Gain on sale of hotel properties	$ 6,500

Investment in Hotel Propertie33

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment in hotel properties
Land	$ 480,366	$ 499,381
Buildings and improvements	2,225,737	2,225,168
Furniture, fixtures and equipment	218,284	205,890
Construction in progress	11,766	26,322
Investment in hotel properties	2,936,153	2,956,761
Less: Accumulated depreciation	(323,220)	(283,177)
Investment in hotel properties, net	$ 2,612,933	$ 2,673,584

Investment in Joint Venture (De

Investment in Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summarized results of operations of investment in the Manhattan Collection joint venture
Equity in earnings (loss) in joint venture	$ 1,682	$ 3,320	$ (3,233)	$ (1,128)
Manhattan Collection Joint Venture [Member]
Summarized results of operations of investment in the Manhattan Collection joint venture
Revenues	45,698	47,538	76,879	78,559
Total expenses	43,579	42,347	86,193	83,850
Net income (loss)	2,119	5,191	(9,314)	(5,291)
Company's 49% interest of net income (loss)	1,038	2,543	(4,564)	(2,593)
Basis adjustment	49	181	140	280
Special loan interest income elimination	595	596	1,191	1,185
Equity in earnings (loss) in joint venture	$ 1,682	$ 3,320	$ (3,233)	$ (1,128)

Investment in Joint Venture (35

Investment in Joint Venture (Details Textual) $ in Millions	Dec. 27, 2012USD ($)	Jun. 30, 2016USD ($)properties	Jul. 29, 2011USD ($)properties
Investment in Joint Venture (Textual) [Abstract]
Number of properties owned | properties		35
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
Transaction value			$ 908
Unsecured special loan	$ 50
Unsecured special loan, interest rate	9.75%
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets		$ 445
Total liabilities and members' deficit - existing first mortgage debt		460
First mortgage debt secured by five properties		$ 410
Number of real estate properties securing debt | properties		5
First mortgage debt secured by Dumont NYC		$ 50
Total liabilities and members' deficit - unsecured special loan		$ 50

Debt (Details Textual)

Debt (Details Textual) - USD ($)		May 05, 2016	Apr. 05, 2016	Nov. 12, 2015	May 19, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Jun. 10, 2015	Apr. 13, 2015
Line of Credit Facility [Line Items]
Outstanding borrowings under the credit facility	[1]					$ 30,000,000		$ 30,000,000		$ 165,000,000
Unrealized gain (loss) on derivative instruments						(4,635,000)	$ 4,077,000	(16,119,000)	$ (92,000)
Loss on Cash Flow Hedge Ineffectiveness						100,000		1,872,000	0
Repayments of mortgage debt								88,939,000	55,420,000
Estimated fair value of debt						340,400,000		340,400,000		465,400,000
Embassy Suites San Diego [Member]
Line of Credit Facility [Line Items]
Repayments of mortgage debt			$ 62,800,000
Hotel Modera [Member]
Line of Credit Facility [Line Items]
Repayments of mortgage debt		$ 22,700,000
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Aggregate liability						22,700,000		22,700,000
Reclassification from AOCI to interest expense						1,600,000	1,200,000	3,200,000	2,000,000
Expected reclassifications in next 12 months								5,600,000
First Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Notional amount						300,000,000		300,000,000
Second Term Loan [Member]
Line of Credit Facility [Line Items]
Borrowing capacity						175,000,000		175,000,000				$ 100,000,000
Maximum borrowing capacity												$ 200,000,000
Second Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Notional amount						100,000,000		$ 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%
Second Term Loan, Excluded from Interest Rate Swap [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, Excluded from Interest Rate Swap [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						200,000,000		$ 200,000,000			$ 125,000,000
Maximum borrowing capacity											$ 250,000,000
Third Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Notional amount						$ 200,000,000		$ 200,000,000
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]
Proceeds from issuance of senior long-term debt				$ 60,000,000
Stated interest rate						4.70%		4.70%
Series B Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from issuance of senior long-term debt				$ 40,000,000
Stated interest rate						4.93%		4.93%
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Increase in borrowing capacity					$ 150,000,000
Borrowing capacity					$ 750,000,000	$ 450,000,000		$ 450,000,000
Maximum borrowing capacity						1,000,000,000		1,000,000,000
Outstanding borrowings under the credit facility						30,000,000		30,000,000		165,000,000
Line of credit facility, remaining borrowing capacity						420,000,000		420,000,000
Unused commitment fees						200,000	$ 200,000	$ 400,000	$ 300,000
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Annual rate of unused commitment fee								0.20%
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [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] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Annual rate of unused commitment fee								0.30%
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [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]
Term loans						675,000,000		$ 675,000,000		525,000,000
Term Loan [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Borrowing capacity						300,000,000		300,000,000
Term Loan [Member] | First Term Loan [Member]
Line of Credit Facility [Line Items]
Term loans	[2]					300,000,000		$ 300,000,000		300,000,000
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]					$ 175,000,000		$ 175,000,000		100,000,000
Term Loan [Member] | Second Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate						3.86%		3.86%
Term Loan [Member] | Second Term Loan, Excluded from Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Term loans	[2]					$ 75,000,000		$ 75,000,000
Term Loan [Member] | Third Term Loan [Member]
Line of Credit Facility [Line Items]
Term loans	[2]					$ 200,000,000		$ 200,000,000		$ 125,000,000
Term Loan [Member] | Third Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate						3.51%		3.51%
Term Loan [Member] | Term Loan Through July 12, 2017 [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Effective interest rate						3.23%		3.23%
Term Loan [Member] | Term Loan July 13, 2017 through January 15, 2020 [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate						3.81%		3.81%
[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, a portion of the Second Term Loan and the Third Term Loan. At June 30, 2016 and December 31, 2015, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Senior unsecured revolving credit facility	[1]	$ 30,000	$ 165,000
Total term loans		671,377	521,883
Total senior unsecured notes		99,425	99,392
Mortgage loans
Mortgage debt		229,696	319,320
Mortgage loans at stated value		229,535	318,473
Mortgage loan premiums and deferred financing costs	[2]	161	847
Total debt		$ 1,030,498	1,105,595
Embassy Suites San Diego [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		6.28%
Mortgage loans
Mortgage debt		$ 0	63,116
Hotel Modera [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		5.26%
Mortgage loans
Mortgage debt		$ 0	22,833
Monaco Washington D C [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.36%
Mortgage loans
Mortgage debt		$ 42,451	42,895
Argonaut Hotel [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.25%
Mortgage loans
Mortgage debt		$ 42,216	42,823
Sofitel Philadelphia [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		3.90%
Mortgage loans
Mortgage debt		$ 45,001	45,668
Hotel Zelos San Francisco [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		5.94%
Mortgage loans
Mortgage debt		$ 25,911	26,098
Westin Gaslamp Quarter [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		3.69%
Mortgage loans
Mortgage debt		$ 73,956	75,040
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans		675,000	525,000
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs, net		(3,623)	(3,117)
Total term loans		671,377	521,883
First Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[3]	300,000	300,000
Second Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[3]	175,000	100,000
Third Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	[3]	200,000	125,000
Senior Unsecured Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs, net		(575)	(608)
Senior unsecured notes		100,000	100,000
Total senior unsecured notes		$ 99,425	99,392
Series A Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.70%
Senior unsecured notes		$ 60,000	60,000
Series B Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.93%
Senior unsecured notes		$ 40,000	$ 40,000
[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]	As of June 30, 2016, loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco).
[3]	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, a portion of the Second Term Loan and the Third Term Loan. At June 30, 2016 and December 31, 2015, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Millions	Jun. 09, 2016USD ($)$ / sharesshares	Mar. 11, 2016$ / sharesshares	Jun. 30, 2016USD ($)shares$ / shares	Dec. 31, 2015$ / 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
Stock Repurchase Program, Authorized Amount | $			$ 150
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 shares of beneficial interest, shares outstanding			13,400,000	14,000,000
LTIP Units Disclosures [Abstract]
Operating Partnership outstanding			236,351	236,351
LTIP units, vested			54,845
7.875% Series A [Member]
Preferred Stock Disclosures [Abstract]
Stock Redeemed or Called During Period, Shares		5,600,000
Preferred Stock, Dividend Rate, Percentage		7.875%
Preferred shares of beneficial interest, redemption price per share (usd per share) | $ / shares		$ 25
Preferred shares of beneficial interest, shares outstanding			0	5,600,000
6.375% Series D [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Dividend Rate, Percentage	6.375%
Stock Issued During Period, Shares, New Issues	5,000,000
Shares Issued, Price Per Share | $ / shares	$ 25
ProceedsFromIssuanceOfPreferredStockNet | $	$ 121.1
Preferred shares of beneficial interest, shares outstanding			5,000,000
Share cap on each preferred shares			1.9794
8.00% Series B [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Dividend Rate, Percentage			8.00%
Preferred shares of beneficial interest, shares outstanding			3,400,000	3,400,000
Share cap on each preferred shares			3.4483
6.50% Series C [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Dividend Rate, Percentage			6.50%
Preferred shares of beneficial interest, shares outstanding			5,000,000	5,000,000
Share cap on each preferred shares			2.0325
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

Equity (Details)

Equity (Details) - Common Shares [Member] - $ / shares	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Dividends on common shares/units
Dividend per Share/Unit (usd per share)	$ 0.38	$ 0.38
Record Date	Jun. 30, 2016	Mar. 31, 2016
Payable Date	Jul. 15, 2016	Apr. 15, 2016

Equity (Details 1)

Equity (Details 1) - $ / shares	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
8.00% Series B [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.50	$ 0.50
Record Date	Jun. 30, 2016	Mar. 31, 2016
Payable Date	Jul. 15, 2016	Apr. 15, 2016
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.41	$ 0.41
Record Date	Jun. 30, 2016	Mar. 31, 2016
Payable Date	Jul. 15, 2016	Apr. 15, 2016
6.375% Series D [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.16
Record Date	Jun. 30, 2016
Payable Date	Jul. 15, 2016

Share-Based Compensation Plan41

Share-Based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions

Feb. 10, 2016

Jul. 27, 2015

Feb. 11, 2015

Feb. 04, 2014

Dec. 13, 2013

Jan. 30, 2013

Feb. 08, 2012

Dec. 14, 2009

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

117,201

40,111

117,201

0

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

160,286

160,286

Operating Partnership outstanding

236,351

236,351

236,351

LTIP units, vested

54,845

54,845

Restricted Stock [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Allocated Share-based Compensation Expense

$ 0.4

$ 0.4

$ 0.9

$ 0.8

Total unrecognized compensation cost

3.3

$ 3.3

Weighted average remaining vesting period (in years)

2 years 4 months

Share-based equity award grant

67,280

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

52,452

Restricted Stock [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

3 years

Restricted Stock [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

5 years

Performance Shares [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Allocated Share-based Compensation Expense

1.3

1.5

$ 2.5

3

Total unrecognized compensation cost

12

$ 12

Weighted average remaining vesting period (in years)

2 years

Performance Shares [Member] | February 2012 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

72,056

Performance Shares [Member] | February 2012 [Member] | Officer Awards [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

Performance Shares [Member] | February 2012 [Member] | Nonexecutive management award [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

Performance Shares [Member] | January 2013 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

72,118

Performance Shares [Member] | January 2013 [Member] | Officer Awards [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

120,730

Performance Shares [Member] | January 2013 [Member] | Nonexecutive management award [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

56,562

Performance Shares [Member] | December 2013 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

252,088

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

25,134

Performance Shares [Member] | December 2013 [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

0.00%

Performance Shares [Member] | December 2013 [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

200.00%

Performance Shares [Member] | December 2013 - Tranche 1 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

50,418

Estimated Shares Expected to Vest Minimum and Maximum

49.00%

Performance Shares [Member] | February 2014 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

66,483

Shares Expected to Vest Not Subject to Maximum

10,092

Performance Shares [Member] | February 2014 [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

0.00%

Performance Shares [Member] | February 2014 [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

200.00%

Performance Shares [Member] | February 2015 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

44,962

Shares Expected to Vest Not Subject to Maximum

8,559

Performance Shares [Member] | February 2015 [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

0.00%

Performance Shares [Member] | February 2015 [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

200.00%

Performance Shares [Member] | July 2015 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

771

Performance Shares [Member] | February 2016 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

100,919

Shares Expected to Vest Not Subject to Maximum

17,372

Performance Shares [Member] | February 2016 [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

0.00%

Performance Shares [Member] | February 2016 [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated Shares Expected to Vest Minimum and Maximum

200.00%

LongTermIncentivePartnershipUnitsClassA [Member]

Share-Based Compensation Plan (Textual) [Abstract]

LTIP Units Granted

929,099

Value of LTIP grants per share

$ 8.50

LongtermincentivepartnershipunitsclassB [Member]

Share-Based Compensation Plan (Textual) [Abstract]

LTIP Units Granted

226,882

Value of LTIP grants per share

$ 29.19

Grant date fair value of performance-based equity awards

$ 6.6

Long Term Incentive Partnership Units [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Allocated Share-based Compensation Expense

0.3

$ 0.3

$ 0.6

$ 0.6

Total unrecognized compensation cost

$ 3.8

$ 3.8

Weighted average remaining vesting period (in years)

1 year 10 months

Share-Based Compensation Plan42

Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions		Feb. 10, 2016	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Feb. 08, 2012	Jun. 30, 2016
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance									124,617
Unvested shares, Granted									67,280
Vested, shares									(52,452)
Forfeited, shares									(4,809)
Unvested shares, Ending balance									134,636
Unvested weighted average grant date fair value, beginning balance (in usd per share)									$ 35.46
Granted, weighted average grant date fair value (in usd per share)									23.81
Vested, weighted average grant date fair value (in usd per share)									32.79
Forfeited, weighted average grant date fair value (in usd per share)									30.66
Unvested weighted average grant date fair value, ending balance (in usd per share)									$ 30.85
Performance Shares [Member] | February 2012 [Member]
Summary of restricted share activity
Unvested shares, Granted								72,056
Performance Shares [Member] | February 2012 [Member] | Relative TSR [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%
Performance Shares [Member] | February 2012 [Member] | Absolute TSR [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%
Performance Shares [Member] | February 2012 [Member] | EBITDA Comparison [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%
Performance Shares [Member] | January 2013 [Member]
Summary of restricted share activity
Unvested shares, Granted							72,118
Performance Shares [Member] | January 2013 [Member] | Relative TSR [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%
Performance Shares [Member] | January 2013 [Member] | Absolute TSR [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%
Performance Shares [Member] | January 2013 [Member] | EBITDA Comparison [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%
Performance Shares [Member] | December 2013 [Member]
Summary of restricted share activity
Unvested shares, Granted						252,088
Vested, shares									(25,134)
Performance Shares [Member] | December 2013 [Member] | Relative TSR [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%
Performance Shares [Member] | December 2013 [Member] | Relative TSR [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate						0.34%
Performance Shares [Member] | December 2013 [Member] | Relative TSR [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate						2.25%
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [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%
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate						0.34%
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Interest Rate						2.25%
Performance Shares [Member] | February 2014 [Member]
Summary of restricted share activity
Unvested shares, Granted					66,483
Performance Shares [Member] | February 2014 [Member] | Relative TSR [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%
Performance Shares [Member] | February 2014 [Member] | Absolute TSR [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%
Performance Shares [Member] | February 2014 [Member] | EBITDA Comparison [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%
Performance Shares [Member] | February 2015 [Member]
Summary of restricted share activity
Unvested shares, Granted				44,962
Performance Shares [Member] | February 2015 [Member] | Relative TSR [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%
Performance Shares [Member] | February 2015 [Member] | Absolute TSR [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%
Performance Shares [Member] | February 2015 [Member] | EBITDA Comparison [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%
Performance Shares [Member] | July 2015 [Member]
Summary of restricted share activity
Unvested shares, Granted			771
Performance Shares [Member] | July 2015 [Member] | Relative TSR [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%
Performance Shares [Member] | July 2015 [Member] | Absolute TSR [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%
Performance Shares [Member] | July 2015 [Member] | EBITDA Comparison [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%
Performance Shares [Member] | February 2016 [Member]
Summary of restricted share activity
Unvested shares, Granted		100,919
Performance Shares [Member] | February 2016 [Member] | Relative TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		70.00%
Grant Date Fair Value by Component ($ in millions)		$ 1.6
Volatility		25.00%
Interest Rate		0.71%
Dividend Yield		3.00%
Performance Shares [Member] | February 2016 [Member] | Absolute TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		15.00%
Grant Date Fair Value by Component ($ in millions)		$ 0.2
Volatility		25.00%
Interest Rate		0.71%
Dividend Yield		3.00%
Performance Shares [Member] | February 2016 [Member] | EBITDA Comparison [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award		15.00%
Grant Date Fair Value by Component ($ in millions)		$ 0.4
Volatility		25.00%
Interest Rate		0.71%
Dividend Yield		3.00%
[1]	Amounts round to zero.

Income Taxes (Details Textual)

Income Taxes (Details Textual)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Estimated Effective Tax Rate Combined Federal And State	38.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income (loss) attributable to common shareholders	$ 69,949	$ 20,004	$ 76,515	$ 20,659
Less: dividends paid on unvested share-based compensation	(120)	(107)	(241)	(215)
Undistributed Earnings Attributable to Share-Based Compensation	(185)	0	(92)	0
Net income (loss) available to common shareholders	$ 69,644	$ 19,897	$ 76,182	$ 20,444
Denominator:
Weighted-average number of common shares-basic	71,922,904	71,735,129	71,879,859	71,696,294
Effect of dilutive share-based compensation	396,880	690,823	493,517	767,125
Weighted-average number of common shares-diluted	72,319,784	72,425,952	72,373,376	72,463,419
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.97	$ 0.28	$ 1.06	$ 0.29
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.96	$ 0.27	$ 1.05	$ 0.28
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	117,201	40,111	117,201	0

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)GuestRooms	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)GuestRoomsextension_option	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 6,100	$ 6,000	$ 11,700	$ 10,800
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue			4.00%
Restricted cash	$ 7,888		$ 7,888		$ 9,453
Number Of Guest Rooms | GuestRooms	7,235		7,235
Operating Leases, Rent Expense	$ 3,000	$ 2,800	$ 5,900	$ 5,500
Hotel Zeppelin San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Number of Guest Rooms - Leasehold Interest | GuestRooms			64
Number Of Guest Rooms | GuestRooms	196		196
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
Hotel Zephyr Fisherman's Wharf [Member]
Commitments and Contingencies (Textual) [Abstract]
Base rent			$ 100
Hotel Zephyr Fisherman's Wharf [Member] | Primary lease [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%
Hotel Zephyr Fisherman's Wharf [Member] | Secondary lease [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease expiry period			April 2,016
Hotel Zeppelin San Francisco [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			$ 3,800
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
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%

Supplemental Information to S46

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Dividends Payable [Line Items]
Interest paid, net of capitalized interest	$ 21,671	$ 17,587
Interest capitalized	492	193
Income taxes paid	357	1,824
Distributions payable on shares/units	33,168		$ 29,869
Issuance of common shares for Board of Trustees compensation	606	373
Below (above) market rate contracts assumed in connection with acquisition	0	20,110
Accrued additions and improvements to hotel properties	2,988	2,299
Write-off of fully depreciated furniture, fixtures and equipment	0	3,550
Write-off of deferred financing costs	550	321
Common Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	29,467	23,973
Preferred Shares [Member]
Dividends Payable [Line Items]
Distributions payable on shares/units	$ 3,701	$ 5,550

Subsequent Events (Details)

Subsequent Events (Details) - shares	Jul. 07, 2016	Jul. 06, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	3,672,625	2,422,625