Chatham Lodging Trust (CLDT) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Central Index Key	1,476,045
Trading Symbol	CLDT
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		38,338,183
Entity Public Float			$ 1,013,979,487.21

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net	$ 1,258,452	$ 1,096,425
Cash and cash equivalents	21,036	15,077
Restricted cash	19,273	12,030
Investment in unconsolidated real estate entities	23,618	28,152
Hotel receivables (net of allowance for doubtful accounts of $95 and $71, respectively)	4,433	3,601
Deferred costs, net	8,034	7,514
Prepaid expenses and other assets	5,052	2,300
Total assets	1,339,898	1,165,099
Liabilities and Equity:
Mortgage debt	542,292	527,721
Revolving credit facility	65,580	22,500
Accounts payable and accrued expenses	25,100	20,042
Distributions and losses in excess of investments of unconsolidated real estate entities	2,703	0
Distributions payable	7,221	2,884
Total liabilities	$ 642,896	$ 573,147
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2015 and 2014	$ 0	$ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,308,937 and 34,173,691 shares issued and outstanding at December 31, 2015 and 2014, respectively	379	339
Additional paid-in capital	719,773	599,318
Accumulated deficit	(27,281)	(11,120)
Total shareholders’ equity	692,871	588,537
Noncontrolling Interests:
Noncontrolling interest in operating partnership	4,131	3,415
Total equity	697,002	591,952
Total liabilities and equity	$ 1,339,898	$ 1,165,099

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Hotel receivables, allowance for doubtful accounts	$ 95	$ 71
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	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 (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	38,308,937	34,173,691
Common shares, shares outstanding (in shares)	38,308,937	34,173,691

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Room	$ 258,137	$ 184,926	$ 118,169
Food and beverage	5,536	2,764	1,311
Other	9,534	7,534	5,113
Cost reimbursements from unconsolidated real estate entities	3,743	1,992	1,635
Total revenue	276,950	197,216	126,228
Hotel operating expenses:
Room	50,165	37,516	25,709
Food and beverage	4,127	1,966	944
Telephone	1,708	1,304	899
Other hotel operating	2,467	2,056	1,580
General and administrative	21,101	16,265	11,529
Franchise and marketing fees	21,240	15,110	9,394
Advertising and promotions	5,040	3,676	2,782
Utilities	9,464	7,269	4,955
Repairs and maintenance	11,722	8,705	6,310
Management fees	8,742	6,096	3,752
Insurance	1,218	998	742
Total hotel operating expenses	136,994	100,961	68,596
Depreciation and amortization	48,981	34,710	18,249
Property taxes, ground rent and insurance	18,581	12,624	8,915
General and administrative	11,677	9,852	8,131
Hotel property acquisition costs and other charges	1,451	10,381	3,341
Reimbursable costs from unconsolidated real estate entities	3,743	1,992	1,635
Total operating expenses	221,427	170,520	108,867
Operating income	55,523	26,696	17,361
Interest and other income	264	108	132
Interest expense, including amortization of deferred fees	(27,924)	(21,354)	(11,580)
Loss on early extinguishment of debt	(412)	(184)	(933)
Income (loss) from unconsolidated real estate entities	2,411	(3,830)	(1,874)
Net gain from remeasurement and sales of investment in unconsolidated real estate entities	3,576	65,750	0
Income before income tax expense	33,438	67,186	3,106
Income tax expense	(260)	(105)	(124)
Net income	33,178	67,081	2,982
Net income attributable to non-controlling interest	(212)	(208)	0
Net income attributable to common shareholders	$ 32,966	$ 66,873	$ 2,982
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.87	$ 2.32	$ 0.13
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.86	$ 2.30	$ 0.13
Weighted average number of common shares outstanding:
Basic (in shares)	37,917,871	28,531,094	21,035,892
Diluted (in shares)	38,322,285	28,846,724	21,283,831

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid - In Capital	Accumulated Deficit	Total Shareholders’ Equity	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2012		13,908,907
Beginning Balance at Dec. 31, 2012	$ 206,612	$ 137	$ 240,355	$ (35,491)	$ 205,001	$ 1,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		22,536
Issuance of shares pursuant to Equity Incentive Plan	337		337		337
Issuance of shares, net of offering costs of $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013 (in shares)		12,306,000
Issuance of shares, net of offering costs of $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013	192,363	$ 124	192,239		192,363
Issuance of restricted time-based shares		40,829
Issuance of performance based shares		17,731
Repurchase of common shares (in shares)		(445)
Repurchase of common shares	(7)		(7)		(7)
Amortization of share based compensation	1,748		966		966	782
Dividends declared on common shares ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(18,283)			(18,283)	(18,283)
Distributions declared on LTIP units ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(216)					(216)
Reallocation of noncontrolling interest	0		10		10	(10)
Net income	2,982			2,982	2,982
Ending Balance (in shares) at Dec. 31, 2013		26,295,558
Ending 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 $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013 (in shares)		7,782,903
Issuance of shares, net of offering costs of $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013	164,399	$ 78	164,321		164,399
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	2,058		1,275		1,275	783
Dividends declared on common shares ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(27,201)			(27,201)	(27,201)
Distributions declared on LTIP units ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(240)					(240)
Reallocation of noncontrolling interest	0		(497)		(497)	497
Net income	67,081			66,873	66,873	208
Ending Balance (in shares) at Dec. 31, 2014		34,173,691
Ending 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 $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013 (in shares)		4,028,512
Issuance of shares, net of offering costs of $2,042 in 2015, $7,153 in 2014, and $10,388 in 2013	118,797	$ 40	118,757		118,797
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	2,285		1,594		1,594	691
Dividends declared on common shares ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(49,127)			(49,127)	(49,127)
Distributions declared on LTIP units ($1.28 per share) in 2015, ($0.93 per share) in 2014, and ($0.84 per share) in 2013	(473)					(473)
Reallocation of noncontrolling interest	0		(286)		(286)	286
Net income	33,178			32,966	32,966	212
Ending Balance (in shares) at Dec. 31, 2015		38,308,937
Ending Balance at Dec. 31, 2015	$ 697,002	$ 379	$ 719,773	$ (27,281)	$ 692,871	$ 4,131

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 2,042	$ 7,153	$ 10,388
Common shares, dividend declared per share (in dollars per share)	$ 1.28	$ 0.93	$ 0.84
LTIP units, distributions per unit (in dollars per share)	$ 1.28	$ 0.93	$ 0.84

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 33,178	$ 67,081	$ 2,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	48,784	34,579	18,162
Amortization of deferred franchise fees	197	131	87
Amortization of deferred financing fees included in interest expense	1,606	1,532	1,088
Net gain from remeasurement and sales of investment in unconsolidated real estate entities	(3,576)	(65,750)	0
Loss on early extinguishment of debt	412	184	933
Loss on write-off of deferred franchise fee	0	0	64
Share based compensation	2,835	2,471	2,085
(Income) loss from unconsolidated real estate entities	(2,411)	3,830	1,874
Changes in assets and liabilities:
Hotel receivables	(318)	243	(68)
Deferred costs	(580)	(754)	(493)
Prepaid expenses and other assets	(2,277)	(118)	338
Accounts payable and accrued expenses	3,992	5,877	4,519
Net cash provided by operating activities	81,842	49,306	31,571
Cash flows from investing activities:
Improvements and additions to hotel properties	(20,331)	(14,931)	(16,178)
Acquisition of hotel properties, net of cash acquired	(169,447)	(404,737)	(229,646)
Distributions from unconsolidated entities	12,903	2,053	13,939
Investment in unconsolidated real estate entities	0	(27,948)	(1,649)
Restricted cash	(5,488)	(7,425)	(1,656)
Net cash used in investing activities	(182,363)	(452,988)	(235,190)
Cash flows from financing activities:
Borrowings on revolving credit facility	131,580	250,000	234,000
Repayments on revolving credit facility	(88,500)	(277,500)	(263,500)
Payments on debt	(3,239)	(2,631)	(2,166)
Proceeds from the issuance of debt	0	340,475	164,613
Principal prepayment of mortgage debt	(4,760)	(32,186)	(100,130)
Payments of financing costs	(2,112)	(1,585)	(2,405)
Payment of offering costs	(2,042)	(7,062)	(10,388)
Proceeds from issuance of common shares	120,839	171,552	202,751
In-substance repurchase of vested common shares	(22)	(18)	(7)
Distributions-common shares/units	(45,264)	(26,507)	(19,424)
Net cash provided by financing activities	106,480	414,538	203,344
Net change in cash and cash equivalents	5,959	10,856	(275)
Cash and cash equivalents, beginning of period	15,077	4,221	4,496
Cash and cash equivalents, end of period	21,036	15,077	4,221
Supplemental disclosure of cash flow information:
Cash paid for interest	25,508	18,296	10,169
Cash paid for income taxes	$ 160	$ 220	$ 77

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Jun. 09, 2014USD ($)Hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Statement of Cash Flows [Abstract]
Accrued distributions payable		$ 7,221	$ 2,884	$ 1,950
Accrued but unpaid distribution		277	129	92
Accrued share based compensation		550	413	337
Accounts payable and accrued expenses		1,233	865	323
Deferred finance costs, net		0	0	$ 91
Loss on early extinguishment of debt		1,539	397
Write Off Of Deferred Debt Accumulated Amortization		1,127	$ 213
Real estate investment, purchase of hotels, number of hotels | Hotel	4
Investments acquired	$ 6,900
Hilton Garden Inn Marina del Rey, CA
Mortgage debt		$ 22,569

Organization

Organization	12 Months Ended
	Dec. 31, 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 on October 26, 2009. The Company is internally-managed and was organized to invest primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our 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. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). 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 December 31, 2015 , the Company owned 38 hotels with an aggregate of 5,678 (unaudited) rooms located in 15 states and the District of Columbia. As of December 31, 2015 , the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with NorthStar Realty Finance Corp ("NorthStar"), which was formed in the second quarter of 2014 to acquire 47 hotels from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 6,097 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with NorthStar, which was formed in the fourth quarter of 2014 to acquire 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,401 (unaudited) rooms. The Company sold its 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus that owns the 248 -room (unaudited) Residence Inn by Marriott in Torrance, CA on December 30, 2015. We sometimes use the term, "JV's", which refers collectively to, for the period prior to December 31, 2015 , the NewINK JV, Inland JV and Torrance JV and, for the period subsequent to December 30, 2015, the NewINK JV and the Inland JV. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's 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 (i) owns its 10.3% interest in 47 of the NewINK JV hotels, (ii) 10% interest in 48 of the Inland JV hotels and (iii) owned its 5.0% interest in the Torrance JV, which was sold on December 30, 2015 , through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was, are leased to TRS Lessees, in which the Company indirectly owns, or owned, as applicable, 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 December 31, 2015 , Island Hospitality Management Inc. (“IHM”), which was 51% owned by Mr. Fisher 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 December 31, 2015 , all of the NewINK JV hotels were managed by IHM. As of December 31, 2015 , 34 of the Inland JV hotels are managed by IHM and 14 hotels are managed by Marriott International, Inc. ("Marriott"). The Torrance JV hotel was managed by Marriott.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying 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”). These consolidated financial statements, in the opinion of management, include all adjustments 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. 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. 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 and disclosures of contingent 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. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 6. Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees are expensed in the period incurred. The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2015 , 2014 and 2013 , there were no hotel properties impaired. For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on the impairment or disposal of long-lived assets are met. As of December 31, 2015 , the Company had no hotel properties held for sale. Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable investment entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. Restricted cash on the accompanying consolidated balance sheet at December 31, 2015 and 2014 is $19,273 and $12,030 , respectively. Hotel Receivables Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2015 and 2014 , the allowance for doubtful accounts was $95 and $71 , respectively. Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior unsecured revolving credit facility and mortgage loans and costs related to the Company’s share offerings or share plans. Deferred costs consisted of the following at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Loan costs $ 8,447 $ 10,717 Franchise fees 3,474 2,969 11,921 13,686 Less accumulated amortization (3,887 ) (6,172 ) Deferred costs, net $ 8,034 $ 7,514 Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Other deferred costs relate to potential share offerings and are recorded as a reduction in additional paid-in capital as shares are sold. For the years ended December 31, 2015 , 2014 and 2013 , amortization expense related to franchise fees of $196 , $131 and $87 , respectively, is included in depreciation and amortization. Amortization expense related to loan costs of $1,606 , $1,532 and $1,088 for the years ended December 31, 2015 , 2014 and 2013 , respectively, is included in interest expense in the consolidated statements of operations. Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities At times, certain of the Company’s investments in unconsolidated entities share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s Consolidated Balance Sheets. Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 statement of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. 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. Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company indirectly (i) owns its interest in the hotels owned by the NewINK JV ( 47 hotels) and the Inland JV ( 48 hotels) and (ii) owned its interest in the Torrance JV, which was sold on December 30, 2015 , through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was leased to TRS Lessees in which the Company indirectly owns, or owned, as applicable, noncontrolling interests through one of its TRS holding companies. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. As of December 31, 2015 , the Company is no longer subject to U.S federal income tax examinations for years before 2013 and with few exceptions to state examinations before 2013. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2015 . Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the first quarter of 2015, management was notified that one of the Company's TRS's was going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. The examination remains open. The Company believes that it does not need to record a liability related to all matters contained in the tax periods open to examination. However, should the Company experience an unfavorable outcome in the State of Florida matter, such an outcome could have a material impact on its results of operations, financial position, and cash flows. Although the timing of the income tax audit resolutions and negotiations with taxing authorities is highly uncertain, the Company does not anticipate a significant change to the total amount of unrecognized income tax benefits within the next 12 months. Organizational and Offering Costs The Company expensed organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering. As of December 31, 2015 and 2014 , the Company had $0 and $0 recorded in deferred costs related to deferred offering costs, respectively. Segment Information Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. Recently Issued Accounting Standards On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 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 entities 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 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the VIE 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 interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination 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 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. 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 , which 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	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties Hotel Purchase Price Allocation The allocation of the purchase price of each of the hotels acquired by the Company in 2015 and 2014 , based on the fair value on the date of its acquisition, was (in thousands): Silicon Valley Hotels Cherry Creek Hotels Inland 4 Pack Hotels Gaslamp Dedham Ft. Lauderdale Marina del Rey Total Acquisition date 6/914 8/29/2014 11/17/2014 2/25/2015 7/17/2015 8/17/2015 9/17/2015 Number of rooms (unaudited) 751 194 575 240 81 104 134 2,079 Land $ 149,565 $ 3,700 $ 12,923 $ — $ 4,230 $ 9,200 $ — $ 179,618 Building and improvements 159,391 26,300 92,414 89,040 17,304 24,048 43,210 451,707 Furniture, fixtures and equipment 14,897 2,000 1,404 960 466 252 1,340 21,319 Cash 25 1 11 3 2 2 6 50 Restricted cash — — — — — — 1,755 1,755 Accounts receivable 959 56 374 81 47 32 30 1,579 Deferred costs, net — — — — — 43 43 Prepaid expenses and other assets 289 17 56 278 3 40 217 900 Mortgage debt — — — — — — (22,569 ) (22,569 ) Accounts payable and accrued expenses — (62 ) (686 ) (204 ) (10 ) (279 ) (67 ) (1,308 ) Net assets acquired $ 325,126 $ 32,012 $ 106,496 $ 90,158 $ 22,042 $ 33,295 $ 23,965 $ 633,094 Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV (58,860 ) — — — — — — (58,860 ) Net assets acquired, net of cash $ 266,241 $ 32,011 $ 106,485 $ 90,155 $ 22,040 $ 33,293 $ 23,959 $ 574,184 The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. The Company incurred acquisition costs of $1,451 , $10,381 and $3,341 , respectively, during the years ended December 31, 2015 , 2014 and 2013 . The amount of revenue and operating income from the hotels acquired in 2015 from their respective date of acquisition through December 31, 2015 is as follows (in thousands): Revenue Operating Income Residence Inn San Diego Gaslamp $ 12,670 $ 6,850 Residence Inn Dedham, MA 1,995 1,043 Residence Inn Ft. Lauderdale, FL 2,132 863 Hilton Garden Inn Marina del Rey, CA 2,500 1,200 Total $ 19,297 $ 9,956 Pro Forma Financial Information (unaudited) The following condensed pro forma financial information presents the unaudited results of operations as if the acquisition of the hotels acquired during the years ended December 31, 2015 , 2014 or 2013 had taken place on January 1, 2014, 2013 and 2012, 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 $ 704 , $7,234 and $1,667 , respectively, of acquisition-related costs incurred in the years ended December 31, 2015, 2014 and 2013. Supplemental pro forma earnings for the years ended December 2014 and 2013, respectively, were adjusted to include these charges from 2015 and 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, 2013 or 2012, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the year ended December 31, 2015 2014 2013 Pro forma total revenue $ 292,908 $ 271,321 $ 216,239 Pro forma net income $ 32,137 $ 22,013 $ 72,477 Pro forma income per share: Basic $ 0.85 $ 0.58 $ 1.91 Diluted $ 0.84 $ 0.57 $ 1.89 Weighted average common shares outstanding Basic 37,917,871 37,917,871 37,917,871 Diluted 38,322,285 38,322,285 38,322,285 As a result of the properties being treated as acquired as of January 1, 2013 and 2014, the Company assumed approximately 38,308,937 shares were issued as of January 1, 2013 to fund the acquisition of the properties. Consequently, the weighted average shares outstanding was adjusted to reflect the treatment of these assumed additional shares as issued outstanding as of the beginning of the periods presented.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2015
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, 2015 December 31, 2014 Land and improvements $ 274,543 $ 261,108 Building and improvements 1,031,649 844,396 Furniture, fixtures and equipment 63,542 61,186 Renovations in progress 8,829 6,574 1,378,563 1,173,264 Less: accumulated depreciation (120,111 ) (76,839 ) Investment in hotel properties, net $ 1,258,452 $ 1,096,425

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 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 with Cerberus for $ 1,649 . The Torrance JV acquired the 248 -room (unaudited) Residence Inn by Marriott in Torrance, CA for $31,000 . The Company accounts for this investment under the equity method. During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 185 $ 100 Total $ 185 $ 100 On December 30, 2015, the Torrance JV completed the sale of the 248 -room (unaudited) Residence Inn by Marriott in Torrance, CA for $51,750 to BRE Torrance Holdco LLC ("BRE"). The gain from the Company's promote interest in the Torrance JV was approximately $3,576 . The Company owned a 10.3% interest in the Innkeepers JV, which owned 51 hotels comprising an aggregate of 6,845 rooms until June 9, 2014. The Company accounted for this investment under the equity method. During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Innkeepers JV as follows (in thousands): For the year ended December 31, 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 NorthStar owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The remaining four hotels that were part of the 51 -hotel Innkeeper's JV portfolio, each of which is a Residence Inn hotel located in Silicon Valley, CA ("Silicon Valley Hotels"), were purchased by the Company (see note 3). 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 $18,800 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 $65,750 from the transaction. For tax purposes, the Company's gain resulting from this transaction was 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 December 31, 2015 and December 31, 2014 , the Company's share of partners' capital in the NewINK JV is approximately $14,015 and $19,012 , respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $16,718 and $17,319 (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 years ended December 31, 2015 and 2014 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 5,884 $ 1,542 Total $ 5,884 $ 1,542 On November 17, 2014, the Company acquired a 10.0% interest in Inland JV. NorthStar owns a 90.0% interest in the Inland JV. The Company accounts for this investment under the equity method. During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Inland JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 2,845 $ — Total $ 2,845 $ — The Company’s ownership interests in the JVs are subject to change in the event that either the Company or NorthStar 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 could be required under its unconditional guaranty to repay portions of the debt of the JV's. 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 may also approve certain actions by the JVs 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 investments in the NewInk JV, the Inland JV and the Torrance JV are $(2,703) , $23,618 and $0 , respectively, at December 31, 2015 . The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company’s share, related to all JVs for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Balance Sheet December 31, 2015 December 31, 2014 December 31, 2013 Assets Investment in hotel properties, net $ 1,857,497 $ 1,907,928 $ 874,058 Other assets 206,894 261,311 114,034 Total Assets $ 2,064,391 $ 2,169,239 $ 988,092 Liabilities Mortgages and notes payable $ 1,657,000 $ 1,677,159 $ 969,023 Other Liabilities 35,807 34,929 19,211 Total Liabilities 1,692,807 1,712,088 988,234 Equity Chatham Lodging Trust 37,633 45,470 (802 ) Joint Venture Partner 333,951 411,681 660 Total Equity 371,584 457,151 (142 ) Total Liabilities and Equity $ 2,064,391 $ 2,169,239 $ 988,092 For the year ended Statement of Operations December 31, 2015 2014 2013 Revenue $ 497,698 $ 290,419 $ 271,224 Total hotel operating expenses 290,123 166,849 151,823 Operating income $ 207,575 $ 123,570 $ 119,401 Net income (loss) from continuing operations $ 19,241 $ (40,018 ) $ (14,376 ) Loss on sale of hotels $ — $ (5 ) $ (2,730 ) Net income (loss) $ 19,241 $ (40,023 ) $ (17,106 ) Income (loss) allocable to the Company $ 1,811 $ (4,165 ) $ (1,874 ) Basis difference adjustment $ 600 $ 335 $ — Total income (loss) from unconsolidated real estate entities attributable to Chatham $ 2,411 $ (3,830 ) $ (1,874 )

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt Certain of the Company’s loans are collateralized by first-mortgage liens on certain properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/15 Property Balance Outstanding as of December 31, 2015 December 31, Senior Unsecured Revolving Credit Facility (1) 1.93 % November 25, 2019 $ — $ 65,580 $ 22,500 SpringHill Suites by Marriott Washington, PA (7) 5.84 % April 1, 2015 11,209 — 4,760 Courtyard by Marriott Altoona, PA (9) 5.96 % April 1, 2016 10,138 5,954 6,172 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,847 14,496 14,832 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,678 29,555 30,062 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 33,781 16,880 17,174 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,824 23,124 23,534 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,231 19,123 19,475 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 36,940 23,268 23,657 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 70,981 46,907 47,580 Residence Inn by Marriott Garden Grove, CA (2) 4.79 % April 6, 2024 41,957 34,000 34,000 Residence Inn by Marriott Silicon Valley I, CA (3) 4.64 % July 1, 2024 86,416 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA (3) 4.64 % July 1, 2024 94,492 70,700 70,700 Residence Inn by Marriott San Mateo, CA (3) 4.64 % July 1, 2024 68,315 48,600 48,600 Residence Inn by Marriott Mountain View, CA (3) 4.64 % July 1, 2024 54,790 37,900 37,900 SpringHill Suites by Marriott Savannah, GA (4) 4.62 % July 6, 2024 38,213 30,000 30,000 Hilton Garden Inn Marina del Rey, CA (8) 4.68 % July 6, 2024 44,155 22,510 — Homewood Suites by Hilton Billerica, MA (5) 4.32 % December 6, 2024 11,547 16,225 16,225 Homewood Suite by Hilton Carlsbad, CA (5) 4.32 % December 6, 2024 28,397 19,950 19,950 Hampton Inn & Suites Houston Medical Cntr., TX (6) 4.25 % January 6, 2025 15,299 18,300 18,300 Total $ 776,210 $ 607,872 $ 550,221 (1) The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3% . (2) On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10 -year term and a 30 -year amortization payment schedule but is interest only for the first 12 months. The Company incurred $184 in costs for the early extinguishment of debt related to the old loan. (3) On June 9, 2014, the Company obtained 4 new mortgage loans secured by first mortgages on the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have 10 -year terms and 30 -year amortization payment schedules but are interest only for the first 60 months. (4) On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Springhill Suites Savannah hotel. The loan has a 10 -year term and a 30 -year amortization payment schedule but is interest only for the first 60 months. (5) On November 25, 2014, the Company obtained 2 new mortgage loans secured by first mortgages on each of the Homewood Suites by Hilton Billerica and Homewood Suites by Hilton Carlsbad hotels. The loans have 10 -year terms and 30 -year amortization payment schedules but are interest only for the first 36 months. (6) On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Hampton Inn and Suites by Hilton Houston Medical Center hotel. The loan has a 10 -year term, a 30 -year amortization payment schedule but is interest only for the first 36 months. (7) On March 31, 2015, the Company paid off the loan secured by the SpringHill Suites by Marriott Washington, PA hotel, due April 1, 2015. (8) On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10 -year term, a 30 -year amortization payment schedule. (9) On January 4, 2016, the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016. On November 25, 2015, Company, as parent guarantor, and as borrower, entered into a new unsecured revolving credit agreement with the lenders party thereto, Barclays Bank PLC, Citigroup Global Markets Inc., Regions Capital Markets and U.S. Bank National Association as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent and Citibank, N.A. and U.S. Bank National Association as co-documentation agents (the “New Credit Agreement”). The New Credit Agreement has an initial maturity date of November 25, 2019, which may be extended for an additional year upon the payment of applicable fees and satisfaction of certain customary conditions. In connection with the entry into the New Credit Agreement, the Company and the Operating Partnership terminated the Amended and Restated Credit Agreement, dated as of November 5, 2012, as amended, among the Company, the Operating Partnership, the lenders party thereto, Barclays Capital Inc. and Regions Capital Markets as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association as co-documentation agents (the "Existing Credit Agreement"), which was composed of a secured revolving credit facility that provided borrowing capacity of up to $175,000 . Proceeds under the New Credit Agreement were used to repay outstanding borrowings under the Existing Credit Agreement. The senior unsecured revolving credit facility includes limitations on the extent of allowable distributions from the operating partnership to the Company not to exceed the greater of 95% of adjusted funds from operations and the minimum amount of distributions required for the Company to maintain its REIT status. Other key terms are as follows: Borrowing Capacity: Up to $250,000 Accordion feature: Increase borrowing capacity by up to additional $150,000 Interest rate: Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio Unused fee: 20 basis points if less than 50% unused, 30 basis points if more than 50% unused Maximum leverage ratio: 60% Minimum fixed charge coverage ratio: 1.5x At December 31, 2015 and 2014 , the Company had $65,580 and $22,500 , respectively, of outstanding borrowings under its revolving credit facilities. At December 31, 2015 , the maximum borrowing availability under the senior unsecured revolving credit facility was $250,000 . 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 December 31, 2015 and 2014 was $522,713 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 a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2015 , the Company’s only variable rate debt is under its senior unsecured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of December 31, 2015 and 2014 was $65,574 and $22,500 , respectively. As of December 31, 2015 , the Company was in compliance with all of its financial covenants. At December 31, 2015 , the Company’s consolidated fixed charge coverage ratio was 3.51 . Future scheduled principal payments of debt obligations as of December 31, 2015 , for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2016 $ 9,868 2017 4,302 2018 5,374 2019 7,340 2020 75,479 Thereafter 505,509 Total $ 607,872

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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, which are treated separately for income tax purposes. The components of income tax expense for the following periods are as follows (in thousands): For the year ended December 31, 2015 2014 2013 Current: Federal $ 129 $ 82 $ 93 State 131 27 30 Current tax expense $ 260 $ 109 $ 123 Deferred: Federal — (3 ) — State — (1 ) 1 Deferred tax expense — (4 ) 1 Total tax expense $ 260 $ 105 $ 124 The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRSs before taxes were as follows (in thousands): For the year ended December 31, 2015 2014 2013 Book income (loss) before income taxes $ 2,384 $ (520 ) $ (2,080 ) Statutory rate of 34% applied to pre-tax income $ 810 $ (178 ) $ (707 ) Effect of state and local income taxes, net of federal tax benefit 97 (14 ) (82 ) Provision to return and deferred adjustment 211 40 118 Permanent adjustments and other 140 — — Change in valuation allowance (998 ) 257 795 Total expense $ 260 $ 105 $ 124 Effective tax rate 10.91 % (20.19 )% (5.96 )% At December 31, 2015 , TRS 1 had a gross deferred tax asset associated with future tax deductions of $ 284 . 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 cumulative taxable losses incurred by TRS 1 since its inception. TRS 2 has a gross deferred tax asset of $ 0 as of December 31, 2015 and no valuation allowance has been recorded in connection with the gross deferred tax assets of TRS 2 for December 31, 2015 and 2014 . Accordingly, the net deferred tax asset of the Company solely relates to the deferred tax assets generated by TRS 2 during the years ended December 31, 2015 and 2014 . The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2015 and 2014 are as follows (in thousands): For the year ended December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 36 $ 28 Other 489 230 Valuation allowance (240 ) (248 ) Current deferred tax asset $ 285 $ 10 Non-current Total book to tax difference in partnership $ (356 ) $ (165 ) Net operating loss 130 1,214 Valuation allowance (59 ) (1,049 ) Non-current deferred tax asset $ (285 ) $ — Net deferred tax asset $ — $ 10

Dividends Declared and Paid

Dividends Declared and Paid	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid The Company declared regular common share dividends of $1.20 per share and distributions on LTIP units of $1.20 per unit for the year ended December 31, 2015 . The dividends and distributions and their tax characterization were as follows: Record Date Payment Date Common Share Distribution Amount LTIP Unit Distribution Amount Ordinary Income Capital Gain January 1/30/2015 2/27/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 February 2/27/2015 3/27/2015 0.10 0.10 0.094 0.006 March 3/31/2015 4/24/2015 0.10 0.10 0.094 0.006 1st Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 April 4/30/2015 5/29/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 May 5/29/2015 6/26/2015 0.10 0.10 0.094 0.006 June 6/30/2015 7/31/2015 0.10 $ 0.10 0.094 0.006 2nd Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 July 7/31/2015 8/28/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 August 8/31/2015 9/25/2015 0.10 0.10 0.094 0.006 September 9/30/2015 10/30/2015 $ 0.10 0.10 $ 0.094 $ 0.006 3rd Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 October 10/30/2015 11/27/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 November 11/30/2015 12/28/2015 0.10 0.10 0.094 0.006 December 12/31/2015 1/29/2016 $ 0.10 $ 0.10 $ 0.094 $ 0.006 4th Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 Total 2015 $ 1.20 $ 1.20 $ 1.128 $ 0.072 Record Date Payment Date Common Share Distribution Amount LTIP Unit Distribution Amount Ordinary Income Capital Gain January 1/31/2014 2/28/2014 $ 0.07 $ 0.07 $ 0.069 $ 0.001 February 2/28/2014 3/28/2014 0.07 0.07 0.069 0.001 March 3/31/2014 4/25/2014 0.07 0.07 0.069 0.001 1st Quarter 2014 $ 0.21 $ 0.21 $ 0.207 $ 0.003 April 4/30/2014 5/30/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 May 5/30/2014 6/27/2014 0.08 0.08 0.078 0.002 June 6/30/2014 7/25/2014 0.08 $ 0.08 0.078 0.002 2nd Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 July 7/31/2014 8/29/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 August 8/29/2014 9/26/2014 0.08 0.08 0.078 0.002 September 9/30/2014 10/31/2014 $ 0.08 0.08 $ 0.078 $ 0.002 3rd Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 October 10/31/2014 11/28/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 November 11/28/2014 12/26/2014 0.08 0.08 0.078 0.002 December 12/31/2014 1/30/2015 $ 0.08 $ 0.08 $ 0.078 $ 0.002 4th Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 Total 2014 $ 0.93 $ 0.93 $ 0.909 $ 0.021 For the year ended December 31, 2015 , approximately 94.0% of the distributions paid to stockholders were considered ordinary income and approximately 6.0% were considered capital gains. For the year ended December 31, 2014 , approximately 97.7% of the distributions paid to stockholders were considered ordinary income and approximately 2.3% were considered a return of capital for federal income tax purposes. A special dividend payment of $0.08 per share was authorized by the Company's Board of Trustees and declared by the Company on December 31, 2015. This special dividend was paid on January 29, 2016 to shareholders of record on January 15, 2016 and will be taxable to shareholders in 2016.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2015 , 38,308,937 common shares were outstanding. Common share offerings of the Company consisted of the following from inception through December 31, 2015 : Type of Offering (1) Date Shares Issued Price per Share Gross Proceeds (in thousands) Net Proceeds (in thousands) Initial public offering 4/21/2010 8,625,000 $ 20.00 $ 172,500 $ 158,700 Private placement offering (2) 4/21/2010 500,000 20.00 10,000 10,000 Follow-on common share offering 2/8/2011 4,000,000 16.00 64,000 60,300 Over-allotment option 2/8/2011 600,000 16.00 9,600 9,100 Follow-on common share offering 1/14/2013 3,500,000 14.70 51,400 48,400 Over-allotment option 1/31/2013 92,677 14.70 1,400 1,300 Follow-on common share offering 6/18/2013 4,500,000 16.35 73,600 70,000 Over-allotment option 6/28/2013 475,823 16.35 7,800 7,400 Follow-on common share offering 9/30/2013 3,250,000 18.35 59,600 56,700 Over-allotment option 10/11/2013 487,500 18.35 8,900 8,500 Follow-on common share offering 9/24/2014 6,000,000 21.85 131,100 125,600 Over-allotment option 9/24/2014 900,000 21.85 19,700 18,900 Follow-on common share offering 1/27/2015 3,500,000 30.00 105,000 103,300 Over-allotment option 1/27/2015 525,000 30.00 15,750 15,500 36,956,000 $ 730,350 $ 693,700 (1) Excludes any shares issued pursuant to the Company's ATM Plan or DRSPP (each as defined below). (2) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO. In January 2014, we established a $25 million 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 December 31, 2015 and 2014 , respectively, we had issued 5,595 and 2,083 shares under the DRSPP at a weighted average price of $25.00 and $24.38 per share, respectively. As of December 31, 2015 , there were common shares having a maximum aggregate sales price of approximately $24.9 million available for issuance under the DRSPP. In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, the Company may publicly offer and sell up to $50 million of its common shares 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, with Cantor Fitzgerald & Co. acting as sales agent. On January 13, 2015, the Company entered into a sales agreement with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s ATM Plan. As of December 31, 2015 and 2014 , respectively, we had issued 880,820 and 880,820 shares under the ATM Plan at a weighted average price of $23.54 per share. As of December 31, 2015 , there were common shares having a maximum aggregate sales price of approximately $29.3 million available for issuance under the ATM Plan. During the years ended December 31, 2015 and 2014, the Company withheld 763 and 867 , respectively, common shares that had vested to executives in accordance with the Equity Incentive Plan at a value of $29.35 and $20.63 , respectively, per share to meet the minimum statutory tax withholding requirements of the executive which were directly remitted by the Company to the appropriate taxing jurisdiction. Once shares are forfeited, they are not eligible to be reissued. The price per share is determined by using the closing price of the common shares the day before they are withheld. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. No preferred shares were outstanding at December 31, 2015 . Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of December 31, 2015 and 2014 , there were no Operating Partnership common units held by unaffiliated third parties. At December 31, 2015 and 2014 , an aggregate of 257,775 and 257,775 LTIP units, respectively, a special class of operating partnership units, were held by executive officers. The LTIP units receive per unit distributions equal to the per share distribution paid on common shares. 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 of one of the officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. All of these LTIP units have vested. 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 of the other two officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. All of the units that have reached parity have vested as of December 31, 2015 . Accordingly, these LTIP units will be allocated their pro-rata share of the Company's net income (loss). At December 31, 2015 and 2014 , an aggregate of 183,300 and 0 Class A Performance LTIP units, respectively, were held by executive officers. 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.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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, unvested long-term incentive plan units and unvested Class A Performance 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 per share (in thousands, except share and per share data): For the year ended December 31, 2015 2014 2013 Numerator: Net income $ 32,966 $ 66,873 $ 2,982 Dividends paid on unvested shares and LTIP units (151 ) (216 ) (294 ) Undistributed earnings allocated to unvested shares and LTIP units $ — $ (324 ) $ — Net income attributable to common shareholders $ 32,815 $ 66,333 $ 2,688 Denominator: Weighted average number of common shares - basic 37,917,871 28,531,094 21,035,892 Effect of dilutive securities: Unvested shares 404,414 315,630 247,939 Weighted average number of common shares - diluted 38,322,285 28,846,724 21,283,831 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.87 $ 2.32 $ 0.13 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.86 $ 2.30 $ 0.13

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 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 Equity Incentive Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units, LTIP units and other equity-based awards. The Equity Incentive Plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the Equity Incentive Plan to 3,000,000 shares. Share awards under this plan generally vest over three to five 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, for which dividends on unvested performance-based shares are not paid until those shares are vested and Class A Performance LTIP units, for which dividends are paid based on 10% of the declared amount until the Class A Performance LTIP units vest, at which time the remaining 90% of the dividends is paid. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2015 , there were 2,013,791 common shares available for issuance under the Equity Incentive Plan. Restricted Share Awards A summary of the restricted shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2015 are: Award Type Award Date Total Shares Granted Vested as of December 31, 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. The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Volatility Dividend Yield Risk Free Interest Rate 5/17/2013 35 % — % 0.43 % 1/31/2014 27 % — % 0.71 % 1/30/2015 29 % — % 0.84 % 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 years ended December 31, 2015 , 2014 and 2013 is as follows: December 31, 2015 December 31, 2014 December 31, 2013 Number of Shares Weighted - Average Grant Date Fair Value 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 $ 12.39 140,077 $ 12.70 Granted 85,254 26.59 87,018 17.46 81,658 13.43 Vested (94,415 ) 13.80 (65,412 ) 12.17 (63,700 ) 14.39 Non-vested at end of the period 170,480 $ 21.38 179,641 $ 14.92 158,035 $ 12.39 As of December 31, 2015 and 2014 , there were $2,131 and $1,458 , respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2015 , these costs were expected to be recognized over a weighted–average period of approximately 1.8 years . For the years ended December 31, 2015 , 2014 and 2013 , the Company recognized approximately $1,594 , $1,275 and $966 , 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 LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the availability for other equity awards on a one -for-one basis. The Company does not receive a tax deduction for the value of any LTIP units granted to employees. Excluding Class A Performance LTIP units, which are discussed below and have specific distribution provisions relating to that specific class of LTIP units. LTIP units, whether vested or not, receive the same per unit profit distributions as other outstanding units of the Operating Partnership, which profit distribution will generally equal per share dividends on the Company’s common shares. Initially, LTIP units have a capital account balance of zero, and do not have full parity with common units with respect to liquidating distributions. The Operating Partnership will revalue its assets upon the occurrence of certain specified events and any increase in valuation will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of the Operating Partnership unit holders. If such parity is reached, vested LTIP units may be converted by the holder, at any time, into an equal number of common units in the Operating Partnership, which may be redeemed, at the option of the holder, for cash or at the Company’s option an equivalent number of the Company’s common shares. On April 21, 2010, the Company’s Operating Partnership granted 246,960 LTIP units to the Company’s executive officers pursuant to the Equity Incentive Plan, all of which are accounted for in accordance with FASB Codification Topic (“ASC”) 718, “Stock Compensation”. On September 9, 2010, the Company’s Operating Partnership granted 26,250 LTIP units to the Company’s then new Chief Financial Officer and 15,435 LTIP units granted to the Company’s former Chief Financial Officer were forfeited. These LTIP units vest ratably over a five years period beginning on the date of grant. All of these LTIP units have vested. On June 1, 2015, the Company's Operating Partnership 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 “Outperformance Plan”). The awards granted pursuant to the Outperformance 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 50 th 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 75 th percentile of the Index Companies at the end of the measurement period. If the Company is below the 50 th 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 Outperformance 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), Outperformance 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. The LTIP units’ fair value was determined using a Monte Carlo approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in reaching the assumptions of uncertainty included discounts for illiquidity; expectations for future dividends; limited or no operating history as of the date of the grant; significant dependency on the efforts and services of our executive officers and other key members of management to implement the Company's business plan; available acquisition opportunities; and economic environment and conditions. The grant date fair value of the performance LTIP awards were determined using a Monte Carlo simulation method with the following assumptions (based on the three year risk free U.S. Treasury yield over the measurement period of the LTIP awards): Performance Award Grant Date Volatility Dividend Yield Risk Free Interest Rate 6/1/2015 26 % 4.5 % 0.95 % The Company recorded $691 , $783 and $783 in compensation expense related to the LTIP units for years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , there was $2,166 and $267 , respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 3.2 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 of one of the officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. All of these LTIP units have vested as of December 31, 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 of the other two officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. All of the LTIP units that have reached parity have vested as of December 31, 2015 . Accordingly, these LTIP units were allocated their pro-rata share of the Company's net income. Board of Trustee Share Compensation For 2015, each independent trustee was compensated $100 for their services. For 2014, 2013 and 2012, each independent trustee was compensated $75 for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 50% in the form of shares. In January 2015 , 2014 and 2013 , the Company issued 14,113 , 16,542 and 22,536 common shares, respectively, to its independent trustees as compensation for services performed in 2014 , 2013 and 2012 , respectively. 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 last ten trading days preceding the reporting date. On January 15, 2016, the Company distributed 26,488 common shares to its independent trustees for services performed in 2015 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. Two class action lawsuits were filed on April 25, 2012 and February 27, 2013, respectively, 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 California and owned by affiliates of the Company, the NewINK JV, the 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 our case vigorously. As of December 31, 2015 , included in accounts payable and expenses is $171 , which represents an estimate of the Company's exposure to the litigation and is also estimated as the maximum possible loss that the Company may incur. Hotel Ground Rent The Courtyard Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company 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 on an annual basis by two and one-half percent ( 2.5% ). The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration 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. At the Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires 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 the cost of capital repairs. Aggregate rent for 2015 under these leases amounted to approximately $123 . The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration 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. The Residence Inn Il Lugano hotel land is owned by the Company and is the lessee to an adjacent dock is subject to a renewable submerged land lease with an expiration of April 1, 2016. Renewal of the submerged land lease is at the sole option of the lessor. In the event the Company is in full compliance with the terms of the lease, the lessor is required to begin the renewal process. 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 has a renewal option of up to 2 successive terms of five years each. 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, garage leases and office lease as of December 31, 2015 , and for each of the next four calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2016 $ 1,213 $ 231 2017 1,215 745 2018 1,217 772 2019 1,220 792 2020 1,267 812 Thereafter 70,727 4,995 Total $ 76,859 $ 8,347 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 operating performance to meet specified levels. If the Company were to terminate the management agreements during the first nine years of the initial 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 its 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. As of December 31, 2015 , Terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Courtyard Altoona Concord 4.0 % $ 1,211 $ — — % Springhill Suites Washington Concord 4.0 % 991 — — % Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Carlsbad (North San Diego County) IHM 3.0 % 1,000 — 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 — 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 — 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 — 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 — 1.0 % Residence Inn Garden Grove IHM 2.5 % 1,000 — 1.0 % Residence Inn Mission Valley IHM 2.5 % 1,000 — 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 2.5 % 1,000 — 1.0 % Residence Inn Washington DC IHM 2.5 % 1,000 — 1.0 % Residence Inn Tysons Corner IHM 2.5 % 1,000 — 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 % Management fees totaled approximately $8,742 , $6,096 and $3,752 , respectively, for the years ended December 31, 2015 , 2014 and 2013 . Incentive management fees paid to IHM for the years ended years ended December 31, 2015 , 2014 and 2013 were $278 , $161 and $63 , respectively. There have been no incentive management fees paid to Concord. Franchise Agreements The Company’s TRS Lessees have entered into hotel franchise agreements with Promus Hotels, Inc., a subsidiary of Hilton, Hampton Inns Franchise, LLC, Marriott International, Inc., Hyatt Hotels, LLC and Hilton Garden Inns Franchise, LLC. Terms of the Company's franchise agreements are as of December 31, 2015 : Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Homewood Suites by Hilton Carlsbad (North San Diego County) 4.0 % 4.0 % 2028 Hampton Inn & Suites Houston-Medical Center 5.0 % 4.0 % 2020 Courtyard Altoona 5.5 % 2.0 % 2030 Springhill Suites Washington 5.0 % 2.5 % 2030 Residence Inn Long Island Holtsville 5.5 % 2.5 % 2025 Residence Inn White Plains 5.5 % 2.5 % 2030 Residence Inn New Rochelle 5.5 % 2.5 % 2030 Residence Inn Garden Grove 5.0 % 2.5 % 2031 Residence Inn Mission Valley 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 2.5 % 2033 Residence Inn Silicon Valley I 5.5 % 2.5 % 2029 Residence Inn Silicon Valley II 5.5 % 2.5 % 2029 Residence Inn San Mateo 5.5 % 2.5 % 2029 Residence Inn Mountain View 5.5 % 2.5 % 2029 Hyatt Place Cherry Creek 3% to 5.0% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.0 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6.0% 2.5 % 2045 Franchise and marketing/program fees totaled approximately $21,240 , $15,110 and $9,394 , respectively, for the years ended December 31, 2015 , 2014 and 2013 .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 December 31, 2015 , the Company had hotel management agreements with IHM to manage 36 of its wholly owned hotels. As of December 31, 2015 , all 47 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV were managed by IHM. Hotel management, revenue management and accounting fees paid to IHM for the hotels owned by the Company for the years ended December 31, 2015 , 2014 and 2013 were $8,466 , $5,761 and $3,448 , respectively. At December 31, 2015 and 2014 , the amounts due to IHM were $998 and $558 , respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2015 , 2014 and 2013 were $ 278 , $ 161 and $ 63 , respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the Innkeepers, NewINK, Inland JVs and an entity Castleblack Owner Holding, LLC. ("Castleblack") 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, NewINK and Inland JVs 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 Innkeepers JV are recorded based upon the occurrence of a reimbursed activity. Various shared office expenses and rent are paid by the Company and allocated to the NewINK JV, the Inland JV, Castleblack and IHM based on the amount of square footage occupied by each entity. Insurance expenses for medical, workers compensation and general liability are paid by the NewINK JV and allocated back to the hotel properties or applicable entity. During 2014, Mr. Fisher entered into a joint venture agreement with NorthStar by which Mr. Fisher acquired a 2.5% non-voting interest in Castleblack.

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (unaudited)	Quarterly Operating Results (unaudited) Quarter Ended - 2015 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 58,916 $ 72,257 $ 78,229 $ 67,548 Total operating expenses 50,487 54,191 58,115 58,634 Operating income 8,429 18,066 20,114 8,914 Net income attributable to common shareholders 1,411 12,763 14,315 4,477 Income per common share, basic (1) 0.04 0.33 0.37 0.12 Income per common share, diluted (1) 0.04 0.33 0.37 0.12 Weighted average number of common shares outstanding: Basic 37,018,039 38,211,833 38,212,028 38,213,219 Diluted 37,322,278 38,618,824 38,614,360 38,619,472 Quarter Ended - 2014 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 36,866 $ 47,077 $ 60,662 $ 52,610 Total operating expenses 34,370 42,076 45,979 48,095 Operating income 2,496 5,001 14,683 4,516 Net income (loss) attributable to common shareholders (1,808 ) 65,137 8,664 (5,660 ) Income (loss) per common share, basic (1) (0.07 ) 2.46 0.32 (0.16 ) Income (loss) per common share, diluted (1) (0.07 ) 2.44 0.31 (0.16 ) Weighted average number of common shares outstanding: Basic 26,271,678 26,437,878 27,370,815 33,972,134 Diluted 26,271.678 26,734.919 27,695.347 33,972.134 (1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested LTIP units could potentially dilute basic earnings per share in the future were not 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.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	CHATHAM LODGING TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in thousands) Initial Cost Gross Amount at End of Year Description Year of Acquisition Encumbrances Land Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & Improvements Land Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original Construction Depreciation Life Homewood Suites Orlando - Maitland, FL 2010 — $ 1,800 $ 7,200 $ 34 $ 3,001 $ 1,834 $ 10,201 $ 12,035 $ 10,201 $ 1,503 2000 (1) Homewood Suites Boston - Billerica, MA 2010 16,225 1,470 10,555 48 1,017 1,518 11,572 13,090 11,572 1,931 1999 (1) Homewood Suites Minneapolis - Mall of America, Bloomington, MN 2010 — 3,500 13,960 19 1,767 3,519 15,727 19,246 15,727 2,477 1998 (1) Homewood Suites Nashville - Brentwood, TN 2010 — 1,525 9,300 12 1,361 1,537 10,661 12,198 10,661 1,756 1998 (1) Homewood Suites Dallas - Market Center, Dallas, TX 2010 — 2,500 7,583 17 1,216 2,517 8,799 11,316 8,799 1,507 1998 (1) Homewood Suites Hartford - Farmington, CT 2010 — 1,325 9,375 92 1,324 1,417 10,699 12,116 10,699 1,779 1999 (1) Hampton Inn & Suites Houston - Houston, TX 2010 18,300 3,200 12,709 56 705 3,256 13,414 16,670 13,414 1,933 1997 (1) Residence Inn Holtsville - Holtsville, NY 2010 — 2,200 18,765 — 1,080 2,200 19,845 22,045 19,845 2,831 2004 (1) Courtyard Altoona - Altoona, PA 2010 5,954 — 10,730 — 901 — 11,631 11,631 11,631 1,716 2001 (1) SpringHill Suites Washington - Washington, PA 2010 — 1,000 10,692 — 984 1,000 11,676 12,676 11,676 1,704 2000 (1) Residence Inn White Plains - White Plains, NY 2010 — 2,200 17,677 — 5,771 2,200 23,448 25,648 23,448 3,037 1982 (1) Residence Inn New Rochelle - New Rochelle, NY 2010 14,496 — 20,281 9 2,883 9 23,164 23,173 23,164 3,341 2000 (1) Homewood Suites Carlsbad - Carlsbad, CA 2010 19,950 3,900 27,520 — 144 3,900 27,664 31,564 27,664 3,582 2008 (1) Residence Inn Garden Grove - Garden Grove, CA 2011 34,000 7,109 35,484 — 1,580 7,109 37,064 44,173 37,064 4,261 2003 (1) Residence Inn Mission Valley - San Diego, CA 2011 29,554 9,856 39,535 — 474 9,856 40,009 49,865 40,009 4,484 2003 (1) Homewood Suites San Antonio - San Antonio, TX 2011 16,880 5,999 24,764 7 3,821 6,006 28,585 34,591 28,585 2,999 1996 (1) Doubletree Suites Washington DC - Washington, DC 2011 — 6,083 22,063 28 4,618 6,111 26,681 32,792 26,681 3,164 1974 (1) Residence Inn Tyson's Corner - Vienna, VA 2011 23,124 5,752 28,917 — 140 5,752 29,057 34,809 29,057 3,255 2001 (1) Hampton Inn Portland Downtown - Portland, ME 2012 — 4,315 22,664 — 181 4,315 22,845 27,160 22,845 1,714 2011 (1) Courtyard Houston - Houston, TX 2013 19,123 5,600 27,350 — 106 5,600 27,456 33,056 27,456 1,991 2010 (1) Hyatt Place Pittsburgh - Pittsburgh, PA 2013 23,268 3,000 35,576 — 157 3,000 35,733 38,733 35,733 2,280 2011 (1) Hampton Inn & Suites Exeter - Exeter, NH 2013 — 1,900 12,350 4 14 1,904 12,364 14,268 12,364 742 2010 (1) Hilton Garden Inn Denver Tech - Denver, CO 2013 — 4,100 23,100 5 446 4,105 23,546 27,651 23,546 1,372 1999 (1) Residence Inn Bellevue - Bellevue, WA 2013 46,907 13,800 56,957 — 1,740 13,800 58,697 72,497 58,697 3,165 2008 (1) SpringHill Suites Savannah - Savannah, GA 2013 30,000 2,400 36,050 — 857 2,400 36,907 39,307 36,907 1,900 2009 (1) Residence Inn Silicon Valley I - Sunnyvale, CA 2014 64,800 42,652 45,846 — 168 42,652 46,014 88,666 46,014 4,792 1983 (1) Residence Inn Silicon Valley II - Sunnyvale, CA 2014 70,700 46,474 50,380 — 208 46,474 50,588 97,062 50,588 5,264 1985 (1) Residence Inn San Mateo - San Mateo, CA 2014 48,600 38,420 31,352 — 176 38,420 31,528 69,948 31,528 3,285 1985 (1) Residence Inn Mt. View - Mountain View, CA 2014 37,900 22,019 31,813 — 105 22,019 31,918 53,937 31,918 3,324 1985 (1) Hyatt Place Cherry Creek - Cherry Creek, CO 2014 — 3,700 26,300 — 242 3,700 26,542 30,242 26,542 894 1987 (1) Courtyard Addison - Dallas, TX 2014 — 2,413 21,554 — 60 2,413 21,614 24,027 21,614 607 2000 (1) Courtyard West University - Houston, TX 2014 — 2,012 17,916 — 79 2,012 17,995 20,007 17,995 505 2004 (1) Residence Inn West University - Houston, TX 2014 — 3,640 25,631 — 972 3,640 26,603 30,243 26,603 732 2004 (1) Hilton Garden Inn Burlington - Burlington, MA 2014 — 4,918 27,193 — 569 4,918 27,762 32,680 27,762 790 1975 (1) Residence Inn Gaslamp - San Diego, CA 2015 — — 89,040 — 29 — 89,069 89,069 89,069 1,890 2009 (1) Hilton Garden Inn Marina del Rey, CA 2015 22,510 — 43,210 — 6 — 43,216 43,216 43,216 313 2013 (1) Residence Inn Dedham, MA 2015 — 4,230 17,304 — 3 4,230 17,307 21,537 17,307 199 1998 (1) Residence Inn Ft. Lauderdale, FL 2015 — 9,200 24,048 — — 9,200 24,048 33,248 24,048 226 2008 (1) Grand Total(s) $ 274,212 $ 992,744 $ 331 $ 38,905 $ 274,543 $ 1,031,649 $ 1,306,192 $ 1,031,649 $ 83,245 (1) Depreciation is computed based upon the following estimated useful lives: Years Building 40 Land improvements 20 Building improvements 5-20 Notes: (a) The change in total cost of real estate assets for the year ended is as follows: 2015 2014 2013 2012 2011 Balance at the beginning of the year $ 1,105,504 $ 654,560 $ 423,729 $ 392,463 200,974 Acquisitions 187,032 444,233 222,273 26,979 185,995 Dispositions during the year — — — (951 ) — Capital expenditures and transfers from construction-in-progress 13,656 6,711 8,558 5,238 5,494 Investment in Real Estate $ 1,306,192 $ 1,105,504 $ 654,560 $ 423,729 $ 392,463 (b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: Balance at the beginning of the year $ 50,910 $ 28,980 $ 17,398 $ 8,394 1,901 Depreciation and amortization 32,335 21,930 11,582 9,004 6,493 Balance at the end of the year $ 83,245 $ 50,910 $ 28,980 $ 17,398 $ 8,394 (c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,258,452 as of December 31, 2015.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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”). These consolidated financial statements, in the opinion of management, include all adjustments 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. 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.
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 and disclosures of contingent 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 6.
Investment in Hotel Properties	Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees are expensed in the period incurred. The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2015 , 2014 and 2013 , there were no hotel properties impaired. For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on the impairment or disposal of long-lived assets are met. As of December 31, 2015 , the Company had no hotel properties held for sale.
Investment in Unconsolidated Real Estate Entities	Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable investment entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.
Restricted Cash	Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements.
Hotel Receivables	Hotel Receivables Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses.
Deferred Costs	Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior unsecured revolving credit facility and mortgage loans and costs related to the Company’s share offerings or share plans. Deferred costs consisted of the following at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Loan costs $ 8,447 $ 10,717 Franchise fees 3,474 2,969 11,921 13,686 Less accumulated amortization (3,887 ) (6,172 ) Deferred costs, net $ 8,034 $ 7,514 Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Other deferred costs relate to potential share offerings and are recorded as a reduction in additional paid-in capital as shares are sold.
Prepaid Expenses And Other Policy	Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.
Distributions and losses in Excess of Investments in Unconsolidated Real Estate Entities	Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities At times, certain of the Company’s investments in unconsolidated entities share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s Consolidated Balance Sheets.
Revenue Recognition	Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations.
Share-Based Compensation	Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 statement of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. 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.
Earnings Per Share	Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company indirectly (i) owns its interest in the hotels owned by the NewINK JV ( 47 hotels) and the Inland JV ( 48 hotels) and (ii) owned its interest in the Torrance JV, which was sold on December 30, 2015 , through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was leased to TRS Lessees in which the Company indirectly owns, or owned, as applicable, noncontrolling interests through one of its TRS holding companies. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. As of December 31, 2015 , the Company is no longer subject to U.S federal income tax examinations for years before 2013 and with few exceptions to state examinations before 2013. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2015 . Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the first quarter of 2015, management was notified that one of the Company's TRS's was going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. The examination remains open. The Company believes that it does not need to record a liability related to all matters contained in the tax periods open to examination. However, should the Company experience an unfavorable outcome in the State of Florida matter, such an outcome could have a material impact on its results of operations, financial position, and cash flows. Although the timing of the income tax audit resolutions and negotiations with taxing authorities is highly uncertain, the Company does not anticipate a significant change to the total amount of unrecognized income tax benefits within the next 12 months.
Organizational and Offering Costs	Organizational and Offering Costs The Company expensed organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering.
Segment Information	Segment Information Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.
Recently Issued Accounting Standards	Recently Issued Accounting Standards On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 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 entities 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 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the VIE 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 interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination 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 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. 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 , which 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.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Components of Deferred Costs	Deferred costs consisted of the following at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Loan costs $ 8,447 $ 10,717 Franchise fees 3,474 2,969 11,921 13,686 Less accumulated amortization (3,887 ) (6,172 ) Deferred costs, net $ 8,034 $ 7,514

Acquisition of Hotel Properti26

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Purchase Price Allocation	The allocation of the purchase price of each of the hotels acquired by the Company in 2015 and 2014 , based on the fair value on the date of its acquisition, was (in thousands): Silicon Valley Hotels Cherry Creek Hotels Inland 4 Pack Hotels Gaslamp Dedham Ft. Lauderdale Marina del Rey Total Acquisition date 6/914 8/29/2014 11/17/2014 2/25/2015 7/17/2015 8/17/2015 9/17/2015 Number of rooms (unaudited) 751 194 575 240 81 104 134 2,079 Land $ 149,565 $ 3,700 $ 12,923 $ — $ 4,230 $ 9,200 $ — $ 179,618 Building and improvements 159,391 26,300 92,414 89,040 17,304 24,048 43,210 451,707 Furniture, fixtures and equipment 14,897 2,000 1,404 960 466 252 1,340 21,319 Cash 25 1 11 3 2 2 6 50 Restricted cash — — — — — — 1,755 1,755 Accounts receivable 959 56 374 81 47 32 30 1,579 Deferred costs, net — — — — — 43 43 Prepaid expenses and other assets 289 17 56 278 3 40 217 900 Mortgage debt — — — — — — (22,569 ) (22,569 ) Accounts payable and accrued expenses — (62 ) (686 ) (204 ) (10 ) (279 ) (67 ) (1,308 ) Net assets acquired $ 325,126 $ 32,012 $ 106,496 $ 90,158 $ 22,042 $ 33,295 $ 23,965 $ 633,094 Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV (58,860 ) — — — — — — (58,860 ) Net assets acquired, net of cash $ 266,241 $ 32,011 $ 106,485 $ 90,155 $ 22,040 $ 33,293 $ 23,959 $ 574,184
Revenue and Operating Income of New Hotels Acquired	The amount of revenue and operating income from the hotels acquired in 2015 from their respective date of acquisition through December 31, 2015 is as follows (in thousands): Revenue Operating Income Residence Inn San Diego Gaslamp $ 12,670 $ 6,850 Residence Inn Dedham, MA 1,995 1,043 Residence Inn Ft. Lauderdale, FL 2,132 863 Hilton Garden Inn Marina del Rey, CA 2,500 1,200 Total $ 19,297 $ 9,956
Pro Forma Financial Information	The following condensed pro forma financial information presents the unaudited results of operations as if the acquisition of the hotels acquired during the years ended December 31, 2015 , 2014 or 2013 had taken place on January 1, 2014, 2013 and 2012, 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 $ 704 , $7,234 and $1,667 , respectively, of acquisition-related costs incurred in the years ended December 31, 2015, 2014 and 2013. Supplemental pro forma earnings for the years ended December 2014 and 2013, respectively, were adjusted to include these charges from 2015 and 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, 2013 or 2012, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the year ended December 31, 2015 2014 2013 Pro forma total revenue $ 292,908 $ 271,321 $ 216,239 Pro forma net income $ 32,137 $ 22,013 $ 72,477 Pro forma income per share: Basic $ 0.85 $ 0.58 $ 1.91 Diluted $ 0.84 $ 0.57 $ 1.89 Weighted average common shares outstanding Basic 37,917,871 37,917,871 37,917,871 Diluted 38,322,285 38,322,285 38,322,285

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, 2015 December 31, 2014 Land and improvements $ 274,543 $ 261,108 Building and improvements 1,031,649 844,396 Furniture, fixtures and equipment 63,542 61,186 Renovations in progress 8,829 6,574 1,378,563 1,173,264 Less: accumulated depreciation (120,111 ) (76,839 ) Investment in hotel properties, net $ 1,258,452 $ 1,096,425

Investment in Unconsolidated 28

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Schedule Of Assets Liabilities and Equity Of Joint Venture Table	The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company’s share, related to all JVs for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Balance Sheet December 31, 2015 December 31, 2014 December 31, 2013 Assets Investment in hotel properties, net $ 1,857,497 $ 1,907,928 $ 874,058 Other assets 206,894 261,311 114,034 Total Assets $ 2,064,391 $ 2,169,239 $ 988,092 Liabilities Mortgages and notes payable $ 1,657,000 $ 1,677,159 $ 969,023 Other Liabilities 35,807 34,929 19,211 Total Liabilities 1,692,807 1,712,088 988,234 Equity Chatham Lodging Trust 37,633 45,470 (802 ) Joint Venture Partner 333,951 411,681 660 Total Equity 371,584 457,151 (142 ) Total Liabilities and Equity $ 2,064,391 $ 2,169,239 $ 988,092
Schedule Of Income From Joint Venture Table	For the year ended Statement of Operations December 31, 2015 2014 2013 Revenue $ 497,698 $ 290,419 $ 271,224 Total hotel operating expenses 290,123 166,849 151,823 Operating income $ 207,575 $ 123,570 $ 119,401 Net income (loss) from continuing operations $ 19,241 $ (40,018 ) $ (14,376 ) Loss on sale of hotels $ — $ (5 ) $ (2,730 ) Net income (loss) $ 19,241 $ (40,023 ) $ (17,106 ) Income (loss) allocable to the Company $ 1,811 $ (4,165 ) $ (1,874 ) Basis difference adjustment $ 600 $ 335 $ — Total income (loss) from unconsolidated real estate entities attributable to Chatham $ 2,411 $ (3,830 ) $ (1,874 )
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 185 $ 100 Total $ 185 $ 100
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Innkeepers JV as follows (in thousands): For the year ended December 31, 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 years ended December 31, 2015 and 2014 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 5,884 $ 1,542 Total $ 5,884 $ 1,542
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the years ended December 31, 2015 and 2014 , the Company received cash distributions from the Inland JV as follows (in thousands): For the year ended December 31, 2015 2014 Cash generated from other activities and excess cash $ 2,845 $ — Total $ 2,845 $ —

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Components of Mortgage Debt	Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/15 Property Balance Outstanding as of December 31, 2015 December 31, Senior Unsecured Revolving Credit Facility (1) 1.93 % November 25, 2019 $ — $ 65,580 $ 22,500 SpringHill Suites by Marriott Washington, PA (7) 5.84 % April 1, 2015 11,209 — 4,760 Courtyard by Marriott Altoona, PA (9) 5.96 % April 1, 2016 10,138 5,954 6,172 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,847 14,496 14,832 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,678 29,555 30,062 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 33,781 16,880 17,174 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,824 23,124 23,534 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,231 19,123 19,475 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 36,940 23,268 23,657 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 70,981 46,907 47,580 Residence Inn by Marriott Garden Grove, CA (2) 4.79 % April 6, 2024 41,957 34,000 34,000 Residence Inn by Marriott Silicon Valley I, CA (3) 4.64 % July 1, 2024 86,416 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA (3) 4.64 % July 1, 2024 94,492 70,700 70,700 Residence Inn by Marriott San Mateo, CA (3) 4.64 % July 1, 2024 68,315 48,600 48,600 Residence Inn by Marriott Mountain View, CA (3) 4.64 % July 1, 2024 54,790 37,900 37,900 SpringHill Suites by Marriott Savannah, GA (4) 4.62 % July 6, 2024 38,213 30,000 30,000 Hilton Garden Inn Marina del Rey, CA (8) 4.68 % July 6, 2024 44,155 22,510 — Homewood Suites by Hilton Billerica, MA (5) 4.32 % December 6, 2024 11,547 16,225 16,225 Homewood Suite by Hilton Carlsbad, CA (5) 4.32 % December 6, 2024 28,397 19,950 19,950 Hampton Inn & Suites Houston Medical Cntr., TX (6) 4.25 % January 6, 2025 15,299 18,300 18,300 Total $ 776,210 $ 607,872 $ 550,221 (1) The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3% . (2) On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10 -year term and a 30 -year amortization payment schedule but is interest only for the first 12 months. The Company incurred $184 in costs for the early extinguishment of debt related to the old loan. (3) On June 9, 2014, the Company obtained 4 new mortgage loans secured by first mortgages on the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have 10 -year terms and 30 -year amortization payment schedules but are interest only for the first 60 months. (4) On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Springhill Suites Savannah hotel. The loan has a 10 -year term and a 30 -year amortization payment schedule but is interest only for the first 60 months. (5) On November 25, 2014, the Company obtained 2 new mortgage loans secured by first mortgages on each of the Homewood Suites by Hilton Billerica and Homewood Suites by Hilton Carlsbad hotels. The loans have 10 -year terms and 30 -year amortization payment schedules but are interest only for the first 36 months. (6) On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Hampton Inn and Suites by Hilton Houston Medical Center hotel. The loan has a 10 -year term, a 30 -year amortization payment schedule but is interest only for the first 36 months. (7) On March 31, 2015, the Company paid off the loan secured by the SpringHill Suites by Marriott Washington, PA hotel, due April 1, 2015. (8) On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10 -year term, a 30 -year amortization payment schedule. (9) On January 4, 2016, the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016.
Summary of Amendment to Senior Secured Revolving Credit Facility	Other key terms are as follows: Borrowing Capacity: Up to $250,000 Accordion feature: Increase borrowing capacity by up to additional $150,000 Interest rate: Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio Unused fee: 20 basis points if less than 50% unused, 30 basis points if more than 50% unused Maximum leverage ratio: 60% Minimum fixed charge coverage ratio: 1.5x
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of December 31, 2015 , for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2016 $ 9,868 2017 4,302 2018 5,374 2019 7,340 2020 75,479 Thereafter 505,509 Total $ 607,872

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2015 2014 2013 Current: Federal $ 129 $ 82 $ 93 State 131 27 30 Current tax expense $ 260 $ 109 $ 123 Deferred: Federal — (3 ) — State — (1 ) 1 Deferred tax expense — (4 ) 1 Total tax expense $ 260 $ 105 $ 124
Schedule of Effective Income Tax Rate Reconciliation	The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRSs before taxes were as follows (in thousands): For the year ended December 31, 2015 2014 2013 Book income (loss) before income taxes $ 2,384 $ (520 ) $ (2,080 ) Statutory rate of 34% applied to pre-tax income $ 810 $ (178 ) $ (707 ) Effect of state and local income taxes, net of federal tax benefit 97 (14 ) (82 ) Provision to return and deferred adjustment 211 40 118 Permanent adjustments and other 140 — — Change in valuation allowance (998 ) 257 795 Total expense $ 260 $ 105 $ 124 Effective tax rate 10.91 % (20.19 )% (5.96 )%
Schedule of Deferred Tax Assets and Liabilities	The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2015 and 2014 are as follows (in thousands): For the year ended December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 36 $ 28 Other 489 230 Valuation allowance (240 ) (248 ) Current deferred tax asset $ 285 $ 10 Non-current Total book to tax difference in partnership $ (356 ) $ (165 ) Net operating loss 130 1,214 Valuation allowance (59 ) (1,049 ) Non-current deferred tax asset $ (285 ) $ — Net deferred tax asset $ — $ 10

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared and Paid	The dividends and distributions and their tax characterization were as follows: Record Date Payment Date Common Share Distribution Amount LTIP Unit Distribution Amount Ordinary Income Capital Gain January 1/30/2015 2/27/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 February 2/27/2015 3/27/2015 0.10 0.10 0.094 0.006 March 3/31/2015 4/24/2015 0.10 0.10 0.094 0.006 1st Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 April 4/30/2015 5/29/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 May 5/29/2015 6/26/2015 0.10 0.10 0.094 0.006 June 6/30/2015 7/31/2015 0.10 $ 0.10 0.094 0.006 2nd Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 July 7/31/2015 8/28/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 August 8/31/2015 9/25/2015 0.10 0.10 0.094 0.006 September 9/30/2015 10/30/2015 $ 0.10 0.10 $ 0.094 $ 0.006 3rd Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 October 10/30/2015 11/27/2015 $ 0.10 $ 0.10 $ 0.094 $ 0.006 November 11/30/2015 12/28/2015 0.10 0.10 0.094 0.006 December 12/31/2015 1/29/2016 $ 0.10 $ 0.10 $ 0.094 $ 0.006 4th Quarter 2015 $ 0.30 $ 0.30 $ 0.282 $ 0.018 Total 2015 $ 1.20 $ 1.20 $ 1.128 $ 0.072 Record Date Payment Date Common Share Distribution Amount LTIP Unit Distribution Amount Ordinary Income Capital Gain January 1/31/2014 2/28/2014 $ 0.07 $ 0.07 $ 0.069 $ 0.001 February 2/28/2014 3/28/2014 0.07 0.07 0.069 0.001 March 3/31/2014 4/25/2014 0.07 0.07 0.069 0.001 1st Quarter 2014 $ 0.21 $ 0.21 $ 0.207 $ 0.003 April 4/30/2014 5/30/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 May 5/30/2014 6/27/2014 0.08 0.08 0.078 0.002 June 6/30/2014 7/25/2014 0.08 $ 0.08 0.078 0.002 2nd Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 July 7/31/2014 8/29/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 August 8/29/2014 9/26/2014 0.08 0.08 0.078 0.002 September 9/30/2014 10/31/2014 $ 0.08 0.08 $ 0.078 $ 0.002 3rd Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 October 10/31/2014 11/28/2014 $ 0.08 $ 0.08 $ 0.078 $ 0.002 November 11/28/2014 12/26/2014 0.08 0.08 0.078 0.002 December 12/31/2014 1/30/2015 $ 0.08 $ 0.08 $ 0.078 $ 0.002 4th Quarter 2014 $ 0.24 $ 0.24 $ 0.234 $ 0.006 Total 2014 $ 0.93 $ 0.93 $ 0.909 $ 0.021

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Stock by Class	Common share offerings of the Company consisted of the following from inception through December 31, 2015 : Type of Offering (1) Date Shares Issued Price per Share Gross Proceeds (in thousands) Net Proceeds (in thousands) Initial public offering 4/21/2010 8,625,000 $ 20.00 $ 172,500 $ 158,700 Private placement offering (2) 4/21/2010 500,000 20.00 10,000 10,000 Follow-on common share offering 2/8/2011 4,000,000 16.00 64,000 60,300 Over-allotment option 2/8/2011 600,000 16.00 9,600 9,100 Follow-on common share offering 1/14/2013 3,500,000 14.70 51,400 48,400 Over-allotment option 1/31/2013 92,677 14.70 1,400 1,300 Follow-on common share offering 6/18/2013 4,500,000 16.35 73,600 70,000 Over-allotment option 6/28/2013 475,823 16.35 7,800 7,400 Follow-on common share offering 9/30/2013 3,250,000 18.35 59,600 56,700 Over-allotment option 10/11/2013 487,500 18.35 8,900 8,500 Follow-on common share offering 9/24/2014 6,000,000 21.85 131,100 125,600 Over-allotment option 9/24/2014 900,000 21.85 19,700 18,900 Follow-on common share offering 1/27/2015 3,500,000 30.00 105,000 103,300 Over-allotment option 1/27/2015 525,000 30.00 15,750 15,500 36,956,000 $ 730,350 $ 693,700 (1) Excludes any shares issued pursuant to the Company's ATM Plan or DRSPP (each as defined below). (2) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 per share (in thousands, except share and per share data): For the year ended December 31, 2015 2014 2013 Numerator: Net income $ 32,966 $ 66,873 $ 2,982 Dividends paid on unvested shares and LTIP units (151 ) (216 ) (294 ) Undistributed earnings allocated to unvested shares and LTIP units $ — $ (324 ) $ — Net income attributable to common shareholders $ 32,815 $ 66,333 $ 2,688 Denominator: Weighted average number of common shares - basic 37,917,871 28,531,094 21,035,892 Effect of dilutive securities: Unvested shares 404,414 315,630 247,939 Weighted average number of common shares - diluted 38,322,285 28,846,724 21,283,831 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.87 $ 2.32 $ 0.13 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ 0.86 $ 2.30 $ 0.13

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 is as follows: December 31, 2015 December 31, 2014 December 31, 2013 Number of Shares Weighted - Average Grant Date Fair Value 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 $ 12.39 140,077 $ 12.70 Granted 85,254 26.59 87,018 17.46 81,658 13.43 Vested (94,415 ) 13.80 (65,412 ) 12.17 (63,700 ) 14.39 Non-vested at end of the period 170,480 $ 21.38 179,641 $ 14.92 158,035 $ 12.39 A summary of the restricted shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2015 are: Award Type Award Date Total Shares Granted Vested as of December 31, 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 —
Schedule of Share-based Payment Award, Valuation Assumptions	The grant date fair value of the performance LTIP awards were determined using a Monte Carlo simulation method with the following assumptions (based on the three year risk free U.S. Treasury yield over the measurement period of the LTIP awards): Performance Award Grant Date Volatility Dividend Yield Risk Free Interest Rate 6/1/2015 26 % 4.5 % 0.95 % The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Volatility Dividend Yield Risk Free Interest Rate 5/17/2013 35 % — % 0.43 % 1/31/2014 27 % — % 0.71 % 1/30/2015 29 % — % 0.84 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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, garage leases and office lease as of December 31, 2015 , and for each of the next four calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2016 $ 1,213 $ 231 2017 1,215 745 2018 1,217 772 2019 1,220 792 2020 1,267 812 Thereafter 70,727 4,995 Total $ 76,859 $ 8,347
Schedule of Management Agreement Terms	As of December 31, 2015 , Terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Courtyard Altoona Concord 4.0 % $ 1,211 $ — — % Springhill Suites Washington Concord 4.0 % 991 — — % Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 2.0 % 1,000 550 1.0 % Homewood Suites by Hilton Carlsbad (North San Diego County) IHM 3.0 % 1,000 — 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 — 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 — 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 — 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 — 1.0 % Residence Inn Garden Grove IHM 2.5 % 1,000 — 1.0 % Residence Inn Mission Valley IHM 2.5 % 1,000 — 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 2.5 % 1,000 — 1.0 % Residence Inn Washington DC IHM 2.5 % 1,000 — 1.0 % Residence Inn Tysons Corner IHM 2.5 % 1,000 — 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 %
Schedule of Franchise Agreement Terms	Terms of the Company's franchise agreements are as of December 31, 2015 : Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Homewood Suites by Hilton Carlsbad (North San Diego County) 4.0 % 4.0 % 2028 Hampton Inn & Suites Houston-Medical Center 5.0 % 4.0 % 2020 Courtyard Altoona 5.5 % 2.0 % 2030 Springhill Suites Washington 5.0 % 2.5 % 2030 Residence Inn Long Island Holtsville 5.5 % 2.5 % 2025 Residence Inn White Plains 5.5 % 2.5 % 2030 Residence Inn New Rochelle 5.5 % 2.5 % 2030 Residence Inn Garden Grove 5.0 % 2.5 % 2031 Residence Inn Mission Valley 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 2.5 % 2033 Residence Inn Silicon Valley I 5.5 % 2.5 % 2029 Residence Inn Silicon Valley II 5.5 % 2.5 % 2029 Residence Inn San Mateo 5.5 % 2.5 % 2029 Residence Inn Mountain View 5.5 % 2.5 % 2029 Hyatt Place Cherry Creek 3% to 5.0% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.0 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6.0% 2.5 % 2045

Quarterly Operating Results (36

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarter Ended - 2015 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 58,916 $ 72,257 $ 78,229 $ 67,548 Total operating expenses 50,487 54,191 58,115 58,634 Operating income 8,429 18,066 20,114 8,914 Net income attributable to common shareholders 1,411 12,763 14,315 4,477 Income per common share, basic (1) 0.04 0.33 0.37 0.12 Income per common share, diluted (1) 0.04 0.33 0.37 0.12 Weighted average number of common shares outstanding: Basic 37,018,039 38,211,833 38,212,028 38,213,219 Diluted 37,322,278 38,618,824 38,614,360 38,619,472 Quarter Ended - 2014 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 36,866 $ 47,077 $ 60,662 $ 52,610 Total operating expenses 34,370 42,076 45,979 48,095 Operating income 2,496 5,001 14,683 4,516 Net income (loss) attributable to common shareholders (1,808 ) 65,137 8,664 (5,660 ) Income (loss) per common share, basic (1) (0.07 ) 2.46 0.32 (0.16 ) Income (loss) per common share, diluted (1) (0.07 ) 2.44 0.31 (0.16 ) Weighted average number of common shares outstanding: Basic 26,271,678 26,437,878 27,370,815 33,972,134 Diluted 26,271.678 26,734.919 27,695.347 33,972.134 (1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested LTIP units could potentially dilute basic earnings per share in the future were not 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.

Organization - Additional Infor

Organization - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015HotelRoomstate	Nov. 17, 2014	Jun. 09, 2014	Jun. 08, 2014	Apr. 17, 2013Room
Subsidiary, Sale of Stock [Line Items]
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	5,678
Number of states in which hotels are owned | state	15
Initial term of each TRS lease	5 years
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%
Concord Hospitality Enterprises
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party	2
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	47
Indirect ownership in the leased, hotels	10.30%		10.30%
Innkeepers Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels | Room	6,097
Innkeepers Joint Venture | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased, hotels				10.30%
Number of hotels managed by related party	47
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	48
Aggregate number of rooms in hotels | Room	6,401
Indirect ownership in the leased, hotels	10.00%	10.00%
Number of hotels acquired	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
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%
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership Percentage In Related Party Owned By Third Party	45.00%

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) - Hotel	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Number of hotel properties impaired	0	0	0
Number of hotel properties held for sale	0
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	20 years
Building Improvements
Property, Plant and Equipment [Line Items]
Useful life	15 years
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 19,273	$ 12,030
Hotel receivables, allowance for doubtful accounts	95	71
Renovation, Property Tax And Insurance Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 19,273	$ 12,030

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs [Abstract]
Loan costs	$ 8,447	$ 10,717
Franchise fees	3,474	2,969
Deferred costs, gross	11,921	13,686
Less accumulated amortization	(3,887)	(6,172)
Deferred costs, net	8,034	7,514
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	197	131	$ 87
Amortization of deferred financing fees included in interest expense	1,606	1,532	1,088
Franchise
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	196	131	87
Loans
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	$ 1,606	$ 1,532	$ 1,088

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Jun. 01, 2015	Dec. 31, 2015USD ($)Hotel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Income Tax Holiday [Line Items]
Percentage of REIT taxable income distributed to its shareholders (at least)		90.00%
Tax holiday period for REIT taxable income		4 years
Number of hotels in ownership by Company		38
Deferred finance costs, net | $		$ 0	$ 0	$ 91
NewINK Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company		47
Inland Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company		48
Class A Performance LTIP Units
Income Tax Holiday [Line Items]
Distribution Entitlement, Percentage	10.00%

Acquisition of Hotel Properti42

Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands	Dec. 31, 2015USD ($)Room	Sep. 17, 2015USD ($)Room	Aug. 17, 2015USD ($)Room	Jul. 17, 2015USD ($)Room	Feb. 25, 2015USD ($)Room	Nov. 17, 2014USD ($)Room	Aug. 29, 2014USD ($)Room	Jun. 09, 2014USD ($)Room
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | Room	2,079
Land	$ 179,618
Building and improvements	451,707
Furniture, fixtures and equipment	21,319
Cash	50
Restricted cash	1,755
Accounts receivable	1,579
Deferred costs, net	43
Prepaid expenses and other assets	900
Mortgage debt	(22,569)
Accounts payable and accrued expenses	(1,308)
Net assets acquired	633,094
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV	(58,860)
Net assets acquired, net of cash	$ 574,184
Silicon Valley Hotels
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | Room								751
Land								$ 149,565
Building and improvements								159,391
Furniture, fixtures and equipment								14,897
Cash								25
Restricted cash								0
Accounts receivable								959
Deferred costs, net								0
Prepaid expenses and other assets								289
Mortgage debt								0
Accounts payable and accrued expenses								0
Net assets acquired								325,126
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV								(58,860)
Net assets acquired, net of cash								$ 266,241
Cherry Creek Hotels
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | Room							194
Land							$ 3,700
Building and improvements							26,300
Furniture, fixtures and equipment							2,000
Cash							1
Restricted cash							0
Accounts receivable							56
Deferred costs, net							0
Prepaid expenses and other assets							17
Mortgage debt							0
Accounts payable and accrued expenses							(62)
Net assets acquired							32,012
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV							0
Net assets acquired, net of cash							$ 32,011
Inland 4 Pack Hotels
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | Room						575
Land						$ 12,923
Building and improvements						92,414
Furniture, fixtures and equipment						1,404
Cash						11
Restricted cash						0
Accounts receivable						374
Prepaid expenses and other assets						56
Mortgage debt						0
Accounts payable and accrued expenses						(686)
Net assets acquired						106,496
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV						0
Net assets acquired, net of cash						$ 106,485
Gaslamp
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | 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
Mortgage debt					0
Accounts payable and accrued expenses					(204)
Net assets acquired					90,158
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV					0
Net assets acquired, net of cash					$ 90,155
Dedham
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | 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
Mortgage debt				0
Accounts payable and accrued expenses				(10)
Net assets acquired				22,042
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV				0
Net assets acquired, net of cash				$ 22,040
Ft. Lauderdale
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | 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
Mortgage debt			0
Accounts payable and accrued expenses			(279)
Net assets acquired			33,295
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV			0
Net assets acquired, net of cash			$ 33,293
Marina del Rey
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) | 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
Mortgage debt		(22,569)
Accounts payable and accrued expenses		(67)
Net assets acquired		23,965
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV		0
Net assets acquired, net of cash		$ 23,959

Acquisition of Hotel Properti43

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Acquisition costs incurred		$ 1,451	$ 10,381	$ 3,341
Assumed shares issued due to acquisitions	38,308,937
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquisition costs incurred		$ 704	$ 7,234	$ 1,667

Acquisition of Hotel Properti44

Acquisition of Hotel Properties - Revenue and Operating Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Residence Inn San Diego Gaslamp
Business Acquisition [Line Items]
Revenue	$ 12,670
Operating Income	6,850
Residence Inn Dedham, MA
Business Acquisition [Line Items]
Revenue	1,995
Operating Income	1,043
Residence Inn Ft. Lauderdale, FL
Business Acquisition [Line Items]
Revenue	2,132
Operating Income	863
Hilton Garden Inn Marina del Rey, CA
Business Acquisition [Line Items]
Revenue	2,500
Operating Income	1,200
Total
Business Acquisition [Line Items]
Revenue	19,297
Operating Income	$ 9,956

Acquisition of Hotel Properti45

Acquisition of Hotel Properties - Pro forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pro forma income per share:
Weighted average number of common shares - basic (in shares)	38,213,219	38,212,028	38,211,833	37,018,039	33,972,134	27,370,815	26,437,878	26,271,678	37,917,871	28,531,094	21,035,892
Weighted average number of common shares - diluted (in shares)	38,619,472	38,614,360	38,618,824	37,322,278	33,972,134	27,695,347	26,734,919	26,271,678	38,322,285	28,846,724	21,283,831
Recent Acquisitions
Business Acquisition, Pro Forma Information [Line Items]
Pro forma total revenue									$ 292,908	$ 271,321	$ 216,239
Pro forma net income									$ 32,137	$ 22,013	$ 72,477
Pro forma income per share:
Basic (in dollars per share)									$ 0.85	$ 0.58	$ 1.91
Diluted (in dollars per share)									$ 0.84	$ 0.57	$ 1.89
Weighted average number of common shares - basic (in shares)									37,917,871	37,917,871	37,917,871
Weighted average number of common shares - diluted (in shares)									38,322,285	38,322,285	38,322,285

Investment in Hotel Propertie46

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments Schedule [Abstract]
Land and improvements	$ 274,543	$ 261,108
Building and improvements	1,031,649	844,396
Furniture, fixtures and equipment	63,542	61,186
Renovations in progress	8,829	6,574
Investment in hotel properties, at cost	1,378,563	1,173,264
Less: accumulated depreciation	(120,111)	(76,839)
Investment in hotel properties, net	$ 1,258,452	$ 1,096,425

Investment in Unconsolidated 47

Investment in Unconsolidated Entities - Additional Information (Details) $ in Thousands	Dec. 30, 2015USD ($)Room	Jun. 09, 2014USD ($)Hotel	Dec. 31, 2015USD ($)Room	Dec. 31, 2014USD ($)	Nov. 17, 2014	Jun. 08, 2014HotelRoom	Apr. 17, 2013USD ($)Room
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels | Room			5,678
Real estate investment, purchase of hotels, number of hotels | Hotel		4
Investment in unconsolidated real estate entities			$ 23,618	$ 28,152
BRE Torrance Holdco LLC | Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from Sale of Equity Method Investments	$ 51,750
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 3,576
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture			$ 0
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							$ 31,000
Aggregate number of rooms in hotels | Room			248				248
Torrance Joint Venture | Cerberus Capital Management | Senior Secured Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Investment in joint venture							$ 1,649
Torrance Joint Venture | BRE Torrance Holdco LLC
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels | Room	248
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels | Room			6,097
Joint Venture, Gain (Loss) On Remeasurement Of Joint Venture		$ 18,800
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee		47,000
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee After Remeasurement		$ 65,750
Innkeepers Joint Venture | Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels						10.30%
Joint Venture, Number of Hotels in Joint Venture Real Estate Portfolio | Hotel						51
Joint Venture, Number Of Hotel Rooms In Joint Venture Real Estate Portfolio | Room						6,845
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels		10.30%	10.30%
Investment in joint venture			$ (2,703)
Joint Venture, Number of Hotels in Joint Venture Real Estate Portfolio | Hotel		47
Joint Venture, Percentage Ownership By Third Party		89.70%
Investment in unconsolidated real estate entities			14,015	19,012
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures, Difference Between Carrying Amount And Share Of Partners' Capital			$ 16,718	$ 17,319
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels			10.00%		10.00%
Investment in joint venture			$ 23,618
Aggregate number of rooms in hotels | Room			6,401
Joint Venture, Percentage Ownership By Third Party					90.00%

Investment in Unconsolidated 48

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents	$ 5,959	$ 10,856	$ (275)
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	185	100
Net change in cash and cash equivalents	185	100
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	0	411
Net change in cash and cash equivalents	0	411
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	5,884	1,542
Net change in cash and cash equivalents	5,884	1,542
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	2,845	0
Net change in cash and cash equivalents	$ 2,845	$ 0

Investment in Unconsolidated 49

Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) (Details) - Total Minority Interest Joint Ventures - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment in hotel properties, net	$ 1,857,497	$ 1,907,928	$ 874,058
Other assets	206,894	261,311	114,034
Total Assets	2,064,391	2,169,239	988,092
Mortgages and notes payable	1,657,000	1,677,159	969,023
Other Liabilities	35,807	34,929	19,211
Total Liabilities	1,692,807	1,712,088	988,234
Chatham Lodging Trust	37,633	45,470	(802)
Joint Venture Partner	333,951	411,681	660
Total Equity	371,584	457,151	(142)
Total Liabilities and Equity	$ 2,064,391	$ 2,169,239	$ 988,092

Investment in Unconsolidated 50

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Total hotel operating expenses	$ 58,634	$ 58,115	$ 54,191	$ 50,487	$ 48,095	$ 45,979	$ 42,076	$ 34,370	$ 221,427	$ 170,520	$ 108,867
Operating income	$ 8,914	$ 20,114	$ 18,066	$ 8,429	$ 4,516	$ 14,683	$ 5,001	$ 2,496	55,523	26,696	17,361
Net income attributable to common shareholders									32,966	66,873	2,982
Total income (loss) from unconsolidated real estate entities attributable to Chatham									3,576	65,750	0
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue									497,698	290,419	271,224
Total hotel operating expenses									290,123	166,849	151,823
Operating income									207,575	123,570	119,401
Net income (loss) from continuing operations									19,241	(40,018)	(14,376)
Loss on sale of hotels									0	(5)	(2,730)
Net income attributable to common shareholders									19,241	(40,023)	(17,106)
Income (loss) allocable to the Company									1,811	(4,165)	(1,874)
Basis difference adjustment									600	335	0
Total income (loss) from unconsolidated real estate entities attributable to Chatham									$ 2,411	$ (3,830)	$ (1,874)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Participating Mortgage Loans [Line Items]
Carrying Value	$ 776,210
Balance Outstanding	$ 607,872	$ 550,221
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	1.93%
Carrying Value	$ 0
Balance Outstanding	$ 65,580	22,500
SpringHill Suites by Marriott Washington, PA
Participating Mortgage Loans [Line Items]
Interest Rate	5.84%
Carrying Value	$ 11,209
Balance Outstanding	$ 0	4,760
Courtyard by Marriott Altoona, PA
Participating Mortgage Loans [Line Items]
Interest Rate	5.96%
Carrying Value	$ 10,138
Balance Outstanding	$ 5,954	6,172
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 20,847
Balance Outstanding	$ 14,496	14,832
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 45,678
Balance Outstanding	$ 29,555	30,062
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 33,781
Balance Outstanding	$ 16,880	17,174
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 31,824
Balance Outstanding	$ 23,124	23,534
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 31,231
Balance Outstanding	$ 19,123	19,475
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 36,940
Balance Outstanding	$ 23,268	23,657
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 70,981
Balance Outstanding	$ 46,907	47,580
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 41,957
Balance Outstanding	$ 34,000	34,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 86,416
Balance Outstanding	$ 64,800	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 94,492
Balance Outstanding	$ 70,700	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 68,315
Balance Outstanding	$ 48,600	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 54,790
Balance Outstanding	$ 37,900	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 38,213
Balance Outstanding	$ 30,000	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 44,155
Balance Outstanding	$ 22,510	0
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 11,547
Balance Outstanding	$ 16,225	16,225
Homewood Suite by Hilton Carlsbad, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 28,397
Balance Outstanding	$ 19,950	19,950
Hampton Inn & Suites Houston Medical Cntr., TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 15,299
Balance Outstanding	$ 18,300	$ 18,300

Debt - Components of Mortgage52

Debt - Components of Mortgage Debt (Footnotes) (Details) $ in Thousands	Sep. 17, 2015	Dec. 17, 2014	Nov. 25, 2014mortgage	Jul. 02, 2014	Jun. 09, 2014mortgage	Mar. 21, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Participating Mortgage Loans [Line Items]
Loss on early extinguishment of debt | $							$ 412	$ 184	$ 933
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							1.55%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							2.30%
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Loan term						10 years
Loans amortization payment term						30 years
Debt instrument, interest only term						12 months
Loss on early extinguishment of debt | $						$ 184
Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans
Participating Mortgage Loans [Line Items]
Loans amortization payment term					30 years
Debt instrument, interest only term					60 months
Debt instrument, number of loans | mortgage					4
Debt instrument, term					10 years
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Loans amortization payment term				30 years
Debt instrument, interest only term				60 months
Debt instrument, term				10 years
Billerica And Carlsbad Hotel Loans
Participating Mortgage Loans [Line Items]
Loans amortization payment term			30 years
Debt instrument, interest only term			36 months
Debt instrument, number of loans | mortgage			2
Debt instrument, term			10 years
Hampton Inn & Suites Houston Medical Cntr., TX
Participating Mortgage Loans [Line Items]
Loan term		10 years
Loans amortization payment term		30 years
Debt instrument, interest only term		36 months
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Loans amortization payment term	30 years
Debt instrument, term	10 years

Debt - Additional Information (

Debt - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 05, 2012USD ($)
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility	$ 250,000,000		$ 175,000,000
Adjusted Funds from Operations, Percent	95.00%
Outstanding borrowing under the revolving credit facility	$ 65,580,000	$ 22,500,000
Consolidated fixed charge coverage ratio	3.51
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 522,713,000	542,538,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	65,574,000	22,500,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility	250,000,000
Outstanding borrowing under the revolving credit facility	$ 65,580,000	$ 22,500,000

Debt - Summary of Amendment to

Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Nov. 05, 2012USD ($)
Debt Disclosure [Abstract]
Borrowing Capacity:	$ 250,000,000	$ 175,000,000
Maximum leverage ratio:	60.00%
Minimum fixed charge coverage ratio:	1.5

Debt - Summary of Amendment t55

Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Descriptors) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Senior Secured Notes [Line Items]
Amounts which can be increased to the credit facility, subject to lender approval.	$ 150,000,000
Minimum
Senior Secured Notes [Line Items]
Line of credit facility commitment fee, basis points	0.20%
Minimum | LIBOR
Senior Secured Notes [Line Items]
Line of credit, interest spread basis points	1.55%
Maximum
Senior Secured Notes [Line Items]
Line of credit facility commitment fee, basis points	0.30%
Maximum | LIBOR
Senior Secured Notes [Line Items]
Line of credit, interest spread basis points	2.30%

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 9,868
2,017	4,302
2,018	5,374
2,019	7,340
2,020	75,479
Thereafter	505,509
Total	$ 607,872	$ 550,221

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)company	Dec. 31, 2014USD ($)
Income Tax Disclosure [Abstract]
Number Of Holding Companies | company	2
Trs Lessee One
Income Taxes [Line Items]
Gross deferred tax asset associated with future tax deductions	$ 284,000
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
Deferred tax assets, valuation allowance	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 129	$ 82	$ 93
State	131	27	30
Current tax expense	260	109	123
Deferred:
Federal	0	(3)	0
State	0	(1)	1
Deferred tax expense	0	(4)	1
Total tax expense	$ 260	$ 105	$ 124

Income Taxes - Difference Betwe

Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Book income (loss) before income taxes	$ 2,384	$ (520)	$ (2,080)
Statutory rate of 34% applied to pre-tax income	810	(178)	(707)
Effect of state and local income taxes, net of federal tax benefit	97	(14)	(82)
Provision to return and deferred adjustment	211	40	118
Permanent adjustments	140	0	0
Change in valuation allowance	(998)	257	795
Total tax expense	$ 260	$ 105	$ 124
Effective tax rate	10.91%	(20.19%)	(5.96%)

Income Taxes - Difference Bet60

Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Descriptors) (Detail) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory rate	34.00%	34.00%	34.00%

Income Taxes - Tax Effect of Ea

Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 36	$ 28
Other	489	230
Valuation allowance	(240)	(248)
Current deferred tax asset	285	10
Total book to tax difference in partnership	(356)	(165)
Net operating loss	130	1,214
Valuation allowance	(59)	(1,049)
Non-current deferred tax asset	(285)	0
Net deferred tax asset	$ 0	$ 10

Dividends Declared and Paid - A

Dividends Declared and Paid - Additional Information (Details) - $ / shares	Jan. 15, 2016	Dec. 31, 2015	Nov. 30, 2015	Oct. 30, 2015	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	Dec. 31, 2014	Nov. 28, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 29, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 30, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Dividends Payable [Line Items]
Common shares, dividend declared per share (in dollars per share)		$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.24	$ 0.24	$ 0.24	$ 0.21	$ 1.2	$ 0.93
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	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.24	$ 0.24	$ 0.24	$ 0.21	$ 1.2	$ 0.93
Percentage of distribution considered taxable income																																		94.00%	97.70%
Percentage of distribution considered return of capital																																		6.00%	2.30%
Subsequent Event
Dividends Payable [Line Items]
Common shares, dividend declared per share (in dollars per share)	$ 0.08

Dividends Declared and Paid - D

Dividends Declared and Paid - Dividend Information (Details) - $ / shares	Dec. 31, 2015	Nov. 30, 2015	Oct. 30, 2015	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	Dec. 31, 2014	Nov. 28, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 29, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 30, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Common Share Distribution Amount (in dollars per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.24	$ 0.24	$ 0.24	$ 0.21	$ 1.2	$ 0.93
LTIP Unit Distribution Amount (in dollars per share)	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.07	0.07	0.07	0.3	0.3	0.3	0.3	0.24	0.24	0.24	0.21	1.2	0.93
Ordinary Income (in dollars per share)	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.094	0.078	0.078	0.078	0.078	0.078	0.078	0.078	0.078	0.078	0.069	0.069	0.069	0.282	0.282	0.282	0.282	0.234	0.234	0.234	0.207	1.128	0.909
Capital Gain (in dollars per share)	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.006	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.002	$ 0.001	$ 0.001	$ 0.001	$ 0.018	$ 0.018	$ 0.018	$ 0.018	$ 0.006	$ 0.006	$ 0.006	$ 0.003	$ 0.072	$ 0.021

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)	Jun. 01, 2015	Jun. 04, 2014officershares	Sep. 30, 2013officershares	Jan. 31, 2014USD ($)	Dec. 31, 2015USD ($)vote$ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2015USD ($)vote$ / sharesshares
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares authorized (in shares)					500,000,000	500,000,000	500,000,000
Common shares, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0.01
Number of votes per common share | vote					1		1
Common shares, shares outstanding (in shares)					38,308,937	34,173,691	38,308,937
Additional common shares issued (in shares)							36,956,000
Preferred shares, shares authorized (in shares)					100,000,000	100,000,000	100,000,000
Preferred shares, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01	$ 0.01
Operating Partnership common units held by unaffiliated third parties (in shares)					0	0	0
Long Term Incentive Plan Units
Stockholders Equity Note Disclosure [Line Items]
Operating partnership unit (in shares)					257,775	257,775	257,775
Number of recipients | officer		2	1
Percent of units with full parity that have vested					100.00%		100.00%
LTIP units achieving full parity (in shares)		231,525	26,250
Class A Performance LTIP Units
Stockholders Equity Note Disclosure [Line Items]
Operating partnership unit (in shares)					183,300	0	183,300
Distribution Entitlement, Percentage	10.00%
Equity Incentive Plans
Stockholders Equity Note Disclosure [Line Items]
Common shares withheld to meet the minimum statutory tax withholding requirements (in shares)					763	867
Common shares price per share, withheld to meet the minimum statutory tax withholding requirements (in dollars per share) | $ / shares					$ 29.35	$ 20.63
DRSP Plan
Stockholders Equity Note Disclosure [Line Items]
Stock Purchase Plan, Authorized Amount | $				$ 25,000,000
Additional common shares issued (in shares)					5,595	2,083,000
Stock Purchase Plan, Average Price Per Share (in dollars per share) | $ / shares					$ 25	$ 24.38
Stock Purchase Plan, Remaining Authorized Repurchase Amount | $					$ 24,900,000		$ 24,900,000
ATM Plan
Stockholders Equity Note Disclosure [Line Items]
Stock Purchase Plan, Authorized Amount | $				$ 50,000,000
Additional common shares issued (in shares)					880,820	880,820
Stock Purchase Plan, Average Price Per Share (in dollars per share) | $ / shares					$ 23.54	$ 23.54
Stock Purchase Plan, Remaining Authorized Repurchase Amount | $					$ 29,300,000		$ 29,300,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 27, 2015	Sep. 24, 2014	Oct. 11, 2013	Sep. 30, 2013	Jun. 28, 2013	Jun. 18, 2013	Jan. 31, 2013	Jan. 14, 2013	Feb. 08, 2011	Apr. 21, 2010	Dec. 31, 2015
Class of Stock [Line Items]
Shares Issued (in shares)											36,956,000
Gross Proceeds											$ 730,350
Net Proceeds											$ 693,700
Initial public offering
Class of Stock [Line Items]
Shares Issued (in shares)										8,625,000
Price per Share (in dollars per share)										$ 20
Gross Proceeds										$ 172,500
Net Proceeds										$ 158,700
Private placement offering
Class of Stock [Line Items]
Shares Issued (in shares)										500,000
Price per Share (in dollars per share)										$ 20
Gross Proceeds										$ 10,000
Net Proceeds										$ 10,000
Follow-on common share offering
Class of Stock [Line Items]
Shares Issued (in shares)	3,500,000	6,000,000		3,250,000		4,500,000		3,500,000	4,000,000
Price per Share (in dollars per share)	$ 30	$ 21.85		$ 18.35		$ 16.35		$ 14.7	$ 16
Gross Proceeds	$ 105,000	$ 131,100		$ 59,600		$ 73,600		$ 51,400	$ 64,000
Net Proceeds	$ 103,300	$ 125,600		$ 56,700		$ 70,000		$ 48,400	$ 60,300
Over-allotment option
Class of Stock [Line Items]
Shares Issued (in shares)	525,000	900,000	487,500		475,823		92,677		600,000
Price per Share (in dollars per share)	$ 30	$ 21.85	$ 18.35		$ 16.35		$ 14.7		$ 16
Gross Proceeds	$ 15,750	$ 19,700	$ 8,900		$ 7,800		$ 1,400		$ 9,600
Net Proceeds	$ 15,500	$ 18,900	$ 8,500		$ 7,400		$ 1,300		$ 9,100

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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income									$ 32,966	$ 66,873	$ 2,982
Dividends paid on unvested shares and LTIP units									(151)	(216)	(294)
Undistributed earnings allocated to unvested shares and LTIP units									0	(324)	0
Net income attributable to common shareholders	$ 4,477	$ 14,315	$ 12,763	$ 1,411	$ (5,660)	$ 8,664	$ 65,137	$ (1,808)	$ 32,815	$ 66,333	$ 2,688
Denominator:
Weighted average number of common shares - basic (in shares)	38,213,219	38,212,028	38,211,833	37,018,039	33,972,134	27,370,815	26,437,878	26,271,678	37,917,871	28,531,094	21,035,892
Effect of dilutive securities:
Unvested shares (in shares)									404,414	315,630	247,939
Weighted average number of common shares - diluted (in shares)	38,619,472	38,614,360	38,618,824	37,322,278	33,972,134	27,695,347	26,734,919	26,271,678	38,322,285	28,846,724	21,283,831
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ 0.12	$ 0.37	$ 0.33	$ 0.04	$ (0.16)	$ 0.32	$ 2.46	$ (0.07)	$ 0.87	$ 2.32	$ 0.13
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ 0.12	$ 0.37	$ 0.33	$ 0.04	$ (0.16)	$ 0.31	$ 2.44	$ (0.07)	$ 0.86	$ 2.30	$ 0.13

Equity Incentive Plan - Additio

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

Jan. 15, 2016shares

Jun. 01, 2015measurement$ / sharesshares

Jan. 30, 2015

Jun. 04, 2014officershares

Jan. 31, 2014

Sep. 30, 2013officershares

May. 17, 2013shares

Sep. 09, 2010shares

Apr. 21, 2010shares

Jan. 31, 2015shares

Jan. 31, 2014shares

Jan. 31, 2013shares

Dec. 31, 2015USD ($)$ / sharesshares

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

Dec. 31, 2013USD ($)$ / sharesshares

Dec. 31, 2012USD ($)

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

$ 13.17

$ 10.93

Total unrecognized compensation cost related to LTIP Units | $

$ 2,166

$ 267

Independent Trustees

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

Trustee Fees | $

$ 100

75

$ 75

$ 75

Common shares issued as compensation for services performed (in shares)

14,113

16,542

22,536

Independent Trustees | Subsequent Event

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

Common shares issued as compensation for services performed (in shares)

26,488

Minimum

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

Trustee Fees, Paid In Shares, Percentage

50.00%

Maximum

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

Trustee Fees, Paid In Shares, Percentage

100.00%

Equity Incentive Plan

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

Number of shares authorized

3,000,000

Equity Incentive Plan | Minimum

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

Vesting period for share awards under equity

3 years

Equity Incentive Plan | Maximum

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

Vesting period for share awards under equity

5 years

Class A Performance LTIP Units

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

Dividends, portion upon declaration, percentage

10.00%

Dividends, portion upon fully vested, Percentage

90.00%

Distribution Entitlement, Percentage

10.00%

2010 Equity Incentive Plan

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

Common shares available for issuance (in shares)

2,013,791

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

10 days

Time-based Restricted Stock Awards

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

Vesting period

3 years

Performance-based Restricted Stock Awards

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

Vesting period

3 years

Dividend Yield

0.00%

0.00%

0.00%

Risk Free Interest Rate

0.84%

0.71%

0.43%

Restricted Stock

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

Unrecognized compensation costs | $

$ 2,131

1,458

Weighted - average period for recognition of unrecognized compensation costs

1 year 9 months 24 days

Compensation expense recognized | $

$ 1,594

$ 1,275

$ 966

Shares granted (in shares)

85,254

87,018

81,658

Long Term Incentive Plan Units

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

Vesting period for share awards under equity

5 years

Weighted - average period for recognition of unrecognized compensation costs

3 years 2 months 4 days

Compensation expense recognized | $

$ 691

$ 783

$ 783

Exchange ratio

1

Shares granted (in shares)

26,250

246,960

Shares forfeited (in shares)

15,435

Percent of units with full parity that have vested

100.00%

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

Dividend Yield

4.50%

Risk Free Interest Rate

0.95%

LTIP units achieving full parity (in shares)

231,525

26,250

Number of recipients | officer

2

1

Long Term Incentive Plan Units | Initial Vesting Period

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

Vesting period

3 years

Long Term Incentive Plan Units | 1st Anniversary After Initial Period

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

Vesting period

1 year

Long Term Incentive Plan Units | 2nd Anniversary After Initial Period

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

Vesting period

2 years

Long Term Incentive Plan Units | Awarded June 1, 2015

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

Shares granted (in shares)

183,300

Number Of Performance Measurements | measurement

2

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

$ 14.13

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

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details)	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014	May. 17, 2013
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		29.00%	27.00%	35.00%
Dividend Yield		0.00%	0.00%	0.00%
Risk Free Interest Rate		0.84%	0.71%	0.43%
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.00%
Dividend Yield	4.50%
Risk Free Interest Rate	0.95%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	179,641	158,035	140,077
Number of Shares, Granted (in shares)	85,254	87,018	81,658
Number of Shares, Vested (in shares)	(94,415)	(65,412)	(63,700)
Number of Shares, Nonvested at end of the period (in shares)	170,480	179,641	158,035
Summary of company's restricted share awards, weighted average grant date fair value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 14.92	$ 12.39	$ 12.70
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	26.59	17.46	13.43
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	13.80	12.17	14.39
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 21.38	$ 14.92	$ 12.39

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Nov. 08, 2013lawsuit	Sep. 30, 2015Term	Dec. 31, 2015USD ($)TermParkingSpacerenewal_period	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Apr. 25, 2012Hotel
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Number Of Class Action Lawsuits | lawsuit	2
Loss Contingency, Number Of Hotels Related to Class Action | Hotel						15
Estimated Litigation Liability, Current			$ 171,000
Capital Leased Assets [Line Items]
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%			$ 8,000
Percentage of occupancy under condition one (less than)			85.00%
Approximate rent when monthly occupancy is 100%			$ 20,000
Percentage of occupancy under condition two			100.00%
Minimum percentage of annual rent increase			2.50%
Management fees recorded within hotel other operating expenses			$ 8,742,000	$ 6,096,000	$ 3,752,000
Franchise fees recorded within hotel other operating expenses			21,240,000	15,110,000	9,394,000
Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses			$ 278,000	$ 161,000	$ 63,000
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
Agreement Renew Successive Period Termination Notice			90 days
Property Management Fee, Percent Fee			10.00%
Incentive Management Fee Cap			1.00%
Hotel Management Agreement | Concord
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
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel | ParkingSpace			128
Operating Leases, Rent Expense			$ 123,000
Office Lease
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended | Term		2
Periods in each additional renewal term		5 years
Lessee Leasing Arrangements, Operating Leases, Term of Contract		11 years
Lessee Leasing Arrangements, Operating Leases, Abatement Term of Contract		12 months
Residence Inn San Diego Gaslamp
Capital Leased Assets [Line Items]
Incentive Management Fee Cap			1.00%
Residence Inn San Diego Gaslamp | Other Leases
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			$ 40,000
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
Hilton Garden Inn Marina del Rey
Capital Leased Assets [Line Items]
Incentive Management Fee Cap			1.00%
Hilton Garden Inn Marina del Rey | Other Leases
Capital Leased Assets [Line Items]
Operating Leases, Monthly Payment			$ 43,000
Hilton Garden Inn Marina del Rey | Other Leases | Minimum
Capital Leased Assets [Line Items]
Operating Lease, Annual Supplemental Rent, Percentage of Gross Revenues			5.00%
Hilton Garden Inn Marina del Rey | Other Leases | Maximum
Capital Leased Assets [Line Items]
Operating Lease, Annual Supplemental Rent, Percentage of Gross Revenues			25.00%
Residence Inn Il Lugano
Capital Leased Assets [Line Items]
Incentive Management Fee Cap			1.00%
Residence Inn Il Lugano | Submerged Land Leases
Capital Leased Assets [Line Items]
Operating Leases, Monthly Payment			$ 2,000

Commitments and Contingencies72

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Other Leases
Minimum future obligation payments required under leases
2,016	$ 1,213
2,017	1,215
2,018	1,217
2,019	1,220
2,020	1,267
Thereafter	70,727
Total	76,859
Office Lease
Minimum future obligation payments required under leases
2,016	231
2,017	745
2,018	772
2,019	792
2,020	812
Thereafter	4,995
Total	$ 8,347

Commitments and Contingencies73

Commitments and Contingencies - Terms of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Courtyard Altoona
Real Estate Properties [Line Items]
Base Management Fee	4.00%
Monthly Accounting Fee	$ 1,211
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	0.00%
Springhill Suites Washington
Real Estate Properties [Line Items]
Base Management Fee	4.00%
Monthly Accounting Fee	$ 991
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	0.00%
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Base Management Fee	2.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Carlsbad (North San Diego County)
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn White Plains
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Base Management Fee	2.50%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn Mission Valley
Real Estate Properties [Line Items]
Base Management Fee	2.50%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Base Management Fee	2.50%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Base Management Fee	2.50%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Base Management Fee	2.50%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 0
Incentive Management Fee Cap	1.00%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Courtyard Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Addison
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
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 Cap	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 Cap	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 Cap	1.00%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%

Commitments and Contingencies74

Commitments and Contingencies - Terms of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2015
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Carlsbad (North San Diego County)
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	4.00%
Courtyard Altoona
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Springhill Suites Washington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn White Plains
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Mission Valley
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Courtyard Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Marketing/Program Fee	3.50%
Hyatt Place Cherry Creek | Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Hyatt Place Cherry Creek | Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Courtyard Addison
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.00%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn San Diego Gaslamp
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%
Residence Inn Dedham
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Marketing/Program Fee	2.50%
Residence Inn Il Lugano | Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Residence Inn Il Lugano | Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Hotel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related Party Transaction [Line Items]
Number of hotels in ownership by Company	38
Management and accounting fees paid by the company | $	$ 8,466	$ 5,761	$ 3,448
Amounts due to related party | $	998	558
Management fees recorded within hotel other operating expenses | $	$ 8,742	6,096	3,752
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership Percentage In Related Party Owned By Third Party	45.00%
Management fees recorded within hotel other operating expenses | $	$ 278	161	63
NewINK Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company	47
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company	48
Number of hotels acquired	48
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%
Number of hotels managed by related party	36
Management fees recorded within hotel other operating expenses | $	$ 278	$ 161	$ 63
Island Hospitality Management Inc. | Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels managed by related party	34
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%

Quarterly Operating Results (76

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 67,548	$ 78,229	$ 72,257	$ 58,916	$ 52,610	$ 60,662	$ 47,077	$ 36,866	$ 276,950	$ 197,216	$ 126,228
Total operating expenses	58,634	58,115	54,191	50,487	48,095	45,979	42,076	34,370	221,427	170,520	108,867
Operating income	8,914	20,114	18,066	8,429	4,516	14,683	5,001	2,496	55,523	26,696	17,361
Net income attributable to common shareholders	$ 4,477	$ 14,315	$ 12,763	$ 1,411	$ (5,660)	$ 8,664	$ 65,137	$ (1,808)	$ 32,815	$ 66,333	$ 2,688
Income (loss) per common share, basic (in dollars per share)	$ 0.12	$ 0.37	$ 0.33	$ 0.04	$ (0.16)	$ 0.32	$ 2.46	$ (0.07)	$ 0.87	$ 2.32	$ 0.13
Income (loss) per common share, diluted (in dollars per share)	$ 0.12	$ 0.37	$ 0.33	$ 0.04	$ (0.16)	$ 0.31	$ 2.44	$ (0.07)	$ 0.86	$ 2.30	$ 0.13
Weighted average number of common shares outstanding:
Basic (in shares)	38,213,219	38,212,028	38,211,833	37,018,039	33,972,134	27,370,815	26,437,878	26,271,678	37,917,871	28,531,094	21,035,892
Diluted (in shares)	38,619,472	38,614,360	38,618,824	37,322,278	33,972,134	27,695,347	26,734,919	26,271,678	38,322,285	28,846,724	21,283,831

SCHEDULE III - REAL ESTATE AN77

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	$ 274,212
Initial Cost, Buildings & Improvements	992,744
Cost Cap. Sub. To Acq. Land	331
Cost Cap. Sub. To Acq. Bldg & Improvements	38,905
Gross Amount at End of Year, Land	274,543
Gross Amount at End of Year, Buildings & Improvements	1,031,649
Gross Amount at End of Year, Total	1,306,192	$ 1,105,504	$ 654,560	$ 423,729	$ 392,463	$ 200,974
Accumulated Depreciation	83,245	$ 50,910	$ 28,980	$ 17,398	$ 8,394	$ 1,901
Homewood Suites Orlando - Maitland, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	1,800
Initial Cost, Buildings & Improvements	7,200
Cost Cap. Sub. To Acq. Land	34
Cost Cap. Sub. To Acq. Bldg & Improvements	3,001
Gross Amount at End of Year, Land	1,834
Gross Amount at End of Year, Buildings & Improvements	10,201
Gross Amount at End of Year, Total	12,035
Accumulated Depreciation	1,503
Homewood Suites Boston - Billerica, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,225
Initial Cost, Land	1,470
Initial Cost, Buildings & Improvements	10,555
Cost Cap. Sub. To Acq. Land	48
Cost Cap. Sub. To Acq. Bldg & Improvements	1,017
Gross Amount at End of Year, Land	1,518
Gross Amount at End of Year, Buildings & Improvements	11,572
Gross Amount at End of Year, Total	13,090
Accumulated Depreciation	1,931
Homewood Suites Minneapolis - Mall of America, Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	3,500
Initial Cost, Buildings & Improvements	13,960
Cost Cap. Sub. To Acq. Land	19
Cost Cap. Sub. To Acq. Bldg & Improvements	1,767
Gross Amount at End of Year, Land	3,519
Gross Amount at End of Year, Buildings & Improvements	15,727
Gross Amount at End of Year, Total	19,246
Accumulated Depreciation	2,477
Homewood Suites Nashville - Brentwood, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	1,525
Initial Cost, Buildings & Improvements	9,300
Cost Cap. Sub. To Acq. Land	12
Cost Cap. Sub. To Acq. Bldg & Improvements	1,361
Gross Amount at End of Year, Land	1,537
Gross Amount at End of Year, Buildings & Improvements	10,661
Gross Amount at End of Year, Total	12,198
Accumulated Depreciation	1,756
Homewood Suites Dallas - Market Center, Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,500
Initial Cost, Buildings & Improvements	7,583
Cost Cap. Sub. To Acq. Land	17
Cost Cap. Sub. To Acq. Bldg & Improvements	1,216
Gross Amount at End of Year, Land	2,517
Gross Amount at End of Year, Buildings & Improvements	8,799
Gross Amount at End of Year, Total	11,316
Accumulated Depreciation	1,507
Homewood Suites Hartford - Farmington, CT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	1,325
Initial Cost, Buildings & Improvements	9,375
Cost Cap. Sub. To Acq. Land	92
Cost Cap. Sub. To Acq. Bldg & Improvements	1,324
Gross Amount at End of Year, Land	1,417
Gross Amount at End of Year, Buildings & Improvements	10,699
Gross Amount at End of Year, Total	12,116
Accumulated Depreciation	1,779
Hampton Inn & Suites Houston - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,300
Initial Cost, Land	3,200
Initial Cost, Buildings & Improvements	12,709
Cost Cap. Sub. To Acq. Land	56
Cost Cap. Sub. To Acq. Bldg & Improvements	705
Gross Amount at End of Year, Land	3,256
Gross Amount at End of Year, Buildings & Improvements	13,414
Gross Amount at End of Year, Total	16,670
Accumulated Depreciation	1,933
Residence Inn Holtsville - Holtsville, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	18,765
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,080
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	19,845
Gross Amount at End of Year, Total	22,045
Accumulated Depreciation	2,831
Courtyard Altoona - Altoona, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,954
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	10,730
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	901
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	11,631
Gross Amount at End of Year, Total	11,631
Accumulated Depreciation	1,716
SpringHill Suites Washington - Washington, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,000
Initial Cost, Buildings & Improvements	10,692
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	984
Gross Amount at End of Year, Land	1,000
Gross Amount at End of Year, Buildings & Improvements	11,676
Gross Amount at End of Year, Total	12,676
Accumulated Depreciation	1,704
Residence Inn White Plains - White Plains, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	17,677
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	5,771
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	23,448
Gross Amount at End of Year, Total	25,648
Accumulated Depreciation	3,037
Residence Inn New Rochelle - New Rochelle, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,496
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	20,281
Cost Cap. Sub. To Acq. Land	9
Cost Cap. Sub. To Acq. Bldg & Improvements	2,883
Gross Amount at End of Year, Land	9
Gross Amount at End of Year, Buildings & Improvements	23,164
Gross Amount at End of Year, Total	23,173
Accumulated Depreciation	3,341
Homewood Suites Carlsbad - Carlsbad, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,950
Initial Cost, Land	3,900
Initial Cost, Buildings & Improvements	27,520
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	144
Gross Amount at End of Year, Land	3,900
Gross Amount at End of Year, Buildings & Improvements	27,664
Gross Amount at End of Year, Total	31,564
Accumulated Depreciation	3,582
Residence Inn Garden Grove - Garden Grove, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,000
Initial Cost, Land	7,109
Initial Cost, Buildings & Improvements	35,484
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,580
Gross Amount at End of Year, Land	7,109
Gross Amount at End of Year, Buildings & Improvements	37,064
Gross Amount at End of Year, Total	44,173
Accumulated Depreciation	4,261
Residence Inn Mission Valley - San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,554
Initial Cost, Land	9,856
Initial Cost, Buildings & Improvements	39,535
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	474
Gross Amount at End of Year, Land	9,856
Gross Amount at End of Year, Buildings & Improvements	40,009
Gross Amount at End of Year, Total	49,865
Accumulated Depreciation	4,484
Homewood Suites San Antonio - San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,880
Initial Cost, Land	5,999
Initial Cost, Buildings & Improvements	24,764
Cost Cap. Sub. To Acq. Land	7
Cost Cap. Sub. To Acq. Bldg & Improvements	3,821
Gross Amount at End of Year, Land	6,006
Gross Amount at End of Year, Buildings & Improvements	28,585
Gross Amount at End of Year, Total	34,591
Accumulated Depreciation	2,999
Doubletree Suites Washington DC - Washington, DC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	6,083
Initial Cost, Buildings & Improvements	22,063
Cost Cap. Sub. To Acq. Land	28
Cost Cap. Sub. To Acq. Bldg & Improvements	4,618
Gross Amount at End of Year, Land	6,111
Gross Amount at End of Year, Buildings & Improvements	26,681
Gross Amount at End of Year, Total	32,792
Accumulated Depreciation	3,164
Residence Inn Tyson's Corner - Vienna, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,124
Initial Cost, Land	5,752
Initial Cost, Buildings & Improvements	28,917
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	140
Gross Amount at End of Year, Land	5,752
Gross Amount at End of Year, Buildings & Improvements	29,057
Gross Amount at End of Year, Total	34,809
Accumulated Depreciation	3,255
Hampton Inn Portland Downtown - Portland, ME
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,315
Initial Cost, Buildings & Improvements	22,664
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	181
Gross Amount at End of Year, Land	4,315
Gross Amount at End of Year, Buildings & Improvements	22,845
Gross Amount at End of Year, Total	27,160
Accumulated Depreciation	1,714
Courtyard Houston - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,123
Initial Cost, Land	5,600
Initial Cost, Buildings & Improvements	27,350
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	106
Gross Amount at End of Year, Land	5,600
Gross Amount at End of Year, Buildings & Improvements	27,456
Gross Amount at End of Year, Total	33,056
Accumulated Depreciation	1,991
Hyatt Place Pittsburgh - Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,268
Initial Cost, Land	3,000
Initial Cost, Buildings & Improvements	35,576
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	157
Gross Amount at End of Year, Land	3,000
Gross Amount at End of Year, Buildings & Improvements	35,733
Gross Amount at End of Year, Total	38,733
Accumulated Depreciation	2,280
Hampton Inn & Suites Exeter - Exeter, NH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	1,900
Initial Cost, Buildings & Improvements	12,350
Cost Cap. Sub. To Acq. Land	4
Cost Cap. Sub. To Acq. Bldg & Improvements	14
Gross Amount at End of Year, Land	1,904
Gross Amount at End of Year, Buildings & Improvements	12,364
Gross Amount at End of Year, Total	14,268
Accumulated Depreciation	742
Hilton Garden Inn Denver Tech - Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,100
Initial Cost, Buildings & Improvements	23,100
Cost Cap. Sub. To Acq. Land	5
Cost Cap. Sub. To Acq. Bldg & Improvements	446
Gross Amount at End of Year, Land	4,105
Gross Amount at End of Year, Buildings & Improvements	23,546
Gross Amount at End of Year, Total	27,651
Accumulated Depreciation	1,372
Residence Inn Bellevue - Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,907
Initial Cost, Land	13,800
Initial Cost, Buildings & Improvements	56,957
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,740
Gross Amount at End of Year, Land	13,800
Gross Amount at End of Year, Buildings & Improvements	58,697
Gross Amount at End of Year, Total	72,497
Accumulated Depreciation	3,165
SpringHill Suites Savannah - Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,000
Initial Cost, Land	2,400
Initial Cost, Buildings & Improvements	36,050
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	857
Gross Amount at End of Year, Land	2,400
Gross Amount at End of Year, Buildings & Improvements	36,907
Gross Amount at End of Year, Total	39,307
Accumulated Depreciation	1,900
Residence Inn Silicon Valley I - Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,800
Initial Cost, Land	42,652
Initial Cost, Buildings & Improvements	45,846
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	168
Gross Amount at End of Year, Land	42,652
Gross Amount at End of Year, Buildings & Improvements	46,014
Gross Amount at End of Year, Total	88,666
Accumulated Depreciation	4,792
Residence Inn Silicon Valley II - Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	70,700
Initial Cost, Land	46,474
Initial Cost, Buildings & Improvements	50,380
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	208
Gross Amount at End of Year, Land	46,474
Gross Amount at End of Year, Buildings & Improvements	50,588
Gross Amount at End of Year, Total	97,062
Accumulated Depreciation	5,264
Residence Inn San Mateo - San Mateo, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,600
Initial Cost, Land	38,420
Initial Cost, Buildings & Improvements	31,352
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	176
Gross Amount at End of Year, Land	38,420
Gross Amount at End of Year, Buildings & Improvements	31,528
Gross Amount at End of Year, Total	69,948
Accumulated Depreciation	3,285
Residence Inn Mt. View - Mountain View, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,900
Initial Cost, Land	22,019
Initial Cost, Buildings & Improvements	31,813
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	105
Gross Amount at End of Year, Land	22,019
Gross Amount at End of Year, Buildings & Improvements	31,918
Gross Amount at End of Year, Total	53,937
Accumulated Depreciation	3,324
Hyatt Place Cherry Creek - Cherry Creek, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	3,700
Initial Cost, Buildings & Improvements	26,300
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	242
Gross Amount at End of Year, Land	3,700
Gross Amount at End of Year, Buildings & Improvements	26,542
Gross Amount at End of Year, Total	30,242
Accumulated Depreciation	894
Courtyard Addison - Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,413
Initial Cost, Buildings & Improvements	21,554
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	60
Gross Amount at End of Year, Land	2,413
Gross Amount at End of Year, Buildings & Improvements	21,614
Gross Amount at End of Year, Total	24,027
Accumulated Depreciation	607
Courtyard West University - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	2,012
Initial Cost, Buildings & Improvements	17,916
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	79
Gross Amount at End of Year, Land	2,012
Gross Amount at End of Year, Buildings & Improvements	17,995
Gross Amount at End of Year, Total	20,007
Accumulated Depreciation	505
Residence Inn West University - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	3,640
Initial Cost, Buildings & Improvements	25,631
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	972
Gross Amount at End of Year, Land	3,640
Gross Amount at End of Year, Buildings & Improvements	26,603
Gross Amount at End of Year, Total	30,243
Accumulated Depreciation	732
Hilton Garden Inn Burlington - Burlington, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,918
Initial Cost, Buildings & Improvements	27,193
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	569
Gross Amount at End of Year, Land	4,918
Gross Amount at End of Year, Buildings & Improvements	27,762
Gross Amount at End of Year, Total	32,680
Accumulated Depreciation	790
Residence Inn Gaslamp - San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	89,040
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	29
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	89,069
Gross Amount at End of Year, Total	89,069
Accumulated Depreciation	1,890
Hilton Garden Inn Marina del Rey, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,510
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	43,210
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	6
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	43,216
Gross Amount at End of Year, Total	43,216
Accumulated Depreciation	313
Residence Inn Dedham, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	4,230
Initial Cost, Buildings & Improvements	17,304
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	3
Gross Amount at End of Year, Land	4,230
Gross Amount at End of Year, Buildings & Improvements	17,307
Gross Amount at End of Year, Total	21,537
Accumulated Depreciation	199
Residence Inn Ft. Lauderdale, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	9,200
Initial Cost, Buildings & Improvements	24,048
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	0
Gross Amount at End of Year, Land	9,200
Gross Amount at End of Year, Buildings & Improvements	24,048
Gross Amount at End of Year, Total	33,248
Accumulated Depreciation	$ 226

SCHEDULE III - REAL ESTATE AN78

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details)	12 Months Ended
	Dec. 31, 2015
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Land Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years
Minimum | Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	5 years
Maximum | Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years

SCHEDULE III - REAL ESTATE AN79

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the year	$ 1,105,504	$ 654,560	$ 423,729	$ 392,463	$ 200,974
Acquisitions	187,032	444,233	222,273	26,979	185,995
Dispositions during the year	0	0	0	(951)	0
Capital expenditures and transfers from construction-in-progress	13,656	6,711	8,558	5,238	5,494
Investment in Real Estate	$ 1,306,192	$ 1,105,504	$ 654,560	$ 423,729	$ 392,463

SCHEDULE III - REAL ESTATE AN80

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	$ 50,910	$ 28,980	$ 17,398	$ 8,394	$ 1,901
Depreciation and amortization	32,335	21,930	11,582	9,004	6,493
Balance at the end of the year	$ 83,245	$ 50,910	$ 28,980	$ 17,398	$ 8,394

SCHEDULE III - REAL ESTATE AN81

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details) $ in Thousands	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of properties for federal income tax purposes	$ 1,258,452