Pebblebrook Hotel Trust (PEB) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 21, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-34571
Entity Registrant Name	PEBBLEBROOK HOTEL TRUST
Entity Central Index Key	0001474098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1055421
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, Address Line Two	1100
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	(240)
Local Phone Number	507-1300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,634,135
Common Shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	PEB
Security Exchange Name	NYSE
6.50% Series C Cumulative Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Redeemable Preferred Shares
Trading Symbol	PEB-PC
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series D Cumulative Redeemable Preferred Shares
Trading Symbol	PEB-PD
Security Exchange Name	NYSE
6.375% Series E Cumulative Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series E Cumulative Redeemable Preferred Shares
Trading Symbol	PEB-PE
Security Exchange Name	NYSE
6.30% Series F Cumulative Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	6.30% Series F Cumulative Redeemable Preferred Shares
Trading Symbol	PEB-PF
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 6,329,968	$ 6,534,193
Hotels held for sale	28,851	0
Ground lease asset, net	0	199,745
Cash and cash equivalents	29,758	83,366
Restricted cash	27,048	24,445
Hotel receivables (net of allowance for doubtful accounts of $517 and $526, respectively)	70,990	59,897
Prepaid expenses and other assets	57,998	76,702
Total assets	6,544,613	6,978,348
LIABILITIES AND EQUITY
Debt	2,229,728	2,746,898
Accounts payable and accrued expenses	537,016	360,279
Deferred revenues	56,995	54,741
Accrued interest	5,674	2,741
Liabilities related to hotels held for sale	298	0
Distribution payable	58,436	43,759
Total liabilities	2,888,147	3,208,418
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at September 30, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018	204	204
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,484,956 issued and outstanding at September 30, 2019 and 130,311,289 issued and outstanding at December 31, 2018	1,305	1,303
Additional paid-in capital	4,067,529	4,065,804
Accumulated other comprehensive income (loss)	(36,672)	1,330
Distributions in excess of retained earnings	(386,631)	(308,806)
Total shareholders’ equity	3,645,735	3,759,835
Non-controlling interests	10,731	10,095
Total equity	3,656,466	3,769,930
Total liabilities and equity	$ 6,544,613	$ 6,978,348

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 517	$ 526
Preferred shares of beneficial interest, liquidation preference value	$ 510,000	$ 510,000
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	20,400,000
Preferred shares of beneficial interest, outstanding (in shares)	20,400,000	20,400,000
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)	130,484,956	130,311,289
Common shares of beneficial interest, outstanding (in shares)	130,484,956	130,311,289

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 423,552	$ 205,480	$ 1,232,804	$ 593,036
Hotel operating expenses:
Total hotel operating expenses	247,490	119,663	735,305	353,814
Depreciation and amortization	69,775	24,765	177,376	74,229
Real estate taxes, personal property taxes, property insurance, and ground rent	31,588	11,206	94,009	35,809
General and administrative	8,315	6,663	25,753	14,794
Transaction costs	4,035	3,188	7,576	5,545
(Gain) loss and other operating expenses	1,529	(357)	6,219	(11,376)
Total operating expenses	362,732	165,128	1,046,238	472,815
Operating income (loss)	60,820	40,352	186,566	120,221
Interest expense	(26,465)	(12,647)	(84,512)	(33,274)
Other	7	3,931	23	29,409
Income (loss) before income taxes	34,362	31,636	102,077	116,356
Income tax (expense) benefit	(4,382)	(1,719)	(5,924)	(3,628)
Net income (loss)	29,980	29,917	96,153	112,728
Net income (loss) attributable to non-controlling interests	89	125	254	424
Net income (loss) attributable to the Company	29,891	29,792	95,899	112,304
Distributions to preferred shareholders	(8,139)	(4,023)	(24,417)	(12,070)
Net income (loss) attributable to common shareholders	$ 21,752	$ 25,769	$ 71,482	$ 100,234
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.17	$ 0.37	$ 0.55	$ 1.45
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.17	$ 0.37	$ 0.55	$ 1.44
Weighted-average number of common shares, basic (in shares)	130,484,956	68,912,185	130,467,193	68,900,402
Weighted-average number of common shares, diluted (in shares)	130,622,130	69,255,858	130,690,342	69,267,098
Comprehensive Income:
Net income (loss)	$ 29,980	$ 29,917	$ 96,153	$ 112,728
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(7,874)	829	(38,002)	8,119
Comprehensive income (loss)	22,106	30,746	58,151	120,847
Comprehensive income (loss) attributable to non-controlling interests	66	128	146	452
Comprehensive income (loss) attributable to the Company	22,040	30,618	58,005	120,395
Room
Revenues
Total revenues	296,622	146,907	851,899	411,396
Hotel operating expenses:
Total hotel operating expenses	71,878	34,675	209,707	99,540
Food and beverage
Revenues
Total revenues	90,088	43,141	274,803	136,919
Hotel operating expenses:
Total hotel operating expenses	64,690	30,687	194,981	93,611
Other
Revenues
Total revenues	36,842	15,432	106,102	44,721
Hotel operating expenses:
Total hotel operating expenses	$ 110,922	$ 54,301	$ 330,617	$ 160,663

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, 2017		10,000,000
Common stock, beginning balance (in shares) at Dec. 31, 2017			68,812,575
Beginning 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	(470)			(470)			(470)
Issuance of common shares for Board of Trustees compensation (in shares)			17,410
Issuance of common shares for Board of Trustees 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	4,237		$ 1	3,408			3,409	828
Distributions on common shares/units	(79,226)					(78,957)	(78,957)	(269)
Distributions on preferred shares	(12,086)					(12,070)	(12,070)	(16)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	8,119				8,119		8,119
Net income (loss)	112,728					112,304	112,304	424
Preferred stock, ending balance (in shares) at Sep. 30, 2018		10,000,000
Common stock, ending balance (in shares) at Sep. 30, 2018			68,912,185
Ending balance at Sep. 30, 2018	1,534,983	$ 100	$ 689	1,686,530	12,356	(170,284)	1,529,391	5,592
Preferred stock, beginning balance (in shares) at Jun. 30, 2018		10,000,000
Common stock, beginning balance (in shares) at Jun. 30, 2018			68,912,185
Beginning balance at Jun. 30, 2018	1,532,634	$ 100	$ 689	1,684,638	11,527	(169,600)	1,527,354	5,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	(470)			(470)			(470)
Share-based compensation	2,638			2,362			2,362	276
Distributions on common shares/units	(26,542)					(26,453)	(26,453)	(89)
Distributions on preferred shares	(4,023)					(4,023)	(4,023)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	829				829		829
Net income (loss)	29,917					29,792	29,792	125
Preferred stock, ending balance (in shares) at Sep. 30, 2018		10,000,000
Common stock, ending balance (in shares) at Sep. 30, 2018			68,912,185
Ending balance at Sep. 30, 2018	$ 1,534,983	$ 100	$ 689	1,686,530	12,356	(170,284)	1,529,391	5,592
Preferred stock, beginning balance (in shares) at Dec. 31, 2018	20,400,000	20,400,000
Common stock, beginning balance (in shares) at Dec. 31, 2018	130,311,289		130,311,289
Beginning balance at Dec. 31, 2018	$ 3,769,930	$ 204	$ 1,303	4,065,804	1,330	(308,806)	3,759,835	10,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	(275)			(275)			(275)
Issuance of common shares for Board of Trustees compensation (in shares)			25,282
Issuance of common shares for Board of Trustees compensation	740		$ 1	739			740
Repurchase of common shares (in shares)			(126,681)
Repurchase of common shares	(4,009)		$ (1)	(4,008)			(4,009)
Share-based compensation (in shares)			275,066
Share-based compensation	6,100		$ 2	5,269			5,271	829
Distributions on common shares/units	(149,754)					(149,307)	(149,307)	(447)
Distributions on preferred shares	(24,417)					(24,417)	(24,417)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(38,002)				(38,002)		(38,002)
Net income (loss)	$ 96,153					95,899	95,899	254
Preferred stock, ending balance (in shares) at Sep. 30, 2019	20,400,000	20,400,000
Common stock, ending balance (in shares) at Sep. 30, 2019	130,484,956		130,484,956
Ending balance at Sep. 30, 2019	$ 3,656,466	$ 204	$ 1,305	4,067,529	(36,672)	(386,631)	3,645,735	10,731
Preferred stock, beginning balance (in shares) at Jun. 30, 2019		20,400,000
Common stock, beginning balance (in shares) at Jun. 30, 2019			130,484,956
Beginning balance at Jun. 30, 2019	3,690,274	$ 204	$ 1,305	4,065,672	(28,798)	(358,615)	3,679,768	10,506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,134			1,857			1,857	277
Distributions on common shares/units	(49,909)					(49,768)	(49,768)	(141)
Distributions on preferred shares	(8,139)					(8,139)	(8,139)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(7,874)				(7,874)		(7,874)
Net income (loss)	$ 29,980					29,891	29,891	89
Preferred stock, ending balance (in shares) at Sep. 30, 2019	20,400,000	20,400,000
Common stock, ending balance (in shares) at Sep. 30, 2019	130,484,956		130,484,956
Ending balance at Sep. 30, 2019	$ 3,656,466	$ 204	$ 1,305	$ 4,067,529	$ (36,672)	$ (386,631)	$ 3,645,735	$ 10,731

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income (loss)	$ 96,153	$ 112,728
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	177,376	74,229
Share-based compensation	6,100	4,237
(Gain) loss on marketable securities	0	(24,369)
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	13,547	2,889
Non-cash ground rent	4,921	2,027
Other	2,301	1,807
Changes in assets and liabilities:
Hotel receivables	(12,504)	(7,019)
Prepaid expenses and other assets	1,147	(4,582)
Accounts payable and accrued expenses	23,791	10,254
Deferred revenues	3,269	(1,387)
Net cash provided by (used in) operating activities	316,101	170,814
Investing activities:
Improvements and additions to hotel properties	(117,989)	(56,935)
Proceeds from sales of hotel properties	437,871	0
Investment in marketable securities	0	(356,180)
Sale of marketable securities	0	6,658
Payment for merger consideration	0	(112,000)
Purchase of corporate office equipment, software, and furniture	(560)	(34)
Property insurance proceeds	0	5,104
Net cash provided by (used in) investing activities	319,322	(513,387)
Financing activities:
Payment of offering costs — common and preferred shares	(275)	(470)
Payment of deferred financing costs	(318)	(15,724)
Borrowings under revolving credit facilities	211,893	500,181
Repayments under revolving credit facilities	(281,893)	(151,181)
Proceeds from debt	0	100,000
Repayments of debt	(451,831)	(1,764)
Repurchases of common shares	(4,009)	(2,507)
Distributions — common shares/units	(135,054)	(79,403)
Distributions — preferred shares	(24,417)	(12,070)
Proceeds from refundable membership deposits	0	30
Repayments of refundable membership deposits	(524)	(541)
Net cash provided by (used in) financing activities	(686,428)	336,551
Net change in cash and cash equivalents and restricted cash	(51,005)	(6,022)
Cash and cash equivalents and restricted cash, beginning of year	107,811	32,533
Cash and cash equivalents and restricted cash, end of period	$ 56,806	$ 26,511

Organization

Organization	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 , the Company owned 57 hotels with a total of 14,112 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 September 30, 2019 , 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	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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. Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in transaction costs on the consolidated statements of operations and comprehensive income. Hotel renovations and replacements of assets that improve or extend the life of an asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the consolidated statements of operations and comprehensive income and classify the assets and related liabilities as held for sale on the consolidated balance sheets. 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 the length of 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 adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL and LHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Recent Accounting Standards In 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. 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

Business Combinations and Acqui

Business Combinations and Acquisition and Disposition of Hotel Properties	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Business Combinations and Acquisition and Disposition of Hotel Properties	Business Combinations and 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 pursuant to 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 Guest 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 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 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Topaz Hotel (7) Washington, DC 100 % 99 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 Hotel Palomar Washington DC (1) Washington, DC 100 % 335 The Liaison Capitol Hill (2) Washington, DC 100 % 343 Onyx Hotel (3) Boston, MA 100 % 112 Hotel Amarano Burbank (4) Burbank, CA 100 % 132 Rouge Hotel (5) Washington, DC 100 % 137 Hotel Madera (6) Washington, DC 100 % 82 8,420 (1) In February 2019, the Company sold this hotel property for $141.5 million . (2) In February 2019, the Company sold this hotel property for $111.0 million . (3) In May 2019, the Company sold this hotel property for $58.3 million . (4) In July 2019, the Company sold this hotel property for $72.9 million . (5) In September 2019, the Company sold this hotel property for $42.0 million . (6) In September 2019, the Company sold this hotel property for $23.3 million . (7) As of September 30, 2019 , this hotel property was classified as held for sale. 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 total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Series E preferred shares 101,622 Series F preferred 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. During the quarter ended September 30, 2019 , the Company recorded an adjustment to decrease the preliminary fair value of investment in hotel properties by $36.0 million , decrease intangible assets by $6.5 million and decrease accounts payable and accrued expenses by $42.5 million . The decrease in investment in hotel properties consisted of increasing allocation to land of $90.8 million , decreasing building by $189.8 million , increasing furniture, fixtures and equipment by $85.5 million and decreasing capital lease assets by $22.5 million . The changes were a result of additional accounting information identified by management. Additionally, based on additional information obtained by management, the Company re-evaluated and reduced the estimated useful lives of certain furniture, fixtures and equipment. As a result of the change in allocation and useful lives, additional depreciation expense of $12.0 million would have been recognized from the date of acquisition (November 30, 2018) to June 30, 2019. The Company believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize certain assumptions used in valuing the assumed ground and capital leases. The Company expects to complete the purchase accounting during the fourth quarter of 2019. 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 were included in accounts payable and other liabilities in the accompanying consolidated balance sheet prior to the adoption of ASC 842 Leases . 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 Mergers, total revenues of $221.6 million and $641.6 million and operating income of $92.4 million and $261.8 million for the three and nine months ended September 30, 2019 , respectively, are included in the accompanying consolidated statements of operations and comprehensive income. There were no acquisitions of hotel properties during the nine months ended September 30, 2019 . For the three months ended September 30, 2019 , the Company incurred $0.3 million in transaction costs and $3.7 million in integration costs in connection with the Mergers. For the nine months ended September 30, 2019 , the Company incurred $0.6 million in transaction costs and $6.8 million in integration costs in connection with the Mergers. The transaction costs are 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 are 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. The following unaudited condensed pro forma financial information presents the results of operations as if the Mergers, excluding all dispositions after 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 three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (unaudited) Total revenues $ 423,552 $ 452,837 $ 1,232,804 $ 1,276,481 Operating income (loss) $ 60,820 $ 87,367 $ 186,566 $ 220,538 Net income (loss) attributable to common shareholders $ 21,752 $ 43,221 $ 71,482 $ 98,471 Net income (loss) per share available to common shareholders — basic $ 0.17 $ 0.33 $ 0.55 $ 0.75 Net income (loss) per share available to common shareholders — diluted $ 0.17 $ 0.33 $ 0.55 $ 0.75 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 and comprehensive income for all periods presented. On February 14, 2019 , the Company sold The Liaison Capitol Hill for $111.0 million and recognized no gain or loss on the disposition. On February 22, 2019 , the Company sold Hotel Palomar Washington DC for $141.5 million and recognized no gain or loss on the disposition. On May 29, 2019 , the Company sold Onyx Hotel for $58.3 million and recognized no gain or loss on the disposition. On July 16, 2019 , the Company sold Hotel Amarano Burbank for $72.9 million and recognized no gain or loss on the disposition. On September 12, 2019 , the Company sold Rouge Hotel for $42.0 million and recognized no gain or loss on the disposition. On September 26, 2019 , the Company sold Hotel Madera for $23.3 million and recognized no gain or loss on the disposition. For the three and nine months ended September 30, 2019 , the Company's consolidated statements of operations and comprehensive income included operating (loss) income of $0.7 million and $7.5 million , respectively, related to the hotel properties sold. For the three and nine months ended September 30, 2018 , the Company's consolidated statements of operations and comprehensive income included operating (loss) income of $1.5 million and $3.8 million , respectively, related to the hotel properties sold. As of September 30, 2019 , the Company had entered into an agreement to sell the Topaz Hotel for $33.0 million . This hotel was designated as held for sale as it met all of the Company's held for sale criteria. Accordingly, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying consolidated balance sheets and ceased depreciating the assets. The Company expects the sale of Topaz Hotel to be completed during the fourth quarter of 2019, subject to customary closing conditions, although no assurances can be given that the sale will be completed on these terms, or if at all. The sales of the hotel properties 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	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2018 Land $ 1,046,510 $ 1,056,862 Buildings and improvements 5,021,865 5,440,513 Furniture, fixtures and equipment 540,848 462,620 Right-of-use asset, operating leases 342,576 — Capital lease asset 65,382 91,985 Construction in progress 20,154 25,643 Investment in hotel properties $ 7,037,335 $ 7,077,623 Less: Accumulated depreciation (707,367 ) (543,430 ) Investment in hotel properties, net $ 6,329,968 $ 6,534,193 On January 1, 2019, the Company adopted ASU 842, Leases and applied it prospectively. At adoption, the Company also elected the practical expedients which permitted it to not reassess its prior conclusions about lease identification, classification, and initial direct costs. Consequently on January 1, 2019, the Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. Since most of the Company's leases do not provide an implicit rate, the Company used incremental borrowing rates, which ranged from 5.5% to 7.6% . All of of these ground leases have long terms, ranging from 10 years to 88 years and the Company included the exercise of options to extend when it is reasonably certain the Company will exercise such option. See Note 11 for additional information about the ground leases. The right-of-use assets and liabilities are amortized to ground rent expense over the term of the underlying lease agreements. As of September 30, 2019 , the Company's right-of-use assets of $342.6 million , which included favorable and unfavorable intangibles, are included in the investment in hotel properties and its related lease liabilities of $256.2 million are presented in accounts payable and accrued expenses in the Company's consolidated balance sheets. The adoption of this standard had minimal impact on the Company's consolidated statements of operations and comprehensive income. During the quarter ended September 30, 2019 , the Company recorded adjustments to the preliminary fair value of investment in hotel properties related to its acquisition of the LaSalle hotel portfolio. See Note 3, "Business Combination and Acquisition and Disposition of Hotel Properties, above. On September 10, 2017, Hotel Colonnade Coral Gables, Autograph Collection ("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 June 30, 2018, the Company reached a final agreement with the insurance carriers related to LaPlaya totaling $20.5 million , and the Company recognized gains of zero and $13.1 million for the three and nine months ended September 30, 2018

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date September 30, 2019 December 31, 2018 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 100,000 $ 170,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 100,000 $ 170,000 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 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Sixth Term Loan Tranche 2020 Floating (3) December 2020 — 250,000 Tranche 2021 Floating (3) November 2021 300,000 300,000 Tranche 2022 Floating (3) November 2022 400,000 400,000 Tranche 2023 Floating (3) November 2023 400,000 400,000 Tranche 2024 Floating (3) January 2024 400,000 400,000 Total Sixth Term Loan 1,500,000 1,750,000 Total term loans at stated value 1,975,000 2,425,000 Deferred financing costs, net (11,172 ) (15,716 ) Total term loans $ 1,963,828 $ 2,409,284 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 (460 ) (531 ) Total senior unsecured notes $ 99,540 $ 99,469 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 66,376 68,207 Deferred financing costs, net (16 ) (62 ) Total mortgage loans $ 66,360 $ 68,145 Total debt $ 2,229,728 $ 2,746,898 ________________________ (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 revolving 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 September 30, 2019 , the Company had $100.0 million of outstanding borrowings and $550.0 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 the Company's senior unsecured revolving credit facility 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 credit agreement that governs the Company's senior unsecured revolving credit facility. As of September 30, 2019 , 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. Standby letters of credit of $2.3 million and zero were outstanding as of September 30, 2019 and December 31, 2018 , respectively. As of September 30, 2019 , the Company was in compliance with the debt covenants of the credit agreements that govern the unsecured revolving credit facilities. Unsecured Term Loan Facilities The Company has senior unsecured term loans with different maturities. Each unsecured term loan bears interest at a variable rate of a benchmark interest rate plus an applicable margin, depending on the Company's 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. During the nine months ended September 30, 2019 , the Company repaid $450.0 million of term loans, consisting of the full repayment of the $200.0 million of the Company's third term loan and $250.0 million of the tranche maturing in 2020 of the Company's sixth term loan. As of September 30, 2019 , 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 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 debt covenants of the Series A Notes and the Series B Notes are substantially similar to those of the Company's senior unsecured revolving credit facility. As of September 30, 2019 , 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 hotel property. The mortgage is non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. The Company intends to refinance or repay with borrowings under its senior unsecured revolving credit facility the mortgage loan on the The Westin San Diego Gaslamp Quarter at or prior to the mortgage loan's maturity date. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Unsecured revolving credit facilities $ 903 $ 3,722 $ 2,927 $ 7,582 Unsecured term loan facilities 19,319 6,203 62,534 17,539 Senior unsecured notes 1,198 1,198 3,594 3,488 Mortgage debt 628 650 1,880 1,947 Amortization of deferred financing fees 2,002 548 5,903 1,590 Other 2,415 326 7,674 1,128 Total interest expense $ 26,465 $ 12,647 $ 84,512 $ 33,274 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 September 30, 2019 and December 31, 2018 was $169.0 million and $164.3 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 at September 30, 2019 and December 31, 2018 consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity September 30, 2019 December 31, 2018 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 2.12% (4) December 2020 100,000 — Swap - cash flow 2.12% (4) December 2020 100,000 — 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 100,000 100,000 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 2.60% (2) October 2021 55,000 55,000 Swap - cash flow 2.60% (2) October 2021 55,000 55,000 Swap - cash flow 1.78% (1) January 2022 100,000 100,000 Swap - cash flow 1.78% (1) January 2022 50,000 50,000 Swap - cash flow 1.79% (1) January 2022 30,000 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 75,000 Swap - cash flow 2.60% (3) January 2024 50,000 50,000 Swap - cash flow 2.60% (3) January 2024 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 75,000 Swap - cash flow 2.60% (3) January 2024 75,000 75,000 Swap - cash flow 1.99% (4) November 2023 85,000 — Swap - cash flow 1.99% (4) November 2023 85,000 — Swap - cash flow 1.99% (4) November 2023 50,000 — Swap - cash flow 1.99% (4) November 2023 30,000 — Swap - cash flow 1.43% (5) February 2026 150,000 — Swap - cash flow 1.44% (5) February 2026 50,000 — Swap - cash flow 1.44% (5) February 2026 50,000 — Swap - cash flow 1.44% (5) February 2026 40,000 — ________________________ (1) Swaps assumed in connection with the LaSalle merger on November 30, 2018. (2) Swaps became effective January 2019. (3) Swaps will become effective January 2020. (4) Swaps became effective June 2019. (5) Swaps will become effective February 2021. The Company records all derivative instruments at fair value in the accompanying 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 September 30, 2019 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $0.7 million and $28.4 million , respectively, in the accompanying consolidated balance sheets. For the three and nine months ended September 30, 2019 , there was $(7.9) million and $(38.0) million in unrealized (loss) gain, respectively, recorded in accumulated other comprehensive income (loss). For the three and nine months ended September 30, 2018 , there was $0.8 million and $8.1 million in unrealized (loss) gain, respectively, recorded in accumulated other comprehensive income (loss). For the three and nine months ended September 30, 2019 , the Company reclassified $(1.6) million and $(6.4) million , respectively, from accumulated other comprehensive income (loss) to interest expense. For the three and nine months ended September 30, 2018 , the Company reclassified $(0.5) million and $(0.3) million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $10.4 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company presents revenue on a disaggregated basis in the accompanying consolidated statements of operations and comprehensive income. The following table presents revenues by geographic location for the three and nine months ended September 30, 2019 and 2018 (in thousands): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 San Francisco, CA $ 80,828 $ 53,734 $ 243,924 $ 146,467 Boston, MA 75,491 21,522 204,865 55,610 San Diego, CA 71,572 18,010 191,711 52,134 Los Angeles, CA 53,249 32,759 155,295 95,224 Other (1) 31,367 25,250 94,704 79,690 Washington DC 24,779 5,564 88,535 19,072 Southern FL 18,222 8,558 87,253 44,325 Portland, OR 33,367 29,881 80,655 74,787 Chicago, IL 25,099 — 61,522 — Seattle, WA 9,578 10,202 24,340 25,727 $ 423,552 $ 205,480 $ 1,232,804 $ 593,036 (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 following 12 months.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
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 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 nine months ended September 30, 2019 , the Company had no repurchases under this program and as of September 30, 2019 , $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 nine months ended September 30, 2019 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2019 March 29, 2019 April 15, 2019 $ 0.38 June 30, 2019 June 28, 2019 July 15, 2019 $ 0.38 September 30, 2019 September 30, 2019 October 15, 2019 Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (“preferred shares”). On November 30, 2018, in connection with the LaSalle merger, the Company issued 4,400,000 of its 6.375% Series E Cumulative Redeemable Preferred Shares ("Series E Preferred Shares") and 6,000,000 of its 6.30% Series F Cumulative Redeemable Preferred Shares ("Series F Preferred Shares"). The following Preferred Shares were outstanding as of September 30, 2019 and December 31, 2018 : Security Type As of September 30, 2019 As of December 31, 2018 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 4,400,000 6.30% Series F 6,000,000 6,000,000 20,400,000 20,400,000 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 May 25, 2021 and June 9, 2021, the Company may, at its option, redeem the Series F Preferred Shares and Series D Preferred Shares, respectively, and at any time the Company may, at its option, redeem the Series C Preferred Shares or the Series E Preferred Shares, or both, 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 defined formulas subject to share caps. 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 nine months ended September 30, 2019 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2019 March 29, 2019 April 15, 2019 6.50% Series C $ 0.41 June 30, 2019 June 28, 2019 July 15, 2019 6.50% Series C $ 0.41 September 30, 2019 September 30, 2019 October 15, 2019 6.375% Series D $ 0.40 March 31, 2019 March 29, 2019 April 15, 2019 6.375% Series D $ 0.40 June 30, 2019 June 28, 2019 July 15, 2019 6.375% Series D $ 0.40 September 30, 2019 September 30, 2019 October 15, 2019 6.375% Series E $ 0.40 March 31, 2019 March 29, 2019 April 15, 2019 6.375% Series E $ 0.40 June 30, 2019 June 28, 2019 July 15, 2019 6.375% Series E $ 0.40 September 30, 2019 September 30, 2019 October 15, 2019 6.30% Series F $ 0.39 March 31, 2019 March 29, 2019 April 15, 2019 6.30% Series F $ 0.39 June 30, 2019 June 28, 2019 July 15, 2019 6.30% Series F $ 0.39 September 30, 2019 September 30, 2019 October 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 September 30, 2019 and December 31, 2018 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at September 30, 2019 , 190,975 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 September 30, 2019 and December 31, 2018 , the Operating Partnership had 133,605 and 133,605

Share-Based Compensation Plan

Share-Based Compensation Plan	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 , there were 1,035,985 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 September 30, 2019 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 127,732 $ 32.22 Granted 88,355 $ 32.64 Vested (66,276 ) $ 30.20 Forfeited (707 ) $ 32.70 Unvested at September 30, 2019 149,104 $ 33.37 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the three and nine months ended September 30, 2019 , the Company recognized approximately $0.6 million and $1.7 million , respectively, of share-based compensation expense related to these service condition restricted shares in the accompanying consolidated statements of operations and comprehensive income. For the three and nine months ended September 30, 2018 , the Company recognized approximately $0.5 million and $1.5 million , respectively, of share-based compensation expense related to these service condition restricted shares in the accompanying consolidated statements of operations and comprehensive income. As of September 30, 2019 , there was $3.3 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.9 years . Performance-Based Equity Awards 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, if at all, 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 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. In January 2019, the Company issued 35,471 of common shares which represented achieving 71% 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 the three performance criteria 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 the three performance criteria 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 the three performance criteria 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. In January 2019, these awards vested and the Company issued 142,173 and 31,146 common shares to officers and employees, respectively. The actual number of common shares that ultimately vested was based on the three performance criteria 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 will vest, if at all, 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 the two performance criteria 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 will vest, if at all, 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 the two performance criteria defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020. On February 13, 2019, the Board of Trustees approved a target award of 126,891 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2022. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2022 based on the two performance criteria defined in the award agreements for the period of performance from January 1, 2019 through December 31, 2021. 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 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% February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% (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 September 30, 2019 , there was approximately $5.6 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.8 years . For the three and nine months ended September 30, 2019 , the Company recognized $1.2 million and $3.5 million , respectively, in expense related to these awards. For the three and nine months ended September 30, 2018 , the Company recognized $1.8 million and $1.9 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 September 30, 2019 , the Operating Partnership had two classes of LTIP units, LTIP Class A units 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 September 30, 2019 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of September 30, 2019 , of the 236,351 units outstanding, 190,975 LTIP units have vested. For the three and nine months ended September 30, 2019 , the Company recognized $0.3 million and $0.8 million , respectively, in expense related to these LTIP units. For the three and nine months ended September 30, 2018 , the Company recognized $0.3 million and $0.8 million , respectively, in expense related to these LTIP units. As of September 30, 2019 , there was $0.2 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 0.2 years . The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s accompanying consolidated balance sheets.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's TRSs, PHL and LHL, are subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated its TRSs' income tax expense (benefit) for the nine months ended September 30, 2019 using an estimated combined federal and state statutory tax rate of 30.0% . The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of September 30, 2019 and December 31, 2018 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2014.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to common shareholders $ 21,752 $ 25,769 $ 71,482 $ 100,234 Less: dividends paid on unvested share-based compensation (74 ) (83 ) (220 ) (249 ) Undistributed earnings attributable to share-based compensation — — — (67 ) Net income (loss) available to common shareholders $ 21,678 $ 25,686 $ 71,262 $ 99,918 Denominator: Weighted-average number of common shares — basic 130,484,956 68,912,185 130,467,193 68,900,402 Effect of dilutive share-based compensation 137,174 343,673 223,149 366,696 Weighted-average number of common shares — diluted 130,622,130 69,255,858 130,690,342 69,267,098 Net income (loss) per share available to common shareholders — basic $ 0.17 $ 0.37 $ 0.55 $ 1.45 Net income (loss) per share available to common shareholders — diluted $ 0.17 $ 0.37 $ 0.55 $ 1.44 For the three and nine months ended September 30, 2019 , 128,563 and 37,137 , respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. There were zero and 4,212 unvested service condition restricted shares and performance-based equity awards excluded from diluted weighted-average common shares for the three and nine months ended September 30, 2018

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 seven 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 $10.5 million and $33.3 million for the three and nine months ended September 30, 2019 , respectively, and $6.0 million and $17.4 million for the three and nine months ended September 30, 2018 , respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's accompanying 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 September 30, 2019 and December 31, 2018 , the Company had $27.0 million and $24.4 million , respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements. Ground and Hotel Leases As of September 30, 2019 , the following hotels were 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 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 the option, subject to certain terms and conditions, to extend the ground lease for 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 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 $8.9 million and $24.3 million for the three and nine months ended September 30, 2019 , respectively, and $3.6 million and $10.1 million for the three and nine months ended September 30, 2018 , respectively. For the three and nine months ended September 30, 2019 , fixed ground rent expense was $4.3 million and $12.8 million , respectively, and variable ground rent expense was $4.6 million and $11.5 million , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's accompanying 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 . Maturity of lease liabilities for the Company's operating leases is as follows (in thousands): Year ending December 31, 2019 (excluding the nine months ended September 30, 2019) $ 4,297 2020 17,924 2021 18,608 2022 18,921 2023 18,107 Thereafter 1,168,805 Total lease payments $ 1,246,662 Less: Imputed interest (990,495 ) Present value of lease liabilities $ 256,167 Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, prior to adoption of ASC 842 is as follows as of December 31, 2018 (in thousands): Year ending December 31, 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 Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the nine months ended September 30, 2019 2018 (in thousands) Interest paid, net of capitalized interest $ 69,680 $ 29,389 Income taxes paid $ 2,569 $ 2,288 Non-Cash Investing and Financing Activities (1) : Distributions payable on common shares/units $ 50,878 $ 28,205 Distributions payable on preferred shares $ 7,558 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 740 $ 662 Accrued additions and improvements to hotel properties $ 6,754 $ 593 Right of use assets obtained in exchange for lease liabilities $ 257,167 $ — Purchase of ground lease $ 16,604 $ — Write-off of deferred financing costs $ 2,697 $ — (1) Refer to Note 3, Merger with LaSalle Hotel Properties, for information related to the non-cash investing and financing activities related to the acquisition of LaSalle.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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. Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in transaction costs on the consolidated statements of operations and comprehensive income. Hotel renovations and replacements of assets that improve or extend the life of an asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the consolidated statements of operations and comprehensive income and classify the assets and related liabilities as held for sale on the consolidated balance sheets.
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 the length of 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 adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL and LHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Recent Accounting Standards	Recent Accounting Standards In 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. 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

Business Combinations and Acq_2

Business Combinations and Acquisition and Disposition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Schedule of Properties Acquired and Consideration	As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties: Property Location Ownership Interest Guest 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 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 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Topaz Hotel (7) Washington, DC 100 % 99 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 Hotel Palomar Washington DC (1) Washington, DC 100 % 335 The Liaison Capitol Hill (2) Washington, DC 100 % 343 Onyx Hotel (3) Boston, MA 100 % 112 Hotel Amarano Burbank (4) Burbank, CA 100 % 132 Rouge Hotel (5) Washington, DC 100 % 137 Hotel Madera (6) Washington, DC 100 % 82 8,420 (1) In February 2019, the Company sold this hotel property for $141.5 million . (2) In February 2019, the Company sold this hotel property for $111.0 million . (3) In May 2019, the Company sold this hotel property for $58.3 million . (4) In July 2019, the Company sold this hotel property for $72.9 million . (5) In September 2019, the Company sold this hotel property for $42.0 million . (6) In September 2019, the Company sold this hotel property for $23.3 million . (7) As of September 30, 2019 , this hotel property was classified as held for sale. The total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Series E preferred shares 101,622 Series F preferred shares 132,600 OP units 4,665 Cash 1,719,150 Total consideration $ 4,102,094
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 three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (unaudited) Total revenues $ 423,552 $ 452,837 $ 1,232,804 $ 1,276,481 Operating income (loss) $ 60,820 $ 87,367 $ 186,566 $ 220,538 Net income (loss) attributable to common shareholders $ 21,752 $ 43,221 $ 71,482 $ 98,471 Net income (loss) per share available to common shareholders — basic $ 0.17 $ 0.33 $ 0.55 $ 0.75 Net income (loss) per share available to common shareholders — diluted $ 0.17 $ 0.33 $ 0.55 $ 0.75

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, December 31, 2018 Land $ 1,046,510 $ 1,056,862 Buildings and improvements 5,021,865 5,440,513 Furniture, fixtures and equipment 540,848 462,620 Right-of-use asset, operating leases 342,576 — Capital lease asset 65,382 91,985 Construction in progress 20,154 25,643 Investment in hotel properties $ 7,037,335 $ 7,077,623 Less: Accumulated depreciation (707,367 ) (543,430 ) Investment in hotel properties, net $ 6,329,968 $ 6,534,193

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date September 30, 2019 December 31, 2018 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 100,000 $ 170,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 100,000 $ 170,000 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 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Sixth Term Loan Tranche 2020 Floating (3) December 2020 — 250,000 Tranche 2021 Floating (3) November 2021 300,000 300,000 Tranche 2022 Floating (3) November 2022 400,000 400,000 Tranche 2023 Floating (3) November 2023 400,000 400,000 Tranche 2024 Floating (3) January 2024 400,000 400,000 Total Sixth Term Loan 1,500,000 1,750,000 Total term loans at stated value 1,975,000 2,425,000 Deferred financing costs, net (11,172 ) (15,716 ) Total term loans $ 1,963,828 $ 2,409,284 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 (460 ) (531 ) Total senior unsecured notes $ 99,540 $ 99,469 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 66,376 68,207 Deferred financing costs, net (16 ) (62 ) Total mortgage loans $ 66,360 $ 68,145 Total debt $ 2,229,728 $ 2,746,898 ________________________ (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 three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Unsecured revolving credit facilities $ 903 $ 3,722 $ 2,927 $ 7,582 Unsecured term loan facilities 19,319 6,203 62,534 17,539 Senior unsecured notes 1,198 1,198 3,594 3,488 Mortgage debt 628 650 1,880 1,947 Amortization of deferred financing fees 2,002 548 5,903 1,590 Other 2,415 326 7,674 1,128 Total interest expense $ 26,465 $ 12,647 $ 84,512 $ 33,274
Schedule of Interest Rate Swaps	The Company's interest rate swaps at September 30, 2019 and December 31, 2018 consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity September 30, 2019 December 31, 2018 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 2.12% (4) December 2020 100,000 — Swap - cash flow 2.12% (4) December 2020 100,000 — 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 100,000 100,000 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 1.47% (1) January 2021 47,500 47,500 Swap - cash flow 2.60% (2) October 2021 55,000 55,000 Swap - cash flow 2.60% (2) October 2021 55,000 55,000 Swap - cash flow 1.78% (1) January 2022 100,000 100,000 Swap - cash flow 1.78% (1) January 2022 50,000 50,000 Swap - cash flow 1.79% (1) January 2022 30,000 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 75,000 Swap - cash flow 2.60% (3) January 2024 50,000 50,000 Swap - cash flow 2.60% (3) January 2024 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 75,000 Swap - cash flow 2.60% (3) January 2024 75,000 75,000 Swap - cash flow 1.99% (4) November 2023 85,000 — Swap - cash flow 1.99% (4) November 2023 85,000 — Swap - cash flow 1.99% (4) November 2023 50,000 — Swap - cash flow 1.99% (4) November 2023 30,000 — Swap - cash flow 1.43% (5) February 2026 150,000 — Swap - cash flow 1.44% (5) February 2026 50,000 — Swap - cash flow 1.44% (5) February 2026 50,000 — Swap - cash flow 1.44% (5) February 2026 40,000 — ________________________ (1) Swaps assumed in connection with the LaSalle merger on November 30, 2018. (2) Swaps became effective January 2019. (3) Swaps will become effective January 2020. (4) Swaps became effective June 2019. (5) Swaps will become effective February 2021.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the three and nine months ended September 30, 2019 and 2018 (in thousands): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 San Francisco, CA $ 80,828 $ 53,734 $ 243,924 $ 146,467 Boston, MA 75,491 21,522 204,865 55,610 San Diego, CA 71,572 18,010 191,711 52,134 Los Angeles, CA 53,249 32,759 155,295 95,224 Other (1) 31,367 25,250 94,704 79,690 Washington DC 24,779 5,564 88,535 19,072 Southern FL 18,222 8,558 87,253 44,325 Portland, OR 33,367 29,881 80,655 74,787 Chicago, IL 25,099 — 61,522 — Seattle, WA 9,578 10,202 24,340 25,727 $ 423,552 $ 205,480 $ 1,232,804 $ 593,036 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the nine months ended September 30, 2019 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2019 March 29, 2019 April 15, 2019 $ 0.38 June 30, 2019 June 28, 2019 July 15, 2019 $ 0.38 September 30, 2019 September 30, 2019 October 15, 2019
Schedule of Preferred Shares Outstanding	The following Preferred Shares were outstanding as of September 30, 2019 and December 31, 2018 : Security Type As of September 30, 2019 As of December 31, 2018 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 4,400,000 6.30% Series F 6,000,000 6,000,000 20,400,000 20,400,000
Schedule of Preferred Dividends	The Company declared the following dividends on preferred shares for the nine months ended September 30, 2019 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2019 March 29, 2019 April 15, 2019 6.50% Series C $ 0.41 June 30, 2019 June 28, 2019 July 15, 2019 6.50% Series C $ 0.41 September 30, 2019 September 30, 2019 October 15, 2019 6.375% Series D $ 0.40 March 31, 2019 March 29, 2019 April 15, 2019 6.375% Series D $ 0.40 June 30, 2019 June 28, 2019 July 15, 2019 6.375% Series D $ 0.40 September 30, 2019 September 30, 2019 October 15, 2019 6.375% Series E $ 0.40 March 31, 2019 March 29, 2019 April 15, 2019 6.375% Series E $ 0.40 June 30, 2019 June 28, 2019 July 15, 2019 6.375% Series E $ 0.40 September 30, 2019 September 30, 2019 October 15, 2019 6.30% Series F $ 0.39 March 31, 2019 March 29, 2019 April 15, 2019 6.30% Series F $ 0.39 June 30, 2019 June 28, 2019 July 15, 2019 6.30% Series F $ 0.39 September 30, 2019 September 30, 2019 October 15, 2019

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 : Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 127,732 $ 32.22 Granted 88,355 $ 32.64 Vested (66,276 ) $ 30.20 Forfeited (707 ) $ 32.70 Unvested at September 30, 2019 149,104 $ 33.37
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 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% February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% (1) Amounts round to zero.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Common Share	The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to common shareholders $ 21,752 $ 25,769 $ 71,482 $ 100,234 Less: dividends paid on unvested share-based compensation (74 ) (83 ) (220 ) (249 ) Undistributed earnings attributable to share-based compensation — — — (67 ) Net income (loss) available to common shareholders $ 21,678 $ 25,686 $ 71,262 $ 99,918 Denominator: Weighted-average number of common shares — basic 130,484,956 68,912,185 130,467,193 68,900,402 Effect of dilutive share-based compensation 137,174 343,673 223,149 366,696 Weighted-average number of common shares — diluted 130,622,130 69,255,858 130,690,342 69,267,098 Net income (loss) per share available to common shareholders — basic $ 0.17 $ 0.37 $ 0.55 $ 1.45 Net income (loss) per share available to common shareholders — diluted $ 0.17 $ 0.37 $ 0.55 $ 1.44

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of September 30, 2019 , the following hotels were 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 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 the option, subject to certain terms and conditions, to extend the ground lease for 30 years to 2089.
Future Minimum Annual Rentals, Operating Leases	Maturity of lease liabilities for the Company's operating leases is as follows (in thousands): Year ending December 31, 2019 (excluding the nine months ended September 30, 2019) $ 4,297 2020 17,924 2021 18,608 2022 18,921 2023 18,107 Thereafter 1,168,805 Total lease payments $ 1,246,662 Less: Imputed interest (990,495 ) Present value of lease liabilities $ 256,167 Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, prior to adoption of ASC 842 is as follows as of December 31, 2018 (in thousands): Year ending December 31, 2019 $ 18,882 2020 19,091 2021 19,223 2022 19,325 2023 19,429 Thereafter 1,219,303 Total $ 1,315,253
Future Minimum Annual Rentals, Capital Leases	Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, prior to adoption of ASC 842 is as follows as of December 31, 2018 (in thousands): Year ending December 31, 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)	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the nine months ended September 30, 2019 2018 (in thousands) Interest paid, net of capitalized interest $ 69,680 $ 29,389 Income taxes paid $ 2,569 $ 2,288 Non-Cash Investing and Financing Activities (1) : Distributions payable on common shares/units $ 50,878 $ 28,205 Distributions payable on preferred shares $ 7,558 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 740 $ 662 Accrued additions and improvements to hotel properties $ 6,754 $ 593 Right of use assets obtained in exchange for lease liabilities $ 257,167 $ — Purchase of ground lease $ 16,604 $ — Write-off of deferred financing costs $ 2,697 $ — (1) Refer to Note 3, Merger with LaSalle Hotel Properties, for information related to the non-cash investing and financing activities related to the acquisition of LaSalle.

Organization (Details)

Organization (Details)	Sep. 30, 2019hotel_roomproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels owned by the company | property	57
Total number of guest rooms | hotel_room	14,112
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 - (Details)	9 Months Ended
	Sep. 30, 2019
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

Business Combinations and Acq_3

Business Combinations and Acquisition and Disposition of Hotel Properties - Merger with LaSalle Hotel Properties - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Dec. 31, 2018$ / shares
Business Acquisition [Line Items]
Common shares of beneficial interest, par value (usd per share) | $ / shares		$ 0.01			$ 0.01		$ 0.01
Depreciation expense		$ 69,775	$ 24,765		$ 177,376	$ 74,229
Transaction costs		300			600
Integration costs		3,700			6,800
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
Decrease to fair value of investment in hotel properties		36,000
Decrease to intangible assets		6,500
Decrease to accounts payable and accrued expenses		42,500
Increase to land		90,800
Decrease to building		189,800
Increase to furniture, fixtures and equipment		85,500
Decrease to capital lease assets		22,500
Depreciation expense				$ 12,000
Revenues of acquired hotel properties since acquisition date		221,600			641,600
Operating income of acquired hotel properties since acquisition date		$ 92,400			$ 261,800
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%
Series E preferred shares
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.375%				6.375%
Series E preferred 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%
Series F preferred shares
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.30%				6.30%
Series F preferred 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	61,400,000
Equity interests issued (in usd per share) | $ / shares	$ 34.92
Preferred shares | Series E preferred 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 | Series F preferred 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

Business Combinations and Acq_4

Business Combinations and Acquisition and Disposition of Hotel Properties - Properties Acquired (Details) $ in Thousands	Sep. 26, 2019USD ($)	Sep. 12, 2019USD ($)	Jul. 16, 2019USD ($)	May 29, 2019USD ($)	Feb. 22, 2019USD ($)	Feb. 14, 2019USD ($)	Nov. 30, 2018hotel_roomproperty	Sep. 30, 2019USD ($)hotel_room	Sep. 30, 2018USD ($)
Business Acquisition [Line Items]
Guest Rooms								14,112
Proceeds from sales of hotel properties | $								$ 437,871	$ 0
Hotel Palomar Washington DC
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $					$ 141,500
The Liaison Capitol Hill
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $						$ 111,000
Onyx Hotel
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $				$ 58,300
Hotel Amarano Burbank
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $			$ 72,900
Rouge Hotel
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $		$ 42,000
Hotel Madera
Business Acquisition [Line Items]
Proceeds from sales of hotel properties | $	$ 23,300
LaSalle Hotel Properties
Business Acquisition [Line Items]
Number of hotel properties acquired | property							36
Guest Rooms							8,420
LaSalle Hotel Properties | Villa Florence San Francisco on Union Square
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							189
LaSalle Hotel Properties | Hotel Vitale
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							200
LaSalle Hotel Properties | The Marker San Francisco
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							208
LaSalle Hotel Properties | Hotel Spero
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							236
LaSalle Hotel Properties | Chaminade Resort & Spa
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							156
LaSalle Hotel Properties | Harbor Court Hotel San Francisco
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							131
LaSalle Hotel Properties | Viceroy Santa Monica Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							162
LaSalle Hotel Properties | Le Parc Suite Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							154
LaSalle Hotel Properties | Montrose West Hollywood
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							133
LaSalle Hotel Properties | Chamberlain West Hollywood Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							115
LaSalle Hotel Properties | Grafton on Sunset
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							108
LaSalle Hotel Properties | The Westin Copley Place, Boston
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							803
LaSalle Hotel Properties | The Liberty, A Luxury Collection Hotel, Boston
Business Acquisition [Line Items]
Ownership Interest							99.99%
Guest Rooms							298
LaSalle Hotel Properties | Hyatt Regency Boston Harbor
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							270
LaSalle Hotel Properties | Sofitel Washington DC Lafayette Square
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							237
LaSalle Hotel Properties | George Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							139
LaSalle Hotel Properties | Mason & Rook Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							178
LaSalle Hotel Properties | Donovan Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							193
LaSalle Hotel Properties | Topaz Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							99
LaSalle Hotel Properties | Paradise Point Resort & Spa
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							462
LaSalle Hotel Properties | Hilton San Diego Gaslamp Quarter
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							286
LaSalle Hotel Properties | Solamar Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							235
LaSalle Hotel Properties | L'Auberge Del Mar
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							121
LaSalle Hotel Properties | Hilton San Diego Resort & Spa
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							357
LaSalle Hotel Properties | The Heathman Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							151
LaSalle Hotel Properties | Southernmost Beach Resort
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							262
LaSalle Hotel Properties | The Marker Key West
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							96
LaSalle Hotel Properties | The Roger New York
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							194
LaSalle Hotel Properties | Hotel Chicago Downtown, Autograph Collection
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							354
LaSalle Hotel Properties | The Westin Michigan Avenue Chicago
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							752
LaSalle Hotel Properties | Hotel Palomar Washington DC
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							335
LaSalle Hotel Properties | The Liaison Capitol Hill
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							343
LaSalle Hotel Properties | Onyx Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							112
LaSalle Hotel Properties | Hotel Amarano Burbank
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							132
LaSalle Hotel Properties | Rouge Hotel
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							137
LaSalle Hotel Properties | Hotel Madera
Business Acquisition [Line Items]
Ownership Interest							100.00%
Guest Rooms							82

Business Combinations and Acq_5

Business Combinations and 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 | Series E preferred shares
Business Acquisition [Line Items]
Equity interests issued	101,622
Preferred shares | Series F preferred shares
Business Acquisition [Line Items]
Equity interests issued	132,600
Operating partnership units
Business Acquisition [Line Items]
Equity interests issued	$ 4,665

Business Combinations and Acq_6

Business Combinations and 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

Business Combinations and Acq_7

Business Combinations and Acquisition and Disposition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Combinations [Abstract]
Total revenues	$ 423,552	$ 452,837	$ 1,232,804	$ 1,276,481
Operating income (loss)	60,820	87,367	186,566	220,538
Net income (loss) attributable to common shareholders	$ 21,752	$ 43,221	$ 71,482	$ 98,471
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ 0.17	$ 0.33	$ 0.55	$ 0.75
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ 0.17	$ 0.33	$ 0.55	$ 0.75

Business Combinations and Acq_8

Business Combinations and Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) - USD ($)	Sep. 26, 2019	Sep. 12, 2019	Jul. 16, 2019	May 29, 2019	Feb. 22, 2019	Feb. 14, 2019	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties										$ 437,871,000	$ 0
Operating (loss) income from disposed properties								$ 700,000	$ 1,500,000	$ 7,500,000	$ 3,800,000
The Liaison Capitol Hill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties						$ 111,000,000
Gain (loss) on sale of hotel properties						$ 0
Hotel Palomar Washington DC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties					$ 141,500,000
Gain (loss) on sale of hotel properties					$ 0
Onyx Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties				$ 58,300,000
Gain (loss) on sale of hotel properties				$ 0
Hotel Amarano Burbank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties			$ 72,900,000
Gain (loss) on sale of hotel properties			$ 0
Rouge Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties		$ 42,000,000
Gain (loss) on sale of hotel properties		$ 0
Hotel Madera
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties	$ 23,300,000
Gain (loss) on sale of hotel properties	$ 0
Topaz Hotel | Scenario, Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties							$ 33,000,000

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Investment in hotel properties
Land				$ 1,046,510,000	$ 1,056,862,000
Buildings and improvements				5,021,865,000	5,440,513,000
Furniture, fixtures and equipment				540,848,000	462,620,000
Right-of-use asset, operating leases				342,576,000	0
Capital lease asset				65,382,000	91,985,000
Construction in progress				20,154,000	25,643,000
Investment in hotel properties				7,037,335,000	7,077,623,000
Less: Accumulated depreciation				(707,367,000)	(543,430,000)
Investment in hotel properties, net				6,329,968,000	$ 6,534,193,000
Present value of lease liabilities				$ 256,167,000
LaPlaya Beach Resort and Club
Real Estate Properties [Line Items]
Insurance settlement	$ 20,500,000
Gain on insurance settlement		$ 0	$ 13,100,000
Minimum
Real Estate Properties [Line Items]
Operating lease, incremental rate				5.50%
Operating lease, term				10 years
Maximum
Real Estate Properties [Line Items]
Operating lease, incremental rate				7.60%
Operating lease, term				88 years

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 2,229,728,000	$ 2,746,898,000
Unsecured debt | Revolving credit facilities
Debt Instrument [Line Items]
Debt	100,000,000	170,000,000
Unsecured debt | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Debt	100,000,000	170,000,000
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	1,975,000,000	2,425,000,000
Deferred financing costs, net	(11,172,000)	(15,716,000)
Total debt	1,963,828,000	2,409,284,000
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	0	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 | Sixth Term Loan
Debt Instrument [Line Items]
Debt	1,500,000,000	1,750,000,000
Unsecured debt | Unsecured term loans | Tranche 2020
Debt Instrument [Line Items]
Debt	0	250,000,000
Unsecured debt | Unsecured term loans | Tranche 2021
Debt Instrument [Line Items]
Debt	300,000,000	300,000,000
Unsecured debt | Unsecured term loans | Tranche 2022
Debt Instrument [Line Items]
Debt	400,000,000	400,000,000
Unsecured debt | Unsecured term loans | Tranche 2023
Debt Instrument [Line Items]
Debt	400,000,000	400,000,000
Unsecured debt | Unsecured term loans | Tranche 2024
Debt Instrument [Line Items]
Debt	400,000,000	400,000,000
Senior unsecured notes
Debt Instrument [Line Items]
Debt	100,000,000	100,000,000
Deferred financing costs, net	(460,000)	(531,000)
Total debt	$ 99,540,000	99,469,000
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]
Interest Rate	3.69%
Debt	$ 66,376,000	68,207,000
Deferred financing costs, net	(16,000)	(62,000)
Total debt	$ 66,360,000	$ 68,145,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 2,300,000		$ 2,300,000		$ 0
Repayments of debt			451,831,000	$ 1,764,000
Estimated fair value of debt	169,000,000		169,000,000		164,300,000
Unrealized gain (loss) on derivative instruments	(7,874,000)	$ 829,000	(38,002,000)	8,119,000
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value	700,000		700,000
Derivative instruments, liability position, fair value	28,400,000		28,400,000
Unrealized gain (loss) on derivative instruments	(7,900,000)	800,000	(38,000,000)	8,100,000
Expected reclassifications in next 12 months	10,400,000		10,400,000
Interest rate swaps | Interest expense
Line of Credit Facility [Line Items]
Reclassification of gain (loss) from AOCI to interest expense	(1,600,000)	$ (500,000)	(6,400,000)	$ (300,000)
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	30,000,000		30,000,000
Unsecured debt | Revolving credit facilities
Line of Credit Facility [Line Items]
Debt outstanding	100,000,000		100,000,000		170,000,000
Unsecured debt | Unsecured term loans
Line of Credit Facility [Line Items]
Debt outstanding	1,975,000,000		1,975,000,000		2,425,000,000
Repayments of debt			450,000,000
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	650,000,000		650,000,000
Debt outstanding	100,000,000		100,000,000		170,000,000
Remaining borrowing capacity	550,000,000		550,000,000
Maximum borrowing capacity potential increase (up to)	1,300,000,000		$ 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		$ 10,000,000
Debt outstanding	0		0		0
Remaining borrowing capacity	10,000,000		$ 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%
Unsecured debt | Third Term Loan | Unsecured term loans
Line of Credit Facility [Line Items]
Debt outstanding	0		$ 0		200,000,000
Repayments of debt			200,000,000
Unsecured debt | Sixth Term Loan - tranche maturing 2020 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt outstanding	0		0		250,000,000
Repayments of debt			250,000,000
Senior unsecured notes
Line of Credit Facility [Line Items]
Debt outstanding	100,000,000		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		60,000,000
Stated interest rate	4.70%		4.70%
Senior unsecured notes | Series B Notes
Line of Credit Facility [Line Items]
Debt outstanding	$ 40,000,000		$ 40,000,000		$ 40,000,000
Stated interest rate	4.93%		4.93%

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 2,002	$ 548	$ 5,903	$ 1,590
Other	2,415	326	7,674	1,128
Total interest expense	26,465	12,647	84,512	33,274
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	1,198	1,198	3,594	3,488
Mortgage loans
Debt Instrument [Line Items]
Interest expense, debt	628	650	1,880	1,947
Unsecured revolving credit facilities | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	903	3,722	2,927	7,582
Unsecured term loan facilities | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	$ 19,319	$ 6,203	$ 62,534	$ 17,539

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - Cash flow hedging - Designated as hedging instrument - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Interest rate swap - May 2019 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	$ 100,000,000
Interest rate swap - May 2019 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	62,500,000
Interest rate swap - May 2019 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	15,000,000
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 - December 2020 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.12%
Notional value	$ 100,000,000	0
Interest rate swap - December 2020 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.12%
Notional value	$ 100,000,000	0
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	100,000,000
Interest rate swap - January 2021 - 6
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	47,500,000
Interest rate swap - January 2021 - 7
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	47,500,000
Interest rate swap - January 2021 - 8
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	47,500,000
Interest rate swap - January 2021 - 9
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500,000	47,500,000
Interest rate swap - October 2021 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000,000	55,000,000
Interest rate swap - October 2021 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000,000	55,000,000
Interest rate swap - January 2022 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 100,000,000	100,000,000
Interest rate swap - January 2022 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2022 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.79%
Notional value	$ 30,000,000	30,000,000
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	75,000,000
Interest rate swap - January 2024 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 50,000,000	50,000,000
Interest rate swap - January 2024 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 25,000,000	25,000,000
Interest rate swap - January 2024 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 75,000,000	75,000,000
Interest rate swap - January 2024 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 75,000,000	75,000,000
Interest rate swap - November 2023 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 85,000,000	0
Interest rate swap - November 2023 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 85,000,000	0
Interest rate swap - November 2023 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 50,000,000	0
Interest rate swap - November 2023 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 30,000,000	0
Interest rate swap - February 2026 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.43%
Notional value	$ 150,000,000	0
Interest rate swap - February 2026 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.44%
Notional value	$ 50,000,000	0
Interest rate swap - February 2026 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.44%
Notional value	$ 50,000,000	0
Interest rate swap - February 2026 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.44%
Notional value	$ 40,000,000	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Abstract]
Total revenues	$ 423,552	$ 205,480	$ 1,232,804	$ 593,036
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues	80,828	53,734	243,924	146,467
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues	75,491	21,522	204,865	55,610
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues	71,572	18,010	191,711	52,134
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues	53,249	32,759	155,295	95,224
Other
Disaggregation of Revenue [Abstract]
Total revenues	31,367	25,250	94,704	79,690
Washington DC
Disaggregation of Revenue [Abstract]
Total revenues	24,779	5,564	88,535	19,072
Southern FL
Disaggregation of Revenue [Abstract]
Total revenues	18,222	8,558	87,253	44,325
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues	33,367	29,881	80,655	74,787
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues	25,099	0	61,522	0
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues	$ 9,578	$ 10,202	$ 24,340	$ 25,727

Equity - Narrative (Details)

Equity - Narrative (Details)	Nov. 30, 2018shares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018$ / sharesshares	Jul. 27, 2017USD ($)	Feb. 22, 2016USD ($)
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) | $ / shares		$ 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) | $ / shares		$ 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)		190,975
Operating Partnership units outstanding (in shares)		130,484,956	130,311,289
Operating Partnership
Non-controlling Interest of Common Units in Operating Partnership
Operating Partnership units outstanding (in shares)		133,605	133,605
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) | $ / shares		$ 25
Preferred stock, redemption after change in control		120 days
Share cap ratio on preferred shares on conversion		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) | $ / shares		$ 25
Preferred stock, redemption after change in control		120 days
Share cap ratio on preferred shares on conversion		1.9794
Series E preferred shares
Preferred Shares
Preferred stock, dividend rate, percentage	6.375%	6.375%
Share cap ratio on preferred shares on conversion		1.9372
Series F preferred shares
Preferred Shares
Preferred stock, dividend rate, percentage	6.30%	6.30%
Share cap ratio on preferred shares on conversion		2.0649
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
Preferred Shares
Equity interests issued (in shares)	61,400,000
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)	61,400,000
LaSalle Hotel Properties | Preferred shares | Series E preferred shares
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 | Series F preferred shares
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
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	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Common Shares
Dividends Payable [Line Items]
Dividend per share/unit (in usd per share)	$ 0.38	$ 0.38	$ 0.38

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares	Nov. 30, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		20,400,000			20,400,000	20,400,000
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
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
6.375% Series E
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		4,400,000			4,400,000	4,400,000
Preferred stock, dividend rate, percentage	6.375%				6.375%
Dividend per share/unit (in usd per share)		$ 0.40	0.40	0.40
6.30% Series F
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		6,000,000			6,000,000	6,000,000
Preferred stock, dividend rate, percentage	6.30%				6.30%
Dividend per share/unit (in usd per share)		$ 0.39	$ 0.39	$ 0.39

Share-Based Compensation Plan -

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

Feb. 13, 2019shares

Feb. 14, 2018shares

Feb. 15, 2017shares

Feb. 10, 2016shares

Jul. 27, 2015shares

Feb. 11, 2015shares

Feb. 04, 2014shares

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

Jan. 31, 2019shares

Jan. 31, 2018shares

Jan. 31, 2017shares

Jan. 31, 2016shares

Sep. 30, 2019USD ($)shares

Sep. 30, 2018USD ($)

Sep. 30, 2019USD ($)classshares

Sep. 30, 2018USD ($)shares

Dec. 31, 2018shares

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

6 years

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

1,035,985

1,035,985

LTIP units, outstanding (in shares)

236,351

236,351

236,351

LTIP units, vested (shares)

190,975

190,975

Restricted common shares

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 0.6

$ 0.5

$ 1.7

$ 1.5

Total unrecognized compensation cost | $

3.3

$ 3.3

Weighted average remaining vesting period

1 year 10 months 24 days

Awards granted (in shares)

88,355

Awards vested (in shares)

66,276

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 | $

1.2

1.8

$ 3.5

1.9

Total unrecognized compensation cost | $

5.6

$ 5.6

Weighted average remaining vesting period

1 year 9 months 18 days

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

49,914

Awards vested (in shares)

35,471

72,236

Estimated shares expected to vest, percent

71.00%

145.00%

Performance-based shares | February 4, 2014

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

66,483

Performance-based shares | February 11, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

44,962

Performance-based shares | July 27, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

771

Performance-based shares | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

100,919

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 | February 13, 2019

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

126,891

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 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 | Minimum | February 13, 2019

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 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%

Performance-based shares | Maximum | February 13, 2019

Share-Based Compensation Plan (Textual) [Abstract]

Estimated shares expected to vest, percent

200.00%

LTIP units

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

0.3

$ 0.3

$ 0.8

$ 0.8

Total unrecognized compensation cost | $

$ 0.2

$ 0.2

Weighted average remaining vesting period

2 months 12 days

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

Officer | Performance-based shares | February 4, 2014

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

112,782

Officer | Performance-based shares | February 11, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

14,089

Employee | Performance-based shares | February 4, 2014

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

25,619

Employee | Performance-based shares | February 11, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

2,501

Employee | Performance-based shares | July 27, 2015

Share-Based Compensation Plan (Textual) [Abstract]

Awards vested (in shares)

1,079

Common Shares

Share-Based Compensation Plan (Textual) [Abstract]

Shares issued for awards vested (in shares)

275,066

151,887

Common Shares | Officer | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Shares issued for awards vested (in shares)

142,173

Common Shares | Employee | February 10, 2016

Share-Based Compensation Plan (Textual) [Abstract]

Shares issued for awards vested (in shares)

31,146

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Restricted common shares	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares
Unvested beginning balance (in shares) | shares	127,732
Granted (in shares) | shares	88,355
Vested (in shares) | shares	(66,276)
Forfeited (in shares) | shares	(707)
Unvested ending balance (in shares) | shares	149,104
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share) | $ / shares	$ 32.22
Granted (in usd per share) | $ / shares	32.64
Vested (in usd per share) | $ / shares	30.20
Forfeited (in usd per share) | $ / shares	32.70
Unvested ending balance (in usd per share) | $ / shares	$ 33.37

Share-Based Compensation Plan_3

Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-based shares - USD ($) $ in Millions	Feb. 13, 2019	Feb. 14, 2018	Feb. 15, 2017	Feb. 10, 2016	Jul. 27, 2015	Feb. 11, 2015	Feb. 04, 2014	Dec. 13, 2013	Dec. 13, 2013
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%
February 13, 2019 | Relative Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	65.00%
February 13, 2019 | Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	35.00%
February 13, 2019 | Relative and Absolute Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value by component	$ 4.5
Volatility	26.00%
Interest rate	2.52%
Dividend yield	4.20%

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Estimated combined federal and state statutory tax rate	30.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income (loss) attributable to common shareholders	$ 21,752	$ 25,769	$ 71,482	$ 100,234
Less: dividends paid on unvested share-based compensation	(74)	(83)	(220)	(249)
Undistributed earnings attributable to share-based compensation	0	0	0	(67)
Net income (loss) available to common shareholders	$ 21,678	$ 25,686	$ 71,262	$ 99,918
Denominator:
Weighted-average number of common shares — basic (in shares)	130,484,956	68,912,185	130,467,193	68,900,402
Effect of dilutive share-based compensation (in shares)	137,174	343,673	223,149	366,696
Weighted-average number of common shares — diluted (in shares)	130,622,130	69,255,858	130,690,342	69,267,098
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ 0.17	$ 0.37	$ 0.55	$ 1.45
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ 0.17	$ 0.37	$ 0.55	$ 1.44
Antidilutive securities excluded from computation of earnings per share (in shares)	128,563	0	37,137	4,212

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)extension_option	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees		$ 10,500	$ 6,000	$ 33,300	$ 17,400
Commitments and Contingencies [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue				4.00%
Restricted cash		27,048		$ 27,048		$ 24,445
Ground rent expense		8,900	$ 3,600	24,300	$ 10,100
Fixed ground rent expense		4,300		12,800
Variable ground rent expense		$ 4,600		$ 11,500
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]
Term of extension option				30 years
Solamar Hotel
Commitments and Contingencies [Abstract]
Acquisition of ground lease underlying land	$ 6,900
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				7
Base management fee from hotel revenues				4.00%

Commitments and Contingencies_2

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
2019 (excluding the nine months ended September 30, 2019)	$ 4,297
2020	17,924
2021	18,608
2022	18,921
2023	18,107
Thereafter	1,168,805
Total lease payments	1,246,662
Less: Imputed interest	(990,495)
Present value of lease liabilities	$ 256,167
Operating And Capital Leases, Future Minimum Payments Due [Abstract]
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_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 69,680	$ 29,389
Income taxes paid	2,569	2,288
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	58,436		$ 43,759
Accrued additions and improvements to hotel properties	6,754	593
Right of use assets obtained in exchange for lease liabilities	257,167	0
Purchase of ground lease	16,604	0
Write-off of deferred financing costs	2,697	0
Common shares/units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	50,878	28,205
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	7,558	3,442
Board of Trustees compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 740	$ 662

Uncategorized Items - peb-20199

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