Pebblebrook Hotel Trust (PEB) 10-K 20 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	FY
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	Suite 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 3.6
Entity Common Stock, Shares Outstanding		130,958,991
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for its 2020 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2020) are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
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	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 6,332,587	$ 6,534,193
Ground lease asset, net	0	199,745
Cash and cash equivalents	30,098	83,366
Restricted cash	26,777	24,445
Hotel receivables (net of allowance for doubtful accounts of $738 and $526, respectively)	49,619	59,897
Prepaid expenses and other assets	59,474	76,702
Total assets	6,498,555	6,978,348
LIABILITIES AND EQUITY
Debt	2,229,220	2,746,898
Accounts payable and accrued expenses	516,437	360,279
Deferred revenues	57,704	54,741
Accrued interest	4,694	2,741
Distribution payable	58,564	43,759
Total liabilities	2,866,619	3,208,418
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at December 31, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 31, 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 December 31, 2019 and 130,311,289 issued and outstanding at December 31, 2018	1,305	1,303
Additional paid-in capital	4,069,410	4,065,804
Accumulated other comprehensive income (loss)	(24,715)	1,330
Distributions in excess of retained earnings	(424,996)	(308,806)
Total shareholders’ equity	3,621,208	3,759,835
Non-controlling interests	10,728	10,095
Total equity	3,631,936	3,769,930
Total liabilities and equity	$ 6,498,555	$ 6,978,348

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 738	$ 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Total revenues	$ 1,612,213	$ 828,678	$ 769,317
Hotel operating expenses:
Total hotel operating expenses	974,168	511,834	467,973
Depreciation and amortization	234,880	108,475	102,290
Real estate taxes, personal property taxes, property insurance, and ground rent	125,013	54,191	48,500
General and administrative	34,047	20,945	20,062
Transaction costs	8,679	75,049	71
Other operating	(2,819)	2,147	(14,877)
(Gain) loss and other operating expenses	8,903	(10,935)	9,918
Total operating expenses	1,382,871	761,706	633,937
Operating income (loss)	229,342	66,972	135,380
Interest expense	(108,474)	(53,923)	(37,299)
Other	29	2,078	2,362
Income (loss) before income taxes	120,897	15,127	100,443
Income tax (expense) benefit	(5,172)	(1,742)	(181)
Net income (loss)	115,725	13,385	100,262
Net income (loss) attributable to non-controlling interests	283	(8)	374
Net income (loss) attributable to the Company	115,442	13,393	99,888
Distributions to preferred shareholders	(32,556)	(17,466)	(16,094)
Net income (loss) attributable to common shareholders	$ 82,886	$ (4,073)	$ 83,794
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.63	$ (0.06)	$ 1.20
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.63	$ (0.06)	$ 1.19
Weighted-average number of common shares, basic (in shares)	130,471,670	74,286,307	69,591,973
Weighted-average number of common shares, diluted (in shares)	130,718,306	74,286,307	69,984,837
Comprehensive Income:
Net income (loss)	$ 115,725	$ 13,385	$ 100,262
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(26,045)	(2,907)	6,001
Comprehensive income (loss)	89,680	10,478	106,263
Comprehensive income (loss) attributable to non-controlling interests	209	(16)	395
Comprehensive income (loss) attributable to the Company	89,471	10,494	105,868
Room
Revenues
Total revenues	1,103,947	565,107	532,288
Hotel operating expenses:
Total hotel operating expenses	275,855	143,171	134,068
Food and beverage
Revenues
Total revenues	370,584	199,089	182,737
Hotel operating expenses:
Total hotel operating expenses	260,278	136,845	123,213
Other
Revenues
Total revenues	137,682	64,482	54,292
Hotel operating expenses:
Total hotel operating expenses	$ 438,035	$ 231,818	$ 210,692

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, 2016		10,000,000
Common stock, beginning balance (in shares) at Dec. 31, 2016			71,922,904
Beginning balance at Dec. 31, 2016	$ 1,609,116	$ 100	$ 719	$ 1,776,404	$ (2,312)	$ (169,227)	$ 1,605,684	$ 3,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, offering costs	(62)			(62)			(62)
Issuance of common shares for Board of Trustees compensation (in shares)			16,711
Issuance of common shares for Board of Trustees compensation	503		$ 1	502			503
Repurchase of common shares (in shares)			(3,335,278)
Repurchase of common shares	(95,981)		$ (33)	(95,948)			(95,981)
Share-based compensation (in shares)			208,238
Share-based compensation	5,646		$ 1	4,541			4,542	1,104
Distributions on common shares/units	(105,939)					(105,580)	(105,580)	(359)
Distributions on preferred shares	(16,126)					(16,094)	(16,094)	(32)
Net contribution from non-controlling interests	106							106
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	6,001				6,001		6,001
Net income (loss)	100,262					99,888	99,888	374
Preferred stock, ending balance (in shares) at Dec. 31, 2017		10,000,000
Common stock, ending balance (in shares) at Dec. 31, 2017			68,812,575
Ending balance at Dec. 31, 2017	1,503,526	$ 100	$ 688	1,685,437	3,689	(191,013)	1,498,901	4,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)		10,400,000	61,399,104
Issuance of shares, net of offering costs	2,377,807	$ 104	$ 614	2,377,089			2,377,807
Issuance of operating partnership units	4,665							4,665
Issuance of common shares for Board of Trustees compensation (in shares)			17,410
Issuance of common shares for Board of 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	6,228		$ 1	5,123			5,124	1,104
Distributions on common shares/units	(113,549)					(113,172)	(113,172)	(377)
Distributions on preferred shares	(17,505)					(17,466)	(17,466)	(39)
Net contribution from non-controlling interests	125							125
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(2,907)				(2,907)		(2,907)
Net income (loss)	$ 13,385					13,393	13,393	(8)
Preferred stock, ending balance (in shares) at Dec. 31, 2018	20,400,000	20,400,000
Common stock, ending balance (in shares) at Dec. 31, 2018	130,311,289		130,311,289
Ending balance at Dec. 31, 2018	$ 3,769,930	$ 204	$ 1,303	4,065,804	1,330	(308,806)	3,759,835	10,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, 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	8,239		$ 2	7,180			7,182	1,057
Distributions on common shares/units	(199,638)					(199,076)	(199,076)	(562)
Distributions on preferred shares	(32,606)					(32,556)	(32,556)	(50)
Redemption of non-controlling interests	(125)			(30)			(30)	(95)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	(26,045)				(26,045)		(26,045)
Net income (loss)	$ 115,725					115,442	115,442	283
Preferred stock, ending balance (in shares) at Dec. 31, 2019	20,400,000	20,400,000
Common stock, ending balance (in shares) at Dec. 31, 2019	130,484,956		130,484,956
Ending balance at Dec. 31, 2019	$ 3,631,936	$ 204	$ 1,305	$ 4,069,410	$ (24,715)	$ (424,996)	$ 3,621,208	$ 10,728

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income (loss)	$ 115,725	$ 13,385	$ 100,262
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	234,880	108,475	102,290
Share-based compensation	8,239	6,228	5,646
(Gain) loss on derivative instruments			(265)
(Gain) loss on marketable securities	0	2,978	0
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	17,349	18,256	2,040
(Gain) loss on sale of hotel properties	(2,819)	2,147	(14,877)
Impairment and other losses	0	0	3,849
Non-cash ground rent	6,395
Non-cash ground rent		3,062	2,884
Other	2,365	2,939	2,378
Changes in assets and liabilities:
Hotel receivables	8,648	3,684	(1,270)
Prepaid expenses and other assets	1,061	5,031	(2,161)
Accounts payable and accrued expenses	(605)	(34,517)	(9,176)
Deferred revenues	3,964	4,029	2,039
Net cash provided by (used in) operating activities	395,202	135,697	193,639
Investing activities:
Acquisition of LaSalle, net of cash acquired	0	(1,372,584)	0
Improvements and additions to hotel properties	(169,632)	(89,605)	(80,825)
Deposit received on hotel properties	0	0	2,000
Proceeds from sales of hotel properties	470,352	28,551	203,479
Investment in marketable securities	0	(356,180)	0
Sale of marketable securities	0	6,658	0
Purchase of corporate office equipment, software, and furniture	(752)	(164)	(40)
Property insurance proceeds	0	5,162	7,674
Net cash provided by (used in) investing activities	299,968	(1,778,162)	132,288
Financing activities:
Payment of offering costs — common and preferred shares	(275)	(470)	(62)
Payment of deferred financing costs	(461)	(29,366)	(5,411)
(Distributions) contributions from non-controlling interest	(125)	0	106
Borrowings under revolving credit facilities	414,771	550,181	238,687
Repayments under revolving credit facilities	(419,771)	(425,181)	(275,687)
Proceeds from debt	0	1,850,000	0
Repayments of debt	(518,207)	(102,366)	(72,317)
Repurchases of common shares	(4,009)	(2,507)	(95,982)
Distributions — common shares/units	(184,836)	(105,729)	(107,329)
Distributions — preferred shares	(32,556)	(16,094)	(16,094)
Proceeds from refundable membership deposits	0	29	656
Repayments of refundable membership deposits	(637)	(754)	(790)
Net cash provided by (used in) financing activities	(746,106)	1,717,743	(334,223)
Net change in cash and cash equivalents and restricted cash	(50,936)	75,278	(8,296)
Cash and cash equivalents and restricted cash, beginning of year	107,811	32,533	40,829
Cash and cash equivalents and restricted cash, end of year	$ 56,875	$ 107,811	$ 32,533

Organization

Organization	12 Months Ended
	Dec. 31, 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 December 31, 2019 , the Company owned 56 hotels with a total of 14,013 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Chicago, Illinois; Key West, Florida; Miami (Coral Gables), Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; Stevenson, Washington; and Washington, D.C. Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At December 31, 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	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. 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. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5 to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes 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 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, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, inventories, over or under market leases, and corporate office equipment and furniture. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over 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 REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. Recent Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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	12 Months Ended
	Dec. 31, 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 (8) Washington, DC 100 % 193 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 Mission Bay Resort 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 Topaz Hotel (7) Washington, DC 100 % 99 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) In November 2019, the Company sold this hotel property for $33.1 million . (8) This hotel property was closed in November 2019 for renovation and is expected to re-open in the second quarter of 2020 as Hotel Zena. 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 determined the acquisition date fair values as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,095,721 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 158,920 Prepaid expenses and other assets 54,808 Accounts payable and accrued expenses (227,647 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094 During the year ended December 31, 2019 , the Company finalized the purchase price accounting and recorded an adjustment to decrease the preliminary fair value of investment in hotel properties by $24.6 million , decrease intangible assets by $12.7 million , increase prepaid expenses and other assets by $7.0 million and decrease accounts payable and accrued expenses by $30.3 million . 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, including hotel revenues and net operating income, 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 below 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 $56.7 million and operating income of $15.9 million for the year ended December 31, 2018 are included in the accompanying consolidated statements of operations and comprehensive income. There were no acquisitions of hotel properties during the year ended December 31, 2019 . For the year ended December 31, 2019 , the Company incurred $0.6 million in transaction costs and $7.7 million in integration costs in connection with the Mergers. For the year ended December 31, 2018 , the Company incurred $72.7 million in transaction costs and $2.0 million in integration costs in connection with the Mergers. The transaction costs 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 year ended December 31, 2019 2018 (unaudited) Total revenues $ 1,612,213 $ 1,677,663 Operating income (loss) $ 229,342 $ 255,333 Net income (loss) attributable to common shareholders $ 82,886 $ 89,767 Net income (loss) per share available to common shareholders — basic $ 0.63 $ 0.69 Net income (loss) per share available to common shareholders — diluted $ 0.63 $ 0.69 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. During the year ended December 31, 2019 , the Company sold seven hotel properties for an aggregate sales price of $481.9 million . In connection with these transactions, the Company recorded an aggregate of $2.8 million net gain on sales, which is included in (gain) loss on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. The following table discloses the hotel properties that were sold during the year ended December 31, 2019 (in thousands): Hotel Property Name Location Sale Date Sale Price The Liaison Capitol Hill Washington, DC February 14, 2019 $ 111,000 Hotel Palomar Washington DC Washington, DC February 22, 2019 141,450 Onyx Hotel Boston, MA May 29, 2019 58,255 Hotel Amarano Burbank Burbank, CA July 16, 2019 72,866 Rouge Hotel Washington, DC September 12, 2019 42,000 Hotel Madera Washington, DC September 26, 2019 23,250 Topaz Hotel Washington, DC November 22, 2019 33,100 Total $ 481,921 During the year ended December 31, 2018 , the Company sold The Grand Hotel Minneapolis for $30.0 million and recognized a loss of $2.1 million related to this hotel property. For the years ended December 31, 2019 , 2018 and 2017 , the Company's consolidated statements of operations and comprehensive income included operating (loss) income of $9.9 million , $5.5 million and $8.5 million , respectively, related to the hotel properties sold. 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	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2019 and 2018 consisted of the following (in thousands): December 31, December 31, 2018 Land $ 1,042,198 $ 1,056,862 Buildings and improvements 4,998,108 5,440,513 Furniture, fixtures and equipment 522,631 462,620 Capital lease asset 134,063 91,985 Construction in progress 35,637 25,643 $ 6,732,637 $ 7,077,623 Right-of-use asset, operating leases 335,272 — Investment in hotel properties $ 7,067,909 $ 7,077,623 Less: Accumulated depreciation (735,322 ) (543,430 ) Investment in hotel properties, net $ 6,332,587 $ 6,534,193 On January 1, 2019, the Company adopted ASC 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 December 31, 2019 , the Company's right-of-use assets of $335.3 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. 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 gain of $13.1 million for the year ended December 31, 2018

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following as of December 31, 2019 and 2018 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2019 December 31, 2018 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 165,000 $ 170,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 165,000 $ 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 (10,343 ) (15,716 ) Total term loans $ 1,964,657 $ 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 (437 ) (531 ) Total senior unsecured notes $ 99,563 $ 99,469 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 — 68,207 Deferred financing costs, net — (62 ) Total mortgage loans $ — $ 68,145 Total debt $ 2,229,220 $ 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. As of December 31, 2019 , approximately $1.6 billion of the borrowings under the term loan facilities was at a weighted-average fixed interest rate of 3.43% , after taking into account interest rate swap agreements, and approximately $345.0 million was at a weighted-average floating interest rate of 3.32% . As of December 31, 2018 , approximately $1.2 billion of the borrowings under the term loan facilities was at a weighted-average fixed interest rate of 3.46% , after taking into account interest rate swap agreements, and approximately $1.2 billion was at a weighted-average floating interest rate of 4.26% . 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 December 31, 2019 , the Company had $165.0 million of outstanding borrowings and $482.2 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 $25.0 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 December 31, 2019 , the Company had no borrowings under the PHL Credit Facility and had $25.0 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 $2.8 million and zero were outstanding as of December 31, 2019 and 2018 , respectively. As of December 31, 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 year ended December 31, 2019 , the Company repaid $450.0 million of term loans, consisting of the full repayment of the Company's $200.0 million third term loan and a $250.0 million tranche maturing in 2020 of the Company's sixth term loan. As of December 31, 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 December 31, 2019 , the Company was in compliance with all such debt covenants. Mortgage Debt The Company’s sole mortgage loan was secured by a first mortgage lien on the underlying hotel property. The mortgage was non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. On November 29, 2019 , the Company repaid the $65.4 million mortgage loan on The Westin San Diego Gaslamp Quarter , without penalty. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Unsecured revolving credit facilities $ 4,530 $ 11,274 $ 3,914 Unsecured term loan facilities 79,813 30,479 21,396 Senior unsecured notes 4,792 4,686 4,805 Mortgage debt 2,293 2,592 3,600 Amortization of deferred financing fees 7,115 2,565 2,397 Other 9,931 2,327 1,187 Total interest expense $ 108,474 $ 53,923 $ 37,299 The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within Level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes and mortgage loans) as of December 31, 2019 and 2018 was $101.2 million and $164.3 million , respectively. Future Minimum Principal Payments As of December 31, 2019 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2020 $ — 2021 300,000 2022 630,000 2023 760,000 2024 510,000 Thereafter 40,000 Total debt principal payments 2,240,000 Deferred financing costs (10,780 ) Total debt $ 2,229,220 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 December 31, 2019 and 2018 consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 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% December 2020 100,000 — Swap - cash flow 2.12% 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% October 2021 55,000 — Swap - cash flow 2.60% October 2021 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 1.99% November 2023 85,000 — Swap - cash flow 1.99% November 2023 85,000 — Swap - cash flow 1.99% November 2023 50,000 — Swap - cash flow 1.99% November 2023 30,000 — Total $ 1,630,000 $ 1,247,500 ________________________ (1) Swaps assumed in connection with the LaSalle merger on November 30, 2018. In addition, as of December 31, 2019, the Company had interest rates swaps for an aggregate notional amount of $590.0 million which will become effective in the future as current swaps mature. 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 December 31, 2019 , the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $3.4 million and $20.5 million , respectively, in the accompanying consolidated balance sheets. For the years ended December 31, 2019 and 2018 , there was $(26.0) million and $(2.9) million in unrealized (loss) gain, respectively, recorded in accumulated other comprehensive income (loss). For the years ended December 31, 2019 , 2018 and 2017 , the Company reclassified $6.4 million , $0.7 million and $3.4 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $11.5 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.

Revenue

Revenue	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 , 2018 and 2017 (in thousands): For the year ended December 31, 2019 2018 2017 San Francisco, CA $ 319,195 $ 193,708 $ 179,248 Boston, MA 273,669 85,676 73,461 San Diego, CA 243,598 78,965 69,447 Los Angeles, CA 200,398 128,016 124,979 Other (1) 128,627 108,583 111,549 Southern FL 115,600 63,824 50,916 Washington DC 111,552 34,731 27,586 Portland, OR 105,571 98,265 100,070 Chicago, IL 82,690 3,885 — Seattle, WA 31,313 33,025 32,061 $ 1,612,213 $ 828,678 $ 769,317 (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	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019 , the Company had no repurchases under this program and as of December 31, 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 year ended December 31, 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 $ 0.38 December 31, 2019 December 31, 2019 January 15, 2020 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 December 31, 2019 and 2018 : As of December 31, Security Type 2019 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 year ended December 31, 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 6.50% Series C $ 0.41 December 31, 2019 December 31, 2019 January 15, 2020 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 D $ 0.40 December 31, 2019 December 31, 2019 January 15, 2020 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 6.375% Series E $ 0.40 December 31, 2019 December 31, 2019 January 15, 2020 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 6.30% Series F $ 0.39 December 31, 2019 December 31, 2019 January 15, 2020 Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or the Company’s common shares on a one -for- one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. As of December 31, 2019 and 2018 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at December 31, 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 December 31, 2019 and 2018 , the Operating Partnership had 133,605 and 133,605

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Plan	Share-Based Compensation Plan The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years , with certain awards vesting over periods of up to six years . The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of December 31, 2019 , there were 1,035,909 common shares available for issuance under the Plan, assuming performance-based equity awards vest at target. Service Condition Share Awards From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity as of December 31, 2019 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22 Granted 88,430 $ 32.64 Vested (66,276 ) $ 30.20 Forfeited (707 ) $ 32.70 Unvested at December 31, 2019 149,179 $ 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 years ended December 31, 2019 , 2018 and 2017 , the Company recognized approximately $2.4 million , $2.0 million and $1.9 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 December 31, 2019 , there was $2.7 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 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 December 31, 2019 , there was approximately $4.3 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.7 years . For the years ended December 31, 2019 , 2018 and 2017 , the Company recognized $4.8 million , $3.2 million and $2.6 million , respectively, in expense related to these awards. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 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 December 31, 2019 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of December 31, 2019 , of the 236,351 units outstanding, 190,975 LTIP units have vested. For the years ended December 31, 2019 , 2018 and 2017 the Company recognized $1.1 million , $1.1 million and $1.1 million respectively, in expense related to these LTIP units. As of December 31, 2019 , there was no unrecognized share-based compensation expense related to LTIP units. 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	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 % of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs, including our TRS lessees, are subject to federal, state and local income taxes. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.5609 30.03 % $ 1.2040 77.57 % $ 1.3611 95.41 % Qualified dividend 0.0069 0.37 % 0.3482 22.43 % 0.0256 1.79 % Capital gain 1.3000 69.60 % — — % — — % Return of capital — — % — — % 0.0399 2.80 % Total $ 1.8678 100.00 % $ 1.5522 100.00 % $ 1.4266 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 0.6100 30.03 % $ 1.2605 77.57 % $ 1.1969 98.20 % Qualified dividend 0.0075 0.37 % 0.3645 22.43 % 0.0219 1.80 % Capital gain 1.4138 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 2.0313 100.00 % $ 1.6250 100.00 % $ 1.2188 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 0.5982 30.03 % $ 1.2363 77.57 % $ 1.1739 98.21 % Qualified dividend 0.0074 0.37 % 0.3575 22.43 % 0.0214 1.79 % Capital gain 1.3866 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9922 100.00 % $ 1.5938 100.00 % $ 1.1953 100.00 % Series E Preferred Shares: (1) Ordinary non-qualified income $ 0.5982 30.03 % $ — — % $ — — % Qualified dividend 0.0074 0.37 % — — % — — % Capital gain 1.3866 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9922 100.00 % $ — — % $ — — % Series F Preferred Shares: (1) Ordinary non-qualified income $ 0.5912 30.03 % $ — — % $ — — % Qualified dividend 0.0073 0.37 % — — % — — % Capital gain 1.3703 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9688 100.00 % $ — — % $ — — % (1) Issued upon completion of the Company's merger with LaSalle on November 30, 2018. Of the common distribution declared on December 15, 2016 and paid on January 17, 2017, $0.2866 was treated as a 2017 distribution for tax purposes. The preferred share distributions declared on December 15, 2016 and paid on January 17, 2017 were treated as 2016 distributions for tax purposes. Of the common distribution declared on December 15, 2017 and paid on January 12, 2018, $0.3800 was treated as a 2018 distribution for tax purposes. The preferred share distributions declared on December 15, 2017 and paid on January 12, 2018 were treated as 2018 distributions for tax purposes. Of the common distributions declared on November 19, 2018 and December 14, 2018 and paid on January 15, 2019, $0.3478 was treated as a 2019 distribution for tax purposes. The preferred share distributions declared on December 14, 2018 and paid on January 15, 2019, $0.4063 per Series C Preferred Share, $0.3984 per Series D Preferred Share, $0.3984 per Series E Preferred Share and $0.3938 per Series F Preferred Share, were treated as 2019 distributions for tax purposes. Of the common distribution declared on December 16, 2019 and paid on January 15, 2020, $0.3800 The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2019 2018 2017 Federal Current $ 3,061 $ 1,696 $ 4 Deferred (106 ) (248 ) (89 ) State and local Current 3,938 360 42 Deferred (1,721 ) (66 ) 224 Income tax expense (benefit) $ 5,172 $ 1,742 $ 181 A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2019 2018 2017 Statutory federal tax expense (benefit) $ 25,388 $ 3,177 $ 35,155 State income tax expense (benefit), net of federal tax expense (benefit) 943 300 264 REIT income not subject to tax (21,522 ) (1,828 ) (35,573 ) Other 363 93 335 Income tax expense (benefit) $ 5,172 $ 1,742 $ 181 The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 31, 2019 and 2018 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2015.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019 2018 2017 Numerator: Net income (loss) attributable to common shareholders $ 82,886 $ (4,073 ) $ 83,794 Less: dividends paid on unvested share-based compensation (294 ) (332 ) (415 ) Net income (loss) available to common shareholders $ 82,592 $ (4,405 ) $ 83,379 Denominator: Weighted-average number of common shares — basic 130,471,670 74,286,307 69,591,973 Effect of dilutive share-based compensation 246,636 — 392,864 Weighted-average number of common shares — diluted 130,718,306 74,286,307 69,984,837 Net income (loss) per share available to common shareholders — basic $ 0.63 $ (0.06 ) $ 1.20 Net income (loss) per share available to common shareholders — diluted $ 0.63 $ (0.06 ) $ 1.19 For the years ended December 31, 2019 , 2018 and 2017 , zero , 343,941 and 6,319

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. For the years ended December 31, 2019 , 2018 and 2017 , com bined base and incentive management fees were $44.8 million , $24.5 million and $23.4 million , 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 December 31, 2019 and 2018 , the Company had $26.8 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 December 31, 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 San Diego Mission Bay Resort 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 an 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. For the years ended December 31, 2019 , 2018 and 2017 , ground rent expense was $31.7 million , $14.5 million and $13.5 million , respectively. For the year ended December 31, 2019 , fixed ground rent expense was $17.0 million and variable ground rent expense was $14.7 million . 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, 2020 $ 17,924 2021 18,608 2022 18,921 2023 18,107 2024 18,192 Thereafter 1,150,613 Total lease payments $ 1,242,365 Less: Imputed interest (986,127 ) Present value of lease liabilities $ 256,238 Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excluding 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 Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows For the year ended December 31, 2019 2018 2017 (in thousands) Interest paid, net of capitalized interest $ 91,918 $ 48,658 $ 33,999 Interest capitalized $ 347 $ — $ — Income taxes paid $ 4,568 $ 4,047 $ 575 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 51,006 $ 36,201 $ 28,381 Distributions payable on preferred shares $ 7,558 $ 7,558 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 740 $ 662 $ 503 Accrued additions and improvements to hotel properties $ 3,192 $ 8,620 $ 961 Right of use assets obtained in exchange for lease liabilities $ 257,167 $ — $ — Purchase of ground lease $ 16,604 $ — $ — Write-off of fully depreciated building, furniture, fixtures and equipment $ 28,120 $ — $ 14,134 Write-off of deferred financing costs $ 3,013 $ — $ 5,956 The Company also had the following transactions in connection with the LaSalle merger (1) : Issuance of common shares $ — $ 2,144,057 $ — Issuance of Series E and F preferred shares $ — $ 234,222 $ — Issuance of OP units $ — $ 4,665 $ — Exchange of LaSalle shares as part of purchase price $ — $ 346,544 $ — (1) Refer to Note 3, Business Combinations and Acquisition and Disposition of Hotel Properties - Merger with LaSalle Hotel Properties, for information related to the non-cash investing and financing activities related to the acquisition of LaSalle.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 9, 2020 , the Company entered into an agreement to sell InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for an aggregate sales price of $331.0 million to an unaffiliated third-party. The Company expects the sale of these hotel properties to be completed during the first quarter of 2020, subject to customary closing conditions, although no assurances can be given that the sales will be completed on these terms, or at all. On February 12, 2020 , the Board of Trustees granted awards of an aggregate of 278,429 service condition restricted common shares and target performance-based equity to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2023 and and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2020 through December 31, 2022. On February 12, 2020, the Board of Trustees granted awards of 415,818 LTIP Class B units to executive officers and 217,083

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2019 and 2018 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 367,169 $ 442,083 $ 423,552 $ 379,409 Net income (loss) 5,655 60,518 29,980 19,572 Net income (loss) attributable to the Company 5,635 60,373 29,891 19,543 Net income (loss) attributable to common shareholders (2,504 ) 52,234 21,752 11,404 Net income (loss) per share available to common shareholders, basic $ (0.02 ) $ 0.40 $ 0.17 $ 0.08 Net income (loss) per share available to common shareholders, diluted $ (0.02 ) $ 0.40 $ 0.17 $ 0.08 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III, Real Estate and Accumulated Depreciation	Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2019 (In thousands) Initial Costs Gross Amount at End of Year Description Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Sir Francis Drake $ 22,500 $ 60,547 $ 6,953 $ 38,927 $ 22,500 $ 87,069 $ 19,358 $ 128,927 $ 35,560 $ 93,367 1928 6/22/2010 3-40 years InterContinental Buckhead Atlanta 25,000 68,844 11,000 16,822 25,000 75,874 20,792 121,666 36,558 85,108 2004 7/1/2010 3-40 years Hotel Monaco Washington DC — 60,630 2,441 20,974 — 76,105 7,940 84,045 23,038 61,007 1839 9/9/2010 3-40 years Skamania Lodge 7,130 44,987 3,523 20,829 7,153 59,839 9,477 76,469 17,328 59,141 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica 18,784 81,580 2,295 18,403 18,784 92,247 10,031 121,062 31,043 90,019 1972 11/19/2010 3-40 years Sofitel Philadelphia at Rittenhouse Square 18,000 64,256 4,639 20,147 18,000 75,833 13,209 107,042 26,030 81,012 2000 12/3/2010 3-40 years Argonaut Hotel — 79,492 4,247 8,737 — 83,630 8,846 92,476 26,781 65,695 1907 2/16/2011 3-40 years Westin San Diego Gaslamp Quarter 25,537 86,089 6,850 32,753 25,537 109,216 16,476 151,229 34,086 117,143 1987 4/6/2011 1-40 years Hotel Monaco Seattle 10,105 38,888 2,073 12,173 10,105 45,306 7,828 63,239 16,988 46,251 1969 4/7/2011 3-40 years Mondrian Los Angeles 20,306 110,283 6,091 31,352 20,306 127,234 20,492 168,032 39,538 128,494 1959 5/3/2011 3-40 years W Boston 19,453 63,893 5,887 16,676 19,453 76,231 10,225 105,909 20,518 85,391 2009 6/8/2011 2-40 years Hotel Zetta San Francisco 7,294 22,166 290 17,610 7,294 35,195 4,871 47,360 11,557 35,803 1913 4/4/2012 3-40 years Hotel Vintage Seattle 8,170 23,557 706 8,814 8,170 29,471 3,606 41,247 8,953 32,294 1922 7/9/2012 3-40 years Hotel Vintage Portland 6,222 23,012 1,093 16,246 6,222 34,877 5,474 46,573 11,220 35,353 1894 7/9/2012 3-40 years W Los Angeles - West Beverly Hills 24,403 93,203 3,600 28,254 24,403 115,902 9,155 149,460 29,199 120,261 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — 63,430 3,780 13,034 — 74,467 5,777 80,244 16,439 63,805 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown 20,103 90,162 6,881 28,474 20,103 108,621 16,896 145,620 28,829 116,791 1988 1/29/2013 3-40 years The Hotel Zags (formerly Hotel Modera) 8,215 37,874 1,500 7,316 8,215 43,528 3,162 54,905 8,670 46,235 1962 8/28/2013 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2019 (In thousands) Hotel Zephyr Fisherman's Wharf — 116,445 3,550 40,179 — 152,896 7,278 160,174 31,963 128,211 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco 12,561 43,665 1,094 36,126 12,561 74,643 6,242 93,446 17,398 76,048 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland 18,493 92,339 8,757 12,117 18,493 98,620 14,593 131,706 23,365 108,341 1909 7/17/2014 3-40 years Hotel Colonnade Coral Gables, Autograph Collection 12,108 46,317 1,271 17,975 12,108 58,731 6,832 77,671 12,545 65,126 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles Beverly Hills — 90,675 1,500 13,958 — 99,711 6,422 106,133 16,462 89,671 1972 11/20/2014 3-40 years Union Station Hotel Nashville, Autograph Collection — 37,803 6,833 22,233 — 55,292 11,577 66,869 16,711 50,158 1900 12/10/2014 3-40 years Revere Hotel Boston Common 41,857 207,817 10,596 (44,317 ) 17,367 180,456 18,130 215,953 35,574 180,379 1972 12/18/2014 3-40 years LaPLaya Beach Resort & Club 112,575 82,117 6,733 29,186 112,575 108,412 9,624 230,611 17,793 212,818 1968 5/21/2015 3-40 years Hotel Zoe Fisherman's Wharf 29,125 90,323 2,500 16,521 29,125 104,958 4,386 138,469 14,620 123,849 1990 6/11/2015 2-40 years Villa Florence San Francisco on Union Square 41,272 94,257 2,994 623 41,272 94,434 3,440 139,146 4,185 134,961 1908 11/30/2018 3-40 years Hotel Vitale — 105,693 3,896 842 — 106,020 4,411 110,431 5,003 105,428 2005 11/30/2018 3-40 years The Marker San Francisco 45,243 68,244 5,453 1,167 45,243 68,474 6,390 120,107 3,859 116,248 1910/1995 11/30/2018 3-40 years Hotel Spero 39,363 64,804 11,235 576 39,363 65,002 11,613 115,978 3,525 112,453 1928/1999 11/30/2018 3-40 years Chaminade Resort & Spa 22,590 37,114 6,009 5,457 22,590 40,039 8,541 71,170 2,385 68,785 1985 11/30/2018 3-40 years Harbor Court Hotel San Francisco — 79,009 6,190 301 — 79,058 6,442 85,500 3,121 82,379 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — 91,442 5,257 2,990 — 93,098 6,591 99,689 3,976 95,713 1967/2002 11/30/2018 3-40 years Le Parc Suite Hotel 17,876 65,515 2,496 3,817 17,876 66,943 4,885 89,704 2,730 86,974 1970 11/30/2018 3-40 years Montrose West Hollywood 16,842 58,729 6,499 507 16,842 58,752 6,983 82,577 2,608 79,969 1976 11/30/2018 3-40 years Chamberlain West Hollywood Hotel 14,462 43,157 5,983 1,096 14,462 43,776 6,460 64,698 2,132 62,566 1970/2005 11/30/2018 3-40 years Grafton on Sunset 12,440 36,932 3,951 506 12,440 37,236 4,153 53,829 2,095 51,734 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — 291,754 35,780 1,963 — 293,126 36,371 329,497 13,518 315,979 1983 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2019 (In thousands) The Liberty, A Luxury Collection Hotel, Boston — 195,797 15,126 1,547 — 196,446 16,024 212,470 7,701 204,769 1851/2007 11/30/2018 3-40 years Hyatt Regency Boston Harbor — 122,344 6,862 3,785 — 125,596 7,395 132,991 4,877 128,114 1993 11/30/2018 3-40 years Sofitel Washington DC Lafayette Square 35,304 82,089 7,691 384 35,304 82,310 7,854 125,468 4,314 121,154 2002 11/30/2018 3-40 years George Hotel 15,373 65,529 4,489 255 15,373 65,542 4,731 85,646 2,997 82,649 1928 11/30/2018 3-40 years Mason & Rook Hotel 18,686 60,927 2,838 2,818 18,686 61,807 4,776 85,269 2,322 82,947 1962 11/30/2018 3-40 years Donovan Hotel 19,035 60,402 2,066 7,592 19,035 62,288 7,772 89,095 1,605 87,490 1972 11/30/2018 3-40 years Paradise Point Resort & Spa — 199,304 22,032 5,459 20 201,544 25,231 226,795 9,020 217,775 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter 33,017 131,926 7,741 1,245 33,046 132,474 8,409 173,929 5,704 168,225 2000 11/30/2018 3-40 years Solamar Hotel — 74,768 8,830 24,212 23,472 74,904 9,434 107,810 3,961 103,849 2005 11/30/2018 3-40 years L'Auberge Del Mar 33,304 92,297 5,393 1,351 33,304 92,839 6,202 132,345 3,386 128,959 1989 11/30/2018 3-40 years San Diego Mission Bay Resort — 80,733 9,458 17,868 — 91,107 16,952 108,059 4,519 103,540 1962 11/30/2018 3-40 years The Heathman Hotel 14,243 38,694 7,062 1,016 14,243 39,277 7,495 61,015 2,193 58,822 1927 11/30/2018 3-40 years Southernmost Beach Resort 86,131 238,470 8,366 5,020 86,131 242,273 9,583 337,987 8,861 329,126 1958-2008 11/30/2018 3-40 years The Marker Resort Key West 25,463 66,903 2,486 3,175 25,463 68,887 3,677 98,027 2,555 95,472 2014 11/30/2018 3-40 years The Roger New York — 42,882 3,060 1,851 — 43,822 3,971 47,793 2,018 45,775 1930/1998 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection 39,576 114,014 7,608 2,246 39,576 115,587 8,281 163,444 4,791 158,653 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago 44,983 103,160 23,744 3,744 44,983 105,146 25,502 175,631 6,595 169,036 1963/1972 11/30/2018 3-40 years $ 1,043,144 $ 4,727,283 $ 357,278 $ 604,932 $ 1,042,198 $ 5,132,171 $ 558,268 $ 6,732,637 $ 735,322 $ 5,997,315 (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) The Company had no encumbrances on any of its hotel properties at December 31, 2019. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2019 (In thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2016 $ 3,031,139 Acquisitions — Capital expenditures 80,737 Disposal of Assets (207,804 ) Balance at December 31, 2017 $ 2,904,072 Acquisitions 4,120,641 Capital expenditures 95,348 Disposal of Assets (42,438 ) Balance at December 31, 2018 $ 7,077,623 Acquisitions 23,472 Capital expenditures 159,574 Disposal of Assets (503,383 ) Other (24,649 ) Balance at December 31, 2019 $ 6,732,637 Reconciliation of Accumulated Depreciation: Balance at December 31, 2016 $ 358,485 Depreciation 101,157 Disposal of Assets (12,020 ) Balance at December 31, 2017 $ 447,622 Depreciation 107,496 Disposal of Assets (11,688 ) Balance at December 31, 2018 $ 543,430 Depreciation 226,953 Disposal of Assets (35,061 ) Balance at December 31, 2019 $ 735,322 The aggregate cost of properties for federal income tax purposes is approximately $6.4 billion as of December 31, 2019 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. 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.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5 to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes 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 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, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, inventories, over or under market leases, and corporate office equipment and furniture.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over 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 REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Comprehensive Income	Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income.
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.
Recent Accounting Standards	Recent Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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)	12 Months Ended
	Dec. 31, 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 (8) Washington, DC 100 % 193 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 Mission Bay Resort 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 Topaz Hotel (7) Washington, DC 100 % 99 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) In November 2019, the Company sold this hotel property for $33.1 million . (8) This hotel property was closed in November 2019 for renovation and is expected to re-open in the second quarter of 2020 as Hotel Zena. 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 determined the acquisition date fair values as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,095,721 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 158,920 Prepaid expenses and other assets 54,808 Accounts payable and accrued expenses (227,647 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094
Schedule of Pro Forma Financial Information	The unaudited condensed pro forma financial information is as follows (in thousands): For the year ended December 31, 2019 2018 (unaudited) Total revenues $ 1,612,213 $ 1,677,663 Operating income (loss) $ 229,342 $ 255,333 Net income (loss) attributable to common shareholders $ 82,886 $ 89,767 Net income (loss) per share available to common shareholders — basic $ 0.63 $ 0.69 Net income (loss) per share available to common shareholders — diluted $ 0.63 $ 0.69
Schedule of Hotel Properties Sold	The following table discloses the hotel properties that were sold during the year ended December 31, 2019 (in thousands): Hotel Property Name Location Sale Date Sale Price The Liaison Capitol Hill Washington, DC February 14, 2019 $ 111,000 Hotel Palomar Washington DC Washington, DC February 22, 2019 141,450 Onyx Hotel Boston, MA May 29, 2019 58,255 Hotel Amarano Burbank Burbank, CA July 16, 2019 72,866 Rouge Hotel Washington, DC September 12, 2019 42,000 Hotel Madera Washington, DC September 26, 2019 23,250 Topaz Hotel Washington, DC November 22, 2019 33,100 Total $ 481,921

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of December 31, 2019 and 2018 consisted of the following (in thousands): December 31, December 31, 2018 Land $ 1,042,198 $ 1,056,862 Buildings and improvements 4,998,108 5,440,513 Furniture, fixtures and equipment 522,631 462,620 Capital lease asset 134,063 91,985 Construction in progress 35,637 25,643 $ 6,732,637 $ 7,077,623 Right-of-use asset, operating leases 335,272 — Investment in hotel properties $ 7,067,909 $ 7,077,623 Less: Accumulated depreciation (735,322 ) (543,430 ) Investment in hotel properties, net $ 6,332,587 $ 6,534,193

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of December 31, 2019 and 2018 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2019 December 31, 2018 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 165,000 $ 170,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 165,000 $ 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 (10,343 ) (15,716 ) Total term loans $ 1,964,657 $ 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 (437 ) (531 ) Total senior unsecured notes $ 99,563 $ 99,469 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 — 68,207 Deferred financing costs, net — (62 ) Total mortgage loans $ — $ 68,145 Total debt $ 2,229,220 $ 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 year ended December 31, 2019 2018 2017 Unsecured revolving credit facilities $ 4,530 $ 11,274 $ 3,914 Unsecured term loan facilities 79,813 30,479 21,396 Senior unsecured notes 4,792 4,686 4,805 Mortgage debt 2,293 2,592 3,600 Amortization of deferred financing fees 7,115 2,565 2,397 Other 9,931 2,327 1,187 Total interest expense $ 108,474 $ 53,923 $ 37,299
Schedule of Future Minimum Principal Payments	As of December 31, 2019 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2020 $ — 2021 300,000 2022 630,000 2023 760,000 2024 510,000 Thereafter 40,000 Total debt principal payments 2,240,000 Deferred financing costs (10,780 ) Total debt $ 2,229,220
Schedule of Interest Rate Swaps	The Company's interest rate swaps at December 31, 2019 and 2018 consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 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% December 2020 100,000 — Swap - cash flow 2.12% 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% October 2021 55,000 — Swap - cash flow 2.60% October 2021 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 1.99% November 2023 85,000 — Swap - cash flow 1.99% November 2023 85,000 — Swap - cash flow 1.99% November 2023 50,000 — Swap - cash flow 1.99% November 2023 30,000 — Total $ 1,630,000 $ 1,247,500 ________________________ (1) Swaps assumed in connection with the LaSalle merger on November 30, 2018.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the year ended December 31, 2019 2018 2017 San Francisco, CA $ 319,195 $ 193,708 $ 179,248 Boston, MA 273,669 85,676 73,461 San Diego, CA 243,598 78,965 69,447 Los Angeles, CA 200,398 128,016 124,979 Other (1) 128,627 108,583 111,549 Southern FL 115,600 63,824 50,916 Washington DC 111,552 34,731 27,586 Portland, OR 105,571 98,265 100,070 Chicago, IL 82,690 3,885 — Seattle, WA 31,313 33,025 32,061 $ 1,612,213 $ 828,678 $ 769,317 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the year ended December 31, 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 $ 0.38 December 31, 2019 December 31, 2019 January 15, 2020
Schedule of Preferred Shares Outstanding	The following Preferred Shares were outstanding as of December 31, 2019 and 2018 : As of December 31, Security Type 2019 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 year ended December 31, 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 6.50% Series C $ 0.41 December 31, 2019 December 31, 2019 January 15, 2020 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 D $ 0.40 December 31, 2019 December 31, 2019 January 15, 2020 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 6.375% Series E $ 0.40 December 31, 2019 December 31, 2019 January 15, 2020 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 6.30% Series F $ 0.39 December 31, 2019 December 31, 2019 January 15, 2020

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Service Condition Restricted Share Activity	The following table provides a summary of service condition restricted share activity as of December 31, 2019 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22 Granted 88,430 $ 32.64 Vested (66,276 ) $ 30.20 Forfeited (707 ) $ 32.70 Unvested at December 31, 2019 149,179 $ 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis	The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.5609 30.03 % $ 1.2040 77.57 % $ 1.3611 95.41 % Qualified dividend 0.0069 0.37 % 0.3482 22.43 % 0.0256 1.79 % Capital gain 1.3000 69.60 % — — % — — % Return of capital — — % — — % 0.0399 2.80 % Total $ 1.8678 100.00 % $ 1.5522 100.00 % $ 1.4266 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 0.6100 30.03 % $ 1.2605 77.57 % $ 1.1969 98.20 % Qualified dividend 0.0075 0.37 % 0.3645 22.43 % 0.0219 1.80 % Capital gain 1.4138 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 2.0313 100.00 % $ 1.6250 100.00 % $ 1.2188 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 0.5982 30.03 % $ 1.2363 77.57 % $ 1.1739 98.21 % Qualified dividend 0.0074 0.37 % 0.3575 22.43 % 0.0214 1.79 % Capital gain 1.3866 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9922 100.00 % $ 1.5938 100.00 % $ 1.1953 100.00 % Series E Preferred Shares: (1) Ordinary non-qualified income $ 0.5982 30.03 % $ — — % $ — — % Qualified dividend 0.0074 0.37 % — — % — — % Capital gain 1.3866 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9922 100.00 % $ — — % $ — — % Series F Preferred Shares: (1) Ordinary non-qualified income $ 0.5912 30.03 % $ — — % $ — — % Qualified dividend 0.0073 0.37 % — — % — — % Capital gain 1.3703 69.60 % — — % — — % Return of capital — — % — — % — — % Total $ 1.9688 100.00 % $ — — % $ — — % (1) Issued upon completion of the Company's merger with LaSalle on November 30, 2018.
Components of Income Tax Expense	The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2019 2018 2017 Federal Current $ 3,061 $ 1,696 $ 4 Deferred (106 ) (248 ) (89 ) State and local Current 3,938 360 42 Deferred (1,721 ) (66 ) 224 Income tax expense (benefit) $ 5,172 $ 1,742 $ 181
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2019 2018 2017 Statutory federal tax expense (benefit) $ 25,388 $ 3,177 $ 35,155 State income tax expense (benefit), net of federal tax expense (benefit) 943 300 264 REIT income not subject to tax (21,522 ) (1,828 ) (35,573 ) Other 363 93 335 Income tax expense (benefit) $ 5,172 $ 1,742 $ 181

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2019 2018 2017 Numerator: Net income (loss) attributable to common shareholders $ 82,886 $ (4,073 ) $ 83,794 Less: dividends paid on unvested share-based compensation (294 ) (332 ) (415 ) Net income (loss) available to common shareholders $ 82,592 $ (4,405 ) $ 83,379 Denominator: Weighted-average number of common shares — basic 130,471,670 74,286,307 69,591,973 Effect of dilutive share-based compensation 246,636 — 392,864 Weighted-average number of common shares — diluted 130,718,306 74,286,307 69,984,837 Net income (loss) per share available to common shareholders — basic $ 0.63 $ (0.06 ) $ 1.20 Net income (loss) per share available to common shareholders — diluted $ 0.63 $ (0.06 ) $ 1.19

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of December 31, 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 San Diego Mission Bay Resort 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 an option, subject to certain terms and conditions, to extend the ground lease for 30 years to 2089.
Schedule of Maturity of Operating Lease Liabilities	Maturity of lease liabilities for the Company's operating leases is as follows (in thousands): Year ending December 31, 2020 $ 17,924 2021 18,608 2022 18,921 2023 18,107 2024 18,192 Thereafter 1,150,613 Total lease payments $ 1,242,365 Less: Imputed interest (986,127 ) Present value of lease liabilities $ 256,238
Schedule of Future Minimum Annual Rental Payments For Operating Leases, Prior to Adoption of ASC 842	Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excluding 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
Schedule of Future Minimum Annual Rental Payments For Capital Leases, Prior to Adoption of ASC 842	Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excluding 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)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the year ended December 31, 2019 2018 2017 (in thousands) Interest paid, net of capitalized interest $ 91,918 $ 48,658 $ 33,999 Interest capitalized $ 347 $ — $ — Income taxes paid $ 4,568 $ 4,047 $ 575 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 51,006 $ 36,201 $ 28,381 Distributions payable on preferred shares $ 7,558 $ 7,558 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 740 $ 662 $ 503 Accrued additions and improvements to hotel properties $ 3,192 $ 8,620 $ 961 Right of use assets obtained in exchange for lease liabilities $ 257,167 $ — $ — Purchase of ground lease $ 16,604 $ — $ — Write-off of fully depreciated building, furniture, fixtures and equipment $ 28,120 $ — $ 14,134 Write-off of deferred financing costs $ 3,013 $ — $ 5,956 The Company also had the following transactions in connection with the LaSalle merger (1) : Issuance of common shares $ — $ 2,144,057 $ — Issuance of Series E and F preferred shares $ — $ 234,222 $ — Issuance of OP units $ — $ 4,665 $ — Exchange of LaSalle shares as part of purchase price $ — $ 346,544 $ — (1) Refer to Note 3, Business Combinations and Acquisition and Disposition of Hotel Properties - Merger with LaSalle Hotel Properties, for information related to the non-cash investing and financing activities related to the acquisition of LaSalle.

Quarterly Operating Results (_2

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Consolidated Quarterly Operating Data	The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2019 and 2018 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 367,169 $ 442,083 $ 423,552 $ 379,409 Net income (loss) 5,655 60,518 29,980 19,572 Net income (loss) attributable to the Company 5,635 60,373 29,891 19,543 Net income (loss) attributable to common shareholders (2,504 ) 52,234 21,752 11,404 Net income (loss) per share available to common shareholders, basic $ (0.02 ) $ 0.40 $ 0.17 $ 0.08 Net income (loss) per share available to common shareholders, diluted $ (0.02 ) $ 0.40 $ 0.17 $ 0.08 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 )

Organization (Details)

Organization (Details)	Dec. 31, 2019hotel_roomproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of hotels owned by the company | property	56
Total number of guest rooms | hotel_room	14,013
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%

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	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Common shares of beneficial interest, par value (usd per share) | $ / shares		$ 0.01	$ 0.01
Depreciation expense		$ 234,880	$ 108,475	$ 102,290
Transaction costs		600	72,700
Integration costs		7,700	2,000
LaSalle Hotel Properties
Business Acquisition [Line Items]
Common exchange ratio, right to receive shares for each share of common stock	0.92
Right to receive cash in lieu of common shares (in usd per share) | $ / shares	$ 37.80
Maximum percentage of shares available to convert to cash	30.00%
Total consideration	$ 4,102,094
Decrease to fair value of investment in hotel properties		24,600
Decrease to intangible assets		12,700
Increase to prepaid expenses and other assets		7,000
Decrease to accounts payable and accrued expenses		$ 30,300
Revenues of acquired hotel properties since acquisition date			56,700
Operating income of acquired hotel properties since acquisition date			$ 15,900
LaSalle Hotel Properties
Business Acquisition [Line Items]
Common shares of beneficial interest, par value (usd per share) | $ / shares	$ 0.01
Series I preferred stock | LaSalle Hotel Properties
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.375%
Series E Cumulative Redeemable Preferred Shares
Business Acquisition [Line Items]
Preferred stock, dividend rate, percentage	6.375%	6.375%
Series E Cumulative Redeemable 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 Cumulative Redeemable 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	Nov. 22, 2019USD ($)	Sep. 26, 2019USD ($)	Sep. 12, 2019USD ($)	Jul. 16, 2019USD ($)	May 29, 2019USD ($)	Feb. 22, 2019USD ($)	Feb. 14, 2019USD ($)	Nov. 30, 2018hotel_roomproperty	Dec. 31, 2019USD ($)hotel_room
Business Acquisition [Line Items]
Guest Rooms									14,013
Sale price | $									$ 481,921
Hotel Palomar Washington DC
Business Acquisition [Line Items]
Sale price | $						$ 141,450
The Liaison Capitol Hill
Business Acquisition [Line Items]
Sale price | $							$ 111,000
Onyx Hotel
Business Acquisition [Line Items]
Sale price | $					$ 58,255
Hotel Amarano Burbank
Business Acquisition [Line Items]
Sale price | $				$ 72,866
Rouge Hotel
Business Acquisition [Line Items]
Sale price | $			$ 42,000
Hotel Madera
Business Acquisition [Line Items]
Sale price | $		$ 23,250
Topaz Hotel
Business Acquisition [Line Items]
Sale price | $	$ 33,100
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 | 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 Mission Bay Resort
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
LaSalle Hotel Properties | Topaz Hotel
Business Acquisition [Line Items]
Ownership Interest								100.00%
Guest Rooms								99

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	$ 4,095,721
Restricted cash reserves	14,784
Hotel and other receivables	34,669
Intangible assets	158,920
Prepaid expenses and other assets	54,808
Accounts payable and accrued expenses	(227,647)
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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Total revenues	$ 1,612,213	$ 1,677,663
Operating income (loss)	229,342	255,333
Net income (loss) attributable to common shareholders	$ 82,886	$ 89,767
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ 0.63	$ 0.69
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ 0.63	$ 0.69

Business Combinations and Acq_8

Business Combinations and Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) $ in Thousands	Nov. 22, 2019USD ($)	Sep. 26, 2019USD ($)	Sep. 12, 2019USD ($)	Jul. 16, 2019USD ($)	May 29, 2019USD ($)	Feb. 22, 2019USD ($)	Feb. 14, 2019USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property								7
Sale price								$ 481,921
Gain (loss) on sale of hotel properties								2,819	$ (2,147)	$ 14,877
Operating (loss) income from disposed properties								$ 9,900	5,500	$ 8,500
The Liaison Capitol Hill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price							$ 111,000
Hotel Palomar Washington DC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price						$ 141,450
Onyx Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 58,255
Hotel Amarano Burbank
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price				$ 72,866
Rouge Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 42,000
Hotel Madera
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 23,250
Topaz Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 33,100
The Grand Hotel Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price									$ 30,000

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2019
Investment in hotel properties
Land		$ 1,056,862	$ 1,042,198
Buildings and improvements		5,440,513	4,998,108
Furniture, fixtures and equipment		462,620	522,631
Right-of-use asset, operating leases		0	335,272
Capital lease asset		91,985	134,063
Construction in progress		25,643	35,637
Investment in hotel properties, before right-of-use asset, operating leases		7,077,623	6,732,637
Investment in hotel properties		7,077,623	7,067,909
Less: Accumulated depreciation		(543,430)	(735,322)
Investment in hotel properties, net		6,534,193	6,332,587
Real Estate Properties [Line Items]
Present value of lease liabilities			$ 256,238
LaPlaya Beach Resort and Club
Real Estate Properties [Line Items]
Insurance settlement	$ 20,500
Gain on insurance settlement		$ 13,100
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 ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt	$ 2,240,000,000
Deferred financing costs, net	(10,780,000)
Total debt	2,229,220,000	$ 2,746,898,000
Unsecured debt | Revolving credit facilities
Debt Instrument [Line Items]
Debt	165,000,000	170,000,000
Unsecured debt | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Debt	165,000,000	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	(10,343,000)	(15,716,000)
Total debt	1,964,657,000	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	(437,000)	(531,000)
Total debt	$ 99,563,000	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	$ 0	68,207,000
Deferred financing costs, net	0	(62,000)
Total debt	$ 0	$ 68,145,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Nov. 29, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Debt outstanding		$ 2,240,000,000
Letters of credit outstanding		2,800,000	$ 0
Repayments of debt		518,207,000	102,366,000	$ 72,317,000
Estimated fair value of debt		101,200,000	164,300,000
Unrealized gain (loss) on derivative instruments		(26,045,000)	(2,907,000)	6,001,000
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value		3,400,000
Derivative instruments, liability position, fair value		20,500,000
Unrealized gain (loss) on derivative instruments		(26,000,000)	(2,900,000)
Expected reclassifications in next 12 months		11,500,000
Interest rate swaps | Interest expense
Line of Credit Facility [Line Items]
Reclassification of gain (loss) from AOCI to interest expense		6,400,000	700,000	$ 3,400,000
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		30,000,000
Unsecured debt | Unsecured term loans
Line of Credit Facility [Line Items]
Borrowings, fixed interest rate		$ 1,600,000,000	$ 1,200,000,000
Weighted-average fixed interest rate		3.43%	3.46%
Borrowings, floating interest rate		$ 345,000,000	$ 1,200,000,000
Weighted-average floating interest rate		3.32%	4.26%
Debt outstanding		$ 1,975,000,000	$ 2,425,000,000
Repayments of debt		450,000,000
Unsecured debt | Revolving credit facilities
Line of Credit Facility [Line Items]
Debt outstanding		165,000,000	170,000,000
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity		650,000,000
Debt outstanding		165,000,000	170,000,000
Remaining borrowing capacity		482,200,000
Maximum borrowing capacity potential increase (up to)		$ 1,300,000,000
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum
Line of Credit Facility [Line Items]
Unused commitment fee annual rate		0.20%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus		1.45%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum
Line of Credit Facility [Line Items]
Unused commitment fee annual rate		0.30%
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum | LIBOR
Line of Credit Facility [Line Items]
Credit facility borrowings LIBOR rate plus		2.25%
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000,000
Debt outstanding		0	0
Remaining borrowing capacity		$ 25,000,000
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	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	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
Senior unsecured notes | Series A Notes
Line of Credit Facility [Line Items]
Debt outstanding		$ 60,000,000	60,000,000
Stated interest rate		4.70%
Senior unsecured notes | Series B Notes
Line of Credit Facility [Line Items]
Debt outstanding		$ 40,000,000	40,000,000
Stated interest rate		4.93%
Mortgage loans
Line of Credit Facility [Line Items]
Debt outstanding		$ 0	68,207,000
Repayments of debt	$ 65,400,000
Stated interest rate		3.69%
Cash flow hedging | Designated as hedging instrument | Interest rate swap, not yet effective
Line of Credit Facility [Line Items]
Notional value		$ 590,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swaps
Line of Credit Facility [Line Items]
Notional value		$ 1,630,000,000	$ 1,247,500,000

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 7,115	$ 2,565	$ 2,397
Other	9,931	2,327	1,187
Total interest expense	108,474	53,923	37,299
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	4,792	4,686	4,805
Mortgage loans
Debt Instrument [Line Items]
Interest expense, debt	2,293	2,592	3,600
Unsecured revolving credit facilities | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	4,530	11,274	3,914
Unsecured term loan facilities | Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt	$ 79,813	$ 30,479	$ 21,396

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 0
2021	300,000
2022	630,000
2023	760,000
2024	510,000
Thereafter	40,000
Total debt principal payments	2,240,000
Mortgage loan premiums and deferred financing costs	(10,780)
Total debt	$ 2,229,220	$ 2,746,898

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - Cash flow hedging - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 1,630,000	$ 1,247,500
Interest rate swap - May 2019 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	100,000
Interest rate swap - May 2019 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	62,500
Interest rate swap - May 2019 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.57%
Notional value	$ 0	15,000
Interest rate swap - January 2020 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.63%
Notional value	$ 50,000	50,000
Interest rate swap - January 2020 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.63%
Notional value	$ 50,000	50,000
Interest rate swap - January 2020 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.46%
Notional value	$ 50,000	50,000
Interest rate swap - January 2020 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.46%
Notional value	$ 50,000	50,000
Interest rate swap - January 2020 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.66%
Notional value	$ 50,000	50,000
Interest rate swap - January 2020 - 6
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.66%
Notional value	$ 50,000	50,000
Interest rate swap - December 2020 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.12%
Notional value	$ 100,000	0
Interest rate swap - December 2020 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.12%
Notional value	$ 100,000	0
Interest rate swap - January 2021 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.74%
Notional value	$ 75,000	75,000
Interest rate swap - January 2021 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.75%
Notional value	$ 50,000	50,000
Interest rate swap - January 2021 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.53%
Notional value	$ 37,500	37,500
Interest rate swap - January 2021 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.53%
Notional value	$ 37,500	37,500
Interest rate swap - January 2021 - 5
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.46%
Notional value	$ 100,000	100,000
Interest rate swap - January 2021 - 6
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500	47,500
Interest rate swap - January 2021 - 7
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500	47,500
Interest rate swap - January 2021 - 8
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500	47,500
Interest rate swap - January 2021 - 9
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.47%
Notional value	$ 47,500	47,500
Interest rate swap - October 2021 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000	0
Interest rate swap - October 2021 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.60%
Notional value	$ 55,000	0
Interest rate swap - January 2022 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 100,000	100,000
Interest rate swap - January 2022 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.78%
Notional value	$ 50,000	50,000
Interest rate swap - January 2022 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.79%
Notional value	$ 30,000	30,000
Interest rate swap - April 2022 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.68%
Notional value	$ 25,000	25,000
Interest rate swap - April 2022 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.68%
Notional value	$ 25,000	25,000
Interest rate swap - April 2022 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.64%
Notional value	$ 25,000	25,000
Interest rate swap - April 2022 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.64%
Notional value	$ 25,000	25,000
Interest rate swap - November 2023 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 85,000	0
Interest rate swap - November 2023 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 85,000	0
Interest rate swap - November 2023 - 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 50,000	0
Interest rate swap - November 2023 - 4
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.99%
Notional value	$ 30,000	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Abstract]
Total revenues	$ 379,409	$ 423,552	$ 442,083	$ 367,169	$ 235,642	$ 205,480	$ 206,501	$ 181,055	$ 1,612,213	$ 828,678	$ 769,317
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues									319,195	193,708	179,248
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues									273,669	85,676	73,461
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues									243,598	78,965	69,447
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues									200,398	128,016	124,979
Other
Disaggregation of Revenue [Abstract]
Total revenues									128,627	108,583	111,549
Southern FL
Disaggregation of Revenue [Abstract]
Total revenues									115,600	63,824	50,916
Washington DC
Disaggregation of Revenue [Abstract]
Total revenues									111,552	34,731	27,586
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues									105,571	98,265	100,070
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues									82,690	3,885	0
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues									$ 31,313	$ 33,025	$ 32,061

Equity - Narrative (Details)

Equity - Narrative (Details)	Nov. 30, 2018shares	Dec. 31, 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
Series C Cumulative Redeemable Preferred Shares
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
Series D Cumulative Redeemable Preferred Shares
Preferred Shares
Preferred stock, dividend rate, percentage		6.375%
Share cap ratio on preferred shares on conversion		1.9794
Series E Cumulative Redeemable Preferred Shares
Preferred Shares
Preferred stock, dividend rate, percentage	6.375%	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		1.9372
Series F Cumulative Redeemable 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 (in 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 | Preferred shares | Series E Cumulative Redeemable 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 Cumulative Redeemable 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
	Dec. 31, 2019	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	$ 0.38

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares	Nov. 30, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		20,400,000				20,400,000	20,400,000
Series C Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		5,000,000				5,000,000	5,000,000
Preferred stock, dividend rate, percentage						6.50%
Dividend per share/unit (in usd per share)		$ 0.41	$ 0.41	$ 0.41	$ 0.41
Series D Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		5,000,000				5,000,000	5,000,000
Preferred stock, dividend rate, percentage						6.375%
Dividend per share/unit (in usd per share)		$ 0.40	0.40	0.40	0.40
Series E Cumulative Redeemable Preferred Shares
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	0.40
Series F Cumulative Redeemable Preferred Shares
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	$ 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

Dec. 31, 2019USD ($)classshares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Share-Based Compensation Plan (Textual) [Abstract]

Award vesting period

6 years

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

1,035,909

LTIP units, outstanding (in shares)

236,351

236,351

LTIP units, vested (shares)

190,975

Restricted common shares

Share-Based Compensation Plan (Textual) [Abstract]

Compensation expense | $

$ 2.4

$ 2

$ 1.9

Total unrecognized compensation expense | $

$ 2.7

Period over which compensation expense is expected to be recognized

1 year 9 months 18 days

Awards granted (in shares)

88,430

52,609

59,139

Awards vested (in shares)

66,276

61,982

57,559

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 | $

$ 4.8

$ 3.2

$ 2.6

Total unrecognized compensation expense | $

$ 4.3

Period over which compensation expense is expected to be recognized

1 year 8 months 12 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

Estimated shares expected to vest, percent

49.00%

Awards vested (in shares)

25,134

Performance-based shares | December 2013 - Tranche 2

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

49,914

Estimated shares expected to vest, percent

25.00%

Awards vested (in shares)

12,285

Performance-based shares | December 2013 - Tranche 3

Share-Based Compensation Plan (Textual) [Abstract]

Awards granted (in shares)

49,914

49,914

Estimated shares expected to vest, percent

71.00%

145.00%

Awards vested (in shares)

35,471

72,236

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 | $

$ 1.1

$ 1.1

$ 1.1

Total unrecognized compensation expense | $

$ 0

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

208,238

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 - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares
Unvested beginning balance (in shares)	127,732	137,105	135,891
Granted (in shares)	88,430	52,609	59,139
Vested (in shares)	(66,276)	(61,982)	(57,559)
Forfeited (in shares)	(707)	0	(366)
Unvested ending balance (in shares)	149,179	127,732	137,105
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share)	$ 32.22	$ 30.05	$ 30.82
Granted (in usd per share)	32.64	36.86	29.68
Vested (in usd per share)	30.20	31.35	31.50
Forfeited (in usd per share)	32.70	0	28.01
Unvested ending balance (in usd per share)	$ 33.37	$ 32.22	$ 30.05

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 - Distributions (D

Income Taxes - Distributions (Details) - $ / shares	Dec. 16, 2019	Dec. 14, 2018	Dec. 15, 2017	Dec. 15, 2016	Dec. 14, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)						$ 0.5609	$ 1.2040	$ 1.3611
Ordinary non-qualified income, percent						30.03%	77.57%	95.41%
Qualified dividend (in usd per share)						$ 0.0069	$ 0.3482	$ 0.0256
Qualified dividend, percent						0.37%	22.43%	1.79%
Capital gain (in usd per share)						$ 1.3000	$ 0	$ 0
Capital gain, percent						69.60%	0.00%	0.00%
Return of capital (in usd per share)						$ 0	$ 0	$ 0.0399
Return of capital, percent						0.00%	0.00%	2.80%
Total (in usd per share)						$ 1.8678	$ 1.5522	$ 1.4266
Total, percent						100.00%	100.00%	100.00%
Distributions declared, treated as distributions for taxes in next year (in usd per share)	$ 0.3800		$ 0.3800	$ 0.2866	$ 0.3478
Series C Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)						$ 0.6100	$ 1.2605	$ 1.1969
Ordinary non-qualified income, percent						30.03%	77.57%	98.20%
Qualified dividend (in usd per share)						$ 0.0075	$ 0.3645	$ 0.0219
Qualified dividend, percent						0.37%	22.43%	1.80%
Capital gain (in usd per share)						$ 1.4138	$ 0	$ 0
Capital gain, percent						69.60%	0.00%	0.00%
Return of capital (in usd per share)						$ 0	$ 0	$ 0
Return of capital, percent						0.00%	0.00%	0.00%
Total (in usd per share)						$ 2.0313	$ 1.6250	$ 1.2188
Total, percent						100.00%	100.00%	100.00%
Distributions declared, treated as distributions for taxes in next year (in usd per share)		$ 0.4063
Series D Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)						$ 0.5982	$ 1.2363	$ 1.1739
Ordinary non-qualified income, percent						30.03%	77.57%	98.21%
Qualified dividend (in usd per share)						$ 0.0074	$ 0.3575	$ 0.0214
Qualified dividend, percent						0.37%	22.43%	1.79%
Capital gain (in usd per share)						$ 1.3866	$ 0	$ 0
Capital gain, percent						69.60%	0.00%	0.00%
Return of capital (in usd per share)						$ 0	$ 0	$ 0
Return of capital, percent						0.00%	0.00%	0.00%
Total (in usd per share)						$ 1.9922	$ 1.5938	$ 1.1953
Total, percent						100.00%	100.00%	100.00%
Distributions declared, treated as distributions for taxes in next year (in usd per share)		0.3984
Series E Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)						$ 0.5982	$ 0	$ 0
Ordinary non-qualified income, percent						30.03%	0.00%	0.00%
Qualified dividend (in usd per share)						$ 0.0074	$ 0	$ 0
Qualified dividend, percent						0.37%	0.00%	0.00%
Capital gain (in usd per share)						$ 1.3866	$ 0	$ 0
Capital gain, percent						69.60%	0.00%	0.00%
Return of capital (in usd per share)						$ 0	$ 0	$ 0
Return of capital, percent						0.00%	0.00%	0.00%
Total (in usd per share)						$ 1.9922	$ 0	$ 0
Total, percent						100.00%	0.00%	0.00%
Distributions declared, treated as distributions for taxes in next year (in usd per share)		0.3984
Series F Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)						$ 0.5912	$ 0	$ 0
Ordinary non-qualified income, percent						30.03%	0.00%	0.00%
Qualified dividend (in usd per share)						$ 0.0073	$ 0	$ 0
Qualified dividend, percent						0.37%	0.00%	0.00%
Capital gain (in usd per share)						$ 1.3703	$ 0	$ 0
Capital gain, percent						69.60%	0.00%	0.00%
Return of capital (in usd per share)						$ 0	$ 0	$ 0
Return of capital, percent						0.00%	0.00%	0.00%
Total (in usd per share)						$ 1.9688	$ 0	$ 0
Total, percent						100.00%	0.00%	0.00%
Distributions declared, treated as distributions for taxes in next year (in usd per share)		$ 0.3938

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal, current	$ 3,061	$ 1,696	$ 4
Federal, deferred	(106)	(248)	(89)
State and local, current	3,938	360	42
State and local, deferred	(1,721)	(66)	224
Income tax expense (benefit)	$ 5,172	$ 1,742	$ 181

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory federal tax expense (benefit)	$ 25,388	$ 3,177	$ 35,155
State income tax expense (benefit), net of federal tax expense (benefit)	943	300	264
REIT income not subject to tax	(21,522)	(1,828)	(35,573)
Other	363	93	335
Income tax expense (benefit)	$ 5,172	$ 1,742	$ 181

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income (loss) attributable to common shareholders	$ 11,404	$ 21,752	$ 52,234	$ (2,504)	$ (104,307)	$ 25,769	$ 54,079	$ 20,386	$ 82,886	$ (4,073)	$ 83,794
Less: dividends paid on unvested share-based compensation									(294)	(332)	(415)
Net income (loss) available to common shareholders									$ 82,592	$ (4,405)	$ 83,379
Denominator:
Weighted-average number of common shares — basic (in shares)									130,471,670	74,286,307	69,591,973
Effect of dilutive share-based compensation (in shares)									246,636	0	392,864
Weighted-average number of common shares — diluted (in shares)									130,718,306	74,286,307	69,984,837
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ 0.08	$ 0.17	$ 0.40	$ (0.02)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.63	$ (0.06)	$ 1.20
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ 0.08	$ 0.17	$ 0.40	$ (0.02)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.63	$ (0.06)	$ 1.19
Antidilutive securities excluded from computation of earnings per share (in shares)									0	343,941	6,319

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019USD ($)	Dec. 31, 2019USD ($)extension_option	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees		$ 44,800	$ 24,500	$ 23,400
Commitments and Contingencies [Abstract]
Reserve funds allowed for hotel maintenance from hotel revenue		4.00%
Restricted cash		$ 26,777	24,445
Ground rent expense		31,700	$ 14,500	$ 13,500
Fixed ground rent expense		17,000
Variable ground rent expense		$ 14,700
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	Dec. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 17,924
2021	18,608
2022	18,921
2023	18,107
2024	18,192
Thereafter	1,150,613
Total lease payments	1,242,365
Less: Imputed interest	(986,127)
Present value of lease liabilities	$ 256,238
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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 91,918	$ 48,658	$ 33,999
Interest capitalized	347	0	0
Income taxes paid	4,568	4,047	575
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	58,564	43,759
Accrued additions and improvements to hotel properties	3,192	8,620	961
Right of use assets obtained in exchange for lease liabilities	257,167	0	0
Purchase of ground lease	16,604	0	0
Write-off of fully depreciated building, furniture, fixtures and equipment	28,120	0	14,134
Write-off of deferred financing costs	3,013	0	5,956
Common shares/units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	51,006	36,201	28,381
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	7,558	7,558	3,442
Board of Trustees compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	740	662	503
LaSalle Hotel Properties
Non-Cash Investing and Financing Activities:
Exchange of LaSalle shares as part of purchase price	0	346,544	0
Operating partnership units | LaSalle Hotel Properties
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	4,665	0
Common shares/units | LaSalle Hotel Properties
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	2,144,057	0
Preferred shares | LaSalle Hotel Properties
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 0	$ 234,222	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Feb. 12, 2020	Jan. 09, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Award vesting period			6 years
Subsequent event
Subsequent Event [Line Items]
Awards granted (in shares)	278,429
Award vesting period	3 years
InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square | Subsequent event
Subsequent Event [Line Items]
Proceeds from sales of hotel properties		$ 331
LTIP Class B units
Subsequent Event [Line Items]
Award vesting period			5 years
Restricted common shares
Subsequent Event [Line Items]
Awards granted (in shares)			88,430	52,609	59,139
Officer | LTIP Class B units | Subsequent event
Subsequent Event [Line Items]
Awards granted (in shares)	415,818
Employee | Restricted common shares | Subsequent event
Subsequent Event [Line Items]
Awards granted (in shares)	217,083

Quarterly Operating Results (_3

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 379,409	$ 423,552	$ 442,083	$ 367,169	$ 235,642	$ 205,480	$ 206,501	$ 181,055	$ 1,612,213	$ 828,678	$ 769,317
Net income (loss)	19,572	29,980	60,518	5,655	(99,343)	29,917	58,295	24,516	115,725	13,385	100,262
Net income (loss) attributable to the Company	19,543	29,891	60,373	5,635	(98,911)	29,792	58,103	24,409	115,442	13,393	99,888
Net income (loss) attributable to common shareholders	$ 11,404	$ 21,752	$ 52,234	$ (2,504)	$ (104,307)	$ 25,769	$ 54,079	$ 20,386	$ 82,886	$ (4,073)	$ 83,794
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ 0.08	$ 0.17	$ 0.40	$ (0.02)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.63	$ (0.06)	$ 1.20
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ 0.08	$ 0.17	$ 0.40	$ (0.02)	$ (1.16)	$ 0.37	$ 0.78	$ 0.29	$ 0.63	$ (0.06)	$ 1.19

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	$ 1,043,144,000
Initial Costs, Building and Improvements	4,727,283,000
Initial Costs, Furniture, Fixtures and Equipment	357,278,000
Costs Capitalized Subsequent to Acquisition	604,932,000
Gross Amount at End of Year, Land	1,042,198,000
Gross Amount at End of Year, Building and Improvements	5,132,171,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	558,268,000
Total	6,732,637,000	$ 7,077,623,000	$ 2,904,072,000	$ 3,031,139,000
Accumulated Depreciation	735,322,000	$ 543,430,000	$ 447,622,000	$ 358,485,000
Net Book Value	5,997,315,000
Encumbrances	0
Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	22,500,000
Initial Costs, Building and Improvements	60,547,000
Initial Costs, Furniture, Fixtures and Equipment	6,953,000
Costs Capitalized Subsequent to Acquisition	38,927,000
Gross Amount at End of Year, Land	22,500,000
Gross Amount at End of Year, Building and Improvements	87,069,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,358,000
Total	128,927,000
Accumulated Depreciation	35,560,000
Net Book Value	93,367,000
InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	25,000,000
Initial Costs, Building and Improvements	68,844,000
Initial Costs, Furniture, Fixtures and Equipment	11,000,000
Costs Capitalized Subsequent to Acquisition	16,822,000
Gross Amount at End of Year, Land	25,000,000
Gross Amount at End of Year, Building and Improvements	75,874,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	20,792,000
Total	121,666,000
Accumulated Depreciation	36,558,000
Net Book Value	85,108,000
Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	60,630,000
Initial Costs, Furniture, Fixtures and Equipment	2,441,000
Costs Capitalized Subsequent to Acquisition	20,974,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	76,105,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,940,000
Total	84,045,000
Accumulated Depreciation	23,038,000
Net Book Value	61,007,000
Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	7,130,000
Initial Costs, Building and Improvements	44,987,000
Initial Costs, Furniture, Fixtures and Equipment	3,523,000
Costs Capitalized Subsequent to Acquisition	20,829,000
Gross Amount at End of Year, Land	7,153,000
Gross Amount at End of Year, Building and Improvements	59,839,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,477,000
Total	76,469,000
Accumulated Depreciation	17,328,000
Net Book Value	59,141,000
Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	18,784,000
Initial Costs, Building and Improvements	81,580,000
Initial Costs, Furniture, Fixtures and Equipment	2,295,000
Costs Capitalized Subsequent to Acquisition	18,403,000
Gross Amount at End of Year, Land	18,784,000
Gross Amount at End of Year, Building and Improvements	92,247,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,031,000
Total	121,062,000
Accumulated Depreciation	31,043,000
Net Book Value	90,019,000
Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	18,000,000
Initial Costs, Building and Improvements	64,256,000
Initial Costs, Furniture, Fixtures and Equipment	4,639,000
Costs Capitalized Subsequent to Acquisition	20,147,000
Gross Amount at End of Year, Land	18,000,000
Gross Amount at End of Year, Building and Improvements	75,833,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,209,000
Total	107,042,000
Accumulated Depreciation	26,030,000
Net Book Value	81,012,000
Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,492,000
Initial Costs, Furniture, Fixtures and Equipment	4,247,000
Costs Capitalized Subsequent to Acquisition	8,737,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	83,630,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,846,000
Total	92,476,000
Accumulated Depreciation	26,781,000
Net Book Value	65,695,000
Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	25,537,000
Initial Costs, Building and Improvements	86,089,000
Initial Costs, Furniture, Fixtures and Equipment	6,850,000
Costs Capitalized Subsequent to Acquisition	32,753,000
Gross Amount at End of Year, Land	25,537,000
Gross Amount at End of Year, Building and Improvements	109,216,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,476,000
Total	151,229,000
Accumulated Depreciation	34,086,000
Net Book Value	117,143,000
Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	10,105,000
Initial Costs, Building and Improvements	38,888,000
Initial Costs, Furniture, Fixtures and Equipment	2,073,000
Costs Capitalized Subsequent to Acquisition	12,173,000
Gross Amount at End of Year, Land	10,105,000
Gross Amount at End of Year, Building and Improvements	45,306,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,828,000
Total	63,239,000
Accumulated Depreciation	16,988,000
Net Book Value	46,251,000
Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	20,306,000
Initial Costs, Building and Improvements	110,283,000
Initial Costs, Furniture, Fixtures and Equipment	6,091,000
Costs Capitalized Subsequent to Acquisition	31,352,000
Gross Amount at End of Year, Land	20,306,000
Gross Amount at End of Year, Building and Improvements	127,234,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	20,492,000
Total	168,032,000
Accumulated Depreciation	39,538,000
Net Book Value	128,494,000
W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	19,453,000
Initial Costs, Building and Improvements	63,893,000
Initial Costs, Furniture, Fixtures and Equipment	5,887,000
Costs Capitalized Subsequent to Acquisition	16,676,000
Gross Amount at End of Year, Land	19,453,000
Gross Amount at End of Year, Building and Improvements	76,231,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,225,000
Total	105,909,000
Accumulated Depreciation	20,518,000
Net Book Value	85,391,000
Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	7,294,000
Initial Costs, Building and Improvements	22,166,000
Initial Costs, Furniture, Fixtures and Equipment	290,000
Costs Capitalized Subsequent to Acquisition	17,610,000
Gross Amount at End of Year, Land	7,294,000
Gross Amount at End of Year, Building and Improvements	35,195,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,871,000
Total	47,360,000
Accumulated Depreciation	11,557,000
Net Book Value	35,803,000
Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	8,170,000
Initial Costs, Building and Improvements	23,557,000
Initial Costs, Furniture, Fixtures and Equipment	706,000
Costs Capitalized Subsequent to Acquisition	8,814,000
Gross Amount at End of Year, Land	8,170,000
Gross Amount at End of Year, Building and Improvements	29,471,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,606,000
Total	41,247,000
Accumulated Depreciation	8,953,000
Net Book Value	32,294,000
Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	6,222,000
Initial Costs, Building and Improvements	23,012,000
Initial Costs, Furniture, Fixtures and Equipment	1,093,000
Costs Capitalized Subsequent to Acquisition	16,246,000
Gross Amount at End of Year, Land	6,222,000
Gross Amount at End of Year, Building and Improvements	34,877,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,474,000
Total	46,573,000
Accumulated Depreciation	11,220,000
Net Book Value	35,353,000
W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	24,403,000
Initial Costs, Building and Improvements	93,203,000
Initial Costs, Furniture, Fixtures and Equipment	3,600,000
Costs Capitalized Subsequent to Acquisition	28,254,000
Gross Amount at End of Year, Land	24,403,000
Gross Amount at End of Year, Building and Improvements	115,902,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,155,000
Total	149,460,000
Accumulated Depreciation	29,199,000
Net Book Value	120,261,000
Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	63,430,000
Initial Costs, Furniture, Fixtures and Equipment	3,780,000
Costs Capitalized Subsequent to Acquisition	13,034,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	74,467,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,777,000
Total	80,244,000
Accumulated Depreciation	16,439,000
Net Book Value	63,805,000
Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	20,103,000
Initial Costs, Building and Improvements	90,162,000
Initial Costs, Furniture, Fixtures and Equipment	6,881,000
Costs Capitalized Subsequent to Acquisition	28,474,000
Gross Amount at End of Year, Land	20,103,000
Gross Amount at End of Year, Building and Improvements	108,621,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,896,000
Total	145,620,000
Accumulated Depreciation	28,829,000
Net Book Value	116,791,000
The Hotel Zags (formerly Hotel Modera)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	8,215,000
Initial Costs, Building and Improvements	37,874,000
Initial Costs, Furniture, Fixtures and Equipment	1,500,000
Costs Capitalized Subsequent to Acquisition	7,316,000
Gross Amount at End of Year, Land	8,215,000
Gross Amount at End of Year, Building and Improvements	43,528,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,162,000
Total	54,905,000
Accumulated Depreciation	8,670,000
Net Book Value	46,235,000
Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	116,445,000
Initial Costs, Furniture, Fixtures and Equipment	3,550,000
Costs Capitalized Subsequent to Acquisition	40,179,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	152,896,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,278,000
Total	160,174,000
Accumulated Depreciation	31,963,000
Net Book Value	128,211,000
Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	12,561,000
Initial Costs, Building and Improvements	43,665,000
Initial Costs, Furniture, Fixtures and Equipment	1,094,000
Costs Capitalized Subsequent to Acquisition	36,126,000
Gross Amount at End of Year, Land	12,561,000
Gross Amount at End of Year, Building and Improvements	74,643,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,242,000
Total	93,446,000
Accumulated Depreciation	17,398,000
Net Book Value	76,048,000
The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	18,493,000
Initial Costs, Building and Improvements	92,339,000
Initial Costs, Furniture, Fixtures and Equipment	8,757,000
Costs Capitalized Subsequent to Acquisition	12,117,000
Gross Amount at End of Year, Land	18,493,000
Gross Amount at End of Year, Building and Improvements	98,620,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,593,000
Total	131,706,000
Accumulated Depreciation	23,365,000
Net Book Value	108,341,000
Hotel Colonnade Coral Gables, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	12,108,000
Initial Costs, Building and Improvements	46,317,000
Initial Costs, Furniture, Fixtures and Equipment	1,271,000
Costs Capitalized Subsequent to Acquisition	17,975,000
Gross Amount at End of Year, Land	12,108,000
Gross Amount at End of Year, Building and Improvements	58,731,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,832,000
Total	77,671,000
Accumulated Depreciation	12,545,000
Net Book Value	65,126,000
Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	90,675,000
Initial Costs, Furniture, Fixtures and Equipment	1,500,000
Costs Capitalized Subsequent to Acquisition	13,958,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	99,711,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,422,000
Total	106,133,000
Accumulated Depreciation	16,462,000
Net Book Value	89,671,000
Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	37,803,000
Initial Costs, Furniture, Fixtures and Equipment	6,833,000
Costs Capitalized Subsequent to Acquisition	22,233,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	55,292,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,577,000
Total	66,869,000
Accumulated Depreciation	16,711,000
Net Book Value	50,158,000
Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	41,857,000
Initial Costs, Building and Improvements	207,817,000
Initial Costs, Furniture, Fixtures and Equipment	10,596,000
Costs Capitalized Subsequent to Acquisition	(44,317,000)
Gross Amount at End of Year, Land	17,367,000
Gross Amount at End of Year, Building and Improvements	180,456,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,130,000
Total	215,953,000
Accumulated Depreciation	35,574,000
Net Book Value	180,379,000
LaPLaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	112,575,000
Initial Costs, Building and Improvements	82,117,000
Initial Costs, Furniture, Fixtures and Equipment	6,733,000
Costs Capitalized Subsequent to Acquisition	29,186,000
Gross Amount at End of Year, Land	112,575,000
Gross Amount at End of Year, Building and Improvements	108,412,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,624,000
Total	230,611,000
Accumulated Depreciation	17,793,000
Net Book Value	212,818,000
Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	29,125,000
Initial Costs, Building and Improvements	90,323,000
Initial Costs, Furniture, Fixtures and Equipment	2,500,000
Costs Capitalized Subsequent to Acquisition	16,521,000
Gross Amount at End of Year, Land	29,125,000
Gross Amount at End of Year, Building and Improvements	104,958,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,386,000
Total	138,469,000
Accumulated Depreciation	14,620,000
Net Book Value	123,849,000
Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	41,272,000
Initial Costs, Building and Improvements	94,257,000
Initial Costs, Furniture, Fixtures and Equipment	2,994,000
Costs Capitalized Subsequent to Acquisition	623,000
Gross Amount at End of Year, Land	41,272,000
Gross Amount at End of Year, Building and Improvements	94,434,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,440,000
Total	139,146,000
Accumulated Depreciation	4,185,000
Net Book Value	134,961,000
Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	105,693,000
Initial Costs, Furniture, Fixtures and Equipment	3,896,000
Costs Capitalized Subsequent to Acquisition	842,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	106,020,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,411,000
Total	110,431,000
Accumulated Depreciation	5,003,000
Net Book Value	105,428,000
The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	45,243,000
Initial Costs, Building and Improvements	68,244,000
Initial Costs, Furniture, Fixtures and Equipment	5,453,000
Costs Capitalized Subsequent to Acquisition	1,167,000
Gross Amount at End of Year, Land	45,243,000
Gross Amount at End of Year, Building and Improvements	68,474,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,390,000
Total	120,107,000
Accumulated Depreciation	3,859,000
Net Book Value	116,248,000
Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	39,363,000
Initial Costs, Building and Improvements	64,804,000
Initial Costs, Furniture, Fixtures and Equipment	11,235,000
Costs Capitalized Subsequent to Acquisition	576,000
Gross Amount at End of Year, Land	39,363,000
Gross Amount at End of Year, Building and Improvements	65,002,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,613,000
Total	115,978,000
Accumulated Depreciation	3,525,000
Net Book Value	112,453,000
Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	22,590,000
Initial Costs, Building and Improvements	37,114,000
Initial Costs, Furniture, Fixtures and Equipment	6,009,000
Costs Capitalized Subsequent to Acquisition	5,457,000
Gross Amount at End of Year, Land	22,590,000
Gross Amount at End of Year, Building and Improvements	40,039,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,541,000
Total	71,170,000
Accumulated Depreciation	2,385,000
Net Book Value	68,785,000
Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,009,000
Initial Costs, Furniture, Fixtures and Equipment	6,190,000
Costs Capitalized Subsequent to Acquisition	301,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	79,058,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,442,000
Total	85,500,000
Accumulated Depreciation	3,121,000
Net Book Value	82,379,000
Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	91,442,000
Initial Costs, Furniture, Fixtures and Equipment	5,257,000
Costs Capitalized Subsequent to Acquisition	2,990,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	93,098,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,591,000
Total	99,689,000
Accumulated Depreciation	3,976,000
Net Book Value	95,713,000
Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	17,876,000
Initial Costs, Building and Improvements	65,515,000
Initial Costs, Furniture, Fixtures and Equipment	2,496,000
Costs Capitalized Subsequent to Acquisition	3,817,000
Gross Amount at End of Year, Land	17,876,000
Gross Amount at End of Year, Building and Improvements	66,943,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,885,000
Total	89,704,000
Accumulated Depreciation	2,730,000
Net Book Value	86,974,000
Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	16,842,000
Initial Costs, Building and Improvements	58,729,000
Initial Costs, Furniture, Fixtures and Equipment	6,499,000
Costs Capitalized Subsequent to Acquisition	507,000
Gross Amount at End of Year, Land	16,842,000
Gross Amount at End of Year, Building and Improvements	58,752,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,983,000
Total	82,577,000
Accumulated Depreciation	2,608,000
Net Book Value	79,969,000
Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	14,462,000
Initial Costs, Building and Improvements	43,157,000
Initial Costs, Furniture, Fixtures and Equipment	5,983,000
Costs Capitalized Subsequent to Acquisition	1,096,000
Gross Amount at End of Year, Land	14,462,000
Gross Amount at End of Year, Building and Improvements	43,776,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,460,000
Total	64,698,000
Accumulated Depreciation	2,132,000
Net Book Value	62,566,000
Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	12,440,000
Initial Costs, Building and Improvements	36,932,000
Initial Costs, Furniture, Fixtures and Equipment	3,951,000
Costs Capitalized Subsequent to Acquisition	506,000
Gross Amount at End of Year, Land	12,440,000
Gross Amount at End of Year, Building and Improvements	37,236,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,153,000
Total	53,829,000
Accumulated Depreciation	2,095,000
Net Book Value	51,734,000
The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	291,754,000
Initial Costs, Furniture, Fixtures and Equipment	35,780,000
Costs Capitalized Subsequent to Acquisition	1,963,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	293,126,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	36,371,000
Total	329,497,000
Accumulated Depreciation	13,518,000
Net Book Value	315,979,000
The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	195,797,000
Initial Costs, Furniture, Fixtures and Equipment	15,126,000
Costs Capitalized Subsequent to Acquisition	1,547,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	196,446,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,024,000
Total	212,470,000
Accumulated Depreciation	7,701,000
Net Book Value	204,769,000
Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	122,344,000
Initial Costs, Furniture, Fixtures and Equipment	6,862,000
Costs Capitalized Subsequent to Acquisition	3,785,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	125,596,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,395,000
Total	132,991,000
Accumulated Depreciation	4,877,000
Net Book Value	128,114,000
Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	35,304,000
Initial Costs, Building and Improvements	82,089,000
Initial Costs, Furniture, Fixtures and Equipment	7,691,000
Costs Capitalized Subsequent to Acquisition	384,000
Gross Amount at End of Year, Land	35,304,000
Gross Amount at End of Year, Building and Improvements	82,310,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,854,000
Total	125,468,000
Accumulated Depreciation	4,314,000
Net Book Value	121,154,000
George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	15,373,000
Initial Costs, Building and Improvements	65,529,000
Initial Costs, Furniture, Fixtures and Equipment	4,489,000
Costs Capitalized Subsequent to Acquisition	255,000
Gross Amount at End of Year, Land	15,373,000
Gross Amount at End of Year, Building and Improvements	65,542,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,731,000
Total	85,646,000
Accumulated Depreciation	2,997,000
Net Book Value	82,649,000
Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	18,686,000
Initial Costs, Building and Improvements	60,927,000
Initial Costs, Furniture, Fixtures and Equipment	2,838,000
Costs Capitalized Subsequent to Acquisition	2,818,000
Gross Amount at End of Year, Land	18,686,000
Gross Amount at End of Year, Building and Improvements	61,807,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,776,000
Total	85,269,000
Accumulated Depreciation	2,322,000
Net Book Value	82,947,000
Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	19,035,000
Initial Costs, Building and Improvements	60,402,000
Initial Costs, Furniture, Fixtures and Equipment	2,066,000
Costs Capitalized Subsequent to Acquisition	7,592,000
Gross Amount at End of Year, Land	19,035,000
Gross Amount at End of Year, Building and Improvements	62,288,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,772,000
Total	89,095,000
Accumulated Depreciation	1,605,000
Net Book Value	87,490,000
Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	199,304,000
Initial Costs, Furniture, Fixtures and Equipment	22,032,000
Costs Capitalized Subsequent to Acquisition	5,459,000
Gross Amount at End of Year, Land	20,000
Gross Amount at End of Year, Building and Improvements	201,544,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,231,000
Total	226,795,000
Accumulated Depreciation	9,020,000
Net Book Value	217,775,000
Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	33,017,000
Initial Costs, Building and Improvements	131,926,000
Initial Costs, Furniture, Fixtures and Equipment	7,741,000
Costs Capitalized Subsequent to Acquisition	1,245,000
Gross Amount at End of Year, Land	33,046,000
Gross Amount at End of Year, Building and Improvements	132,474,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,409,000
Total	173,929,000
Accumulated Depreciation	5,704,000
Net Book Value	168,225,000
Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	74,768,000
Initial Costs, Furniture, Fixtures and Equipment	8,830,000
Costs Capitalized Subsequent to Acquisition	24,212,000
Gross Amount at End of Year, Land	23,472,000
Gross Amount at End of Year, Building and Improvements	74,904,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,434,000
Total	107,810,000
Accumulated Depreciation	3,961,000
Net Book Value	103,849,000
L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	33,304,000
Initial Costs, Building and Improvements	92,297,000
Initial Costs, Furniture, Fixtures and Equipment	5,393,000
Costs Capitalized Subsequent to Acquisition	1,351,000
Gross Amount at End of Year, Land	33,304,000
Gross Amount at End of Year, Building and Improvements	92,839,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,202,000
Total	132,345,000
Accumulated Depreciation	3,386,000
Net Book Value	128,959,000
San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	80,733,000
Initial Costs, Furniture, Fixtures and Equipment	9,458,000
Costs Capitalized Subsequent to Acquisition	17,868,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	91,107,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,952,000
Total	108,059,000
Accumulated Depreciation	4,519,000
Net Book Value	103,540,000
The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	14,243,000
Initial Costs, Building and Improvements	38,694,000
Initial Costs, Furniture, Fixtures and Equipment	7,062,000
Costs Capitalized Subsequent to Acquisition	1,016,000
Gross Amount at End of Year, Land	14,243,000
Gross Amount at End of Year, Building and Improvements	39,277,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,495,000
Total	61,015,000
Accumulated Depreciation	2,193,000
Net Book Value	58,822,000
Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	86,131,000
Initial Costs, Building and Improvements	238,470,000
Initial Costs, Furniture, Fixtures and Equipment	8,366,000
Costs Capitalized Subsequent to Acquisition	5,020,000
Gross Amount at End of Year, Land	86,131,000
Gross Amount at End of Year, Building and Improvements	242,273,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,583,000
Total	337,987,000
Accumulated Depreciation	8,861,000
Net Book Value	329,126,000
The Marker Resort Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	25,463,000
Initial Costs, Building and Improvements	66,903,000
Initial Costs, Furniture, Fixtures and Equipment	2,486,000
Costs Capitalized Subsequent to Acquisition	3,175,000
Gross Amount at End of Year, Land	25,463,000
Gross Amount at End of Year, Building and Improvements	68,887,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,677,000
Total	98,027,000
Accumulated Depreciation	2,555,000
Net Book Value	95,472,000
The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	0
Initial Costs, Building and Improvements	42,882,000
Initial Costs, Furniture, Fixtures and Equipment	3,060,000
Costs Capitalized Subsequent to Acquisition	1,851,000
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	43,822,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,971,000
Total	47,793,000
Accumulated Depreciation	2,018,000
Net Book Value	45,775,000
Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	39,576,000
Initial Costs, Building and Improvements	114,014,000
Initial Costs, Furniture, Fixtures and Equipment	7,608,000
Costs Capitalized Subsequent to Acquisition	2,246,000
Gross Amount at End of Year, Land	39,576,000
Gross Amount at End of Year, Building and Improvements	115,587,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,281,000
Total	163,444,000
Accumulated Depreciation	4,791,000
Net Book Value	158,653,000
The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Costs, Land	44,983,000
Initial Costs, Building and Improvements	103,160,000
Initial Costs, Furniture, Fixtures and Equipment	23,744,000
Costs Capitalized Subsequent to Acquisition	3,744,000
Gross Amount at End of Year, Land	44,983,000
Gross Amount at End of Year, Building and Improvements	105,146,000
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,502,000
Total	175,631,000
Accumulated Depreciation	6,595,000
Net Book Value	$ 169,036,000
Minimum | Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Minimum | Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Hotel Zags (formerly Hotel Modera)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Minimum | The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Colonnade Coral Gables, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | LaPLaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Minimum | Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Marker Resort Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Minimum | The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Maximum | Sir Francis Drake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | InterContinental Buckhead Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Sofitel Philadelphia at Rittenhouse Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vintage Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Hotel Zags (formerly Hotel Modera)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	45 years
Maximum | The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Colonnade Coral Gables, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Union Station Hotel Nashville, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | LaPLaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Villa Florence San Francisco on Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Vitale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Marker San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Spero
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Grafton on Sunset
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Liberty, A Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Sofitel Washington DC Lafayette Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Mason & Rook Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Donovan Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Marker Resort Key West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Roger New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Maximum | The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Real Estate:
Beginning balance	$ 7,077,623	$ 2,904,072	$ 3,031,139
Acquisitions	23,472	4,120,641	0
Capital expenditures	159,574	95,348	80,737
Disposal of Assets	(503,383)	(42,438)	(207,804)
Other	(24,649)
Ending balance	6,732,637	7,077,623	2,904,072
Reconciliation of Accumulated Depreciation:
Beginning balance	543,430	447,622	358,485
Depreciation	226,953	107,496	101,157
Disposal of Assets	(35,061)	(11,688)	(12,020)
Ending balance	735,322	$ 543,430	$ 447,622
Aggregate cost of properties for federal income tax purposes	$ 6,400,000

Uncategorized Items - peb-20191

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