Chatham Lodging Trust (CLDT) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CLDT
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Central Index Key	1,476,045
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		38,308,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net	$ 1,265,038	$ 1,096,425
Cash and cash equivalents	16,057	15,077
Restricted cash	16,519	12,030
Investment in unconsolidated real estate entities	24,936	28,152
Hotel receivables (net of allowance for doubtful accounts of $89 and $71, respectively)	7,159	3,601
Deferred costs, net	7,166	7,514
Prepaid expenses and other assets	4,998	2,300
Total assets	1,341,873	1,165,099
Liabilities and Equity:
Mortgage debt	543,167	527,721
Revolving credit facility	60,000	22,500
Accounts payable and accrued expenses	26,642	20,042
Distributions and losses in excess of investments of unconsolidated real estate entities	1,420	0
Distributions payable	4,041	2,884
Total liabilities	$ 635,270	$ 573,147
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2015 and December 31, 2014	$ 0	$ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,307,129 and 34,173,691 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	379	339
Additional paid-in capital	719,322	599,318
Retained earnings (distributions in excess of retained earnings)	(17,183)	(11,120)
Total shareholders’ equity	702,518	588,537
Noncontrolling Interests:
Noncontrolling Interest in Operating Partnership	4,085	3,415
Total equity	706,603	591,952
Total liabilities and equity	$ 1,341,873	$ 1,165,099

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Hotel receivables	$ 89	$ 71
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized	100,000,000	100,000,000
Preferred shares, shares issued
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	38,307,129	34,173,691
Common shares, shares outstanding	38,307,129	34,173,691

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Room	$ 73,357	$ 57,482	$ 196,086	$ 135,417
Food and beverage	1,345	666	3,866	1,879
Other	2,599	2,098	6,804	5,727
Cost reimbursements from unconsolidated real estate entities	928	416	2,645	1,581
Total revenue	78,229	60,662	209,401	144,604
Hotel operating expenses:
Room	13,430	10,672	37,126	27,229
Food and beverage	1,042	487	2,862	1,386
Telephone	412	356	1,237	929
Other hotel operating	638	609	1,826	1,559
General and administrative	5,430	4,439	15,415	11,712
Franchise and marketing fees	6,092	4,694	16,146	11,088
Advertising and promotions	1,324	1,059	3,735	2,749
Utilities	2,733	2,148	7,159	5,250
Repairs and maintenance	2,887	2,363	8,564	6,419
Management fees	2,588	1,883	6,601	4,373
Insurance	288	273	874	706
Total hotel operating expenses	36,864	28,983	101,545	73,400
Depreciation and amortization	12,559	10,273	36,146	23,953
Property taxes, ground rent and insurance	4,349	3,254	12,688	8,712
General and administrative	2,792	2,718	8,375	7,403
Hotel property acquisition costs and other charges	623	335	1,406	7,376
Reimbursed costs from unconsolidated real estate entities	928	416	2,645	1,581
Total operating expenses	58,115	45,979	162,805	122,425
Operating income	20,114	14,683	46,596	22,179
Interest and other income	130	62	513	89
Interest expense, including amortization of deferred fees	(7,031)	(6,714)	(20,696)	(14,815)
Loss on early extinguishment of debt	0	0	0	(184)
Income (loss) from unconsolidated real estate entities	1,467	845	2,543	(1,471)
Net gain from remeasurement and sale of investment in unconsolidated real estate entities	0	0	0	66,701
Income before income tax expense	14,680	8,876	28,956	72,499
Income tax expense	(274)	(44)	(299)	(85)
Net income	14,406	8,832	28,657	72,414
Net income attributable to noncontrolling interests	(91)	(132)	(181)	(240)
Net income attributable to common shareholders	$ 14,315	$ 8,700	$ 28,476	$ 72,174
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.37	$ 0.32	$ 0.75	$ 2.70
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.37	$ 0.31	$ 0.74	$ 2.67
Weighted average number of common shares outstanding:
Basic (in shares)	38,212,028	27,370,815	37,818,340	26,697,483
Diluted (in shares)	38,614,360	27,695,347	38,221,940	26,994,657
Distributions per common share: (in dollars per share)	$ 0.3	$ 0.24	$ 0.9	$ 0.69

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid - In Capital	Retained earnings (distributions in excess of retained earnings)	Total Shareholders’ Equity	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2013		26,295,558
Beginning Balance at Dec. 31, 2013	$ 385,536	$ 261	$ 433,900	$ (50,792)	$ 383,369	$ 2,167
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		16,542
Issuance of shares pursuant to Equity Incentive Plan	337		337		337
Issuance of shares, net of offering costs of $2,039 in 2015 and $6,881 in 2014 (in shares)		7,606,894
Issuance of shares, net of offering costs of $2,039 in 2015 and $6,881 in 2014	159,970	$ 76	159,894		159,970
Issuance of restricted time-based shares		48,213
Issuance of performance based shares		31,342
Repurchase of common shares (in shares)		(867)
Repurchase of common shares	(18)		(18)		(18)
Amortization of share based compensation	1,532		945		945	587
Dividends declared on common shares ($0.90 per share) in 2015 and ($0.69 per share) in 2014	(18,993)			(18,993)	(18,993)
Distributions declared on LTIP units ($0.90 per unit) in 2015 and ($0.69 per unit) in 2014	(178)					(178)
Reallocation of noncontrolling interest	0		(530)		(530)	530
Net income	72,414			72,174	72,174	240
Ending Balance (in shares) at Sep. 30, 2014		33,997,682
Ending Balance at Sep. 30, 2014	600,600	$ 337	594,528	2,389	597,254	3,346
Beginning Balance (in shares) at Dec. 31, 2014		34,173,691
Beginning Balance at Dec. 31, 2014	591,952	$ 339	599,318	(11,120)	588,537	3,415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		14,113
Issuance of shares pursuant to Equity Incentive Plan	412		412		412
Issuance of shares, net of offering costs of $2,039 in 2015 and $6,881 in 2014 (in shares)		4,026,704
Issuance of shares, net of offering costs of $2,039 in 2015 and $6,881 in 2014	118,758	$ 40	118,718		118,758
Issuance of restricted time-based shares		49,110
Issuance of performance based shares		44,274
Repurchase of common shares (in shares)		(763)
Repurchase of common shares	(22)		(22)		(22)
Amortization of share based compensation	1,690		1,182		1,182	508
Dividends declared on common shares ($0.90 per share) in 2015 and ($0.69 per share) in 2014	(34,539)			(34,539)	(34,539)
Distributions declared on LTIP units ($0.90 per unit) in 2015 and ($0.69 per unit) in 2014	(305)					(305)
Reallocation of noncontrolling interest	0		(286)		(286)	286
Net income	28,657			28,476	28,476	181
Ending Balance (in shares) at Sep. 30, 2015		38,307,129
Ending Balance at Sep. 30, 2015	$ 706,603	$ 379	$ 719,322	$ (17,183)	$ 702,518	$ 4,085

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 2,039	$ 6,881
Common shares, dividend declared per share (in dollars per share)	$ 0.9	$ 0.69
LTIP units, distributions per unit (in dollars per share)	$ 0.9	$ 0.69

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 28,657	$ 72,414
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,002	23,862
Amortization of deferred franchise fees	144	91
Amortization of deferred financing fees included in interest expense	1,280	1,137
Net gain from remeasurement and sale of investment in unconsolidated real estate entities	0	(66,701)
Loss on early extinguishment of debt	0	184
Share based compensation	2,102	1,840
(Income) loss from unconsolidated real estate entities	(2,543)	1,471
Changes in assets and liabilities:
Hotel receivables	(3,369)	(733)
Deferred costs	(580)	(472)
Prepaid expenses and other assets	(2,206)	(718)
Accounts payable and accrued expenses	5,201	5,159
Net cash provided by operating activities	64,688	37,534
Cash flows from investing activities:
Improvements and additions to hotel properties	(13,679)	(10,119)
Acquisition of hotel properties, net of cash acquired	(169,447)	(297,299)
Distributions from unconsolidated entities	7,179	922
Restricted cash	(2,734)	(10,696)
Net cash used in investing activities	(178,681)	(317,192)
Cash flows from financing activities:
Borrowings on revolving credit facility	65,000	162,000
Repayments on revolving credit facility	(27,500)	(212,000)
Payments on debt	(2,364)	(1,973)
Proceeds from the issuance of debt	0	286,000
Principal prepayment of mortgage debt	(4,760)	(32,186)
Payment of financing costs	(451)	(1,120)
Payment of offering costs	(2,039)	(6,790)
Proceeds from issuance of common shares	120,797	166,851
In-substance repurchase of vested common shares	(22)	(18)
Distributions-common shares/units	(33,688)	(18,271)
Net cash provided by financing activities	114,973	342,493
Net change in cash and cash equivalents	980	62,835
Cash and cash equivalents, beginning of period	15,077	4,221
Cash and cash equivalents, end of period	16,057	67,056
Supplemental disclosure of cash flow information:
Cash paid for interest	18,860	12,502
Cash paid for income taxes	$ 126	$ 220

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 4,041	$ 2,850
Accrued but unpaid distribution	182	109
Accrued share based compensation	412	309
Accounts payable and accrued expenses	1,704	$ 150
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities	24,936
Mortgage debt	603,167
Hilton Garden Inn Marina del Rey, CA
Schedule of Equity Method Investments [Line Items]
Mortgage debt	22,570
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities	$ 15,430

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in premium-branded upscale extended-stay and select-service hotels. In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate maximum offering price of up to $50,000 by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. ("Cantor") acting as sales agent pursuant to a Sales Agreement (the “Cantor Sales Agreement”). On January 13, 2015, the Company entered into a Sales Agreement (the “Barclays Sales Agreement”) with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s ATM Plan. As of September 30, 2015 , we had issued 880,820 shares under the ATM Plan at a weighted average price of $23.54 . As of September 30, 2015 , there was approximately $29,264 available for issuance under the ATM Plan. In January 2014, the Company established a $25,000 dividend reinvestment and stock purchase plan ("DRSPP"). Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectus for the DRSPP. As of September 30, 2015 , we had issued 3,787 shares under the DRSPP at a weighted average price of $26.11 . As of September 30, 2015 , there was approximately $24,901 available for issuance under the DRSPP. On January 27, 2015, the Company completed a follow-on common share offering of 4,025,000 shares (including 525,000 shares issued pursuant to the exercise of the underwriters' option to purchase additional shares) generating net proceeds to the Company of approximately $118,762 . Proceeds from the January 2015 offering were used to pay down borrowings under the Company's senior secured revolving credit facility and to invest in additional hotel properties, including the acquisition of the Residence Inn San Diego Gaslamp on February 25, 2015. The net proceeds from any share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of September 30, 2015 , the Company owned 38 hotels with an aggregate of 5,675 rooms located in 15 states and the District of Columbia. As of September 30, 2015 , the Company also (i) owns a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of NorthStar Realty Finance Corp. ("NorthStar"), which was formed in the second quarter of 2014 and acquired 47 hotels comprising an aggregate of 6,094 rooms from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus"), (ii) owns a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with affiliates of NorthStar, which was formed in the fourth quarter of 2014 and acquired 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,401 rooms, and (iii) owns a 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus that owns the 248 -room Residence Inn by Marriott in Torrance, CA. We sometimes refer to the NewINK JV, Inland JV and Torrance JV collectively as the ("JVs"). To qualify as a REIT, the Company cannot operate the hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by one of the Company’s taxable REIT subsidiary (“TRS”) holding companies. The Company indirectly owns its (i) 10.3% interest in 47 of the NewINK JV hotels, (ii) 10% interest in 48 of the Inland JV hotels and (iii) its 5% interest in the Torrance JV through the Operating Partnership. All of the NewINK JV hotels, Inland JV hotels and the Torrance JV hotel are leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years . Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third party management companies that provide day-to-day management for the hotels. As of September 30, 2015 , Island Hospitality Management Inc. (“IHM”), which is 51% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer and 45% owned by affiliates of NorthStar Asset Management Group, Inc, managed 36 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company managed two of the Company’s wholly owned hotels. As of September 30, 2015 , all of the NewINK JV hotels were managed by IHM. As of September 30, 2015 , 34 of the Inland JV hotels were managed by IHM and 14 hotels were managed by Marriott International, Inc. ("Marriott"). The Torrance JV hotel is managed by Marriott.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2014 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity's ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company's financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis , which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interest (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determinations under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for fiscal years beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. Supplemental to ASU 2015-03, on August 16, 2015, the FASB issued Accounting Standards Update 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements -Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, which clarifies that debt issuance costs attributable to line-of-credit arrangements can be presented as an asset and amortized ratably over the life of the revolving debt arrangement, regardless of whether there is an outstanding balance thereunder. This methodology is consistent with the Company’s historical treatment of such costs. The new standard will be effective for the Company on January 1, 2016 and will not have a material impact on the Company's financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires an entity to recognize the adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. In addition, the adjustments must be disclosed by income statement line item either on the face of the income statement or in the footnotes as if the adjustment to the provisional amounts had been recorded as of the acquisition date. The amendment is effective prospectively for interim and annual periods beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. We do not expect the new standard will have a significant impact on our consolidated financial statements.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties Hotel Purchase Price Allocation The allocation of the purchase price of the Residence Inn San Diego Gaslamp ("Gaslamp"), the Residence Inn Dedham ("Dedham"), the Residence Inn Ft. Lauderdale ("Ft. Lauderdale) and the Hilton Garden Inn Marina del Rey ("Marina del Rey") hotels based on the fair value on the date of the acquisition was (dollars in thousands): Gaslamp Dedham Ft. Lauderdale Marina del Rey Acquisition date 2/25/2015 7/17/2015 8/17/2015 9/17/2015 Number of Rooms 240 81 104 134 Land $ — $ 4,230 9,200 — Building and improvements 89,040 17,304 24,048 43,210 Furniture, fixtures and equipment 960 466 252 1,340 Cash 3 2 2 6 Restricted cash — — — 1,755 Accounts receivable 81 47 32 30 Deferred costs, net — — — 43 Prepaid expenses and other assets 278 3 40 217 Accounts payable and accrued expenses (204 ) (10 ) (279 ) (67 ) Mortgage debt — — — (22,569 ) Net assets acquired $ 90,158 $ 22,042 $ 33,295 $ 23,965 Net assets acquired, net of cash $ 90,155 $ 22,040 $ 33,293 $ 23,959 The Company incurred acquisition costs of $623 and $1,406 , respectively, during the three and nine months ended September 30, 2015 and $335 and $7,376 , respectively, during the three and nine months ended September 30, 2014 . The amount of revenue and operating income from the hotels acquired in 2015 is as follows (in thousands): For the three months ended For the nine months ended September 30, 2015 September 30, 2015 Revenue Operating Income Revenue Operating Income Residence Inn San Diego Gaslamp $ 4,182 $ 2,356 $ 9,505 $ 5,568 Residence Inn Dedham, MA 991 604 991 604 Residence Inn Ft. Lauderdale, FL 521 104 521 104 Hilton Garden Inn Marina del Rey, CA 350 258 350 258 Total $ 6,044 $ 3,322 $ 11,367 $ 6,534 Pro Forma Financial Information The following condensed pro forma financial information presents the unaudited results of operations for the three and nine months ended September 30, 2015 and 2014 as if the acquisition of the hotels acquired in 2015 and 2014 had taken place on January 1, 2014 and 2013, respectively. Since the acquisition of the Cherry Creek hotel was not material, the pro forma numbers presented below do not include the operating results of the Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $569 and $836 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2015 and include these acquisition costs in 2014. Supplemental pro forma earnings were adjusted to exclude $18 and $4,802 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2014 . The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2014 and 2013, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Pro forma total revenue $ 81,660 $ 76,026 $ 225,359 $ 208,797 Pro forma net income $ 15,057 $ 11,011 $ 31,398 $ 19,174 Pro forma income per share: Basic $ 0.39 $ 0.32 $ 0.82 $ 0.56 Diluted $ 0.39 $ 0.32 $ 0.81 $ 0.56 Weighted average Common Shares Outstanding Basic 38,307,129 33,997,789 38,307,129 33,997,789 Diluted 38,709,461 34,322,321 38,710,729 34,294,963

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $89 and $71 as of September 30, 2015 and December 31, 2014 , respectively.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2015
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Land and improvements $ 274,543 $ 261,108 Building and improvements 1,028,915 844,396 Furniture, fixtures and equipment 61,668 61,186 Renovations in progress 7,257 6,574 1,372,383 1,173,264 Less: accumulated depreciation (107,345 ) (76,839 ) Investment in hotel properties, net $ 1,265,038 $ 1,096,425

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities On April 17, 2013, the Company acquired a 5.0% interest in the Torrance JV for $1.7 million . The Torrance JV acquired the 248 -room Residence Inn by Marriott in Torrance, CA for $31,000 . The Company accounts for this investment under the equity method. During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 140 $ 62 $ 185 $ 100 Total $ 140 $ 62 $ 185 $ 100 Until June 9, 2014, the Company owned a 10.3% interest in the Innkeepers JV with Cerberus, which owned 51 hotels comprising an aggregate of 6,845 rooms. The Company accounted for this investment under the equity method. During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Innkeepers JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ — $ — $ — $ 411 Total $ — $ — $ — $ 411 On June 9, 2014, the Innkeepers JV completed the sale of 47 of the 51 hotels owned by the Innkeepers JV to the NewINK JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV and its 47 -hotel portfolio. The remaining four hotels that were part of the 51 -hotel portfolio owned by the Innkeepers JV, each of which is a Residence Inn hotel located in Silicon Valley, CA (the "Silicon Valley Hotels"), were purchased by the Company. The Company accounts for its investment in the NewINK JV under the equity method. The remeasurement gain of the Company's interest in the four Silicon Valley Hotels as a result of the step acquisition was approximately $19,701 and the net gain from the Company's promote interest in the Innkeepers JV was approximately $47,000 (which was credited toward the purchase of the Silicon Valley Hotels), resulting in a total gain of $66,701 from the transaction. For tax purposes, the Company's gain resulting from this transaction will be rolled tax deferred between the basis of the Company's investment in the NewINK JV and the Company's basis in the four Silicon Valley Hotels. As of September 30, 2015 , the Company’s share of partners’ capital in the NewINK JV is approximately $15,430 and the total difference between the carrying amount of investment and the Company’s share of partners’ capital is approximately $16,850 (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 2,107 $ 411 $ 4,599 $ 411 Total $ 2,107 $ 411 $ 4,599 $ 411 On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar owns a 90.0% interest in the Inland JV and the Company owns a 10.0% interest. The Company accounts for this investment under the equity method. During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 1,000 $ — $ 2,395 $ — Total $ 1,000 $ — $ 2,395 $ — The Company’s ownership interest in the JVs are subject to change in the event that either the Company, NorthStar or Cerberus calls for additional capital contributions to the respective JVs necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. NorthStar and Cerberus may also approve certain actions by the JVs in which they are the partner without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of the applicable JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the applicable joint venture agreement. The Company's investment in the Innkeepers JV is $0 at September 30, 2015 and December 31, 2014 . The Company's investment in the NewINK JV, the Inland JV and Torrance JV are $(1,420) , $24,230 , and $706 , respectively, at September 30, 2015 and $1,694 , $25,676 and $782 , respectively, at December 31, 2014 . The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV, NewINK JV and Inland JV (the Torrance JV is not material) for the three and nine months ended September 30, 2015 and 2014 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Revenue $ 135,092 $ 67,160 $ 374,760 $ 203,730 Total hotel operating expenses 75,612 37,994 215,999 114,352 Operating income $ 59,480 $ 29,166 $ 158,761 $ 89,378 Net income (loss) from continuing operations $ 12,447 $ (6,104 ) $ 19,560 $ (17,073 ) Loss on sale of hotels $ — $ — $ — $ (5 ) Net income (loss) $ 12,447 $ (6,104 ) $ 19,560 $ (17,078 ) Income (loss) allocable to the Company $ 1,267 $ 627 $ 1,984 $ (1,755 ) Basis difference adjustment 150 185 450 185 Total income (loss) from unconsolidated real estate entities attributable to the Company $ 1,417 $ 812 $ 2,434 $ (1,570 )

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The Company’s mortgage loans and its senior secured revolving credit facility are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/15 Balance Outstanding on Loan as of September 30, 2015 December 31, Senior Secured Revolving Credit Facility (1) 2.70 % November 5, 2016 $ 238,329 $ 60,000 $ 22,500 SpringHill Suites by Marriott Washington, PA (2) 5.84 % April 1, 2015 11,261 — 4,760 Courtyard by Marriott Altoona, PA 5.96 % April 1, 2016 10,244 6,010 6,172 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,762 14,582 14,832 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,999 29,685 30,062 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 32,393 16,955 17,174 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 32,106 23,229 23,534 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,561 19,213 19,475 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 37,260 23,368 23,657 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 71,415 47,080 47,580 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,879 34,000 34,000 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 87,180 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 95,505 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 68,923 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 52,565 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,211 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 44,496 22,570 — Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,712 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 28,236 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,305 18,300 18,300 Total $ 1,014,342 $ 603,167 $ 550,221 (1) Twelve properties in the borrowing base serve as collateral for borrowings under the senior secured revolving credit facility at September 30, 2015 . The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5% . (2) On March 31, 2015 , the Company paid off the SpringHill Suites by Marriott Washington, PA loan, due April 1, 2015 . At September 30, 2015 and December 31, 2014 , the Company had $60,000 and $22,500 , respectively, of outstanding borrowings under its senior secured revolving credit facility. At September 30, 2015 , the maximum borrowing availability under the senior secured revolving credit facility was $175,000 . The Company estimates the fair value of its fixed rate debt, which is all of the Company's mortgage loans, by discounting the future cash flows of each instrument at estimated market rates. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of September 30, 2015 and December 31, 2014 was $555,619 and $542,538 , respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. The Company’s only variable rate debt is under its senior secured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of September 30, 2015 and December 31, 2014 was $59,995 and $22,498 , respectively. As of September 30, 2015 , the Company was in compliance with all of its financial covenants. At September 30, 2015 , the Company’s consolidated fixed charge coverage ratio was 3.29 . The Company's minimum required consolidated fixed charge coverage ratio is 1.50 . Future scheduled principal payments of debt obligations as of September 30, 2015 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2015 (remaining three months) $ 866 2016 69,870 2017 4,302 2018 5,374 2019 7,340 Thereafter 515,415 Total $ 603,167

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRSs are subject to federal and state income taxes. The Company’s TRSs are structured under two TRS holding companies, which are referred to as TRS 1 and TRS 2, that are treated separately for income tax purposes. The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Federal $ 212 $ 34 $ 228 $ 64 State 62 10 71 21 Tax expense $ 274 $ 44 $ 299 $ 85 At September 30, 2015 , TRS 1 had a net deferred tax asset associated with future tax deductions of $ 95 . TRS 1 has continued to record a full valuation allowance equal to 100% of the gross deferred tax asset due to the uncertainty of realizing the benefit of its deferred assets due to the uncertainty of TRS 1's ability to fully utilize these deferred tax assets. If TRS 1 continues improving its operating results, the company may release the valuation allowance against its deferred tax asets. TRS 2 has a deferred tax asset of $ 0 as of September 30, 2015 .

Dividends Declared and Paid

Dividends Declared and Paid	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid The Company declared total common share dividends of $0.30 per share and distributions on LTIP units of $0.30 per unit for the three months ended September 30, 2015 and common share dividends of $0.90 per share and distributions of LTIP units of $0.90 per unit for the nine months ended September 30, 2015 . The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/30/2015 2/27/2015 $ 0.10 $ 0.10 February 2/27/2015 3/27/2015 0.10 0.10 March 3/31/2015 4/24/2015 0.10 0.10 1st Quarter 2015 $ 0.30 $ 0.30 April 4/30/2015 5/29/2015 $ 0.10 $ 0.10 May 5/29/2015 6/26/2015 0.10 0.10 June 6/30/2015 7/31/2015 0.10 $ 0.10 2nd Quarter 2015 $ 0.30 $ 0.30 July 7/31/2015 8/28/2015 $ 0.10 $ 0.10 August 8/31/2015 9/25/2015 0.10 0.10 September 9/30/2015 10/30/2015 0.10 0.10 3rd Quarter 2015 $ 0.30 $ 0.30 Total 2015 $ 0.90 $ 0.90

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. Unvested restricted shares and unvested LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income (loss) per share (in thousands, except share and per share data): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 14,315 $ 8,700 $ 28,476 $ 72,174 Dividends paid on unvested shares and units (55 ) (36 ) (107 ) (181 ) Net income attributable to common shareholders $ 14,260 $ 8,664 $ 28,369 $ 71,993 Denominator: Weighted average number of common shares - basic 38,212,028 27,370,815 37,818,340 26,697,483 Effect of dilutive securities: Unvested shares 402,332 324,532 403,600 297,174 Weighted average number of common shares - diluted 38,614,360 27,695,347 38,221,940 26,994,657 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.37 $ 0.32 $ 0.75 $ 2.70 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.37 $ 0.31 $ 0.74 $ 2.67

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company maintains its Equity Incentive 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. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance based shares and out-performance based units, for which dividends on unvested performance based shares and units are not paid until those shares are vested. Certain awards may provide for accelerated vesting if there is a change in control. In January 2015 and 2014, the Company issued 14,113 and 16,542 common shares, respectively, to its independent trustees as compensation for services performed in 2014 and 2013. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the ten trading days immediately preceding the reporting date. The Company would have distributed 18,868 common shares for services performed in 2015 had this liability classified award been satisfied as of September 30, 2015 . As of September 30, 2015 , there were 2,013,791 common shares available for issuance under the Equity Incentive Plan. Restricted Share Awards A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of September 30, 2015 is as follows: Award Type Award Date Total Shares Granted Vested as of September 30, 2015 2013 Time-based Awards 1/29/2013 40,829 27,222 2013 Performance-based Awards 5/17/2013 40,829 27,222 2014 Time-based Awards 1/31/2014 48,213 16,071 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 — 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 — Time-based shares will vest over a three -year period. The performance-based shares will be issued and vest over a three -year period only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company through the vesting date. The Company measures compensation expense for time-based vesting restricted share awards based upon the fair market value of its common shares at the date of grant. For the performance-based shares granted in 2013, 2014 and 2015, compensation expense is based on a valuation of $ 10.93 , $ 13.17 and $21.21 , respectively, per performance share granted, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on non-vested time-based restricted shares. Dividends for performance-based shares are accrued and paid annually only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company on the vesting date. A summary of the Company’s restricted share awards for the nine months ended September 30, 2015 and the year ended December 31, 2014 is as follows: Nine Months Ended Year Ended September 30, 2015 December 31, 2014 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 179,641 $ 14.92 158,035 $ 12.39 Granted 85,254 26.59 87,018 17.46 Vested (94,415 ) 13.80 (65,412 ) 12.17 Non-vested at end of the period 170,480 $ 21.38 179,641 $ 14.92 As of September 30, 2015 and December 31, 2014 , there were $2,543 and $1,458 , respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2015 , these costs were expected to be recognized over a weighted–average period of approximately 2.0 years . For the three months ended September 30, 2015 and 2014 , the Company recognized approximately $413 and $330 , respectively, and for the nine months ended September 30, 2015 and 2014 , the Company recognized approximately $1,182 and $945 , respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. Long-Term Incentive Plan Units The Company recorded $197 and $196 in compensation expense related to the LTIP units for the three months ended September 30, 2015 and 2014 , respectively, and $509 and $587 in compensation expense related to the LTIP units for the nine months ended September 30, 2015 and 2014 , respectively. As of September 30, 2015 and December 31, 2014 , there was $2,348 and $267 , respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 3.4 years , which represents the weighted average remaining vesting period of the LTIP units. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIP units awarded in 2010 and held by one of the officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. 100% of these units have vested as of September 30, 2015 . As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units awarded in 2010 and held by two other officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. As of September 30, 2015 , 100% of these units have vested. Accordingly, these LTIP units awarded in 2010 will be allocated their pro-rata share of the Company's net income. On June 1, 2015, the Company granted 183,300 Class A Performance LTIP units, as recommended by the Compensation Committee of the Board (the “Compensation Committee”), pursuant to a long-term, multi-year performance plan (the “Plan”). The awards granted pursuant to the Plan are subject to two separate performance measurements, with 60% of the award (the "Absolute Award") based solely on the Company's total shareholder return ("TSR") (the "Absolute TSR Component") and 40% of the award (the "Relative Award") measured by the Company's TSR (the "Relative TSR Component") relative to the other companies (the "Index Companies") that were constituents of the SNL US REIT Hotel Index (the "Index") during the entire measurement period. Under the Absolute TSR Component, 37.5% of the Absolute Award is earned if the Company achieves a 25% TSR over the measurement period. That percentage increases on a linear basis with the full Absolute Award being earned at a 50% TSR over the measurement period. For TSR performance below 25% , no portion of the Absolute Award will be earned. Under the Relative TSR Component, 37.5% of the Relative Award is earned if the Company is at the 50th percentile of the Index Companies at the end of the measurement period. That percentage increases on a linear basis with the full Relative Award earned if the Company is at the 75th percentile of the Index Companies at the end of the measurement period. If the Company is below the 50th percentile of the Index Companies at the end of the measurement period, no portion of the Relative Award will be earned. Compensation expense is based on an estimated value of $14.13 per Class A Performance LTIP unit, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Awards earned under the Plan will vest 50% at the end of the three -year measurement period on June 1, 2018 and 25% each on the one-year and two-year anniversaries of the end of the three-year measurement period, or June 1, 2019 and 2020, respectively, and provided that the recipient remains employed by the Company through the vesting dates. In the event of a Change in Control (as defined in the executive officers’ employment agreements), Plan awards will be earned contingent upon the attainment of a pro rata TSR hurdle for the Absolute Award and achievement of the relative TSR percentile for the Relative Award based upon the in-place formula and using the Change of Control as the end of measurement period. Vesting continues to apply to awards earned upon a Change of Control, subject to full acceleration upon termination without cause or resignation for good reason within 18 months of the Change of Control. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The nature of the operations of the Company's hotels exposes those hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. An affiliate of the Company is currently a defendant, along with IHM, in a class action lawsuit pending in the San Diego County Superior Court. The class actions were filed on April 25, 2012 and February 27, 2013, and were subsequently consolidated on November 8, 2013 under the title Martinez et al v. Island Hospitality Management, Inc., et al. Case No. 37-2012-00096221-CU-OE-CTL. The class action relates to fifteen hotels operated by IHM in the state of CA and owned by affiliates of the Company, NewINK JV, Innkeepers JV, and/or certain third parties. Both complaints in the now consolidated lawsuit allege various wage and hour law violations, including unpaid off-the-clock work, failure to provide meal breaks and failure to provide rest breaks. The plaintiffs seek injunctive relief, money damages, penalties, and interest. We are defending the case vigorously. As of September 30, 2015 , we have included $637 in accounts payable and accrued expenses, which represents an estimate of our exposure to the litigation and is also estimated as the maximum possible loss that the Company may incur. Hotel Ground Rent The Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is equal to approximately $8 per month when monthly occupancy is less than 85% and can increase up to approximately $20 per month if occupancy is 100% , with minimum rent increased by two and one-half percent ( 2.5% ) on an annual basis. The Gaslamp hotel is subject to a ground lease with an expiration date of January 31, 2065 with an extension option of up to 3 additional terms of ten years each. Monthly payments are currently $40 per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year. New Rochelle Residence Inn is subject to an air rights lease and garage lease that each expire on December 1, 2104 . The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. Rent for 2015 is equal to approximately $31 per quarter. The Marina del Rey hotel is subject to a ground lease with an expiration date of December 31, 2067 . Minimum monthly payments are currently $43 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income received. The Ft. Lauderdale hotel land is owned by the Company, however, an adjacent dock is subject to a renewable submerged land lease with an expiration date of April 1, 2016. The annual lease payment is $2 . The Company entered into a new corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12 -month rent abatement period and certain tenant improvement allowances. The Company will share the space with related parties and will be reimbursed for the pro-rata share of rentable space occupied by the related parties. Future minimum rental payments under the terms of all non-cancellable operating ground leases and the office lease under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The following is a schedule of the minimum future payments required under the ground, air rights, submerged, garages leases and office lease as of September 30, 2015 , for the remainder of 2015 and for each of the next four calendar years and thereafter (in thousands): Ground Leases Office Lease Amount 2015 (remaining three months) $ 303 $ 20 2016 1,213 231 2017 1,215 745 2018 1,217 772 2019 1,220 792 Thereafter 71,994 5,262 Total $ 77,162 $ 7,822 Management Agreements The management agreements with Concord have an initial ten -year term that expire on February 28, 2017 and will renew automatically for successive one -year terms unless terminated by the TRS lessee or the manager by written notice to the other party no later than 90 days prior to the then current term’s expiration date. The management agreements may be terminated for cause, including the failure of the managed hotel to meet specified operating performance levels. If the Company were to terminate the management agreements during the first nine years of the term, other than for breach or default by the manager, the Company would be responsible for paying termination fees to the manager. The management agreements with IHM have an initial term of five years and automatically renew for two five -year periods unless IHM provides written notice to us no later than 90 days prior to the then current term’s expiration date of their intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. Terms of the Company's management agreements entered into during the three and nine months ended September 30, 2015 are as follows: Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Residence Inn San Diego Gaslamp IHM 3.0 % $ 1,500 $ 1,000 1.0 % Residence Inn Dedham IHM 3.0 % $ 1,200 $ 1,000 1.0 % Residence Inn Ft. Lauderdale IHM 3.0 % $ 1,500 $ 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % $ 1,500 $ 1,000 1.0 % Management fees totaled approximately $2,588 and $1,883 , respectively, for the three months ended September 30, 2015 and 2014 , respectively and approximately $6,601 and $4,373 , respectively, for the nine months ended September 30, 2015 and 2014 . Franchise Agreements The fees associated with the franchise agreements are calculated on the specified percentage of the hotel's gross room revenue. Terms of the Company's franchise agreements entered into during the three and nine months ended September 30, 2015 are as follows: Property Franchise Company Franchise/Royalty Fee Marketing/Program Fee Expiration Residence Inn San Diego Gaslamp Marriott International, Inc 6.0% 2.5% 2035 Residence Inn Dedham Marriott International, Inc 6.0% 2.5% 2030 Residence Inn Ft. Lauderdale Marriott International, Inc 3% to 6% 2.5% 2045 Hilton Garden Inn Marina del Rey Hilton Franchise Holding LLC 3% to 5.5% 4.3% 2030 Franchise and marketing fees totaled approximately $6,092 and $4,694 , respectively, for the three months ended September 30, 2015 and 2014 and approximately $16,146 and $11,088 , respectively, for the nine months ended September 30, 2015 and 2014 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM and affiliates of NorthStar Asset Management Group, Inc. own 45% . As of September 30, 2015 , the Company had hotel management agreements with IHM to manage 36 of its wholly owned hotels. As of September 30, 2015 , all 47 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV are managed by IHM. Hotel management, revenue management and accounting fees paid to IHM for the hotels owned by the Company for the three months ended September 30, 2015 and 2014 were $2,512 and $1,790 , respectively, and for the nine months ended September 30, 2015 and 2014 were $6,860 and $4,122 , respectively. At September 30, 2015 and December 31, 2014 , the amounts due to IHM were $838 and $558 , respectively. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the Innkeepers JV, NewINK JV, Inland JV and an entity which is 97.5% owned by affiliates of NorthStar and 2.5% owned by Mr. Fisher. These costs relate primarily to corporate payroll costs at the Innkeepers JV, NewINK JV and Inland JV where the Company is the employer. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the JVs are recorded based upon the occurrence of a reimbursed activity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events None.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2014 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Standards	On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity's ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company's financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis , which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interest (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determinations under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. This standard is effective for fiscal years beginning after December 15, 2015 with early adoption permitted and will be applied on a retrospective basis. Supplemental to ASU 2015-03, on August 16, 2015, the FASB issued Accounting Standards Update 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements -Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, which clarifies that debt issuance costs attributable to line-of-credit arrangements can be presented as an asset and amortized ratably over the life of the revolving debt arrangement, regardless of whether there is an outstanding balance thereunder. This methodology is consistent with the Company’s historical treatment of such costs. The new standard will be effective for the Company on January 1, 2016 and will not have a material impact on the Company's financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires an entity to recognize the adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. In addition, the adjustments must be disclosed by income statement line item either on the face of the income statement or in the footnotes as if the adjustment to the provisional amounts had been recorded as of the acquisition date. The amendment is effective prospectively for interim and annual periods beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. We do not expect the new standard will have a significant impact on our consolidated financial statements.

Acquisition of Hotel Properti25

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Purchase Price Allocation	The allocation of the purchase price of the Residence Inn San Diego Gaslamp ("Gaslamp"), the Residence Inn Dedham ("Dedham"), the Residence Inn Ft. Lauderdale ("Ft. Lauderdale) and the Hilton Garden Inn Marina del Rey ("Marina del Rey") hotels based on the fair value on the date of the acquisition was (dollars in thousands): Gaslamp Dedham Ft. Lauderdale Marina del Rey Acquisition date 2/25/2015 7/17/2015 8/17/2015 9/17/2015 Number of Rooms 240 81 104 134 Land $ — $ 4,230 9,200 — Building and improvements 89,040 17,304 24,048 43,210 Furniture, fixtures and equipment 960 466 252 1,340 Cash 3 2 2 6 Restricted cash — — — 1,755 Accounts receivable 81 47 32 30 Deferred costs, net — — — 43 Prepaid expenses and other assets 278 3 40 217 Accounts payable and accrued expenses (204 ) (10 ) (279 ) (67 ) Mortgage debt — — — (22,569 ) Net assets acquired $ 90,158 $ 22,042 $ 33,295 $ 23,965 Net assets acquired, net of cash $ 90,155 $ 22,040 $ 33,293 $ 23,959
Pro Forma Financial Information	The following condensed pro forma financial information presents the unaudited results of operations for the three and nine months ended September 30, 2015 and 2014 as if the acquisition of the hotels acquired in 2015 and 2014 had taken place on January 1, 2014 and 2013, respectively. Since the acquisition of the Cherry Creek hotel was not material, the pro forma numbers presented below do not include the operating results of the Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $569 and $836 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2015 and include these acquisition costs in 2014. Supplemental pro forma earnings were adjusted to exclude $18 and $4,802 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2014 . The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2014 and 2013, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Pro forma total revenue $ 81,660 $ 76,026 $ 225,359 $ 208,797 Pro forma net income $ 15,057 $ 11,011 $ 31,398 $ 19,174 Pro forma income per share: Basic $ 0.39 $ 0.32 $ 0.82 $ 0.56 Diluted $ 0.39 $ 0.32 $ 0.81 $ 0.56 Weighted average Common Shares Outstanding Basic 38,307,129 33,997,789 38,307,129 33,997,789 Diluted 38,709,461 34,322,321 38,710,729 34,294,963 The amount of revenue and operating income from the hotels acquired in 2015 is as follows (in thousands): For the three months ended For the nine months ended September 30, 2015 September 30, 2015 Revenue Operating Income Revenue Operating Income Residence Inn San Diego Gaslamp $ 4,182 $ 2,356 $ 9,505 $ 5,568 Residence Inn Dedham, MA 991 604 991 604 Residence Inn Ft. Lauderdale, FL 521 104 521 104 Hilton Garden Inn Marina del Rey, CA 350 258 350 258 Total $ 6,044 $ 3,322 $ 11,367 $ 6,534

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Land and improvements $ 274,543 $ 261,108 Building and improvements 1,028,915 844,396 Furniture, fixtures and equipment 61,668 61,186 Renovations in progress 7,257 6,574 1,372,383 1,173,264 Less: accumulated depreciation (107,345 ) (76,839 ) Investment in hotel properties, net $ 1,265,038 $ 1,096,425

Investment in Unconsolidated 27

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule Of Income From Joint Venture Table	The following table sets forth the combined components of net income (loss), including the Company’s share, related to the Innkeepers JV, NewINK JV and Inland JV (the Torrance JV is not material) for the three and nine months ended September 30, 2015 and 2014 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Revenue $ 135,092 $ 67,160 $ 374,760 $ 203,730 Total hotel operating expenses 75,612 37,994 215,999 114,352 Operating income $ 59,480 $ 29,166 $ 158,761 $ 89,378 Net income (loss) from continuing operations $ 12,447 $ (6,104 ) $ 19,560 $ (17,073 ) Loss on sale of hotels $ — $ — $ — $ (5 ) Net income (loss) $ 12,447 $ (6,104 ) $ 19,560 $ (17,078 ) Income (loss) allocable to the Company $ 1,267 $ 627 $ 1,984 $ (1,755 ) Basis difference adjustment 150 185 450 185 Total income (loss) from unconsolidated real estate entities attributable to the Company $ 1,417 $ 812 $ 2,434 $ (1,570 )
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 140 $ 62 $ 185 $ 100 Total $ 140 $ 62 $ 185 $ 100
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Innkeepers JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ — $ — $ — $ 411 Total $ — $ — $ — $ 411
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 2,107 $ 411 $ 4,599 $ 411 Total $ 2,107 $ 411 $ 4,599 $ 411
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2015 and 2014 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Cash generated from other activities and excess cash $ 1,000 $ — $ 2,395 $ — Total $ 1,000 $ — $ 2,395 $ —

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Components of Mortgage Debt	Mortgage debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/15 Balance Outstanding on Loan as of September 30, 2015 December 31, Senior Secured Revolving Credit Facility (1) 2.70 % November 5, 2016 $ 238,329 $ 60,000 $ 22,500 SpringHill Suites by Marriott Washington, PA (2) 5.84 % April 1, 2015 11,261 — 4,760 Courtyard by Marriott Altoona, PA 5.96 % April 1, 2016 10,244 6,010 6,172 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,762 14,582 14,832 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,999 29,685 30,062 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 32,393 16,955 17,174 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 32,106 23,229 23,534 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,561 19,213 19,475 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 37,260 23,368 23,657 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 71,415 47,080 47,580 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,879 34,000 34,000 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 87,180 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 95,505 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 68,923 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 52,565 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,211 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 44,496 22,570 — Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,712 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 28,236 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,305 18,300 18,300 Total $ 1,014,342 $ 603,167 $ 550,221 (1) Twelve properties in the borrowing base serve as collateral for borrowings under the senior secured revolving credit facility at September 30, 2015 . The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5% . (2) On March 31, 2015 , the Company paid off the SpringHill Suites by Marriott Washington, PA loan, due April 1, 2015 .
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of September 30, 2015 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2015 (remaining three months) $ 866 2016 69,870 2017 4,302 2018 5,374 2019 7,340 Thereafter 515,415 Total $ 603,167

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Federal $ 212 $ 34 $ 228 $ 64 State 62 10 71 21 Tax expense $ 274 $ 44 $ 299 $ 85

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends Declared and Paid	The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/30/2015 2/27/2015 $ 0.10 $ 0.10 February 2/27/2015 3/27/2015 0.10 0.10 March 3/31/2015 4/24/2015 0.10 0.10 1st Quarter 2015 $ 0.30 $ 0.30 April 4/30/2015 5/29/2015 $ 0.10 $ 0.10 May 5/29/2015 6/26/2015 0.10 0.10 June 6/30/2015 7/31/2015 0.10 $ 0.10 2nd Quarter 2015 $ 0.30 $ 0.30 July 7/31/2015 8/28/2015 $ 0.10 $ 0.10 August 8/31/2015 9/25/2015 0.10 0.10 September 9/30/2015 10/30/2015 0.10 0.10 3rd Quarter 2015 $ 0.30 $ 0.30 Total 2015 $ 0.90 $ 0.90

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted net income (loss) per share (in thousands, except share and per share data): For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 14,315 $ 8,700 $ 28,476 $ 72,174 Dividends paid on unvested shares and units (55 ) (36 ) (107 ) (181 ) Net income attributable to common shareholders $ 14,260 $ 8,664 $ 28,369 $ 71,993 Denominator: Weighted average number of common shares - basic 38,212,028 27,370,815 37,818,340 26,697,483 Effect of dilutive securities: Unvested shares 402,332 324,532 403,600 297,174 Weighted average number of common shares - diluted 38,614,360 27,695,347 38,221,940 26,994,657 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.37 $ 0.32 $ 0.75 $ 2.70 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.37 $ 0.31 $ 0.74 $ 2.67

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share Awards	A summary of the Company’s restricted share awards for the nine months ended September 30, 2015 and the year ended December 31, 2014 is as follows: Nine Months Ended Year Ended September 30, 2015 December 31, 2014 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 179,641 $ 14.92 158,035 $ 12.39 Granted 85,254 26.59 87,018 17.46 Vested (94,415 ) 13.80 (65,412 ) 12.17 Non-vested at end of the period 170,480 $ 21.38 179,641 $ 14.92 A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of September 30, 2015 is as follows: Award Type Award Date Total Shares Granted Vested as of September 30, 2015 2013 Time-based Awards 1/29/2013 40,829 27,222 2013 Performance-based Awards 5/17/2013 40,829 27,222 2014 Time-based Awards 1/31/2014 48,213 16,071 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 — 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Minimum Future Obligation Payments Required Under Ground Leases	The following is a schedule of the minimum future payments required under the ground, air rights, submerged, garages leases and office lease as of September 30, 2015 , for the remainder of 2015 and for each of the next four calendar years and thereafter (in thousands): Ground Leases Office Lease Amount 2015 (remaining three months) $ 303 $ 20 2016 1,213 231 2017 1,215 745 2018 1,217 772 2019 1,220 792 Thereafter 71,994 5,262 Total $ 77,162 $ 7,822
Schedule of Management Agreement Terms	Terms of the Company's management agreements entered into during the three and nine months ended September 30, 2015 are as follows: Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Residence Inn San Diego Gaslamp IHM 3.0 % $ 1,500 $ 1,000 1.0 % Residence Inn Dedham IHM 3.0 % $ 1,200 $ 1,000 1.0 % Residence Inn Ft. Lauderdale IHM 3.0 % $ 1,500 $ 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % $ 1,500 $ 1,000 1.0 %
Schedule of Franchise Agreement Terms	Terms of the Company's franchise agreements entered into during the three and nine months ended September 30, 2015 are as follows: Property Franchise Company Franchise/Royalty Fee Marketing/Program Fee Expiration Residence Inn San Diego Gaslamp Marriott International, Inc 6.0% 2.5% 2035 Residence Inn Dedham Marriott International, Inc 6.0% 2.5% 2030 Residence Inn Ft. Lauderdale Marriott International, Inc 3% to 6% 2.5% 2045 Hilton Garden Inn Marina del Rey Hilton Franchise Holding LLC 3% to 5.5% 4.3% 2030

Organization - Additional Infor

Organization - Additional Information (Details)	Jan. 27, 2015USD ($)shares	Jan. 31, 2014USD ($)	Sep. 30, 2015USD ($)HotelRoomstate$ / sharesshares	Dec. 31, 2014HotelRoom	Nov. 17, 2014	Jun. 30, 2014HotelRoom	Jun. 09, 2014	Apr. 17, 2013Room
Subsidiary, Sale of Stock [Line Items]
Shares issued | shares	4,025,000
Proceeds from issuance of common stock, net of issuance costs | $	$ 118,762,000
Percentage of common units of limited partnership owned			100.00%
Number of hotels in ownership by Company			38
Aggregate number of rooms in hotels | Room			5,675
Number of states in which hotels are owned | state			15
Initial term of each TRS lease			5 years
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room				6,401
Indirect ownership in the leased, hotels			10.00%		10.00%
Number of Hotels Acquired			48	48
Inland Joint Venture | Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party			34
Inland Joint Venture | Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party			14
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased, hotels			10.30%				10.30%
Torrance Joint Venture | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased, hotels			5.00%
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party			36
Ownership percentage in related party owned by the company's chairman			51.00%
Ownership Percentage In Related Party Owned By Third Party			45.00%
Concord Hospitality Enterprises
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party			2
Minority Interest In Joint Venture Rooms | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room						6,094
Number of hotels managed by related party						47
Torrance Joint Venture | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room			248					248
Indirect ownership in the leased, hotels			5.00%					5.00%
Indirectly Owned Interest In Joint Venture Hotels
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company			47
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued | shares	525,000
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount | $		$ 50,000,000
Shares issued | shares			880,820
Stock purchase plan, average price per share (in dollars per share) | $ / shares			$ 23.54
Stock purchase plan, remaining authorized repurchase amount | $			$ 29,264,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount | $		$ 25,000,000
Shares issued | shares			3,787
Stock purchase plan, average price per share (in dollars per share) | $ / shares			$ 26.11
Stock purchase plan, remaining authorized repurchase amount | $			$ 24,901,000

Acquisition of Hotel Properti35

Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 17, 2015USD ($)Room	Aug. 17, 2015USD ($)Room	Jul. 17, 2015USD ($)Room	Feb. 25, 2015USD ($)Room
Business Acquisition [Line Items]
Revenue	$ 6,044	$ 11,367
Operating Income	3,322	6,534
Gaslamp
Business Acquisition [Line Items]
Number of Rooms | Room						240
Land						$ 0
Building and improvements						89,040
Furniture, fixtures and equipment						960
Cash						3
Restricted cash						0
Accounts receivable						81
Deferred costs, net						0
Prepaid expenses and other assets						278
Accounts payable and accrued expenses						(204)
Mortgage debt						0
Net assets acquired						90,158
Net assets acquired, net of cash						$ 90,155
Revenue	4,182	9,505
Operating Income	2,356	5,568
Dedham
Business Acquisition [Line Items]
Number of Rooms | Room					81
Land					$ 4,230
Building and improvements					17,304
Furniture, fixtures and equipment					466
Cash					2
Restricted cash					0
Accounts receivable					47
Deferred costs, net					0
Prepaid expenses and other assets					3
Accounts payable and accrued expenses					(10)
Mortgage debt					0
Net assets acquired					22,042
Net assets acquired, net of cash					$ 22,040
Revenue	991	991
Operating Income	604	604
Ft. Lauderdale
Business Acquisition [Line Items]
Number of Rooms | Room				104
Land				$ 9,200
Building and improvements				24,048
Furniture, fixtures and equipment				252
Cash				2
Restricted cash				0
Accounts receivable				32
Deferred costs, net				0
Prepaid expenses and other assets				40
Accounts payable and accrued expenses				(279)
Mortgage debt				0
Net assets acquired				33,295
Net assets acquired, net of cash				$ 33,293
Revenue	521	521
Operating Income	104	104
Marina del Rey
Business Acquisition [Line Items]
Number of Rooms | Room			134
Land			$ 0
Building and improvements			43,210
Furniture, fixtures and equipment			1,340
Cash			6
Restricted cash			1,755
Accounts receivable			30
Deferred costs, net			43
Prepaid expenses and other assets			217
Accounts payable and accrued expenses			(67)
Mortgage debt			(22,569)
Net assets acquired			23,965
Net assets acquired, net of cash			$ 23,959
Revenue	350	350
Operating Income	$ 258	$ 258

Acquisition of Hotel Properti36

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Acquisition costs incurred	$ 623	$ 335	$ 1,406	$ 7,376
Recent Acquisitions
Business Acquisition [Line Items]
Acquisition costs incurred	$ 569	$ 18	$ 836	$ 4,802

Acquisition of Hotel Properti37

Acquisition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Weighted average Common Shares Outstanding
Basic (in shares)	38,212,028	27,370,815	37,818,340	26,697,483
Diluted (in shares)	38,614,360	27,695,347	38,221,940	26,994,657
Recent Acquisitions
Business Acquisition, Pro Forma Information [Line Items]
Pro forma total revenue	$ 81,660	$ 76,026	$ 225,359	$ 208,797
Pro forma net income	$ 15,057	$ 11,011	$ 31,398	$ 19,174
Pro forma income per share:
Basic (in dollars per share)	$ 0.39	$ 0.32	$ 0.82	$ 0.56
Diluted (in dollars per share)	$ 0.39	$ 0.32	$ 0.81	$ 0.56
Weighted average Common Shares Outstanding
Basic (in shares)	38,307,129	33,997,789	38,307,129	33,997,789
Diluted (in shares)	38,709,461	34,322,321	38,710,729	34,294,963

Allowance for Doubtful Accoun38

Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Hotel receivables	$ 89	$ 71

Investment in Hotel Propertie39

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments Schedule [Abstract]
Land and improvements	$ 274,543	$ 261,108
Building and improvements	1,028,915	844,396
Furniture, fixtures and equipment	61,668	61,186
Renovations in progress	7,257	6,574
Investment in hotel properties, at cost	1,372,383	1,173,264
Less: accumulated depreciation	(107,345)	(76,839)
Investment in hotel properties, net	$ 1,265,038	$ 1,096,425

Investment in Unconsolidated 40

Investment in Unconsolidated Entities - Additional Information (Details) $ in Thousands	Jun. 09, 2014USD ($)Hotel	Sep. 30, 2015USD ($)Room	Dec. 31, 2014USD ($)Room	Nov. 17, 2014	Jun. 08, 2014HotelRoom	Apr. 17, 2013USD ($)Room
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels | Room		5,675
Purchase of hotels, number of hotels | Hotel	4
Investment in unconsolidated real estate entities		$ 24,936	$ 28,152
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of hotels in joint venture real estate portfolio | Hotel	47
Joint venture, percentage ownership by third party	89.70%
Gain (loss) on remeasurement of joint venture	$ 19,701
Gain (loss) on sale of joint venture	47,000
Gain (loss) on sale of joint venture after remeasurement	$ 66,701
Investment in unconsolidated real estate entities		15,430
Difference between carrying amount and share of partners' capital		$ 16,850
NewINK Joint Venture | Silicon Valley Acquisition
Schedule of Equity Method Investments [Line Items]
Purchase of hotels, number of hotels | Hotel	4
Investment in unconsolidated real estate entities	$ 6,900
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels	10.30%	10.30%
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels		10.00%		10.00%
Aggregate number of rooms in hotels | Room			6,401
Joint venture, percentage ownership by third party				90.00%
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ 706	$ 782
Torrance Joint Venture | Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels		5.00%				5.00%
Investment in joint venture						$ 1,700
Aggregate number of rooms in hotels | Room		248				248
Torrance Joint Venture | Cerberus Capital Management | Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture						$ 31,000
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ 0	0
Innkeepers Joint Venture | Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels					10.30%
Number of hotels in joint venture real estate portfolio | Hotel					51
Number of hotel rooms in joint venture real estate portfolio | Room					6,845
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		(1,420)	1,694
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ 24,230	$ 25,676

Investment in Unconsolidated 41

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents			$ 980	$ 62,835
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	$ 140	$ 62	185	100
Net change in cash and cash equivalents	140	62	185	100
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	0	0	0	411
Net change in cash and cash equivalents	0	0	0	411
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	2,107	411	4,599	411
Net change in cash and cash equivalents	2,107	411	4,599	411
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	1,000	0	2,395	0
Net change in cash and cash equivalents	$ 1,000	$ 0	$ 2,395	$ 0

Investment in Unconsolidated 42

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Total hotel operating expenses	$ 58,115	$ 45,979	$ 162,805	$ 122,425
Operating income	20,114	14,683	46,596	22,179
Net income attributable to common shareholders	14,315	8,700	28,476	72,174
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	135,092	67,160	374,760	203,730
Total hotel operating expenses	75,612	37,994	215,999	114,352
Operating income	59,480	29,166	158,761	89,378
Net income (loss) from continuing operations	12,447	(6,104)	19,560	(17,073)
Loss on sale of hotels	0	0	0	(5)
Net income attributable to common shareholders	12,447	(6,104)	19,560	(17,078)
Income (loss) allocable to the Company	1,267	627	1,984	(1,755)
Basis difference adjustment	150	185	450	185
Total income (loss) from unconsolidated real estate entities attributable to the Company	$ 1,417	$ 812	$ 2,434	$ (1,570)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 17, 2015	Dec. 31, 2014
Participating Mortgage Loans [Line Items]
Carrying Value	$ 1,014,342
Mortgage debt	$ 603,167		$ 550,221
Senior Secured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	2.70%
Carrying Value	$ 238,329
Mortgage debt	$ 60,000		22,500
SpringHill Suites by Marriott Washington, PA
Participating Mortgage Loans [Line Items]
Interest Rate	5.84%
Carrying Value	$ 11,261
Mortgage debt	$ 0		4,760
Courtyard by Marriott Altoona, PA
Participating Mortgage Loans [Line Items]
Interest Rate	5.96%
Carrying Value	$ 10,244
Mortgage debt	$ 6,010		6,172
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 20,762
Mortgage debt	$ 14,582		14,832
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 45,999
Mortgage debt	$ 29,685		30,062
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 32,393
Mortgage debt	$ 16,955		17,174
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 32,106
Mortgage debt	$ 23,229		23,534
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 31,561
Mortgage debt	$ 19,213		19,475
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 37,260
Mortgage debt	$ 23,368		23,657
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 71,415
Mortgage debt	$ 47,080		47,580
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 41,879
Mortgage debt	$ 34,000		34,000
Residence Inn by Marriott Silicon Valley I, Sunnyvale, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 87,180
Mortgage debt	$ 64,800		64,800
Residence Inn by Marriott Silicon Valley II, Sunnyvale, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 95,505
Mortgage debt	$ 70,700		70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 68,923
Mortgage debt	$ 48,600		48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 52,565
Mortgage debt	$ 37,900		37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 37,211
Mortgage debt	$ 30,000		30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 44,496
Mortgage debt	$ 22,570	$ 22,600	0
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 11,712
Mortgage debt	$ 16,225		16,225
Homewood Suites by Hilton Carlsbad CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 28,236
Mortgage debt	$ 19,950		19,950
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 15,305
Mortgage debt	$ 18,300		$ 18,300

Debt - Components of Mortgage44

Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Secured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2015Property
Participating Mortgage Loans [Line Items]
Number of properties in borrowing base securing borrowing under credit facility	12
LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.50%

Debt - Additional Information (

Debt - Additional Information (Details)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	$ 60,000,000	$ 22,500,000
Consolidated fixed charge coverage ratio	3.29
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio	1.50
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 555,619,000	542,538,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	59,995,000	22,498,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	60,000,000	$ 22,500,000
Maximum borrowing availability under revolving credit facility	$ 175,000,000

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015 (remaining three months)	$ 866
2,016	69,870
2,017	4,302
2,018	5,374
2,019	7,340
Thereafter	515,415
Total	$ 603,167	$ 550,221

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Federal	$ 212	$ 34	$ 228	$ 64
State	62	10	71	21
Tax expense	$ 274	$ 44	$ 299	$ 85

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Trs Lessee One
Income Taxes [Line Items]
Deferred Tax Assets, Net of Valuation Allowance	$ 95
Recorded valuation allowance equal to gross deferred tax asset	100.00%
Trs Lessee Two
Income Taxes [Line Items]
Gross deferred tax asset associated with future tax deductions	$ 0

Dividends Declared and Paid - A

Dividends Declared and Paid - Additional Information (Details) - $ / shares	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 29, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 27, 2015	Jan. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Common shares, dividend declared per share (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.3	$ 0.3	$ 0.3	$ 0.9	$ 0.69
Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.3	$ 0.3	$ 0.3	$ 0.9	$ 0.69

Dividends Declared and Paid - D

Dividends Declared and Paid - Dividend Information (Details) - $ / shares	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 29, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 27, 2015	Jan. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Common share distribution amount (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.3	$ 0.3	$ 0.3	$ 0.9	$ 0.69
LTIP unit distribution amount (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.10	$ 0.10	$ 0.10	$ 0.3	$ 0.3	$ 0.3	$ 0.9	$ 0.69

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income attributable to common shareholders	$ 14,315	$ 8,700	$ 28,476	$ 72,174
Dividends paid on unvested shares and units	(55)	(36)	(107)	(181)
Net income attributable to common shareholders	$ 14,260	$ 8,664	$ 28,369	$ 71,993
Denominator:
Weighted average number of common shares - basic (in shares)	38,212,028	27,370,815	37,818,340	26,697,483
Effect of dilutive securities:
Unvested shares (in shares)	402,332	324,532	403,600	297,174
Weighted average number of common shares - diluted (in shares)	38,614,360	27,695,347	38,221,940	26,994,657
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.37	$ 0.32	$ 0.75	$ 2.70
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.37	$ 0.31	$ 0.74	$ 2.67

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands

Jun. 01, 2015$ / sharesshares

Jun. 04, 2014officershares

Sep. 30, 2013officershares

May. 17, 2013shares

Jan. 31, 2015shares

Jan. 31, 2014shares

Sep. 30, 2015USD ($)$ / sharesshares

Sep. 30, 2014USD ($)

Sep. 30, 2015USD ($)$ / sharesshares

Sep. 30, 2014USD ($)

Dec. 31, 2014USD ($)$ / sharesshares

Dec. 31, 2013$ / shares

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

Compensation expense valuation of performance-based shares (in dollars per share) | $ / shares

$ 21.21

$ 21.21

$ 13.17

$ 10.93

Total unrecognized compensation cost related to LTIP Units. | $

$ 2,348

$ 2,348

$ 267

Independent Trustees

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

Common share issued as compensation for services performed

14,113

16,542

18,868

Equity Incentive Plan

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

Number of shares authorized

3,000,000

Vesting period for share awards under equity

3 years

2010 Equity Incentive Plan

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

Number of trading days preceding the reporting date for which average of closing price of common shares is taken

10 days

Common shares available for issuance

2,013,791

2,013,791

Time-based Restricted Stock Awards

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

Vesting period for share awards under equity

3 years

Performance-based Restricted Stock Awards

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

Vesting period for share awards under equity

3 years

Restricted Stock

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

Unrecognized compensation costs | $

$ 2,543

$ 2,543

$ 1,458

Weighted - average period for recognition of unrecognized compensation costs

2 years

Compensation expense, recognized | $

413

$ 330

$ 1,182

$ 945

Number of Shares, Granted (in shares)

85,254

87,018

Long Term Incentive Plan Units

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

Vesting period for share awards under equity

3 years

Weighted - average period for recognition of unrecognized compensation costs

3 years 4 months 24 days

Compensation expense, recognized | $

$ 197

$ 196

$ 509

$ 587

Initial Award Vesting Rights, Percentage

50.00%

Annual Award Vesting Rights After Initial Portion, Percentage

25.00%

Termination Period Upon Change In Control

18 months

Distribution Entitlement, Percentage

10.00%

Long Term Incentive Plan Units | Awarded June 1, 2015

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

Number of Shares, Granted (in shares)

183,300

Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ / shares

$ 14.13

Long Term Incentive Plan Units | Officer | Awarded September 30, 2013

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

Number of awards achieving full parity (in shares)

26,250

Number of recipients | officer

1

Awards vested to date, percentage

100.00%

100.00%

Long Term Incentive Plan Units | Officer | Awarded June 4, 2014

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

Number of awards achieving full parity (in shares)

231,525

Number of recipients | officer

2

Awards vested to date, percentage

100.00%

100.00%

Long Term Incentive Plan Units, Absolute TSR Component

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

Portion of Awards Granted, Percentage

60.00%

Long Term Incentive Plan Units, Absolute TSR Component | Minimum

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

Portion Of Awards To Be Granted If Conditions Are Met, Percentage

37.50%

Total Shareholder Return Threshold

25.00%

Long Term Incentive Plan Units, Absolute TSR Component | Maximum

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

Total Shareholder Return Threshold

50.00%

Long Term Incentive Plan Units, Relative TSR Component

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

Portion of Awards Granted, Percentage

40.00%

Long Term Incentive Plan Units, Relative TSR Component | Minimum

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

Portion Of Awards To Be Granted If Conditions Are Met, Percentage

37.50%

Index Percentile Threshold

50.00%

Long Term Incentive Plan Units, Relative TSR Component | Maximum

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

Index Percentile Threshold

75.00%

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) - shares	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014	May. 17, 2013	Jan. 29, 2013	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015
Awarded January 29, 2013 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted					40,829
Vested										27,222
Awarded May 17, 2013 | Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted				40,829
Vested									27,222
Awarded January 31, 2014 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted			48,213
Vested								16,071
Awarded January 31, 2014 | Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted			38,805
Vested								12,935
Awards January 30, 2015 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted		40,161
Vested							0
Awards January 30, 2015 | Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted		36,144
Vested							0
Awards June 1, 2015 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted	8,949
Vested						0

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	179,641	158,035
Number of Shares, Granted (in shares)	85,254	87,018
Number of Shares, Vested (in shares)	(94,415)	(65,412)
Number of Shares, Nonvested at end of the period (in shares)	170,480	179,641
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 14.92	$ 12.39
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	26.59	17.46
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	13.80	12.17
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 21.38	$ 14.92

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)ParkingSpace	Sep. 30, 2015USD ($)ParkingSpace	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)ParkingSpacerenewal_periodTerm	Sep. 30, 2014USD ($)	Apr. 25, 2012Hotel
Capital Leased Assets [Line Items]
Number of hotels related to class action lawsuit | Hotel						15
Estimated Litigation Liability, Current	$ 637	$ 637		$ 637
Maximum additional terms up to which ground lease can be extended | Term				12
Periods in each additional renewal term				5 years
Approximate rent when monthly occupancy is less than 85%				$ 8
Percentage of occupancy under condition one (less than)				85.00%
Approximate rent when monthly occupancy is 100%				$ 20
Percentage of occupancy under condition two				100.00%
Minimum percentage of annual rent increase				2.50%
Management fees recorded within hotel other operating expenses		2,588	$ 1,883	$ 6,601	$ 4,373
Maximum
Capital Leased Assets [Line Items]
Franchise fees recorded within hotel other operating expenses		$ 6,092	$ 4,694	$ 16,146	$ 11,088
Hotel Management Agreement | Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements				5 years
Minimum notice period for termination of management agreement				6 months
Number of renewal periods | renewal_period				2
Renewal periods of management agreements				5 years
Notice period for successive renewal of agreement (no later than)				90 days
Management fee				10.00%
Incentive management fee				1.00%
Concord | Hotel Management Agreement
Capital Leased Assets [Line Items]
Periods in each additional renewal term				1 year
Initial terms of management agreements				10 years
Minimum notice period for termination of management agreement				90 days
Minimum termination period required to avoid breach or default by the manager				9 years
Gaslamp
Capital Leased Assets [Line Items]
Incentive management fee				1.00%
Marina del Rey
Capital Leased Assets [Line Items]
Incentive management fee				1.00%
Ft. Lauderdale
Capital Leased Assets [Line Items]
Incentive management fee				1.00%
Ground Leases | Gaslamp
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended | Term				3
Periods in each additional renewal term				10 years
Operating Leases, Monthly Payment				$ 40
Operating Lease, Periodic Increase, Percentage				10.00%
Operating Lease, Periodic Increase, Term				5 years
Operating Lease, Annual Supplemental Rent, Percentage of Gross Revenues				5.00%
Operating Lease, Annual Supplemental Rent Subtraction, Base Rent Multiplier				12
Ground Leases | Marina del Rey
Capital Leased Assets [Line Items]
Operating Leases, Monthly Payment				$ 43
Ground Leases | Marina del Rey | Minimum
Capital Leased Assets [Line Items]
Operating Lease, Annual Supplemental Rent, Percentage of Gross Revenues				5.00%
Ground Leases | Marina del Rey | Maximum
Capital Leased Assets [Line Items]
Operating Lease, Annual Supplemental Rent, Percentage of Gross Revenues				25.00%
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel | ParkingSpace	128	128		128
Quarterly rent				$ 31
Submerged Land Leases | Ft. Lauderdale
Capital Leased Assets [Line Items]
Operating Leases, Monthly Payment				$ 2
Office Leases
Capital Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	11 years
Lessee Leasing Arrangements, Operating Leases, Abatement Term of Contract	12 months

Commitments and Contingencies56

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) $ in Thousands	Sep. 30, 2015USD ($)
Ground Leases
Minimum future obligation payments required under ground leases
2015 (remaining three months)	$ 303
2,016	1,213
2,017	1,215
2,018	1,217
2,019	1,220
Thereafter	71,994
Total	77,162
Office Leases
Minimum future obligation payments required under ground leases
2015 (remaining three months)	20
2,016	231
2,017	745
2,018	772
2,019	792
Thereafter	5,262
Total	$ 7,822

Commitments and Contingencies57

Commitments and Contingencies - Terms of Management Agreements (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee	1.00%
Residence Inn Dedham
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee	1.00%
Ft. Lauderdale
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee	1.00%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee	1.00%

Commitments and Contingencies58

Commitments and Contingencies - Terms of Franchise Agreements (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Ft. Lauderdale
Real Estate Properties [Line Items]
Marketing/Program Fee		2.50%
Ft. Lauderdale | Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Ft. Lauderdale | Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Franchise/Royalty Fee		6.00%
Marketing/Program Fee		2.50%
Residence Inn Dedham
Real Estate Properties [Line Items]
Franchise/Royalty Fee		6.00%
Marketing/Program Fee		2.50%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Marketing/Program Fee		4.30%
Hilton Garden Inn Marina del Rey | Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Hilton Garden Inn Marina del Rey | Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Hotel	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Hotel	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company	38		38
Management and accounting fees paid by the company | $	$ 2,512	$ 1,790	$ 6,860	$ 4,122
Amounts due to related party | $	$ 838		$ 838		$ 558
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%		2.50%
Ownership Percentage In Related Party Owned By Third Party	97.50%		97.50%
Minority Interest In Joint Venture with Cerberus
Related Party Transaction [Line Items]
Number of hotels in ownership by Company	47		47
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%		51.00%
Ownership Percentage In Related Party Owned By Third Party	45.00%		45.00%
Number of hotels managed by related party	36		36
Inland Joint Venture
Related Party Transaction [Line Items]
Number of Hotels Acquired	48		48		48
Inland Joint Venture | Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party	34		34