Pebblebrook Hotel Trust (PEB) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 22, 2019	Jun. 30, 2018
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
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		130,518,284
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 2.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Investment in hotel properties, net	$ 6,534,193	$ 2,456,450
Ground lease asset, net	199,745	29,037
Cash and cash equivalents	83,366	25,410
Restricted cash	24,445	7,123
Hotel receivables (net of allowance for doubtful accounts of $526 and $245, respectively)	59,897	29,206
Prepaid expenses and other assets	76,702	43,642
Total assets	6,978,348	2,590,868
LIABILITIES AND EQUITY
Debt	2,746,898	885,237
Accounts payable and accrued expenses	360,279	141,290
Deferred revenues	54,741	26,919
Accrued interest	2,741	2,073
Distribution payable	43,759	31,823
Total liabilities	3,208,418	1,087,342
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at December 31, 2018 and $250,000 at December 31, 2017), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 31, 2018 and 10,000,000 shares issued and outstanding at December 31, 2017	204	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,311,289 issued and outstanding at December 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017	1,303	688
Additional paid-in capital	4,065,804	1,685,437
Accumulated other comprehensive income (loss)	1,330	3,689
Distributions in excess of retained earnings	(308,806)	(191,013)
Total shareholders’ equity	3,759,835	1,498,901
Non-controlling interests	10,095	4,625
Total equity	3,769,930	1,503,526
Total liabilities and equity	$ 6,978,348	$ 2,590,868

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 526	$ 245
Preferred shares of beneficial interest, liquidation preference value	$ 510,000	$ 250,000
Preferred shares of beneficial interest, par value (usd per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	100,000,000	100,000,000
Preferred shares of beneficial interest, issued (in shares)	20,400,000	10,000,000
Preferred shares of beneficial interest, outstanding (in shares)	20,400,000	10,000,000
Common shares of beneficial interest, par value (usd per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	500,000,000	500,000,000
Common shares of beneficial interest, issued (in shares)	130,311,289	68,812,575
Common shares of beneficial interest, outstanding (in shares)	130,311,289	68,812,575

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Total revenues	$ 828,678	$ 769,317	$ 816,421
Hotel operating expenses:
Total hotel operating expenses	511,834	467,973	483,924
Depreciation and amortization	108,475	102,290	102,439
Real estate taxes, personal property taxes, property insurance, and ground rent	54,191	48,500	50,488
General and administrative	22,512	23,977	27,912
Transaction costs	75,049	71	193
Impairment and other losses	1,452	6,003	12,148
Loss (gain) on sale of hotel properties	2,147	(14,877)	(40,690)
Gain on insurance settlement	(13,954)	0	0
Total operating expenses	761,706	633,937	636,414
Operating income (loss)	66,972	135,380	180,007
Interest income	178	97	1,995
Interest expense	(53,923)	(37,299)	(43,615)
Other	1,900	2,265	283
Equity in earnings (loss) of joint venture	0	0	(64,842)
Income (loss) before income taxes	15,127	100,443	73,828
Income tax (expense) benefit	(1,742)	(181)	134
Net income (loss)	13,385	100,262	73,962
Net income (loss) attributable to non-controlling interests	(8)	374	258
Net income (loss) attributable to the Company	13,393	99,888	73,704
Distributions to preferred shareholders	(17,466)	(16,094)	(19,662)
Transaction costs	0	0	(7,090)
Net income (loss) attributable to common shareholders	$ (4,073)	$ 83,794	$ 46,952
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (0.06)	$ 1.20	$ 0.65
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (0.06)	$ 1.19	$ 0.64
Weighted-average number of common shares, basic (in shares)	74,286,307	69,591,973	71,901,499
Weighted-average number of common shares, diluted (in shares)	74,286,307	69,984,837	72,373,242
Comprehensive Income:
Net income (loss)	$ 13,385	$ 100,262	$ 73,962
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(2,907)	6,001	2,438
Comprehensive income (loss)	10,478	106,263	76,400
Comprehensive income (loss) attributable to non-controlling interests	(16)	395	266
Comprehensive income (loss) attributable to the Company	10,494	105,868	76,134
Room
Revenues
Total revenues	565,107	532,288	568,867
Hotel operating expenses:
Total hotel operating expenses	143,171	134,068	137,312
Food and beverage
Revenues
Total revenues	199,089	182,737	191,857
Hotel operating expenses:
Total hotel operating expenses	136,845	123,213	126,957
Other
Revenues
Total revenues	64,482	54,292	55,697
Hotel operating expenses:
Total hotel operating expenses	$ 231,818	$ 210,692	$ 219,655

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Retained Earnings	Total Shareholders' Equity	Non-Controlling Interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2015		14,000,000
Common stock, beginning balance (in shares) at Dec. 31, 2015			71,735,129
Beginning balance at Dec. 31, 2015	$ 1,760,834	$ 140	$ 717	$ 1,868,047	$ (4,750)	$ (105,765)	$ 1,758,389	$ 2,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)		5,000,000
Issuance of shares, net of offering costs	120,808	$ 50		120,758			120,808
Redemption of preferred shares (in 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 (in shares)			21,407
Issuance of common shares for Board of Trustee compensation	606			606			606
Repurchase of common shares (in shares)			(88,510)
Repurchase of common shares	(2,496)		$ (1)	(2,495)			(2,496)
Share-based compensation (in 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)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	2,438				2,438		2,438
Net income (loss)	73,962					73,704	73,704	258
Preferred stock, ending balance (in shares) at Dec. 31, 2016		10,000,000
Common stock, ending balance (in shares) at Dec. 31, 2016			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]
Offering costs	(62)			(62)			(62)
Issuance of common shares for Board of Trustees compensation (in shares)			16,711
Issuance of common shares for Board of Trustee compensation	503		$ 1	502			503
Repurchase of common shares (in shares)			(3,335,278)
Repurchase of common shares	(95,981)		$ (33)	(95,948)			(95,981)
Share-based compensation (in 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)
Redemption of non-controlling interest LTIP units	106							106
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	6,001				6,001		6,001
Net income (loss)	$ 100,262					99,888	99,888	374
Preferred stock, ending balance (in shares) at Dec. 31, 2017	10,000,000	10,000,000
Common stock, ending balance (in shares) 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)		10,400,000	61,399,104
Issuance of shares, net of offering costs	2,377,807	$ 104	$ 614	2,377,089			2,377,807
Issuance of operating partnership units	4,665							4,665
Issuance of common shares for Board of Trustees compensation (in shares)			17,410
Issuance of common shares for Board of Trustee compensation	662		$ 1	661			662
Repurchase of common shares (in shares)			(69,687)
Repurchase of common shares	(2,507)		$ (1)	(2,506)			(2,507)
Share-based compensation (in shares)			151,887
Share-based compensation	6,228		$ 1	5,123			5,124	1,104
Distributions on common shares/units	(113,549)					(113,172)	(113,172)	(377)
Distributions on preferred shares	(17,505)					(17,466)	(17,466)	(39)
Net contribution from non-controlling interests	125							125
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(2,907)				(2,907)		(2,907)
Net income (loss)	$ 13,385					13,393	13,393	(8)
Preferred stock, ending balance (in shares) at Dec. 31, 2018	20,400,000	20,400,000
Common stock, ending balance (in shares) at Dec. 31, 2018	130,311,289		130,311,289
Ending balance at Dec. 31, 2018	$ 3,769,930	$ 204	$ 1,303	$ 4,065,804	$ 1,330	$ (308,806)	$ 3,759,835	$ 10,095

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities:
Net income (loss)	$ 13,385	$ 100,262	$ 73,962
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	108,475	102,290	102,439
Share-based compensation	6,228	5,646	8,466
(Gain) loss on derivative instruments	0	(265)	(283)
(Gain) loss on marketable securities	2,978	0	0
Amortization of deferred financing costs and mortgage loan premiums	18,256	2,040	1,513
Loss (gain) on sale of hotel properties	2,147	(14,877)	(40,690)
Impairment and other losses	0	3,849	12,148
Non-cash ground rent	3,062	2,884	2,762
Equity in (earnings) loss from joint venture	0	0	66,636
Other	2,939	2,378	2,654
Changes in assets and liabilities:
Hotel receivables	3,684	(1,270)	1,263
Prepaid expenses and other assets	5,031	(2,161)	2,286
Accounts payable and accrued expenses	(34,517)	(9,176)	4,492
Deferred revenues	4,029	2,039	2,324
Net cash provided by (used in) operating activities	135,697	193,639	239,972
Investing activities:
Acquisition of LaSalle, net of cash acquired	(1,372,584)	0	0
Improvements and additions to hotel properties	(89,605)	(80,825)	(121,899)
Proceeds from joint venture redemption	0	0	2,530
Deposit received on hotel properties	0	2,000	3,000
Proceeds from sale of hotel properties	28,551	203,479	364,390
Receipt from (acquisition of) note receivable	0	0	50,000
Investment in marketable securities	(356,180)	0	0
Sale of marketable securities	6,658	0	0
Purchase of corporate office equipment, software, and furniture	(164)	(40)	(74)
Property insurance proceeds	5,162	7,674	0
Net cash provided by (used in) investing activities	(1,778,162)	132,288	297,947
Financing activities:
Gross proceeds from issuance of preferred shares	0	0	125,000
Payment of offering costs — common and preferred shares	(470)	(62)	(4,189)
Payment of deferred financing costs	(29,366)	(5,411)	(1,414)
Contributions from non-controlling interest	0	106	0
Borrowings under revolving credit facilities	550,181	238,687	469,000
Repayments under revolving credit facilities	(425,181)	(275,687)	(552,000)
Proceeds from debt	1,850,000	0	150,000
Repayments of debt	(102,366)	(72,317)	(365,583)
Repurchase of common shares	(2,507)	(95,982)	(2,496)
Redemption of preferred shares	0	0	(225,050)
Distributions — common shares/units	(105,729)	(107,329)	(105,321)
Distributions — preferred shares	(16,094)	(16,094)	(21,770)
Proceeds from refundable membership deposits	29	656	1,658
Repayments of refundable membership deposits	(754)	(790)	(723)
Net cash provided by (used in) financing activities	1,717,743	(334,223)	(532,888)
Net change in cash and cash equivalents and restricted cash	75,278	(8,296)	5,031
Cash and cash equivalents and restricted cash, beginning of year	32,533	40,829	35,798
Cash and cash equivalents and restricted cash, end of period	$ 107,811	$ 32,533	$ 40,829

Organization

Organization	12 Months Ended
	Dec. 31, 2018
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, 2018 , the Company owned 63 hotels with a total of 15,253 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Chicago, Illinois; Key West, Florida; Miami (Coral Gables), Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; Stevenson, Washington; and Washington, D.C. 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, 2018 , 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") and LaSalle Hotel Lessee Inc. (collectively with its subsidiaries, "LHL"), the Company’s taxable REIT subsidiaries ("TRSs"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL and LHL are consolidated into the Company’s financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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 consolidated 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 related to business combinations 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. 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 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. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income 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 using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. 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, the Company's TRS lessees are 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. Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of December 31, 2017, the Company reclassified $7.5 million from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to clarify how to apply certain aspects of the new leases standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. Upon adoption, the Company currently expects to elect the practical expedients allowed under the guidance and retain the original lease classification and historical accounting for initial direct costs for leases existing prior to the adoption date. The Company also expects that it will elect not to restate prior periods for the impact of the adoption of the new standard and will instead recognize a cumulative-effect adjustment to beginning retained earnings in the period of adoption. These standards are 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 which the Company is the lessee. The Company expects to recognize right of use assets and corresponding liabilities of approximately $200.0 million to $300.0 million during the first quarter of 2019. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's 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. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. 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. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. 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. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties Merger with LaSalle Hotel Properties On November 30, 2018, the Company completed its merger with LaSalle Hotel Properties (“LaSalle”). Pursuant to the Agreement and Plan of Merger, dated as of September 6, 2018, as amended on September 18, 2018 (the “Merger Agreement”), by and among the Company, the Operating Partnership, Ping Merger Sub, LLC (“Merger Sub”), Ping Merger OP, LP (“Merger OP”), LaSalle and LaSalle Hotel Operating Partnership, L.P. (“LaSalle OP”). Pursuant to the Merger Agreement, on November 30, 2018, Merger OP merged with and into LaSalle OP (the “Partnership Merger”) with LaSalle OP surviving as a subsidiary of the Operating Partnership. Immediately following the Partnership Merger, LaSalle merged with and into Merger Sub (the “Company Merger” and, together with the Partnership Merger, the “Mergers”) with Merger Sub surviving as a wholly owned subsidiary of the Company. On December 3, 2018, Merger Sub assigned all of its rights and obligations to the Company and was liquidated and dissolved. Upon completion of the Company Merger and pursuant to the Merger Agreement, each issued and outstanding LaSalle common share of beneficial interest, $0.01 par value per share ("LaSalle common shares") (other than the 10.8 million LaSalle common shares held by the Company) was converted into the right to receive either (i) 0.92 of the Company's common shares and cash in lieu of fractional shares, if any; or (ii) $37.80 in cash, subject to certain adjustments and to any applicable withholding tax (the “Cash Consideration”). The maximum number of LaSalle common shares that were eligible to be converted into the right to receive the Cash Consideration was equal to 30% of the aggregate number of LaSalle common shares issued and outstanding immediately prior to completion of the Company Merger. The LaSalle common shares, held by the Company, were excluded from the cash election in the Company Merger and were cancelled. In addition, each issued and outstanding LaSalle 6.375% Series I cumulative redeemable preferred share was converted into the right to receive one of the Company's 6.375% Series E cumulative redeemable preferred shares and each issued and outstanding LaSalle 6.3% Series J cumulative redeemable preferred share was converted into the right to receive one of the Company's 6.3% Series F cumulative redeemable preferred shares. Upon completion of the Partnership Merger and under the terms of the Merger Agreement, each common unit of LaSalle OP (a “LaSalle OP Common Unit”) that was issued and outstanding immediately prior to completion of the Partnership Merger, other than LaSalle OP Common Units held by LaSalle and its subsidiaries, was cancelled and converted into the right to receive 0.92 common units of the Operating Partnership, without interest. No fractional common shares or OP units were issued in the Mergers, and the value of any fractional interests was paid in cash. The Company accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations . As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties: Property Location Ownership Interest Rooms Villa Florence San Francisco on Union Square San Francisco, CA 100 % 189 Hotel Vitale San Francisco, CA 100 % 200 The Marker San Francisco San Francisco, CA 100 % 208 Hotel Spero San Francisco, CA 100 % 236 Chaminade Resort & Spa Santa Cruz, CA 100 % 156 Harbor Court Hotel San Francisco San Francisco, CA 100 % 131 Viceroy Santa Monica Hotel Santa Monica, CA 100 % 162 Le Parc Suite Hotel West Hollywood, CA 100 % 154 Hotel Amarano Burbank Burbank, CA 100 % 132 Montrose West Hollywood West Hollywood, CA 100 % 133 Chamberlain West Hollywood Hotel West Hollywood, CA 100 % 115 Grafton on Sunset West Hollywood, CA 100 % 108 The Westin Copley Place, Boston Boston, MA 100 % 803 The Liberty, A Luxury Collection Hotel, Boston Boston, MA 99.99 % 298 Hyatt Regency Boston Harbor Boston, MA 100 % 270 Onyx Hotel Boston, MA 100 % 112 Hotel Palomar Washington DC Washington, DC 100 % 335 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 The Liaison Capitol Hill Washington, DC 100 % 343 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Rouge Hotel Washington, DC 100 % 137 Topaz Hotel Washington, DC 100 % 99 Hotel Madera Washington, DC 100 % 82 Paradise Point Resort & Spa San Diego, CA 100 % 462 Hilton San Diego Gaslamp Quarter San Diego, CA 100 % 286 Solamar Hotel San Diego, CA 100 % 235 L'Auberge Del Mar Del Mar, CA 100 % 121 Hilton San Diego Resort & Spa San Diego, CA 100 % 357 The Heathman Hotel Portland, OR 100 % 151 Southernmost Beach Resort Key West, FL 100 % 262 The Marker Key West Key West, FL 100 % 96 The Roger New York New York, NY 100 % 194 Hotel Chicago Downtown, Autograph Collection Chicago, IL 100 % 354 The Westin Michigan Avenue Chicago Chicago, IL 100 % 752 8,420 The total consideration for the Mergers was approximately $4.1 billion , which included the Company's issuance of approximately 61.4 million common shares valued at $34.92 per share to LaSalle common shareholders, the Company's issuance of 4.4 million Series E Preferred Shares valued at $23.10 per share to former LaSalle Series I preferred shareholders and 6.0 million Series F Preferred Shares valued at $22.10 per share to former LaSalle Series J preferred shareholders, the Operating Partnership's issuance of approximately 0.1 million OP units valued at $34.92 per unit to former LaSalle limited partners, and cash. Additionally, the Company's investment of 10.8 million of LaSalle common shares valued at $346.5 million is included in the total consideration. The Company recognized a loss of $3.3 million from this investment immediately prior to the closing of the merger and the loss is included in Other in the consolidated statements of operations and comprehensive income. The total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Preferred Series E shares 101,622 Preferred Series F shares 132,600 OP units 4,665 Cash 1,719,150 Total consideration $ 4,102,094 The Company preliminarily allocated the purchase price as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,120,370 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 171,660 Prepaid expenses and other assets 47,808 Accounts payable and accrued expenses (258,036 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094 The estimated fair values for the assets acquired and the liabilities assumed are preliminary and are subject to change during the measurement period as additional information related to the inputs and assumptions used in determining the fair value of the assets and liabilities becomes available. These estimated fair values are based on a valuation prepared by the Company with assistance of a third party valuation specialist. The Company reviewed the inputs used by the third party specialist as well as the allocation of the purchase price to ensure reasonableness. The Company and the third party valuation specialist have prepared the fair value estimates for each of the hotel properties acquired, and continue reviewing the underlying inputs and assumptions; therefore, the purchase price and its allocation, in their entirety, are not yet complete as of the date of this filing. Once the purchase price and allocation are complete, additional adjustment to the purchase price or allocation may occur. The Company used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired: • Investment in hotel properties — The Company estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties. • Intangible assets — The Company estimated the fair value of its lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The market lease intangible assets are amortized as adjustments to ground rent expense over the remaining terms of the respective leases. • Above market lease liabilities — The Company estimated the fair value of its above market lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The above market lease liabilities are included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The above market lease liabilities are amortized as adjustments to ground rent expense over the remaining terms of the respective leases. • Restricted cash reserves, hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, deferred revenues, accrued interest, and distributions payable — the carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. For the hotel properties acquired during the year ended December 31, 2018 , total revenues and operating income of $56.7 million and $15.9 million , respectively, from the date of acquisition (November 30, 2018) through December 31, 2018 are included in the accompanying consolidated statements of operations and comprehensive income. Other than the acquisition of the LaSalle portfolio, there were no other acquisitions of hotel properties during the year ended December 31, 2018 . For the year ended December 31, 2018 , the Company incurred $72.7 million in transaction costs and $2.0 million in integration costs in connection with the Mergers. The transaction costs primarily related to transfer taxes, financial advisory fees, loan commitment fees, legal, and other professional service fees in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs. The merger-related costs noted above are included in transaction costs in the accompanying consolidated statements of operations and comprehensive income. During the year ended December 31, 2017 , the Company did not acquire any hotel properties. During the year ended December 31, 2016 , the Company had no hotel acquisitions, other than obtaining full ownership of the Dumont NYC and Manhattan NYC from the Manhattan Collection joint venture redemption transaction. The following unaudited condensed pro forma financial information presents the results of operations as if the Mergers had taken place on January 1, 2017. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the Mergers had taken place on January 1, 2017, nor is it indicative of the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands): For the year ended December 31, 2018 2017 (unaudited) Total revenues $ 1,677,663 $ 1,687,275 Operating income (loss) 276,508 303,370 Net income (loss) attributable to common shareholders 110,635 151,340 Net income (loss) per share available to common shareholders — basic $ 0.85 1.16 Net income (loss) per share available to common shareholders — diluted $ 0.85 $ 1.16 Disposition of Hotel Properties 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 its 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. 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. On December 4, 2018 , the Company sold The Grand Hotel Minneapolis for $30.0 million . The Company recognized a loss of $2.1 million related to this hotel property. For the years ended December 31, 2018 , 2017 and 2016 , the Company's consolidated statements of operations included operating income of $4.5 million , $8.5 million and $12.5 million , respectively, related to the Dumont NYC , the parking garage at the Revere Hotel Boston Common and The Grand Hotel Minneapolis . The sales of the hotel property and parking garage described above did not represent a strategic shift that had a major effect on 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, 2018
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, December 31, 2017 Land $ 1,056,862 $ 448,401 Buildings and improvements 5,532,498 2,205,315 Furniture, fixtures and equipment 462,620 240,842 Construction in progress 25,643 9,514 Investment in hotel properties $ 7,077,623 $ 2,904,072 Less: Accumulated depreciation (543,430 ) (447,622 ) Investment in hotel properties, net $ 6,534,193 $ 2,456,450 As of December 31, 2018 and 2017 , buildings and improvements include capital lease assets of $92.0 million and $12.2 million , respectively, and accumulated depreciation includes amounts related to capital lease assets of $1.4 million and $1.0 million , respectively. Depreciation of capital lease assets 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 ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and Club ("LaPlaya") located in Naples, Florida were impacted by Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018. 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, 2018 , the Company reached a final agreement with the insurance carriers related to LaPlaya totaling $20.5 million , and the Company recognized a gain of $13.1 million , zero and zero for the years ended December 31, 2018 , 2017 and 2016 , respectively.

Investment in Joint Venture

Investment in Joint Venture	12 Months Ended
	Dec. 31, 2018
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 year ended December 31, 2018 2017 and 2016 , the Company had zero , zero and $(64.8) million , respectively, in equity in earnings (loss) from the joint venture.

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following as of December 31, 2018 and 2017 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2018 December 31, 2017 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 170,000 $ 45,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 170,000 $ 45,000 Unsecured term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 65,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Fifth Term Loan Floating (3) March 2019 — — Sixth Term Loan Tranche 2020 Floating (3) December 2020 250,000 — Tranche 2021 Floating (3) November 2021 300,000 — Tranche 2022 Floating (3) November 2022 400,000 — Tranche 2023 Floating (3) November 2023 400,000 — Tranche 2024 Floating (3) January 2024 400,000 — Total Sixth Term Loan 1,750,000 — Total term loans at stated value 2,425,000 675,000 Deferred financing costs, net (15,716 ) (4,594 ) Total term loans $ 2,409,284 $ 670,406 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 (531 ) (626 ) Total senior unsecured notes $ 99,469 $ 99,374 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 68,207 70,573 Deferred financing costs, net (62 ) (116 ) Total mortgage loans $ 68,145 $ 70,457 Total debt $ 2,746,898 $ 885,237 ________________________ (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. Unsecured Revolving Credit Facilities The Company has a $650.0 million senior unsecured credit facility maturing 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. As of December 31, 2018 , the Company had $170.0 million outstanding borrowings and $480.0 million borrowing capacity remaining on its senior unsecured credit facility. Interest is paid on the periodic advances under the senior unsecured revolving credit facility at varying rates, based upon either LIBOR or the alternate base rate, plus an additional margin amount. The Company has the ability to further 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 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. The Company also has a $10.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. This credit facility has substantially similar terms as our senior unsecured revolving credit facility, as amended and restated and matures in 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. As of December 31, 2018 , the Company had no borrowings under the PHL Credit Facility and had $10.0 million borrowing capacity remaining under the PHL Credit Facility. Under the terms of the credit agreement for the unsecured revolving credit facility, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million , may be issued on behalf of the Company by the lenders under the unsecured revolving credit facility. The Company will incur a fee that shall be agreed upon with the issuing bank. Any outstanding standby letters of credit reduce the available borrowings on the senior unsecured revolving credit facility by a corresponding amount. No standby letters of credit were outstanding at December 31, 2018 . As of December 31, 2018 , the Company was in compliance with the credit agreement debt covenants. Unsecured Term Loan Facilities The Company has senior unsecured term loans with different maturities. The unsecured term loans bear interest at a variable rate of a benchmark interest rate plus an applicable margin, depending on its leverage ratio. 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. As of December 31, 2018 , the Company was in compliance with all debt covenants of its term loan facilities. The Company entered into interest rate swap agreements to fix the LIBOR rate on a portion of these unsecured term loan facilities, see Derivative and Hedging Activities below. Senior Unsecured Notes The Company has unsecured notes outstanding, $60.0 million of senior unsecured notes bearing a fixed interest rate of 4.70% per annum and maturing in December 2023 (the "Series A Notes") and $40.0 million of senior unsecured notes bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 (the "Series B Notes"). The terms of the Series A Notes and the Series B Notes are substantially similar to those of its senior unsecured revolving credit facility, as amended and restated. As of December 31, 2018 , the Company was in compliance with all such debt covenants. Mortgage Debt The Company’s sole mortgage loan is secured by a first mortgage lien on the underlying property. The mortgage is non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2018 2017 2016 Unsecured revolving credit facilities $ 11,274 $ 3,914 $ 3,694 Unsecured term loan facilities 30,479 21,396 21,208 Senior unsecured notes 4,686 4,805 4,872 Mortgage debt 2,592 3,600 11,377 Amortization of deferred financing fees 2,565 2,397 2,737 Other 2,327 1,187 (273 ) Total interest expense $ 53,923 $ 37,299 $ 43,615 Future Minimum Principal Payments As of December 31, 2018 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2019 $ 2,455 2020 315,752 2021 500,000 2022 635,000 2023 760,000 Thereafter 550,000 Total debt principal payments 2,763,207 Mortgage loan premiums and deferred financing costs (16,309 ) Total debt $ 2,746,898 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, 2018 and 2017 was $164.3 million and $167.1 million , respectively. 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. On January 1, 2018, the Company adopted ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company's interest rate swaps consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 2018 December 31, 2017 Swap - cash flow 1.57% (1) May 2019 $ 100,000 $ — Swap - cash flow 1.57% (1) May 2019 62,500 — Swap - cash flow 1.57% (1) May 2019 15,000 — Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.74% January 2021 75,000 75,000 Swap - cash flow 1.75% January 2021 50,000 50,000 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.46% (1) January 2021 100,000 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 1.78% (1) January 2022 100,000 — Swap - cash flow 1.78% (1) January 2022 50,000 — Swap - cash flow 1.79% (1) January 2022 30,000 — Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 50,000 — Swap - cash flow 2.60% (3) January 2024 25,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — ________________________ (1) Swaps assumed from the LaSalle merger on November 30, 2018. (2) Swaps will be effective January 2019. (3) Swaps will be effective January 2020. 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, 2018 , the Company's derivative instruments were in an asset position, with aggregate net asset fair values of $15.1 million , in the accompanying consolidated balance sheets. For the year ended December 31, 2018 and 2017 , there was $(2.9) million and $6.0 million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income (loss). For the years ended December 31, 2018 , 2017 and 2016 , the Company recorded a gain (loss) of zero , $0.3 million and $0.3 million , respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the years ended December 31, 2018 , 2017 and 2016 , the Company reclassified $0.7 million , $3.4 million and $6.2 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $3.4 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company presents revenue on a disaggregated basis on the consolidated statements of operations and comprehensive income. The following table presents revenues by geographic location for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the year ended December 31, 2018 2017 2016 San Francisco, CA $ 193,708 $ 179,248 $ 186,139 Los Angeles, CA 128,016 124,979 134,129 San Diego, CA 78,965 69,447 69,863 Boston, MA 85,676 73,461 77,614 Seattle, WA 33,025 32,061 30,597 Portland, OR 98,265 100,070 97,743 Washington DC 34,731 27,586 35,113 Southern FL 63,824 50,916 67,990 Chicago, IL 3,885 — — Other (1) 108,583 111,549 117,233 $ 828,678 $ 769,317 $ 816,421 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA. Payments from customers are primarily made when services are provided. Due to the short-term nature of the Company's contracts and the almost simultaneous receipt of payment, almost all of the contract liability balance at the beginning of the year is expected to be recognized as revenue over the next 12 months.

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2018
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 (as amended, 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, 2018 , there were 1,207,886 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, 2018 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2016 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 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22 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, 2018 , 2017 and 2016 , the Company recognized approximately $2.0 million , $1.9 million and $1.8 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statement of operations. As of December 31, 2018 , 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 1.6 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, the Company issued 25,134 of common shares which represented achieving 49% of the 50,418 target number of shares for that measurement period. In January 2017, the Company issued 12,285 of common shares which represented achieving 25% of the 49,914 target number of shares for that measurement period. In January 2018, the Company issued 72,236 of common shares which represented achieving 145% of the 49,914 target number of shares for that measurement period. 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. In January 2018, these awards vested and the Company issued 14,089 and 2,501 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, 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. In January 2018, these awards vested and the Company issued 1,079 common shares to the employee. 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, 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. On February 14, 2018, the Board of Trustees approved a target award of 78,918 performance-based equity awards to officers and employees of the Company. These awards vest in 2021. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2021 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020. 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% February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% (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, 2018 , there was approximately $4.6 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.5 years. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $3.2 million , $2.6 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, 2018 , 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, 2018 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of December 31, 2018 , of the 236,351 units outstanding, 145,598 LTIP units have vested. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $1.1 million , $1.1 million and $1.1 million , respectively, in expense related to these LTIP units. As of December 31, 2018 , there was $1.1 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 0.5 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 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 November 30, 2018, in connection with the LaSalle merger, the Company issued 61,399,104 common shares. 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. Upon repurchase by the Company, common shares cease to be outstanding and become authorized but unissued common shares. For the year ended December 31, 2018 , the Company had no repurchases under this program and as of December 31, 2018 , $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 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, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.38 June 30, 2018 June 29, 2018 July 16, 2018 $ 0.38 September 30, 2018 September 28, 2018 October 15, 2018 $ 0.25 (1) December 31, 2018 November 29, 2018 January 15, 2019 $ 0.13 (1) December 31, 2018 December 31, 2018 January 15, 2019 (1) The Company declared pro-rated dividends in anticipation of and following the completion of the merger with LaSalle. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). On November 30, 2018, in connection with the LaSalle merger, the Company issued 4,400,000 of its Series E Cumulative Redeemable Preferred Shares ("Series E Preferred Shares") and 6,000,000 of its Series F Cumulative Redeemable Preferred Shares ("Series F Preferred Shares"). The following Preferred Shares were outstanding as of December 31, 2018 and 2017 : As of December 31, Security Type 2018 2017 6.50% Series C 5,000,000 5,000,000 6.375% Series D 5,000,000 5,000,000 6.375% Series E 4,400,000 — 6.30% Series F 6,000,000 — 20,400,000 10,000,000 The Series C Preferred Shares, Series D Preferred Shares, Series E Preferred Shares and Series F Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company could not redeem the Series C Preferred Shares prior to March 18, 2018, may not redeem the Series D Preferred Shares prior to June 9, 2021, could not redeem the Series E Preferred Shares prior to March 4, 2018 and may not redeem the Series F Preferred Shares prior to May 25, 2021, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after June 9, 2021, the Company may, at its option, redeem the Series D Preferred Shares, and at any time the Company may, at its option, redeem the Series C Preferred Shares, in each case 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, on each Series D Preferred Share is 1.9794 common shares, on each Series E Preferred Share is 1.9372 common shares and on each Series F Preferred Share is 2.0649 common shares. Preferred Dividends The Company declared the following dividends on preferred shares for the year ended December 31, 2018 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2018 March 29, 2018 April 16, 2018 6.50% Series C $ 0.41 June 30, 2018 June 29, 2018 July 16, 2018 6.50% Series C $ 0.41 September 30, 2018 September 28, 2018 October 15, 2018 6.50% Series C $ 0.41 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series D $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series D $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.375% Series D $ 0.40 September 30, 2018 September 28, 2018 October 15, 2018 6.375% Series D $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series E $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.30% Series F $ 0.39 December 31, 2018 December 31, 2018 January 15, 2019 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, 2018 and 2017 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at December 31, 2018 , 145,598 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. On November 30, 2018, in connection with the LaSalle merger, the Company issued 133,605 OP units in the Operating Partnership to third-party limited partners of LaSalle OP. As of December 31, 2018 and 2017 , the Operating Partnership had 133,605 and zero OP units held by third parties, respectively, excluding LTIP units.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
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, including our TRS lessees, are subject to federal, state and local income taxes. 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, 2018 , 2017 and 2016 : 2018 2017 2016 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.2040 77.57 % $ 1.3611 95.41 % $ 1.3794 95.14 % Qualified dividend 0.3482 22.43 % 0.0256 1.79 % 0.0704 4.86 % Capital gain — — % — — % — — % Return of capital — — % 0.0399 2.80 % — — % Total $ 1.5522 100.00 % $ 1.4266 100.00 % $ 1.4498 100.00 % Series A Preferred Shares: (1) Ordinary non-qualified income $ — — % $ — — % $ 0.2914 95.14 % Qualified dividend — — % — — % 0.0149 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 0.3063 100.00 % Series B Preferred Shares: (2) Ordinary non-qualified income $ — — % $ — — % $ 1.3109 95.14 % Qualified dividend — — % — — % 0.0669 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 1.3778 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.2605 77.57 % $ 1.1969 98.20 % $ 1.5461 95.14 % Qualified dividend 0.3645 22.43 % 0.0219 1.80 % 0.0789 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.2188 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.2363 77.57 % $ 1.1739 98.21 % $ 0.9099 95.15 % Qualified dividend 0.3575 22.43 % 0.0214 1.79 % 0.0464 4.85 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.5938 100.00 % $ 1.1953 100.00 % $ 0.9563 100.00 % Series E Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % Series F Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % (1) Redeemed in full in March 2016. (2) Redeemed in full in September 2016. (3) Issued upon completion of the Company's merger with LaSalle on November 30, 2018. 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. Of the common distributions declared on November 19, 2018 and December 14, 2018 and paid on January 15, 2019, $0.3478 was treated as a 2019 distribution for tax purposes. The preferred share distributions declared on December 14, 2018 and paid on January 15, 2019, $0.4063 per Series C Preferred Share, $0.3984 per Series D Preferred Share, $0.3984 per Series E Preferred Share and $0.3938 per Series F Preferred Share were treated as 2019 distributions for tax purposes. For the years ended December 31, 2018 , 2017 and 2016 , the Operating Partnership income tax expenses was zero , zero and $0.5 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, 2018 2017 2016 Federal Current $ 1,696 $ 4 $ (27 ) Deferred (248 ) (89 ) (353 ) State and local Current 426 9 93 Deferred (66 ) 224 (171 ) Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) 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, 2018 2017 2016 Statutory federal tax expense (benefit) $ 1,349 $ (418 ) $ (618 ) State income tax expense (benefit), net of federal tax (benefit) expense 271 231 (110 ) Other 188 335 270 Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) 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, 2018 and 2017 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2015 and 2014, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ (4,073 ) $ 83,794 $ 46,952 Less: dividends paid on unvested share-based compensation (332 ) (415 ) (483 ) Net income (loss) available to common shareholders $ (4,405 ) $ 83,379 $ 46,469 Denominator: Weighted-average number of common shares — basic 74,286,307 69,591,973 71,901,499 Effect of dilutive share-based compensation — 392,864 471,743 Weighted-average number of common shares — diluted 74,286,307 69,984,837 72,373,242 Net income (loss) per share available to common shareholders — basic $ (0.06 ) $ 1.20 $ 0.65 Net income (loss) per share available to common shareholders — diluted $ (0.06 ) $ 1.19 $ 0.64 For the years ended December 31, 2018 , 2017 and 2016 , 343,941 , 6,319 and 114,889 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 and OP 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, 2018
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 1 year to 22 years, not including renewals, and 1 year 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 eight 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 1% 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 $24.5 million , $23.4 million and $24.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2018 and December 31, 2017 , the Company had $24.4 million and $7.1 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. Ground and Hotel Leases As of December 31, 2018 , the following hotels are subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zelos San Francisco Operating lease June 2097 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (1) Union Station Hotel Nashville, Autograph Collection Operating lease December 2105 Southernmost Beach Resort Operating lease April 2029 Hyatt Regency Boston Harbor Operating lease April 2077 Hilton San Diego Resort & Spa Operating lease July 2068 Paradise Point Resort & Spa Operating lease May 2050 Hotel Vitale Operating lease March 2056 (2) Viceroy Santa Monica Hotel Operating lease September 2065 The Westin Copley Place, Boston Operating lease December 2077 (3) The Liberty, A Luxury Collection Hotel, Boston Operating lease May 2080 Solamar Hotel Operating lease December 2102 Hotel Zeppelin San Francisco Operating and capital lease June 2059 (4) Harbor Court Hotel San Francisco Capital lease August 2052 The Roger New York Capital lease December 2044 (1) The expiration date assumes the exercise of all 19 five -year extension options. (2) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070 . (3) No payments are required through maturity. (4) The Company has a one -time extension of 30 years to 2089. The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in consumer price index ("CPI") and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as a national historic landmarks. 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 $14.5 million , $13.5 million and $12.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. In January 2019, the Company acquired the ground lease underlying the land of the Solamar Hotel for $6.9 million . 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, 2018 (in thousands): 2019 $ 18,882 2020 19,091 2021 19,223 2022 19,325 2023 19,429 Thereafter 1,219,303 Total $ 1,315,253 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, 2018
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, 2018 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 48,658 $ 33,999 $ 41,416 Interest capitalized $ — $ — $ 492 Income taxes paid $ 4,047 $ 575 $ 369 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 36,201 $ 28,381 $ 29,773 Distributions payable on preferred shares $ 7,558 $ 3,442 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 662 $ 503 $ 606 Accrued additions and improvements to hotel properties $ 8,620 $ 961 $ 4,717 Write-off of fully depreciated building, furniture, fixtures and equipment $ — $ 14,134 $ — Write-off of deferred financing costs $ — $ 5,956 $ 1,836 The Company also had the following transactions in connection with the LaSalle merger: Issuance of common shares $ 2,144,057 $ — $ — Issuance of Series E and F preferred shares $ 234,222 $ — $ — Issuance of OP units $ 4,665 $ — $ — Exchange of LaSalle shares as part of purchase price $ 346,544 $ — $ — 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, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 13, 2019 , the Board of Trustees granted awards of an aggregate of 84,648 service condition restricted common shares and 126,087 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 2022 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2019 through December 31, 2021. On February 14, 2019 , the Company sold The Liaison Capitol Hill for $111.0 million . On February 22, 2019 , the Company sold the Hotel Palomar Washington DC for $141.5 million .

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (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, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (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 $ 30,033 $ 22,500 $ 78,764 $ 18,769 $ 120,033 $ 31,700 $ 88,333 1928 6/22/2010 3-40 years InterContinental Buckhead Atlanta — 25,000 68,844 11,000 14,293 25,000 74,912 19,225 119,137 33,719 85,418 2004 7/1/2010 3-40 years Hotel Monaco Washington DC — — 60,630 2,441 22,559 — 75,530 10,100 85,630 22,373 63,257 1839 9/9/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 18,331 7,130 55,257 11,584 73,971 18,217 55,754 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 16,787 18,784 91,001 9,661 119,446 27,734 91,712 1972 11/19/2010 3-40 years Sofitel Philadelphia at Rittenhouse Square — 18,000 64,256 4,639 14,199 18,000 71,220 11,874 101,094 22,684 78,410 2000 12/3/2010 3-40 years Argonaut Hotel — — 79,492 4,247 8,121 — 83,608 8,252 91,860 24,139 67,721 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter (2 ) 68,207 25,537 86,089 6,850 21,875 25,537 104,392 10,422 140,351 30,272 110,079 1987 4/6/2011 1-40 years Hotel Monaco Seattle — 10,105 38,888 2,073 11,774 10,105 45,282 7,453 62,840 15,192 47,648 1969 4/7/2011 3-40 years Mondrian Los Angeles — 20,306 110,283 6,091 24,942 20,306 118,802 22,514 161,622 33,691 127,931 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 16,896 19,453 71,465 15,211 106,129 22,167 83,962 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 16,532 7,294 34,632 4,356 46,282 9,847 36,435 1913 4/4/2012 3-40 years Hotel Vintage Seattle — 8,170 23,557 706 8,421 8,170 29,351 3,333 40,854 7,547 33,307 1922 7/9/2012 3-40 years Hotel Vintage Portland — 6,222 23,012 1,093 15,858 6,222 34,667 5,296 46,185 9,104 37,081 1894 7/9/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 22,833 24,403 111,797 7,839 144,039 24,384 119,655 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 14,474 — 71,885 9,799 81,684 17,228 64,456 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 17,247 20,103 104,162 10,128 134,393 24,837 109,556 1988 1/29/2013 3-40 years Hotel Modera — 8,215 37,874 1,500 7,515 8,215 42,409 4,480 55,104 8,398 46,706 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 38,367 — 151,485 6,877 158,362 25,643 132,719 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco — 12,561 43,665 1,094 35,764 12,561 74,548 5,975 93,084 13,483 79,601 1913 5/22/2014 1-45 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 10,502 18,493 98,082 13,516 130,091 18,612 111,479 1909 7/17/2014 3-40 years Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel — 12,108 46,317 1,271 19,205 12,108 58,657 8,136 78,901 11,187 67,714 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 13,425 — 99,398 6,202 105,600 13,013 92,587 1972 11/20/2014 3-40 years Union Station Hotel Nashville, Autograph Collection — — 37,803 6,833 21,376 — 54,536 11,476 66,012 12,746 53,266 1900 12/10/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (45,079 ) 17,367 179,969 17,855 215,191 27,010 188,181 1972 12/18/2014 3-40 years LaPlaya Beach Resort and Club — 112,575 82,117 6,733 26,354 112,575 103,146 12,058 227,779 15,529 212,250 1968 5/21/2015 3-40 years Hotel Zoe Fisherman's Wharf — 29,125 90,323 2,500 18,955 29,125 104,740 7,038 140,903 13,741 127,162 1990 6/11/2015 2-40 years Villa Florence San Francisco on Union Square — 26,950 101,061 6,737 34 26,950 101,061 6,771 134,782 291 134,491 1908 11/30/2018 3-40 years Hotel Vitale — — 122,886 6,142 99 — 122,886 6,241 129,127 329 128,798 2005 11/30/2018 3-40 years The Marker San Francisco — 22,697 85,115 5,674 145 22,697 85,115 5,819 113,631 245 113,386 1910/1995 11/30/2018 3-40 years Hotel Spero — 21,371 80,140 5,343 141 21,371 80,140 5,484 106,995 231 106,764 1928/1999 11/30/2018 3-40 years Chaminade Resort & Spa — 13,088 49,081 3,544 330 13,088 49,081 3,874 66,043 141 65,902 1985 11/30/2018 3-40 years Harbor Court Hotel San Francisco — — 33,324 — 121 — 33,324 121 33,445 69 33,376 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — — 98,905 4,820 162 — 98,905 4,982 103,887 263 103,624 1967/2002 11/30/2018 3-40 years Le Parc Suite Hotel — 17,177 64,415 4,294 118 17,177 64,415 4,412 86,004 185 85,819 1970 11/30/2018 3-40 years Hotel Amarano Burbank — 14,292 53,597 3,573 47 14,292 53,597 3,620 71,509 154 71,355 2002 11/30/2018 3-40 years Montrose West Hollywood — 16,414 61,553 4,104 170 16,414 61,553 4,274 82,241 177 82,064 1976 11/30/2018 3-40 years Chamberlain West Hollywood Hotel — 12,720 47,701 3,180 687 12,720 47,701 3,867 64,288 137 64,151 1970/2005 11/30/2018 3-40 years Grafton on Sunset — 10,200 38,250 2,550 169 10,200 38,250 2,719 51,169 110 51,059 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — — 310,947 22,888 362 — 310,952 23,245 334,197 920 333,277 1983 11/30/2018 3-40 years The Liberty, A Luxury Collection Hotel, Boston — — 215,744 13,000 327 — 215,744 13,327 229,071 604 228,467 1851/2007 11/30/2018 3-40 years Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) Hyatt Regency Boston Harbor — — 125,444 6,309 60 — 125,444 6,369 131,813 336 131,477 1993 11/30/2018 3-40 years Onyx Hotel — 15,000 42,600 2,400 259 15,000 42,600 2,659 60,259 117 60,142 2004 11/30/2018 3-40 years Hotel Palomar Washington DC — 28,290 106,088 7,073 125 28,290 106,088 7,198 141,576 305 141,271 1962 11/30/2018 3-40 years Sofitel Washington DC Lafayette Square — 26,154 98,077 6,538 10 26,154 98,077 6,548 130,779 282 130,497 2002 11/30/2018 3-40 years The Liaison Capitol Hill — 22,200 83,250 5,550 129 22,200 83,313 5,616 111,129 240 110,889 1968 11/30/2018 3-40 years George Hotel — 17,078 64,043 4,270 26 17,078 64,043 4,296 85,417 184 85,233 1928 11/30/2018 3-40 years Mason & Rook Hotel — 16,490 61,839 4,123 172 16,490 61,839 4,295 82,624 178 82,446 1962 11/30/2018 3-40 years Donovan Hotel — 16,301 61,127 4,075 431 16,301 61,127 4,506 81,934 176 81,758 1972 11/30/2018 3-40 years Rouge Hotel — 8,600 32,250 2,150 146 8,600 32,250 2,296 43,146 93 43,053 1963 11/30/2018 3-40 years Topaz Hotel — 6,200 23,250 1,550 128 6,200 23,250 1,678 31,128 67 31,061 1963 11/30/2018 3-40 years Hotel Madera — 5,200 19,500 1,300 426 5,200 19,500 1,726 26,426 56 26,370 1963 11/30/2018 3-40 years Paradise Point Resort & Spa — — 204,133 13,254 1,147 — 204,133 14,401 218,534 583 217,951 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter — 35,976 136,708 7,195 323 35,976 136,708 7,518 180,202 370 179,832 2000 11/30/2018 3-40 years Solamar Hotel — — 74,730 4,801 21 — 74,730 4,822 79,552 213 79,339 2005 11/30/2018 3-40 years L'Auberge Del Mar — 32,749 93,006 5,240 237 32,749 93,006 5,477 131,232 256 130,976 1989 11/30/2018 3-40 years Hilton San Diego Resort & Spa — — 105,050 4,380 2,782 — 105,050 7,162 112,212 271 111,941 1962 11/30/2018 3-40 years The Heathman Hotel — 12,000 44,999 3,000 138 12,000 44,999 3,138 60,137 129 60,008 1927 11/30/2018 3-40 years Southernmost Beach Resort — 116,477 214,885 9,978 388 116,477 214,917 10,334 341,728 549 341,179 1958-2008 11/30/2018 3-40 years The Marker Key West — 33,198 58,808 2,846 95 33,198 58,808 2,941 94,947 156 94,791 2014 11/30/2018 3-40 years The Roger New York — — 46,489 — 54 — 46,489 54 46,543 97 46,446 1930/1998 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection — 32,240 120,900 8,060 101 32,240 120,900 8,161 161,301 348 160,953 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago — 34,349 128,807 8,587 295 34,348 128,807 8,883 172,038 371 171,667 1963/1972 11/30/2018 3-40 years $ 68,207 $ 1,081,352 $ 5,229,096 $ 315,211 $ 451,964 $ 1,056,861 $ 5,532,499 $ 488,263 $ 7,077,623 $ 543,430 $ 6,534,193 (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, 2018. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: 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 Acquisitions 4,120,641 Capital expenditures 95,348 Disposal of Assets (42,438 ) Balance at December 31, 2018 $ 7,077,623 Reconciliation of Accumulated Depreciation: 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 Depreciation 107,496 Disposal of Assets (11,688 ) Balance at December 31, 2018 $ 543,430 The aggregate cost of properties for federal income tax purposes is approximately $6,550,696 thousand as of December 31, 2018 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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 consolidated 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 related to business combinations 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.
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 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.
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income 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 using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. 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, the Company's TRS lessees are 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.
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of December 31, 2017, the Company reclassified $7.5 million from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to clarify how to apply certain aspects of the new leases standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. Upon adoption, the Company currently expects to elect the practical expedients allowed under the guidance and retain the original lease classification and historical accounting for initial direct costs for leases existing prior to the adoption date. The Company also expects that it will elect not to restate prior periods for the impact of the adoption of the new standard and will instead recognize a cumulative-effect adjustment to beginning retained earnings in the period of adoption. These standards are 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 which the Company is the lessee. The Company expects to recognize right of use assets and corresponding liabilities of approximately $200.0 million to $300.0 million during the first quarter of 2019. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's 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. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. 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. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. 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. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. 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 Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.

Acquisition and Disposition o_2

Acquisition and Disposition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Properties Acquired and Consideration	The total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Preferred Series E shares 101,622 Preferred Series F shares 132,600 OP units 4,665 Cash 1,719,150 Total consideration $ 4,102,094 As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties: Property Location Ownership Interest Rooms Villa Florence San Francisco on Union Square San Francisco, CA 100 % 189 Hotel Vitale San Francisco, CA 100 % 200 The Marker San Francisco San Francisco, CA 100 % 208 Hotel Spero San Francisco, CA 100 % 236 Chaminade Resort & Spa Santa Cruz, CA 100 % 156 Harbor Court Hotel San Francisco San Francisco, CA 100 % 131 Viceroy Santa Monica Hotel Santa Monica, CA 100 % 162 Le Parc Suite Hotel West Hollywood, CA 100 % 154 Hotel Amarano Burbank Burbank, CA 100 % 132 Montrose West Hollywood West Hollywood, CA 100 % 133 Chamberlain West Hollywood Hotel West Hollywood, CA 100 % 115 Grafton on Sunset West Hollywood, CA 100 % 108 The Westin Copley Place, Boston Boston, MA 100 % 803 The Liberty, A Luxury Collection Hotel, Boston Boston, MA 99.99 % 298 Hyatt Regency Boston Harbor Boston, MA 100 % 270 Onyx Hotel Boston, MA 100 % 112 Hotel Palomar Washington DC Washington, DC 100 % 335 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 The Liaison Capitol Hill Washington, DC 100 % 343 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Rouge Hotel Washington, DC 100 % 137 Topaz Hotel Washington, DC 100 % 99 Hotel Madera Washington, DC 100 % 82 Paradise Point Resort & Spa San Diego, CA 100 % 462 Hilton San Diego Gaslamp Quarter San Diego, CA 100 % 286 Solamar Hotel San Diego, CA 100 % 235 L'Auberge Del Mar Del Mar, CA 100 % 121 Hilton San Diego Resort & Spa San Diego, CA 100 % 357 The Heathman Hotel Portland, OR 100 % 151 Southernmost Beach Resort Key West, FL 100 % 262 The Marker Key West Key West, FL 100 % 96 The Roger New York New York, NY 100 % 194 Hotel Chicago Downtown, Autograph Collection Chicago, IL 100 % 354 The Westin Michigan Avenue Chicago Chicago, IL 100 % 752 8,420
Schedule of Purchase Price Allocation	The Company preliminarily allocated the purchase price as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,120,370 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 171,660 Prepaid expenses and other assets 47,808 Accounts payable and accrued expenses (258,036 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094
Schedule of Pro Forma Financial Information	The unaudited condensed pro forma financial information is as follows (in thousands): For the year ended December 31, 2018 2017 (unaudited) Total revenues $ 1,677,663 $ 1,687,275 Operating income (loss) 276,508 303,370 Net income (loss) attributable to common shareholders 110,635 151,340 Net income (loss) per share available to common shareholders — basic $ 0.85 1.16 Net income (loss) per share available to common shareholders — diluted $ 0.85 $ 1.16

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, December 31, 2017 Land $ 1,056,862 $ 448,401 Buildings and improvements 5,532,498 2,205,315 Furniture, fixtures and equipment 462,620 240,842 Construction in progress 25,643 9,514 Investment in hotel properties $ 7,077,623 $ 2,904,072 Less: Accumulated depreciation (543,430 ) (447,622 ) Investment in hotel properties, net $ 6,534,193 $ 2,456,450

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of December 31, 2018 and 2017 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2018 December 31, 2017 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 170,000 $ 45,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 170,000 $ 45,000 Unsecured term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 65,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Fifth Term Loan Floating (3) March 2019 — — Sixth Term Loan Tranche 2020 Floating (3) December 2020 250,000 — Tranche 2021 Floating (3) November 2021 300,000 — Tranche 2022 Floating (3) November 2022 400,000 — Tranche 2023 Floating (3) November 2023 400,000 — Tranche 2024 Floating (3) January 2024 400,000 — Total Sixth Term Loan 1,750,000 — Total term loans at stated value 2,425,000 675,000 Deferred financing costs, net (15,716 ) (4,594 ) Total term loans $ 2,409,284 $ 670,406 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 (531 ) (626 ) Total senior unsecured notes $ 99,469 $ 99,374 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 68,207 70,573 Deferred financing costs, net (62 ) (116 ) Total mortgage loans $ 68,145 $ 70,457 Total debt $ 2,746,898 $ 885,237 ________________________ (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.
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2018 2017 2016 Unsecured revolving credit facilities $ 11,274 $ 3,914 $ 3,694 Unsecured term loan facilities 30,479 21,396 21,208 Senior unsecured notes 4,686 4,805 4,872 Mortgage debt 2,592 3,600 11,377 Amortization of deferred financing fees 2,565 2,397 2,737 Other 2,327 1,187 (273 ) Total interest expense $ 53,923 $ 37,299 $ 43,615
Schedule of Future Minimum Principal Payments for Debt	As of December 31, 2018 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2019 $ 2,455 2020 315,752 2021 500,000 2022 635,000 2023 760,000 Thereafter 550,000 Total debt principal payments 2,763,207 Mortgage loan premiums and deferred financing costs (16,309 ) Total debt $ 2,746,898
Schedule of Interest Rate Swaps	The Company's interest rate swaps consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 2018 December 31, 2017 Swap - cash flow 1.57% (1) May 2019 $ 100,000 $ — Swap - cash flow 1.57% (1) May 2019 62,500 — Swap - cash flow 1.57% (1) May 2019 15,000 — Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.74% January 2021 75,000 75,000 Swap - cash flow 1.75% January 2021 50,000 50,000 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.46% (1) January 2021 100,000 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 1.78% (1) January 2022 100,000 — Swap - cash flow 1.78% (1) January 2022 50,000 — Swap - cash flow 1.79% (1) January 2022 30,000 — Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 50,000 — Swap - cash flow 2.60% (3) January 2024 25,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — ________________________ (1) Swaps assumed from the LaSalle merger on November 30, 2018. (2) Swaps will be effective January 2019. (3) Swaps will be effective January 2020.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the year ended December 31, 2018 2017 2016 San Francisco, CA $ 193,708 $ 179,248 $ 186,139 Los Angeles, CA 128,016 124,979 134,129 San Diego, CA 78,965 69,447 69,863 Boston, MA 85,676 73,461 77,614 Seattle, WA 33,025 32,061 30,597 Portland, OR 98,265 100,070 97,743 Washington DC 34,731 27,586 35,113 Southern FL 63,824 50,916 67,990 Chicago, IL 3,885 — — Other (1) 108,583 111,549 117,233 $ 828,678 $ 769,317 $ 816,421 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA.

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2016 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 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22
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% February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% (1) Amounts round to zero.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the year ended December 31, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.38 June 30, 2018 June 29, 2018 July 16, 2018 $ 0.38 September 30, 2018 September 28, 2018 October 15, 2018 $ 0.25 (1) December 31, 2018 November 29, 2018 January 15, 2019 $ 0.13 (1) December 31, 2018 December 31, 2018 January 15, 2019 (1) The Company declared pro-rated dividends in anticipation of and following the completion of the merger with LaSalle.
Schedule of Preferred Shares Outstanding	The following Preferred Shares were outstanding as of December 31, 2018 and 2017 : As of December 31, Security Type 2018 2017 6.50% Series C 5,000,000 5,000,000 6.375% Series D 5,000,000 5,000,000 6.375% Series E 4,400,000 — 6.30% Series F 6,000,000 — 20,400,000 10,000,000
Schedule of Preferred Dividends	The Company declared the following dividends on preferred shares for the year ended December 31, 2018 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2018 March 29, 2018 April 16, 2018 6.50% Series C $ 0.41 June 30, 2018 June 29, 2018 July 16, 2018 6.50% Series C $ 0.41 September 30, 2018 September 28, 2018 October 15, 2018 6.50% Series C $ 0.41 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series D $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series D $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.375% Series D $ 0.40 September 30, 2018 September 28, 2018 October 15, 2018 6.375% Series D $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series E $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.30% Series F $ 0.39 December 31, 2018 December 31, 2018 January 15, 2019

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 : 2018 2017 2016 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.2040 77.57 % $ 1.3611 95.41 % $ 1.3794 95.14 % Qualified dividend 0.3482 22.43 % 0.0256 1.79 % 0.0704 4.86 % Capital gain — — % — — % — — % Return of capital — — % 0.0399 2.80 % — — % Total $ 1.5522 100.00 % $ 1.4266 100.00 % $ 1.4498 100.00 % Series A Preferred Shares: (1) Ordinary non-qualified income $ — — % $ — — % $ 0.2914 95.14 % Qualified dividend — — % — — % 0.0149 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 0.3063 100.00 % Series B Preferred Shares: (2) Ordinary non-qualified income $ — — % $ — — % $ 1.3109 95.14 % Qualified dividend — — % — — % 0.0669 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 1.3778 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.2605 77.57 % $ 1.1969 98.20 % $ 1.5461 95.14 % Qualified dividend 0.3645 22.43 % 0.0219 1.80 % 0.0789 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.2188 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.2363 77.57 % $ 1.1739 98.21 % $ 0.9099 95.15 % Qualified dividend 0.3575 22.43 % 0.0214 1.79 % 0.0464 4.85 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.5938 100.00 % $ 1.1953 100.00 % $ 0.9563 100.00 % Series E Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % Series F Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % (1) Redeemed in full in March 2016. (2) Redeemed in full in September 2016. (3) Issued upon completion of the Company's merger with LaSalle on November 30, 2018.
Components of Income Tax Expense	The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2018 2017 2016 Federal Current $ 1,696 $ 4 $ (27 ) Deferred (248 ) (89 ) (353 ) State and local Current 426 9 93 Deferred (66 ) 224 (171 ) Income tax expense (benefit) $ 1,808 $ 148 $ (458 )
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2018 2017 2016 Statutory federal tax expense (benefit) $ 1,349 $ (418 ) $ (618 ) State income tax expense (benefit), net of federal tax (benefit) expense 271 231 (110 ) Other 188 335 270 Income tax expense (benefit) $ 1,808 $ 148 $ (458 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ (4,073 ) $ 83,794 $ 46,952 Less: dividends paid on unvested share-based compensation (332 ) (415 ) (483 ) Net income (loss) available to common shareholders $ (4,405 ) $ 83,379 $ 46,469 Denominator: Weighted-average number of common shares — basic 74,286,307 69,591,973 71,901,499 Effect of dilutive share-based compensation — 392,864 471,743 Weighted-average number of common shares — diluted 74,286,307 69,984,837 72,373,242 Net income (loss) per share available to common shareholders — basic $ (0.06 ) $ 1.20 $ 0.65 Net income (loss) per share available to common shareholders — diluted $ (0.06 ) $ 1.19 $ 0.64

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of December 31, 2018 , the following hotels are subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zelos San Francisco Operating lease June 2097 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (1) Union Station Hotel Nashville, Autograph Collection Operating lease December 2105 Southernmost Beach Resort Operating lease April 2029 Hyatt Regency Boston Harbor Operating lease April 2077 Hilton San Diego Resort & Spa Operating lease July 2068 Paradise Point Resort & Spa Operating lease May 2050 Hotel Vitale Operating lease March 2056 (2) Viceroy Santa Monica Hotel Operating lease September 2065 The Westin Copley Place, Boston Operating lease December 2077 (3) The Liberty, A Luxury Collection Hotel, Boston Operating lease May 2080 Solamar Hotel Operating lease December 2102 Hotel Zeppelin San Francisco Operating and capital lease June 2059 (4) Harbor Court Hotel San Francisco Capital lease August 2052 The Roger New York Capital lease December 2044 (1) The expiration date assumes the exercise of all 19 five -year extension options. (2) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070 . (3) No payments are required through maturity. (4) The Company has a one -time extension of 30 years to 2089.
Schedule of Future Minimum Rental Payments for Operating and Capital Leases	Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2018 (in thousands): 2019 $ 18,882 2020 19,091 2021 19,223 2022 19,325 2023 19,429 Thereafter 1,219,303 Total $ 1,315,253

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2018 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 48,658 $ 33,999 $ 41,416 Interest capitalized $ — $ — $ 492 Income taxes paid $ 4,047 $ 575 $ 369 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 36,201 $ 28,381 $ 29,773 Distributions payable on preferred shares $ 7,558 $ 3,442 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 662 $ 503 $ 606 Accrued additions and improvements to hotel properties $ 8,620 $ 961 $ 4,717 Write-off of fully depreciated building, furniture, fixtures and equipment $ — $ 14,134 $ — Write-off of deferred financing costs $ — $ 5,956 $ 1,836 The Company also had the following transactions in connection with the LaSalle merger: Issuance of common shares $ 2,144,057 $ — $ — Issuance of Series E and F preferred shares $ 234,222 $ — $ — Issuance of OP units $ 4,665 $ — $ — Exchange of LaSalle shares as part of purchase price $ 346,544 $ — $ — 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 (_2

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Consolidated Quarterly Operating Data	Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) 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

Organization (Details)

Organization (Details)	Dec. 31, 2018hotel_roomproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels owned by the company | property	63
Total number of guest rooms | hotel_room	15,253
Operating Partnership
Noncontrolling Interest [Line Items]
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 Accoun_3

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details)	12 Months Ended
	Dec. 31, 2018
Buildings, land improvements, and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings, land improvements, and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Recent Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable and accrued expenses		$ 360,279	$ 141,290
Deferred revenue		54,741	26,919
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable and accrued expenses			$ (7,500)
Deferred revenue		$ 7,500
Accounting Standards Update 2016-02 | Scenario, Forecast | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	$ 200,000
Lease liabilities	200,000
Accounting Standards Update 2016-02 | Scenario, Forecast | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	300,000
Lease liabilities	$ 300,000

Acquisition and Disposition o_3

Acquisition and Disposition of Hotel Properties - Merger with LaSalle Hotel Properties - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017$ / shares
Business Acquisition [Line Items]
Common shares of beneficial interest, par value (usd per share) | $ / shares		$ 0.01	$ 0.01
Transaction costs | $		$ 72,700
Integration costs | $		2,000
LaSalle Hotel Properties
Business Acquisition [Line Items]
Common exchange ratio, right to receive shares for each share of common stock	0.92
Right to receive cash in lieu of common shares (in usd per share) | $ / shares	$ 37.80
Maximum percentage of shares available to convert to cash	30.00%
Total consideration | $	$ 4,102,094
Revenues of acquired hotel properties since acquisition date | $		56,700
Operating income of acquired hotel properties since acquisition date | $		$ 15,900
LaSalle Hotel Properties
Business Acquisition [Line Items]
Common shares of beneficial interest, par value (usd per share) | $ / shares	$ 0.01
Series I preferred stock | LaSalle Hotel Properties
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.375%
Preferred Series E shares
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.375%	6.375%
Preferred Series E shares | LaSalle Hotel Properties
Business Acquisition [Line Items]
Preferred exchange ratio, right to receive shares for each share of common stock	1
Series J preferred stock | LaSalle Hotel Properties
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.30%
Preferred Series F shares
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.30%	6.30%
Preferred Series F shares | LaSalle Hotel Properties
Business Acquisition [Line Items]
Preferred exchange ratio, right to receive shares for each share of common stock	1
Common shares | LaSalle Hotel Properties
Business Acquisition [Line Items]
Equity interests issued (in shares) | shares	61,399,104
Equity interests issued (in usd per share) | $ / shares	$ 34.92
Preferred shares | Preferred Series E shares | LaSalle Hotel Properties
Business Acquisition [Line Items]
Equity interests issued (in shares) | shares	4,400,000
Equity interests issued (in usd per share) | $ / shares	$ 23.10
Preferred shares | Preferred Series F shares | LaSalle Hotel Properties
Business Acquisition [Line Items]
Equity interests issued (in shares) | shares	6,000,000
Equity interests issued (in usd per share) | $ / shares	$ 22.10
Operating partnership units | LaSalle Hotel Properties
Business Acquisition [Line Items]
Equity interests issued (in shares) | shares	133,605
Equity interests issued (in usd per share) | $ / shares	$ 34.92
LaSalle Hotel Properties
Business Acquisition [Line Items]
Common shares held prior to acquisition (in shares) | shares	10,800,000
Value of common shares held prior to acquisition | $	$ 346,500
Loss on investment prior to acquisition | $	$ 3,300

Acquisition and Disposition o_4

Acquisition and Disposition of Hotel Properties - Properties Acquired (Details)	Nov. 30, 2018hotel_roomproperty	Dec. 31, 2018hotel_room
Business Acquisition [Line Items]
Rooms		15,253
LaSalle Hotel Properties
Business Acquisition [Line Items]
Number of hotel properties acquired | property	36
Rooms	8,420
LaSalle Hotel Properties | Villa Florence San Francisco on Union Square
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	189
LaSalle Hotel Properties | Hotel Vitale
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	200
LaSalle Hotel Properties | The Marker San Francisco
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	208
LaSalle Hotel Properties | Hotel Spero
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	236
LaSalle Hotel Properties | Chaminade Resort & Spa
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	156
LaSalle Hotel Properties | Harbor Court Hotel San Francisco
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	131
LaSalle Hotel Properties | Viceroy Santa Monica Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	162
LaSalle Hotel Properties | Le Parc Suite Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	154
LaSalle Hotel Properties | Hotel Amarano Burbank
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	132
LaSalle Hotel Properties | Montrose West Hollywood
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	133
LaSalle Hotel Properties | Chamberlain West Hollywood Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	115
LaSalle Hotel Properties | Grafton on Sunset
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	108
LaSalle Hotel Properties | The Westin Copley Place, Boston
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	803
LaSalle Hotel Properties | The Liberty, A Luxury Collection Hotel, Boston
Business Acquisition [Line Items]
Ownership Interest	99.99%
Rooms	298
LaSalle Hotel Properties | Hyatt Regency Boston Harbor
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	270
LaSalle Hotel Properties | Onyx Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	112
LaSalle Hotel Properties | Hotel Palomar Washington DC
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	335
LaSalle Hotel Properties | Sofitel Washington DC Lafayette Square
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	237
LaSalle Hotel Properties | The Liaison Capitol Hill
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	343
LaSalle Hotel Properties | George Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	139
LaSalle Hotel Properties | Mason & Rook Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	178
LaSalle Hotel Properties | Donovan Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	193
LaSalle Hotel Properties | Rouge Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	137
LaSalle Hotel Properties | Topaz Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	99
LaSalle Hotel Properties | Hotel Madera
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	82
LaSalle Hotel Properties | Paradise Point Resort & Spa
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	462
LaSalle Hotel Properties | Hilton San Diego Gaslamp Quarter
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	286
LaSalle Hotel Properties | Solamar Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	235
LaSalle Hotel Properties | L'Auberge Del Mar
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	121
LaSalle Hotel Properties | Hilton San Diego Resort & Spa
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	357
LaSalle Hotel Properties | The Heathman Hotel
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	151
LaSalle Hotel Properties | Southernmost Beach Resort
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	262
LaSalle Hotel Properties | The Marker Key West
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	96
LaSalle Hotel Properties | The Roger New York
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	194
LaSalle Hotel Properties | Hotel Chicago Downtown, Autograph Collection
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	354
LaSalle Hotel Properties | The Westin Michigan Avenue Chicago
Business Acquisition [Line Items]
Ownership Interest	100.00%
Rooms	752

Acquisition and Disposition o_5

Acquisition and Disposition of Hotel Properties - Purchase Consideration (Details) - LaSalle Hotel Properties $ in Thousands	Nov. 30, 2018USD ($)
Business Acquisition [Line Items]
Cash	$ 1,719,150
Total consideration	4,102,094
Common shares
Business Acquisition [Line Items]
Equity interests issued	2,144,057
Preferred shares | Preferred Series E shares
Business Acquisition [Line Items]
Equity interests issued	101,622
Preferred shares | Preferred Series F shares
Business Acquisition [Line Items]
Equity interests issued	132,600
Operating partnership units
Business Acquisition [Line Items]
Equity interests issued	$ 4,665

Acquisition and Disposition o_6

Acquisition and Disposition of Hotel Properties - Purchase Price Allocation (Details) - LaSalle Hotel Properties $ in Thousands	Nov. 30, 2018USD ($)
Business Acquisition [Line Items]
Investment in hotel properties	$ 4,120,370
Restricted cash reserves	14,784
Hotel and other receivables	34,669
Intangible assets	171,660
Prepaid expenses and other assets	47,808
Accounts payable and accrued expenses	(258,036)
Deferred revenues	(23,816)
Accrued interest	(2,496)
Distributions payable	(2,744)
Other	(105)
Total consideration	$ 4,102,094

Acquisition and Disposition o_7

Acquisition and Disposition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Total revenues	$ 1,677,663	$ 1,687,275
Operating income (loss)	276,508	303,370
Net income (loss) attributable to common shareholders	$ 110,635	$ 151,340
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ 0.85	$ 1.16
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ 0.85	$ 1.16

Acquisition and Disposition o_8

Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 04, 2018	Jun. 23, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 20, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel properties				$ (2,147)	$ 14,877	$ 40,690
Operating income from disposed properties				$ 4,500	$ 8,500	$ 12,500
Dumont NYC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for asset sold							$ 118,000
Impairment loss			$ 1,000
Parking garage at Revere Boston Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for asset sold		$ 95,000
Gain (loss) on sale of hotel properties		$ 13,900
The Grand Hotel Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received for asset sold	$ 30,000
Gain (loss) on sale of hotel properties	$ (2,100)

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment in hotel properties
Land	$ 1,056,862	$ 448,401
Buildings and improvements	5,532,498	2,205,315
Furniture, fixtures and equipment	462,620	240,842
Construction in progress	25,643	9,514
Investment in hotel properties	7,077,623	2,904,072
Less: Accumulated depreciation	(543,430)	(447,622)
Investment in hotel properties, net	6,534,193	2,456,450
Capital lease assets	92,000	12,200
Capital leased assets, accumulated depreciation	1,400	1,000
Real Estate Properties [Line Items]
Gain on insurance settlement	13,954	0	$ 0
LaPlaya Beach Resort and Club
Real Estate Properties [Line Items]
Insurance settlement	20,500
Gain on insurance settlement	$ 13,100	$ 0	$ 0

Investment in Joint Venture (De

Investment in Joint Venture (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 19, 2016property	Jul. 29, 2011property
Schedule of Equity Method Investments [Line Items]
Number of properties owned	63
Equity in earnings (loss) of joint venture | $	$ 0	$ 0	$ (64,842)
Manhattan Collection joint venture
Schedule of Equity Method Investments [Line Items]
Equity interest issued in a joint venture					49.00%
Number of properties owned					6
Equity in earnings (loss) of joint venture | $	$ 0	$ 0	$ (64,800)
Manhattan NYC & Dumont NYC
Schedule of Equity Method Investments [Line Items]
Number of properties owned				2
Manhattan NYC & Dumont NYC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				100.00%

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt	$ 2,763,207,000
Deferred financing costs, net	(16,309,000)
Total debt	2,746,898,000	$ 885,237,000
Unsecured debt | Revolving credit facilities
Debt Instrument [Line Items]
Debt	170,000,000	45,000,000
Unsecured debt | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Debt	170,000,000	45,000,000
Unsecured debt | Revolving credit facilities | PHL unsecured credit facility
Debt Instrument [Line Items]
Debt	0	0
Unsecured debt | Unsecured term loans
Debt Instrument [Line Items]
Debt	2,425,000,000	675,000,000
Deferred financing costs, net	(15,716,000)	(4,594,000)
Total debt	2,409,284,000	670,406,000
Unsecured debt | Unsecured term loans | First Term Loan
Debt Instrument [Line Items]
Debt	300,000,000	300,000,000
Unsecured debt | Unsecured term loans | Second Term Loan
Debt Instrument [Line Items]
Debt	65,000,000	65,000,000
Unsecured debt | Unsecured term loans | Third Term Loan
Debt Instrument [Line Items]
Debt	200,000,000	200,000,000
Unsecured debt | Unsecured term loans | Fourth Term Loan
Debt Instrument [Line Items]
Debt	110,000,000	110,000,000
Unsecured debt | Unsecured term loans | Fifth Term Loan
Debt Instrument [Line Items]
Debt	0	0
Unsecured debt | Unsecured term loans | Sixth Term Loan
Debt Instrument [Line Items]
Debt	1,750,000,000	0
Unsecured debt | Unsecured term loans | Tranche 2020
Debt Instrument [Line Items]
Debt	250,000,000	0
Unsecured debt | Unsecured term loans | Tranche 2021
Debt Instrument [Line Items]
Debt	300,000,000	0
Unsecured debt | Unsecured term loans | Tranche 2022
Debt Instrument [Line Items]
Debt	400,000,000	0
Unsecured debt | Unsecured term loans | Tranche 2023
Debt Instrument [Line Items]
Debt	400,000,000	0
Unsecured debt | Unsecured term loans | Tranche 2024
Debt Instrument [Line Items]
Debt	400,000,000	0
Senior unsecured notes
Debt Instrument [Line Items]
Debt	100,000,000	100,000,000
Deferred financing costs, net	(531,000)	(626,000)
Total debt	$ 99,469,000	99,374,000
Senior unsecured notes | Series A Notes
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt	$ 60,000,000	60,000,000
Senior unsecured notes | Series B Notes
Debt Instrument [Line Items]
Interest Rate	4.93%
Debt	$ 40,000,000	40,000,000
Mortgage loans
Debt Instrument [Line Items]
Deferred financing costs, net	(62,000)	(116,000)
Total debt	$ 68,145,000	70,457,000
Mortgage loans | The Westin San Diego Gaslamp Quarter
Debt Instrument [Line Items]
Interest Rate	3.69%
Debt	$ 68,207,000	$ 70,573,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Debt outstanding	$ 2,763,207,000
Estimated fair value of debt	164,300,000	$ 167,100,000
Unrealized gain (loss) on derivative instruments	(2,907,000)	6,001,000	$ 2,438,000
(Gain) loss on derivative instruments	0	265,000	283,000
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value	15,100,000
Unrealized gain (loss) on derivative instruments	(2,900,000)	6,000,000
(Gain) loss on derivative instruments	0	300,000	300,000
Expected reclassifications in next 12 months	3,400,000
Interest rate swaps | Interest expense
Line of Credit Facility [Line Items]
Reclassification from AOCI to interest expense	700,000	3,400,000	$ 6,200,000
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	30,000,000
Unsecured debt | Revolving credit facilities
Line of Credit Facility [Line Items]
Debt outstanding	170,000,000	45,000,000
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	650,000,000
Debt outstanding	170,000,000	45,000,000
Remaining borrowing capacity	480,000,000
Maximum borrowing capacity potential increase (up to)	$ 1,300,000,000
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum
Line of Credit Facility [Line Items]
Unused commitment fee annual rate	0.20%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus	1.45%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum
Line of Credit Facility [Line Items]
Unused commitment fee annual rate	0.30%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus	2.25%
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Debt outstanding	0	0
Remaining borrowing capacity	$ 10,000,000
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities | Minimum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus	1.45%
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities | Maximum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus	2.25%
Senior unsecured notes
Line of Credit Facility [Line Items]
Debt outstanding	$ 100,000,000	100,000,000
Senior unsecured notes | Series A Notes
Line of Credit Facility [Line Items]
Debt outstanding	$ 60,000,000	60,000,000
Stated interest rate	4.70%
Senior unsecured notes | Series B Notes
Line of Credit Facility [Line Items]
Debt outstanding	$ 40,000,000	$ 40,000,000
Stated interest rate	4.93%

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 2,565	$ 2,397	$ 2,737
Other	2,327	1,187	(273)
Total interest expense	53,923	37,299	43,615
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	4,686	4,805	4,872
Mortgage loans
Debt Instrument [Line Items]
Interest expense, debt	2,592	3,600	11,377
Unsecured revolving credit facilities | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	11,274	3,914	3,694
Unsecured term loans | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	$ 30,479	$ 21,396	$ 21,208

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 2,455
2,020	315,752
2,021	500,000
2,022	635,000
2,023	760,000
Thereafter	550,000
Total debt principal payments	2,763,207
Mortgage loan premiums and deferred financing costs	(16,309)
Total debt	$ 2,746,898	$ 885,237

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - Cash flow hedging - Designated as hedging instrument - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Interest rate swap - May 2019 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 100,000,000	$ 0
Interest rate swap - May 2019 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 62,500,000	0
Interest rate swap - May 2019 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 15,000,000	0
Interest rate swap - January 2020 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.63%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2020 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.63%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2020 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.46%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2020 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.46%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2020 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.66%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2020 - 6
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.66%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2021 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.74%
Notional value	$ 75,000,000	75,000,000
Interest rate swap - January 2021 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.75%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2021 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.53%
Notional value	$ 37,500,000	37,500,000
Interest rate swap - January 2021 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.53%
Notional value	$ 37,500,000	37,500,000
Interest rate swap - January 2021 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.46%
Notional value	$ 100,000,000	0
Interest rate swap - January 2021 - 6
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	0
Interest rate swap - January 2021 - 7
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	0
Interest rate swap - January 2021 - 8
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	0
Interest rate swap - January 2021 - 9
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	0
Interest rate swap - October 2021 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000,000	0
Interest rate swap - October 2021 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000,000	0
Interest rate swap - January 2022 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 100,000,000	0
Interest rate swap - January 2022 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 50,000,000	0
Interest rate swap - January 2022 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.79%
Notional value	$ 30,000,000	0
Interest rate swap - April 2022 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.68%
Notional value	$ 25,000,000	25,000,000
Interest rate swap - April 2022 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.68%
Notional value	$ 25,000,000	25,000,000
Interest rate swap - April 2022 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.64%
Notional value	$ 25,000,000	25,000,000
Interest rate swap - April 2022 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.64%
Notional value	$ 25,000,000	25,000,000
Interest rate swap - January 2024 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 75,000,000	0
Interest rate swap - January 2024 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 50,000,000	0
Interest rate swap - January 2024 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 25,000,000	0
Interest rate swap - January 2024 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 75,000,000	0
Interest rate swap - January 2024 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 75,000,000	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Abstract]
Total revenues	$ 235,642	$ 205,480	$ 206,501	$ 181,055	$ 179,629	$ 201,793	$ 205,717	$ 182,178	$ 828,678	$ 769,317	$ 816,421
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues									193,708	179,248	186,139
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues									128,016	124,979	134,129
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues									78,965	69,447	69,863
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues									85,676	73,461	77,614
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues									33,025	32,061	30,597
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues									98,265	100,070	97,743
Washington DC
Disaggregation of Revenue [Abstract]
Total revenues									34,731	27,586	35,113
Southern FL
Disaggregation of Revenue [Abstract]
Total revenues									63,824	50,916	67,990
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues									3,885	0	0
Other
Disaggregation of Revenue [Abstract]
Total revenues									$ 108,583	$ 111,549	$ 117,233

Share-Based Compensation Plan -

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

Feb. 14, 2018shares

Feb. 15, 2017shares

Feb. 10, 2016shares

Jul. 27, 2015shares

Feb. 11, 2015shares

Feb. 04, 2014shares

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

Jan. 30, 2013shares

Jan. 31, 2018shares

Jan. 31, 2017shares

Jan. 31, 2016shares

Dec. 31, 2018USD ($)classshares

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)shares

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

6 years

Common shares available for issuance under the Plan (in shares)

1,207,886

LTIP units, outstanding (in shares)

236,351

236,351

LTIP units, vested (shares)

145,598

Restricted common shares

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 2

$ 1.9

$ 1.8

Total unrecognized compensation cost | $

$ 2.2

Weighted average remaining vesting period

1 year 7 months

Awards granted (in shares)

52,609

59,139

68,535

Awards vested (in shares)

61,982

57,559

52,452

Restricted common shares | Minimum

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

3 years

Restricted common shares | Maximum

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

5 years

Performance-based shares

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 3.2

$ 2.6

$ 5.6

Total unrecognized compensation cost | $

$ 4.6

Weighted average remaining vesting period

1 year 6 months

Performance-based shares | January 30, 2013

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

72,118

Performance-based shares | January 30, 2013 | Officer awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

120,730

Performance-based shares | January 30, 2013 | Non-executive management awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

56,562

Performance-based shares | December 13, 2013

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

252,088

Performance-based shares | December 2013 - Tranche 1

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

50,418

Awards vested (in shares)

25,134

Estimated shares expected to vest, percent

49.00%

Performance-based shares | December 2013 - Tranche 2

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

49,914

Awards vested (in shares)

12,285

Estimated shares expected to vest, percent

25.00%

Performance-based shares | December 2013 - Tranche 3

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

49,914

Awards vested (in shares)

72,236

Estimated shares expected to vest, percent

145.00%

Performance-based shares | February 4, 2014

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

66,483

Performance-based shares | February 4, 2014 | Officer awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

112,782

Performance-based shares | February 4, 2014 | Non-executive management awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

25,619

Performance-based shares | February 11, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

44,962

Performance-based shares | February 11, 2015 | Officer awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

14,089

Performance-based shares | February 11, 2015 | Non-executive management awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

2,501

Performance-based shares | July 27, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

771

Performance-based shares | July 27, 2015 | Non-executive management awards

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

1,079

Performance-based shares | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

100,919

Shares expected to vest, not subject to maximum (in shares)

17,372

Performance-based shares | February 15, 2017

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

81,939

Performance-based shares | February 14, 2018

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

78,918

Performance-based shares | Minimum | December 13, 2013

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

0.00%

Performance-based shares | Minimum | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

0.00%

Performance-based shares | Minimum | February 15, 2017

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

0.00%

Performance-based shares | Minimum | February 14, 2018

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

0.00%

Performance-based shares | Maximum | December 13, 2013

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

200.00%

Performance-based shares | Maximum | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

200.00%

Performance-based shares | Maximum | February 15, 2017

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

200.00%

Performance-based shares | Maximum | February 14, 2018

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

200.00%

LTIP units

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 1.1

$ 1.1

$ 1.1

Total unrecognized compensation cost | $

$ 1.1

Weighted average remaining vesting period

6 months

Classes of LTIP units | class

2

LTIP Class B units

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

5 years

LTIP units granted (shares)

226,882

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

$ 29.19

Grant date fair value of LTIP unit awards | $

$ 6.6

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Restricted common shares - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shares
Unvested beginning balance (in shares)	137,105	135,891	124,617
Granted (in shares)	52,609	59,139	68,535
Vested (in shares)	(61,982)	(57,559)	(52,452)
Forfeited (in shares)	0	(366)	(4,809)
Unvested ending balance (in shares)	127,732	137,105	135,891
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share)	$ 30.05	$ 30.82	$ 35.46
Granted (in usd per share)	36.86	29.68	23.87
Vested (in usd per share)	31.35	31.50	32.79
Forfeited (in usd per share)	0	28.01	30.66
Unvested ending balance (in usd per share)	$ 32.22	$ 30.05	$ 30.82

Share-Based Compensation Plan_3

Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-based shares - USD ($) $ in Millions	Feb. 14, 2018	Feb. 15, 2017	Feb. 10, 2016	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Dec. 13, 2013	Jan. 30, 2013
January 30, 2013 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award									30.00%
Grant date fair value by component									$ 0.7
Volatility									31.00%
Interest rate									0.41%
Dividend yield									2.20%
January 30, 2013 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award									30.00%
Grant date fair value by component									$ 0.5
Volatility									31.00%
Interest rate									0.41%
Dividend yield									2.20%
January 30, 2013 | EBITDA Comparison
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award									40.00%
Grant date fair value by component									$ 0.7
Volatility									31.00%
Interest rate									0.41%
Dividend yield									2.20%
December 13, 2013 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award							50.00%
Grant date fair value by component							$ 4.7
Volatility							29.00%
Dividend yield							2.40%
December 13, 2013 | Relative Total Shareholder Return | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate								0.34%
December 13, 2013 | Relative Total Shareholder Return | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate								2.25%
December 13, 2013 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award							50.00%
Grant date fair value by component							$ 2.9
Volatility							29.00%
Dividend yield							2.40%
December 13, 2013 | Absolute Total Shareholder Return | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate								0.34%
December 13, 2013 | Absolute Total Shareholder Return | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate								2.25%
February 4, 2014 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award						30.00%
Grant date fair value by component						$ 0.7
Volatility						29.00%
Interest rate						0.62%
Dividend yield						2.40%
February 4, 2014 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award						30.00%
Grant date fair value by component						$ 0.5
Volatility						29.00%
Interest rate						0.62%
Dividend yield						2.40%
February 4, 2014 | EBITDA Comparison
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award						40.00%
Grant date fair value by component						$ 0.8
Volatility						29.00%
Interest rate						0.62%
Dividend yield						2.40%
February 11, 2015 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award					30.00%
Grant date fair value by component					$ 0.9
Volatility					22.00%
Interest rate					1.02%
Dividend yield					2.50%
February 11, 2015 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award					40.00%
Grant date fair value by component					$ 0.7
Volatility					22.00%
Interest rate					1.02%
Dividend yield					2.50%
February 11, 2015 | EBITDA Comparison
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award					30.00%
Grant date fair value by component					$ 0.7
Volatility					22.00%
Interest rate					1.02%
Dividend yield					2.50%
July 27, 2015 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award				30.00%
Grant date fair value by component				$ 0
Volatility				22.00%
Interest rate				0.68%
Dividend yield				2.50%
July 27, 2015 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award				40.00%
Grant date fair value by component				$ 0
Volatility				22.00%
Interest rate				0.68%
Dividend yield				2.50%
July 27, 2015 | EBITDA Comparison
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award				30.00%
Grant date fair value by component				$ 0
Volatility				22.00%
Interest rate				0.68%
Dividend yield				2.50%
February 10, 2016 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award			70.00%
Grant date fair value by component			$ 1.6
Volatility			25.00%
Interest rate			0.71%
Dividend yield			3.00%
February 10, 2016 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award			15.00%
Grant date fair value by component			$ 0.2
Volatility			25.00%
Interest rate			0.71%
Dividend yield			3.00%
February 10, 2016 | EBITDA Comparison
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award			15.00%
Grant date fair value by component			$ 0.4
Volatility			25.00%
Interest rate			0.71%
Dividend yield			3.00%
February 15, 2017 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award		65.00%
February 15, 2017 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award		35.00%
February 15, 2017 | Relative and Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value by component		$ 2.7
Volatility		28.00%
Interest rate		1.27%
Dividend yield		5.60%
February 14, 2018 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	65.00%
February 14, 2018 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	35.00%
February 14, 2018 | Relative and Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value by component	$ 3.5
Volatility	28.00%
Interest rate	2.37%
Dividend yield	4.70%

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	Nov. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Jul. 27, 2017	Mar. 01, 2017	Feb. 22, 2016	Mar. 05, 2014
Common Shares
Common shares of beneficial interest, authorized (in shares)		500,000,000	500,000,000
Common shares of beneficial interest, par value (usd per share)		$ 0.01	$ 0.01
Preferred Shares
Preferred shares of beneficial interest, authorized (in shares)		100,000,000	100,000,000
Preferred shares of beneficial interest, par value (usd per share)		$ 0.01	$ 0.01
Non-controlling Interest of Common Units in Operating Partnership
LTIP units, outstanding (in shares)		236,351	236,351
LTIP units, vested (shares)		145,598
Operating Partnership units outstanding (in shares)		130,311,289	68,812,575
Operating Partnership
Non-controlling Interest of Common Units in Operating Partnership
Operating Partnership units outstanding (in shares)		133,605	0
6.50% Series C preferred stock
Preferred Shares
Preferred stock, dividend rate, percentage		6.50%
Preferred shares of beneficial interest, redemption price per share (in usd per share)		$ 25
Preferred stock, redemption after change in control		120 days
Share cap on preferred shares on conversion (in shares)		2.0325
6.375% Series D preferred stock
Preferred Shares
Preferred stock, dividend rate, percentage		6.375%
Preferred shares of beneficial interest, redemption price per share (in usd per share)		$ 25
Preferred stock, redemption after change in control		120 days
Share cap on preferred shares on conversion (in shares)		1.9794
Preferred Series E shares
Preferred Shares
Preferred stock, dividend rate, percentage	6.375%	6.375%
Share cap on preferred shares on conversion (in shares)		1.9372
Preferred Series F shares
Preferred Shares
Preferred stock, dividend rate, percentage	6.30%	6.30%
Share cap on preferred shares on conversion (in shares)		2.0649
ATM Program
Common Shares
March 2014 shelf registration statement maximum amount							$ 175,000,000
September 2012 shelf registration statement maximum amount							$ 170,000,000
Amount available under ATM program					$ 159,800,000
February 2016 share repurchase program
Common Shares
Share repurchase program, authorized amount						$ 150,000,000
Share repurchased, shares		0
Remaining authorized repurchase amount		$ 56,600,000
July 2017 share repurchase program
Common Shares
Share repurchase program, authorized amount				$ 100,000,000
LaSalle Hotel Properties | Common shares
Common Shares
Equity interests issued (in shares)	61,399,104
Preferred Shares
Equity interests issued (in shares)	61,399,104
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)	61,399,104
LaSalle Hotel Properties | Preferred shares | Preferred Series E shares
Common Shares
Equity interests issued (in shares)	4,400,000
Preferred Shares
Equity interests issued (in shares)	4,400,000
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)	4,400,000
LaSalle Hotel Properties | Preferred shares | Preferred Series F shares
Common Shares
Equity interests issued (in shares)	6,000,000
Preferred Shares
Equity interests issued (in shares)	6,000,000
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)	6,000,000
LaSalle Hotel Properties | Operating partnership units
Common Shares
Equity interests issued (in shares)	133,605
Preferred Shares
Equity interests issued (in shares)	133,605
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)	133,605

Equity - Common Dividends (Deta

Equity - Common Dividends (Details) - $ / shares	1 Months Ended	2 Months Ended	3 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Common shares
Dividends Payable [Line Items]
Dividend per share/unit (in usd per share)	$ 0.13	$ 0.25	$ 0.38	$ 0.38	$ 0.38

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares	Nov. 30, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		20,400,000				20,400,000	10,000,000
6.50% Series C
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		5,000,000				5,000,000	5,000,000
Preferred stock, dividend rate, percentage						6.50%
Dividend per share/unit (in usd per share)		$ 0.41	$ 0.41	$ 0.41	$ 0.41
6.375% Series D
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		5,000,000				5,000,000	5,000,000
Preferred stock, dividend rate, percentage						6.375%
Dividend per share/unit (in usd per share)		$ 0.40	$ 0.40	$ 0.40	$ 0.40
6.375% Series E
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		4,400,000				4,400,000	0
Preferred stock, dividend rate, percentage	6.375%					6.375%
Dividend per share/unit (in usd per share)		$ 0.40
6.30% Series F
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		6,000,000				6,000,000	0
Preferred stock, dividend rate, percentage	6.30%					6.30%
Dividend per share/unit (in usd per share)		$ 0.39

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2018	Dec. 15, 2017	Dec. 15, 2016	Dec. 15, 2015	Dec. 14, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Income tax expense						$ 1,742	$ 181	$ (134)
Operating Partnership
Income Taxes [Line Items]
Income tax expense						$ 0	$ 0	$ 500
Common shares
Income Taxes [Line Items]
Distributions declared, treated as distribution for tax purposes in next year (in usd per share)		$ 0.3800	$ 0.2866	$ 0.2164	$ 0.3478
6.50% Series C preferred stock
Income Taxes [Line Items]
Distributions declared, treated as distribution for tax purposes in next year (in usd per share)	$ 0.4063
6.375% Series D preferred stock
Income Taxes [Line Items]
Distributions declared, treated as distribution for tax purposes in next year (in usd per share)	0.3984
Preferred Series E shares
Income Taxes [Line Items]
Distributions declared, treated as distribution for tax purposes in next year (in usd per share)	0.3984
Preferred Series F shares
Income Taxes [Line Items]
Distributions declared, treated as distribution for tax purposes in next year (in usd per share)	$ 0.3938

Income Taxes - Distributions Pa

Income Taxes - Distributions Paid (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 1.2040	$ 1.3611	$ 1.3794
Ordinary non-qualified income, percent	77.57%	95.41%	95.14%
Qualified dividend (in usd per share)	$ 0.3482	$ 0.0256	$ 0.0704
Qualified dividend, percent	22.43%	1.79%	4.86%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0.0399	$ 0
Return of capital, percent	0.00%	2.80%	0.00%
Total (in usd per share)	$ 1.5522	$ 1.4266	$ 1.4498
Total, percent	100.00%	100.00%	100.00%
Series A Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0	$ 0	$ 0.2914
Ordinary non-qualified income, percent	0.00%	0.00%	95.14%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0.0149
Qualified dividend, percent	0.00%	0.00%	4.86%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 0	$ 0	$ 0.3063
Total, percent	0.00%	0.00%	100.00%
Series B Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0	$ 0	$ 1.3109
Ordinary non-qualified income, percent	0.00%	0.00%	95.14%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0.0669
Qualified dividend, percent	0.00%	0.00%	4.86%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 0	$ 0	$ 1.3778
Total, percent	0.00%	0.00%	100.00%
Series C Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 1.2605	$ 1.1969	$ 1.5461
Ordinary non-qualified income, percent	77.57%	98.20%	95.14%
Qualified dividend (in usd per share)	$ 0.3645	$ 0.0219	$ 0.0789
Qualified dividend, percent	22.43%	1.80%	4.86%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 1.6250	$ 1.2188	$ 1.6250
Total, percent	100.00%	100.00%	100.00%
Series D Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 1.2363	$ 1.1739	$ 0.9099
Ordinary non-qualified income, percent	77.57%	98.21%	95.15%
Qualified dividend (in usd per share)	$ 0.3575	$ 0.0214	$ 0.0464
Qualified dividend, percent	22.43%	1.79%	4.85%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 1.5938	$ 1.1953	$ 0.9563
Total, percent	100.00%	100.00%	100.00%
Series E Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0	$ 0	$ 0
Ordinary non-qualified income, percent	0.00%	0.00%	0.00%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0.00%	0.00%	0.00%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 0	$ 0	$ 0
Total, percent	0.00%	0.00%	0.00%
Series F Preferred Shares
Class of Stock [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0	$ 0	$ 0
Ordinary non-qualified income, percent	0.00%	0.00%	0.00%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0.00%	0.00%	0.00%
Capital gain (in usd per share)	$ 0	$ 0	$ 0
Capital gain, percent	0.00%	0.00%	0.00%
Return of capital (in usd per share)	$ 0	$ 0	$ 0
Return of capital, percent	0.00%	0.00%	0.00%
Total (in usd per share)	$ 0	$ 0	$ 0
Total, percent	0.00%	0.00%	0.00%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax expense (benefit)	$ 1,742	$ 181	$ (134)
PHL
Federal, current	1,696	4	(27)
Federal, deferred	(248)	(89)	(353)
State and local, current	426	9	93
State and local, deferred	(66)	224	(171)
Income tax expense (benefit)	$ 1,808	$ 148	$ (458)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax expense (benefit)	$ 1,742	$ 181	$ (134)
PHL
Statutory federal tax expense (benefit)	1,349	(418)	(618)
State income tax expense (benefit), net of federal tax (benefit) expense	271	231	(110)
Other	188	335	270
Income tax expense (benefit)	$ 1,808	$ 148	$ (458)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss) attributable to common shareholders	$ (104,307)	$ 25,769	$ 54,079	$ 20,386	$ 7,875	$ 26,420	$ 39,488	$ 10,011	$ (4,073)	$ 83,794	$ 46,952
Less: dividends paid on unvested share-based compensation									(332)	(415)	(483)
Net income (loss) available to common shareholders									$ (4,405)	$ 83,379	$ 46,469
Denominator:
Weighted-average number of common shares — basic (in shares)									74,286,307	69,591,973	71,901,499
Effect of dilutive share-based compensation (in shares)									0	392,864	471,743
Weighted-average number of common shares — diluted (in shares)									74,286,307	69,984,837	72,373,242
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ (0.06)	$ 1.20	$ 0.65
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ (0.06)	$ 1.19	$ 0.64
Antidilutive securities excluded from computation of earnings per share (in shares)									343,941	6,319	114,889

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)extension_option	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees		$ 24,500	$ 23,400	$ 24,200
Commitments and Contingencies [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue		4.00%
Restricted cash		$ 24,445	7,123
Ground rent expense		$ 14,500	$ 13,500	$ 12,100
Hotel Palomar Los Angeles Beverly Hills
Commitments and Contingencies [Abstract]
Number of extension options | extension_option		19
Term of extension option		5 years
Hotel Vitale
Commitments and Contingencies [Abstract]
Term of extension option		14 years
Hotel Zeppelin San Francisco
Commitments and Contingencies [Abstract]
Number of extension options | extension_option		1
Term of extension option		30 years
Minimum
Management Agreements [Line Items]
Terms of management agreements not including renewals		1 year
Terms of management agreements including renewals		1 year
Termination fees range		0
Base management fee from hotel revenues		1.00%
Maximum
Management Agreements [Line Items]
Terms of management agreements not including renewals		22 years
Terms of management agreements including renewals		52 years
Termination fees range		8
Base management fee from hotel revenues		4.00%
Subsequent event
Commitments and Contingencies [Abstract]
Acquisition of ground lease underlying land	$ 6,900

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments for Capital and Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 18,882
2,020	19,091
2,021	19,223
2,022	19,325
2,023	19,429
Thereafter	1,219,303
Total	$ 1,315,253

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 48,658	$ 33,999	$ 41,416
Interest capitalized	0	0	492
Income taxes paid	4,047	575	369
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	43,759	31,823
Accrued additions and improvements to hotel properties	8,620	961	4,717
Write-off of fully depreciated building, furniture, fixtures and equipment	0	14,134	0
Write-off of deferred financing costs	0	5,956	1,836
Manhattan Collection joint venture
In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities:
Investment in hotel properties	0	0	319,800
Mortgage loans	0	0	190,000
LaSalle Hotel Properties
Non-Cash Investing and Financing Activities:
Exchange of LaSalle shares as part of purchase price	346,544	0	0
LaSalle Hotel Properties | Common shares
Non-Cash Investing and Financing Activities:
Issuance of shares/units	2,144,057	0	0
LaSalle Hotel Properties | Preferred shares
Non-Cash Investing and Financing Activities:
Issuance of shares/units	234,222	0	0
LaSalle Hotel Properties | Operating partnership units
Non-Cash Investing and Financing Activities:
Issuance of shares/units	4,665	0	0
Common shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	36,201	28,381	29,773
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	7,558	3,442	3,442
Board of Trustees compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 662	$ 503	$ 606

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Feb. 13, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 22, 2019	Feb. 14, 2019
Subsequent Event [Line Items]
Award vesting period		6 years
Restricted common shares
Subsequent Event [Line Items]
Awards granted (in shares)		52,609	59,139	68,535
Subsequent event
Subsequent Event [Line Items]
Award vesting period	3 years
Subsequent event | The Liaison Capitol Hill
Subsequent Event [Line Items]
Consideration received for asset sold						$ 111
Subsequent event | Hotel Palomar Washington DC
Subsequent Event [Line Items]
Consideration received for asset sold					$ 141.5
Subsequent event | Restricted common shares
Subsequent Event [Line Items]
Awards granted (in shares)	84,648
Subsequent event | Performance-based shares
Subsequent Event [Line Items]
Awards granted (in shares)	126,087

Quarterly Operating Results (_3

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 235,642	$ 205,480	$ 206,501	$ 181,055	$ 179,629	$ 201,793	$ 205,717	$ 182,178	$ 828,678	$ 769,317	$ 816,421
Net income (loss)	(99,343)	29,917	58,295	24,516	11,932	30,571	43,670	14,089	13,385	100,262	73,962
Net income (loss) attributable to the Company	(98,911)	29,792	58,103	24,409	11,899	30,443	43,512	14,034	13,393	99,888	73,704
Net income (loss) attributable to common shareholders	$ (104,307)	$ 25,769	$ 54,079	$ 20,386	$ 7,875	$ 26,420	$ 39,488	$ 10,011	$ (4,073)	$ 83,794	$ 46,952
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ (0.06)	$ 1.20	$ 0.65
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.11	$ 0.38	$ 0.57	$ 0.14	$ (0.06)	$ 1.19	$ 0.64

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 68,207
Initial Costs, Land	1,081,352
Initial Costs, Building and Improvements	5,229,096
Initial Costs, Furniture, Fixtures and Equipment	315,211
Costs Capitalized Subsequent to Acquisition	451,964
Gross Amount at End of Year, Land	1,056,861
Gross Amount at End of Year, Building and Improvements	5,532,499
Gross Amount at End of Year, Furniture, Fixtures and Equipment	488,263
Total	7,077,623	$ 2,904,072	$ 3,031,139	$ 2,956,761
Accumulated Depreciation	543,430	$ 447,622	$ 358,485	$ 283,177
Net Book Value	6,534,193
Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	22,500
Initial Costs, Building and Improvements	60,547
Initial Costs, Furniture, Fixtures and Equipment	6,953
Costs Capitalized Subsequent to Acquisition	30,033
Gross Amount at End of Year, Land	22,500
Gross Amount at End of Year, Building and Improvements	78,764
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,769
Total	120,033
Accumulated Depreciation	31,700
Net Book Value	88,333
InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	25,000
Initial Costs, Building and Improvements	68,844
Initial Costs, Furniture, Fixtures and Equipment	11,000
Costs Capitalized Subsequent to Acquisition	14,293
Gross Amount at End of Year, Land	25,000
Gross Amount at End of Year, Building and Improvements	74,912
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,225
Total	119,137
Accumulated Depreciation	33,719
Net Book Value	85,418
Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	60,630
Initial Costs, Furniture, Fixtures and Equipment	2,441
Costs Capitalized Subsequent to Acquisition	22,559
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	75,530
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,100
Total	85,630
Accumulated Depreciation	22,373
Net Book Value	63,257
Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	7,130
Initial Costs, Building and Improvements	44,987
Initial Costs, Furniture, Fixtures and Equipment	3,523
Costs Capitalized Subsequent to Acquisition	18,331
Gross Amount at End of Year, Land	7,130
Gross Amount at End of Year, Building and Improvements	55,257
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,584
Total	73,971
Accumulated Depreciation	18,217
Net Book Value	55,754
Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	18,784
Initial Costs, Building and Improvements	81,580
Initial Costs, Furniture, Fixtures and Equipment	2,295
Costs Capitalized Subsequent to Acquisition	16,787
Gross Amount at End of Year, Land	18,784
Gross Amount at End of Year, Building and Improvements	91,001
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,661
Total	119,446
Accumulated Depreciation	27,734
Net Book Value	91,712
Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	18,000
Initial Costs, Building and Improvements	64,256
Initial Costs, Furniture, Fixtures and Equipment	4,639
Costs Capitalized Subsequent to Acquisition	14,199
Gross Amount at End of Year, Land	18,000
Gross Amount at End of Year, Building and Improvements	71,220
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,874
Total	101,094
Accumulated Depreciation	22,684
Net Book Value	78,410
Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,492
Initial Costs, Furniture, Fixtures and Equipment	4,247
Costs Capitalized Subsequent to Acquisition	8,121
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	83,608
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,252
Total	91,860
Accumulated Depreciation	24,139
Net Book Value	67,721
The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	68,207
Initial Costs, Land	25,537
Initial Costs, Building and Improvements	86,089
Initial Costs, Furniture, Fixtures and Equipment	6,850
Costs Capitalized Subsequent to Acquisition	21,875
Gross Amount at End of Year, Land	25,537
Gross Amount at End of Year, Building and Improvements	104,392
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,422
Total	140,351
Accumulated Depreciation	30,272
Net Book Value	110,079
Deferred financing costs	100
Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	10,105
Initial Costs, Building and Improvements	38,888
Initial Costs, Furniture, Fixtures and Equipment	2,073
Costs Capitalized Subsequent to Acquisition	11,774
Gross Amount at End of Year, Land	10,105
Gross Amount at End of Year, Building and Improvements	45,282
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,453
Total	62,840
Accumulated Depreciation	15,192
Net Book Value	47,648
Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	20,306
Initial Costs, Building and Improvements	110,283
Initial Costs, Furniture, Fixtures and Equipment	6,091
Costs Capitalized Subsequent to Acquisition	24,942
Gross Amount at End of Year, Land	20,306
Gross Amount at End of Year, Building and Improvements	118,802
Gross Amount at End of Year, Furniture, Fixtures and Equipment	22,514
Total	161,622
Accumulated Depreciation	33,691
Net Book Value	127,931
W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	19,453
Initial Costs, Building and Improvements	63,893
Initial Costs, Furniture, Fixtures and Equipment	5,887
Costs Capitalized Subsequent to Acquisition	16,896
Gross Amount at End of Year, Land	19,453
Gross Amount at End of Year, Building and Improvements	71,465
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,211
Total	106,129
Accumulated Depreciation	22,167
Net Book Value	83,962
Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	7,294
Initial Costs, Building and Improvements	22,166
Initial Costs, Furniture, Fixtures and Equipment	290
Costs Capitalized Subsequent to Acquisition	16,532
Gross Amount at End of Year, Land	7,294
Gross Amount at End of Year, Building and Improvements	34,632
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,356
Total	46,282
Accumulated Depreciation	9,847
Net Book Value	36,435
Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	8,170
Initial Costs, Building and Improvements	23,557
Initial Costs, Furniture, Fixtures and Equipment	706
Costs Capitalized Subsequent to Acquisition	8,421
Gross Amount at End of Year, Land	8,170
Gross Amount at End of Year, Building and Improvements	29,351
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,333
Total	40,854
Accumulated Depreciation	7,547
Net Book Value	33,307
Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	6,222
Initial Costs, Building and Improvements	23,012
Initial Costs, Furniture, Fixtures and Equipment	1,093
Costs Capitalized Subsequent to Acquisition	15,858
Gross Amount at End of Year, Land	6,222
Gross Amount at End of Year, Building and Improvements	34,667
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,296
Total	46,185
Accumulated Depreciation	9,104
Net Book Value	37,081
W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	24,403
Initial Costs, Building and Improvements	93,203
Initial Costs, Furniture, Fixtures and Equipment	3,600
Costs Capitalized Subsequent to Acquisition	22,833
Gross Amount at End of Year, Land	24,403
Gross Amount at End of Year, Building and Improvements	111,797
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,839
Total	144,039
Accumulated Depreciation	24,384
Net Book Value	119,655
Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	63,430
Initial Costs, Furniture, Fixtures and Equipment	3,780
Costs Capitalized Subsequent to Acquisition	14,474
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	71,885
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,799
Total	81,684
Accumulated Depreciation	17,228
Net Book Value	64,456
Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	20,103
Initial Costs, Building and Improvements	90,162
Initial Costs, Furniture, Fixtures and Equipment	6,881
Costs Capitalized Subsequent to Acquisition	17,247
Gross Amount at End of Year, Land	20,103
Gross Amount at End of Year, Building and Improvements	104,162
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,128
Total	134,393
Accumulated Depreciation	24,837
Net Book Value	109,556
Hotel Modera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	8,215
Initial Costs, Building and Improvements	37,874
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	7,515
Gross Amount at End of Year, Land	8,215
Gross Amount at End of Year, Building and Improvements	42,409
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,480
Total	55,104
Accumulated Depreciation	8,398
Net Book Value	46,706
Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	116,445
Initial Costs, Furniture, Fixtures and Equipment	3,550
Costs Capitalized Subsequent to Acquisition	38,367
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	151,485
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,877
Total	158,362
Accumulated Depreciation	25,643
Net Book Value	132,719
Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	12,561
Initial Costs, Building and Improvements	43,665
Initial Costs, Furniture, Fixtures and Equipment	1,094
Costs Capitalized Subsequent to Acquisition	35,764
Gross Amount at End of Year, Land	12,561
Gross Amount at End of Year, Building and Improvements	74,548
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,975
Total	93,084
Accumulated Depreciation	13,483
Net Book Value	79,601
The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	18,493
Initial Costs, Building and Improvements	92,339
Initial Costs, Furniture, Fixtures and Equipment	8,757
Costs Capitalized Subsequent to Acquisition	10,502
Gross Amount at End of Year, Land	18,493
Gross Amount at End of Year, Building and Improvements	98,082
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,516
Total	130,091
Accumulated Depreciation	18,612
Net Book Value	111,479
Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	12,108
Initial Costs, Building and Improvements	46,317
Initial Costs, Furniture, Fixtures and Equipment	1,271
Costs Capitalized Subsequent to Acquisition	19,205
Gross Amount at End of Year, Land	12,108
Gross Amount at End of Year, Building and Improvements	58,657
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,136
Total	78,901
Accumulated Depreciation	11,187
Net Book Value	67,714
Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	90,675
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	13,425
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	99,398
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,202
Total	105,600
Accumulated Depreciation	13,013
Net Book Value	92,587
Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	37,803
Initial Costs, Furniture, Fixtures and Equipment	6,833
Costs Capitalized Subsequent to Acquisition	21,376
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	54,536
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,476
Total	66,012
Accumulated Depreciation	12,746
Net Book Value	53,266
Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	41,857
Initial Costs, Building and Improvements	207,817
Initial Costs, Furniture, Fixtures and Equipment	10,596
Costs Capitalized Subsequent to Acquisition	(45,079)
Gross Amount at End of Year, Land	17,367
Gross Amount at End of Year, Building and Improvements	179,969
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,855
Total	215,191
Accumulated Depreciation	27,010
Net Book Value	188,181
LaPlaya Beach Resort and Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	112,575
Initial Costs, Building and Improvements	82,117
Initial Costs, Furniture, Fixtures and Equipment	6,733
Costs Capitalized Subsequent to Acquisition	26,354
Gross Amount at End of Year, Land	112,575
Gross Amount at End of Year, Building and Improvements	103,146
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,058
Total	227,779
Accumulated Depreciation	15,529
Net Book Value	212,250
Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	29,125
Initial Costs, Building and Improvements	90,323
Initial Costs, Furniture, Fixtures and Equipment	2,500
Costs Capitalized Subsequent to Acquisition	18,955
Gross Amount at End of Year, Land	29,125
Gross Amount at End of Year, Building and Improvements	104,740
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,038
Total	140,903
Accumulated Depreciation	13,741
Net Book Value	127,162
Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	26,950
Initial Costs, Building and Improvements	101,061
Initial Costs, Furniture, Fixtures and Equipment	6,737
Costs Capitalized Subsequent to Acquisition	34
Gross Amount at End of Year, Land	26,950
Gross Amount at End of Year, Building and Improvements	101,061
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,771
Total	134,782
Accumulated Depreciation	291
Net Book Value	134,491
Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	122,886
Initial Costs, Furniture, Fixtures and Equipment	6,142
Costs Capitalized Subsequent to Acquisition	99
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	122,886
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,241
Total	129,127
Accumulated Depreciation	329
Net Book Value	128,798
The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	22,697
Initial Costs, Building and Improvements	85,115
Initial Costs, Furniture, Fixtures and Equipment	5,674
Costs Capitalized Subsequent to Acquisition	145
Gross Amount at End of Year, Land	22,697
Gross Amount at End of Year, Building and Improvements	85,115
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,819
Total	113,631
Accumulated Depreciation	245
Net Book Value	113,386
Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	21,371
Initial Costs, Building and Improvements	80,140
Initial Costs, Furniture, Fixtures and Equipment	5,343
Costs Capitalized Subsequent to Acquisition	141
Gross Amount at End of Year, Land	21,371
Gross Amount at End of Year, Building and Improvements	80,140
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,484
Total	106,995
Accumulated Depreciation	231
Net Book Value	106,764
Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	13,088
Initial Costs, Building and Improvements	49,081
Initial Costs, Furniture, Fixtures and Equipment	3,544
Costs Capitalized Subsequent to Acquisition	330
Gross Amount at End of Year, Land	13,088
Gross Amount at End of Year, Building and Improvements	49,081
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,874
Total	66,043
Accumulated Depreciation	141
Net Book Value	65,902
Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	33,324
Initial Costs, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition	121
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	33,324
Gross Amount at End of Year, Furniture, Fixtures and Equipment	121
Total	33,445
Accumulated Depreciation	69
Net Book Value	33,376
Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	98,905
Initial Costs, Furniture, Fixtures and Equipment	4,820
Costs Capitalized Subsequent to Acquisition	162
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	98,905
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,982
Total	103,887
Accumulated Depreciation	263
Net Book Value	103,624
Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	17,177
Initial Costs, Building and Improvements	64,415
Initial Costs, Furniture, Fixtures and Equipment	4,294
Costs Capitalized Subsequent to Acquisition	118
Gross Amount at End of Year, Land	17,177
Gross Amount at End of Year, Building and Improvements	64,415
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,412
Total	86,004
Accumulated Depreciation	185
Net Book Value	85,819
Hotel Amarano Burbank
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	14,292
Initial Costs, Building and Improvements	53,597
Initial Costs, Furniture, Fixtures and Equipment	3,573
Costs Capitalized Subsequent to Acquisition	47
Gross Amount at End of Year, Land	14,292
Gross Amount at End of Year, Building and Improvements	53,597
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,620
Total	71,509
Accumulated Depreciation	154
Net Book Value	71,355
Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	16,414
Initial Costs, Building and Improvements	61,553
Initial Costs, Furniture, Fixtures and Equipment	4,104
Costs Capitalized Subsequent to Acquisition	170
Gross Amount at End of Year, Land	16,414
Gross Amount at End of Year, Building and Improvements	61,553
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,274
Total	82,241
Accumulated Depreciation	177
Net Book Value	82,064
Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	12,720
Initial Costs, Building and Improvements	47,701
Initial Costs, Furniture, Fixtures and Equipment	3,180
Costs Capitalized Subsequent to Acquisition	687
Gross Amount at End of Year, Land	12,720
Gross Amount at End of Year, Building and Improvements	47,701
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,867
Total	64,288
Accumulated Depreciation	137
Net Book Value	64,151
Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	10,200
Initial Costs, Building and Improvements	38,250
Initial Costs, Furniture, Fixtures and Equipment	2,550
Costs Capitalized Subsequent to Acquisition	169
Gross Amount at End of Year, Land	10,200
Gross Amount at End of Year, Building and Improvements	38,250
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,719
Total	51,169
Accumulated Depreciation	110
Net Book Value	51,059
The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	310,947
Initial Costs, Furniture, Fixtures and Equipment	22,888
Costs Capitalized Subsequent to Acquisition	362
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	310,952
Gross Amount at End of Year, Furniture, Fixtures and Equipment	23,245
Total	334,197
Accumulated Depreciation	920
Net Book Value	333,277
The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	215,744
Initial Costs, Furniture, Fixtures and Equipment	13,000
Costs Capitalized Subsequent to Acquisition	327
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	215,744
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,327
Total	229,071
Accumulated Depreciation	604
Net Book Value	228,467
Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	125,444
Initial Costs, Furniture, Fixtures and Equipment	6,309
Costs Capitalized Subsequent to Acquisition	60
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	125,444
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,369
Total	131,813
Accumulated Depreciation	336
Net Book Value	131,477
Onyx Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	15,000
Initial Costs, Building and Improvements	42,600
Initial Costs, Furniture, Fixtures and Equipment	2,400
Costs Capitalized Subsequent to Acquisition	259
Gross Amount at End of Year, Land	15,000
Gross Amount at End of Year, Building and Improvements	42,600
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,659
Total	60,259
Accumulated Depreciation	117
Net Book Value	60,142
Hotel Palomar Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	28,290
Initial Costs, Building and Improvements	106,088
Initial Costs, Furniture, Fixtures and Equipment	7,073
Costs Capitalized Subsequent to Acquisition	125
Gross Amount at End of Year, Land	28,290
Gross Amount at End of Year, Building and Improvements	106,088
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,198
Total	141,576
Accumulated Depreciation	305
Net Book Value	141,271
Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	26,154
Initial Costs, Building and Improvements	98,077
Initial Costs, Furniture, Fixtures and Equipment	6,538
Costs Capitalized Subsequent to Acquisition	10
Gross Amount at End of Year, Land	26,154
Gross Amount at End of Year, Building and Improvements	98,077
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,548
Total	130,779
Accumulated Depreciation	282
Net Book Value	130,497
The Liaison Capitol Hill
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	22,200
Initial Costs, Building and Improvements	83,250
Initial Costs, Furniture, Fixtures and Equipment	5,550
Costs Capitalized Subsequent to Acquisition	129
Gross Amount at End of Year, Land	22,200
Gross Amount at End of Year, Building and Improvements	83,313
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,616
Total	111,129
Accumulated Depreciation	240
Net Book Value	110,889
George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	17,078
Initial Costs, Building and Improvements	64,043
Initial Costs, Furniture, Fixtures and Equipment	4,270
Costs Capitalized Subsequent to Acquisition	26
Gross Amount at End of Year, Land	17,078
Gross Amount at End of Year, Building and Improvements	64,043
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,296
Total	85,417
Accumulated Depreciation	184
Net Book Value	85,233
Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	16,490
Initial Costs, Building and Improvements	61,839
Initial Costs, Furniture, Fixtures and Equipment	4,123
Costs Capitalized Subsequent to Acquisition	172
Gross Amount at End of Year, Land	16,490
Gross Amount at End of Year, Building and Improvements	61,839
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,295
Total	82,624
Accumulated Depreciation	178
Net Book Value	82,446
Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	16,301
Initial Costs, Building and Improvements	61,127
Initial Costs, Furniture, Fixtures and Equipment	4,075
Costs Capitalized Subsequent to Acquisition	431
Gross Amount at End of Year, Land	16,301
Gross Amount at End of Year, Building and Improvements	61,127
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,506
Total	81,934
Accumulated Depreciation	176
Net Book Value	81,758
Rouge Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	8,600
Initial Costs, Building and Improvements	32,250
Initial Costs, Furniture, Fixtures and Equipment	2,150
Costs Capitalized Subsequent to Acquisition	146
Gross Amount at End of Year, Land	8,600
Gross Amount at End of Year, Building and Improvements	32,250
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,296
Total	43,146
Accumulated Depreciation	93
Net Book Value	43,053
Topaz Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	6,200
Initial Costs, Building and Improvements	23,250
Initial Costs, Furniture, Fixtures and Equipment	1,550
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at End of Year, Land	6,200
Gross Amount at End of Year, Building and Improvements	23,250
Gross Amount at End of Year, Furniture, Fixtures and Equipment	1,678
Total	31,128
Accumulated Depreciation	67
Net Book Value	31,061
Hotel Madera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	5,200
Initial Costs, Building and Improvements	19,500
Initial Costs, Furniture, Fixtures and Equipment	1,300
Costs Capitalized Subsequent to Acquisition	426
Gross Amount at End of Year, Land	5,200
Gross Amount at End of Year, Building and Improvements	19,500
Gross Amount at End of Year, Furniture, Fixtures and Equipment	1,726
Total	26,426
Accumulated Depreciation	56
Net Book Value	26,370
Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	204,133
Initial Costs, Furniture, Fixtures and Equipment	13,254
Costs Capitalized Subsequent to Acquisition	1,147
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	204,133
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,401
Total	218,534
Accumulated Depreciation	583
Net Book Value	217,951
Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	35,976
Initial Costs, Building and Improvements	136,708
Initial Costs, Furniture, Fixtures and Equipment	7,195
Costs Capitalized Subsequent to Acquisition	323
Gross Amount at End of Year, Land	35,976
Gross Amount at End of Year, Building and Improvements	136,708
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,518
Total	180,202
Accumulated Depreciation	370
Net Book Value	179,832
Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	74,730
Initial Costs, Furniture, Fixtures and Equipment	4,801
Costs Capitalized Subsequent to Acquisition	21
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	74,730
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,822
Total	79,552
Accumulated Depreciation	213
Net Book Value	79,339
L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	32,749
Initial Costs, Building and Improvements	93,006
Initial Costs, Furniture, Fixtures and Equipment	5,240
Costs Capitalized Subsequent to Acquisition	237
Gross Amount at End of Year, Land	32,749
Gross Amount at End of Year, Building and Improvements	93,006
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,477
Total	131,232
Accumulated Depreciation	256
Net Book Value	130,976
Hilton San Diego Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	105,050
Initial Costs, Furniture, Fixtures and Equipment	4,380
Costs Capitalized Subsequent to Acquisition	2,782
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	105,050
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,162
Total	112,212
Accumulated Depreciation	271
Net Book Value	111,941
The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	12,000
Initial Costs, Building and Improvements	44,999
Initial Costs, Furniture, Fixtures and Equipment	3,000
Costs Capitalized Subsequent to Acquisition	138
Gross Amount at End of Year, Land	12,000
Gross Amount at End of Year, Building and Improvements	44,999
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,138
Total	60,137
Accumulated Depreciation	129
Net Book Value	60,008
Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	116,477
Initial Costs, Building and Improvements	214,885
Initial Costs, Furniture, Fixtures and Equipment	9,978
Costs Capitalized Subsequent to Acquisition	388
Gross Amount at End of Year, Land	116,477
Gross Amount at End of Year, Building and Improvements	214,917
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,334
Total	341,728
Accumulated Depreciation	549
Net Book Value	341,179
The Marker Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	33,198
Initial Costs, Building and Improvements	58,808
Initial Costs, Furniture, Fixtures and Equipment	2,846
Costs Capitalized Subsequent to Acquisition	95
Gross Amount at End of Year, Land	33,198
Gross Amount at End of Year, Building and Improvements	58,808
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,941
Total	94,947
Accumulated Depreciation	156
Net Book Value	94,791
The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	46,489
Initial Costs, Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition	54
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	46,489
Gross Amount at End of Year, Furniture, Fixtures and Equipment	54
Total	46,543
Accumulated Depreciation	97
Net Book Value	46,446
Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	32,240
Initial Costs, Building and Improvements	120,900
Initial Costs, Furniture, Fixtures and Equipment	8,060
Costs Capitalized Subsequent to Acquisition	101
Gross Amount at End of Year, Land	32,240
Gross Amount at End of Year, Building and Improvements	120,900
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,161
Total	161,301
Accumulated Depreciation	348
Net Book Value	160,953
The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	34,349
Initial Costs, Building and Improvements	128,807
Initial Costs, Furniture, Fixtures and Equipment	8,587
Costs Capitalized Subsequent to Acquisition	295
Gross Amount at End of Year, Land	34,348
Gross Amount at End of Year, Building and Improvements	128,807
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,883
Total	172,038
Accumulated Depreciation	371
Net Book Value	$ 171,667
Minimum | Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Minimum | Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Modera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Minimum | The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | LaPlaya Beach Resort and Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Amarano Burbank
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Onyx Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Palomar Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Liaison Capitol Hill
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Rouge Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Topaz Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Madera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hilton San Diego Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Marker Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Maximum | Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Modera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	45 years
Maximum | The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | LaPlaya Beach Resort and Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Amarano Burbank
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Onyx Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Palomar Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Liaison Capitol Hill
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Rouge Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Topaz Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Madera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hilton San Diego Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Marker Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Real Estate:
Beginning balance	$ 2,904,072	$ 3,031,139	$ 2,956,761
Acquisitions	4,120,641	0	319,800
Capital expenditures	95,348	80,737	105,074
Disposal of Assets	(42,438)	(207,804)	(350,496)
Ending balance	7,077,623	2,904,072	3,031,139
Reconciliation of Accumulated Depreciation:
Beginning balance	447,622	358,485	283,177
Depreciation	107,496	101,157	101,060
Disposal of Assets	(11,688)	(12,020)	(25,752)
Ending balance	543,430	$ 447,622	$ 358,485
Aggregate cost of properties for federal income tax purposes	$ 6,550,696

Uncategorized Items - peb-20181

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 548,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (548,000)