Chatham Lodging Trust (CLDT) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
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-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		38,362,618

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Investment in hotel properties, net	$ 1,240,155	$ 1,258,452
Cash and cash equivalents	13,466	21,036
Restricted cash	24,933	19,273
Investment in unconsolidated real estate entities	20,944	23,618
Hotel receivables (net of allowance for doubtful accounts of $139 and $95, respectively)	7,251	4,433
Deferred costs, net	4,857	5,365
Prepaid expenses and other assets	4,248	5,052
Total assets	1,315,854	1,337,229
Liabilities and Equity:
Mortgage debt	531,235	539,623
Revolving credit facility	53,000	65,580
Accounts payable and accrued expenses	30,597	25,100
Distributions and losses in excess of investments of unconsolidated real estate entities	5,293	2,703
Distributions payable	4,746	7,221
Total liabilities	624,871	640,227
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2016 and December 31, 2015	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,359,730 and 38,308,937 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	380	379
Additional paid-in capital	721,633	719,773
Retained earnings (distributions in excess of retained earnings)	(35,724)	(27,281)
Total shareholders’ equity	686,289	692,871
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	4,694	4,131
Total equity	690,983	697,002
Total liabilities and equity	$ 1,315,854	$ 1,337,229

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Hotel receivables	$ 139	$ 95
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (shares)	100,000,000	100,000,000
Preferred shares, shares issued (shares)
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (shares)	500,000,000	500,000,000
Common shares, shares issued (shares)	38,359,730	38,308,937
Common shares, shares outstanding (shares)	38,359,730	38,308,937

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Room	$ 74,736	$ 73,357	$ 211,438	$ 196,086
Food and beverage	1,494	1,345	4,728	3,866
Other	2,699	2,698	7,689	7,126
Cost reimbursements from unconsolidated real estate entities	804	928	2,728	2,645
Total revenue	79,733	78,328	226,583	209,723
Hotel operating expenses:
Room	15,068	13,430	43,453	37,126
Food and beverage	1,280	1,042	3,703	2,862
Telephone	449	412	1,300	1,237
Other hotel operating	563	638	1,790	1,826
General and administrative	5,652	5,430	16,848	15,415
Franchise and marketing fees	6,157	6,092	17,293	16,146
Advertising and promotions	1,203	1,324	3,899	3,735
Utilities	2,684	2,733	7,301	7,159
Repairs and maintenance	3,084	2,887	9,443	8,564
Management fees	2,558	2,588	7,171	6,601
Insurance	318	288	993	874
Total hotel operating expenses	39,016	36,864	113,194	101,545
Depreciation and amortization	11,997	12,559	36,753	36,146
Property taxes, ground rent and insurance	5,417	4,349	15,454	12,688
General and administrative	2,992	2,792	9,076	8,375
Hotel property acquisition costs and other charges	49	623	359	1,406
Reimbursed costs from unconsolidated real estate entities	804	928	2,728	2,645
Total operating expenses	60,275	58,115	177,564	162,805
Operating income	19,458	20,213	49,019	46,918
Interest and other income	7	31	43	191
Interest expense, including amortization of deferred fees	(7,082)	(7,031)	(21,211)	(20,696)
Loss on early extinguishment of debt	0	0	(4)	0
Income from unconsolidated real estate entities	1,051	1,467	1,346	2,543
Loss on sale from unconsolidated real estate entities	0	0	(8)	0
Income before income tax expense	13,434	14,680	29,185	28,956
Income tax benefit (expense)	12	(274)	(167)	(299)
Net income	13,446	14,406	29,018	28,657
Net income attributable to noncontrolling interests	(91)	(91)	(195)	(181)
Net income attributable to common shareholders	$ 13,355	$ 14,315	$ 28,823	$ 28,476
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.35	$ 0.37	$ 0.75	$ 0.75
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.34	$ 0.37	$ 0.74	$ 0.74
Weighted average number of common shares outstanding:
Basic (in shares)	38,307,382	38,212,028	38,293,704	37,818,340
Diluted (in shares)	38,768,638	38,614,360	38,726,998	38,221,940
Distributions per common share: (in dollars per share)	$ 0.33	$ 0.3	$ 0.97	$ 0.9

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid - In Capital	Retained earnings (distributions in excess of retained earnings)	Total Shareholders’ Equity	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2014		34,173,691
Beginning Balance at Dec. 31, 2014	$ 591,952	$ 339	$ 599,318	$ (11,120)	$ 588,537	$ 3,415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		14,113
Issuance of shares pursuant to Equity Incentive Plan	412		412		412
Issuance of shares, net of offering costs of $8 in 2016 and $2,039 in 2015 (in shares)		4,026,704
Issuance of shares, net of offering costs of $8 in 2016 and $2,039 in 2015	118,758	$ 40	118,718		118,758
Issuance of restricted time-based shares		49,110
Issuance of performance based shares		44,274
Repurchase of common shares (in shares)		(763)
Repurchase of common shares	(22)		(22)		(22)
Amortization of share based compensation	1,690		1,182		1,182	508
Dividends declared on common shares ($0.97 per share) in 2016 and ($0.90 per share) in 2015	(34,539)			(34,539)	(34,539)
Distributions declared on LTIP units ($0.97 per unit) in 2016 and ($0.90 per unit) in 2015	(305)					(305)
Reallocation of noncontrolling interest	0		(286)		(286)	286
Net income	28,657			28,476	28,476	181
Ending Balance (in shares) at Sep. 30, 2015		38,307,129
Ending Balance at Sep. 30, 2015	706,603	$ 379	719,322	(17,183)	702,518	4,085
Beginning Balance (in shares) at Dec. 31, 2015		38,308,937
Beginning Balance at Dec. 31, 2015	697,002	$ 379	719,773	(27,281)	692,871	4,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)		26,488
Issuance of shares pursuant to Equity Incentive Plan	550		550		550
Issuance of shares, net of offering costs of $8 in 2016 and $2,039 in 2015 (in shares)		16,454
Issuance of shares, net of offering costs of $8 in 2016 and $2,039 in 2015	337	$ 1	336		337
Issuance of restricted time-based shares		7,851
Amortization of share based compensation	1,879		963		963	916
Dividends declared on common shares ($0.97 per share) in 2016 and ($0.90 per share) in 2015	(37,266)			(37,266)	(37,266)
Distributions declared on LTIP units ($0.97 per unit) in 2016 and ($0.90 per unit) in 2015	(537)					(537)
Reallocation of noncontrolling interest	0		11		11	(11)
Net income	29,018			28,823	28,823	195
Ending Balance (in shares) at Sep. 30, 2016		38,359,730
Ending Balance at Sep. 30, 2016	$ 690,983	$ 380	$ 721,633	$ (35,724)	$ 686,289	$ 4,694

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 8	$ 2,039
Common shares, dividend declared per share (in dollars per share)	$ 0.97	$ 0.9
LTIP units, distributions per unit (in dollars per share)	$ 0.97	$ 0.9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 29,018	$ 28,657
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,593	36,002
Amortization of deferred franchise fees	160	144
Amortization of deferred financing fees included in interest expense	812	1,280
Loss on early extinguishment of debt	4	0
Share based compensation	2,256	2,102
Income from unconsolidated real estate entities	(1,346)	(2,543)
Changes in assets and liabilities:
Hotel receivables	(2,816)	(3,369)
Deferred costs	(94)	(580)
Prepaid expenses and other assets	741	(2,206)
Accounts payable and accrued expenses	4,532	5,201
Net cash provided by operating activities	69,860	64,688
Cash flows from investing activities:
Improvements and additions to hotel properties	(17,095)	(13,679)
Acquisition of hotel properties, net of cash acquired	0	(169,447)
Distributions from unconsolidated entities	6,611	7,179
Restricted cash	(5,660)	(2,734)
Net cash used in investing activities	(16,144)	(178,681)
Cash flows from financing activities:
Borrowings on revolving credit facility	33,450	65,000
Repayments on revolving credit facility	(46,030)	(27,500)
Payments on mortgage debt	(2,759)	(2,364)
Principal prepayment of mortgage debt	(5,954)	(4,760)
Payment of financing costs	(50)	(451)
Payment of offering costs	(8)	(2,039)
Proceeds from issuance of common shares	344	120,797
In-substance repurchase of vested common shares	0	(22)
Distributions-common shares/units	(40,279)	(33,688)
Net cash provided by (used in) financing activities	(61,286)	114,973
Net change in cash and cash equivalents	(7,570)	980
Cash and cash equivalents, beginning of period	21,036	15,077
Cash and cash equivalents, end of period	13,466	16,057
Supplemental disclosure of cash flow information:
Cash paid for interest	20,258	18,860
Cash paid for income taxes	$ 485	$ 126

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 4,746	$ 4,041
Accrued but unpaid distribution	487	182
Accrued share based compensation	377	412
Accounts payable and accrued expenses	$ 2,368	$ 1,704

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate maximum offering price of up to $50 million by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. ("Cantor") acting as sales agent pursuant to a Sales Agreement (the “Cantor Sales Agreement”). On January 13, 2015, the Company entered into a Sales Agreement (the “Barclays Sales Agreement”) with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s ATM Plan. As of September 30, 2016 , we had issued 880,820 shares under the ATM Plan at a weighted average price of $23.54 . As of September 30, 2016 , there was approximately $29.3 million available for issuance under the ATM Plan. In January 2014, the Company 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 September 30, 2016 , we had issued 22,049 shares under the DRSPP at a weighted average price of $21.97 . As of September 30, 2016 , there was approximately $24.5 million available for issuance under the DRSPP. On January 27, 2015, the Company completed a follow-on common share offering of 4,025,000 shares (including 525,000 shares issued pursuant to the exercise of the underwriters' option to purchase additional shares) generating net proceeds to the Company of approximately $118.8 million . Proceeds from the January 2015 offering were used to pay down borrowings under the Company's senior secured revolving credit facility and to invest in additional hotel properties, including the acquisition of the Residence Inn San Diego Gaslamp on February 25, 2015. The net proceeds from any share offerings or issuances are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. As of September 30, 2016 , the Company wholly owned 38 hotels with an aggregate of 5,680 rooms located in 15 states and the District of Columbia. As of September 30, 2016 , the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of NorthStar Realty Finance Corp. ("NorthStar"), which was formed in the second quarter of 2014 and acquired 47 hotels comprising an aggregate of 6,097 rooms from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus") and (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with affiliates of NorthStar, which was formed in the fourth quarter of 2014 and acquired 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,401 rooms. In December 2015, the Company sold its 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus that owned the 248 -room Residence Inn by Marriott in Torrance, CA. We sometimes refer to the NewINK JV and Inland JV collectively as the ("JVs"). To qualify as a REIT, the Company cannot operate the hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by one of the Company’s taxable REIT subsidiary (“TRS”) holding companies. The Company indirectly (i) owns its 10.3% interest in 47 of the NewINK JV hotels, (ii) owns its 10% interest in 48 of the Inland JV hotels and (iii) owned its 5% interest in the Torrance JV, which was sold on December 30, 2015, through the Operating Partnership. All of the NewINK JV hotels, Inland JV hotels are and the Torrance JV hotel was leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years . Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third party management companies that provide day-to-day management for the hotels. As of September 30, 2016 , Island Hospitality Management Inc. (“IHM”), which is 51% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer and 45% owned by affiliates of NorthStar Asset Management Group, Inc., managed 36 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company ("Concord") managed two of the Company’s wholly owned hotels. As of September 30, 2016 , all of the NewINK JV hotels were managed by IHM. As of September 30, 2016 , 34 of the Inland JV hotels were managed by IHM and 14 hotels were managed by Marriott International, Inc. ("Marriott"). The Torrance JV hotel was managed by Marriott.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2015 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to be comparable to the current period presentation. The reclassification did not have any impact on the previously reported income or equity. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity's ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company for the annual period ending December 31, 2016 and will not have an impact on our consolidated financial statements. On January 6, 2016, the FASB issued ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-01 will have on our consolidated financial statements. On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting of leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. On March 30, 2016, the FASB issued ASU 2016-09 (“ASU 2016-09”), Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-09 will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with earlier adoption is permitted. We are evaluating the impact the adoption of ASU 2016-15 will have on our consolidated financial statements.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties Hotel Purchase Price Allocation No acquisitions were completed in the three and nine months ended September 30, 2016 . The Company incurred acquisition costs of $49 and $359 , respectively, during the three and nine months ended September 30, 2016 and $623 and $1,406 , respectively, during the three and nine months ended September 30, 2015 . Property acquisition costs incurred during three and nine months ended September 30, 2016 related to prior acquisitions for which final amounts were more than previously accrued. The amount of revenue and operating income from hotels acquired in 2015 from their respective date of acquisition through September 30, 2016 is as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 Revenue Operating Income Revenue Operating Income Revenue Operating Income Revenue Operating Income Residence Inn San Diego Gaslamp $ 4,231 $ 2,355 $ 4,082 $ 2,256 $ 11,672 $ 6,115 $ 9,214 $ 5,278 Residence Inn Dedham, MA 1,144 589 991 604 3,114 1,492 991 604 Residence Inn Ft. Lauderdale, FL 1,290 449 521 104 4,974 2,293 521 104 Hilton Garden Inn Marina del Rey, CA 2,948 1,525 350 258 8,080 4,135 350 255 Total $ 9,613 $ 4,918 $ 5,944 $ 3,222 $ 27,840 $ 14,035 $ 11,076 $ 6,241 Pro Forma Financial Information The following condensed pro forma financial information presents the unaudited results of operations for the three and nine months ended September 30, 2015 . There were no hotels acquired in 2016 . The hotels acquired in 2015 are presented as if the acquisitions had taken place on January 1, 2014. Supplemental pro forma earnings were adjusted to exclude $586 and $836 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2015 and include these acquisition costs in 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, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the three months ended For the nine months ended September 30, September 30, 2015 2015 Pro forma total revenue $ 81,660 $ 225,359 Pro forma net income $ 15,057 $ 31,398 Pro forma income per share: Basic $ 0.39 $ 0.82 Diluted $ 0.39 $ 0.81 Weighted average Common Shares Outstanding Basic 38,307,382 38,293,704 Diluted 38,768,638 38,726,998

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $139 and $95 as of September 30, 2016 and December 31, 2015 , respectively.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2016
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, 2016 December 31, 2015 Land and improvements $ 274,543 $ 274,543 Building and improvements 1,037,645 1,031,649 Furniture, fixtures and equipment 50,586 63,542 Renovations in progress 14,484 8,829 1,377,258 1,378,563 Less: accumulated depreciation (137,103 ) (120,111 ) Investment in hotel properties, net $ 1,240,155 $ 1,258,452

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities On April 17, 2013, the Company acquired a 5.0% interest in the Torrance JV for $1,649 . The Torrance JV acquired the 248 -room Residence Inn by Marriott in Torrance, CA for $31,000 . The Company accounts for this investment under the equity method. During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 (1) 2015 2016 (1) 2015 Cash generated from other activities and excess cash $ — $ 140 $ — $ 185 Total $ — $ 140 $ — $ 185 (1) The Company sold its 5% interest in the Torrance JV in December 2015. On December 30, 2015, the Torrance JV completed the sale of the 248 -room Residence Inn by Marriott in Torrance, CA for $51,750 to BRE Torrance Holdco LLC ("BRE"). The gain from the Company's sale of its 5% interest in the Torrance JV was approximately $3,568 . On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of Northstar and the Operating Partnership. Northstar owns a 89.7% interest in the NewINK JV and the Company owns a 10.3% interest. As of September 30, 2016 and 2015 , the Company’s share of partners’ capital in the NewINK JV is approximately $10,975 and $15,430 , respectively and the total difference between the carrying amount of investment and the Company’s share of partners’ capital is approximately $16,268 and $16,850 (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Cash generated from other activities and excess cash $ 1,542 $ 2,107 $ 4,111 $ 4,599 Total $ 1,542 $ 2,107 $ 4,111 $ 4,599 On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar owns a 90.0% interest in the Inland JV and the Company owns a 10.0% interest. The Company serves as managing member of the Inland JV. The Company accounts for this investment under the equity method. During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Cash generated from other activities and excess cash $ 1,000 $ 1,000 $ 2,500 $ 2,395 Total $ 1,000 $ 1,000 $ 2,500 $ 2,395 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 JVs. 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 investment in the NewINK JV and the Inland JV were $(5,293) and $20,944 , respectively, at September 30, 2016 and $(2,703) and $23,618 , respectively, at December 31, 2015 . The Company's interest in the Torrance JV was sold on December 30, 2015. The following table sets forth the combined components of net income (loss), including the Company’s share, related to the NewINK JV and Inland JV (the Torrance JV is not material) for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Revenue $ 132,991 $ 135,092 $ 372,251 $ 374,760 Total hotel operating expenses 75,948 75,612 218,400 215,999 Operating income $ 57,043 $ 59,480 $ 153,851 $ 158,761 Net income (loss) from continuing operations $ 8,794 $ 12,447 $ 8,673 $ 19,560 Net income (loss) $ 8,794 $ 12,447 $ 8,673 $ 19,560 Income (loss) allocable to the Company $ 901 $ 1,267 $ 896 $ 1,984 Basis difference adjustment 150 150 450 450 Total income from unconsolidated real estate entities attributable to the Company $ 1,051 $ 1,417 $ 1,346 $ 2,434

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The Company’s mortgage loans and its senior unsecured revolving credit facility are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/16 Balance Outstanding on Loan as of September 30, 2016 December 31, Senior Unsecured Revolving Credit Facility (1) 2.69 % November 25, 2019 $ — $ 53,000 $ 65,580 Courtyard by Marriott Altoona, PA (2) 5.96 % April 1, 2016 9,812 — 5,954 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,330 14,232 14,496 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 44,804 29,163 29,555 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 33,362 16,654 16,880 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,087 22,808 23,124 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,876 18,852 19,123 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,936 22,968 23,268 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 69,688 46,388 46,907 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 40,751 33,800 34,000 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 83,982 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 91,958 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 66,138 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 57,234 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,648 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 43,452 22,240 22,510 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,606 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 29,838 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,005 18,300 18,300 Total debt before unamortized debt issue costs $ 753,507 $ 586,580 $ 607,872 Unamortized mortgage debt issue costs (2,345 ) (2,669 ) Total debt outstanding $ 584,235 $ 605,203 (1) The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.3% , or prime plus an applicable margin of 0.55% to 1.3% . (2) On January 4, 2016 , the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016 . At September 30, 2016 and December 31, 2015 , the Company had $53,000 and $65,580 , respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At September 30, 2016 , 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 September 30, 2016 and December 31, 2015 was $546,342 and $522,713 , respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of September 30, 2016 , 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 September 30, 2016 and December 31, 2015 was $53,001 and $65,574 , respectively. As of September 30, 2016 , the Company was in compliance with all of its financial covenants. At September 30, 2016 , the Company’s consolidated fixed charge coverage ratio was 3.40 . and the bank covenant is 1.5 . Future scheduled principal payments of debt obligations as of September 30, 2016 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2016 (remaining three months) $ 1,184 2017 4,302 2018 5,374 2019 60,340 2020 9,899 Thereafter 505,481 Total debt before unamortized debt issue costs $ 586,580 Unamortized mortgage debt issue costs (2,345 ) Total debt outstanding $ 584,235

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Federal $ (10 ) $ 212 $ 142 $ 228 State (2 ) 62 25 71 Tax expense (benefit) $ (12 ) $ 274 $ 167 $ 299 The effective tax rate for the year to date period ended September 30, 2016 was 0.57% compared with 1.03% , for the comparable 2015 period. The 2016 rate are lower primarily due to the release of the valuation allowance in 2016. As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. As of June 30, 2016, management determined that sufficient positive evidence existed to conclude that it is more likely than not that the deferred taxes would be realizable against the current period's earnings, and therefore, released the related valuation allowance in accordance with GAAP for intraperiod tax allocation.

Dividends Declared and Paid

Dividends Declared and Paid	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid The Company declared total common share dividends of $0.33 per share and distributions on LTIP units of $0.33 per unit for the three months ended September 30, 2016 and $0.97 per share and distributions on LTIP units of $0.97 per unit for the nine months ended September 30, 2016 . The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/29/2016 2/26/2016 $ 0.10 $ 0.10 February 2/29/2016 3/25/2016 0.10 0.10 March 3/31/2016 4/29/2016 0.11 0.11 1st Quarter 2016 $ 0.31 $ 0.31 April 4/29/2016 5/27/2016 $ 0.11 $ 0.11 May 5/31/2016 6/24/2016 0.11 0.11 June 6/30/2016 7/29/2016 0.11 $ 0.11 2nd Quarter 2016 $ 0.33 $ 0.33 July 7/29/2016 8/26/2016 $ 0.11 $ 0.11 August 8/31/2016 9/30/2016 0.11 0.11 September 9/30/2016 10/28/2016 0.11 0.11 3rd Quarter 2016 $ 0.33 $ 0.33 Total 2016 $ 0.97 $ 0.97 A special dividend payment of $0.08 per share was authorized by the Company's Board of Trustees and declared 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
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 LTIP 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 three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 13,355 $ 14,315 $ 28,823 $ 28,476 Dividends paid on unvested shares and units (48 ) (55 ) (141 ) (107 ) Net income attributable to common shareholders $ 13,307 $ 14,260 $ 28,682 $ 28,369 Denominator: Weighted average number of common shares - basic 38,307,382 38,212,028 38,293,704 37,818,340 Effect of dilutive securities: Unvested shares 461,256 402,332 433,294 403,600 Weighted average number of common shares - diluted 38,768,638 38,614,360 38,726,998 38,221,940 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.35 $ 0.37 $ 0.75 $ 0.75 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.34 $ 0.37 $ 0.74 $ 0.74

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance based shares and outperformance based units, for which dividends on unvested performance based shares and units are not paid until those shares are vested. Certain awards may provide for accelerated vesting if there is a change in control. In January 2016 and 2015, the Company issued 26,488 and 14,113 common shares, respectively, to its independent trustees as compensation for services performed in 2015 and 2014. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the ten trading days immediately preceding the reporting date. The Company would have distributed 19,296 common shares for services performed in 2016 had this liability classified award been satisfied as of September 30, 2016 . As of September 30, 2016 , there were 1,875,052 common shares available for issuance under the Equity Incentive Plan. Restricted Share Awards A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of September 30, 2016 is as follows: Award Type Award Date Total Shares Granted Vested as of September 30, 2016 2014 Time-based Awards 1/31/2014 48,213 32,142 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 13,387 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 2,983 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 2014 and 2015, compensation expense is based on a valuation of $ 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 Risk Free Interest Grant Date Volatility Dividend Yield Rate 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 nine months ended September 30, 2016 and the year ended December 31, 2015 is as follows: Nine Months Ended Year Ended September 30, 2016 December 31, 2015 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 170,480 $ 21.38 179,641 $ 14.92 Granted — — 85,254 26.59 Vested (59,655 ) 20.14 (94,415 ) 13.80 Non-vested at end of the period 110,825 $ 22.05 170,480 $ 21.38 As of September 30, 2016 and December 31, 2015 , there were $1,168 and $2,131 , respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2016 , these costs were expected to be recognized over a weighted–average period of approximately 1.2 years . For the three months ended September 30, 2016 and 2015 , the Company recognized approximately $316 and $413 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company recognized approximately $963 and $1,182 , respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. Long-Term Incentive Plan Units The Company recorded $319 and $197 in compensation expense related to the LTIP units for the three months ended September 30, 2016 and 2015 , respectively, and $916 and $509 in compensation expense related to the LTIP units for the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 and December 31, 2015 , there was $2,903 and $2,166 , respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.4 years , which represents the weighted average remaining vesting period of the LTIP units. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIP units awarded in 2010 and held by one of the officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. 100% of these units have vested as of September 30, 2016 . As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units awarded in 2010 and held by two other officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. As of September 30, 2016 , 100% of these units have vested. Accordingly, these LTIP units awarded in 2010 are allocated their pro-rata share of the Company's net income. 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 50th percentile of the Index Companies at the end of the measurement period. That percentage increases on a linear basis with the full Relative Award earned if the Company is at the 75th percentile of the Index Companies at the end of the measurement period. If the Company is below the 50th percentile of the Index Companies at the end of the measurement period, no portion of the Relative Award will be earned. Compensation expense is based on an estimated value of $14.13 per Class A Performance LTIP unit, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Awards earned under the 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. Time-Based Equity Incentive Awards On January 28, 2016, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 72,966 time-based awards (the “2016 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement"). The 2016 Time-Based LTIP Unit Awards will vest ratably on each of January 28, 2017, January 28, 2018 and January 28, 2019 (provided that the recipient remains employed by the Company through the applicable vesting date , subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company ). Prior to vesting, a holder is entitled to receive distributions on and to vote the LTIP Units that comprise the 2016 Time-Based LTIP Unit Awards. Compensation expense is based on an estimated value of $16.69 per 2016 Time-Based LTIP Unit Award. Performance-Based Equity Incentive Awards On January 28, 2016, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 39,285 performance-based awards (the "2016 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting (the "LTIP Unit Performance-Based Vesting Agreement"). The 2016 Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP Units of the Operating Partnership (“Class A Performance LTIP Units”) that will vest only if and to the extent that (i) the Company achieves certain long-term performance criteria established by the Compensation Committee and set forth in the LTIP Unit Performance-Based Vesting Agreement and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $11.09 per 2016 Performance-Based LTIP Unit Awards, 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 2016 Performance-Based LTIP Unit Awards shall vest based on the following: (a) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2017, if the Total Shareholder Return for the 12-month period beginning January 28, 2016 and ending on January 27, 2017 is 8% or more. (b) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2018, if the Total Shareholder Return for the 12-month period beginning January 28, 2017 and ending on January 27, 2018 is 8% or more. (c) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2019, if the Total Shareholder Return for the 12-month period beginning January 28, 2018 and ending on January 27, 2019 is 8% or more. (d) All of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award (less any Class A Performance LTIP Units that previously vested under paragraphs (a), (b) or (c) above), shall vest on January 28, 2019, if the average Total Shareholder Return for the 36-month period ending on January 27, 2019 is 8% or more. For purposes of the 2016 Performance-Based LTIP Unit Awards, "Total Shareholder Return" means, with respect to the measurement periods described in paragraphs (a), (b), (c) and (d) above, the total percentage return per common share of the Company based on the closing price of the Company’s common shares on the New York Stock Exchange (“NYSE”) on the last trading day immediately preceding the first day of the applicable measurement period compared to the closing price of the Company’s common shares on the NYSE on the last trading day of such measurement period and assuming contemporaneous reinvestment in Company common shares of all dividends and other distributions at the closing price of the Company’s common shares on the date such dividend or other distribution was paid. A holder of a Class A Performance LTIP Unit will generally (i) only be entitled, during the period prior to the vesting of such Class A Performance LTIP Unit, to receive 10% of the distributions made on a common unit of limited partnership interest (“Common Unit”) in the Operating Partnership (the “Pre-Vesting Distributions”), and (ii) be entitled, upon the vesting of such Class A Performance LTIP Unit, to 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. In addition, prior to the vesting of a Class A Performance LTIP Unit, the holder of such Class A Performance LTIP Unit will not be entitled to vote on such Class A Performance LTIP Unit. 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 operations 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): Grant Date Volatility Dividend Yield Risk Free Interest Rate Discount Outperformance Plan 6/1/2015 26% 4.5% 0.95% —% 2016 Time-Based LTIP Unit Awards 1/28/2016 28% —% 0.79% 7.5% 2016 Performance-Based LTIP Unit Awards 1/28/2016 30% 5.8% 1.13% —%

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
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. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its properties. Hotel Ground Rent The Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is equal to approximately $8 per month when monthly occupancy is less than 85% and can increase up to approximately $20 per month if occupancy is 100% , with minimum rent increased by two and one-half percent ( 2.5% ) on an annual basis. The Gaslamp hotel is subject to a ground lease with an expiration date of January 31, 2065 with an extension option of up to three additional terms of ten years each. Monthly payments are currently $40 per month and increase 10% every five 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. The New Rochelle Residence Inn is subject to an air rights lease and garage lease that each expire on December 1, 2104 . The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund for the cost of capital repairs. Rent for 2016 is equal to approximately $27 per quarter. The Marina del Rey hotel is subject to a ground lease with an expiration date of December 31, 2067 . Minimum monthly payments are currently $43 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income received. The 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 shares the space with related parties and is 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, garages leases and office lease as of September 30, 2016 , for the remainder of 2016 and for each of the next four calendar years and thereafter (in thousands): Ground Leases Office Lease Amount 2016 (remaining three months) $ 303 $ 174 2017 1,215 745 2018 1,217 772 2019 1,220 792 2020 1,267 812 Thereafter 70,727 4,995 Total $ 75,949 $ 8,290 Management Agreements The management agreements with Concord have an initial ten -year term that expire on February 28, 2017 and will renew automatically for successive one -year terms unless terminated by the TRS lessee or the manager by written notice to the other party no later than 90 days prior to the then current term’s expiration date. The management agreements may be terminated for cause, including the failure of the managed hotel to meet specified operating performance levels. If the Company were to terminate the management agreements during the first nine years of the term, other than for breach or default by the manager, the Company would be responsible for paying termination fees to the manager. The management agreements with IHM have an initial term of five years and automatically renew for two five -year periods unless IHM provides written notice to us no later than 90 days prior to the then current term’s expiration date of their intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. The Company did not enter into any new management agreements during the three and nine months ended September 30, 2016 . Upon renewal in July 2016, five management agreements were amended to be consistent with the remainder of the hotel portfolio as follows: Property Residence Inn Garden Grove Residence Inn San Diego Residence Inn San Antonio Residence Inn Vienna Residence Inn Washington D.C. Original Management Fee 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Amended Management Fee 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % Original Monthly Accounting Fee 1,000 1,000 1,000 1,000 1,000 Amended Monthly Accounting Fee 1,200 1,200 1,200 1,200 1,200 Original Monthly Revenue Management Fee — — — — — Amended Monthly Revenue Management Fee 1,000 1,000 1,000 1,000 1,000 Management fees totaled approximately $2,558 and $2,588 , respectively, for the three months ended September 30, 2016 and 2015 , respectively, and approximately $7,171 and $6,601 , respectively for the nine months ended September 30, 2016 and 2015 . Franchise Agreements The fees associated with the franchise agreements are calculated on the specified percentage of the hotel's gross room revenue. The Company did not enter into any new franchise agreements during the three and nine months ended September 30, 2016 . Franchise and marketing fees totaled approximately $6,157 and $6,092 , respectively, for the three months ended September 30, 2016 and 2015 and approximately $17,293 and $16,146 , respectively, for the nine months ended September 30, 2016 and 2015 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM and affiliates of NorthStar Asset Management Group, Inc. own 45% . As of September 30, 2016 , the Company had hotel management agreements with IHM to manage 36 of its wholly owned hotels. As of September 30, 2016 , all 47 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV are managed by IHM. Hotel management, revenue management and accounting fees paid to IHM for the hotels owned by the Company for the three months ended September 30, 2016 and 2015 were $2,497 and $2,512 , respectively, and for the nine months ended September 30, 2016 and 2015 were $6,992 and $6,387 , respectively. At September 30, 2016 and December 31, 2015 , the amounts due to IHM were $1,085 and $998 , respectively. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV 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 NewINK JV and Inland JV where the Company is the employer. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the JVs are recorded based upon the occurrence of a reimbursed activity. 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 expense for medical, workers compensation and general liability are paid by the NewINK JV and allocated back to the hotel properties or applicable entity.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Recently Issued Accounting Standards	On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity's ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company for the annual period ending December 31, 2016 and will not have an impact on our consolidated financial statements. On January 6, 2016, the FASB issued ASU 2016-01 (“ASU 2016-01”), Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This amendment requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-01 will have on our consolidated financial statements. On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting of leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. On March 30, 2016, the FASB issued ASU 2016-09 (“ASU 2016-09”), Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We are evaluating the impact the adoption of ASU 2016-09 will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with earlier adoption is permitted. We are evaluating the impact the adoption of ASU 2016-15 will have on our consolidated financial statements.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2015 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 .
Reclassifications	Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to be comparable to the current period presentation. The reclassification did not have any impact on the previously reported income or equity.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Acquisition of Hotel Properti24

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Revenue and Operating Income of New Hotels Acquired	The amount of revenue and operating income from hotels acquired in 2015 from their respective date of acquisition through September 30, 2016 is as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 Revenue Operating Income Revenue Operating Income Revenue Operating Income Revenue Operating Income Residence Inn San Diego Gaslamp $ 4,231 $ 2,355 $ 4,082 $ 2,256 $ 11,672 $ 6,115 $ 9,214 $ 5,278 Residence Inn Dedham, MA 1,144 589 991 604 3,114 1,492 991 604 Residence Inn Ft. Lauderdale, FL 1,290 449 521 104 4,974 2,293 521 104 Hilton Garden Inn Marina del Rey, CA 2,948 1,525 350 258 8,080 4,135 350 255 Total $ 9,613 $ 4,918 $ 5,944 $ 3,222 $ 27,840 $ 14,035 $ 11,076 $ 6,241
Pro Forma Financial Information	The following condensed pro forma financial information presents the unaudited results of operations for the three and nine months ended September 30, 2015 . There were no hotels acquired in 2016 . The hotels acquired in 2015 are presented as if the acquisitions had taken place on January 1, 2014. Supplemental pro forma earnings were adjusted to exclude $586 and $836 , respectively, of acquisition costs incurred in the three and nine months ended September 30, 2015 and include these acquisition costs in 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, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). For the three months ended For the nine months ended September 30, September 30, 2015 2015 Pro forma total revenue $ 81,660 $ 225,359 Pro forma net income $ 15,057 $ 31,398 Pro forma income per share: Basic $ 0.39 $ 0.82 Diluted $ 0.39 $ 0.81 Weighted average Common Shares Outstanding Basic 38,307,382 38,293,704 Diluted 38,768,638 38,726,998

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, 2016 December 31, 2015 Land and improvements $ 274,543 $ 274,543 Building and improvements 1,037,645 1,031,649 Furniture, fixtures and equipment 50,586 63,542 Renovations in progress 14,484 8,829 1,377,258 1,378,563 Less: accumulated depreciation (137,103 ) (120,111 ) Investment in hotel properties, net $ 1,240,155 $ 1,258,452

Investment in Unconsolidated 26

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Equity Method Investments [Line Items]
Schedule Of Income From Joint Venture Table	The following table sets forth the combined components of net income (loss), including the Company’s share, related to the NewINK JV and Inland JV (the Torrance JV is not material) for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Revenue $ 132,991 $ 135,092 $ 372,251 $ 374,760 Total hotel operating expenses 75,948 75,612 218,400 215,999 Operating income $ 57,043 $ 59,480 $ 153,851 $ 158,761 Net income (loss) from continuing operations $ 8,794 $ 12,447 $ 8,673 $ 19,560 Net income (loss) $ 8,794 $ 12,447 $ 8,673 $ 19,560 Income (loss) allocable to the Company $ 901 $ 1,267 $ 896 $ 1,984 Basis difference adjustment 150 150 450 450 Total income from unconsolidated real estate entities attributable to the Company $ 1,051 $ 1,417 $ 1,346 $ 2,434
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the Torrance JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 (1) 2015 2016 (1) 2015 Cash generated from other activities and excess cash $ — $ 140 $ — $ 185 Total $ — $ 140 $ — $ 185 (1) The Company sold its 5% interest in the Torrance JV in December 2015.
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Cash generated from other activities and excess cash $ 1,542 $ 2,107 $ 4,111 $ 4,599 Total $ 1,542 $ 2,107 $ 4,111 $ 4,599
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three and nine months ended September 30, 2016 and 2015 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Cash generated from other activities and excess cash $ 1,000 $ 1,000 $ 2,500 $ 2,395 Total $ 1,000 $ 1,000 $ 2,500 $ 2,395

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Components of Mortgage Debt	Mortgage debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 9/30/16 Balance Outstanding on Loan as of September 30, 2016 December 31, Senior Unsecured Revolving Credit Facility (1) 2.69 % November 25, 2019 $ — $ 53,000 $ 65,580 Courtyard by Marriott Altoona, PA (2) 5.96 % April 1, 2016 9,812 — 5,954 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 20,330 14,232 14,496 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 44,804 29,163 29,555 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 33,362 16,654 16,880 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 31,087 22,808 23,124 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,876 18,852 19,123 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,936 22,968 23,268 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 69,688 46,388 46,907 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 40,751 33,800 34,000 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 83,982 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 91,958 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 66,138 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 57,234 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,648 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 43,452 22,240 22,510 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,606 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 29,838 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,005 18,300 18,300 Total debt before unamortized debt issue costs $ 753,507 $ 586,580 $ 607,872 Unamortized mortgage debt issue costs (2,345 ) (2,669 ) Total debt outstanding $ 584,235 $ 605,203 (1) The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.3% , or prime plus an applicable margin of 0.55% to 1.3% . (2) On January 4, 2016 , the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016 .
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of September 30, 2016 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2016 (remaining three months) $ 1,184 2017 4,302 2018 5,374 2019 60,340 2020 9,899 Thereafter 505,481 Total debt before unamortized debt issue costs $ 586,580 Unamortized mortgage debt issue costs (2,345 ) Total debt outstanding $ 584,235

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Federal $ (10 ) $ 212 $ 142 $ 228 State (2 ) 62 25 71 Tax expense (benefit) $ (12 ) $ 274 $ 167 $ 299

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividends Declared and Paid	The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/29/2016 2/26/2016 $ 0.10 $ 0.10 February 2/29/2016 3/25/2016 0.10 0.10 March 3/31/2016 4/29/2016 0.11 0.11 1st Quarter 2016 $ 0.31 $ 0.31 April 4/29/2016 5/27/2016 $ 0.11 $ 0.11 May 5/31/2016 6/24/2016 0.11 0.11 June 6/30/2016 7/29/2016 0.11 $ 0.11 2nd Quarter 2016 $ 0.33 $ 0.33 July 7/29/2016 8/26/2016 $ 0.11 $ 0.11 August 8/31/2016 9/30/2016 0.11 0.11 September 9/30/2016 10/28/2016 0.11 0.11 3rd Quarter 2016 $ 0.33 $ 0.33 Total 2016 $ 0.97 $ 0.97

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
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 three months ended For the nine months ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 13,355 $ 14,315 $ 28,823 $ 28,476 Dividends paid on unvested shares and units (48 ) (55 ) (141 ) (107 ) Net income attributable to common shareholders $ 13,307 $ 14,260 $ 28,682 $ 28,369 Denominator: Weighted average number of common shares - basic 38,307,382 38,212,028 38,293,704 37,818,340 Effect of dilutive securities: Unvested shares 461,256 402,332 433,294 403,600 Weighted average number of common shares - diluted 38,768,638 38,614,360 38,726,998 38,221,940 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.35 $ 0.37 $ 0.75 $ 0.75 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.34 $ 0.37 $ 0.74 $ 0.74

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share Awards	A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of September 30, 2016 is as follows: Award Type Award Date Total Shares Granted Vested as of September 30, 2016 2014 Time-based Awards 1/31/2014 48,213 32,142 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 13,387 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 2,983 A summary of the Company’s restricted share awards for the nine months ended September 30, 2016 and the year ended December 31, 2015 is as follows: Nine Months Ended Year Ended September 30, 2016 December 31, 2015 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 170,480 $ 21.38 179,641 $ 14.92 Granted — — 85,254 26.59 Vested (59,655 ) 20.14 (94,415 ) 13.80 Non-vested at end of the period 110,825 $ 22.05 170,480 $ 21.38
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): Grant Date Volatility Dividend Yield Risk Free Interest Rate Discount Outperformance Plan 6/1/2015 26% 4.5% 0.95% —% 2016 Time-Based LTIP Unit Awards 1/28/2016 28% —% 0.79% 7.5% 2016 Performance-Based LTIP Unit Awards 1/28/2016 30% 5.8% 1.13% —% The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions: Performance Award Risk Free Interest Grant Date Volatility Dividend Yield Rate 1/31/2014 27% —% 0.71% 1/30/2015 29% —% 0.84%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
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, garages leases and office lease as of September 30, 2016 , for the remainder of 2016 and for each of the next four calendar years and thereafter (in thousands): Ground Leases Office Lease Amount 2016 (remaining three months) $ 303 $ 174 2017 1,215 745 2018 1,217 772 2019 1,220 792 2020 1,267 812 Thereafter 70,727 4,995 Total $ 75,949 $ 8,290
Schedule Of Management Agreement Terms	Upon renewal in July 2016, five management agreements were amended to be consistent with the remainder of the hotel portfolio as follows: Property Residence Inn Garden Grove Residence Inn San Diego Residence Inn San Antonio Residence Inn Vienna Residence Inn Washington D.C. Original Management Fee 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Amended Management Fee 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % Original Monthly Accounting Fee 1,000 1,000 1,000 1,000 1,000 Amended Monthly Accounting Fee 1,200 1,200 1,200 1,200 1,200 Original Monthly Revenue Management Fee — — — — — Amended Monthly Revenue Management Fee 1,000 1,000 1,000 1,000 1,000

Organization - Additional Infor

Organization - Additional Information (Details)	Jan. 27, 2015USD ($)shares	Jan. 31, 2014USD ($)	Sep. 30, 2016USD ($)HotelRoomstate	Sep. 30, 2016USD ($)HotelRoomstate$ / sharesshares	Dec. 31, 2015Room	Dec. 30, 2015	Dec. 31, 2014HotelRoom	Nov. 17, 2014	Jun. 30, 2014HotelRoom	Jun. 09, 2014	Apr. 17, 2013Room
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) | shares	4,025,000
Proceeds from issuance of common stock, net of issuance costs | $	$ 118,800,000
Percentage of common units of limited partnership owned			100.00%
Number of hotels in ownership by Company (in hotels)			38	38
Aggregate number of rooms in hotels (in rooms) | Room			5,680	5,680
Number of states in which hotels are owned (in states) | state			15	15
Initial term of each TRS lease			5 years
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels			10.30%	10.30%						10.30%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room							6,401
Indirect ownership in the leased hotels			10.00%	10.00%				10.00%
Number of hotels acquired (in hotels)			48	48			48
Inland Joint Venture | Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			34	34
Inland Joint Venture | Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			14	14
Torrance Joint Venture | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels						5.00%
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			36	36
Ownership percentage in related party owned by the company's chairman			51.00%	51.00%
Ownership percentage in related party owned by third party			45.00%	45.00%
Concord Hospitality Enterprises
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			2	2
Minority Interest In Joint Venture Rooms | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room									6,097
Number of hotels managed by related party (in hotels)									47
Torrance Joint Venture | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room					248						248
Indirect ownership in the leased hotels					5.00%						5.00%
Indirectly Owned Interest In Joint Venture Hotels
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company (in hotels)			47	47
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) | shares	525,000
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount | $		$ 50,000,000
Shares issued (in shares) | shares				880,820
Stock purchase plan, average price per share (in dollars per share) | $ / shares				$ 23.54
Stock purchase plan, remaining authorized repurchase amount | $			$ 29,300,000	$ 29,300,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount | $		$ 25,000,000
Shares issued (in shares) | shares				22,049
Stock purchase plan, average price per share (in dollars per share) | $ / shares				$ 21.97
Stock purchase plan, remaining authorized repurchase amount | $			$ 24,500,000	$ 24,500,000

Acquisition of Hotel Properti34

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Acquisition costs incurred	$ 49	$ 623	$ 359	$ 1,406
Recent Acquisitions
Business Acquisition [Line Items]
Acquisition costs incurred		$ 586		$ 836

Acquisition of Hotel Properti35

Acquisition of Hotel Properties - Revenue and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Revenue	$ 9,613	$ 5,944	$ 27,840	$ 11,076
Operating Income	4,918	3,222	14,035	6,241
Residence Inn San Diego Gaslamp
Business Acquisition [Line Items]
Revenue	4,231	4,082	11,672	9,214
Operating Income	2,355	2,256	6,115	5,278
Residence Inn Dedham, MA
Business Acquisition [Line Items]
Revenue	1,144	991	3,114	991
Operating Income	589	604	1,492	604
Residence Inn Ft. Lauderdale, FL
Business Acquisition [Line Items]
Revenue	1,290	521	4,974	521
Operating Income	449	104	2,293	104
Hilton Garden Inn Marina del Rey, CA
Business Acquisition [Line Items]
Revenue	2,948	350	8,080	350
Operating Income	$ 1,525	$ 258	$ 4,135	$ 255

Acquisition of Hotel Properti36

Acquisition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Combinations [Abstract]
Pro forma total revenue		$ 81,660		$ 225,359
Pro forma net income		$ 15,057		$ 31,398
Pro forma income per share:
Basic (in dollars per share)		$ 0.39		$ 0.82
Diluted (in dollars per share)		$ 0.39		$ 0.81
Weighted average Common Shares Outstanding
Basic (in shares)	38,307,382	38,212,028	38,293,704	37,818,340
Business Acquisition, Pro Forma Weighted Average Number of Shares Outstanding, Basic		38,307,382		38,293,704
Diluted (in shares)	38,768,638	38,614,360	38,726,998	38,221,940
Business Acquisition, Pro Forma Weighted Average Number of Shares Outstanding, Diluted		38,768,638		38,726,998

Allowance for Doubtful Accoun37

Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Hotel receivables	$ 139	$ 95

Investment in Hotel Propertie38

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments Schedule [Abstract]
Land and improvements	$ 274,543	$ 274,543
Building and improvements	1,037,645	1,031,649
Furniture, fixtures and equipment	50,586	63,542
Renovations in progress	14,484	8,829
Investment in hotel properties, at cost	1,377,258	1,378,563
Less: accumulated depreciation	(137,103)	(120,111)
Investment in hotel properties, net	$ 1,240,155	$ 1,258,452

Investment in Unconsolidated 39

Investment in Unconsolidated Entities - Additional Information (Details) $ in Thousands	Dec. 30, 2015USD ($)Room	Dec. 31, 2015USD ($)Room	Sep. 30, 2016USD ($)Room	Sep. 30, 2015USD ($)	Dec. 31, 2014Room	Nov. 17, 2014	Jun. 09, 2014	Apr. 17, 2013USD ($)Room
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room			5,680
Investment in unconsolidated real estate entities		$ 23,618	$ 20,944
Torrance Joint Venture | BRE Torrance Holdco LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments	$ 51,750
Equity method investment, realized gain (loss) on disposal	$ 3,568
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party							89.70%
Investment in unconsolidated real estate entities			10,975	$ 15,430
Difference between carrying amount and share of partners' capital			$ 16,268	$ 16,850
Torrance Joint Venture | BRE Torrance Holdco LLC
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room	248
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels			10.30%				10.30%
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels			10.00%			10.00%
Aggregate number of rooms in hotels (in rooms) | Room					6,401
Joint venture, percentage ownership by third party						90.00%
Torrance Joint Venture | Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels		5.00%						5.00%
Investment in joint venture								$ 1,649
Aggregate number of rooms in hotels (in rooms) | Room		248						248
Joint venture, ownership interest sold, percentage		5.00%
Torrance Joint Venture | Cerberus Capital Management | Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture								$ 31,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ (2,703)	$ (5,293)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in joint venture		$ 23,618	$ 20,944

Investment in Unconsolidated 40

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents				$ (7,570)	$ 980
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash		$ 0	$ 140	0	185
Net change in cash and cash equivalents		0	140		185
Torrance Joint Venture | Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Joint venture, ownership interest sold, percentage	5.00%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash		1,542	2,107	4,111	4,599
Net change in cash and cash equivalents		1,542	2,107	4,111	4,599
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash		1,000	1,000	2,500	2,395
Net change in cash and cash equivalents		$ 1,000	$ 1,000	$ 2,500	$ 2,395

Investment in Unconsolidated 41

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Revenue	$ 79,733	$ 78,328	$ 226,583	$ 209,723
Total hotel operating expenses	60,275	58,115	177,564	162,805
Operating income	19,458	20,213	49,019	46,918
Net income attributable to common shareholders	13,355	14,315	28,823	28,476
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	132,991	135,092	372,251	374,760
Total hotel operating expenses	75,948	75,612	218,400	215,999
Operating income	57,043	59,480	153,851	158,761
Net income (loss) from continuing operations	8,794	12,447	8,673	19,560
Net income attributable to common shareholders	8,794	12,447	8,673	19,560
Income (loss) allocable to the Company	901	1,267	896	1,984
Basis difference adjustment	150	150	450	450
Total income from unconsolidated real estate entities attributable to the Company	$ 1,051	$ 1,417	$ 1,346	$ 2,434

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Participating Mortgage Loans [Line Items]
Carrying Value	$ 753,507
Total debt before unamortized debt issue costs	586,580	$ 607,872
Unamortized mortgage debt issue costs	(2,345)	(2,669)
Total debt outstanding	$ 584,235	605,203
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	2.69%
Carrying Value	$ 0
Total debt before unamortized debt issue costs	$ 53,000	65,580
Courtyard by Marriott Altoona, PA
Participating Mortgage Loans [Line Items]
Interest Rate	5.96%
Carrying Value	$ 9,812
Total debt before unamortized debt issue costs	$ 0	5,954
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 20,330
Total debt before unamortized debt issue costs	$ 14,232	14,496
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 44,804
Total debt before unamortized debt issue costs	$ 29,163	29,555
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 33,362
Total debt before unamortized debt issue costs	$ 16,654	16,880
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 31,087
Total debt before unamortized debt issue costs	$ 22,808	23,124
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 30,876
Total debt before unamortized debt issue costs	$ 18,852	19,123
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 35,936
Total debt before unamortized debt issue costs	$ 22,968	23,268
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 69,688
Total debt before unamortized debt issue costs	$ 46,388	46,907
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 40,751
Total debt before unamortized debt issue costs	$ 33,800	34,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 83,982
Total debt before unamortized debt issue costs	$ 64,800	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 91,958
Total debt before unamortized debt issue costs	$ 70,700	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 66,138
Total debt before unamortized debt issue costs	$ 48,600	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 57,234
Total debt before unamortized debt issue costs	$ 37,900	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 37,648
Total debt before unamortized debt issue costs	$ 30,000	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 43,452
Total debt before unamortized debt issue costs	$ 22,240	22,510
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 11,606
Total debt before unamortized debt issue costs	$ 16,225	16,225
Homewood Suites by Hilton Carlsbad CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 29,838
Total debt before unamortized debt issue costs	$ 19,950	19,950
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 15,005
Total debt before unamortized debt issue costs	$ 18,300	$ 18,300

Debt - Components of Mortgage43

Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Unsecured Revolving Credit Facility	9 Months Ended
	Sep. 30, 2016
LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.55%
LIBOR | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.30%
Prime Rate | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	0.55%
Prime Rate | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.30%

Debt - Additional Information (

Debt - Additional Information (Details)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	$ 53,000,000	$ 65,580,000
Consolidated fixed charge coverage ratio	3.40
Bank covenant, fixed charge coverage ratio	1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 546,342,000	522,713,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	53,001,000	65,574,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	53,000,000	$ 65,580,000
Maximum borrowing availability under revolving credit facility	$ 250,000,000

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2016 (remaining three months)	$ 1,184
2,017	4,302
2,018	5,374
2,019	60,340
2,020	9,899
Thereafter	505,481
Total debt before unamortized debt issue costs	586,580	$ 607,872
Unamortized mortgage debt issue costs	(2,345)	(2,669)
Total debt outstanding	$ 584,235	$ 605,203

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Federal	$ (10)	$ 212	$ 142	$ 228
State	(2)	62	25	71
Tax expense (benefit)	$ (12)	$ 274	$ 167	$ 299

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	0.57%	1.03%

Dividends Declared and Paid - A

Dividends Declared and Paid - Additional Information (Details) - $ / shares	Sep. 30, 2016	Aug. 31, 2016	Jul. 29, 2016	Jun. 30, 2016	May 31, 2016	Apr. 29, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Dec. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity [Abstract]
Common shares, dividend declared per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.1	$ 0.1	$ 0.08	$ 0.33	$ 0.33	$ 0.31	$ 0.3	$ 0.97	$ 0.9
Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.1	$ 0.1		$ 0.33	$ 0.33	$ 0.31		$ 0.97	$ 0.9

Dividends Declared and Paid - D

Dividends Declared and Paid - Dividend Information (Details) - $ / shares	Sep. 30, 2016	Aug. 31, 2016	Jul. 29, 2016	Jun. 30, 2016	May 31, 2016	Apr. 29, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Dec. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity [Abstract]
Common share distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.1	$ 0.1	$ 0.08	$ 0.33	$ 0.33	$ 0.31	$ 0.3	$ 0.97	$ 0.9
LTIP unit distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.1	$ 0.1		$ 0.33	$ 0.33	$ 0.31		$ 0.97	$ 0.9

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income attributable to common shareholders	$ 13,355	$ 14,315	$ 28,823	$ 28,476
Dividends paid on unvested shares and units	(48)	(55)	(141)	(107)
Net income attributable to common shareholders	$ 13,307	$ 14,260	$ 28,682	$ 28,369
Denominator:
Weighted average number of common shares - basic (in shares)	38,307,382	38,212,028	38,293,704	37,818,340
Effect of dilutive securities:
Unvested shares (in shares)	461,256	402,332	433,294	403,600
Weighted average number of common shares - diluted (in shares)	38,768,638	38,614,360	38,726,998	38,221,940
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.35	$ 0.37	$ 0.75	$ 0.75
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.34	$ 0.37	$ 0.74	$ 0.74

Equity Incentive Plan - Additio

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

Jan. 28, 2016$ / sharesshares

Jun. 01, 2015$ / sharesshares

Jun. 04, 2014officershares

Sep. 30, 2013officershares

May 17, 2013shares

Jan. 31, 2016shares

Jan. 31, 2015shares

Sep. 30, 2016USD ($)shares

Sep. 30, 2015USD ($)

Sep. 30, 2016USD ($)shares

Sep. 30, 2015USD ($)

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

Dec. 31, 2014$ / shares

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

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

$ 21.21

$ 13.17

Total unrecognized compensation cost related to LTIP Units | $

$ 2,903

$ 2,903

$ 2,166

Independent Trustees

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

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

26,488

14,113

19,296

Equity Incentive Plan

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

Number of shares authorized (in shares)

3,000,000

Vesting period for share awards under equity

3 years

2010 Equity Incentive Plan

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

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

10 days

Common shares available for issuance (in shares)

1,875,052

1,875,052

Time-based Restricted Stock Awards

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

Vesting period for share awards under equity

3 years

Performance-based Restricted Stock Awards

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

Vesting period for share awards under equity

3 years

Restricted Stock

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

Unrecognized compensation costs | $

$ 1,168

$ 1,168

$ 2,131

Weighted - average period for recognition of unrecognized compensation costs

1 year 2 months 14 days

Compensation expense, recognized | $

316

$ 413

$ 963

$ 1,182

Number of shares, granted (in shares)

0

85,254

Long Term Incentive Plan Units

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

Vesting period for share awards under equity

3 years

Weighted - average period for recognition of unrecognized compensation costs

2 years 5 months 7 days

Compensation expense, recognized | $

$ 319

$ 197

$ 916

$ 509

Initial award vesting rights, percentage

50.00%

Annual award vesting rights after initial portion, percentage

25.00%

Termination period upon change in control

18 months

Distribution entitlement, percentage

10.00%

Long Term Incentive Plan Units | Awarded June 1, 2015

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

Number of shares, granted (in shares)

183,300

Grants in period, intrinsic value, amount per share (in dollars per share) | $ / shares

$ 14.13

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

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

Number of awards achieving full parity (in shares)

26,250

Number of recipients (in officers) | officer

1

Awards vested to date, percentage

100.00%

100.00%

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

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

Number of awards achieving full parity (in shares)

231,525

Number of recipients (in officers) | officer

2

Awards vested to date, percentage

100.00%

100.00%

Long Term Incentive Plan Units, Absolute TSR Component

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

Portion of awards granted, percentage

60.00%

Long Term Incentive Plan Units, Absolute TSR Component | Minimum

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

Portion of awards to be granted if conditions are met, percentage

37.50%

Total shareholder return threshold

25.00%

Long Term Incentive Plan Units, Absolute TSR Component | Maximum

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

Total shareholder return threshold

50.00%

Long Term Incentive Plan Units, Relative TSR Component

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

Portion of awards granted, percentage

40.00%

Long Term Incentive Plan Units, Relative TSR Component | Minimum

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

Portion of awards to be granted if conditions are met, percentage

37.50%

Index percentile threshold

50.00%

Long Term Incentive Plan Units, Relative TSR Component | Maximum

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

Index percentile threshold

75.00%

Long Term Incentive Plan Units, Time-Based | Awarded January 28, 2016

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

Number of shares, granted (in shares)

72,966

Grants in period, intrinsic value, amount per share (in dollars per share) | $ / shares

$ 16.69

Long Term Incentive Plan Units, Performance-Based

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

Distribution entitlement, percentage

10.00%

Long Term Incentive Plan Units, Performance-Based | Awarded January 28, 2016

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

Number of shares, granted (in shares)

39,285

Total shareholder return threshold

8.00%

Grants in period, intrinsic value, amount per share (in dollars per share) | $ / shares

$ 11.09

Annual vesting percentage

33.33%

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) - shares	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2016
Awarded January 31, 2014 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)			48,213
Vested (in shares)						32,142
Awarded January 31, 2014 | Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)			38,805
Vested (in shares)						12,935
Awards January 30, 2015 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)		40,161
Vested (in shares)					13,387
Awards January 30, 2015 | Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)		36,144
Vested (in shares)					0
Awards June 1, 2015 | Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)	8,949
Vested (in shares)				2,983

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details)	Jan. 28, 2016	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			29.00%	27.00%
Dividend Yield			0.00%	0.00%
Risk Free Interest Rate			0.84%	0.71%
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%
Discount		0.00%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	28.00%
Dividend Yield	0.00%
Risk Free Interest Rate	0.79%
Discount	7.50%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	30.00%
Dividend Yield	5.80%
Risk Free Interest Rate	1.13%
Discount	0.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	170,480	179,641
Number of shares, granted (in shares)	0	85,254
Number of Shares, Vested (in shares)	(59,655)	(94,415)
Number of Shares, Nonvested at end of the period (in shares)	110,825	170,480
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 21.38	$ 14.92
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0	26.59
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	20.14	13.80
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 22.05	$ 21.38

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016USD ($)ParkingSpace	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)ParkingSpacerenewal_periodTerm	Sep. 30, 2015USD ($)
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (in terms) | Term				12
Periods in each additional renewal term				5 years
Approximate rent when monthly occupancy is less than 85%				$ 8
Percentage of occupancy under condition one (less than)				85.00%
Approximate rent when monthly occupancy is 100%				$ 20
Percentage of occupancy under condition two				100.00%
Minimum percentage of annual rent increase				2.50%
Management fees recorded within hotel other operating expenses		$ 2,558	$ 2,588	$ 7,171	$ 6,601
Franchise fees recorded within hotel other operating expenses		$ 6,157	$ 6,092	$ 17,293	$ 16,146
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 (in renewal periods) | renewal_period				2
Renewal periods of management agreements				5 years
Notice period for successive renewal of agreement (no later than)				90 days
Management fee				10.00%
Incentive management fee				1.00%
Concord | Hotel Management Agreement
Capital Leased Assets [Line Items]
Periods in each additional renewal term				1 year
Initial terms of management agreements				10 years
Minimum notice period for termination of management agreement				90 days
Minimum termination period required to avoid breach or default by the manager				9 years
Ground Leases | Residence Inn San Diego Gaslamp
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (in terms) | Term				3
Periods in each additional renewal term				10 years
Operating leases, monthly payment				$ 40
Operating lease, periodic increase, percentage				10.00%
Operating lease, periodic increase, term				5 years
Operating lease, annual supplemental rent, percentage of gross revenues				5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier				12
Ground Leases | Hilton Garden Inn Marina del Rey, CA
Capital Leased Assets [Line Items]
Operating leases, monthly payment				$ 43
Ground Leases | Hilton Garden Inn Marina del Rey, CA | Minimum
Capital Leased Assets [Line Items]
Operating lease, annual supplemental rent, percentage of gross revenues				5.00%
Ground Leases | Hilton Garden Inn Marina del Rey, CA | Maximum
Capital Leased Assets [Line Items]
Operating lease, annual supplemental rent, percentage of gross revenues				25.00%
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) | ParkingSpace		128		128
Quarterly rent				$ 27
Office Leases
Capital Leased Assets [Line Items]
Operating leases, term of contract	11 years
Operating leases, abatement term of contract	12 months

Commitments and Contingencies56

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) $ in Thousands	Sep. 30, 2016USD ($)
Ground Leases
Minimum future obligation payments required under ground leases
2016 (remaining three months)	$ 303
2,017	1,215
2,018	1,217
2,019	1,220
2,020	1,267
Thereafter	70,727
Total	75,949
Office Leases
Minimum future obligation payments required under ground leases
2016 (remaining three months)	174
2,017	745
2,018	772
2,019	792
2,020	812
Thereafter	4,995
Total	$ 8,290

Commitments and Contingencies57

Commitments and Contingencies - Terms of Management Agreements (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2016	Dec. 31, 2015
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Management Fee	3.00%	2.50%
Monthly Accounting Fee	$ 1,200	$ 1,000
Revenue Management Fee	$ 1,000	$ 0
Residence Inn San Diego
Real Estate Properties [Line Items]
Management Fee	3.00%	2.50%
Monthly Accounting Fee	$ 1,200	$ 1,000
Revenue Management Fee	$ 1,000	$ 0
Residence Inn San Antonio
Real Estate Properties [Line Items]
Management Fee	3.00%	2.50%
Monthly Accounting Fee	$ 1,200	$ 1,000
Revenue Management Fee	$ 1,000	$ 0
Residence Inn Vienna
Real Estate Properties [Line Items]
Management Fee	3.00%	2.50%
Monthly Accounting Fee	$ 1,200	$ 1,000
Revenue Management Fee	$ 1,000	$ 0
Residence Inn Washington D.C.
Real Estate Properties [Line Items]
Management Fee	3.00%	2.50%
Monthly Accounting Fee	$ 1,200	$ 1,000
Revenue Management Fee	$ 1,000	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Hotel	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Hotel	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	38		38
Management and accounting fees paid by the company | $	$ 2,497	$ 2,512	$ 6,992	$ 6,387
Amounts due to related party | $	$ 1,085		$ 1,085		$ 998
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%		2.50%
Ownership percentage in related party owned by third party	97.50%		97.50%
Minority Interest In Joint Venture with Cerberus
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	47		47
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%		51.00%
Ownership percentage in related party owned by third party	45.00%		45.00%
Number of hotels managed by related party (in hotels)	36		36
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)	48		48			48
Inland Joint Venture | Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	34		34