Pebblebrook Hotel Trust (PEB) 10-K 22 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		68,991,906
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,456,450	$ 2,672,654
Ground lease asset, net	29,037	29,627
Cash and cash equivalents	25,410	33,410
Restricted cash	7,123	7,419
Hotel receivables (net of allowance for doubtful accounts of $245 and $494, respectively)	29,206	27,687
Prepaid expenses and other assets	43,642	38,462
Total assets	2,590,868	2,809,259
LIABILITIES AND EQUITY
Unsecured revolving credit facilities	45,000	82,000
Term loans, net of unamortized deferred financing costs	670,406	671,793
Senior unsecured notes, net of unamortized deferred financing costs	99,374	99,460
Mortgage debt, net of unamortized loan premiums and deferred financing costs	70,457	142,998
Accounts payable and accrued expenses	148,821	149,283
Advance deposits	19,388	19,110
Accrued interest	2,073	2,284
Distribution payable	31,823	33,215
Total liabilities	1,087,342	1,200,143
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at December 31, 2017 and at December 31, 2016), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at December 31, 2017 and December 31, 2016	100	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,812,575 issued and outstanding at December 31, 2017 and 71,922,904 issued and outstanding at December 31, 2016	688	719
Additional paid-in capital	1,685,437	1,776,404
Accumulated other comprehensive income (loss)	3,689	(2,312)
Distributions in excess of retained earnings	(191,013)	(169,227)
Total shareholders’ equity	1,498,901	1,605,684
Non-controlling interests	4,625	3,432
Total equity	1,503,526	1,609,116
Total liabilities and equity	$ 2,590,868	$ 2,809,259

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 245	$ 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	68,812,575	71,922,904
Common shares of beneficial interest, shares outstanding	68,812,575	71,922,904

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Room	$ 532,288	$ 568,867	$ 526,573
Food and beverage	182,737	191,857	190,852
Other operating	54,292	55,697	53,439
Total revenues	769,317	816,421	770,864
Hotel operating expenses:
Room	134,068	137,312	124,090
Food and beverage	123,213	126,957	128,816
Other direct and indirect	210,692	219,655	215,169
Total hotel operating expenses	467,973	483,924	468,075
Depreciation and amortization	102,290	102,439	95,872
Real estate taxes, personal property taxes, property insurance, and ground rent	48,500	50,488	46,947
General and administrative	24,048	28,105	32,335
Impairment and other losses	6,003	12,148	0
Total operating expenses	648,814	677,104	643,229
Operating income (loss)	120,503	139,317	127,635
Interest income	97	1,995	2,511
Interest expense	(37,299)	(43,615)	(38,774)
Other	2,265	283	0
Gain on sale of hotel properties	14,877	40,690	0
Equity in earnings (loss) of joint venture	0	(64,842)	6,213
Income (loss) before income taxes	100,443	73,828	97,585
Income tax (expense) benefit	(181)	134	(2,590)
Net income (loss)	100,262	73,962	94,995
Net income (loss) attributable to non-controlling interests	374	258	327
Net income (loss) attributable to the Company	99,888	73,704	94,668
Distributions to preferred shareholders	(16,094)	(19,662)	(25,950)
Issuance costs of redeemed preferred shares	0	(7,090)	0
Net income (loss) attributable to common shareholders	$ 83,794	$ 46,952	$ 68,718
Net income (loss) per share available to common shareholders, basic (usd per share)	$ 1.20	$ 0.65	$ 0.95
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 1.19	$ 0.64	$ 0.94
Weighted-average number of common shares, basic (in shares)	69,591,973	71,901,499	71,715,870
Weighted-average number of common shares, diluted (in shares)	69,984,837	72,373,242	72,384,289
Comprehensive Income:
Net income (loss)	$ 100,262	$ 73,962	$ 94,995
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	6,001	2,438	(4,409)
Comprehensive income (loss)	106,263	76,400	90,586
Comprehensive income (loss) attributable to non-controlling interests	395	266	313
Comprehensive income (loss) attributable to the Company	$ 105,868	$ 76,134	$ 90,273

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]
Beginning balance at Dec. 31, 2014	$ 1,782,411	$ 140	$ 716	$ 1,864,739	$ (341)	$ (84,163)	$ 1,781,091	$ 1,320
Preferred stock, shares outstanding at Dec. 31, 2014		14,000,000
Common stock, shares, outstanding at Dec. 31, 2014			71,553,481
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs, Shares		0	0
Issuance of shares, net of offering costs		$ 0	$ 0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(195)			(195)			(195)
Issuance of common shares for Board of Trustees compensation, Shares			8,084
Issuance of common shares for Board of Trustees compensation	372			372			372
Repurchase of common shares, Shares			(84,835)
Repurchase of common shares	(4,094)			(4,094)			(4,094)
Share-based compensation, Shares			258,399
Share-based compensation	8,331		$ 1	7,225			7,226	1,105
Distributions on common shares/units	(90,612)					(90,320)	(90,320)	(292)
Distributions on preferred shares	(25,965)					(25,950)	(25,950)	(15)
Unrealized gain (loss) on derivative instruments	(4,409)				(4,409)		(4,409)
Net income (Loss)	94,995					94,668	94,668	327
Preferred stock, shares outstanding at Dec. 31, 2015		14,000,000
Common stock, shares, outstanding at Dec. 31, 2015			71,735,129
Ending 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]
Issuance of shares, net of offering costs, Shares		5,000,000	0
Issuance of shares, net of offering costs	120,808	$ 50	$ 0	120,758			120,808
Redemption of preferred shares, Shares		(9,000,000)
Redemption of preferred shares	(225,050)	$ (90)		(217,870)		(7,090)	(225,050)
Issuance of common shares for Board of Trustees compensation, Shares			21,407
Issuance of common shares for Board of Trustees compensation	606			606			606
Repurchase of common shares, Shares			(88,510)
Repurchase of common shares	(2,496)		$ (1)	(2,495)			(2,496)
Share-based compensation, Shares			254,878
Share-based compensation	8,466		$ 3	7,358			7,361	1,105
Distributions on common shares/units	(110,773)					(110,414)	(110,414)	(359)
Distributions on preferred shares	(19,679)					(19,662)	(19,662)	(17)
Unrealized gain (loss) on derivative instruments	2,438				2,438		2,438
Net income (Loss)	$ 73,962					73,704	73,704	258
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
Ending 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
Issuance of shares, net of offering costs		$ 0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(62)			(62)			(62)
Issuance of common shares for Board of Trustees compensation, Shares			16,711
Issuance of common shares for Board of Trustees compensation	503		$ 1	502			503
Repurchase of common shares, Shares			(3,335,278)
Repurchase of common shares	(95,981)		$ (33)	(95,948)			(95,981)
Share-based compensation, Shares			208,238
Share-based compensation	5,646		$ 1	4,541			4,542	1,104
Distributions on common shares/units	(105,939)					(105,580)	(105,580)	(359)
Distributions on preferred shares	(16,126)					(16,094)	(16,094)	(32)
Net contribution from non-controlling interests	106							106
Unrealized gain (loss) on derivative instruments	6,001				6,001		6,001
Net income (Loss)	$ 100,262					99,888	99,888	374
Preferred stock, shares outstanding at Dec. 31, 2017	10,000,000	10,000,000
Common stock, shares, outstanding at Dec. 31, 2017	68,812,575		68,812,575
Ending balance at Dec. 31, 2017	$ 1,503,526	$ 100	$ 688	$ 1,685,437	$ 3,689	$ (191,013)	$ 1,498,901	$ 4,625

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income (loss)	$ 100,262	$ 73,962	$ 94,995
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	102,290	102,439	95,872
Share-based compensation	5,646	8,466	8,331
(Gain) loss on derivative instruments	(265)	(283)	0
Amortization of deferred financing costs and mortgage loan premiums	2,040	1,513	(29)
Gain on sale of hotel properties	(14,877)	(40,690)	0
Impairment and other losses	3,849	12,148	0
Non-cash ground rent	2,884	2,762	2,380
Equity in (earnings) loss from joint venture	0	66,636	(3,824)
Other	2,378	2,654	2,038
Changes in assets and liabilities:
Restricted cash, net	1,411	1,288	1,635
Hotel receivables	(1,270)	1,263	(3,107)
Prepaid expenses and other assets	(2,161)	2,286	(212)
Distributions from joint venture	0	0	13,858
Accounts payable and accrued expenses	(7,415)	4,492	4,161
Advance deposits	278	2,324	4,622
Net cash provided by (used in) operating activities	195,050	241,260	220,720
Investing activities:
Acquisition of hotel properties	0	0	(305,146)
Improvements and additions to hotel properties	(80,825)	(121,899)	(99,785)
Proceeds from joint venture redemption	0	2,530	0
Deposit received on hotel properties	2,000	3,000	(3,000)
Proceeds from sale of hotel properties	203,479	364,390	0
Receipt from (acquisition of) note receivable	0	50,000	3,020
Purchase of corporate office equipment, software, and furniture	(40)	(74)	(278)
Restricted cash, net	(1,115)	746	5,295
Property insurance proceeds	7,674	0	0
Net cash provided by (used in) investing activities	131,173	298,693	(399,894)
Financing activities:
Gross proceeds from issuance of preferred shares	0	125,000	0
Payment of offering costs — common and preferred shares	(62)	(4,189)	(195)
Payment of deferred financing costs	(5,411)	(1,414)	(3,311)
Contributions from non-controlling interest	106	0	0
Borrowings under revolving credit facilities	238,687	469,000	490,000
Repayments under revolving credit facilities	(275,687)	(552,000)	(375,000)
Proceeds from term loans	0	150,000	225,000
Proceeds from senior unsecured notes	0	0	100,000
Repayments of mortgage debt	(72,317)	(365,583)	(171,488)
Repurchase of common shares	(95,982)	(2,496)	(4,094)
Redemption of preferred shares	0	(225,050)	0
Distributions — common shares/units	(107,329)	(105,321)	(84,037)
Distributions — preferred shares	(16,094)	(21,770)	(25,950)
Proceeds from refundable membership deposits	656	1,658	2,302
Repayments of refundable membership deposits	(790)	(723)	(591)
Net cash provided by (used in) financing activities	(334,223)	(532,888)	152,636
Net change in cash and cash equivalents	(8,000)	7,065	(26,538)
Cash and cash equivalents, beginning of year	33,410	26,345	52,883
Cash and cash equivalents, end of year	$ 25,410	$ 33,410	$ 26,345

Organization

Organization	12 Months Ended
	Dec. 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 December 31, 2017 , the Company owned 28 hotels with a total of 6,972 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; 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 December 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	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities 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. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 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 Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other 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 REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. 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. This 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 permitted. The Company has evaluated each of its revenue streams under the new model. Based on our assessments, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company will adopt this standard beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. In February 2016, the FASB issued ASU No. 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. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for the Company as the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 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 annual periods beginning after December 15, 2017. The Company will adopt this standard on January 1, 2018 and 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. The Company will adopt this standard on January 1, 2018 and 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. Transaction costs associated with asset acquisitions will be capitalized, while the same costs associated with a business combination will continue to be expensed as incurred. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company will adopt this standard on January 1, 2018 and expects the majority of future hotel acquisitions will be considered asset purchases instead of business combinations. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. This standard is effective for annual periods beginning after December 15, 2017. The Company will adopt this standard on January 1, 2018 and does not expect the adoption of ASU 2017-09 to have a material impact on its financial position or results of operations. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company will adopt this standard on January 1, 2018 and does not expect it to have a material impact on its financial position or results of operations.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties 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. On June 20, 2017 , the Company sold the Dumont NYC for $118.0 million and recognized an immaterial gain on sale. In March 2017, the Company recognized an impairment loss of $1.0 million related to this hotel property when the property was designated as held for sale. 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. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility and for general corporate purposes. On June 23, 2017 , the Company sold the parking garage at the Revere Hotel Boston Common for $95.0 million . The Company recognized a gain of $13.9 million related to the sale of this parking garage. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility and general corporate purposes. For the years ended December 31, 2017 , 2016 and 2015 , the Company's consolidated statements of operations included operating income of $4.2 million , $7.5 million and $5.6 million , respectively, related to the Dumont NYC and the parking garage at the Revere Hotel Boston Common . The sales of the hotel property and parking garage 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	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2017 and December 31, 2016 consisted of the following (in thousands): December 31, December 31, 2016 Land $ 448,401 $ 503,571 Buildings and improvements 2,205,315 2,287,104 Furniture, fixtures and equipment 240,842 231,211 Construction in progress 9,514 9,253 Investment in hotel properties $ 2,904,072 $ 3,031,139 Less: Accumulated depreciation (447,622 ) (358,485 ) Investment in hotel properties, net $ 2,456,450 $ 2,672,654 As of December 31, 2017 and 2016 , buildings and improvements include capital lease asset of $12.2 million and $12.2 million , respectively, and accumulated depreciation includes amounts related to capital lease asset of $1.0 million and $0.7 million , respectively. Depreciation of capital lease asset is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel (formerly The Westin Colonnade Coral Gables) ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and LaPlaya Beach Club ("LaPlaya") located in Naples, Florida were impacted by the effects of Hurricane Irma. Hotel Colonnade did not suffer any material damage and remains open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017. The Company’s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles. As of December 31, 2017 , the Company recognized an impairment for the damage to LaPlaya and a corresponding insurance receivable for the anticipated insurance recovery, which resulted in a net impairment loss of $2.8 million . In addition, the Company recognized a loss of $2.2 million related to other costs resulting from the hurricane. The net impairment loss and other costs are recorded in impairment and other losses in the Company’s consolidated statement of operations. As of December 31, 2017 , the Company received $10.0 million in a preliminary advance from the insurance providers and continues to work with the insurance providers on the settlement of the property and business interruption claims.

Investment in Joint Venture

Investment in Joint Venture	12 Months Ended
	Dec. 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 years ended December 31, 2017 , 2016 and 2015 , the Company had zero , $(64.8) million and $6.2 million , respectively, in equity in earnings (loss) from the joint venture.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Revolving Credit Facilities 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"). On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The revolving credit facility matures in January 2022 with options to extend the maturity date to January 2023 , pursuant to certain terms and conditions and payment of an extension fee. The First Term Loan matures in January 2023 . The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.3 billion , subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.45% to 2.25% , 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 First Term Loan contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value. As of December 31, 2017 and 2016 , the Company had $45.0 million and $82.0 million , respectively, in outstanding borrowings under the revolving credit facility. As of December 31, 2017 , the Company had $405.0 million borrowing capacity remaining under the revolving credit facility. As of December 31, 2017 , the Company was in compliance with the credit agreement debt covenants. For the years ended December 31, 2017 , 2016 and 2015 , and the Company incurred unused commitment fees of $1.0 million , $1.0 million and $0.6 million , respectively. On May 17, 2017, PHL entered into a $10.0 million unsecured revolving credit facility ("PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2017, PHL amended and restated the credit agreement governing the PHL Credit Facility. The PHL Credit Facility's maturity was extended to January 2022 . Borrowings on the PHL Credit Facility bear interest at LIBOR plus 1.45% to 2.25% , depending on the Company's leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Company's amended and restated credit agreement. Additionally, PHL is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the PHL Credit Facility. As of December 31, 2017 and 2016 , PHL had no borrowings under its revolving credit facility. As of December 31, 2017 , the Company had $10.0 million borrowing capacity remaining under the PHL Credit Facility. Unsecured Term Loan Facilities On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The First Term Loan's maturity was extended to January 2023 . As of December 31, 2017 , the Company had $300.0 million outstanding. This term loan facility bears interest at a variable rate of LIBOR plus 1.40% to 2.20% , depending on the Company's leverage ratio. On April 13, 2015, the Company entered into a second unsecured term loan facility. This term loan had a $100.0 million capacity which could have been increased to up to $200.0 million , subject to lender approval. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to $175.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing this loan and entered into a second credit agreement, in effect separating it into two tranches, consisting of a $65.0 million unsecured term loan maturing in April 2022 (the "Second Term Loan") and a $110.0 million unsecured term loan maturing in October 2024 (the "Fourth Term Loan"). As of December 31, 2017 , the Company had $65.0 million outstanding under the Second Term Loan. The Second Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20% , depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Second Term Loan to up to $150.0 million subject to lender approval. 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 option to increase the borrowing capacity to $200.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing the Third Term Loan. As of December 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 1.40% to 2.20% , depending on the Company's leverage ratio. On October 13, 2017, the Company entered into a fourth unsecured term loan facility (the "Fourth Term Loan"). The Fourth Term Loan has a $110.0 million capacity and matures in October 2024 . As of December 31, 2017 , the Company had $110.0 million outstanding under the Fourth Term Loan. The Fourth Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.60% , depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Fourth Term Loan to up to $250.0 million subject to lender approval. As of December 31, 2017 and 2016 , the Company had $675.0 million and $675.0 million , respectively, in aggregate outstanding borrowings under the four unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and First Term Loan. As of December 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 $65.0 million on the Second Term Loan and for $10.0 million on the Fourth 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 First Term Loan. On October 13, 2017, the agreement governing the Series A Notes and Series B Notes was also amended to match the financial and other covenants in the senior unsecured revolving credit facility, as amended and restated. As of December 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 December 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% per annum through July 13, 2017 and a weighted-average effective interest rate of 3.36% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2017 . The Company entered into interest rate swap agreements with an aggregate notional amount of $200.0 million to effectively fix the LIBOR rate of the Third Term Loan through January 2021, resulting in a weighted-average effective interest rate of 3.11% per annum, based on the Company’s leverage ratio at December 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 of the a portion of the Fourth Term Loan through April 2022, resulting in a weighted-average effective interest rate of 3.46% per annum, based on the Company’s leverage ratio at December 31, 2017 . The remaining $10.0 million borrowings under the Fourth Term Loan remain floating at variable rate of LIBOR plus 1.70% to 2.60% , depending on the Company's leverage ratio. The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. As of December 31, 2017 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $5.3 million and $1.0 million , respectively, in the accompanying consolidated balance sheets. For the years ended December 31, 2017 , 2016 and 2015 , there was $6.0 million , $2.4 million and $(4.4) million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income. For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded a gain (loss) of $0.3 million , $0.3 million and zero , respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the years ended December 31, 2017 , 2016 and 2015 , the Company reclassified $3.4 million , $6.2 million and $5.4 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $0.1 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 loan on the Sofitel Philadelphia , without penalty, using proceeds from the senior unsecured revolving credit facility. On June 1, 2017 , the Company repaid the $25.5 million mortgage loan on the Hotel Zelos San Francisco , without penalty, using proceeds from the senior unsecured revolving credit facility. Debt Summary Debt as of December 31, 2017 and 2016 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2017 December 31, 2016 Revolving credit facilities Senior unsecured revolving credit facility Floating (1) January 2022 $ 45,000 $ 82,000 PHL unsecured revolving credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 45,000 $ 82,000 Term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 175,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 — Total term loans at stated value 675,000 675,000 Deferred financing costs, net (4,594 ) (3,207 ) Total term loans $ 670,406 $ 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 (626 ) (540 ) Total senior unsecured notes $ 99,374 $ 99,460 Mortgage loans Sofitel Philadelphia 3.90% June 2017 — 44,320 Hotel Zelos San Francisco 5.94% September 2017 — 25,718 The Westin San Diego Gaslamp Quarter 3.69% January 2020 70,573 72,852 Mortgage loans at stated value 70,573 142,890 Mortgage loan premiums and deferred financing costs (4) (116 ) 108 Total mortgage loans $ 70,457 $ 142,998 Total debt $ 885,237 $ 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 applicable credit agreement) plus an applicable margin. (2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. (3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At December 31, 2017 , the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. At December 31, 2016 , the Company had interest rate swaps on all of the Term Loans, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above. (4) Loan premium on assumed mortgage loan 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 December 31, 2017 and 2016 was $167.1 million and $242.9 million , respectively. The Company was in compliance with all debt covenants as of December 31, 2017 . Future scheduled debt principal payments for the Company's debt as of December 31, 2017 are as follows (in thousands): 2018 $ 2,366 2019 2,456 2020 65,751 2021 200,000 2022 110,000 Thereafter 510,000 Total debt principal payments 890,573 Mortgage loan premiums and deferred financing costs (5,336 ) Total debt $ 885,237

Equity

Equity	12 Months Ended
	Dec. 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 December 31, 2017 , the Company repurchased 3,245,820 common shares for an aggregate purchase price of $93.4 million , or an average of approximately $28.77 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 December 31, 2017 , $56.6 million of common shares remained available for repurchase under this program. On July 27, 2017, the Company announced that the Board of Trustees authorized a new share repurchase program of up to $100.0 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. This $100.0 million share repurchase program will commence upon the completion of the Company's $150.0 million share repurchase program. Common Dividends The Company declared the following dividends on common shares/units for the year ended December 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 $ 0.38 June 30, 2017 June 30, 2017 July 17, 2017 $ 0.38 September 30, 2017 September 29, 2017 October 16, 2017 $ 0.38 December 31, 2017 December 29, 2017 January 12, 2018 Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). As of December 31, 2017 and 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 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 year ended December 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 6.50% Series C $ 0.41 June 30, 2017 June 30, 2017 July 17, 2017 6.50% Series C $ 0.41 September 30, 2017 September 29, 2017 October 16, 2017 6.50% Series C $ 0.41 December 31, 2017 December 29, 2017 January 12, 2018 6.375% Series D $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series D $ 0.40 June 30, 2017 June 30, 2017 July 17, 2017 6.375% Series D $ 0.40 September 30, 2017 September 29, 2017 October 16, 2017 6.375% Series D $ 0.40 December 31, 2017 December 29, 2017 January 12, 2018 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 December 31, 2017 and 2016 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at December 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	12 Months Ended
	Dec. 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 December 31, 2017 , there were 1,283,493 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 December 31, 2017 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2015 129,988 $ 27.17 Granted 46,446 $ 48.00 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at December 31, 2015 124,617 $ 35.46 Granted 68,535 $ 23.87 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at December 31, 2016 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized approximately $1.9 million , $1.8 million and $1.6 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of December 31, 2017 , there was $2.2 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 1.8 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. In January 2018, one-fifth of these awards vested and the Company issued 72,236 of common shares which represented achieving 145% 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. The actual number of common shares that ultimately vest will ranged 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 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. 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 in 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 in 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 December 31, 2017 , there was approximately $5.7 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.6 years. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized $2.6 million , $5.6 million and $5.6 million , respectively, in expense related to these awards. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 2017 , the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. 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 December 31, 2017 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of December 31, 2017 , of the 236,351 units outstanding, 100,222 LTIP units have vested. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized $1.1 million , $1.1 million and $1.1 million , respectively, in expense related to these units. As of December 31, 2017 , there was $2.2 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 1.0 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 % of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs is subject to federal, state and local income taxes. PHL is a TRS of the Company and as such is required to pay federal and state income taxes as a regular C Corporation. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.3611 95.41 % $ 1.3794 95.14 % $ 1.1715 98.21 % Qualified dividend 0.0256 1.79 % 0.0704 4.86 % 0.0213 1.79 % Capital gain — — % — — % — — % Return of capital 0.0399 2.80 % — — % — — % Total $ 1.4266 100.00 % $ 1.4498 100.00 % $ 1.1928 100.00 % Series A Preferred Shares: Ordinary non-qualified income $ — — % $ 0.2914 95.14 % $ 1.9336 98.21 % Qualified dividend — — % 0.0149 4.86 % 0.0352 1.79 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ 0.3063 100.00 % $ 1.9688 100.00 % Series B Preferred Shares: Ordinary non-qualified income $ — — % $ 1.3109 95.14 % $ 1.9643 98.21 % Qualified dividend — — % 0.0669 4.86 % 0.0357 1.79 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ 1.3778 100.00 % $ 2.0000 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.1969 98.20 % $ 1.5461 95.14 % $ 1.5960 98.22 % Qualified dividend 0.0219 1.80 % 0.0789 4.86 % 0.0290 1.78 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.2188 100.00 % $ 1.6250 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.1739 98.21 % $ 0.9099 95.15 % $ — — % Qualified dividend 0.0214 1.79 % 0.0464 4.85 % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.1953 100.00 % $ 0.9563 100.00 % $ — — % Of the common distribution declared on December 15, 2014 and paid on January 15, 2015, $0.1692 was treated as a 2015 distribution for tax purposes. The preferred share distributions declared on December 15, 2014 and paid on January 15, 2015, were treated as 2014 distributions for tax purposes. Of the common distribution declared on December 15, 2015 and paid on January 15, 2016, $0.2164 was treated as a 2016 distribution for tax purposes. The preferred share distributions declared on December 15, 2015 and paid on January 15, 2016 were treated as 2015 distributions for tax purposes. Of the common distribution declared on December 15, 2016 and paid on January 17, 2017, $0.2866 was treated as a 2017 distribution for tax purposes. The preferred share distributions declared on December 15, 2016 and paid on January 17, 2017, were treated as 2016 distributions for tax purposes. Of the common distribution declared on December 15, 2017 and paid on January 12, 2018, $0.3800 was treated as a 2018 distribution for tax purposes. The preferred share distributions declared on December 15, 2017 and paid on January 12, 2018, were treated as 2018 distributions for tax purposes. For the years ended December 31, 2017 , 2016 and 2015 , the Operating Partnership income tax expenses was zero , $0.5 million and $0.9 million , respectively. The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2017 2016 2015 Federal Current $ 4 $ (27 ) $ 1,389 Deferred (89 ) (353 ) 55 State and local Current 9 93 287 Deferred 224 (171 ) (72 ) Income tax expense (benefit) $ 148 $ (458 ) $ 1,659 A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2017 2016 2015 Statutory federal tax expense (benefit) $ (418 ) $ (618 ) $ 1,367 State income tax expense (benefit), net of federal tax (benefit) expense 231 (110 ) 111 Other 335 270 181 Income tax expense (benefit) $ 148 $ (458 ) $ 1,659 The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 31, 2017 and 2016 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2014 and 2013, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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 year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 83,794 $ 46,952 $ 68,718 Less: dividends paid on unvested share-based compensation (415 ) (483 ) (432 ) Net income (loss) available to common shareholders $ 83,379 $ 46,469 $ 68,286 Denominator: Weighted-average number of common shares — basic 69,591,973 71,901,499 71,715,870 Effect of dilutive share-based compensation 392,864 471,743 668,419 Weighted-average number of common shares — diluted 69,984,837 72,373,242 72,384,289 Net income (loss) per share available to common shareholders — basic $ 1.20 $ 0.65 $ 0.95 Net income (loss) per share available to common shareholders — diluted $ 1.19 $ 0.64 $ 0.94 For the years ended December 31, 2017 , 2016 and 2015 , 6,319 , 114,889 and zero 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	12 Months Ended
	Dec. 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 $23.4 million , $24.2 million and $23.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2017 and 2016 , the Company had $7.1 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 agreement 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 the greater of a fixed rent or percentage rent. The fixed rent increases annually by at least 2% and at most the lesser of (i) the increase in the consumer price index ("CPI") and (ii) 4% . Percentage rent is based on gross hotel and gross food and beverage revenues in excess of certain thresholds (adjusted for CPI increases), as defined in the lease agreement. The Hotel Zephyr Fisherman's Wharf is subject to a long-term primary ground lease agreement. 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 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 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 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 $13.5 million , $12.1 million and $12.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2017 (in thousands): 2018 $ 8,010 2019 8,073 2020 8,139 2021 8,205 2022 8,274 Thereafter 753,614 Total $ 794,315 Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the year ended December 31, 2017 2016 2015 (in thousands) Interest paid, net of capitalized interest $ 33,999 $ 41,416 $ 38,128 Interest capitalized $ — $ 492 $ 598 Income taxes paid $ 575 $ 369 $ 2,487 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 28,381 $ 29,773 $ 24,319 Distributions payable on preferred shares $ 3,442 $ 3,442 $ 5,550 Issuance of common shares for Board of Trustees compensation $ 503 $ 606 $ 372 Below (above) market rate contracts assumed in connection with acquisition $ — $ — $ 20,110 Accrued additions and improvements to hotel properties $ 961 $ 4,717 $ 1,262 Write-off of fully depreciated building, furniture, fixtures and equipment $ 14,134 $ — $ 6,013 Write-off of deferred financing costs $ 5,956 $ 1,836 $ 1,577 In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities: Investment in hotel properties $ — $ 319,800 $ — Mortgage loans $ — $ 190,000 $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On February 14, 2018 , the Board of Trustees granted awards of an aggregate of 52,609 service condition restricted common shares and 78,918 target performance-based equity to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2021 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2018 through December 31, 2020.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited) (Notes)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2017 and 2016 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 182,178 $ 205,717 $ 201,793 $ 179,629 Net income (loss) 14,089 43,670 30,571 11,932 Net income (loss) attributable to the Company 14,034 43,512 30,443 11,899 Net income (loss) attributable to common shareholders 10,011 39,488 26,420 7,875 Net income (loss) per share available to common shareholders, basic $ 0.14 $ 0.57 $ 0.38 $ 0.11 Net income (loss) per share available to common shareholders, diluted $ 0.14 $ 0.57 $ 0.38 $ 0.11 Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 196,245 $ 212,272 $ 208,963 $ 198,941 Net income (loss) 16,637 74,438 (35,535 ) 18,422 Net income (loss) attributable to the Company 16,579 74,190 (35,423 ) 18,358 Net income (loss) attributable to common shareholders 6,566 69,949 (43,897 ) 14,334 Net income (loss) per share available to common shareholders, basic $ 0.09 $ 0.97 $ (0.61 ) $ 0.20 Net income (loss) per share available to common shareholders, diluted $ 0.09 $ 0.96 $ (0.61 ) $ 0.20

SEC Schedule III, Real Estate a

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Notes)	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure	Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2017 (In thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Sir Francis Drake $ — $ 22,500 $ 60,547 $ 6,953 $ 20,863 $ 22,500 $ 73,007 $ 15,356 $ 110,863 $ 28,577 $ 82,286 1928 6/22/2010 3-40 years InterContinental Buckhead Atlanta — 25,000 68,844 11,000 13,035 25,000 74,663 18,216 117,879 30,777 87,102 2004 7/1/2010 3-40 years Hotel Monaco Washington DC — — 60,630 2,441 21,997 — 74,976 10,092 85,068 18,812 66,256 1839 9/9/2010 3-40 years The Grand Hotel Minneapolis — 4,950 26,616 300 10,540 4,950 33,382 4,074 42,406 10,410 31,996 1912 9/29/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 13,354 7,130 53,347 8,517 68,994 15,666 53,328 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 15,412 18,784 90,481 8,806 118,071 24,122 93,949 1972 11/19/2010 3-40 years Sofitel Philadelphia — 18,000 64,256 4,639 9,598 18,000 69,838 8,655 96,493 20,009 76,484 2000 12/3/2010 3-40 years Argonaut Hotel — — 79,492 4,247 7,651 — 83,477 7,913 91,390 21,265 70,125 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter (2 ) 70,573 25,537 86,089 6,850 21,056 25,537 103,729 10,266 139,532 26,522 113,010 1987 4/6/2011 1-40 years Hotel Monaco Seattle — 10,105 38,888 2,073 10,467 10,105 44,207 7,221 61,533 12,983 48,550 1969 4/7/2011 3-40 years Mondrian Los Angeles — 20,306 110,283 6,091 11,535 20,306 116,026 11,883 148,215 28,725 119,490 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 11,315 19,453 70,301 10,794 100,548 19,149 81,399 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 16,173 7,294 34,547 4,082 45,923 8,249 37,674 1913 4/4/2012 3-40 years Hotel Vintage Seattle — 8,170 23,557 706 7,698 8,170 28,726 3,235 40,131 6,162 33,969 1922 7/9/2012 3-40 years Hotel Vintage Portland — 6,222 23,012 1,093 13,624 6,222 32,844 4,885 43,951 7,067 36,884 1894 7/9/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 22,493 24,403 111,667 7,629 143,699 19,693 124,006 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 8,850 — 69,322 6,738 76,060 14,704 61,356 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 14,747 20,103 101,204 10,586 131,893 20,177 111,716 1988 1/29/2013 3-40 years Hotel Modera — 8,215 37,874 1,500 5,645 8,215 41,001 4,018 53,234 6,777 46,457 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 34,144 — 146,535 7,604 154,139 19,468 134,671 1964 12/9/2013 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2017 (In thousands) Hotel Zeppelin San Francisco (formerly Prescott Hotel) — 12,561 43,665 1,094 35,634 12,561 74,507 5,886 92,954 9,537 83,417 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 8,961 18,493 97,380 12,677 128,550 13,973 114,577 1909 7/17/2014 3-40 years Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel (formerly The Westin Colonnade Coral Gables) — 12,108 46,317 1,271 18,940 12,108 58,347 8,181 78,636 8,217 70,419 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 12,965 — 99,234 5,906 105,140 9,242 95,898 1972 11/20/2014 3-40 years Union Station Hotel Nashville, Autograph Collection — — 37,803 6,833 20,051 — 53,521 11,166 64,687 8,717 55,970 1900 12/10/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (50,173 ) 17,367 174,530 18,200 210,097 18,415 191,682 1972 12/18/2014 3-40 years LaPlaya Beach Resort and LaPlaya Beach Club — 112,575 82,117 6,733 12,079 112,575 89,956 10,973 213,504 10,517 202,987 1968 5/21/2015 3-40 years Hotel Zoe San Francisco (formerly The Tuscan Fisherman's Wharf) — 29,125 90,323 2,500 18,534 29,125 104,560 6,797 140,482 9,690 130,792 1990 6/11/2015 2-40 years $ 70,573 $ 472,891 $ 1,947,010 $ 116,983 $ 367,188 $ 448,401 $ 2,205,315 $ 250,356 $ 2,904,072 $ 447,622 $ 2,456,450 (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on the The Westin San Diego Gaslamp Quarter is presented at face value, which excludes deferred financing costs of $0.1 million at December 31, 2017. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2017 (In thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2014 $ 2,538,270 Acquisitions 323,373 Capital expenditures 101,131 Disposal of Assets (6,013 ) Balance at December 31, 2015 $ 2,956,761 Acquisitions 319,800 Capital expenditures 105,074 Disposal of Assets (350,496 ) Balance at December 31, 2016 $ 3,031,139 Acquisitions — Capital expenditures 80,737 Disposal of Assets (207,804 ) Balance at December 31, 2017 $ 2,904,072 Reconciliation of Accumulated Depreciation: Balance at December 31, 2014 $ 194,580 Depreciation 94,610 Disposal of Assets (6,013 ) Balance at December 31, 2015 $ 283,177 Depreciation 101,060 Disposal of Assets (25,752 ) Balance at December 31, 2016 $ 358,485 Depreciation 101,157 Disposal of Assets (12,020 ) Balance at December 31, 2017 $ 447,622 The aggregate cost of properties for federal income tax purposes is approximately $2,937,673 thousand as of December 31, 2017 .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities 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.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 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 Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Investment in Joint Venture	Investment in Joint Venture The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense.
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized within other 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 REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Comprehensive Income	Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income.
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. This 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 permitted. The Company has evaluated each of its revenue streams under the new model. Based on our assessments, the adoption of this standard will not materially affect the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary amenities. The Company will adopt this standard beginning on January 1, 2018 using the modified retrospective approach and is evaluating disclosure requirements. In February 2016, the FASB issued ASU No. 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. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for the Company as the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 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 annual periods beginning after December 15, 2017. The Company will adopt this standard on January 1, 2018 and 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. The Company will adopt this standard on January 1, 2018 and 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. Transaction costs associated with asset acquisitions will be capitalized, while the same costs associated with a business combination will continue to be expensed as incurred. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company will adopt this standard on January 1, 2018 and expects the majority of future hotel acquisitions will be considered asset purchases instead of business combinations. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. This standard is effective for annual periods beginning after December 15, 2017. The Company will adopt this standard on January 1, 2018 and does not expect the adoption of ASU 2017-09 to have a material impact on its financial position or results of operations. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company will adopt this standard on January 1, 2018 and does not expect it to have a material impact on its financial position or results of operations.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Investment in hotel properties	Investment in hotel properties as of December 31, 2017 and December 31, 2016 consisted of the following (in thousands): December 31, December 31, 2016 Land $ 448,401 $ 503,571 Buildings and improvements 2,205,315 2,287,104 Furniture, fixtures and equipment 240,842 231,211 Construction in progress 9,514 9,253 Investment in hotel properties $ 2,904,072 $ 3,031,139 Less: Accumulated depreciation (447,622 ) (358,485 ) Investment in hotel properties, net $ 2,456,450 $ 2,672,654

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt Summary	Debt as of December 31, 2017 and 2016 consisted of the following (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2017 December 31, 2016 Revolving credit facilities Senior unsecured revolving credit facility Floating (1) January 2022 $ 45,000 $ 82,000 PHL unsecured revolving credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 45,000 $ 82,000 Term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 175,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 — Total term loans at stated value 675,000 675,000 Deferred financing costs, net (4,594 ) (3,207 ) Total term loans $ 670,406 $ 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 (626 ) (540 ) Total senior unsecured notes $ 99,374 $ 99,460 Mortgage loans Sofitel Philadelphia 3.90% June 2017 — 44,320 Hotel Zelos San Francisco 5.94% September 2017 — 25,718 The Westin San Diego Gaslamp Quarter 3.69% January 2020 70,573 72,852 Mortgage loans at stated value 70,573 142,890 Mortgage loan premiums and deferred financing costs (4) (116 ) 108 Total mortgage loans $ 70,457 $ 142,998 Total debt $ 885,237 $ 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 applicable credit agreement) plus an applicable margin. (2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. (3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At December 31, 2017 , the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. At December 31, 2016 , the Company had interest rate swaps on all of the Term Loans, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above. (4) Loan premium on assumed mortgage loan recorded in purchase accounting for the Hotel Zelos San Francisco .
Schedule of Future Debt Principal Payments	Future scheduled debt principal payments for the Company's debt as of December 31, 2017 are as follows (in thousands): 2018 $ 2,366 2019 2,456 2020 65,751 2021 200,000 2022 110,000 Thereafter 510,000 Total debt principal payments 890,573 Mortgage loan premiums and deferred financing costs (5,336 ) Total debt $ 885,237

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Dividends on common shares/units	The Company declared the following dividends on common shares/units for the year ended December 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 $ 0.38 June 30, 2017 June 30, 2017 July 17, 2017 $ 0.38 September 30, 2017 September 29, 2017 October 16, 2017 $ 0.38 December 31, 2017 December 29, 2017 January 12, 2018
Dividends on preferred shares	The Company declared the following dividends on preferred shares for the year ended December 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 6.50% Series C $ 0.41 June 30, 2017 June 30, 2017 July 17, 2017 6.50% Series C $ 0.41 September 30, 2017 September 29, 2017 October 16, 2017 6.50% Series C $ 0.41 December 31, 2017 December 29, 2017 January 12, 2018 6.375% Series D $ 0.40 March 31, 2017 March 31, 2017 April 17, 2017 6.375% Series D $ 0.40 June 30, 2017 June 30, 2017 July 17, 2017 6.375% Series D $ 0.40 September 30, 2017 September 29, 2017 October 16, 2017 6.375% Series D $ 0.40 December 31, 2017 December 29, 2017 January 12, 2018

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2015 129,988 $ 27.17 Granted 46,446 $ 48.00 Vested (50,827 ) $ 25.70 Forfeited (990 ) $ 36.45 Unvested at December 31, 2015 124,617 $ 35.46 Granted 68,535 $ 23.87 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at December 31, 2016 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05
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.

Income Taxes (Distributions Pai

Income Taxes (Distributions Paid) (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis	The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.3611 95.41 % $ 1.3794 95.14 % $ 1.1715 98.21 % Qualified dividend 0.0256 1.79 % 0.0704 4.86 % 0.0213 1.79 % Capital gain — — % — — % — — % Return of capital 0.0399 2.80 % — — % — — % Total $ 1.4266 100.00 % $ 1.4498 100.00 % $ 1.1928 100.00 % Series A Preferred Shares: Ordinary non-qualified income $ — — % $ 0.2914 95.14 % $ 1.9336 98.21 % Qualified dividend — — % 0.0149 4.86 % 0.0352 1.79 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ 0.3063 100.00 % $ 1.9688 100.00 % Series B Preferred Shares: Ordinary non-qualified income $ — — % $ 1.3109 95.14 % $ 1.9643 98.21 % Qualified dividend — — % 0.0669 4.86 % 0.0357 1.79 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ 1.3778 100.00 % $ 2.0000 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.1969 98.20 % $ 1.5461 95.14 % $ 1.5960 98.22 % Qualified dividend 0.0219 1.80 % 0.0789 4.86 % 0.0290 1.78 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.2188 100.00 % $ 1.6250 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.1739 98.21 % $ 0.9099 95.15 % $ — — % Qualified dividend 0.0214 1.79 % 0.0464 4.85 % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.1953 100.00 % $ 0.9563 100.00 % $ — — %

Income Taxes Components of Inco

Income Taxes Components of Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Components of Income Tax Expense [Table Text Block]	The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2017 2016 2015 Federal Current $ 4 $ (27 ) $ 1,389 Deferred (89 ) (353 ) 55 State and local Current 9 93 287 Deferred 224 (171 ) (72 ) Income tax expense (benefit) $ 148 $ (458 ) $ 1,659

Income Taxes Reconciliation of

Income Taxes Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense [Table Text Block]	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2017 2016 2015 Statutory federal tax expense (benefit) $ (418 ) $ (618 ) $ 1,367 State income tax expense (benefit), net of federal tax (benefit) expense 231 (110 ) 111 Other 335 270 181 Income tax expense (benefit) $ 148 $ (458 ) $ 1,659

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to common shareholders $ 83,794 $ 46,952 $ 68,718 Less: dividends paid on unvested share-based compensation (415 ) (483 ) (432 ) Net income (loss) available to common shareholders $ 83,379 $ 46,469 $ 68,286 Denominator: Weighted-average number of common shares — basic 69,591,973 71,901,499 71,715,870 Effect of dilutive share-based compensation 392,864 471,743 668,419 Weighted-average number of common shares — diluted 69,984,837 72,373,242 72,384,289 Net income (loss) per share available to common shareholders — basic $ 1.20 $ 0.65 $ 0.95 Net income (loss) per share available to common shareholders — diluted $ 1.19 $ 0.64 $ 0.94

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block]	Future minimum annual rental payments including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2017 (in thousands): 2018 $ 8,010 2019 8,073 2020 8,139 2021 8,205 2022 8,274 Thereafter 753,614 Total $ 794,315

Supplemental Information to S32

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2017 2016 2015 (in thousands) Interest paid, net of capitalized interest $ 33,999 $ 41,416 $ 38,128 Interest capitalized $ — $ 492 $ 598 Income taxes paid $ 575 $ 369 $ 2,487 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 28,381 $ 29,773 $ 24,319 Distributions payable on preferred shares $ 3,442 $ 3,442 $ 5,550 Issuance of common shares for Board of Trustees compensation $ 503 $ 606 $ 372 Below (above) market rate contracts assumed in connection with acquisition $ — $ — $ 20,110 Accrued additions and improvements to hotel properties $ 961 $ 4,717 $ 1,262 Write-off of fully depreciated building, furniture, fixtures and equipment $ 14,134 $ — $ 6,013 Write-off of deferred financing costs $ 5,956 $ 1,836 $ 1,577 In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities: Investment in hotel properties $ — $ 319,800 $ — Mortgage loans $ — $ 190,000 $ —

Quarterly Operating Results (33

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2017 and 2016 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 182,178 $ 205,717 $ 201,793 $ 179,629 Net income (loss) 14,089 43,670 30,571 11,932 Net income (loss) attributable to the Company 14,034 43,512 30,443 11,899 Net income (loss) attributable to common shareholders 10,011 39,488 26,420 7,875 Net income (loss) per share available to common shareholders, basic $ 0.14 $ 0.57 $ 0.38 $ 0.11 Net income (loss) per share available to common shareholders, diluted $ 0.14 $ 0.57 $ 0.38 $ 0.11 Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 196,245 $ 212,272 $ 208,963 $ 198,941 Net income (loss) 16,637 74,438 (35,535 ) 18,422 Net income (loss) attributable to the Company 16,579 74,190 (35,423 ) 18,358 Net income (loss) attributable to common shareholders 6,566 69,949 (43,897 ) 14,334 Net income (loss) per share available to common shareholders, basic $ 0.09 $ 0.97 $ (0.61 ) $ 0.20 Net income (loss) per share available to common shareholders, diluted $ 0.09 $ 0.96 $ (0.61 ) $ 0.20

Organization (Details)

Organization (Details)	Dec. 31, 2017hotel_roomproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels owned by the company | property	28
Total number of guest rooms | hotel_room	6,972
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 Accoun35

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
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 o36

Acquisition and Disposition of Hotel Properties (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 23, 2017	Jun. 20, 2017
Real Estate Properties [Line Items]
Impairment loss	$ 6,003	$ 12,148	$ 0
Gain on sale of hotel properties	14,877	40,690	0
Operating income from disposed properties	4,200	$ 7,500	$ 5,600
Dumont NYC [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold					$ 118,000
Impairment loss	1,000
Parking garage at Revere Boston Hotel [Member]
Real Estate Properties [Line Items]
Consideration received for asset sold				$ 95,000
Gain on sale of hotel properties	$ 13,900

Investment in Hotel Propertie37

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Accumulated Depreciation of Capital Lease Asset	$ 1,000	$ 700
Capital Leased Assets, Gross	12,200	12,200
Other Asset Impairment Loss	3,849	12,148	$ 0
Investment in hotel properties
Land	448,401	503,571
Buildings and improvements	2,205,315	2,287,104
Furniture, fixtures and equipment	240,842	231,211
Construction in progress	9,514	9,253
Investment in hotel properties	2,904,072	3,031,139
Less: Accumulated depreciation	(447,622)	(358,485)
Investment in hotel properties, net	2,456,450	$ 2,672,654
LaPlaya Beach Resort [Member]
Real Estate Properties [Line Items]
Other Asset Impairment Loss	2,800
Other Nonrecurring Expense	2,200
Insurance Recoveries	$ 10,000

Investment in Joint Venture (De

Investment in Joint Venture (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 19, 2016property	Jul. 29, 2011property
Investment in Joint Venture (Textual) [Abstract]
Number of properties owned	28
Noncontrolling Interest, Ownership Percentage by Parent	99.70%
Equity in earnings (loss) of joint venture | $	$ 0	$ (64,842)	$ 6,213
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	$ (64,842)	$ 6,213
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) - USD ($) $ in Thousands

Jun. 01, 2017

Mar. 01, 2017

Jan. 05, 2016

Nov. 12, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Oct. 13, 2017

Jul. 13, 2017

May 17, 2017

Jun. 10, 2015

Apr. 13, 2015

Apr. 12, 2015

Line of Credit Facility [Line Items]

Outstanding borrowings under the credit facility

$ 45,000

$ 82,000

Debt outstanding

890,573

Borrowings under revolving credit facilities

238,687

469,000

$ 490,000

Unrealized gain (loss) on derivative instruments

6,001

2,438

(4,409)

Gain (Loss) on derivative instruments

(265)

(283)

0

Repayments of mortgage debt

72,317

365,583

171,488

Estimated fair value of debt

167,100

242,900

First Mortgage [Member]

Line of Credit Facility [Line Items]

Debt outstanding

70,573

142,890

First Mortgage [Member] | Sofitel Philadelphia [Member]

Line of Credit Facility [Line Items]

Debt outstanding

$ 0

44,320

Stated interest rate

3.90%

Repayments of mortgage debt

$ 44,100

First Mortgage [Member] | Hotel Zelos San Francisco [Member]

Line of Credit Facility [Line Items]

Debt outstanding

$ 0

25,718

Stated interest rate

5.94%

Repayments of mortgage debt

$ 25,500

Interest Rate Swap [Member]

Line of Credit Facility [Line Items]

Derivative Asset

$ 5,260

Derivative Liability

1,000

Unrealized gain (loss) on derivative instruments

6,001

2,438

(4,409)

Gain (Loss) on derivative instruments

(265)

(283)

0

Reclassification from AOCI to interest expense

3,400

6,200

5,400

Expected reclassifications in next 12 months

100

Term Loan [Member]

Line of Credit Facility [Line Items]

Debt outstanding

675,000

675,000

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

Line of Credit Facility [Line Items]

Debt outstanding

45,000

82,000

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

Line of Credit Facility [Line Items]

Maximum borrowing capacity

750,000

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

Line of Credit Facility [Line Items]

Maximum borrowing capacity

450,000

Accordion feature (potential increase)

1,300,000

Outstanding borrowings under the credit facility

45,000

82,000

Line of credit facility, remaining borrowing capacity

405,000

Unused commitment fees

1,000

1,000

$ 600

Debt outstanding

[1]

$ 45,000

82,000

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

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.20%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.45%

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

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.30%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.25%

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

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 300,000

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

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 10,000

Outstanding borrowings under the credit facility

0

Line of credit facility, remaining borrowing capacity

10,000

Debt outstanding

[2]

$ 0

0

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

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.20%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.45%

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

Line of Credit Facility [Line Items]

Annual rate of unused commitment fee

0.30%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.25%

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

Line of Credit Facility [Line Items]

Notional amount

$ 300,000

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

Line of Credit Facility [Line Items]

Debt outstanding

[3]

$ 300,000

300,000

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.40%

First Term Loan [Member] | 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%

Second Term Loan [Member]

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 175,000

$ 150,000

$ 200,000

$ 100,000

Borrowings under revolving credit facilities

75,000

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.40%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.20%

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

Line of Credit Facility [Line Items]

Debt outstanding

$ 65,000

[3]

175,000

[3]

$ 65,000

Second Term Loan, Excluded from Interest Rate Swap [Member] | Term Loan [Member]

Line of Credit Facility [Line Items]

Term loans outstanding

65,000

75,000

Fourth Term Loan [Member]

Line of Credit Facility [Line Items]

Maximum borrowing capacity

250,000

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

Line of Credit Facility [Line Items]

Notional amount

$ 100,000

Fourth 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%

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

2.60%

Fourth Term Loan [Member] | Term Loan [Member]

Line of Credit Facility [Line Items]

Debt outstanding

$ 110,000

[3]

0

[3]

$ 110,000

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

Line of Credit Facility [Line Items]

Effective interest rate

3.46%

Fourth Term Loan Excluded From Interest Rate Swap Member [Member] | Term Loan [Member]

Line of Credit Facility [Line Items]

Term loans outstanding

$ 10,000

Third Term Loan [Member]

Line of Credit Facility [Line Items]

Maximum borrowing capacity

200,000

$ 125,000

Accordion feature (potential increase)

$ 250,000

Borrowings under revolving credit facilities

$ 75,000

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

Line of Credit Facility [Line Items]

Notional amount

$ 200,000

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

Line of Credit Facility [Line Items]

Credit facility borrowings LIBOR rate plus

1.40%

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%

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

Line of Credit Facility [Line Items]

Debt outstanding

[3]

$ 200,000

$ 200,000

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

Line of Credit Facility [Line Items]

Effective interest rate

3.11%

Series A Notes [Member]

Line of Credit Facility [Line Items]

Proceeds from issuance of senior long-term debt

$ 60,000

Stated interest rate

4.70%

4.70%

Series B Notes [Member]

Line of Credit Facility [Line Items]

Proceeds from issuance of senior long-term debt

$ 40,000

Stated interest rate

4.93%

4.93%

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

Line of Credit Facility [Line Items]

Effective interest rate

2.83%

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

Line of Credit Facility [Line Items]

Effective interest rate

3.36%

[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 applicable credit agreement) plus an applicable margin.

[2]

Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.

[3]

Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. At December 31, 2016, the Company had interest rate swaps on all of the Term Loans, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		Dec. 31, 2017		Oct. 13, 2017	Dec. 31, 2016		Nov. 12, 2015
Mortgage Loans on Real Estate [Line Items]
Debt		$ 890,573
Total debt		885,237			$ 996,251
First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		70,573			142,890
Mortgage loan premiums and deferred financing costs	[1]	(116)			108
Total debt		$ 70,457			142,998
Sofitel Philadelphia [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		3.90%
Debt		$ 0			44,320
Hotel Zelos San Francisco [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		5.94%
Debt		$ 0			25,718
The Westin San Diego Gaslamp Quarter [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs, net		$ (100)
The Westin San Diego Gaslamp Quarter [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		3.69%
Debt		$ 70,573			72,852
Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		675,000			675,000
Deferred financing costs, net		(4,594)			(3,207)
Total debt		670,406			671,793
First Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Debt	[2]	300,000			300,000
Second Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		65,000	[2]	$ 65,000	175,000	[2]
Third Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Debt	[2]	200,000			200,000
Fourth Term Loan [Member] | Term Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		$ 110,000	[2]	$ 110,000	0	[2]
Series A Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.70%					4.70%
Series B Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate		4.93%					4.93%
Unsecured Debt [Member] | Revolving Credit Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		$ 45,000			82,000
Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Debt	[3]	45,000			82,000
Unsecured Debt [Member] | PHL Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Debt	[4]	0			0
Senior Unsecured Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		100,000			100,000
Deferred financing costs, net		(626)			(540)
Total debt		99,374			99,460
Senior Unsecured Notes [Member] | Series A Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		60,000			60,000
Senior Unsecured Notes [Member] | Series B Notes [Member]
Mortgage Loans on Real Estate [Line Items]
Debt		$ 40,000			$ 40,000
[1]	Loan premium on assumed mortgage loan recorded in purchase accounting for the Hotel Zelos San Francisco.
[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. At December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. At December 31, 2016, the Company had interest rate swaps on all of the Term Loans, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.
[3]	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 applicable credit agreement) plus an applicable margin.
[4]	Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.

Debt Five Year Maturity Schedul

Debt Five Year Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 2,366
2,019	2,456
2,020	65,751
2,021	200,000
2,022	110,000
Thereafter	510,000
Total debt principal payments	890,573
Mortgage loan premiums and deferred financing costs	(5,336)
Total debt	$ 885,237	$ 996,251

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)shares$ / shares	Dec. 31, 2016$ / sharesshares	Jul. 27, 2017USD ($)	Mar. 01, 2017USD ($)	Feb. 22, 2016USD ($)	Mar. 05, 2014USD ($)
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 (shares)	236,351	236,351
LTIP units, vested (shares)	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
Number of common shares repurchased	3,245,820
Shares repurchased, aggregate purchase price | $	$ 93.4
Shares repurchased, average price per share (usd per share) | $ / shares	$ 28.77
Remaining authorized repurchase amount | $	$ 56.6
Share Repurchase Program 2 [Member]
Common Stock Disclosures [Abstract]
Share repurchase program, authorized amount | $			$ 100

Equity (Details)

Equity (Details) - Common Shares [Member] - $ / shares	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Dividends on common shares/units
Dividend per Share/Unit (usd per share)	$ 0.38	$ 0.38	$ 0.38	$ 0.38
Record Date	Dec. 29, 2017	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017
Payable Date	Jan. 12, 2018	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017

Equity (Details 1)

Equity (Details 1) - $ / shares	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
6.50% Series C [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.41
Record Date	Dec. 29, 2017	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017
Payable Date	Jan. 12, 2018	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017
6.375% Series D [Member]
Dividends on preferred shares/units
Dividend per Share (usd per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.40
Record Date	Dec. 29, 2017	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017
Payable Date	Jan. 12, 2018	Oct. 16, 2017	Jul. 17, 2017	Apr. 17, 2017

Share-Based Compensation Plan45

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

Feb. 14, 2018shares

Jan. 02, 2018shares

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. 31, 2017USD ($)classshares

Dec. 31, 2016USD ($)shares

Dec. 31, 2015USD ($)shares

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

1,283,493

Operating Partnership outstanding (shares)

236,351

236,351

LTIP units, vested (shares)

100,222

Restricted Stock [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 1,900

$ 1,800

$ 1,600

Total unrecognized compensation cost | $

$ 2,200

Weighted average remaining vesting period (in years)

1 year 9 months

Share-based equity award grant (shares)

59,139

68,535

46,446

Number of common shares issued

57,559

52,452

50,827

Restricted Stock [Member] | Minimum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

3 years

Restricted Stock [Member] | Maximum [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

5 years

Performance Shares [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 2,600

$ 5,600

$ 5,600

Total unrecognized compensation cost | $

$ 5,700

Weighted average remaining vesting period (in years)

1 year 7 months

Performance Shares [Member] | January 2013 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

72,118

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

Share-Based Compensation Plan (Textual) [Abstract]

Number of common shares issued

120,730

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

Share-Based Compensation Plan (Textual) [Abstract]

Number of common shares issued

56,562

Performance Shares [Member] | December 2013 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

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 (shares)

50,418

Number of common shares issued

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 (shares)

49,914

Number of common shares issued

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 (shares)

66,483

Performance Shares [Member] | February 2014 [Member] | Officer Awards [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Number of common shares issued

112,782

Performance Shares [Member] | February 2014 [Member] | Nonexecutive management award [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Number of common shares issued

25,619

Performance Shares [Member] | February 2015 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

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 (shares)

771

Performance Shares [Member] | February 2016 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

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 (shares)

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 B [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

5 years

LTIP units granted (shares)

226,882

Value of LTIP grants per share (usd per share) | $ / shares

$ 29.19

Grant date fair value of LTIP unit awards | $

$ 6,623

Long Term Incentive Partnership Units [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 1,100

$ 1,100

$ 1,100

Total unrecognized compensation cost | $

$ 2,160

Weighted average remaining vesting period (in years)

1 year

Classes of LTIP Units | class

2

Subsequent Event [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based award vesting period

3 years

Subsequent Event [Member] | Restricted Stock [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

52,609

Subsequent Event [Member] | Performance Shares [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

78,918

Subsequent Event [Member] | Performance Shares [Member] | December 2013 - Tranche 3 [Member]

Share-Based Compensation Plan (Textual) [Abstract]

Share-based equity award grant (shares)

49,914

Number of common shares issued

72,236

Estimated shares expected to vest

145.00%

Share-Based Compensation Plan46

Share-Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Thousands		Feb. 15, 2017	Feb. 10, 2016	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Jan. 30, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Summary of restricted share activity
Unvested shares, Beginning balance									135,891	124,617	129,988
Unvested shares, Granted									59,139	68,535	46,446
Vested, shares									(57,559)	(52,452)	(50,827)
Forfeited, shares									(366)	(4,809)	(990)
Unvested shares, Ending balance									137,105	135,891	124,617
Unvested weighted average grant date fair value, beginning balance (in usd per share)									$ 30.82	$ 35.46	$ 27.17
Granted, weighted average grant date fair value (in usd per share)									29.68	23.87	48
Vested, weighted average grant date fair value (in usd per share)									31.50	32.79	25.70
Forfeited, weighted average grant date fair value (in usd per share)									28.01	30.66	36.45
Unvested weighted average grant date fair value, ending balance (in usd per share)									$ 30.05	$ 30.82	$ 35.46
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)								$ 700
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)								$ 500
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)								$ 700
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)							$ 4,700
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)							$ 2,900
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)						$ 700
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)						$ 500
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)						$ 800
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)					$ 900
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)					$ 700
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)					$ 700
Volatility					22.00%
Interest Rate					1.02%
Dividend Yield					2.50%
Performance Shares [Member] | July 2015 [Member]
Summary of restricted share activity
Unvested shares, Granted				771
Performance Shares [Member] | July 2015 [Member] | Relative TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				30.00%
Grant Date Fair Value by Component ($ in millions)	[1]			$ 0
Volatility				22.00%
Interest Rate				0.68%
Dividend Yield				2.50%
Performance Shares [Member] | July 2015 [Member] | Absolute TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				40.00%
Grant Date Fair Value by Component ($ in millions)	[1]			$ 0
Volatility				22.00%
Interest Rate				0.68%
Dividend Yield				2.50%
Performance Shares [Member] | July 2015 [Member] | EBITDA Comparison [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award				30.00%
Grant Date Fair Value by Component ($ in millions)	[1]			$ 0
Volatility				22.00%
Interest Rate				0.68%
Dividend Yield				2.50%
Performance Shares [Member] | February 2016 [Member]
Summary of restricted share activity
Unvested shares, Granted			100,919
Performance Shares [Member] | February 2016 [Member] | Relative TSR [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Percentage of Total Award			70.00%
Grant Date Fair Value by Component ($ in millions)			$ 1,600
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)			$ 200
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)			$ 400
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)		$ 2,700
[1]	Amounts round to zero.

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Minimum Percentage of Adjusted Taxable Income to be Distributed to Shareholders as a Real Estate Investment Trust	90.00%
Prior Year Distributions Carryforward as Current Year Distribution	$ 0.3800	$ 0.2866	$ 0.2164	$ 0.1692
Income Tax Expense (Benefit)	$ 181	$ (134)	$ 2,590
Operating Partnership [Member]
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 0	$ 500	$ 900

Income Taxes Distributions Paid

Income Taxes Distributions Paid (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Shares [Member]
Class of Stock [Line Items]
Ordinary Non-Qualified Income Per Share	$ 1.3611	$ 1.3794	$ 1.1715
Percentage of Ordinary Non-Qualified Income	95.41%	95.14%	98.21%
Qualified Dividend per Share	$ 0.0256	$ 0.0704	$ 0.0213
Percentage of Qualified Dividend	1.79%	4.86%	1.79%
Capital Gain Per Share	$ 0	$ 0	$ 0
Percentage of Capital Gain	0.00%	0.00%	0.00%
Return of Capital Per Share	$ 0.0399	$ 0	$ 0
Percentage of Return of Capital	2.80%	0.00%	0.00%
Distributions Paid Per Share on a Tax Basis	$ 1.4266	$ 1.4498	$ 1.1928
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%
7.875% Series A [Member]
Class of Stock [Line Items]
Ordinary Non-Qualified Income Per Share	$ 0	$ 0.2914	$ 1.9336
Percentage of Ordinary Non-Qualified Income	0.00%	95.14%	98.21%
Qualified Dividend per Share	$ 0	$ 0.0149	$ 0.0352
Percentage of Qualified Dividend	0.00%	4.86%	1.79%
Capital Gain Per Share	$ 0	$ 0	$ 0
Percentage of Capital Gain	0.00%	0.00%	0.00%
Return of Capital Per Share	$ 0	$ 0	$ 0
Percentage of Return of Capital	0.00%	0.00%	0.00%
Distributions Paid Per Share on a Tax Basis	$ 0	$ 0.3063	$ 1.9688
Percentage of Distributions Paid Per Share on a Tax Basis	0.00%	100.00%	100.00%
8.00% Series B [Member]
Class of Stock [Line Items]
Ordinary Non-Qualified Income Per Share	$ 0	$ 1.3109	$ 1.9643
Percentage of Ordinary Non-Qualified Income	0.00%	95.14%	98.21%
Qualified Dividend per Share	$ 0	$ 0.0669	$ 0.0357
Percentage of Qualified Dividend	0.00%	4.86%	1.79%
Capital Gain Per Share	$ 0	$ 0	$ 0
Percentage of Capital Gain	0.00%	0.00%	0.00%
Return of Capital Per Share	$ 0	$ 0	$ 0
Percentage of Return of Capital	0.00%	0.00%	0.00%
Distributions Paid Per Share on a Tax Basis	$ 0	$ 1.3778	$ 2
Percentage of Distributions Paid Per Share on a Tax Basis	0.00%	100.00%	100.00%
6.50% Series C [Member]
Class of Stock [Line Items]
Ordinary Non-Qualified Income Per Share	$ 1.1969	$ 1.5461	$ 1.5960
Percentage of Ordinary Non-Qualified Income	98.20%	95.14%	98.22%
Qualified Dividend per Share	$ 0.0219	$ 0.0789	$ 0.0290
Percentage of Qualified Dividend	1.80%	4.86%	1.78%
Capital Gain Per Share	$ 0	$ 0	$ 0
Percentage of Capital Gain	0.00%	0.00%	0.00%
Return of Capital Per Share	$ 0	$ 0	$ 0
Percentage of Return of Capital	0.00%	0.00%	0.00%
Distributions Paid Per Share on a Tax Basis	$ 1.2188	$ 1.6250	$ 1.6250
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	100.00%
6.375% Series D [Member]
Class of Stock [Line Items]
Ordinary Non-Qualified Income Per Share	$ 1.1739	$ 0.9099	$ 0
Percentage of Ordinary Non-Qualified Income	98.21%	95.15%	0.00%
Qualified Dividend per Share	$ 0.0214	$ 0.0464	$ 0
Percentage of Qualified Dividend	1.79%	4.85%	0.00%
Capital Gain Per Share	$ 0	$ 0	$ 0
Percentage of Capital Gain	0.00%	0.00%	0.00%
Return of Capital Per Share	$ 0	$ 0	$ 0
Percentage of Return of Capital	0.00%	0.00%	0.00%
Distributions Paid Per Share on a Tax Basis	$ 1.1953	$ 0.9563	$ 0
Percentage of Distributions Paid Per Share on a Tax Basis	100.00%	100.00%	0.00%

Income Taxes Components of In49

Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax expense (benefit)	$ 181	$ (134)	$ 2,590
PHL [Member]
Current Federal Tax Expense (Benefit)	4	(27)	1,389
Deferred Federal Income Tax Expense (Benefit)	(89)	(353)	55
Current State and Local Tax Expense (Benefit)	9	93	287
Deferred State and Local Income Tax Expense (Benefit)	224	(171)	(72)
Income tax expense (benefit)	$ 148	$ (458)	$ 1,659

Income Taxes Reconciliation o50

Income Taxes Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax expense (benefit)	$ 181	$ (134)	$ 2,590
PHL [Member]
Statutory federal tax expense (benefit)	(418)	(618)	1,367
State income tax expense (benefit), net of federal tax (benefit) expense	231	(110)	111
Other	335	270	181
Income tax expense (benefit)	$ 148	$ (458)	$ 1,659

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income (loss) Attributable to common shareholders	$ 7,875	$ 26,420	$ 39,488	$ 10,011	$ 14,334	$ (43,897)	$ 69,949	$ 6,566	$ 83,794	$ 46,952	$ 68,718
Less: dividends paid on unvested share-based compensation									(415)	(483)	(432)
Net income (loss) available to common shareholders									$ 83,379	$ 46,469	$ 68,286
Denominator:
Weighted-average number of common shares-basic (shares)									69,591,973	71,901,499	71,715,870
Effect of dilutive share-based compensation (shares)									392,864	471,743	668,419
Weighted-average number of common shares-diluted (shares)									69,984,837	72,373,242	72,384,289
Net income (loss) per share available to common shareholders, basic (usd per share)	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ 0.20	$ (0.61)	$ 0.97	$ 0.09	$ 1.20	$ 0.65	$ 0.95
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ 0.20	$ (0.61)	$ 0.96	$ 0.09	$ 1.19	$ 0.64	$ 0.94
Antidilutive securities excluded from computation of earnings per share, amount (shares)									6,319	114,889	0

Commitments and Contingencies52

Commitments and Contingencies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)hotel_roomextension_option	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 23,400	$ 24,200	$ 23,500
Commitments and Contingencies (Textual) [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue	4.00%
Restricted cash	$ 7,123	7,419
Total number of guest rooms | hotel_room	6,972
Ground rent expense	$ 13,500	12,100	$ 12,100
Hotel Zeppelin San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Number of guest rooms, leasehold interest | hotel_room	64
Total number of guest rooms | hotel_room	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	6.00%
Ground lease percentage rent on retail and parking revenues	7.50%
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%
Minimum [Member] | Hotel Zelos San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Base rent increase	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%
Maximum [Member] | Hotel Zelos San Francisco [Member]
Commitments and Contingencies (Textual) [Abstract]
Base rent increase	4.00%

Commitments and Contingencies S

Commitments and Contingencies Schedule of Future Minimum Payments for Capital and Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 8,010
2,019	8,073
2,020	8,139
2,021	8,205
2,022	8,274
Thereafter	753,614
Total	$ 794,315

Supplemental Information to S54

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 33,999	$ 41,416	$ 38,128
Interest capitalized	0	492	598
Income taxes paid	575	369	2,487
Distributions payable on shares/units	31,823	33,215
Issuance of common shares for Board of Trustees compensation	503	606	372
Below (above) market rate contracts assumed in connection with acquisition	0	0	20,110
Accrued additions and improvements to hotel properties	961	4,717	1,262
Write off of fully depreciated building, furniture, fixtures and equipment	14,134	0	6,013
Write-off of deferred financing costs	5,956	1,836	1,577
Common Shares [Member]
Non Cash Investing and Financing Information [Line Items]
Distributions payable on shares/units	28,381	29,773	24,319
Preferred Shares [Member]
Non Cash Investing and Financing Information [Line Items]
Distributions payable on shares/units	3,442	3,442	5,550
Manhattan Collection Joint Venture [Member]
Non Cash Investing and Financing Information [Line Items]
Fair Value of Assets Acquired	0	319,800	0
Loans Assumed	$ 0	$ 190,000	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - shares	Feb. 14, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		6 years
Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based equity award grant (shares)		59,139	68,535	46,446
Restricted Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based equity award grant (shares)	52,609
Performance Shares [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based equity award grant (shares)	78,918

Quarterly Operating Results (56

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 179,629	$ 201,793	$ 205,717	$ 182,178	$ 198,941	$ 208,963	$ 212,272	$ 196,245	$ 769,317	$ 816,421	$ 770,864
Net income (Loss)	11,932	30,571	43,670	14,089	18,422	(35,535)	74,438	16,637	100,262	73,962	94,995
Net Income (Loss) Attributable to the Company	11,899	30,443	43,512	14,034	18,358	(35,423)	74,190	16,579	99,888	73,704	94,668
Net income (loss) Attributable to common shareholders	$ 7,875	$ 26,420	$ 39,488	$ 10,011	$ 14,334	$ (43,897)	$ 69,949	$ 6,566	$ 83,794	$ 46,952	$ 68,718
Net income (loss) per share available to common shareholders, basic (usd per share)	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ 0.20	$ (0.61)	$ 0.97	$ 0.09	$ 1.20	$ 0.65	$ 0.95
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ 0.20	$ (0.61)	$ 0.96	$ 0.09	$ 1.19	$ 0.64	$ 0.94

SEC Schedule III, Real Estate57

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 70,573
Initial Cost of Land		472,891
Initial Cost of Buildings and Improvements		1,947,010
Initial Cost of Furniture Fixtures and Equipment		116,983
Costs Capitalized Subsequent to Acquisition	[1]	367,188
Gross Amount at Year End, Land		448,401
Gross Amount at Year End, Buildings and Improvements		2,205,315
Gross Amount at Year End, Furniture Fixtures and Equipment		250,356
Real Estate, Gross		2,904,072	$ 3,031,139	$ 2,956,761	$ 2,538,270
Real Estate Accumulated Depreciation		447,622	$ 358,485	$ 283,177	$ 194,580
Real Estate, Net Book Value		2,456,450
Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost of Land		22,500
Initial Cost of Buildings and Improvements		60,547
Initial Cost of Furniture Fixtures and Equipment		6,953
Costs Capitalized Subsequent to Acquisition	[1]	20,863
Gross Amount at Year End, Land		22,500
Gross Amount at Year End, Buildings and Improvements		73,007
Gross Amount at Year End, Furniture Fixtures and Equipment		15,356
Real Estate, Gross		110,863
Real Estate Accumulated Depreciation		28,577
Real Estate, Net Book Value		$ 82,286
Year of Original Construction		1,928
Date of Acquisition		Jun. 22, 2010
Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		25,000
Initial Cost of Buildings and Improvements		68,844
Initial Cost of Furniture Fixtures and Equipment		11,000
Costs Capitalized Subsequent to Acquisition	[1]	13,035
Gross Amount at Year End, Land		25,000
Gross Amount at Year End, Buildings and Improvements		74,663
Gross Amount at Year End, Furniture Fixtures and Equipment		18,216
Real Estate, Gross		117,879
Real Estate Accumulated Depreciation		30,777
Real Estate, Net Book Value		$ 87,102
Year of Original Construction		2,004
Date of Acquisition		Jul. 1, 2010
Monaco Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		60,630
Initial Cost of Furniture Fixtures and Equipment		2,441
Costs Capitalized Subsequent to Acquisition	[1]	21,997
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		74,976
Gross Amount at Year End, Furniture Fixtures and Equipment		10,092
Real Estate, Gross		85,068
Real Estate Accumulated Depreciation		18,812
Real Estate, Net Book Value		$ 66,256
Year of Original Construction		1,839
Date of Acquisition		Sep. 9, 2010
The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		4,950
Initial Cost of Buildings and Improvements		26,616
Initial Cost of Furniture Fixtures and Equipment		300
Costs Capitalized Subsequent to Acquisition	[1]	10,540
Gross Amount at Year End, Land		4,950
Gross Amount at Year End, Buildings and Improvements		33,382
Gross Amount at Year End, Furniture Fixtures and Equipment		4,074
Real Estate, Gross		42,406
Real Estate Accumulated Depreciation		10,410
Real Estate, Net Book Value		$ 31,996
Year of Original Construction		1,912
Date of Acquisition		Sep. 29, 2010
Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		7,130
Initial Cost of Buildings and Improvements		44,987
Initial Cost of Furniture Fixtures and Equipment		3,523
Costs Capitalized Subsequent to Acquisition	[1]	13,354
Gross Amount at Year End, Land		7,130
Gross Amount at Year End, Buildings and Improvements		53,347
Gross Amount at Year End, Furniture Fixtures and Equipment		8,517
Real Estate, Gross		68,994
Real Estate Accumulated Depreciation		15,666
Real Estate, Net Book Value		$ 53,328
Year of Original Construction		1,993
Date of Acquisition		Nov. 3, 2010
Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		18,784
Initial Cost of Buildings and Improvements		81,580
Initial Cost of Furniture Fixtures and Equipment		2,295
Costs Capitalized Subsequent to Acquisition	[1]	15,412
Gross Amount at Year End, Land		18,784
Gross Amount at Year End, Buildings and Improvements		90,481
Gross Amount at Year End, Furniture Fixtures and Equipment		8,806
Real Estate, Gross		118,071
Real Estate Accumulated Depreciation		24,122
Real Estate, Net Book Value		$ 93,949
Year of Original Construction		1,972
Date of Acquisition		Nov. 19, 2010
Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		18,000
Initial Cost of Buildings and Improvements		64,256
Initial Cost of Furniture Fixtures and Equipment		4,639
Costs Capitalized Subsequent to Acquisition	[1]	9,598
Gross Amount at Year End, Land		18,000
Gross Amount at Year End, Buildings and Improvements		69,838
Gross Amount at Year End, Furniture Fixtures and Equipment		8,655
Real Estate, Gross		96,493
Real Estate Accumulated Depreciation		20,009
Real Estate, Net Book Value		$ 76,484
Year of Original Construction		2,000
Date of Acquisition		Dec. 3, 2010
Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		79,492
Initial Cost of Furniture Fixtures and Equipment		4,247
Costs Capitalized Subsequent to Acquisition	[1]	7,651
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		83,477
Gross Amount at Year End, Furniture Fixtures and Equipment		7,913
Real Estate, Gross		91,390
Real Estate Accumulated Depreciation		21,265
Real Estate, Net Book Value		$ 70,125
Year of Original Construction		1,907
Date of Acquisition		Feb. 16, 2011
Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]	$ 70,573
Initial Cost of Land		25,537
Initial Cost of Buildings and Improvements		86,089
Initial Cost of Furniture Fixtures and Equipment		6,850
Costs Capitalized Subsequent to Acquisition	[1]	21,056
Gross Amount at Year End, Land		25,537
Gross Amount at Year End, Buildings and Improvements		103,729
Gross Amount at Year End, Furniture Fixtures and Equipment		10,266
Real Estate, Gross		139,532
Real Estate Accumulated Depreciation		26,522
Real Estate, Net Book Value		$ 113,010
Year of Original Construction		1,987
Date of Acquisition		Apr. 6, 2011
Debt Issuance Costs, Net		$ 100
Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost of Land		10,105
Initial Cost of Buildings and Improvements		38,888
Initial Cost of Furniture Fixtures and Equipment		2,073
Costs Capitalized Subsequent to Acquisition	[1]	10,467
Gross Amount at Year End, Land		10,105
Gross Amount at Year End, Buildings and Improvements		44,207
Gross Amount at Year End, Furniture Fixtures and Equipment		7,221
Real Estate, Gross		61,533
Real Estate Accumulated Depreciation		12,983
Real Estate, Net Book Value		$ 48,550
Year of Original Construction		1,969
Date of Acquisition		Apr. 7, 2011
Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		20,306
Initial Cost of Buildings and Improvements		110,283
Initial Cost of Furniture Fixtures and Equipment		6,091
Costs Capitalized Subsequent to Acquisition	[1]	11,535
Gross Amount at Year End, Land		20,306
Gross Amount at Year End, Buildings and Improvements		116,026
Gross Amount at Year End, Furniture Fixtures and Equipment		11,883
Real Estate, Gross		148,215
Real Estate Accumulated Depreciation		28,725
Real Estate, Net Book Value		$ 119,490
Year of Original Construction		1,959
Date of Acquisition		May 3, 2011
W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		19,453
Initial Cost of Buildings and Improvements		63,893
Initial Cost of Furniture Fixtures and Equipment		5,887
Costs Capitalized Subsequent to Acquisition	[1]	11,315
Gross Amount at Year End, Land		19,453
Gross Amount at Year End, Buildings and Improvements		70,301
Gross Amount at Year End, Furniture Fixtures and Equipment		10,794
Real Estate, Gross		100,548
Real Estate Accumulated Depreciation		19,149
Real Estate, Net Book Value		$ 81,399
Year of Original Construction		2,009
Date of Acquisition		Jun. 8, 2011
Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		7,294
Initial Cost of Buildings and Improvements		22,166
Initial Cost of Furniture Fixtures and Equipment		290
Costs Capitalized Subsequent to Acquisition	[1]	16,173
Gross Amount at Year End, Land		7,294
Gross Amount at Year End, Buildings and Improvements		34,547
Gross Amount at Year End, Furniture Fixtures and Equipment		4,082
Real Estate, Gross		45,923
Real Estate Accumulated Depreciation		8,249
Real Estate, Net Book Value		$ 37,674
Year of Original Construction		1,913
Date of Acquisition		Apr. 4, 2012
Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		8,170
Initial Cost of Buildings and Improvements		23,557
Initial Cost of Furniture Fixtures and Equipment		706
Costs Capitalized Subsequent to Acquisition	[1]	7,698
Gross Amount at Year End, Land		8,170
Gross Amount at Year End, Buildings and Improvements		28,726
Gross Amount at Year End, Furniture Fixtures and Equipment		3,235
Real Estate, Gross		40,131
Real Estate Accumulated Depreciation		6,162
Real Estate, Net Book Value		$ 33,969
Year of Original Construction		1,922
Date of Acquisition		Jul. 9, 2012
Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		6,222
Initial Cost of Buildings and Improvements		23,012
Initial Cost of Furniture Fixtures and Equipment		1,093
Costs Capitalized Subsequent to Acquisition	[1]	13,624
Gross Amount at Year End, Land		6,222
Gross Amount at Year End, Buildings and Improvements		32,844
Gross Amount at Year End, Furniture Fixtures and Equipment		4,885
Real Estate, Gross		43,951
Real Estate Accumulated Depreciation		7,067
Real Estate, Net Book Value		$ 36,884
Year of Original Construction		1,894
Date of Acquisition		Jul. 9, 2012
W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		24,403
Initial Cost of Buildings and Improvements		93,203
Initial Cost of Furniture Fixtures and Equipment		3,600
Costs Capitalized Subsequent to Acquisition	[1]	22,493
Gross Amount at Year End, Land		24,403
Gross Amount at Year End, Buildings and Improvements		111,667
Gross Amount at Year End, Furniture Fixtures and Equipment		7,629
Real Estate, Gross		143,699
Real Estate Accumulated Depreciation		19,693
Real Estate, Net Book Value		$ 124,006
Year of Original Construction		1,969
Date of Acquisition		Aug. 23, 2012
Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		63,430
Initial Cost of Furniture Fixtures and Equipment		3,780
Costs Capitalized Subsequent to Acquisition	[1]	8,850
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		69,322
Gross Amount at Year End, Furniture Fixtures and Equipment		6,738
Real Estate, Gross		76,060
Real Estate Accumulated Depreciation		14,704
Real Estate, Net Book Value		$ 61,356
Year of Original Construction		1,907
Date of Acquisition		Oct. 25, 2012
Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		20,103
Initial Cost of Buildings and Improvements		90,162
Initial Cost of Furniture Fixtures and Equipment		6,881
Costs Capitalized Subsequent to Acquisition	[1]	14,747
Gross Amount at Year End, Land		20,103
Gross Amount at Year End, Buildings and Improvements		101,204
Gross Amount at Year End, Furniture Fixtures and Equipment		10,586
Real Estate, Gross		131,893
Real Estate Accumulated Depreciation		20,177
Real Estate, Net Book Value		$ 111,716
Year of Original Construction		1,988
Date of Acquisition		Jan. 29, 2013
Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		8,215
Initial Cost of Buildings and Improvements		37,874
Initial Cost of Furniture Fixtures and Equipment		1,500
Costs Capitalized Subsequent to Acquisition	[1]	5,645
Gross Amount at Year End, Land		8,215
Gross Amount at Year End, Buildings and Improvements		41,001
Gross Amount at Year End, Furniture Fixtures and Equipment		4,018
Real Estate, Gross		53,234
Real Estate Accumulated Depreciation		6,777
Real Estate, Net Book Value		$ 46,457
Year of Original Construction		1,962
Date of Acquisition		Aug. 28, 2013
Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		116,445
Initial Cost of Furniture Fixtures and Equipment		3,550
Costs Capitalized Subsequent to Acquisition	[1]	34,144
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		146,535
Gross Amount at Year End, Furniture Fixtures and Equipment		7,604
Real Estate, Gross		154,139
Real Estate Accumulated Depreciation		19,468
Real Estate, Net Book Value		$ 134,671
Year of Original Construction		1,964
Date of Acquisition		Dec. 9, 2013
Hotel Zeppelin San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		12,561
Initial Cost of Buildings and Improvements		43,665
Initial Cost of Furniture Fixtures and Equipment		1,094
Costs Capitalized Subsequent to Acquisition	[1]	35,634
Gross Amount at Year End, Land		12,561
Gross Amount at Year End, Buildings and Improvements		74,507
Gross Amount at Year End, Furniture Fixtures and Equipment		5,886
Real Estate, Gross		92,954
Real Estate Accumulated Depreciation		9,537
Real Estate, Net Book Value		$ 83,417
Year of Original Construction		1,913
Date of Acquisition		May 22, 2014
The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		18,493
Initial Cost of Buildings and Improvements		92,339
Initial Cost of Furniture Fixtures and Equipment		8,757
Costs Capitalized Subsequent to Acquisition	[1]	8,961
Gross Amount at Year End, Land		18,493
Gross Amount at Year End, Buildings and Improvements		97,380
Gross Amount at Year End, Furniture Fixtures and Equipment		12,677
Real Estate, Gross		128,550
Real Estate Accumulated Depreciation		13,973
Real Estate, Net Book Value		$ 114,577
Year of Original Construction		1,909
Date of Acquisition		Jul. 17, 2014
Hotel Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		12,108
Initial Cost of Buildings and Improvements		46,317
Initial Cost of Furniture Fixtures and Equipment		1,271
Costs Capitalized Subsequent to Acquisition	[1]	18,940
Gross Amount at Year End, Land		12,108
Gross Amount at Year End, Buildings and Improvements		58,347
Gross Amount at Year End, Furniture Fixtures and Equipment		8,181
Real Estate, Gross		78,636
Real Estate Accumulated Depreciation		8,217
Real Estate, Net Book Value		$ 70,419
Year of Original Construction		1,989
Date of Acquisition		Nov. 12, 2014
Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		90,675
Initial Cost of Furniture Fixtures and Equipment		1,500
Costs Capitalized Subsequent to Acquisition	[1]	12,965
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		99,234
Gross Amount at Year End, Furniture Fixtures and Equipment		5,906
Real Estate, Gross		105,140
Real Estate Accumulated Depreciation		9,242
Real Estate, Net Book Value		$ 95,898
Year of Original Construction		1,972
Date of Acquisition		Nov. 20, 2014
Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		0
Initial Cost of Buildings and Improvements		37,803
Initial Cost of Furniture Fixtures and Equipment		6,833
Costs Capitalized Subsequent to Acquisition	[1]	20,051
Gross Amount at Year End, Land		0
Gross Amount at Year End, Buildings and Improvements		53,521
Gross Amount at Year End, Furniture Fixtures and Equipment		11,166
Real Estate, Gross		64,687
Real Estate Accumulated Depreciation		8,717
Real Estate, Net Book Value		$ 55,970
Year of Original Construction		1,900
Date of Acquisition		Dec. 10, 2014
Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		41,857
Initial Cost of Buildings and Improvements		207,817
Initial Cost of Furniture Fixtures and Equipment		10,596
Costs Capitalized Subsequent to Acquisition	[1]	(50,173)
Gross Amount at Year End, Land		17,367
Gross Amount at Year End, Buildings and Improvements		174,530
Gross Amount at Year End, Furniture Fixtures and Equipment		18,200
Real Estate, Gross		210,097
Real Estate Accumulated Depreciation		18,415
Real Estate, Net Book Value		$ 191,682
Year of Original Construction		1,972
Date of Acquisition		Dec. 18, 2014
LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		112,575
Initial Cost of Buildings and Improvements		82,117
Initial Cost of Furniture Fixtures and Equipment		6,733
Costs Capitalized Subsequent to Acquisition	[1]	12,079
Gross Amount at Year End, Land		112,575
Gross Amount at Year End, Buildings and Improvements		89,956
Gross Amount at Year End, Furniture Fixtures and Equipment		10,973
Real Estate, Gross		213,504
Real Estate Accumulated Depreciation		10,517
Real Estate, Net Book Value		$ 202,987
Year of Original Construction		1,968
Date of Acquisition		May 21, 2015
The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost of Land		29,125
Initial Cost of Buildings and Improvements		90,323
Initial Cost of Furniture Fixtures and Equipment		2,500
Costs Capitalized Subsequent to Acquisition	[1]	18,534
Gross Amount at Year End, Land		29,125
Gross Amount at Year End, Buildings and Improvements		104,560
Gross Amount at Year End, Furniture Fixtures and Equipment		6,797
Real Estate, Gross		140,482
Real Estate Accumulated Depreciation		9,690
Real Estate, Net Book Value		$ 130,792
Year of Original Construction		1,990
Date of Acquisition		Jun. 11, 2015
Minimum [Member] | Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Monaco Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		1 year
Minimum [Member] | Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		2 years
Minimum [Member] | Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Zeppelin San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		1 year
Minimum [Member] | The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Hotel Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		2 years
Minimum [Member] | Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		3 years
Minimum [Member] | The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		2 years
Maximum [Member] | Sir Francis Drake Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Inter Continental Buckhead Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Monaco Washington DC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | The Grand Hotel Minneapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Skamania Lodge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Le Meridien Delfina Santa Monica Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Sofitel Philadelphia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Argonaut Hotel [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Westin Gaslamp Quarter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Monaco Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Mondrian Los Angeles [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | W Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Zetta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Vintage Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Vintage Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | W Los Angeles - West Beverly HIlls [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Zelos San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Embassy Suites San Diego [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Modera [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Zephyr Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Zeppelin San Francisco [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		45 years
Maximum [Member] | The Nines Hotel Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Colonnade Coral Gables [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Hotel Palomar LA-Beverly Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Union Station Hotel Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | Revere Hotel Boston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | LaPlaya Beach Resort [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
Maximum [Member] | The Tuscan Fisherman's Wharf [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life Used for Depreciation		40 years
[1]	Disposals are reflected as reductions to cost capitalized subsequent to acquisition.
[2]	Encumbrance on the The Westin San Diego Gaslamp Quarter is presented at face value, which excludes deferred financing costs of $0.1 million at December 31, 2017.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Reconciliation of Real Estate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real Estate, Beginning Balance	$ 3,031,139	$ 2,956,761	$ 2,538,270
Acquisitions	0	319,800	323,373
Capital expenditures	80,737	105,074	101,131
Other Deductions			(6,013)
Disposal of Assets	(207,804)	(350,496)
Real Estate, Ending Balance	2,904,072	3,031,139	2,956,761
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Real Estate Accumulated Depreciation, Beginning Balance	358,485	283,177	194,580
Accumulated Depreciation, Depreciation Expense	101,157	101,060	94,610
Other Deductions			(6,013)
Disposal of Assets	(12,020)	(25,752)
Real Estate Accumulated Depreciation, Ending Balance	447,622	$ 358,485	$ 283,177
Real Estate, Federal Income Tax Basis	$ 2,937,673