Pebblebrook Hotel Trust (PEB) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 21, 2017
Document and Entity Information [Abstract]
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		69,549,584

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,563,158	$ 2,672,654
Hotels held for sale	110,969	0
Ground lease asset, net	29,480	29,627
Cash and cash equivalents	31,939	33,410
Restricted cash	7,152	7,419
Hotel receivables (net of allowance for doubtful accounts of $533 and $494, respectively)	29,107	27,687
Prepaid expenses and other assets	40,634	38,462
Total assets	2,812,439	2,809,259
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	204,000	82,000
Term loans, net of unamortized deferred financing costs	672,012	671,793
Senior unsecured notes, net of unamortized deferred financing costs	99,478	99,460
Mortgage debt, net of unamortized loan premiums and deferred financing costs	97,929	142,998
Accounts payable and accrued expenses	146,836	149,283
Advance deposits	20,486	19,110
Accrued interest	3,311	2,284
Liabilities related to hotels held for sale	2,685	0
Distribution payable	31,716	33,215
Total liabilities	1,278,453	1,200,143
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2017 and at December 31, 2016), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2017 and December 31, 2016.	100	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 69,937,163 issued and outstanding at March 31, 2017 and 71,922,904 issued and outstanding at December 31, 2016	699	719
Additional paid-in capital	1,715,272	1,776,404
Accumulated other comprehensive income (loss)	(208)	(2,312)
Distributions in excess of retained earnings	(185,657)	(169,227)
Total shareholders’ equity	1,530,206	1,605,684
Non-controlling interests	3,780	3,432
Total equity	1,533,986	1,609,116
Total liabilities and equity	$ 2,812,439	$ 2,809,259

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 533	$ 494
Preferred shares of beneficial interest, liquidation preference value	$ 250,000	$ 250,000
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	10,000,000	10,000,000
Preferred shares of beneficial interest, shares outstanding	10,000,000	10,000,000
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	69,937,163	71,922,904
Common shares of beneficial interest, shares outstanding	69,937,163	71,922,904

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Room	$ 125,570	$ 131,404
Food and beverage	43,632	50,696
Other operating	12,976	14,145
Total revenues	182,178	196,245
Hotel operating expenses:
Room	32,983	32,225
Food and beverage	29,288	34,037
Other direct and indirect	52,168	55,648
Total hotel operating expenses	114,439	121,910
Depreciation and amortization	26,296	25,061
Real estate taxes, personal property taxes, property insurance, and ground rent	13,712	12,465
General and administrative	6,151	6,802
Impairment loss	1,049	0
Total operating expenses	161,647	166,238
Operating income (loss)	20,531	30,007
Interest income	0	625
Interest expense	(9,341)	(10,801)
Other	64	(1,771)
Equity in earnings (loss) of joint venture	0	(4,915)
Income (loss) before income taxes	11,254	13,145
Income tax (expense) benefit	2,835	3,492
Net income (loss)	14,089	16,637
Net income (loss) attributable to non-controlling interests	55	58
Net income (loss) attributable to the Company	14,034	16,579
Distributions to preferred shareholders	(4,023)	(5,844)
Issuance costs of redeemed preferred shares	0	(4,169)
Net income (loss) attributable to common shareholders	$ 10,011	$ 6,566
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.14	$ 0.09
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.14	$ 0.09
Weighted-average number of common shares, basic (in shares)	71,610,994	71,836,815
Weighted-average number of common shares, diluted (in shares)	71,892,820	72,311,081
Comprehensive Income:
Net income (loss)	$ 14,089	$ 16,637
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	2,104	(11,484)
Comprehensive income (loss)	16,193	5,153
Comprehensive income (loss) attributable to non-controlling interests	62	20
Comprehensive income (loss) attributable to the Company	$ 16,131	$ 5,133

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, 2015		14,000,000
Common stock, shares, outstanding at Dec. 31, 2015			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 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	1,841			1,562			1,565	276
Distributions on Common Shares and Units	(27,762)					(27,672)	(27,672)	(90)
Distributions on Preferred Shares	(5,844)					(5,844)	(5,844)	0
Unrealized gain (loss) on derivative instruments	(11,484)				(11,484)		(11,484)
Net income (loss)	16,637					16,579	16,579	58
Preferred stock, shares outstanding at Mar. 31, 2016		8,400,000
Common stock, shares, outstanding at Mar. 31, 2016			71,922,904
Ending balance at Mar. 31, 2016	$ 1,592,307	$ 84	$ 719	1,731,920	(16,234)	(126,871)	1,589,618	2,689
Preferred stock, shares outstanding at Dec. 31, 2016	10,000,000	10,000,000
Common stock, shares, outstanding at Dec. 31, 2016	71,922,904		71,922,904
Beginning balance at Dec. 31, 2016	$ 1,609,116	$ 100	$ 719	1,776,404	(2,312)	(169,227)	1,605,684	3,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Shares		0	0
Issuance of shares, net of offering costs, Value	(62)	$ 0	$ 0	(62)			(62)
Issuance of Common Shares for Board Of Trustees Compensation , Shares			16,711
Issuance of Common Shares for Board Of Trustees Compensation, Value	503		$ 1	502			503
Repurchase of Common Stock, Shares			(2,210,690)
Repurchase of Common Shares, Value	(62,444)		$ (22)	(62,422)			(62,444)
Share-based Compensation, Shares			208,238
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			$ 1
Share-based Compensation, Value	1,127			850			851	276
Distributions on Common Shares and Units	(26,531)					(26,441)	(26,441)	(90)
Distributions on Preferred Shares	(4,023)					(4,023)	(4,023)	0
Net contribution from Non-controlling Interests	107							107
Unrealized gain (loss) on derivative instruments	2,104				2,104		2,104
Net income (loss)	$ 14,089					14,034	14,034	55
Preferred stock, shares outstanding at Mar. 31, 2017	10,000,000	10,000,000
Common stock, shares, outstanding at Mar. 31, 2017	69,937,163		69,937,163
Ending balance at Mar. 31, 2017	$ 1,533,986	$ 100	$ 699	$ 1,715,272	$ (208)	$ (185,657)	$ 1,530,206	$ 3,780

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net income (loss)	$ 14,089	$ 16,637
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,296	25,061
Share-based compensation	1,127	1,841
(Gain) loss on derivative instruments	(64)	1,771
Amortization of deferred financing costs and mortgage loan premiums	399	76
Impairment loss	1,049	0
Non-cash ground rent	733	587
Equity in (earnings) loss from joint venture	0	5,511
Other	15	712
Changes in assets and liabilities:
Restricted cash, net	468	(237)
Hotel receivables	(2,141)	(6,422)
Prepaid expenses and other assets	(3,009)	(3,976)
Accounts payable and accrued expenses	(3,390)	3,864
Advance deposits	2,048	1,032
Net cash provided by (used in) operating activities	37,620	46,457
Investing activities:
Improvements and additions to hotel properties	(21,821)	(35,817)
Deposit on hotel properties	0	3,000
Purchase of corporate office equipment, software, and furniture	(6)	(7)
Restricted cash, net	(201)	(320)
Net cash provided by (used in) investing activities	(22,028)	(33,144)
Financing activities:
Payment of offering costs - common and preferred shares	(62)	(25)
Payment of deferred financing costs	(2)	(905)
Contributions from non-controlling interest	107	0
Borrowings under senior revolving credit facility	132,000	150,000
Repayments under senior revolving credit facility	(10,000)	(135,000)
Proceeds from term loans	0	150,000
Repayments of mortgage debt	(44,996)	(1,953)
Repurchase of common shares	(62,444)	(2,496)
Redemption of preferred shares	0	(140,000)
Distributions - common shares/units	(28,029)	(22,903)
Distributions - preferred shares	(4,023)	(8,203)
Proceeds from membership deposits	698	442
Repayments of membership deposits	(312)	(333)
Net cash provided by (used in) financing activities	(17,063)	(11,376)
Net change in cash and cash equivalents	(1,471)	1,937
Cash and cash equivalents, beginning of year	33,410	26,345
Cash and cash equivalents, end of period	$ 31,939	$ 28,282

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the Company owned 29 hotels with a total of 7,222 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; 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 March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
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, 2016 . 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. 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 and are included in general and administrative expenses on the statement of operations. 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. 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 has begun to evaluate each of its revenue streams under the new standard. Based on preliminary assessments, the Company does not expect adoption of this standard will have a material impact on its consolidated financial statements and related disclosures. 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 August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years beginning after December 15, 2017 , including interim periods within those years and should be applied retroactively. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties Acquisitions The Company had no hotel acquisitions during the three months ended March 31, 2017 . Dispositions The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations for all periods presented. The Company entered into an agreement to sell the Dumont NYC for $118.0 million and designated this hotel property as held for sale as of March 31, 2017 as it met all of the Company's held for sale criteria. Accordingly, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying balance sheets and ceased depreciating the assets. The Company recognized an impairment loss of $1.0 million related to this hotel as a result of the fair value less costs to sell being lower than the carrying value of the hotel. The impairment loss was determined using level 2 inputs (third-party offer price less estimated costs to sell) under authoritative guidance for fair value measurements. The Company expects the sale to be completed during the second quarter of 2017. For the three months ended March 31, 2017 and 2016 , the Company's consolidated statements of operations included operating income of $0.4 million and zero , respectively, related to the Dumont NYC . The potential sale of the hotel property described above did not represent a strategic shift that had a major effect in the Company’s operations and financial results, and therefore, did not qualify as discontinued operations.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, December 31, 2016 Land $ 470,301 $ 503,571 Buildings and improvements 2,226,686 2,287,104 Furniture, fixtures and equipment 234,917 231,211 Construction in progress 14,682 9,253 Investment in hotel properties $ 2,946,586 $ 3,031,139 Less: Accumulated depreciation (383,428 ) (358,485 ) Investment in hotel properties, net $ 2,563,158 $ 2,672,654

Investment in Joint Venture

Investment in Joint Venture	3 Months Ended
	Mar. 31, 2017
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 owned six properties in New York, New York. The Company accounted for this investment using the equity method. On October 19, 2016 , the Company liquidated its interest in the joint venture and became the 100.0% owner of two hotels, the Manhattan NYC and Dumont NYC, which were previously owned by the joint venture. For the three months ended March 31, 2017 and 2016 , the Company had zero and $(4.9) million , respectively, in equity in earnings (loss) from the joint venture.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Revolving Credit Facility 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 that governs the revolving credit facility and the term loan facility 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 March 31, 2017 and December 31, 2016 , the Company had $204.0 million and $82.0 million , respectively, in outstanding borrowings under the revolving credit facility. As of March 31, 2017 , the Company had $246.0 million borrowing capacity remaining under the revolving credit facility. As of March 31, 2017 , the Company was in compliance with the credit agreement debt covenants. For the three months ended March 31, 2017 and 2016 , the Company incurred unused commitment fees of $0.2 million and $0.3 million , respectively. Unsecured Term Loan Facilities As of March 31, 2017 , 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 March 31, 2017 , 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 March 31, 2017 , 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 March 31, 2017 and December 31, 2016 , the Company had $675.0 million and $675.0 million , respectively, in aggregate 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 March 31, 2017 , 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 credit agreement that governs the revolving credit facility and the term loan facility. As of March 31, 2017 , 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 March 31, 2017 , the Company had interest rate swaps with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan and, as a result, the First Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at March 31, 2017 . 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 3.36% , based on the Company’s leverage ratio at March 31, 2017 . 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 3.11% , based on the Company’s leverage ratio at March 31, 2017 . 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 March 31, 2017 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $2.1 million and $2.0 million , respectively, in the accompanying consolidated balance sheets. For the three months ended March 31, 2017 and 2016 , there was $2.1 million and $(11.5) million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income. For the three months ended March 31, 2017 and 2016 , the Company recorded a gain (loss) of $0.1 million and $(1.8) million , respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the three months ended March 31, 2017 and 2016 , the Company reclassified $1.1 million and $1.6 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $2.8 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months. Mortgage Debt Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. On March 1, 2017 , the Company repaid the $44.1 million mortgage on the Sofitel Philadelphia , without penalty, using proceeds from the senior unsecured revolving credit facility. The Company intends to repay the mortgage loan on the Hotel Zelos San Francisco at or prior to the loan's maturity date with borrowings under the senior unsecured revolving credit facility. Debt Summary Debt as of March 31, 2017 and December 31, 2016 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date March 31, 2017 December 31, 2016 Senior unsecured revolving credit facility Floating (1) January 2019 $ 204,000 $ 82,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 175,000 175,000 Third Term Loan Floating (2) January 2021 200,000 200,000 Total term loans at stated value 675,000 675,000 Deferred financing costs, net (2,988 ) (3,207 ) Total term loans $ 672,012 $ 671,793 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 (522 ) (540 ) Total senior unsecured notes $ 99,478 $ 99,460 Mortgage loans Sofitel Philadelphia 3.90% June 2017 — 44,320 Hotel Zelos San Francisco 5.94% September 2017 25,613 25,718 The Westin San Diego Gaslamp Quarter 3.69% January 2020 72,281 72,852 Mortgage loans at stated value 97,894 142,890 Mortgage loan premiums and deferred financing costs (3) 35 108 Total mortgage loans $ 97,929 $ 142,998 Total debt $ 1,073,419 $ 996,251 ________________________ (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 March 31, 2017 and December 31, 2016 , 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 March 31, 2017 , loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos 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 (unsecured senior notes and mortgage loans) as of March 31, 2017 and December 31, 2016 was $197.1 million and $242.9 million , respectively. The Company was in compliance with all debt covenants as of March 31, 2017 .

Equity

Equity	3 Months Ended
	Mar. 31, 2017
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 March 1, 2017, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program, and as of that date the Company terminated the program. On February 22, 2016, the Company announced that the 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 March 31, 2017 , the Company repurchased 2,121,232 common shares for an aggregate purchase price of $59.9 million , or an average of approximately $28.22 per share, under this program. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. As of March 31, 2017 , $90.1 million of common shares remained available for repurchase under this program. Common Dividends The Company declared the following dividends on common shares/units for the three months ended March 31, 2017 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.38 March 31, 2017 March 31, 2017 April 17, 2017 Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). As of March 31, 2017 and December 31, 2016 , the Company had 5,000,000 of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") and 5,000,000 of its 6.375% Series D Cumulative Redeemable Preferred Shares ("Series D Preferred Shares") outstanding. The Series C Preferred Shares and Series D Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares 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 or the Series B Preferred Shares prior to September 21, 2016 and the Company may not redeem the Series C Preferred Shares or Series D Preferred Shares prior to 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 C Preferred Share is 2.0325 common shares and each Series D Preferred Share is 1.9794 common shares. Preferred Dividends The Company declared the following dividends on preferred shares for the three months ended March 31, 2017 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series D $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 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 March 31, 2017 and December 31, 2016 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at March 31, 2017 , 100,222 LTIP 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , there were 1,283,593 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 common 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 March 31, 2017 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2016 135,891 $ 30.82 Granted 58,539 $ 29.64 Vested (57,559 ) $ 31.50 Forfeited (200 ) $ 26.97 Unvested at March 31, 2017 136,671 $ 30.03 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 months ended March 31, 2017 and 2016 , the Company recognized approximately $0.4 million and $0.4 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of March 31, 2017 , there was $3.7 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.2 years. Performance-Based Equity Awards 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. In January 2017, one-fifth of these awards vested and the Company issued 12,285 of common shares which represented achieving 25% of the 49,914 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. In January 2017, these awards vested and the Company issued 112,782 and 25,619 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was 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. These awards vest 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. On February 15, 2017, the Board of Trustees approved a target award of 81,939 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2020 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2017 through December 31, 2019. 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 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% February 15, 2017 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $2.7 28.00% 1.27% 5.60% (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 March 31, 2017 , there was approximately $9.7 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.9 years. For the three months ended March 31, 2017 and 2016 , the Company recognized $0.4 million and $1.2 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 March 31, 2017 , 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 March 31, 2017 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of March 31, 2017 , of the 236,351 units outstanding, 100,222 LTIP units have vested. For the three months ended March 31, 2017 and 2016 , the Company recognized $0.3 million and $0.3 million , respectively, in expense related to these units. As of March 31, 2017 , there was $3.0 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 1.4 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	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 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 March 31, 2017 and December 31, 2016 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2013 and 2012, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ 10,011 $ 6,566 Less: dividends paid on unvested share-based compensation (104 ) (121 ) Net income (loss) available to common shareholders $ 9,907 $ 6,445 Denominator: Weighted-average number of common shares — basic 71,610,994 71,836,815 Effect of dilutive share-based compensation 281,826 474,266 Weighted-average number of common shares — diluted 71,892,820 72,311,081 Net income (loss) per share available to common shareholders — basic $ 0.14 $ 0.09 Net income (loss) per share available to common shareholders — diluted $ 0.14 $ 0.09 For the three months ended March 31, 2017 and 2016 , 18,394 and 133,616 , 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. 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	3 Months Ended
	Mar. 31, 2017
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 21 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 $5.4 million and $5.6 million for the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and December 31, 2016 , the Company had $7.2 million and $7.4 million , respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements. For purposes of the statement of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for furniture and fixtures replacement are shown as investing activities. Ground and Hotel Leases The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059 . The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark. The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059 . The hotel is required to pay the greater of an annual base rent of $1.3 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark. The Hotel Zelos San Francisco is subject to a long-term hotel lease for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097 . The hotel is required to pay annual base rent and a percentage rent, which is based on gross hotel and gross food and beverage revenues in excess of certain thresholds, as defined in the lease agreement. The Hotel Zephyr Fisherman's Wharf is subject to both a long-term primary ground lease and a secondary sublease. Through 2016, the primary ground lease required the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of room 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 room revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062 . The secondary sublease required 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 at which time the hotel became subject to only 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 Nashville, 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 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 $3.3 million and $2.9 million for the three months ended March 31, 2017 and 2016 , 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	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the three months ended March 31, 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 7,464 $ 9,078 Interest capitalized $ — $ 492 Income taxes paid $ 79 $ 6 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 28,274 $ 29,175 Distributions payable on preferred shares $ 3,442 $ 3,192 Issuance of common shares for Board of Trustees compensation $ 503 $ 606 Accrued additions and improvements to hotel properties $ 4,525 $ 378 Write-off of deferred financing costs $ 356 $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to March 31, 2017 , the Company repurchased 524,550 common shares for an aggregate purchase price of $15.1 million , or an average of approximately $28.85 per share, under its share repurchase program.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 . 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.
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 and are included in general and administrative expenses on the statement of operations. 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.
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 has begun to evaluate each of its revenue streams under the new standard. Based on preliminary assessments, the Company does not expect adoption of this standard will have a material impact on its consolidated financial statements and related disclosures. 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 August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017 but earlier adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. This guidance is effective for the Company for years beginning after December 15, 2017 , including interim periods within those years and should be applied retroactively. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, December 31, 2016 Land $ 470,301 $ 503,571 Buildings and improvements 2,226,686 2,287,104 Furniture, fixtures and equipment 234,917 231,211 Construction in progress 14,682 9,253 Investment in hotel properties $ 2,946,586 $ 3,031,139 Less: Accumulated depreciation (383,428 ) (358,485 ) Investment in hotel properties, net $ 2,563,158 $ 2,672,654

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Debt	Debt as of March 31, 2017 and December 31, 2016 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date March 31, 2017 December 31, 2016 Senior unsecured revolving credit facility Floating (1) January 2019 $ 204,000 $ 82,000 Term loans First Term Loan Floating (2) January 2020 300,000 300,000 Second Term Loan Floating (2) April 2022 175,000 175,000 Third Term Loan Floating (2) January 2021 200,000 200,000 Total term loans at stated value 675,000 675,000 Deferred financing costs, net (2,988 ) (3,207 ) Total term loans $ 672,012 $ 671,793 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 (522 ) (540 ) Total senior unsecured notes $ 99,478 $ 99,460 Mortgage loans Sofitel Philadelphia 3.90% June 2017 — 44,320 Hotel Zelos San Francisco 5.94% September 2017 25,613 25,718 The Westin San Diego Gaslamp Quarter 3.69% January 2020 72,281 72,852 Mortgage loans at stated value 97,894 142,890 Mortgage loan premiums and deferred financing costs (3) 35 108 Total mortgage loans $ 97,929 $ 142,998 Total debt $ 1,073,419 $ 996,251 ________________________ (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 March 31, 2017 and December 31, 2016 , 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 March 31, 2017 , loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos San Francisco .

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the three months ended March 31, 2017 : Dividend per Share/Unit For the quarter ended Record Date Payable Date $ 0.38 March 31, 2017 March 31, 2017 April 17, 2017
Dividends on preferred shares	The Company declared the following dividends on preferred shares for the three months ended March 31, 2017 : Security Type Dividend per Share/Unit For the quarter ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series D $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2016 135,891 $ 30.82 Granted 58,539 $ 29.64 Vested (57,559 ) $ 31.50 Forfeited (200 ) $ 26.97 Unvested at March 31, 2017 136,671 $ 30.03
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 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% February 15, 2017 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $2.7 28.00% 1.27% 5.60% (1) Amounts round to zero.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ 10,011 $ 6,566 Less: dividends paid on unvested share-based compensation (104 ) (121 ) Net income (loss) available to common shareholders $ 9,907 $ 6,445 Denominator: Weighted-average number of common shares — basic 71,610,994 71,836,815 Effect of dilutive share-based compensation 281,826 474,266 Weighted-average number of common shares — diluted 71,892,820 72,311,081 Net income (loss) per share available to common shareholders — basic $ 0.14 $ 0.09 Net income (loss) per share available to common shareholders — diluted $ 0.14 $ 0.09

Supplemental Information to S26

Supplemental Information to Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the three months ended March 31, 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 7,464 $ 9,078 Interest capitalized $ — $ 492 Income taxes paid $ 79 $ 6 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 28,274 $ 29,175 Distributions payable on preferred shares $ 3,442 $ 3,192 Issuance of common shares for Board of Trustees compensation $ 503 $ 606 Accrued additions and improvements to hotel properties $ 4,525 $ 378 Write-off of deferred financing costs $ 356 $ —

Organization (Details)

Organization (Details)	Mar. 31, 2017propertiesGuestRooms
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels owned by the company | properties	29
Total number of guest rooms | GuestRooms	7,222
Percentage of Operating Partnership units owned by company	99.70%
Percentage of Operating Partnership units owned by other limited partners	0.30%

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2017
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 o29

Acquisition and Disposition of Hotel Properties (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Number of Businesses Acquired	0
Impairment loss	$ 1,049	$ 0
Dumont NYC [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold	118,000
Impairment loss	1,049
Operating Income from Disposal Group	$ 400	$ 0

Investment in Hotel Propertie30

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in hotel properties
Land	$ 470,301	$ 503,571
Buildings and improvements	2,226,686	2,287,104
Furniture, fixtures and equipment	234,917	231,211
Construction in progress	14,682	9,253
Investment in hotel properties	2,946,586	3,031,139
Less: Accumulated depreciation	(383,428)	(358,485)
Investment in hotel properties, net	$ 2,563,158	$ 2,672,654

Investment in Joint Venture (De

Investment in Joint Venture (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)properties	Mar. 31, 2016USD ($)	Oct. 19, 2016properties	Jul. 29, 2011properties
Investment in Joint Venture (Textual) [Abstract]
Number of properties owned	29
Noncontrolling Interest, Ownership Percentage by Parent	99.70%
Equity in earnings (loss) of joint venture | $	$ 0	$ (4,915)
Manhattan Collection Joint Venture [Member]
Investment in Joint Venture (Textual) [Abstract]
Equity interest issued in a joint venture				49.00%
Number of properties owned				6
Equity in earnings (loss) of joint venture | $	$ 0	$ (4,915)
Manhattan NYC & Dumont NYC [Member] [Member]
Investment in Joint Venture (Textual) [Abstract]
Number of properties owned			2
Noncontrolling Interest, Ownership Percentage by Parent			100.00%

Debt (Details Textual)

Debt (Details Textual)	Mar. 01, 2017USD ($)	Nov. 12, 2015USD ($)	Mar. 31, 2017USD ($)extension_option	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Jun. 10, 2015USD ($)	May 19, 2015USD ($)	Apr. 13, 2015USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings under the credit facility			$ 204,000,000		$ 82,000,000
Unrealized gain (loss) on derivative instruments			2,104,000	$ (11,484,000)
Gain (Loss) on derivative instruments			64,000	(1,771,000)
Repayments of mortgage debt			44,996,000	1,953,000
Estimated fair value of debt			197,100,000		242,900,000
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative Asset			2,100,000
Derivative Liability			2,000,000
Reclassification from AOCI to interest expense			1,100,000	1,600,000
Expected reclassifications in next 12 months			2,800,000
First Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Notional amount			300,000,000
Second Term Loan [Member]
Line of Credit Facility [Line Items]
Borrowing capacity					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
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	$ 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
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%
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%
Revolving Credit Facility [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Borrowing capacity			$ 450,000,000				$ 750,000,000
Maximum borrowing capacity			1,000,000,000
Outstanding borrowings under the credit facility			204,000,000		82,000,000
Line of credit facility, remaining borrowing capacity			246,000,000
Unused commitment fees			$ 200,000	$ 300,000
Number of Extension Options | extension_option			2
Extension Option Duration			6 months
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
Term Loan [Member] | Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member]
Line of Credit Facility [Line Items]
Borrowing capacity			300,000,000
Term Loan [Member] | First Term Loan [Member]
Line of Credit Facility [Line Items]
Term loans			$ 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			$ 175,000,000		175,000,000
Term Loan [Member] | Second Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate			3.36%
Term Loan [Member] | Second Term Loan, Excluded from Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Term loans			$ 75,000,000		75,000,000
Term Loan [Member] | Third Term Loan [Member]
Line of Credit Facility [Line Items]
Term loans			$ 200,000,000		$ 200,000,000
Term Loan [Member] | Third Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate			3.11%
Term Loan [Member] | Term Loan Through July 12, 2017 [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Effective interest rate			2.83%
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			3.41%
First Mortgage [Member] | Sofitel Philadelphia [Member]
Line of Credit Facility [Line Items]
Stated interest rate			3.90%
Repayments of mortgage debt	$ 44,100,000

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Senior unsecured revolving credit facility	$ 204,000	$ 82,000
Total term loans	672,012	671,793
Total senior unsecured notes	99,478	99,460
Mortgage debt	97,929	142,998
Mortgage loans at stated value	97,894	142,890
Total debt	1,073,419	996,251
First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan premiums and deferred financing costs	$ 35	108
Sofitel Philadelphia [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.90%
Mortgage debt	$ 0	44,320
Hotel Zelos San Francisco [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.94%
Mortgage debt	$ 25,613	25,718
Westin Gaslamp Quarter [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.69%
Mortgage debt	$ 72,281	72,852
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	675,000	675,000
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs, net	(2,988)	(3,207)
Total term loans	672,012	671,793
First Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	300,000	300,000
Second Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	175,000	175,000
Third Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Term loans	200,000	200,000
Senior Unsecured Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs, net	(522)	(540)
Senior unsecured notes	100,000	100,000
Total senior unsecured notes	$ 99,478	99,460
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

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)shares$ / shares	Dec. 31, 2016$ / sharesshares	Mar. 01, 2017USD ($)	Mar. 05, 2014USD ($)
Common Stock Disclosures [Abstract]
Common shares of beneficial interest, shares authorized	500,000,000	500,000,000
Common shares of beneficial interest, par value (usd per share) | $ / shares	$ 0.01	$ 0.01
Preferred Stock Disclosures [Abstract]
Preferred shares of beneficial interest, shares authorized	100,000,000	100,000,000
Preferred shares of beneficial interest, par value (usd per share) | $ / shares	$ 0.01	$ 0.01
Preferred shares of beneficial interest, redemption price per share (usd per share) | $ / shares	$ 25
Preferred shares of beneficial interest, shares outstanding	10,000,000	10,000,000
Preferred stock, Redemption after change in control	120 days
LTIP Units Disclosures [Abstract]
Operating Partnership outstanding	236,351	236,351
LTIP units, vested	100,222
6.50% Series C [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Dividend Rate, Percentage	6.50%	6.50%
Preferred shares of beneficial interest, shares outstanding	5,000,000	5,000,000
Share cap on each preferred shares	2.0325
6.375% Series D [Member]
Preferred Stock Disclosures [Abstract]
Preferred Stock, Dividend Rate, Percentage	6.375%	6.375%
Preferred shares of beneficial interest, shares outstanding	5,000,000	5,000,000
Share cap on each preferred shares	1.9794
ATMProgram [Member]
Common Stock Disclosures [Abstract]
March 2014 shelf registration statement maximum amount | $	$ 175
September 2012 shelf registration statement maximum amount | $				$ 170
Amount available under ATM program | $			$ 159.8
Share Repurchase Program [Member]
Common Stock Disclosures [Abstract]
Share repurchase program, authorized amount | $	$ 150
Stock Repurchased During Period, Shares	2,121,232
Proceeds from (Repurchase of) Equity | $	$ 59.9
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 28.22
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	$ 90.1

Equity (Details)

Equity (Details) - Common Shares [Member]	3 Months Ended
	Mar. 31, 2017$ / shares
Dividends on common shares/units
Dividend per Share/Unit (usd per share)	$ 0.38
Record Date	Mar. 31, 2017
Payable Date	Apr. 17, 2017

Equity (Details 1)

Equity (Details 1)	3 Months Ended
	Mar. 31, 2017$ / shares
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.41
Record Date	Mar. 31, 2017
Payable Date	Apr. 17, 2017
6.375% Series D [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.40
Record Date	Mar. 31, 2017
Payable Date	Apr. 17, 2017

Share-Based Compensation Plan37

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

Feb. 15, 2017shares

Jan. 03, 2017shares

Feb. 10, 2016shares

Jan. 06, 2016shares

Jul. 27, 2015shares

Feb. 11, 2015shares

Feb. 04, 2014shares

Dec. 13, 2013USD ($)$ / sharesshares

Jan. 30, 2013shares

Dec. 14, 2009$ / sharesshares

Mar. 31, 2017USD ($)Classesshares

Mar. 31, 2016USD ($)

Dec. 31, 2016shares

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

1,283,593

Operating Partnership outstanding

236,351

236,351

LTIP units, vested

100,222

Restricted Stock [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Allocated Share-based Compensation Expense | $

$ 400

$ 400

Total unrecognized compensation cost | $

$ 3,700

Weighted average remaining vesting period (in years)

2 years 2 months

Share-based equity award grant

58,539

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

57,559

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 | $

$ 400

1,200

Total unrecognized compensation cost | $

$ 9,700

Weighted average remaining vesting period (in years)

1 year 11 months

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

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

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

0.00%

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

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

200.00%

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

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

50,418

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

25,134

Estimated shares expected to vest

49.00%

Performance Shares [Member] | December 2013 - Tranche 2 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

49,914

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

12,285

Estimated shares expected to vest

25.00%

Performance Shares [Member] | February 2014 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

66,483

Performance Shares [Member] | February 2014 [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

112,782

Performance Shares [Member] | February 2014 [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

25,619

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

0.00%

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

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

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

0.00%

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

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

200.00%

Performance Shares [Member] | February 2017 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant

81,939

Performance Shares [Member] | February 2017 [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

0.00%

Performance Shares [Member] | February 2017 [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest

200.00%

Long Term Incentive Partnership Units Class A [Member]

Share-Based Compensation Plan (Textual) [Abstract]

LTIP Units Granted

929,099

Value of LTIP grants per share | $ / shares

$ 8.50

Long Term Incentive Partnership Units Class B [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

5 years

LTIP Units Granted

226,882

Value of LTIP grants per share | $ / shares

$ 29.19

Grant date fair value of LTIP unit awards | $

$ 6,600

Long Term Incentive Partnership Units [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Allocated Share-based Compensation Expense | $

$ 300

$ 300

Classes of LTIP Units | Classes

2

Total unrecognized compensation cost | $

$ 3,000

Weighted average remaining vesting period (in years)

1 year 5 months

Share-Based Compensation Plan38

Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2017	Feb. 10, 2016	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Mar. 31, 2017
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance								135,891
Unvested shares, Granted								58,539
Vested, shares								(57,559)
Forfeited, shares								(200)
Unvested shares, Ending balance								136,671
Unvested weighted average grant date fair value, beginning balance (in usd per share)								$ 30.82
Granted, weighted average grant date fair value (in usd per share)								29.64
Vested, weighted average grant date fair value (in usd per share)								31.50
Forfeited, weighted average grant date fair value (in usd per share)								26.97
Unvested weighted average grant date fair value, ending balance (in usd per share)								$ 30.03
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
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)			$ 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)			$ 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)			$ 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%
Performance Shares [Member] | February 2017 [Member]
Summary of restricted share activity
Unvested shares, Granted	81,939
Performance Shares [Member] | February 2017 [Member] | Relative TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award	65.00%
Volatility	28.00%
Interest Rate	1.27%
Dividend Yield	5.60%
Performance Shares [Member] | February 2017 [Member] | Absolute TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award	35.00%
Volatility	28.00%
Interest Rate	1.27%
Dividend Yield	5.60%
Performance Shares [Member] | February 2017 [Member] | Relative & Absolute TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant Date Fair Value by Component ($ in millions)	$ 2.7

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2017
PHL [Member]
Class of Stock [Line Items]
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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss) attributable to common shareholders	$ 10,011	$ 6,566
Less: dividends paid on unvested share-based compensation	(104)	(121)
Net income (loss) available to common shareholders	$ 9,907	$ 6,445
Denominator:
Weighted-average number of common shares-basic	71,610,994	71,836,815
Effect of dilutive share-based compensation	281,826	474,266
Weighted-average number of common shares-diluted	71,892,820	72,311,081
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.14	$ 0.09
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.14	$ 0.09
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	18,394	133,616

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)extension_optionGuestRooms	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 5,400	$ 5,600
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue	4.00%
Restricted cash	$ 7,152		$ 7,419
Total number of guest rooms | GuestRooms	7,222
Ground rent expense	$ 3,300	$ 2,900
Hotel Zeppelin San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Number of guest rooms, leasehold interest | GuestRooms	64
Total number of guest rooms | GuestRooms	196
Monaco Washington DC [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	2,059
Base rent	$ 500
Ground lease extension option	30 years
Number of Extension Options | extension_option	1
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	21 years
Terms of management agreements including renewals	52 years
Termination fees range	5
Base management fee from hotel revenues	4.00%

Supplemental Information to S42

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 7,464	$ 9,078
Interest capitalized	0	492
Income taxes paid	79	6
Distributions payable on shares/units	31,716		$ 33,215
Issuance of common shares for Board of Trustees compensation	503	606
Accrued additions and improvements to hotel properties	4,525	378
Write-off of deferred financing costs	356	0
Common Shares [Member]
Non Cash Investing and Financing Information [Line Items]
Distributions payable on shares/units	28,274	29,175
Preferred Shares [Member]
Non Cash Investing and Financing Information [Line Items]
Distributions payable on shares/units	$ 3,442	$ 3,192

Subsequent Events (Details)

Subsequent Events (Details) - Share Repurchase Program [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 12, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares		2,121,232
Proceeds from (Repurchase of) Equity		$ 59.9
Treasury Stock Acquired, Average Cost Per Share		$ 28.22
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares	524,550
Proceeds from (Repurchase of) Equity	$ 15.1
Treasury Stock Acquired, Average Cost Per Share	$ 28.85