Pebblebrook Hotel Trust (PEB) 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34571
Entity Registrant Name	PEBBLEBROOK HOTEL TRUST
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.1
Entity Common Stock, Shares Outstanding		125,982,790
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for its 2023 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2023) are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001474098
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	PEB
Security Exchange Name	NYSE
Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PE
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PF
Security Exchange Name	NYSE
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PG
Security Exchange Name	NYSE
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PH
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, VA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investment in hotel properties, net	$ 5,874,876	$ 6,079,333
Hotel held for sale	44,861	0
Cash and cash equivalents	41,040	58,518
Restricted cash	11,229	33,729
Hotel receivables (net of allowance for doubtful accounts of $431 and $1,142, respectively)	45,258	37,045
Prepaid expenses and other assets	116,276	52,565
Total assets	6,133,540	6,261,190
LIABILITIES AND EQUITY
Debt	2,387,293	2,441,888
Accounts payable, accrued expenses and other liabilities	250,518	250,584
Lease liabilities - operating leases	320,402	319,426
Deferred revenues	73,603	69,064
Accrued interest	4,535	4,567
Liabilities related to hotel held for sale	428	0
Distribution payable	12,218	11,756
Total liabilities	3,048,997	3,097,285
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $715,000 and $740,000 at December 31, 2022 and December 31, 2021, respectively), 100,000,000 shares authorized; 28,600,000 shares issued and outstanding at December 31, 2022 and 29,600,000 shares issued and outstanding at December 31, 2021	286	296
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 126,345,293 shares issued and outstanding at December 31, 2022 and 130,813,750 shares issued and outstanding at December 31, 2021	1,263	1,308
Additional paid-in capital	4,182,359	4,268,042
Accumulated other comprehensive income (loss)	35,724	(19,442)
Distributions in excess of retained earnings	(1,223,117)	(1,094,023)
Total shareholders’ equity	2,996,515	3,156,181
Non-controlling interests	88,028	7,724
Total equity	3,084,543	3,163,905
Total liabilities and equity	$ 6,133,540	$ 6,261,190

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 431,000	$ 1,142,000
Preferred shares of beneficial interest, par value (in usd per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, liquidation preference value	$ 715,000,000	$ 740,000,000
Preferred shares of beneficial interest, authorized (in shares)	100,000,000	100,000,000
Preferred shares of beneficial interest, issued (in shares)	28,600,000	29,600,000
Preferred shares of beneficial interest, outstanding (in shares)	28,600,000	29,600,000
Common shares of beneficial interest, par value (in 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)	126,345,293	130,813,750
Common shares of beneficial interest, outstanding (in shares)	126,345,293	130,813,750

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 1,391,891	$ 733,044	$ 442,888
Hotel operating expenses:
Total hotel operating expenses	883,474	496,580	379,426
Depreciation and amortization	239,583	224,251	224,560
Real estate taxes, personal property taxes, property insurance, and ground rent	126,134	111,675	114,333
General and administrative	39,187	38,166	45,158
Transaction costs	430	100	10,544
Impairment and other losses	89,882	14,856	74,556
(Gain) loss on sale of hotel properties	(6,194)	(64,729)	(117,401)
Other operating expenses	4,673	1,936	4,421
Total operating expenses	1,377,169	822,835	735,597
Operating income (loss)	14,722	(89,791)	(292,709)
Interest expense	(99,988)	(96,633)	(104,098)
Other	562	113	517
Income (loss) before income taxes	(84,704)	(186,311)	(396,290)
Income tax (expense) benefit	(277)	(61)	3,697
Net income (loss)	(84,981)	(186,372)	(392,593)
Net income (loss) attributable to non-controlling interests	2,190	(1,514)	(864)
Net income (loss) attributable to the Company	(87,171)	(184,858)	(391,729)
Distributions to preferred shareholders	(45,074)	(42,105)	(32,556)
Redemption of preferred shares	8,186	(8,055)	0
Net income (loss) attributable to common shareholders	$ (124,059)	$ (235,018)	$ (424,285)
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (0.95)	$ (1.80)	$ (3.25)
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (0.95)	$ (1.80)	$ (3.25)
Weighted-average number of common shares, basic (in shares)	130,453,944	130,804,354	130,610,015
Weighted-average number of common shares, diluted (in shares)	130,453,944	130,804,354	130,610,015
Comprehensive Income:
Net income (loss)	$ (84,981)	$ (186,372)	$ (392,593)
Other comprehensive income (loss):
Change in fair value of derivative instruments	55,479	15,289	(63,861)
Amounts reclassified from other comprehensive income	52	25,210	28,505
Comprehensive income (loss)	(29,450)	(145,873)	(427,949)
Comprehensive income (loss) attributable to non-controlling interests	2,555	(1,251)	(934)
Comprehensive income (loss) attributable to the Company	(32,005)	(144,622)	(427,015)
Room
Revenues:
Total revenues	910,936	483,191	287,439
Hotel operating expenses:
Total hotel operating expenses	225,992	127,105	91,771
Food and beverage
Revenues:
Total revenues	346,702	157,848	95,892
Hotel operating expenses:
Total hotel operating expenses	243,543	111,928	77,698
Other
Revenues:
Total revenues	134,253	92,005	59,557
Hotel operating expenses:
Total hotel operating expenses	$ 413,939	$ 257,547	$ 209,957

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Retained Earnings	Total Shareholders' Equity	Total Shareholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2019		20,400,000	130,484,956
Beginning balance at Dec. 31, 2019	$ 3,631,936	$ 204	$ 1,305	$ 4,069,410		$ (24,715)	$ (424,996)	$ 3,621,208		$ 10,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs	(119)			(119)				(119)
Issuance of common shares for Board of Trustees compensation (in shares)			23,528
Issuance of common shares for Board of Trustees compensation	637		$ 1	636				637
Repurchase of common shares (in shares)			(47,507)
Repurchase of common shares	(1,255)		$ (1)	(1,254)				(1,255)
Share-based compensation (in shares)			103,083
Share-based compensation	22,779		$ 1	12,162				12,163		10,616
Distributions on common shares/units	(4,737)						(4,692)	(4,692)		(45)
Distributions on preferred shares/units	(32,556)						(32,556)	(32,556)		0
Redemption of non-controlling interest LTIP units (in shares)			109,240
Redemption of non-controlling interest LTIP units	0		$ 1	13,445				13,446		(13,446)
Equity component of convertible senior notes	113,890			113,890				113,890
Purchases of capped calls in connection with convertible senior notes	(38,300)			(38,300)				(38,300)
Other comprehensive income (loss):
Change in fair value of derivative instruments	(63,861)					(63,861)		(63,861)
Amounts reclassified from other comprehensive income	28,505					28,505		28,505
Net income (loss)	(392,593)						(391,729)	(391,729)		(864)
Ending balance (in shares) at Dec. 31, 2020		20,400,000	130,673,300
Ending balance at Dec. 31, 2020	3,264,326	$ 204	$ 1,307	4,169,870	$ (113,099)	(60,071)	(853,973)	3,257,337	$ (113,099)	6,989
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)		(10,000,000)
Redemption of preferred shares	(250,000)	$ (100)		(241,845)			(8,055)	(250,000)
Issuance of shares, net of offering costs (in shares)		19,200,000
Issuance of shares, net of offering costs	464,054	$ 192		463,862				464,054
Issuance of common shares for Board of Trustees compensation (in shares)			27,711
Issuance of common shares for Board of Trustees compensation	516		$ 1	515				516
Repurchase of common shares (in shares)			(38,310)
Repurchase of common shares	(720)		$ (1)	(719)				(720)
Share-based compensation (in shares)			151,049
Share-based compensation	12,879		$ 1	10,433				10,434		2,445
Distributions on common shares/units	(5,098)						(5,032)	(5,032)		(66)
Distributions on preferred shares/units	(42,105)						(42,105)	(42,105)
Purchases of capped calls in connection with convertible senior notes	(20,975)			(20,975)				(20,975)
Other adjustment	0					393		393		(393)
Other comprehensive income (loss):
Change in fair value of derivative instruments	15,289					15,026		15,026		263
Amounts reclassified from other comprehensive income	25,210					25,210		25,210
Net income (loss)	(186,372)						(184,858)	(184,858)		(1,514)
Ending balance (in shares) at Dec. 31, 2021		29,600,000	130,813,750
Ending balance at Dec. 31, 2021	3,163,905	$ 296	$ 1,308	4,268,042		(19,442)	(1,094,023)	3,156,181		7,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)		(1,000,000)
Redemption of preferred shares	(16,000)	$ (10)		(24,176)			8,186	(16,000)
Issuance of shares, net of offering costs	(123)			(123)				(123)
Issuance of operating partnership units	78,000									78,000
Issuance of common shares for Board of Trustees compensation (in shares)			33,866
Issuance of common shares for Board of Trustees compensation	738		$ 1	737				738
Repurchase of common shares (in shares)			(4,609,626)
Repurchase of common shares	(70,724)		$ (47)	(70,677)				(70,724)
Share-based compensation (in shares)			107,303
Share-based compensation	11,350		$ 1	8,556				8,557		2,793
Distributions on common shares/units	(5,104)						(5,035)	(5,035)		(69)
Distributions on preferred shares/units	(48,049)						(45,074)	(45,074)		(2,975)
Other comprehensive income (loss):
Change in fair value of derivative instruments	55,479					55,114		55,114		365
Amounts reclassified from other comprehensive income	52					52		52
Net income (loss)	(84,981)						(87,171)	(87,171)		2,190
Ending balance (in shares) at Dec. 31, 2022		28,600,000	126,345,293
Ending balance at Dec. 31, 2022	$ 3,084,543	$ 286	$ 1,263	$ 4,182,359		$ 35,724	$ (1,223,117)	$ 2,996,515		$ 88,028

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income (loss)	$ (84,981)	$ (186,372)	$ (392,593)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	239,583	224,251	224,560
Share-based compensation	11,350	11,433	22,779
Amortization of deferred financing costs, non-cash interest and other amortization	13,453	16,633	17,200
(Gain) loss on sale of hotel properties	(6,194)	(64,729)	(117,401)
Impairment and other losses	89,882	14,856	74,556
Non-cash ground rent	9,952	7,061	6,198
Other adjustments	(4,962)	(1,959)	347
Changes in assets and liabilities:
Hotel receivables	(7,974)	(27,509)	38,509
Prepaid expenses and other assets	(10,018)	(428)	3,358
Accounts payable and accrued expenses	24,808	51,793	(60,673)
Deferred revenues	3,846	25,736	(18,616)
Net cash provided by (used in) operating activities	278,745	70,766	(201,776)
Investing activities:
Improvements and additions to hotel properties	(116,743)	(83,827)	(125,014)
Proceeds from sales of hotel properties	248,908	255,927	375,131
Acquisition of hotel properties	(247,163)	(253,541)	0
Property insurance proceeds	5,638	0	0
Other investing activities	(25)	(128)	0
Net cash provided by (used in) investing activities	(109,385)	(81,569)	250,117
Financing activities:
Gross proceeds from issuance of preferred shares	0	480,000	0
Payment of offering costs — common and preferred shares	(123)	(15,947)	(119)
Payment of deferred financing costs	(12,415)	(14,510)	(16,372)
Borrowings under revolving credit facilities	190,151	0	760,115
Repayments under revolving credit facilities	(190,151)	(40,000)	(885,115)
Proceeds from debt	1,380,000	268,599	512,965
Repayments of debt	(1,434,956)	(392,236)	(212,965)
Purchases of capped calls for convertible senior notes	0	(20,975)	(38,300)
Repurchases of common shares	(70,724)	(720)	(1,255)
Redemption of preferred shares	(16,000)	(250,000)	0
Distributions — common shares/units	(5,291)	(5,279)	(53,960)
Distributions — preferred shares/units	(47,367)	(39,443)	(32,556)
Repayments of refundable membership deposits	(2,462)	(2,739)	(1,354)
Net cash provided by (used in) financing activities	(209,338)	(33,250)	31,084
Net change in cash and cash equivalents and restricted cash	(39,978)	(44,053)	79,425
Cash and cash equivalents and restricted cash, beginning of year	92,247	136,300	56,875
Cash and cash equivalents and restricted cash, end of year	$ 52,269	$ 92,247	$ 136,300

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Pebblebrook Hotel Trust (the "Company") is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major U.S. cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2022, the Company owned interests in 51 hotels with a total of 12,756 guest rooms. The hotel properties are located in: Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Miami (Coral Gables), Florida; Naples, Florida; Newport, Rhode Island; Portland, Oregon; San Diego, California; San Francisco, California; Santa Cruz, 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. As of December 31, 2022, the Company owned 99.3% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.7% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to maintain its qualification 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"), a taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements. COVID-19 Update The COVID-19 pandemic, which began in early 2020, has had a significant negative impact on the Company's operations and financial results. Results have substantially improved through 2022. The Company exited its debt covenant waiver period under its credit facilities as of the end of the second quarter of 2022. As discussed in Note. 5 Debt

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 accounting principles generally accepted in the United States of America ("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 the Company's financial position. It is uncertain what the future affects of the COVID-19 pandemic will have on the overall economy or travel. In addition, the rise in inflation and corresponding increase in interest rates may also impact the overall economy. A decline in travel or a significant increase in costs may impact the Company's cash flow and ability to 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. Debt 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. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. 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 finance 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 estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal 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, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements. 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 (Loss) The purpose of reporting comprehensive income (loss) 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 (loss) consists of net income (loss) and other comprehensive income (loss). Segment Information The Company separately evaluates the performance of each of its hotel 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. Investments in Unconsolidated Entities The Company owns a non-controlling equity interest in Fifth Wall Late-Stage Climate Technology Fund, L.P. As of December 31, 2022, the Company has invested $5.5 million. The Company's total equity commitment to the fund is $10.0 million. New Accounting Pronouncements Reference Rate Reform In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , ASU 2021-01, Reference Rate Reform (Topic 848): Scope , and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, respectively. ASU 2020-04, ASU 2021-01 and ASU 2022-06 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance in ASU 2020-04, ASU 2021-01 and ASU 2022-06 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2024. In October 2022, the Company amended the terms of its credit agreements to, among other things, change the reference rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The Company also amended the terms of the interest rate swap derivatives to match the SOFR reference rate. The Company made certain ASC 848 elections related to the changes in critical terms of the hedging relationships which allowed the Company to not dedesignate these hedging relationships. The adoption of ASU 2020-04, ASU 2021-01 and ASU 2022-06 has not had and is not expected to have a material impact on the Company's consolidated financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company does not expect the adoption of ASU 2021-08 to have a material effect on its consolidated financial statements and disclosures.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties Acquisitions On July 22, 2021, the Company acquired the leasehold interest in the 200-room Jekyll Island Club Resort in Jekyll Island, Georgia for $94.0 million, excluding prorations and transaction costs, using cash on hand. On September 23, 2021, the Company acquired the leasehold interest in the 369-room Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270.0 million, excluding prorations and transaction costs, using cash on hand and the assumption of a $161.5 million mortgage loan. On October 20, 2021, the Company acquired the 19-room Avalon Bed & Breakfast and the 12-room Duval Gardens in Key West, Florida for $20.0 million, excluding prorations and transaction costs, using cash on hand. Both properties were consolidated into the Company's Southernmost Beach Resort. On December 1, 2021, the Company acquired the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa in La Jolla, California for $108.0 million, excluding prorations and transaction costs, using cash on hand and the assumption of a $61.7 million mortgage loan. On May 11, 2022, the Company acquired the 119-room Inn on Fifth in Naples, Florida for $156.0 million, excluding prorations and transactions costs. This transaction was funded with cash on hand, the issuance of 16,291 common units of limited partnership interest in the Operating Partnership and 3,104,400 preferred units of the Operating Partnership designated as 6.0% Series Z Preferred Units. On June 23, 2022, the Company acquired the 257-room Newport Harbor Island Resort (formerly Gurney's Newport Resort & Marina) in Newport, Rhode Island for $174.0 million using cash on hand and proceeds from its senior unsecured revolving credit facility. See Note 5. Debt for additional information about the mortgage loans assumed and Note 11. Commitments and Contingencies for additional information about the leasehold interests acquired. Dispositions The following table summarizes disposition transactions during the years ended December 31, 2022 and 2021 (in thousands): Hotel Property Name Location Sale Date Sale Price The Marker San Francisco San Francisco, CA June 28, 2022 $ 77,000 Sofitel Philadelphia at Rittenhouse Square Philadelphia, PA August 2, 2022 80,000 Hotel Spero San Francisco, CA August 25, 2022 71,000 Hotel Vintage Portland Portland, OR September 14, 2022 32,900 2022 Total $ 260,900 Sir Francis Drake San Francisco, CA April 1, 2021 $ 157,625 The Roger New York New York, NY June 10, 2021 19,000 Villa Florence San Francisco on Union Square San Francisco, CA September 9, 2021 87,500 2021 Total $ 264,125 For the years ended December 31, 2022, 2021 and 2020, the accompanying consolidated statements of operations and comprehensive income included operating (loss) of $(2.3) million, $(21.7) million and $(32.4) million, respectively, excluding impairment loss and gain on sale of hotel properties, 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. Held for Sale As of December 31, 2022, the Company had entered into an agreement to sell The Heathman Hotel for approximately $45.0 million. This hotel was designated as held for sale as it met the held for sale criteria, and as a result, the Company recorded an impairment to reduce the carrying value of the property. In addition, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying consolidated balance sheets and ceased depreciating the assets. The Company expects to complete the sale in the first quarter of 2023, however, no assurances can be given that the sale will be completed on these terms or at all.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land $ 897,756 $ 926,330 Buildings and improvements 5,170,976 5,197,816 Furniture, fixtures and equipment 504,518 535,607 Finance lease asset 91,181 91,181 Construction in progress 11,961 15,869 $ 6,676,392 $ 6,766,803 Right-of-use asset, operating leases 370,383 378,939 Investment in hotel properties $ 7,046,775 $ 7,145,742 Less: Accumulated depreciation (1,171,899) (1,066,409) Investment in hotel properties, net $ 5,874,876 $ 6,079,333 On September 27, 2022, LaPlaya Beach Resort and LaPlaya Beach Club ("LaPlaya") and Inn on Fifth, both located in Naples, Florida, and Southernmost Beach Resort located in Key West, Florida were impacted by the effects of Hurricane Ian. Inn on Fifth and Southernmost Beach Resort did not suffer significant damage and have been reopened. LaPlaya was closed in anticipation of the storm and is expected to be re-opened in stages beginning in the first quarter of 2023. The Company anticipates LaPlaya to have reopened fully by the middle of 2023. 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 Ian. Insurance proceeds are subject to deductibles. As of December 31, 2022, the Company recognized an impairment loss of $7.9 million for the damage to LaPlaya and Southernmost Beach Resort which is recorded in impairment and other losses in the Company’s accompanying consolidated statement of operations and comprehensive income. The Company recorded a receivable for costs incurred to remediate the damage in excess of the deductible. Through December 31, 2022, the Company has received $15.8 million in preliminary advances from the insurance providers and continues to work with the insurance providers on the settlement of the property and business interruption claims. Impairment The Company reviews its investment in hotel properties for impairment whenever events or circumstances indicate potential impairment. The Company periodically adjusts its estimate of future operating cash flows and estimated hold periods for certain properties. As a result of this review, the Company determined certain impairment triggers had occurred and therefore, the Company assessed its investment in hotel properties for recoverability. Based on the analyses performed, for the year ended December 31, 2022, the Company recognized an impairment loss of $81.7 million related to three hotels as a result of their fair values being lower than their carrying values. The impairment losses were determined using Level 2 inputs under authoritative guidance for fair value measurements using purchase and sale agreements and information from marketing efforts for these properties. For the year ended December 31, 2021, the Company recognized an impairment loss of $14.9 million related to one hotel as a result of its fair value being lower than its carrying value. The impairment loss was determined using Level 2 inputs under authoritative guidance for fair value measurements using information from marketing efforts for this property. For the year ended December 31, 2020, the Company recognized an impairment loss of $74.6 million related to three properties as a result of their fair values being lower than their carrying values. The impairment loss was determined using Level 2 inputs under authoritative guidance for fair value measurements using information from marketing efforts for these properties. Right-of-use Assets and Lease Liabilities The Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. When the rate implicit in the lease could not be determined, the Company used incremental borrowing rates, which ranged from 4.7% to 7.6%. In addition, the term used includes any options to exercise extensions when it is reasonably certain the Company will exercise such option. See Note 11. Commitments and Contingencies for additional information about the ground leases. accounts payable, accrued expenses and other liabilities

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt In 2021, the Company amended the agreements governing its credit facilities, term loan facilities and senior notes to, among other things, waive financial covenants until the second quarter of 2022 (with substantially less-restrictive covenants through the end of the first quarter of 2023), extend certain debt maturity dates and increase the interest rate spread. The Company exited the debt covenant waiver period as of the end of the second quarter of 2022. On October 13, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain other agents and lenders ("Credit Agreement"). The $2.0 billion Credit Agreement provides for a $650.0 million senior unsecured revolving credit facility and three $460.0 million unsecured term loan facilities totaling $1.38 billion. Proceeds from the new term loans and $26.7 million of cash on hand were used to repay the outstanding balances on the prior term loans. The Company incurred $7.4 million in costs related to the refinancing which were recorded in interest expense in the accompanying consolidated statement of operations. The Company may request additional lender commitments to increase the aggregate borrowing capacity under the Credit Agreement up to an additional $970.0 million. The Company's debt consisted of the following as of December 31, 2022 and 2021 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 $ — $ — PHL unsecured credit facility - (1) October 2026 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 4.84% (1) October 2024 460,000 — Term Loan 2025 3.59% (1) October 2025 460,000 — Term Loan 2027 3.19% (1) October 2027 460,000 — First Term Loan - January 2023 — 26,000 First Term Loan Extended - March 2024 — 274,000 Second Term Loan - April 2022 — 26,327 Fourth Term Loan - October 2024 — 110,000 Sixth Term Loan Tranche 2021 Extended - November 2022 — 82,071 Sixth Term Loan Tranche 2022 - November 2022 — 114,670 Sixth Term Loan Tranche 2023 - November 2023 — 400,000 Sixth Term Loan Tranche 2024 - January 2024 — 400,000 Term loan principal $ 1,380,000 $ 1,433,068 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series A Notes 4.70% (3) December 2023 47,600 47,600 Series B Notes 4.93% December 2025 2,400 2,400 Senior unsecured notes principal $ 50,000 $ 50,000 Mortgage loans Margaritaville Hollywood Beach Resort 6.69% (4) May 2023 161,500 161,500 Estancia La Jolla Hotel & Spa 5.07% September 2028 59,485 61,373 Mortgage loans principal $ 220,985 $ 222,873 Total debt principal $ 2,400,985 $ 2,455,941 Unamortized debt premiums, discount and deferred financing costs, net (13,692) (14,053) Debt, Net $ 2,387,293 $ 2,441,888 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date of October 13, 2026 for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee, for a maximum maturity date of October 13, 2027. (3) The Company intends to pay off the Series A Notes using available cash or borrowings under the revolving credit facility at maturity. (4) In April 2022, the Company exercised its option to extend the maturity date to May 2023. The loan bears interest at a floating rate equal to one-month LIBOR plus a weighted-average spread of 2.37%. The Company has the option to extend the maturity date further to May 2024, which the Company expects to exercise. Unsecured Revolving Credit Facilities The $650.0 million senior unsecured revolving credit facility provided for in the Credit Agreement matures in October 2026 and provides for two six-month extension options, subject to certain terms and conditions and payment of an extension fee. All borrowings under the $650.0 million senior unsecured revolving credit facility bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus 0.10% (the “SOFR Adjustment”) plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for revolving credit facility loans range in amount from 1.45% to 2.50% for SOFR-based loans and 0.45% to 1.50% for Base Rate-based loans, depending on the Company’s leverage ratio. As of December 31, 2022, the Company had no outstanding borrowings, $12.6 million of outstanding letters of credit and a borrowing capacity of $637.4 million remaining on its senior unsecured revolving credit facility. 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. Under the terms of the credit agreement for the senior 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 facility. The Company pays a fee at a rate per annum equal to the applicable margin based upon the Company's leverage ratio. 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 $12.6 million and $12.1 million were outstanding as of December 31, 2022 and 2021, respectively. The Company also has a $20.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2022, PHL amended and restated the agreement governing the PHL Credit Facility to extend the maturity to October 2026. The PHL Credit Facility has substantially similar terms as the Company's senior unsecured revolving credit facility. Borrowings on the PHL Credit Facility bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Credit Agreement, which governs the Company's senior unsecured revolving credit facility. As of December 31, 2022, the Company had no borrowings under the PHL Credit Facility and had $20.0 million borrowing capacity remaining available under the PHL Credit Facility. As of December 31, 2022, the Company was in compliance with all debt covenants of the credit agreements that govern the unsecured revolving credit facilities. Unsecured Term Loan Facilities The three $460.0 million term loans provided for in the Credit Agreement mature in October 2024, October 2025 and October 2027, respectively. The term loans bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans and 0.40% to 1.45% for Base Rate-based loans, depending on the Company's leverage ratio. The term loans are subject to the debt covenants in the Credit Agreement. As of December 31, 2022, the Company was in compliance with all debt covenants of its term loans. The Company entered into interest rate swap agreements to fix the SOFR rate on a portion of these unsecured term loan facilities. See Derivative and Hedging Activities for further discussion on the interest rate swaps. Convertible Senior Notes In December 2020, the Company issued $500.0 million aggregate principal amount of 1.75% Convertible Senior Notes due December 2026 (the "Convertible Notes"). The net proceeds from this offering of the Convertible Notes were approximately $487.3 million after deducting the underwriting fees and other expenses paid by the Company. In February 2021, the Company issued an additional $250.0 million aggregate principal amount of Convertible Notes. These additional Convertible Notes were sold at a 5.5% premium to par and generated net proceeds of approximately $257.2 million after deducting the underwriting fees and other expenses paid by the Company of $6.5 million, which was offset by a premium received in the amount of $13.8 million. The Convertible Notes are governed by an indenture (the “Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Convertible Notes bear interest at a rate of 1.75% per annum, payable semi-annually in arrears on June 15th and December 15th of each year, beginning on June 15, 2021. The Convertible Notes will mature on December 15, 2026. The Company recorded coupon interest expense of $13.1 million and $12.7 million for the years ended December 31, 2022 and 2021, respectively. The Company separated the Convertible Notes issued in December 2020 into liability and equity components. The initial carrying amount of the liability component was $386.1 million and was calculated using a discount rate of 6.25%. The discount rate was based on the terms of debt instruments that were similar to the Convertible Notes. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the principal amount of such Convertible Notes, or $113.9 million. The amount recorded in equity was not subject to remeasurement or amortization. The $113.9 million also represented the initial discount recorded on the Convertible Notes. As a result of the Company's early adoption of ASU 2020-06 on January 1, 2021, the Convertible Notes are now recorded as a single liability with no portion recorded in equity. The Company also ceased recording non-cash interest expense associated with the amortization of the debt discount. Prior to June 15, 2026, the Convertible Notes will be convertible upon certain circumstances. On and after June 15, 2026, holders may convert any of their Convertible Notes into the Company’s common shares of beneficial interest (“common shares”) at the applicable conversion rate at any time at their election two days prior to the maturity date. The initial conversion rate is 39.2549 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $25.47 per share. The conversion rate is subject to adjustment in certain circumstances. As of December 31, 2022 and 2021, the if-converted value of the Convertible Notes did not exceed the principal amount. The Company may redeem for cash all or a portion of the Convertible Notes, at its option, on or after December 20, 2023 upon certain circumstances. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes may be increased. In connection with the Convertible Notes issuances, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters of the offerings of the Convertible Notes or their respective affiliates and other financial institutions. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares underlying the Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the Convertible Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction and/or offset subject to a cap. The upper strike price of the Capped Call Transactions is $33.0225 per share. The cost of the Capped Call Transactions entered into in December 2020 and February 2021 was $38.3 million and $21.0 million, respectively, and was recorded within additional paid-in capital. Senior Unsecured Notes The Company has $47.6 million of senior unsecured notes outstanding bearing a fixed interest rate of 4.70% per annum and maturing in December 2023 (the "Series A Notes") and $2.4 million of senior unsecured notes outstanding 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, 2022, the Company was in compliance with all such debt covenants. Mortgage Loans On September 23, 2021, the Company assumed a $161.5 million loan secured by a first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville"). The loan requires interest-only payments based on a floating interest rate of one-month LIBOR plus a weighted-average spread of 2.37%. In April 2022, the Company exercised its option to extend the maturity date to May 9, 2023. The Company has an option to extend the maturity date further to May 9, 2024, which the Company expects to exercise. If the loan is extended, the interest rate spread will increase by 20 basis points. The loan is also subject to an interest rate cap agreement. On December 1, 2021, the Company assumed a $61.7 million loan secured by a first-lien mortgage on the leasehold interest of Estancia La Jolla Hotel & Spa ("Estancia"). The loan requires both principal and interest monthly payments based on a fixed interest rate of 5.07%. The loan matures on September 1, 2028. The Company's mortgage loans associated with Margaritaville and Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability. The loans contain customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions. Cash trap provisions are triggered if the hotel's performance is below a certain threshold. Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our lender. These properties are not in a cash trap and no event of default has occurred under the loan documents. Interest Expense The components of the Company's interest expense consisted of the following for the years ended December 31, 2022, 2021, and 2020 (in thousands): For the year ended December 31, 2022 2021 2020 Unsecured revolving credit facilities $ 2,531 $ 2,092 $ 10,210 Unsecured term loan facilities 52,355 61,529 72,642 Convertible senior notes 13,125 12,662 365 Senior unsecured notes 2,525 3,562 4,792 Mortgage debt 9,788 1,375 — Amortization of deferred financing fees, (premiums) and discounts 16,465 9,741 7,296 Other 3,199 5,672 8,793 Total interest expense $ 99,988 $ 96,633 $ 104,098 Fair Value 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, convertible senior notes and the Estancia mortgage loan) as of December 31, 2022 and 2021 was $700.5 million and $747.8 million, respectively. Future Minimum Principal Payments As of December 31, 2022, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2023 $ 49,588 2024 623,584 2025 464,602 2026 752,318 2027 462,439 Thereafter 48,454 Total debt principle payments $ 2,400,985 Deferred financing costs, net (21,373) Debt premium (discount), net 7,681 Total debt $ 2,387,293 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. 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, 2022 and 2021 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) (1) Maturity December 31, 2022 December 31, 2021 Swap-cash flow — January 2022 $ — $ 180,000 Swap-cash flow — April 2022 — 100,000 Swap-cash flow 0.05% - 0.07% January 2023 200,000 200,000 Swap-cash flow 1.84% - 1.87% November 2023 250,000 250,000 Swap-cash flow 2.47% - 2.50% January 2024 300,000 300,000 Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Total $ 1,040,000 $ 1,320,000 ______________________ (1) In October 2022, the Company transitioned from LIBOR-based interest rates to SOFR-based interest rates for its interest rate swap agreements. There are no other substantive changes to its interest rate swap agreements as part of this transition. The Company records all derivative instruments at fair value in the accompanying consolidated balance sheets. Fair values of interest rate swaps and caps 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.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020 (in thousands): For the year ended December 31, 2022 2021 2020 San Diego, CA $ 303,701 $ 165,977 $ 96,071 Southern Florida/Georgia 271,167 166,310 76,971 Boston, MA 243,861 124,440 63,356 Los Angeles, CA 168,310 94,275 51,664 San Francisco, CA 116,022 43,601 66,896 Portland, OR 87,625 53,978 27,174 Chicago, IL 68,402 27,279 15,604 Other (1) 63,071 28,608 27,453 Washington, D.C. 51,937 20,630 12,739 Seattle, WA 17,795 7,946 4,960 $ 1,391,891 $ 733,044 $ 442,888 ______________________ (1) Other includes: Nashville, TN, New York, NY, Philadelphia, PA, Newport, RI 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 period is expected to be recognized as revenue over the following 12 months.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares. Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of common shares are entitled to receive dividends when authorized by the Board of Trustees. During the fourth quarter of 2022, the Company repurchased 4,559,839 common shares for an aggregate purchase price of $69.6 million, or an average of approximately $15.27 per share. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. Common Share Repurchase Programs On February 22, 2016, the Company announced that the Board of Trustees authorized a share repurchase program of up to $150.0 million of common shares. Under this program, the Company may repurchase 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, 2022, the Company repurchased $56.6 million of common shares, and as of December 31, 2022, no 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 common shares. Under this program, the Company may repurchase 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. For the year ended December 31, 2022, the Company repurchased $13.0 million common shares under this program and, as of December 31, 2022, $87.0 million of common shares remained available for repurchase under this program. On February 21, 2023, we announced that our Board of Trustees authorized a new share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, we may repurchase common shares from time to time in transactions on the open market or by private agreement. ATM Program On April 29, 2021, the Company filed a prospectus supplement with the SEC to sell up to $200.0 million of common shares under an "at the market" offering program (the "ATM program"). No common shares were issued or sold under the ATM program during the year ended December 31, 2022. As of December 31, 2022, $200.0 million of common shares remained available for issuance under the ATM program. Common Dividends The Company declared the following dividends on common shares/units for the year ended December 31, 2022: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2022 March 31, 2022 April 15, 2022 $ 0.01 June 30, 2022 June 30, 2022 July 15, 2022 $ 0.01 September 30, 2022 September 30, 2022 October 17, 2022 $ 0.01 December 31, 2022 December 30, 2022 January 17, 2023 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”). In May 2021, the Company issued 9,200,000 6.375% Series G Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share for net proceeds of $222.6 million. In July 2021, the Company issued 10,000,000 5.70% Series H Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share for net proceeds of $242.1 million. In August 2021, the Company redeemed all outstanding shares of 6.50% Series C Cumulative Redeemable Preferred Shares and 6.375% Series D Cumulative Redeemable Preferred Shares at the redemption amount of $25.00 per share plus accrued and unpaid dividends of $0.17 and $0.16 per share, respectively. On December 27, 2022, the Company repurchased 1,000,000 5.70% Series H Cumulative Redeemable Preferred Shares at a privately negotiated price of $16.00 per share. The difference between the carrying amount of the repurchased shares, net of issuance costs, and the consideration paid to repurchase the shares is considered a return from preferred shareholders of $8.2 million and recorded as an adjustment to net income (loss) attributable to common shareholders on the Company's basic and diluted earnings per share. The following Preferred Shares were outstanding as of December 31, 2022 and 2021: Security Type December 31, 2022 December 31, 2021 6.375% Series E 4,400,000 4,400,000 6.30% Series F 6,000,000 6,000,000 6.375% Series G 9,200,000 9,200,000 5.70% Series H 9,000,000 10,000,000 28,600,000 29,600,000 The Series E, Series F, Series G and Series H Cumulative Redeemable 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 do not have any maturity date and are not subject to mandatory redemption. The Company may redeem the Series E and Series F Preferred Shares at any time. The Series G and Series H Preferred Shares may not be redeemed prior to May 13, 2026 and July 27, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after such dates, the Company may, at its option, redeem the Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American 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 common shares based on defined formulas subject to share caps. The share cap on each Series E Preferred Share is 1.9372 common shares, on each Series F Preferred Share is 2.0649 common shares, on each Series G Preferred Share is 2.1231 common shares, and on each Series H Preferred Share is 2.2311 common shares. On February 21, 2023, the Company announced that its Board of Trustees approved a repurchase program of up to $100.0 million of the Preferred Shares. Under the terms of the program, the Company may repurchase up to an aggregate of $100.0 million of the Preferred Shares. The aggregate liquidation value of the Preferred Shares that may be repurchased pursuant to the Preferred Shares Repurchase Program, as of February 21, 2023, was $715.0 million. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require us to repurchase any specific number of preferred shares. The program does not have an expiration date and may be suspended, modified or discontinued at any time. Preferred Dividends The Company declared the following dividends on preferred shares for the year ended December 31, 2022: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2022 March 31, 2022 April 15, 2022 6.375% Series E $ 0.40 June 30, 2022 June 30, 2022 July 15, 2022 6.375% Series E $ 0.40 September 30, 2022 September 30, 2022 October 17, 2022 6.375% Series E $ 0.40 December 31, 2022 December 30, 2022 January 17, 2023 6.30% Series F $ 0.39 March 31, 2022 March 31, 2022 April 15, 2022 6.30% Series F $ 0.39 June 30, 2022 June 30, 2022 July 15, 2022 6.30% Series F $ 0.39 September 30, 2022 September 30, 2022 October 17, 2022 6.30% Series F $ 0.39 December 31, 2022 December 30, 2022 January 17, 2023 6.375% Series G $ 0.40 March 31, 2022 March 31, 2022 April 15, 2022 6.375% Series G $ 0.40 June 30, 2022 June 30, 2022 July 15, 2022 6.375% Series G $ 0.40 September 30, 2022 September 30, 2022 October 17, 2022 6.375% Series G $ 0.40 December 31, 2022 December 30, 2022 January 17, 2023 5.70% Series H $ 0.36 March 31, 2022 March 31, 2022 April 15, 2022 5.70% Series H $ 0.36 June 30, 2022 June 30, 2022 July 15, 2022 5.70% Series H $ 0.36 September 30, 2022 September 30, 2022 October 17, 2022 5.70% Series H $ 0.36 December 31, 2022 December 30, 2022 January 17, 2023 Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units ("OP Units") have certain redemption rights that enable OP 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 common shares at the time of redemption or 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. On November 30, 2018, in connection with the merger with LaSalle Hotel Properties ("LaSalle"), the Company issued 133,605 OP units in the Operating Partnership to third-party limited partners of LaSalle's operating partnership. On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 16,291 OP units in the Operating Partnership. As of December 31, 2022 and 2021, the Operating Partnership had 149,896 and 133,605 OP units, respectively, held by third parties, excluding LTIP units. As of December 31, 2022, the Operating Partnership had two classes of long-term incentive partnership units ("LTIP units"), LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. As of December 31, 2022 and 2021, the Operating Partnership had 727,208 LTIP units outstanding. Of the 727,208 LTIP units outstanding at December 31, 2022, 127,111 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. Non-controlling Interest of Preferred Units in Operating Partnership On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 3,104,400 preferred units in the Operating Partnership, designated as 6.0% Series Z Cumulative Perpetual Preferred Units ("Series Z Preferred Units"). The Series Z Preferred Units rank senior to the common OP units and on parity with the Operating Partnership's Series E, Series F, Series G and Series H Preferred Units. Holders of Series Z Preferred Units are entitled to receive quarterly distributions at an annual rate of 6.0% of the liquidation preference value of $25.00 per share. At any time, holders of Series Z Preferred Units may elect to convert some or all of their units into any other series of the Operating Partnership’s preferred units outstanding at that time. After the second anniversary of the issuance of the Series Z Preferred Units, holders may elect to redeem some or all of their units for, at the Company’s election, cash, common shares having an equivalent value or preferred shares on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash, common shares having an equivalent value or preferred shares on a one-for-one basis. At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company’s election, cash or common shares having an equivalent value.

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2022
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 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 The following table provides a summary of service condition restricted share activity as of December 31, 2022: Shares Weighted-Average Unvested at January 1, 2020 149,179 $ 33.37 Granted 390,242 $ 23.62 Vested (72,824) $ 33.13 Forfeited (6,787) $ 27.68 Cancelled (217,083) $ 25.53 Unvested at December 31, 2020 242,727 $ 24.94 Granted 415,531 $ 22.69 Vested (81,591) $ 30.41 Forfeited (9,236) $ 23.37 Unvested at December 31, 2021 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60 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. In March 2020, the Company canceled the February 2020 service condition share award (retention grant) and as a result accelerated and recognized an expense of $5.5 million. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $3.8 million, $4.1 million and $8.1 million, respectively, of share-based compensation expense related to these awards in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2022, there was $7.3 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.5 years. Performance-Based Equity Awards 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. In January 2020, these awards vested and the Company issued 1,972 and 405 common shares to officers and employees, respectively. The actual number of common shares that vested was 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. In January 2021, none of these awards vested and the Company issued no common shares to officers or employees. The actual number of common shares that vested was 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. In January 2022, none of these awards vested and the Company issued no common shares to officers or employees. The actual number of common shares that vested was based on the two performance criteria defined in the award agreements for the period of performance from January 1, 2019 through December 31, 2021. On February 12, 2020, the Board of Trustees approved a target award of 161,777 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2023. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2023 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2020 through December 31, 2022. On February 18, 2021, the Board of Trustees approved a target award of 189,348 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2024. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2024 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2021 through December 31, 2023. On May 16, 2022, the Board of Trustees approved a target award of 175,898 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2025. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2025 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2022 through December 31, 2024. The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield 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% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —% In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. 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, 2022, there was approximately $6.0 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, 2022, 2021 and 2020 the Company recognized approximately $4.8 million, $4.9 million and $4.1 million, respectively, of share-based compensation expense related to performance-based equity awards in the accompanying consolidated statements of operations and comprehensive income. Long-Term Incentive Partnership ("LTIP") 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, 2022, 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 February 12, 2020, the Board of Trustees granted 415,818 LTIP Class B units to executive officers of the Company. These LTIP units were to vest ratably on January 1, 2023, 2024, 2025 and 2026. In March 2020, the Company canceled this grant and as a result accelerated and recognized the full expense of $10.5 million. On July 24, 2020, 109,240 LTIP Class B units were redeemed for common shares. On February 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers of the Company. These LTIP units vest ratably on January 1, 2023, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $22.69 per unit. The aggregate grant date fair value of the LTIP Class B units was $13.6 million. As of December 31, 2022 and 2021, the Operating Partnership had 727,208 LTIP units outstanding. Of the 727,208 LTIP units outstanding at December 31, 2022, 127,111 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: 2022 2021 2020 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.0419 83.80 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.0081 16.20 % 0.0128 32.00 % 0.0100 33.33 % Return of capital — — % 0.0272 68.00 % 0.0200 66.67 % Total $ 0.0500 100.00 % $ 0.0400 100.00 % $ 0.0300 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.1725 12.45 % 0.4063 33.34 % Return of capital — — % 1.2133 87.55 % 0.8125 66.66 % Total $ — — % $ 1.3858 100.00 % $ 1.2188 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.1692 12.49 % 0.3984 33.33 % Return of capital — — % 1.1855 87.51 % 0.7969 66.67 % Total $ — — % $ 1.3547 100.00 % $ 1.1953 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 1.6684 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3238 16.25 % 0.5118 32.11 % 0.3984 33.33 % Return of capital — — % 1.0819 67.89 % 0.7969 66.67 % Total $ 1.9922 100.00 % $ 1.5937 100.00 % $ 1.1953 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 1.6488 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3200 16.25 % 0.5058 32.11 % 0.3938 33.34 % Return of capital — — % 1.0692 67.89 % 0.7875 66.66 % Total $ 1.9688 100.00 % $ 1.5750 100.00 % $ 1.1813 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 1.6684 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3238 16.25 % 0.5787 86.00 % — — % Return of capital — — % 0.0942 14.00 % — — % Total $ 1.9922 100.00 % $ 0.6729 100.00 % $ — — % Series H Preferred Shares: Ordinary non-qualified income $ 1.4917 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.2895 16.25 % 0.2655 86.01 % — — % Return of capital — — % 0.0432 13.99 % — — % Total $ 1.7812 100.00 % $ 0.3087 100.00 % $ — — % Of the common distribution declared on December 16, 2019 and paid on January 15, 2020, $0.3800 was treated as a 2019 distribution for tax purposes. The preferred share distributions declared on December 16, 2019 and paid on January 15, 2020 were treated as 2019 distributions for tax purposes. Of the common distribution declared on December 15, 2020 and paid on January 15, 2021, $0.0100 was treated as a 2021 distribution for tax purposes. The preferred share distributions declared on December 15, 2020 and paid on January 15, 2021 were treated as 2021 distributions for tax purposes. The common and preferred distributions declared on December 15, 2021 and paid on January 18, 2022 were treated as 2022 distributions for tax purposes. The common and preferred distributions declared on December 15, 2022 and paid on January 17, 2023 will be treated as 2022 distributions for tax purposes. The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2022 2021 2020 Federal Current $ 253 $ — $ (127) Deferred — — (6,266) State and local Current 24 61 668 Deferred — — 2,028 Income tax expense (benefit) $ 277 $ 61 $ (3,697) 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, 2022 2021 2020 Statutory federal tax expense (benefit) $ 17,906 $ (38,251) $ (72,098) State income tax expense (benefit), net of federal tax expense (benefit) 4 (6,990) (5,046) REIT income not subject to tax (17,402) 22,235 53,311 Change in valuation allowance (495) 23,077 20,056 Other 264 (10) 80 Income tax expense (benefit), net $ 277 $ 61 $ (3,697) The Company has provided a valuation allowance against its federal and state deferred tax asset at December 31, 2022 and 2021 due to the uncertainty of realizing the loss in future years. As of December 31, 2022, the Company had a receivable of $3.4 million representing the portion of taxable losses that were carried back to prior years in which the Company had taxable income. The significant components of the Company's deferred tax assets as of December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 Deferred Tax Assets: Net operating loss carryover $ 38,822 $ 41,109 State taxes and other 3,071 2,470 Depreciation 193 418 Total deferred tax asset before valuation allowance $ 42,086 $ 43,997 Valuation allowance (42,086) (43,997) Deferred tax asset net of valuation allowance $ — $ — As of December 31, 2022 and 2021, the Company had no material unrecognized tax benefits. As a policy, the Company recognizes penalties and interest accrued related to unrecognized tax benefits as a component of income tax expense, however, there are currently no such accruals. 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, 2022 and 2021, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2019 and 2018, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ (124,059) $ (235,018) $ (424,285) Less: dividends paid on unvested share-based compensation (45) (47) (8) Net income (loss) available to common shareholders — basic and diluted $ (124,104) $ (235,065) $ (424,293) Denominator: Weighted-average number of common shares — basic and diluted 130,453,944 130,804,354 130,610,015 Net income (loss) per share available to common shareholders — basic $ (0.95) $ (1.80) $ (3.25) Net income (loss) per share available to common shareholders — diluted $ (0.95) $ (1.80) $ (3.25)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Hotel Management Agreements The Company’s hotel properties are operated pursuant to management agreements with various management companies. The remaining terms of these management agreements are up to 11 years, not including renewals, and up to 30 years, including renewals. The majority 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 six 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, 2022, 2021 and 2020, com bined base and incentive management fees were $39.6 million , $18.4 million and $9.4 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, ground lessors 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, 2022 and 2021, the Company had $11.2 million and $33.7 million, respectively, in restricted cash, which consisted of funds held in cash management and lockbox accounts held by a lender, reserves for replacement of furniture and fixtures and reserves to pay for real estate taxes, ground rent or property insurance under certain hotel management agreements or loan agreements. Hotel, Ground and Finance Leases As of December 31, 2022, the following hotels were subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Restaurant at Southernmost Beach Resort Operating lease April 2029 Paradise Point Resort & Spa Operating lease May 2050 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Viceroy Santa Monica Hotel Operating lease September 2065 Estancia La Jolla Hotel & Spa Operating lease January 2066 San Diego Mission Bay Resort Operating lease July 2068 1 Hotel San Francisco (formerly Hotel Vitale) Operating lease March 2070 (1) Hyatt Regency Boston Harbor Operating lease April 2077 The Westin Copley Place, Boston Operating lease December 2077 (2) The Liberty, a Luxury Collection Hotel, Boston Operating lease May 2080 Jekyll Island Club Resort and Restaurant Operating lease January 2089 Hotel Zelos San Francisco Operating lease June 2097 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (3) Margaritaville Hollywood Beach Resort Operating lease July 2112 Hotel Zeppelin San Francisco Operating and finance lease June 2089 (4) Harbor Court Hotel San Francisco Finance lease August 2052 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options. (4) The expiration date assumes the exercise of a 30-year extension option. 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 the consumer price index and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as national historic landmarks. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense 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. The components of ground rent expense for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): For the year ended December 31, 2022 2021 2020 Fixed ground rent $ 18,538 $ 16,825 $ 17,220 Variable ground rent 18,931 9,616 4,924 Total ground rent $ 37,469 $ 26,441 $ 22,144 Future maturities of lease liabilities for the Company's operating leases at December 31, 2022 were as follows (in thousands): 2023 $ 20,502 2024 20,606 2025 20,735 2026 21,031 2027 20,983 Thereafter 1,584,690 Total lease payments $ 1,688,547 Less: Imputed interest (1,368,145) Present value of lease liabilities $ 320,402 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, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2022 2021 2020 Interest paid, net of capitalized interest $ 82,851 $ 84,453 $ 90,655 Interest capitalized $ 1,434 $ 1,391 $ 1,247 Income taxes paid (refunded) $ (2,303) $ (258) $ 3,469 Non-Cash Investing and Financing Activities: Convertible debt discount adjustment $ — $ 113,099 $ — Distributions payable on common shares/units $ 1,316 $ 1,537 $ 1,749 Distributions payable on preferred shares/units $ 10,902 $ 10,219 $ 7,558 Issuance of common shares for Board of Trustees compensation $ 738 $ 516 $ 637 Issuance of common shares for executive and employee bonuses $ — $ 1,446 $ — Issuance of common shares for LTIP units redemption $ — $ — $ 2,831 Issuance of common units in connection with hotel acquisition $ 390 $ — $ — Issuance of preferred units in connection with hotel acquisition $ 77,610 $ — $ — Accrued additions and improvements to hotel properties $ (2,759) $ 3,110 $ 9,164 Right of use assets obtained in exchange for lease liabilities $ 1,005 $ 65,599 $ — Write-off of fully depreciated building, furniture, fixtures and equipment $ 72,532 $ — $ — Write-off of deferred financing costs $ 19,595 $ 6,574 $ 1,979 Mortgage loans assumed in connection with acquisition of hotel properties $ — $ 223,177 $ — Below (above) market contracts assumed in connection with acquisition of hotel properties $ — $ 3,071 $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company repurchased an aggregate of 897,565 of its common shares at an average price of $14.49 per share subsequent to December 31, 2022.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
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, 2022 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Hotel Monaco Washington DC $ — $ — $ 60,630 $ 2,441 $ 23,027 $ — $ 78,736 $ 7,362 $ 86,098 $ 32,622 $ 53,476 1839 9/9/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 34,944 11,494 69,612 9,478 90,584 27,668 62,916 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 15,180 18,784 95,308 3,747 117,839 34,056 83,783 1972 11/19/2010 3-40 years Argonaut Hotel — — 79,492 4,247 2,688 — 84,010 2,417 86,427 28,101 58,326 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter — 25,537 86,089 6,850 32,528 25,537 116,523 8,944 151,004 41,700 109,304 1987 4/6/2011 1-40 years Hotel Monaco Seattle — 10,105 38,888 2,073 7,514 10,105 45,764 2,711 58,580 16,970 41,610 1969 4/7/2011 3-40 years Mondrian Los Angeles — 20,306 110,283 6,091 24,533 20,306 129,252 11,655 161,213 47,505 113,708 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 16,883 19,453 76,709 9,954 106,116 30,178 75,938 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 17,894 7,294 35,450 4,900 47,644 15,498 32,146 1913 4/4/2012 3-40 years Hotel Vintage Seattle — 8,170 23,557 706 8,986 8,170 29,941 3,308 41,419 12,577 28,842 1922 7/9/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 32,687 24,403 119,381 10,109 153,893 44,418 109,475 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 13,529 — 74,755 5,984 80,739 25,417 55,322 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 36,771 20,103 117,926 15,888 153,917 45,514 108,403 1988 1/29/2013 3-40 years The Hotel Zags — 8,215 37,874 1,500 7,931 8,215 43,708 3,597 55,520 13,965 41,555 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 41,347 — 153,733 7,609 161,342 50,420 110,922 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco — 12,561 43,665 1,094 37,500 12,561 76,157 6,102 94,820 29,240 65,580 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 14,337 18,493 99,258 16,175 133,926 36,118 97,808 1909 7/17/2014 3-40 years Hotel Colonnade Coral Gables, Autograph Collection — 12,108 46,317 1,271 19,875 12,122 59,954 7,495 79,571 21,620 57,951 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 15,021 — 100,652 6,544 107,196 27,713 79,483 1972 11/20/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (39,966) 17,367 184,069 18,868 220,304 59,579 160,725 1972 12/18/2014 3-40 years LaPlaya Beach Resort & Club — 112,575 82,117 6,733 10,375 112,575 92,498 6,727 211,800 26,253 185,547 1968 5/21/2015 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2022 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Hotel Zoe Fisherman's Wharf — 29,125 90,323 2,500 16,987 29,125 105,221 4,589 138,935 26,339 112,596 1990 6/11/2015 2-40 years 1 Hotel San Francisco — — 105,693 3,896 38,458 — 133,733 14,314 148,047 19,992 128,055 2005 11/30/2018 3-40 years Chaminade Resort & Spa — 22,590 37,114 6,009 17,151 22,590 51,531 8,743 82,864 12,524 70,340 1985 11/30/2018 3-40 years Harbor Court Hotel San Francisco — — 79,009 6,190 1,800 — 80,072 6,927 86,999 12,204 74,795 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — — 91,442 5,257 16,460 — 103,005 10,154 113,159 17,793 95,366 1967/2002 11/30/2018 3-40 years Le Parc Suite Hotel — 17,876 65,515 2,496 12,816 17,876 74,740 6,087 98,703 12,769 85,934 1970 11/30/2018 3-40 years Montrose West Hollywood — 16,842 58,729 6,499 2,616 16,842 59,981 7,863 84,686 10,558 74,128 1976 11/30/2018 3-40 years Chamberlain West Hollywood Hotel — 14,462 43,157 5,983 1,989 14,462 44,418 6,711 65,591 8,439 57,152 1970/2005 11/30/2018 3-40 years Hotel Ziggy — 12,440 36,932 3,951 6,797 12,440 41,991 5,689 60,120 8,621 51,499 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — — 291,754 35,780 9,287 — 298,049 38,772 336,821 52,437 284,384 1983 11/30/2018 3-40 years The Liberty, a Luxury Collection Hotel, Boston — — 195,797 15,126 5,091 — 198,691 17,323 216,014 30,084 185,930 1851/2007 11/30/2018 3-40 years Hyatt Regency Boston Harbor — — 122,344 6,862 8,527 — 130,261 7,472 137,733 19,874 117,859 1993 11/30/2018 3-40 years George Hotel — 15,373 65,529 4,489 744 15,373 65,927 4,835 86,135 11,315 74,820 1928 11/30/2018 3-40 years Viceroy Washington DC — 18,686 60,927 2,838 9,647 18,686 66,997 6,415 92,098 11,468 80,630 1962 11/30/2018 3-40 years Hotel Zena Washington DC — 19,035 60,402 2,066 28,568 19,035 85,209 5,827 110,071 12,701 97,370 1972 11/30/2018 3-40 years Paradise Point Resort & Spa — — 199,304 22,032 13,161 85 207,158 27,254 234,497 36,789 197,708 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter — 33,017 131,926 7,741 12,388 33,017 139,806 12,249 185,072 21,928 163,144 2000 11/30/2018 3-40 years Solamar Hotel — — 74,768 8,830 37,713 23,472 82,569 15,270 121,311 16,016 105,295 2005 11/30/2018 3-40 years L'Auberge Del Mar — 33,304 92,297 5,393 14,212 33,316 102,867 9,023 145,206 15,347 129,859 1989 11/30/2018 3-40 years San Diego Mission Bay Resort — — 80,733 9,458 27,278 30 99,872 17,567 117,469 22,938 94,531 1962 11/30/2018 3-40 years The Heathman Hotel — 14,243 38,694 7,062 (6,981) 11,706 33,846 7,437 52,989 8,535 44,454 1927 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2022 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Southernmost Beach Resort — 90,396 253,954 8,676 22,093 90,420 269,301 15,398 375,119 37,221 337,898 1958-2008 11/30/2018 3-40 years The Marker Key West Harbor Resort — 25,463 66,903 2,486 1,325 25,463 66,976 3,738 96,177 10,536 85,641 2014 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection — 39,576 114,014 7,608 (16,394) 39,576 96,787 8,470 144,833 17,339 127,494 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago — 44,983 103,160 23,744 10,858 44,983 112,573 25,189 182,745 26,384 156,361 1963/1972 11/30/2018 3-40 years Jekyll Island Club Resort — — 88,912 5,031 7,455 — 92,518 8,880 101,398 8,161 93,237 1886/1986 7/22/2021 2-40 years Margaritaville Hollywood Beach Resort (2) 161,500 — 244,230 22,288 4,629 — 247,204 23,943 271,147 14,077 257,070 2015 9/23/2021 3-40 years Estancia La Jolla Hotel & Spa (3) 59,485 — 104,280 3,646 4,907 193 105,977 6,663 112,833 5,227 107,606 2004 12/1/2021 2-40 years Inn on Fifth — 50,503 95,826 7,989 997 50,503 96,537 8,275 155,315 2,638 152,677 1960 5/11/2022 3-40 years Newport Harbor Island Resort — 43,287 118,227 12,817 1,011 43,287 118,790 13,265 175,342 3,048 172,294 1969 6/23/2022 3-40 years $ 220,985 $ 908,295 $ 4,787,504 $ 348,408 $ 685,174 $ 909,462 $ 5,296,003 $ 523,916 $ 6,729,381 $ 1,180,434 $ 5,548,947 ______________________ (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition (2) Encumbrance on Margaritaville Hollywood Beach Resort is presented at face value, which excludes an unamortized loan discount and deferred financing costs of $1.6 million and $0.3 million, respectively, at December 31, 2022. (3) Encumbrance on Estancia La Jolla Hotel & Spa is presented at face value, which excludes unamortized deferred financing costs of $0.1 million at December 31, 2022. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2022 (in thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2019 $ 6,732,637 Capital expenditures 115,850 Disposal of Assets (314,186) Other (74,556) Balance at December 31, 2020 $ 6,459,745 Acquisitions 488,447 Capital expenditures 86,936 Disposal of Assets (253,469) Other (14,856) Balance at December 31, 2021 $ 6,766,803 Acquisitions 331,249 Capital expenditures 105,626 Disposal of Assets (359,083) Other (115,214) Balance at December 31, 2022 $ 6,729,381 Reconciliation of Accumulated Depreciation: Balance at December 31, 2019 $ 735,322 Depreciation 223,286 Disposal of Assets (60,321) Balance at December 31, 2020 $ 898,287 Depreciation 223,225 Disposal of Assets (55,103) Balance at December 31, 2021 $ 1,066,409 Depreciation 238,278 Disposal of Assets (124,253) Balance at December 31, 2022 $ 1,180,434 The aggregate cost of properties for federal income tax purposes is approximately $6.4 billion as of December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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 accounting principles generally accepted in the United States of America ("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 the Company's financial position. It is uncertain what the future affects of the COVID-19 pandemic will have on the overall economy or travel. In addition, the rise in inflation and corresponding increase in interest rates may also impact the overall economy. A decline in travel or a significant increase in costs may impact the Company's cash flow and ability to 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. Debt 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. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. 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 finance 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 estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal 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.
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, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements.
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 The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The purpose of reporting comprehensive income (loss) 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 (loss) consists of net income (loss) and other comprehensive income (loss).
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel 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.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company owns a non-controlling equity interest in Fifth Wall Late-Stage Climate Technology Fund, L.P. As of December 31, 2022, the Company has invested $5.5 million. The Company's total equity commitment to the fund is $10.0 million.
New Accounting Pronouncements	New Accounting Pronouncements Reference Rate Reform In March 2020, January 2021 and December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , ASU 2021-01, Reference Rate Reform (Topic 848): Scope , and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, respectively. ASU 2020-04, ASU 2021-01 and ASU 2022-06 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance in ASU 2020-04, ASU 2021-01 and ASU 2022-06 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2024. In October 2022, the Company amended the terms of its credit agreements to, among other things, change the reference rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The Company also amended the terms of the interest rate swap derivatives to match the SOFR reference rate. The Company made certain ASC 848 elections related to the changes in critical terms of the hedging relationships which allowed the Company to not dedesignate these hedging relationships. The adoption of ASU 2020-04, ASU 2021-01 and ASU 2022-06 has not had and is not expected to have a material impact on the Company's consolidated financial statements. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company does not expect the adoption of ASU 2021-08 to have a material effect on its consolidated financial statements and disclosures.

Acquisition and Disposition o_2

Acquisition and Disposition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Hotel Properties Sold	The following table summarizes disposition transactions during the years ended December 31, 2022 and 2021 (in thousands): Hotel Property Name Location Sale Date Sale Price The Marker San Francisco San Francisco, CA June 28, 2022 $ 77,000 Sofitel Philadelphia at Rittenhouse Square Philadelphia, PA August 2, 2022 80,000 Hotel Spero San Francisco, CA August 25, 2022 71,000 Hotel Vintage Portland Portland, OR September 14, 2022 32,900 2022 Total $ 260,900 Sir Francis Drake San Francisco, CA April 1, 2021 $ 157,625 The Roger New York New York, NY June 10, 2021 19,000 Villa Florence San Francisco on Union Square San Francisco, CA September 9, 2021 87,500 2021 Total $ 264,125

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land $ 897,756 $ 926,330 Buildings and improvements 5,170,976 5,197,816 Furniture, fixtures and equipment 504,518 535,607 Finance lease asset 91,181 91,181 Construction in progress 11,961 15,869 $ 6,676,392 $ 6,766,803 Right-of-use asset, operating leases 370,383 378,939 Investment in hotel properties $ 7,046,775 $ 7,145,742 Less: Accumulated depreciation (1,171,899) (1,066,409) Investment in hotel properties, net $ 5,874,876 $ 6,079,333

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of December 31, 2022 and 2021 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 $ — $ — PHL unsecured credit facility - (1) October 2026 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 4.84% (1) October 2024 460,000 — Term Loan 2025 3.59% (1) October 2025 460,000 — Term Loan 2027 3.19% (1) October 2027 460,000 — First Term Loan - January 2023 — 26,000 First Term Loan Extended - March 2024 — 274,000 Second Term Loan - April 2022 — 26,327 Fourth Term Loan - October 2024 — 110,000 Sixth Term Loan Tranche 2021 Extended - November 2022 — 82,071 Sixth Term Loan Tranche 2022 - November 2022 — 114,670 Sixth Term Loan Tranche 2023 - November 2023 — 400,000 Sixth Term Loan Tranche 2024 - January 2024 — 400,000 Term loan principal $ 1,380,000 $ 1,433,068 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series A Notes 4.70% (3) December 2023 47,600 47,600 Series B Notes 4.93% December 2025 2,400 2,400 Senior unsecured notes principal $ 50,000 $ 50,000 Mortgage loans Margaritaville Hollywood Beach Resort 6.69% (4) May 2023 161,500 161,500 Estancia La Jolla Hotel & Spa 5.07% September 2028 59,485 61,373 Mortgage loans principal $ 220,985 $ 222,873 Total debt principal $ 2,400,985 $ 2,455,941 Unamortized debt premiums, discount and deferred financing costs, net (13,692) (14,053) Debt, Net $ 2,387,293 $ 2,441,888 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date of October 13, 2026 for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee, for a maximum maturity date of October 13, 2027. (3) The Company intends to pay off the Series A Notes using available cash or borrowings under the revolving credit facility at maturity. (4) In April 2022, the Company exercised its option to extend the maturity date to May 2023. The loan bears interest at a floating rate equal to one-month LIBOR plus a weighted-average spread of 2.37%. The Company has the option to extend the maturity date further to May 2024, which the Company expects to exercise.
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following for the years ended December 31, 2022, 2021, and 2020 (in thousands): For the year ended December 31, 2022 2021 2020 Unsecured revolving credit facilities $ 2,531 $ 2,092 $ 10,210 Unsecured term loan facilities 52,355 61,529 72,642 Convertible senior notes 13,125 12,662 365 Senior unsecured notes 2,525 3,562 4,792 Mortgage debt 9,788 1,375 — Amortization of deferred financing fees, (premiums) and discounts 16,465 9,741 7,296 Other 3,199 5,672 8,793 Total interest expense $ 99,988 $ 96,633 $ 104,098
Schedule of Future Minimum Principal Payments	As of December 31, 2022, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2023 $ 49,588 2024 623,584 2025 464,602 2026 752,318 2027 462,439 Thereafter 48,454 Total debt principle payments $ 2,400,985 Deferred financing costs, net (21,373) Debt premium (discount), net 7,681 Total debt $ 2,387,293
Schedule of Interest Rate Swaps	The Company's interest rate swaps at December 31, 2022 and 2021 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) (1) Maturity December 31, 2022 December 31, 2021 Swap-cash flow — January 2022 $ — $ 180,000 Swap-cash flow — April 2022 — 100,000 Swap-cash flow 0.05% - 0.07% January 2023 200,000 200,000 Swap-cash flow 1.84% - 1.87% November 2023 250,000 250,000 Swap-cash flow 2.47% - 2.50% January 2024 300,000 300,000 Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Total $ 1,040,000 $ 1,320,000 ______________________

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020 (in thousands): For the year ended December 31, 2022 2021 2020 San Diego, CA $ 303,701 $ 165,977 $ 96,071 Southern Florida/Georgia 271,167 166,310 76,971 Boston, MA 243,861 124,440 63,356 Los Angeles, CA 168,310 94,275 51,664 San Francisco, CA 116,022 43,601 66,896 Portland, OR 87,625 53,978 27,174 Chicago, IL 68,402 27,279 15,604 Other (1) 63,071 28,608 27,453 Washington, D.C. 51,937 20,630 12,739 Seattle, WA 17,795 7,946 4,960 $ 1,391,891 $ 733,044 $ 442,888 ______________________ (1) Other includes: Nashville, TN, New York, NY, Philadelphia, PA, Newport, RI and Santa Cruz, CA.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the year ended December 31, 2022: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2022 March 31, 2022 April 15, 2022 $ 0.01 June 30, 2022 June 30, 2022 July 15, 2022 $ 0.01 September 30, 2022 September 30, 2022 October 17, 2022 $ 0.01 December 31, 2022 December 30, 2022 January 17, 2023
Schedule of Preferred Shares Outstanding	The following Preferred Shares were outstanding as of December 31, 2022 and 2021: Security Type December 31, 2022 December 31, 2021 6.375% Series E 4,400,000 4,400,000 6.30% Series F 6,000,000 6,000,000 6.375% Series G 9,200,000 9,200,000 5.70% Series H 9,000,000 10,000,000 28,600,000 29,600,000
Schedule of Preferred Dividends	The Company declared the following dividends on preferred shares for the year ended December 31, 2022: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2022 March 31, 2022 April 15, 2022 6.375% Series E $ 0.40 June 30, 2022 June 30, 2022 July 15, 2022 6.375% Series E $ 0.40 September 30, 2022 September 30, 2022 October 17, 2022 6.375% Series E $ 0.40 December 31, 2022 December 30, 2022 January 17, 2023 6.30% Series F $ 0.39 March 31, 2022 March 31, 2022 April 15, 2022 6.30% Series F $ 0.39 June 30, 2022 June 30, 2022 July 15, 2022 6.30% Series F $ 0.39 September 30, 2022 September 30, 2022 October 17, 2022 6.30% Series F $ 0.39 December 31, 2022 December 30, 2022 January 17, 2023 6.375% Series G $ 0.40 March 31, 2022 March 31, 2022 April 15, 2022 6.375% Series G $ 0.40 June 30, 2022 June 30, 2022 July 15, 2022 6.375% Series G $ 0.40 September 30, 2022 September 30, 2022 October 17, 2022 6.375% Series G $ 0.40 December 31, 2022 December 30, 2022 January 17, 2023 5.70% Series H $ 0.36 March 31, 2022 March 31, 2022 April 15, 2022 5.70% Series H $ 0.36 June 30, 2022 June 30, 2022 July 15, 2022 5.70% Series H $ 0.36 September 30, 2022 September 30, 2022 October 17, 2022 5.70% Series H $ 0.36 December 31, 2022 December 30, 2022 January 17, 2023

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022: Shares Weighted-Average Unvested at January 1, 2020 149,179 $ 33.37 Granted 390,242 $ 23.62 Vested (72,824) $ 33.13 Forfeited (6,787) $ 27.68 Cancelled (217,083) $ 25.53 Unvested at December 31, 2020 242,727 $ 24.94 Granted 415,531 $ 22.69 Vested (81,591) $ 30.41 Forfeited (9,236) $ 23.37 Unvested at December 31, 2021 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60
Schedule of Performance-Based Equity Awards, Fair Value 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 (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield 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% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —%

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: 2022 2021 2020 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.0419 83.80 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.0081 16.20 % 0.0128 32.00 % 0.0100 33.33 % Return of capital — — % 0.0272 68.00 % 0.0200 66.67 % Total $ 0.0500 100.00 % $ 0.0400 100.00 % $ 0.0300 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.1725 12.45 % 0.4063 33.34 % Return of capital — — % 1.2133 87.55 % 0.8125 66.66 % Total $ — — % $ 1.3858 100.00 % $ 1.2188 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.1692 12.49 % 0.3984 33.33 % Return of capital — — % 1.1855 87.51 % 0.7969 66.67 % Total $ — — % $ 1.3547 100.00 % $ 1.1953 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 1.6684 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3238 16.25 % 0.5118 32.11 % 0.3984 33.33 % Return of capital — — % 1.0819 67.89 % 0.7969 66.67 % Total $ 1.9922 100.00 % $ 1.5937 100.00 % $ 1.1953 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 1.6488 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3200 16.25 % 0.5058 32.11 % 0.3938 33.34 % Return of capital — — % 1.0692 67.89 % 0.7875 66.66 % Total $ 1.9688 100.00 % $ 1.5750 100.00 % $ 1.1813 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 1.6684 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.3238 16.25 % 0.5787 86.00 % — — % Return of capital — — % 0.0942 14.00 % — — % Total $ 1.9922 100.00 % $ 0.6729 100.00 % $ — — % Series H Preferred Shares: Ordinary non-qualified income $ 1.4917 83.75 % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain 0.2895 16.25 % 0.2655 86.01 % — — % Return of capital — — % 0.0432 13.99 % — — % Total $ 1.7812 100.00 % $ 0.3087 100.00 % $ — — %
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, 2022 2021 2020 Federal Current $ 253 $ — $ (127) Deferred — — (6,266) State and local Current 24 61 668 Deferred — — 2,028 Income tax expense (benefit) $ 277 $ 61 $ (3,697)
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, 2022 2021 2020 Statutory federal tax expense (benefit) $ 17,906 $ (38,251) $ (72,098) State income tax expense (benefit), net of federal tax expense (benefit) 4 (6,990) (5,046) REIT income not subject to tax (17,402) 22,235 53,311 Change in valuation allowance (495) 23,077 20,056 Other 264 (10) 80 Income tax expense (benefit), net $ 277 $ 61 $ (3,697)
Schedule of Deferred Tax Assets	The significant components of the Company's deferred tax assets as of December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 Deferred Tax Assets: Net operating loss carryover $ 38,822 $ 41,109 State taxes and other 3,071 2,470 Depreciation 193 418 Total deferred tax asset before valuation allowance $ 42,086 $ 43,997 Valuation allowance (42,086) (43,997) Deferred tax asset net of valuation allowance $ — $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ (124,059) $ (235,018) $ (424,285) Less: dividends paid on unvested share-based compensation (45) (47) (8) Net income (loss) available to common shareholders — basic and diluted $ (124,104) $ (235,065) $ (424,293) Denominator: Weighted-average number of common shares — basic and diluted 130,453,944 130,804,354 130,610,015 Net income (loss) per share available to common shareholders — basic $ (0.95) $ (1.80) $ (3.25) Net income (loss) per share available to common shareholders — diluted $ (0.95) $ (1.80) $ (3.25)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of December 31, 2022, the following hotels were subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Restaurant at Southernmost Beach Resort Operating lease April 2029 Paradise Point Resort & Spa Operating lease May 2050 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Viceroy Santa Monica Hotel Operating lease September 2065 Estancia La Jolla Hotel & Spa Operating lease January 2066 San Diego Mission Bay Resort Operating lease July 2068 1 Hotel San Francisco (formerly Hotel Vitale) Operating lease March 2070 (1) Hyatt Regency Boston Harbor Operating lease April 2077 The Westin Copley Place, Boston Operating lease December 2077 (2) The Liberty, a Luxury Collection Hotel, Boston Operating lease May 2080 Jekyll Island Club Resort and Restaurant Operating lease January 2089 Hotel Zelos San Francisco Operating lease June 2097 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (3) Margaritaville Hollywood Beach Resort Operating lease July 2112 Hotel Zeppelin San Francisco Operating and finance lease June 2089 (4) Harbor Court Hotel San Francisco Finance lease August 2052 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options.
Schedule of Components of Ground Rent Expense	The components of ground rent expense for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): For the year ended December 31, 2022 2021 2020 Fixed ground rent $ 18,538 $ 16,825 $ 17,220 Variable ground rent 18,931 9,616 4,924 Total ground rent $ 37,469 $ 26,441 $ 22,144
Schedule of Operating Lease Future Maturity	Future maturities of lease liabilities for the Company's operating leases at December 31, 2022 were as follows (in thousands): 2023 $ 20,502 2024 20,606 2025 20,735 2026 21,031 2027 20,983 Thereafter 1,584,690 Total lease payments $ 1,688,547 Less: Imputed interest (1,368,145) Present value of lease liabilities $ 320,402

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	(in thousands) For the year ended December 31, 2022 2021 2020 Interest paid, net of capitalized interest $ 82,851 $ 84,453 $ 90,655 Interest capitalized $ 1,434 $ 1,391 $ 1,247 Income taxes paid (refunded) $ (2,303) $ (258) $ 3,469 Non-Cash Investing and Financing Activities: Convertible debt discount adjustment $ — $ 113,099 $ — Distributions payable on common shares/units $ 1,316 $ 1,537 $ 1,749 Distributions payable on preferred shares/units $ 10,902 $ 10,219 $ 7,558 Issuance of common shares for Board of Trustees compensation $ 738 $ 516 $ 637 Issuance of common shares for executive and employee bonuses $ — $ 1,446 $ — Issuance of common shares for LTIP units redemption $ — $ — $ 2,831 Issuance of common units in connection with hotel acquisition $ 390 $ — $ — Issuance of preferred units in connection with hotel acquisition $ 77,610 $ — $ — Accrued additions and improvements to hotel properties $ (2,759) $ 3,110 $ 9,164 Right of use assets obtained in exchange for lease liabilities $ 1,005 $ 65,599 $ — Write-off of fully depreciated building, furniture, fixtures and equipment $ 72,532 $ — $ — Write-off of deferred financing costs $ 19,595 $ 6,574 $ 1,979 Mortgage loans assumed in connection with acquisition of hotel properties $ — $ 223,177 $ — Below (above) market contracts assumed in connection with acquisition of hotel properties $ — $ 3,071 $ —

Organization (Details)

Organization (Details)	Dec. 31, 2022 property hotelRoom
Noncontrolling Interest [Line Items]
Number of hotels owned by the company | property	51
Total number of guest rooms | hotelRoom	12,756
Operating Partnership
Noncontrolling Interest [Line Items]
Percentage of operating partnership units owned by company	99.30%
Percentage of operating partnership units owned by other limited partners	0.70%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Fifth Wall Late-Stage Climate Technology Fund L.P.
Property, Plant and Equipment [Line Items]
Equity method investments	$ 5.5
Committed amount	$ 10
Buildings, land improvements, and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings, land improvements, and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Acquisition and Disposition o_3

Acquisition and Disposition of Hotel Properties - Narrative (Details) $ in Thousands							12 Months Ended
	Jun. 23, 2022 USD ($) hotelRoom	May 11, 2022 USD ($) hotelRoom shares	Dec. 01, 2021 USD ($) hotelRoom	Oct. 20, 2021 USD ($) hotelRoom	Sep. 23, 2021 USD ($) hotelRoom	Jul. 22, 2021 USD ($) hotelRoom	Dec. 31, 2022 USD ($) hotelRoom shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Asset Acquisition [Line Items]
Number of rooms | hotelRoom							12,756
Acquisition of hotel properties							$ 247,163	$ 253,541	$ 0
Assumption of mortgage loan							$ 2,400,985	$ 2,455,941
Common units of limited partnership interest in the Operating Partnership (in shares) | shares							126,345,293	130,813,750
Operating (loss) income from disposed properties							$ (2,300)	$ (21,700)	$ (32,400)
The Heathman Hotel
Asset Acquisition [Line Items]
Proceeds from sale of property held-for-sale							$ 45,000
Series Z Preferred Stock
Asset Acquisition [Line Items]
Preferred stock, dividend rate, percentage		6%					6%
Mortgage loans
Asset Acquisition [Line Items]
Assumption of mortgage loan							$ 220,985	222,873
Jekyll Island Club Resort
Asset Acquisition [Line Items]
Number of rooms | hotelRoom						200
Acquisition of hotel properties						$ 94,000
Margaritaville Hollywood Beach Resort
Asset Acquisition [Line Items]
Number of rooms | hotelRoom					369
Acquisition of hotel properties					$ 270,000
Margaritaville Hollywood Beach Resort | Mortgage loans
Asset Acquisition [Line Items]
Assumption of mortgage loan					$ 161,500		161,500	161,500
Avalon Bed & Breakfast
Asset Acquisition [Line Items]
Number of rooms | hotelRoom				19
Duval Gardens
Asset Acquisition [Line Items]
Number of rooms | hotelRoom				12
Avalon Bed and Breakfast and Duval Garden
Asset Acquisition [Line Items]
Acquisition of hotel properties				$ 20,000
Estancia La Jolla Hotel & Spa
Asset Acquisition [Line Items]
Number of rooms | hotelRoom			210
Acquisition of hotel properties			$ 108,000
Estancia La Jolla Hotel & Spa | Mortgage loans
Asset Acquisition [Line Items]
Assumption of mortgage loan			$ 61,700				$ 59,485	$ 61,373
Inn on Fifth in Naples
Asset Acquisition [Line Items]
Number of rooms | hotelRoom		119
Acquisition of hotel properties		$ 156,000
Newport Harbor Island Resort
Asset Acquisition [Line Items]
Number of rooms | hotelRoom	257
Acquisition of hotel properties	$ 174,000
Inn on Fifth | Series Z Preferred Stock
Asset Acquisition [Line Items]
Preferred units of the Operating Partnership designated (in shares) | shares		3,104,400
Inn on Fifth | Common Unit | Operating partnership units
Asset Acquisition [Line Items]
Preferred units of the Operating Partnership designated (in shares) | shares		16,291

Acquisition and Disposition o_4

Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) - USD ($) $ in Thousands								12 Months Ended
	Sep. 14, 2022	Aug. 25, 2022	Aug. 02, 2022	Jun. 28, 2022	Sep. 09, 2021	Jun. 10, 2021	Apr. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price								$ 260,900	$ 264,125
The Marker San Francisco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price				$ 77,000
Sofitel Philadelphia at Rittenhouse Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 80,000
Hotel Spero
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 71,000
Hotel Vintage Portland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 32,900
Sir Francis Drake
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price							$ 157,625
The Roger New York
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price						$ 19,000
Villa Florence San Francisco on Union Square
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 87,500

Investment in Hotel Propertie_2

Investment in Hotel Properties - Schedule of Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment in hotel properties
Land	$ 897,756	$ 926,330
Buildings and improvements	5,170,976	5,197,816
Furniture, fixtures and equipment	504,518	535,607
Finance lease asset	91,181	91,181
Construction in progress	11,961	15,869
Investment in hotel properties, before right-of-use asset, operating leases	6,676,392	6,766,803
Right-of-use asset, operating leases	370,383	378,939
Investment in hotel properties	7,046,775	7,145,742
Less: Accumulated depreciation	(1,171,899)	(1,066,409)
Investment in hotel properties, net	$ 5,874,876	$ 6,079,333
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investment in hotel properties, net	Investment in hotel properties, net

Investment in Hotel Propertie_3

Investment in Hotel Properties - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Real Estate Properties [Line Items]
Impairment and other losses	$ 89,882	$ 14,856	$ 74,556
Lease liabilities - operating leases	320,402	319,426
Present value of lease liabilities	$ 42,700	$ 42,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Hotel
Real Estate Properties [Line Items]
Impairment and other losses	$ 81,700	$ 14,900	$ 74,600
Number of properties impaired | property	3	1	3
Hurricane Ian
Real Estate Properties [Line Items]
Impairment and other losses	$ 7,900
Insurance recoveries	$ 15,800
Minimum
Real Estate Properties [Line Items]
Operating lease, incremental rate	4.70%
Maximum
Real Estate Properties [Line Items]
Operating lease, incremental rate	7.60%

Debt - Narrative (Details)

Debt - Narrative (Details)			1 Months Ended		12 Months Ended
	Oct. 13, 2022 USD ($) debtInstrument	Sep. 23, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) debtInstrument extensionOption $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2023 USD ($)	Dec. 01, 2021 USD ($)
Line of Credit Facility [Line Items]
Debt					$ 2,400,985,000	$ 2,455,941,000
Repayments of long term debt					1,434,956,000	392,236,000	$ 212,965,000
Interest costs incurred					7,400,000
Letters of credit outstanding					$ 12,600,000	12,100,000
Election period, prior to maturity date					2 days
Convertible debt, conversion ratio					0.0392549
Redemption price to principal amount, percentage					1
Purchases of capped calls for convertible senior notes					$ 0	20,975,000	38,300,000
Subsequent event
Line of Credit Facility [Line Items]
Notional value								$ 400,000,000
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value					36,000,000
Derivative instruments, liability position, fair value					0
Expected reclassifications in next 12 months					23,200,000
Convertible senior notes
Line of Credit Facility [Line Items]
Debt issued			$ 250,000,000	$ 500,000,000			$ 500,000,000
Debt					$ 750,000,000	750,000,000
Stated interest rate				1.75%	1.75%		1.75%
Proceeds from debt, net of issuance costs			$ 257,200,000	$ 487,300,000
Premium to par percentage			5.50%
Debt issuance costs			$ 6,500,000
Premium received			13,800,000
Interest expense, debt					$ 13,125,000	12,662,000	$ 365,000
Convertible debt, liability component				$ 386,100,000			$ 386,100,000
Discount rate				0.0625			0.0625
Convertible debt, equity component				$ 113,900,000			$ 113,900,000
Initial discount, gross				113,900,000			113,900,000
Convertible debt, conversion price (in usd per share) | $ / shares					$ 25.47
Capped call transaction, upper strike price (in usd per share) | $ / shares					$ 33.0225
Purchases of capped calls for convertible senior notes			$ 21,000,000	$ 38,300,000
Senior unsecured notes
Line of Credit Facility [Line Items]
Debt					$ 50,000,000	50,000,000
Interest expense, debt					2,525,000	3,562,000	4,792,000
Mortgage loans
Line of Credit Facility [Line Items]
Debt					220,985,000	222,873,000
Interest expense, debt					9,788,000	1,375,000	0
Mortgage loans | Margaritaville Hollywood Beach Resort
Line of Credit Facility [Line Items]
Debt		$ 161,500,000			$ 161,500,000	161,500,000
Basis spread on variable rate		2.37%			2.37%
Stated interest rate					6.69%
Increase basis spread on variable rate on second extension term		0.20%
Mortgage loans | Estancia La Jolla Hotel & Spa
Line of Credit Facility [Line Items]
Debt					$ 59,485,000	61,373,000			$ 61,700,000
Stated interest rate					5.07%				5.07%
Series A Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Debt					$ 47,600,000	47,600,000
Stated interest rate					4.70%
Series B Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Debt					$ 2,400,000	2,400,000
Stated interest rate					4.93%
Fixed Rate Debt
Line of Credit Facility [Line Items]
Estimated fair value of debt					$ 700,500,000	747,800,000
Revolving Credit Facility and Term Loan
Line of Credit Facility [Line Items]
Debt issued	$ 2,000,000,000
Revolving credit facilities | Unsecured term loans
Line of Credit Facility [Line Items]
Debt					0	0
Interest expense, debt					2,531,000	2,092,000	10,210,000
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	650,000,000				650,000,000
Debt					0	0
Maximum borrowing capacity potential increase (up to)					$ 970,000,000
Number of extension periods | extensionOption					2
Extension term					6 months
Remaining borrowing capacity					$ 637,400,000
Stated interest rate					0%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.20%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.30%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.10%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.50%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.50%
Revolving credit facilities | PHL unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 20,000,000
Debt					0	0
Remaining borrowing capacity					$ 20,000,000
Stated interest rate					0%
Balance of line of credit					$ 0
Unsecured term loans | Unsecured term loans
Line of Credit Facility [Line Items]
Debt issued	1,380,000,000
Repayments of long term debt	26,700,000
Interest expense, debt					52,355,000	$ 61,529,000	$ 72,642,000
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt issued	$ 460,000,000				$ 460,000,000
Debt instrument, number of instruments | debtInstrument	3				3
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.40%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.45%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.40%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.45%
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 30,000,000

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)		12 Months Ended
	Sep. 23, 2021 USD ($)	Dec. 31, 2022 USD ($) extensionOption	Dec. 31, 2021 USD ($)	Dec. 01, 2021 USD ($)	Dec. 31, 2020
Debt Instrument [Line Items]
Debt		$ 2,400,985,000	$ 2,455,941,000
Unamortized debt premiums, discount and deferred financing costs, net		(13,692,000)	(14,053,000)
Debt, Net		2,387,293,000	2,441,888,000
Unsecured term loans | Revolving credit facilities
Debt Instrument [Line Items]
Debt		$ 0	0
Unsecured term loans | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		0%
Debt		$ 0	0
Number of extension periods | extensionOption		2
Extension term		6 months
Unsecured term loans | Revolving credit facilities | PHL unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		0%
Debt		$ 0	0
Unsecured term loans | Unsecured term loans
Debt Instrument [Line Items]
Debt, Net		$ 1,380,000,000	1,433,068,000
Unsecured term loans | Unsecured term loans | Term Loan 2024
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		4.84%
Debt		$ 460,000,000	0
Unsecured term loans | Unsecured term loans | Term Loan 2025
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		3.59%
Debt		$ 460,000,000	0
Unsecured term loans | Unsecured term loans | Term Loan 2027
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		3.19%
Debt		$ 460,000,000	0
Unsecured term loans | Unsecured term loans | First Term Loan
Debt Instrument [Line Items]
Debt		0	26,000,000
Unsecured term loans | Unsecured term loans | First Term Loan Extended
Debt Instrument [Line Items]
Debt		0	274,000,000
Unsecured term loans | Unsecured term loans | Second Term Loan
Debt Instrument [Line Items]
Debt		0	26,327,000
Unsecured term loans | Unsecured term loans | Fourth Term Loan
Debt Instrument [Line Items]
Debt		0	110,000,000
Unsecured term loans | Unsecured term loans | Sixth Term Loan Tranche 2021 Extended
Debt Instrument [Line Items]
Debt		0	82,071,000
Unsecured term loans | Unsecured term loans | Sixth Term Loan Tranche 2022
Debt Instrument [Line Items]
Debt		0	114,670,000
Unsecured term loans | Unsecured term loans | Sixth Term Loan Tranche 2023
Debt Instrument [Line Items]
Debt		0	400,000,000
Unsecured term loans | Unsecured term loans | Sixth Term Loan Tranche 2024
Debt Instrument [Line Items]
Debt		$ 0	400,000,000
Convertible senior notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		1.75%			1.75%
Debt		$ 750,000,000	750,000,000
Senior unsecured notes
Debt Instrument [Line Items]
Debt		$ 50,000,000	50,000,000
Senior unsecured notes | Series A Notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		4.70%
Debt		$ 47,600,000	47,600,000
Senior unsecured notes | Series B Notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		4.93%
Debt		$ 2,400,000	2,400,000
Mortgage loans
Debt Instrument [Line Items]
Debt		$ 220,985,000	222,873,000
Mortgage loans | Margaritaville Hollywood Beach Resort
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		6.69%
Debt	$ 161,500,000	$ 161,500,000	161,500,000
Basis spread on variable rate	2.37%	2.37%
Mortgage loans | Estancia La Jolla Hotel & Spa
Debt Instrument [Line Items]
Interest Rate at December 31, 2022		5.07%		5.07%
Debt		$ 59,485,000	$ 61,373,000	$ 61,700,000

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of deferred financing fees, (premiums) and discounts	$ 16,465	$ 9,741	$ 7,296
Other	3,199	5,672	8,793
Total interest expense	99,988	96,633	104,098
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt	13,125	12,662	365
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	2,525	3,562	4,792
Mortgage debt
Debt Instrument [Line Items]
Interest expense, debt	9,788	1,375	0
Unsecured revolving credit facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	2,531	2,092	10,210
Unsecured term loan facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	$ 52,355	$ 61,529	$ 72,642

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 49,588
2024	623,584
2025	464,602
2026	752,318
2027	462,439
Thereafter	48,454
Total debt principle payments	2,400,985	$ 2,455,941
Deferred financing costs, net	(21,373)
Debt premium (discount), net	7,681
Debt, Net	$ 2,387,293	$ 2,441,888

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Interest rate swap - January 2023 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	0.05%
Interest rate swap - January 2023 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	0.07%
Interest rate swap - November 2023 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.84%
Interest rate swap - November 2023 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.87%
Interest rate swap - January 2024 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.47%
Interest rate swap - January 2024 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.50%
Interest rate swap - February 2026 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.33%
Interest rate swap - February 2026 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.36%
Cash flow hedging | Designated as hedging instrument | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 1,040,000,000	$ 1,320,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - January 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	0	180,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - April 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	0	100,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - January 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	200,000,000	200,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - November 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	250,000,000	250,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - January 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	300,000,000	300,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - February 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 290,000,000	$ 290,000,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Total revenues	$ 1,391,891	$ 733,044	$ 442,888
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues	303,701	165,977	96,071
Southern Florida/Georgia
Disaggregation of Revenue [Abstract]
Total revenues	271,167	166,310	76,971
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues	243,861	124,440	63,356
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues	168,310	94,275	51,664
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues	116,022	43,601	66,896
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues	87,625	53,978	27,174
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues	68,402	27,279	15,604
Other
Disaggregation of Revenue [Abstract]
Total revenues	63,071	28,608	27,453
Washington, D.C.
Disaggregation of Revenue [Abstract]
Total revenues	51,937	20,630	12,739
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues	$ 17,795	$ 7,946	$ 4,960

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 27, 2022 USD ($) $ / shares shares	May 11, 2022 shares	Aug. 31, 2021 $ / shares	Nov. 30, 2018 shares	Jul. 31, 2021 USD ($) $ / shares shares	May 31, 2021 USD ($) $ / shares shares	Feb. 21, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares vote $ / shares	Dec. 31, 2022 USD ($) shares class vote $ / shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Apr. 29, 2021 USD ($)	Jul. 27, 2017 USD ($)	Feb. 22, 2016 USD ($)
Common Shares
Common shares of beneficial interest, authorized (in shares)								500,000,000	500,000,000	500,000,000
Stock repurchased during period | $									$ 70,724	$ 720	$ 1,255
Preferred Shares
Preferred shares of beneficial interest, authorized (in shares)								100,000,000	100,000,000	100,000,000
Preferred shares of beneficial interest, par value (in usd per share) | $ / shares								$ 0.01	$ 0.01	$ 0.01
Non-controlling Interest of Common Units in Operating Partnership
Common unit conversion basis (in shares)								1	1
Operating Partnership units outstanding (in shares)								126,345,293	126,345,293	130,813,750
LTIP units, outstanding (in shares)								727,208	727,208	727,208
Preferred stock, outstanding (in shares)								28,600,000	28,600,000	29,600,000
Subsequent event
Common Shares
Repurchase of common shares (in shares)							897,565
Share repurchased (in dollar per share) | $ / shares							$ 14.49
February 2016 share repurchase program
Common Shares
Stock repurchased during period | $									$ 56,600
Share repurchase program, authorized amount | $														$ 150,000
Remaining authorized repurchase amount | $								$ 0	0
July 2017 share repurchase program
Common Shares
Stock repurchased during period | $									13,000
Share repurchase program, authorized amount | $													$ 100,000
Remaining authorized repurchase amount | $								$ 87,000	$ 87,000
2023 Share Repurchase Program | Subsequent event
Common Shares
Share repurchase program, authorized amount | $							$ 150,000
Operating Partnership
Non-controlling Interest of Common Units in Operating Partnership
Operating Partnership units outstanding (in shares)								149,896	149,896	133,605
Long-Term Incentive Partnership ("LTIP") Units
Non-controlling Interest of Common Units in Operating Partnership
Classes of LTIP Units | class									2
Awards vested (in shares)									127,111
LaSalle Hotel Properties | Operating partnership units
Non-controlling Interest of Common Units in Operating Partnership
Equity interests issued (in shares)				133,605
Common Shares
Common Shares
Repurchase of common shares (in shares)								4,559,839	4,609,626	38,310	47,507
Stock repurchased during period | $								$ 69,600	$ 47	$ 1	$ 1
Share repurchased (in dollar per share) | $ / shares								$ 15.27
Preferred Shares | 2023 Share Repurchase Program | Subsequent event
Common Shares
Share repurchase program, authorized amount | $							100,000
Preferred Shares
Aggregate liquidation value | $							$ 715,000
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 shares dividends accrued and unpaid (in usd per share) | $ / shares			$ 0.17
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage			6.50%
Series D Cumulative Redeemable Preferred Shares
Preferred Shares
Preferred stock, dividend rate, percentage			6.375%
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares			$ 25
Preferred shares dividends accrued and unpaid (in usd per share) | $ / shares			$ 0.16
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage			6.375%
Series E Cumulative Redeemable Preferred Shares
Preferred Shares
Preferred stock, dividend rate, percentage									6.375%
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares								$ 25	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								1.9372	1.9372
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage									6.375%
Preferred stock, outstanding (in shares)								4,400,000	4,400,000	4,400,000
Series F Cumulative Redeemable Preferred Shares
Preferred Shares
Preferred stock, dividend rate, percentage									6.30%
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares								$ 25	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.0649	2.0649
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage									6.30%
Preferred stock, outstanding (in shares)								6,000,000	6,000,000	6,000,000
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
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	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.1231	2.1231
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage						6.375%			6.375%
Preferred stock, outstanding (in shares)								9,200,000	9,200,000	9,200,000
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Common Shares
Repurchase of common shares (in shares)	1,000,000
Preferred Shares
Preferred stock, dividend rate, percentage	5.70%								5.70%
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares	$ 16							$ 25	$ 25
Return to preferred shareholders | $	$ 8,200
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.2311	2.2311
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage	5.70%								5.70%
Preferred stock, outstanding (in shares)								9,000,000	9,000,000	10,000,000
Series Z Preferred Stock
Preferred Shares
Preferred stock, dividend rate, percentage		6%							6%
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage		6%							6%
Liquidation preference value (in usd per share) | $ / shares								$ 25	$ 25
Series Z Preferred Stock | Inn on Fifth
Non-controlling Interest of Common Units in Operating Partnership
Preferred units of the Operating Partnership designated (in shares)		3,104,400
Series Z Preferred Stock | Operating Partnership
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, outstanding (in shares)								3,104,400	3,104,400
Common Shares
Common Shares
Number of votes per share | vote								1	1
Common Unit | Operating partnership units | Inn on Fifth
Non-controlling Interest of Common Units in Operating Partnership
Preferred units of the Operating Partnership designated (in shares)		16,291
At The Market Offering
Common Shares
Shares available for issuance, amount | $								$ 200,000	$ 200,000			$ 200,000
Number of shares issued in transaction (in shares)									0
Preferred Shares
Number of shares issued in transaction (in shares)									0
Public Stock Offering | Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Common Shares
Number of shares issued in transaction (in shares)						9,200,000
Preferred Shares
Number of shares issued in transaction (in shares)						9,200,000
Preferred stock, dividend rate, percentage						6.375%
Public offering price (in usd per share) | $ / shares						$ 25
Public offering, net proceeds | $						$ 222,600
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage						6.375%
Public Stock Offering | Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Common Shares
Number of shares issued in transaction (in shares)					10,000,000
Preferred Shares
Number of shares issued in transaction (in shares)					10,000,000
Preferred stock, dividend rate, percentage					5.70%
Public offering price (in usd per share) | $ / shares					$ 25
Public offering, net proceeds | $					$ 242,100
Non-controlling Interest of Common Units in Operating Partnership
Preferred stock, dividend rate, percentage					5.70%

Equity - Common Dividends (Deta

Equity - Common Dividends (Details) - $ / shares	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Common Shares
Dividends Payable [Line Items]
Dividend (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares		1 Months Ended	3 Months Ended				12 Months Ended
	Dec. 27, 2022	May 31, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)			28,600,000				28,600,000	29,600,000
Series E Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage							6.375%
Preferred stock, outstanding (in shares)			4,400,000				4,400,000	4,400,000
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, dividend rate, percentage							6.30%
Preferred stock, outstanding (in shares)			6,000,000				6,000,000	6,000,000
Dividend per share/unit (in usd per share)			$ 0.39	0.39	0.39	0.39
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.375%					6.375%
Preferred stock, outstanding (in shares)			9,200,000				9,200,000	9,200,000
Dividend per share/unit (in usd per share)			$ 0.40	0.40	0.40	0.40
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.70%						5.70%
Preferred stock, outstanding (in shares)			9,000,000				9,000,000	10,000,000
Dividend per share/unit (in usd per share)			$ 0.36	$ 0.36	$ 0.36	$ 0.36

Share-Based Compensation Plan -

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

1 Months Ended

12 Months Ended

May 16, 2022 shares

Feb. 18, 2021 USD ($) $ / shares shares

Jul. 24, 2020 shares

Feb. 12, 2020 shares

Feb. 13, 2019 shares

Feb. 14, 2018 shares

Feb. 15, 2017 shares

Jan. 31, 2022 shares

Jan. 31, 2021 shares

Mar. 31, 2020 USD ($)

Jan. 31, 2020 shares

Dec. 31, 2022 USD ($) class $ / shares shares

Dec. 31, 2021 USD ($) $ / shares shares

Dec. 31, 2020 USD ($) $ / shares shares

Dec. 31, 2019 $ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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

1,718,248

LTIP units, outstanding (in shares)

727,208

727,208

Service Condition Share Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Accelerated share-based compensation | $

$ 5.5

Compensation expense | $

$ 3.8

$ 4.1

$ 8.1

Total unrecognized compensation expense | $

$ 7.3

Period over which compensation expense is expected to be recognized

2 years 6 months

Awards granted (in shares)

143,795

415,531

390,242

Fair value of award on grant date (in usd per share) | $ / shares

$ 21.60

$ 22.53

$ 24.94

$ 33.37

Awards vested (in shares)

107,303

81,591

72,824

Performance-Based Equity Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation expense | $

$ 4.8

$ 4.9

$ 4.1

Total unrecognized compensation expense | $

$ 6

Period over which compensation expense is expected to be recognized

1 year 8 months 12 days

Awards granted (in shares)

175,898

189,348

161,777

126,891

78,918

81,939

Performance-Based Equity Awards | Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued (in shares)

0

0

1,972

Performance-Based Equity Awards | Employee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Awards issued (in shares)

0

0

405

Long-Term Incentive Partnership ("LTIP") Class B Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Accelerated share-based compensation | $

$ 10.5

Awards granted (in shares)

600,097

415,818

Fair value of award on grant date (in usd per share) | $ / shares

$ 22.69

Aggregate grant date fair value | $

$ 13.6

Units redeemed (in shares)

109,240

Long-Term Incentive Partnership ("LTIP") Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation expense | $

$ 2.8

$ 2.4

$ 10.6

Total unrecognized compensation expense | $

$ 8.4

Classes of LTIP Units | class

2

Awards vested (in shares)

127,111

Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Minimum | Service Condition Share Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Minimum | Performance-Based Equity Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares able to be vested, percent

0%

0%

0%

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

5 years

Maximum | Service Condition Share Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

5 years

Maximum | Performance-Based Equity Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares able to be vested, percent

200%

200%

200%

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Service Condition Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested beginning balance (in shares)	567,431	242,727	149,179
Granted (in shares)	143,795	415,531	390,242
Vested (in shares)	(107,303)	(81,591)	(72,824)
Forfeited (in shares)	(36,606)	(9,236)	(6,787)
Cancelled (in shares)			(217,083)
Unvested ending balance (in shares)	567,317	567,431	242,727
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share)	$ 22.53	$ 24.94	$ 33.37
Granted (in usd per share)	21.72	22.69	23.62
Vested (in usd per share)	26.23	30.41	33.13
Forfeited (in usd per share)	22.80	23.37	27.68
Cancelled (in usd per share)			25.53
Unvested ending balance (in usd per share)	$ 21.60	$ 22.53	$ 24.94

Share-Based Compensation Plan_3

Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-Based Equity Awards - USD ($) $ in Millions	May 16, 2022	Feb. 18, 2021	Feb. 12, 2020	Feb. 13, 2019	Feb. 14, 2018	Feb. 15, 2017
Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	100%	100%	100%	65%	65%	65%
Grant Date Fair Value by Component	$ 5.3	$ 6	$ 4.9
Volatility	58.70%	56%	23.40%
Interest Rate	2.72%	0.19%	1.41%
Dividend Yield	0%	0%	0%
Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award				35%	35%	35%
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	$ 3.5	$ 2.7
Volatility				26%	28%	28%
Interest Rate				2.52%	2.37%	1.27%
Dividend Yield				4.20%	4.70%	5.60%

Income Taxes - Distributions (D

Income Taxes - Distributions (Details) - $ / shares			12 Months Ended
	Dec. 15, 2020	Dec. 16, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 0.0419	$ 0	$ 0
Ordinary non-qualified income, percent			83.80%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0.0081	$ 0.0128	$ 0.0100
Capital gain, percent			16.20%	32%	33.33%
Return of capital (in usd per share)			$ 0	$ 0.0272	$ 0.0200
Return of capital, percent			0%	68%	66.67%
Total (in usd per share)			$ 0.0500	$ 0.0400	$ 0.0300
Total, percent			100%	100%	100%
Distributions declared, treated as distributions for taxes in next year (in usd per share)	$ 0.0100
Distributions declared, treated as distributions for taxes in prior year (in usd per share)		$ 0.3800
Series C Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 0	$ 0	$ 0
Ordinary non-qualified income, percent			0%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0	$ 0.1725	$ 0.4063
Capital gain, percent			0%	12.45%	33.34%
Return of capital (in usd per share)			$ 0	$ 1.2133	$ 0.8125
Return of capital, percent			0%	87.55%	66.66%
Total (in usd per share)			$ 0	$ 1.3858	$ 1.2188
Total, percent			0%	100%	100%
Series D Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 0	$ 0	$ 0
Ordinary non-qualified income, percent			0%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0	$ 0.1692	$ 0.3984
Capital gain, percent			0%	12.49%	33.33%
Return of capital (in usd per share)			$ 0	$ 1.1855	$ 0.7969
Return of capital, percent			0%	87.51%	66.67%
Total (in usd per share)			$ 0	$ 1.3547	$ 1.1953
Total, percent			0%	100%	100%
Series E Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 1.6684	$ 0	$ 0
Ordinary non-qualified income, percent			83.75%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0.3238	$ 0.5118	$ 0.3984
Capital gain, percent			16.25%	32.11%	33.33%
Return of capital (in usd per share)			$ 0	$ 1.0819	$ 0.7969
Return of capital, percent			0%	67.89%	66.67%
Total (in usd per share)			$ 1.9922	$ 1.5937	$ 1.1953
Total, percent			100%	100%	100%
Series F Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 1.6488	$ 0	$ 0
Ordinary non-qualified income, percent			83.75%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0.3200	$ 0.5058	$ 0.3938
Capital gain, percent			16.25%	32.11%	33.34%
Return of capital (in usd per share)			$ 0	$ 1.0692	$ 0.7875
Return of capital, percent			0%	67.89%	66.66%
Total (in usd per share)			$ 1.9688	$ 1.5750	$ 1.1813
Total, percent			100%	100%	100%
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 1.6684	$ 0	$ 0
Ordinary non-qualified income, percent			83.75%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0.3238	$ 0.5787	$ 0
Capital gain, percent			16.25%	86%	0%
Return of capital (in usd per share)			$ 0	$ 0.0942	$ 0
Return of capital, percent			0%	14%	0%
Total (in usd per share)			$ 1.9922	$ 0.6729	$ 0
Total, percent			100%	100%	0%
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)			$ 1.4917	$ 0	$ 0
Ordinary non-qualified income, percent			83.75%	0%	0%
Qualified dividend (in usd per share)			$ 0	$ 0	$ 0
Qualified dividend, percent			0%	0%	0%
Capital gain (in usd per share)			$ 0.2895	$ 0.2655	$ 0
Capital gain, percent			16.25%	86.01%	0%
Return of capital (in usd per share)			$ 0	$ 0.0432	$ 0
Return of capital, percent			0%	13.99%	0%
Total (in usd per share)			$ 1.7812	$ 0.3087	$ 0
Total, percent			100%	100%	0%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal
Current	$ 253	$ 0	$ (127)
Deferred	0	0	(6,266)
State and local
Current	24	61	668
Deferred	0	0	2,028
Income tax expense (benefit), net	$ 277	$ 61	$ (3,697)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal tax expense (benefit)	$ 17,906	$ (38,251)	$ (72,098)
State income tax expense (benefit), net of federal tax expense (benefit)	4	(6,990)	(5,046)
REIT income not subject to tax	(17,402)	22,235	53,311
Change in valuation allowance	(495)	23,077	20,056
Other	264	(10)	80
Income tax expense (benefit), net	$ 277	$ 61	$ (3,697)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax receivable	$ 3,400
Net operating loss carryover	38,822	$ 41,109
State taxes and other	3,071	2,470
Depreciation	193	418
Total deferred tax asset before valuation allowance	42,086	43,997
Valuation allowance	(42,086)	(43,997)
Deferred tax asset net of valuation allowance	$ 0	$ 0

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) attributable to common shareholders	$ (124,059)	$ (235,018)	$ (424,285)
Less: dividends paid on unvested share-based compensation	(45)	(47)	(8)
Net income (loss) available to common shareholders — basic and diluted	$ (124,104)	$ (235,065)	$ (424,293)
Denominator:
Weighted-average number of common shares — basic (in shares)	130,453,944	130,804,354	130,610,015
Weighted-average number of common shares — diluted (in shares)	130,453,944	130,804,354	130,610,015
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ (0.95)	$ (1.80)	$ (3.25)
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ (0.95)	$ (1.80)	$ (3.25)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted and Performance Based Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,079,474	1,033,747	600,436
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,441,175	29,441,175	19,627,450

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Management Agreements [Line Items]
Terms of management agreements not including renewals	11 years
Terms of management agreements including renewals	30 years
Combined base and incentive management fees	$ 39,600	$ 18,400	$ 9,400
Reserve funds allowed for hotel maintenance from hotel revenue	4%
Restricted cash	$ 11,229	$ 33,729
Minimum
Management Agreements [Line Items]
Termination fees range	0
Base management fee from hotel revenues	1%
Maximum
Management Agreements [Line Items]
Termination fees range	6
Base management fee from hotel revenues	4%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Hotel Subject to Leases (Details)	12 Months Ended
	Dec. 31, 2022 extensionOption
1 Hotel San Francisco (formerly Hotel Vitale)
Management Agreements [Line Items]
Term of extension option	14 years
Hotel Palomar Los Angeles Beverly Hills
Management Agreements [Line Items]
Number of extension options	19
Term of extension option	5 years
Hotel Zeppelin San Francisco
Management Agreements [Line Items]
Term of extension option	30 years

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Components of Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Fixed ground rent	$ 18,538	$ 16,825	$ 17,220
Variable ground rent	18,931	9,616	4,924
Total ground rent	$ 37,469	$ 26,441	$ 22,144

Commitments and Contingencies_3

Commitments and Contingencies - Operating Future Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 20,502
2024	20,606
2025	20,735
2026	21,031
2027	20,983
Thereafter	1,584,690
Total lease payments	1,688,547
Less: Imputed interest	(1,368,145)
Present value of lease liabilities	$ 320,402	$ 319,426

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 82,851	$ 84,453	$ 90,655
Interest capitalized	1,434	1,391	1,247
Income taxes paid (refunded)	(2,303)	(258)	3,469
Non-Cash Investing and Financing Activities:
Convertible debt discount adjustment	0	113,099	0
Distributions payable on shares/units	12,218	11,756
Issuance of common shares for LTIP units redemption	0	0	2,831
Accrued additions and improvements to hotel properties	(2,759)	3,110	9,164
Right of use assets obtained in exchange for lease liabilities	1,005	65,599	0
Write-off of fully depreciated building, furniture, fixtures and equipment	72,532	0	0
Write-off of deferred financing costs	19,595	6,574	1,979
Mortgage loans assumed in connection with acquisition of hotel properties	0	223,177	0
Below (above) market contracts assumed in connection with acquisition of hotel properties	0	3,071	0
Common shares/units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	1,316	1,537	1,749
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	10,902	10,219	7,558
Series Z Preferred Stock
Non-Cash Investing and Financing Activities:
Issuance of shares/units	77,610	0	0
Common Unit
Non-Cash Investing and Financing Activities:
Issuance of shares/units	390	0	0
Board of Trustees Compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	738	516	637
Executive and Employee Bonuses
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 0	$ 1,446	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	2 Months Ended
	Feb. 21, 2023 $ / shares shares
Subsequent Event [Line Items]
Repurchase of common shares (in shares) | shares	897,565
Share repurchased (in dollar per share) | $ / shares	$ 14.49

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 220,985
Initial Costs, Land	908,295
Initial Costs, Building and Improvements	4,787,504
Initial Costs, Furniture, Fixtures and Equipment	348,408
Costs Capitalized Subsequent to Acquisition	685,174
Gross Amount at End of Year, Land	909,462
Gross Amount at End of Year, Building and Improvements	5,296,003
Gross Amount at End of Year, Furniture, Fixtures and Equipment	523,916
Total	6,729,381	$ 6,766,803	$ 6,459,745	$ 6,732,637
Accumulated Depreciation	1,180,434	$ 1,066,409	$ 898,287	$ 735,322
Net Book Value	5,548,947
Deferred financing costs	21,373
Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	60,630
Initial Costs, Furniture, Fixtures and Equipment	2,441
Costs Capitalized Subsequent to Acquisition	23,027
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	78,736
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,362
Total	86,098
Accumulated Depreciation	32,622
Net Book Value	$ 53,476
Hotel Monaco Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Monaco Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,130
Initial Costs, Building and Improvements	44,987
Initial Costs, Furniture, Fixtures and Equipment	3,523
Costs Capitalized Subsequent to Acquisition	34,944
Gross Amount at End of Year, Land	11,494
Gross Amount at End of Year, Building and Improvements	69,612
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,478
Total	90,584
Accumulated Depreciation	27,668
Net Book Value	$ 62,916
Skamania Lodge | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Skamania Lodge | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,784
Initial Costs, Building and Improvements	81,580
Initial Costs, Furniture, Fixtures and Equipment	2,295
Costs Capitalized Subsequent to Acquisition	15,180
Gross Amount at End of Year, Land	18,784
Gross Amount at End of Year, Building and Improvements	95,308
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,747
Total	117,839
Accumulated Depreciation	34,056
Net Book Value	$ 83,783
Le Meridien Delfina Santa Monica | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Le Meridien Delfina Santa Monica | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,492
Initial Costs, Furniture, Fixtures and Equipment	4,247
Costs Capitalized Subsequent to Acquisition	2,688
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	84,010
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,417
Total	86,427
Accumulated Depreciation	28,101
Net Book Value	$ 58,326
Argonaut Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Argonaut Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,537
Initial Costs, Building and Improvements	86,089
Initial Costs, Furniture, Fixtures and Equipment	6,850
Costs Capitalized Subsequent to Acquisition	32,528
Gross Amount at End of Year, Land	25,537
Gross Amount at End of Year, Building and Improvements	116,523
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,944
Total	151,004
Accumulated Depreciation	41,700
Net Book Value	$ 109,304
The Westin San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
The Westin San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Monaco Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	10,105
Initial Costs, Building and Improvements	38,888
Initial Costs, Furniture, Fixtures and Equipment	2,073
Costs Capitalized Subsequent to Acquisition	7,514
Gross Amount at End of Year, Land	10,105
Gross Amount at End of Year, Building and Improvements	45,764
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,711
Total	58,580
Accumulated Depreciation	16,970
Net Book Value	$ 41,610
Hotel Monaco Seattle | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Monaco Seattle | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,306
Initial Costs, Building and Improvements	110,283
Initial Costs, Furniture, Fixtures and Equipment	6,091
Costs Capitalized Subsequent to Acquisition	24,533
Gross Amount at End of Year, Land	20,306
Gross Amount at End of Year, Building and Improvements	129,252
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,655
Total	161,213
Accumulated Depreciation	47,505
Net Book Value	$ 113,708
Mondrian Los Angeles | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Mondrian Los Angeles | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,453
Initial Costs, Building and Improvements	63,893
Initial Costs, Furniture, Fixtures and Equipment	5,887
Costs Capitalized Subsequent to Acquisition	16,883
Gross Amount at End of Year, Land	19,453
Gross Amount at End of Year, Building and Improvements	76,709
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,954
Total	106,116
Accumulated Depreciation	30,178
Net Book Value	$ 75,938
W Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
W Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,294
Initial Costs, Building and Improvements	22,166
Initial Costs, Furniture, Fixtures and Equipment	290
Costs Capitalized Subsequent to Acquisition	17,894
Gross Amount at End of Year, Land	7,294
Gross Amount at End of Year, Building and Improvements	35,450
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,900
Total	47,644
Accumulated Depreciation	15,498
Net Book Value	$ 32,146
Hotel Zetta San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zetta San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Vintage Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	8,170
Initial Costs, Building and Improvements	23,557
Initial Costs, Furniture, Fixtures and Equipment	706
Costs Capitalized Subsequent to Acquisition	8,986
Gross Amount at End of Year, Land	8,170
Gross Amount at End of Year, Building and Improvements	29,941
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,308
Total	41,419
Accumulated Depreciation	12,577
Net Book Value	$ 28,842
Hotel Vintage Seattle | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Vintage Seattle | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	24,403
Initial Costs, Building and Improvements	93,203
Initial Costs, Furniture, Fixtures and Equipment	3,600
Costs Capitalized Subsequent to Acquisition	32,687
Gross Amount at End of Year, Land	24,403
Gross Amount at End of Year, Building and Improvements	119,381
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,109
Total	153,893
Accumulated Depreciation	44,418
Net Book Value	$ 109,475
W Los Angeles - West Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
W Los Angeles - West Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	63,430
Initial Costs, Furniture, Fixtures and Equipment	3,780
Costs Capitalized Subsequent to Acquisition	13,529
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	74,755
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,984
Total	80,739
Accumulated Depreciation	25,417
Net Book Value	$ 55,322
Hotel Zelos San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zelos San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,103
Initial Costs, Building and Improvements	90,162
Initial Costs, Furniture, Fixtures and Equipment	6,881
Costs Capitalized Subsequent to Acquisition	36,771
Gross Amount at End of Year, Land	20,103
Gross Amount at End of Year, Building and Improvements	117,926
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,888
Total	153,917
Accumulated Depreciation	45,514
Net Book Value	$ 108,403
Embassy Suites San Diego Bay - Downtown | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Embassy Suites San Diego Bay - Downtown | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Hotel Zags
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	8,215
Initial Costs, Building and Improvements	37,874
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	7,931
Gross Amount at End of Year, Land	8,215
Gross Amount at End of Year, Building and Improvements	43,708
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,597
Total	55,520
Accumulated Depreciation	13,965
Net Book Value	$ 41,555
The Hotel Zags | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Hotel Zags | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	116,445
Initial Costs, Furniture, Fixtures and Equipment	3,550
Costs Capitalized Subsequent to Acquisition	41,347
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	153,733
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,609
Total	161,342
Accumulated Depreciation	50,420
Net Book Value	$ 110,922
Hotel Zephyr Fisherman's Wharf | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zephyr Fisherman's Wharf | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,561
Initial Costs, Building and Improvements	43,665
Initial Costs, Furniture, Fixtures and Equipment	1,094
Costs Capitalized Subsequent to Acquisition	37,500
Gross Amount at End of Year, Land	12,561
Gross Amount at End of Year, Building and Improvements	76,157
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,102
Total	94,820
Accumulated Depreciation	29,240
Net Book Value	$ 65,580
Hotel Zeppelin San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Hotel Zeppelin San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	45 years
The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,493
Initial Costs, Building and Improvements	92,339
Initial Costs, Furniture, Fixtures and Equipment	8,757
Costs Capitalized Subsequent to Acquisition	14,337
Gross Amount at End of Year, Land	18,493
Gross Amount at End of Year, Building and Improvements	99,258
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,175
Total	133,926
Accumulated Depreciation	36,118
Net Book Value	$ 97,808
The Nines, a Luxury Collection Hotel, Portland | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Nines, a Luxury Collection Hotel, Portland | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Colonnade Coral Gables, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,108
Initial Costs, Building and Improvements	46,317
Initial Costs, Furniture, Fixtures and Equipment	1,271
Costs Capitalized Subsequent to Acquisition	19,875
Gross Amount at End of Year, Land	12,122
Gross Amount at End of Year, Building and Improvements	59,954
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,495
Total	79,571
Accumulated Depreciation	21,620
Net Book Value	$ 57,951
Hotel Colonnade Coral Gables, Autograph Collection | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Hotel Colonnade Coral Gables, Autograph Collection | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	90,675
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	15,021
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	100,652
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,544
Total	107,196
Accumulated Depreciation	27,713
Net Book Value	$ 79,483
Hotel Palomar Los Angeles Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Palomar Los Angeles Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	41,857
Initial Costs, Building and Improvements	207,817
Initial Costs, Furniture, Fixtures and Equipment	10,596
Costs Capitalized Subsequent to Acquisition	(39,966)
Gross Amount at End of Year, Land	17,367
Gross Amount at End of Year, Building and Improvements	184,069
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,868
Total	220,304
Accumulated Depreciation	59,579
Net Book Value	$ 160,725
Revere Hotel Boston Common | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Revere Hotel Boston Common | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
LaPlaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	112,575
Initial Costs, Building and Improvements	82,117
Initial Costs, Furniture, Fixtures and Equipment	6,733
Costs Capitalized Subsequent to Acquisition	10,375
Gross Amount at End of Year, Land	112,575
Gross Amount at End of Year, Building and Improvements	92,498
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,727
Total	211,800
Accumulated Depreciation	26,253
Net Book Value	$ 185,547
LaPlaya Beach Resort & Club | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
LaPlaya Beach Resort & Club | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zoe Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	29,125
Initial Costs, Building and Improvements	90,323
Initial Costs, Furniture, Fixtures and Equipment	2,500
Costs Capitalized Subsequent to Acquisition	16,987
Gross Amount at End of Year, Land	29,125
Gross Amount at End of Year, Building and Improvements	105,221
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,589
Total	138,935
Accumulated Depreciation	26,339
Net Book Value	$ 112,596
Hotel Zoe Fisherman's Wharf | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Hotel Zoe Fisherman's Wharf | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
1 Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	105,693
Initial Costs, Furniture, Fixtures and Equipment	3,896
Costs Capitalized Subsequent to Acquisition	38,458
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	133,733
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,314
Total	148,047
Accumulated Depreciation	19,992
Net Book Value	$ 128,055
1 Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
1 Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	22,590
Initial Costs, Building and Improvements	37,114
Initial Costs, Furniture, Fixtures and Equipment	6,009
Costs Capitalized Subsequent to Acquisition	17,151
Gross Amount at End of Year, Land	22,590
Gross Amount at End of Year, Building and Improvements	51,531
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,743
Total	82,864
Accumulated Depreciation	12,524
Net Book Value	$ 70,340
Chaminade Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chaminade Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,009
Initial Costs, Furniture, Fixtures and Equipment	6,190
Costs Capitalized Subsequent to Acquisition	1,800
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	80,072
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,927
Total	86,999
Accumulated Depreciation	12,204
Net Book Value	$ 74,795
Harbor Court Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Harbor Court Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	91,442
Initial Costs, Furniture, Fixtures and Equipment	5,257
Costs Capitalized Subsequent to Acquisition	16,460
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	103,005
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,154
Total	113,159
Accumulated Depreciation	17,793
Net Book Value	$ 95,366
Viceroy Santa Monica Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Santa Monica Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	17,876
Initial Costs, Building and Improvements	65,515
Initial Costs, Furniture, Fixtures and Equipment	2,496
Costs Capitalized Subsequent to Acquisition	12,816
Gross Amount at End of Year, Land	17,876
Gross Amount at End of Year, Building and Improvements	74,740
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,087
Total	98,703
Accumulated Depreciation	12,769
Net Book Value	$ 85,934
Le Parc Suite Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Le Parc Suite Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	16,842
Initial Costs, Building and Improvements	58,729
Initial Costs, Furniture, Fixtures and Equipment	6,499
Costs Capitalized Subsequent to Acquisition	2,616
Gross Amount at End of Year, Land	16,842
Gross Amount at End of Year, Building and Improvements	59,981
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,863
Total	84,686
Accumulated Depreciation	10,558
Net Book Value	$ 74,128
Montrose West Hollywood | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Montrose West Hollywood | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	14,462
Initial Costs, Building and Improvements	43,157
Initial Costs, Furniture, Fixtures and Equipment	5,983
Costs Capitalized Subsequent to Acquisition	1,989
Gross Amount at End of Year, Land	14,462
Gross Amount at End of Year, Building and Improvements	44,418
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,711
Total	65,591
Accumulated Depreciation	8,439
Net Book Value	$ 57,152
Chamberlain West Hollywood Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chamberlain West Hollywood Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Ziggy
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,440
Initial Costs, Building and Improvements	36,932
Initial Costs, Furniture, Fixtures and Equipment	3,951
Costs Capitalized Subsequent to Acquisition	6,797
Gross Amount at End of Year, Land	12,440
Gross Amount at End of Year, Building and Improvements	41,991
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,689
Total	60,120
Accumulated Depreciation	8,621
Net Book Value	$ 51,499
Hotel Ziggy | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Ziggy | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	291,754
Initial Costs, Furniture, Fixtures and Equipment	35,780
Costs Capitalized Subsequent to Acquisition	9,287
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	298,049
Gross Amount at End of Year, Furniture, Fixtures and Equipment	38,772
Total	336,821
Accumulated Depreciation	52,437
Net Book Value	$ 284,384
The Westin Copley Place, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Copley Place, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Liberty, a Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	195,797
Initial Costs, Furniture, Fixtures and Equipment	15,126
Costs Capitalized Subsequent to Acquisition	5,091
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	198,691
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,323
Total	216,014
Accumulated Depreciation	30,084
Net Book Value	$ 185,930
The Liberty, a Luxury Collection Hotel, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Liberty, a Luxury Collection Hotel, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	122,344
Initial Costs, Furniture, Fixtures and Equipment	6,862
Costs Capitalized Subsequent to Acquisition	8,527
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	130,261
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,472
Total	137,733
Accumulated Depreciation	19,874
Net Book Value	$ 117,859
Hyatt Regency Boston Harbor | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hyatt Regency Boston Harbor | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	15,373
Initial Costs, Building and Improvements	65,529
Initial Costs, Furniture, Fixtures and Equipment	4,489
Costs Capitalized Subsequent to Acquisition	744
Gross Amount at End of Year, Land	15,373
Gross Amount at End of Year, Building and Improvements	65,927
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,835
Total	86,135
Accumulated Depreciation	11,315
Net Book Value	$ 74,820
George Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
George Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,686
Initial Costs, Building and Improvements	60,927
Initial Costs, Furniture, Fixtures and Equipment	2,838
Costs Capitalized Subsequent to Acquisition	9,647
Gross Amount at End of Year, Land	18,686
Gross Amount at End of Year, Building and Improvements	66,997
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,415
Total	92,098
Accumulated Depreciation	11,468
Net Book Value	$ 80,630
Viceroy Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zena Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,035
Initial Costs, Building and Improvements	60,402
Initial Costs, Furniture, Fixtures and Equipment	2,066
Costs Capitalized Subsequent to Acquisition	28,568
Gross Amount at End of Year, Land	19,035
Gross Amount at End of Year, Building and Improvements	85,209
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,827
Total	110,071
Accumulated Depreciation	12,701
Net Book Value	$ 97,370
Hotel Zena Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zena Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	199,304
Initial Costs, Furniture, Fixtures and Equipment	22,032
Costs Capitalized Subsequent to Acquisition	13,161
Gross Amount at End of Year, Land	85
Gross Amount at End of Year, Building and Improvements	207,158
Gross Amount at End of Year, Furniture, Fixtures and Equipment	27,254
Total	234,497
Accumulated Depreciation	36,789
Net Book Value	$ 197,708
Paradise Point Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Paradise Point Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,017
Initial Costs, Building and Improvements	131,926
Initial Costs, Furniture, Fixtures and Equipment	7,741
Costs Capitalized Subsequent to Acquisition	12,388
Gross Amount at End of Year, Land	33,017
Gross Amount at End of Year, Building and Improvements	139,806
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,249
Total	185,072
Accumulated Depreciation	21,928
Net Book Value	$ 163,144
Hilton San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hilton San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Solamar Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	74,768
Initial Costs, Furniture, Fixtures and Equipment	8,830
Costs Capitalized Subsequent to Acquisition	37,713
Gross Amount at End of Year, Land	23,472
Gross Amount at End of Year, Building and Improvements	82,569
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,270
Total	121,311
Accumulated Depreciation	16,016
Net Book Value	$ 105,295
Solamar Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Solamar Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,304
Initial Costs, Building and Improvements	92,297
Initial Costs, Furniture, Fixtures and Equipment	5,393
Costs Capitalized Subsequent to Acquisition	14,212
Gross Amount at End of Year, Land	33,316
Gross Amount at End of Year, Building and Improvements	102,867
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,023
Total	145,206
Accumulated Depreciation	15,347
Net Book Value	$ 129,859
L'Auberge Del Mar | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
L'Auberge Del Mar | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	80,733
Initial Costs, Furniture, Fixtures and Equipment	9,458
Costs Capitalized Subsequent to Acquisition	27,278
Gross Amount at End of Year, Land	30
Gross Amount at End of Year, Building and Improvements	99,872
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,567
Total	117,469
Accumulated Depreciation	22,938
Net Book Value	$ 94,531
San Diego Mission Bay Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
San Diego Mission Bay Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Heathman Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	14,243
Initial Costs, Building and Improvements	38,694
Initial Costs, Furniture, Fixtures and Equipment	7,062
Costs Capitalized Subsequent to Acquisition	(6,981)
Gross Amount at End of Year, Land	11,706
Gross Amount at End of Year, Building and Improvements	33,846
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,437
Total	52,989
Accumulated Depreciation	8,535
Net Book Value	$ 44,454
The Heathman Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Heathman Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	90,396
Initial Costs, Building and Improvements	253,954
Initial Costs, Furniture, Fixtures and Equipment	8,676
Costs Capitalized Subsequent to Acquisition	22,093
Gross Amount at End of Year, Land	90,420
Gross Amount at End of Year, Building and Improvements	269,301
Gross Amount at End of Year, Furniture, Fixtures and Equipment	15,398
Total	375,119
Accumulated Depreciation	37,221
Net Book Value	$ 337,898
Southernmost Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Southernmost Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Marker Key West Harbor Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,463
Initial Costs, Building and Improvements	66,903
Initial Costs, Furniture, Fixtures and Equipment	2,486
Costs Capitalized Subsequent to Acquisition	1,325
Gross Amount at End of Year, Land	25,463
Gross Amount at End of Year, Building and Improvements	66,976
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,738
Total	96,177
Accumulated Depreciation	10,536
Net Book Value	$ 85,641
The Marker Key West Harbor Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Marker Key West Harbor Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	39,576
Initial Costs, Building and Improvements	114,014
Initial Costs, Furniture, Fixtures and Equipment	7,608
Costs Capitalized Subsequent to Acquisition	(16,394)
Gross Amount at End of Year, Land	39,576
Gross Amount at End of Year, Building and Improvements	96,787
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,470
Total	144,833
Accumulated Depreciation	17,339
Net Book Value	$ 127,494
Hotel Chicago Downtown, Autograph Collection | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Chicago Downtown, Autograph Collection | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	44,983
Initial Costs, Building and Improvements	103,160
Initial Costs, Furniture, Fixtures and Equipment	23,744
Costs Capitalized Subsequent to Acquisition	10,858
Gross Amount at End of Year, Land	44,983
Gross Amount at End of Year, Building and Improvements	112,573
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,189
Total	182,745
Accumulated Depreciation	26,384
Net Book Value	$ 156,361
The Westin Michigan Avenue Chicago | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Michigan Avenue Chicago | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Jekyll Island Club Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	88,912
Initial Costs, Furniture, Fixtures and Equipment	5,031
Costs Capitalized Subsequent to Acquisition	7,455
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	92,518
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,880
Total	101,398
Accumulated Depreciation	8,161
Net Book Value	$ 93,237
Jekyll Island Club Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Jekyll Island Club Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Margaritaville Hollywood Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 161,500
Initial Costs, Land	0
Initial Costs, Building and Improvements	244,230
Initial Costs, Furniture, Fixtures and Equipment	22,288
Costs Capitalized Subsequent to Acquisition	4,629
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	247,204
Gross Amount at End of Year, Furniture, Fixtures and Equipment	23,943
Total	271,147
Accumulated Depreciation	14,077
Net Book Value	257,070
Unamortized discount	1,600
Deferred financing costs	$ 300
Margaritaville Hollywood Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Margaritaville Hollywood Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Estancia La Jolla Hotel & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 59,485
Initial Costs, Land	0
Initial Costs, Building and Improvements	104,280
Initial Costs, Furniture, Fixtures and Equipment	3,646
Costs Capitalized Subsequent to Acquisition	4,907
Gross Amount at End of Year, Land	193
Gross Amount at End of Year, Building and Improvements	105,977
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,663
Total	112,833
Accumulated Depreciation	5,227
Net Book Value	107,606
Unamortized discount	$ 100
Estancia La Jolla Hotel & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Estancia La Jolla Hotel & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Inn on Fifth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	50,503
Initial Costs, Building and Improvements	95,826
Initial Costs, Furniture, Fixtures and Equipment	7,989
Costs Capitalized Subsequent to Acquisition	997
Gross Amount at End of Year, Land	50,503
Gross Amount at End of Year, Building and Improvements	96,537
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,275
Total	155,315
Accumulated Depreciation	2,638
Net Book Value	$ 152,677
Inn on Fifth | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Inn on Fifth | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Newport Harbor Island Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	43,287
Initial Costs, Building and Improvements	118,227
Initial Costs, Furniture, Fixtures and Equipment	12,817
Costs Capitalized Subsequent to Acquisition	1,011
Gross Amount at End of Year, Land	43,287
Gross Amount at End of Year, Building and Improvements	118,790
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,265
Total	175,342
Accumulated Depreciation	3,048
Net Book Value	$ 172,294
Newport Harbor Island Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Newport Harbor Island Resort | Maximum
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Real Estate:
Beginning balance	$ 6,766,803	$ 6,459,745	$ 6,732,637
Acquisitions	331,249	488,447
Capital expenditures	105,626	86,936	115,850
Disposal of Assets	(359,083)	(253,469)	(314,186)
Other	(115,214)	(14,856)	(74,556)
Ending balance	6,729,381	6,766,803	6,459,745
Reconciliation of Accumulated Depreciation:
Beginning balance	1,066,409	898,287	735,322
Depreciation	238,278	223,225	223,286
Disposal of Assets	(124,253)	(55,103)	(60,321)
Ending balance	1,180,434	$ 1,066,409	$ 898,287
Aggregate cost of properties for federal income tax purposes	$ 6,400,000