Chatham Lodging Trust (CLDT) 10-Q9 May 172017 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 09, 2017
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		38,405,014

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Investment in hotel properties, net	$ 1,226,264	$ 1,233,094
Cash and cash equivalents	12,769	12,118
Restricted cash	24,116	25,083
Investment in unconsolidated real estate entities	20,120	20,424
Hotel receivables (net of allowance for doubtful accounts of $169 and $155, respectively)	6,694	4,389
Deferred costs, net	4,455	4,642
Prepaid expenses and other assets	5,200	2,778
Deferred tax asset, net	0	426
Total assets	1,299,618	1,302,954
Liabilities and Equity:
Mortgage debt	529,367	530,323
Revolving credit facility	56,500	52,500
Accounts payable and accrued expenses	28,680	27,782
Distributions and losses in excess of investments of unconsolidated real estate entities	5,800	6,017
Distributions payable	4,831	4,742
Total liabilities	625,178	621,364
Commitments and contingencies (Note 12)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2017 and December 31, 2016	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,402,659 and 38,367,014 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	380	380
Additional paid-in capital	722,844	722,019
Retained earnings (distributions in excess of retained earnings)	(53,730)	(45,657)
Total shareholders’ equity	669,494	676,742
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	4,946	4,848
Total equity	674,440	681,590
Total liabilities and equity	$ 1,299,618	$ 1,302,954

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Hotel receivables	$ 169	$ 155
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	38,402,659	38,367,014
Common shares, shares outstanding (in shares)	38,402,659	38,367,014

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Room	$ 64,393	$ 63,934
Food and beverage	1,502	1,508
Other	2,446	2,354
Cost reimbursements from unconsolidated real estate entities	881	1,054
Total revenue	69,222	68,850
Hotel operating expenses:
Room	13,505	13,812
Food and beverage	1,252	1,178
Telephone	409	421
Other hotel operating	599	589
General and administrative	5,654	5,497
Franchise and marketing fees	5,302	5,187
Advertising and promotions	1,331	1,352
Utilities	2,370	2,382
Repairs and maintenance	3,252	3,201
Management fees	2,247	2,229
Insurance	333	337
Total hotel operating expenses	36,254	36,185
Depreciation and amortization	12,004	12,475
Property taxes, ground rent and insurance	4,788	5,023
General and administrative	3,268	3,112
Hotel property acquisition costs and other charges	0	12
Reimbursed costs from unconsolidated real estate entities	881	1,054
Total operating expenses	57,195	57,861
Operating income	12,027	10,989
Interest and other income	12	21
Interest expense, including amortization of deferred fees	(6,993)	(7,037)
Loss on early extinguishment of debt	0	(4)
Loss from unconsolidated real estate entities	(85)	(647)
Income before income tax expense	4,961	3,322
Income tax expense	(317)	0
Net income	4,644	3,322
Net income attributable to noncontrolling interests	(31)	(22)
Net income attributable to common shareholders	$ 4,613	$ 3,300
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.12	$ 0.09
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.12	$ 0.08
Weighted average number of common shares outstanding:
Basic (in shares)	38,361,113	38,274,448
Diluted (in shares)	38,573,928	38,413,354
Distributions per common share: (in dollars per share)	$ 0.33	$ 0.31

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders’ Equity	Common Shares	Additional Paid - In Capital	Retained earnings (distributions in excess of retained earnings)	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2015			38,308,937
Beginning Balance at Dec. 31, 2015	$ 697,002	$ 692,871	$ 379	$ 719,773	$ (27,281)	$ 4,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			34,339
Issuance of shares pursuant to Equity Incentive Plan	550	550		550
Issuance of shares, net of offering costs (in shares)			4,439
Issuance of shares, net of offering costs	89	89	$ 1	88
Amortization of share based compensation	610	331		331		279
Dividends declared on common shares	(11,908)	(11,908)			(11,908)
Distributions declared on LTIP units	(171)					(171)
Reallocation of noncontrolling interest	0	11		11		(11)
Net income	3,322	3,300			3,300	22
Ending Balance (in shares) at Mar. 31, 2016			38,347,715
Ending Balance at Mar. 31, 2016	689,494	685,244	$ 380	720,753	(35,889)	4,250
Beginning Balance (in shares) at Dec. 31, 2016			38,367,014
Beginning Balance at Dec. 31, 2016	681,590	676,742	$ 380	722,019	(45,657)	4,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			23,980
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			6,665
Issuance of shares, net of offering costs	(63)	(63)	$ 0	(63)
Issuance of restricted time-based (in shares)			5,000
Amortization of share based compensation	662	224		224		438
Dividends declared on common shares	(12,686)	(12,686)			(12,686)
Distributions declared on LTIP units	(207)					(207)
Reallocation of noncontrolling interest	0	164		(164)		(164)
Net income	4,644	4,613			4,613	31
Ending Balance (in shares) at Mar. 31, 2017			38,402,659
Ending Balance at Mar. 31, 2017	$ 674,440	$ 669,494	$ 380	$ 722,844	$ (53,730)	$ 4,946

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 197	$ 1
Common shares, dividend declared per share (in dollars per share)	$ 0.33	$ 0.31
LTIP units, distributions per unit (in dollars per share)	$ 0.33	$ 0.31

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 4,644	$ 3,322
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,950	12,421
Amortization of deferred franchise fees	54	53
Amortization of deferred financing fees included in interest expense	260	268
Loss on early extinguishment of debt	0	4
Share based compensation	787	735
Loss from unconsolidated real estate entities	85	647
Changes in assets and liabilities:
Hotel receivables	(2,303)	(2,647)
Deferred tax asset	(426)	0
Deferred costs	(24)	0
Prepaid expenses and other assets	(2,435)	(1,482)
Accounts payable and accrued expenses	1,219	749
Net cash provided by operating activities	14,663	14,070
Cash flows from investing activities:
Improvements and additions to hotel properties	(5,053)	(4,593)
Distributions from unconsolidated entities	0	587
Restricted cash	967	(2,147)
Net cash used in investing activities	(4,086)	(6,153)
Cash flows from financing activities:
Borrowings on revolving credit facility	16,000	15,500
Repayments on revolving credit facility	(12,000)	(10,500)
Payments on mortgage debt	(1,058)	(859)
Principal prepayment of mortgage debt	0	(5,954)
Payment of financing costs	0	(18)
Payment of offering costs	(197)	(1)
Proceeds from issuance of common shares	134	88
Distributions-common shares/units	(12,805)	(14,730)
Net cash used in financing activities	(9,926)	(16,474)
Net change in cash and cash equivalents	651	(8,557)
Cash and cash equivalents, beginning of period	12,118	21,036
Cash and cash equivalents, end of period	12,769	12,479
Supplemental disclosure of cash flow information:
Cash paid for interest	6,564	6,729
Cash paid for income taxes	$ 6	$ 0

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Accrued distributions payable	$ 4,831	$ 4,571
Accrued but unpaid distribution	554	313
Accrued share based compensation	125	125
Accounts payable and accrued expenses	2,007	1,735
Accrued distributions in hotel receivables	$ 6,694
Torrance Joint Venture
Accrued distributions in hotel receivables		$ 235

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2017
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 March 31, 2017 , we had issued 880,820 shares under the ATM Plan at a weighted average price of $23.54 . As of March 31, 2017 , 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. In January 2017, we filed a new $25 million registration statement for the DRSPP to replace the prior existing program. As of March 31, 2017 , we had issued 35,998 shares under the DRSPP at a weighted average price of $21.02 . As of March 31, 2017 , there was approximately $24.2 million available for issuance under the DRSPP. 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 March 31, 2017 , the Company wholly owned 38 hotels with an aggregate of 5,712 rooms located in 15 states and the District of Columbia. As of March 31, 2017 , the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony NorthStar, Inc. ("CLNS"), 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 CLNS, 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. 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 the Company's wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. The Company indirectly (i) owns its 10.3% interest in all of the 47 NewINK JV hotels and (ii) owns its 10% interest in all of the 48 Inland JV hotels through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through its TRS holding company. 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 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 March 31, 2017 , Island Hospitality Management LLC (“IHM”), which is 51% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 38 of the Company’s wholly owned hotels. As of March 31, 2017 , all of the NewINK JV hotels were managed by IHM. As of March 31, 2017 , 34 of the Inland JV hotels were managed by IHM and 14 hotels were managed by Marriott International, Inc. ("Marriott").

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2017
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, 2016 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . 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	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2017
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. The Company has begun to evaluate each of its revenue streams under the new model. Based on preliminary assessments, the Company does not expect adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for 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. ASU 2016-02 is expected to impact the Company's financial statements as the Company has certain operating/land rights arrangements for which the Company is the lessee. On August 26, 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 permitted. We are evaluating the impact the adoption of ASU 2016-15 will have on our consolidated financial statements as the Company has certain cash payments and receipts related to debt extinguishment and distributions from equity method investments that will be affected by the new standard. On November 17, 2016, the FASB issued ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and all other entities for fiscal years beginning after December 15, 2018. We are evaluating the impact the adoption of ASU 2016-18 will have on our consolidated financial statements. On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which will likely result in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. This standard will be effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. We are evaluating the impact the adoption of ASU 2017-01 will have on our consolidated financial statements.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	3 Months Ended
Allowance for Doubtful Accounts	Mar. 31, 2017
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 $0.2 million and $0.2 million as of March 31, 2017 and December 31, 2016 , respectively.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
Investment in Hotel Properties	Mar. 31, 2017
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, 2017 December 31, 2016 Land and improvements $ 274,554 $ 274,554 Building and improvements 1,048,398 1,045,880 Furniture, fixtures and equipment 50,803 50,495 Renovations in progress 12,348 10,067 1,386,103 1,380,996 Less: accumulated depreciation (159,839 ) (147,902 ) Investment in hotel properties, net $ 1,226,264 $ 1,233,094

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
Investment in Unconsolidated Entities	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the Operating Partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNS, which owns a 89.7% interest in the NewINK JV. As of March 31, 2017 and 2016 , the Company’s share of partners’ capital in the NewINK JV is approximately $46.6 million and $12.9 million , respectively and the total difference between the carrying amount of investment and the Company’s share of partners’ capital is approximately $52.4 million and $16.6 million (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The value of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. During the three months ended March 31, 2017 and 2016 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended March 31, 2017 2016 Cash generated from other activities and excess cash $ — $ 822 Total $ — $ 822 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. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNS, which owns a 90.0% interest in the Inland JV. As of March 31, 2017 and 2016 , the Company's share of partners' capital in the Inland JV is approximately $28.2 million and $23.1 million , respectively and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $8.1 million and $0.0 million , respectively (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The value of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. The Company serves as managing member of the Inland JV. During the three months ended March 31, 2017 and 2016 , the Company received no cash distributions from the Inland JV. The Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNS 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. CLNS 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 $(5.8) million and $20.1 million , respectively, at March 31, 2017 and $(6.0) million and $20.4 million , respectively, at December 31, 2016 . 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 for the three months ended March 31, 2017 and 2016 (in thousands): For the three months ended March 31, 2017 2016 Revenue $ 108,574 $ 108,429 Total hotel operating expenses 74,957 74,245 Operating income $ 33,617 $ 34,184 Net loss from continuing operations $ (7,513 ) $ (7,890 ) Net loss $ (7,513 ) $ (7,890 ) Loss allocable to the Company $ (760 ) $ (797 ) Basis difference adjustment 675 150 Total loss from unconsolidated real estate entities attributable to the Company $ (85 ) $ (647 )

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2017
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 3/31/17 Balance Outstanding on Loan as of March 31, 2017 December 31, Senior Unsecured Revolving Credit Facility (1) 3.35 % November 25, 2019 $ — $ 56,500 $ 52,500 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 19,849 14,045 14,141 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 44,514 28,885 29,026 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 32,654 16,494 16,575 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,747 22,585 22,699 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 32,008 18,661 18,758 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,479 22,755 22,864 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 68,788 46,016 46,206 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 39,878 33,542 33,674 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 82,028 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 89,831 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 64,635 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 56,776 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,190 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 42,798 22,047 22,145 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,536 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 29,710 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,987 18,300 18,300 Total debt before unamortized debt issue costs $ 733,408 $ 588,005 $ 585,063 Unamortized mortgage debt issue costs (2,138 ) (2,240 ) Total debt outstanding $ 585,867 $ 582,823 (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% . At March 31, 2017 and December 31, 2016 , the Company had $56.5 million and $52.5 million , respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At March 31, 2017 , the maximum borrowing availability under the senior unsecured revolving credit facility was $250.0 million . The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. 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 March 31, 2017 and December 31, 2016 was $524.1 million and $516.0 million , 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 March 31, 2017 , 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 March 31, 2017 and December 31, 2016 was $56.5 million and $52.5 million , respectively. As of March 31, 2017 , the Company was in compliance with all of its financial covenants. At March 31, 2017 , 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 March 31, 2017 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2017 (remaining nine months) $ 3,243 2018 5,374 2019 63,840 2020 9,899 2021 22,308 Thereafter 483,341 Total debt before unamortized debt issue costs $ 588,005 Unamortized mortgage debt issue costs (2,138 ) Total debt outstanding $ 585,867

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
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 March 31, 2017 2016 Federal $ 271 $ — State 46 — Tax expense (benefit) $ 317 $ — 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. The Company's TRS is expecting increased losses in 2017. As of March 31, 2017 , the TRS recorded a full valuation allowance equal to 100% of the gross deferred tax asset due to the uncertainty of the TRS's ability to fully utilize these deferred tax assets. As of March 31, 2017 , the Company's TRS has a valuation allowance of $1.4 million . Management will continue to monitor the need for a valuation allowance on a quarterly basis.

Dividends Declared and Paid

Dividends Declared and Paid	3 Months Ended
Dividends Declared and Paid	Mar. 31, 2017
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 March 31, 2017 . The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2017 2/24/2017 $ 0.11 $ 0.11 February 2/28/2017 3/31/2017 0.11 0.11 March 3/31/2017 4/28/2017 0.11 0.11 1st Quarter 2017 $ 0.33 $ 0.33

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2017
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. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the three months ended March 31, 2017 2016 Numerator: Net income attributable to common shareholders $ 4,613 $ 3,300 Dividends paid on unvested shares and units (42 ) (46 ) Net income attributable to common shareholders $ 4,571 $ 3,254 Denominator: Weighted average number of common shares - basic 38,361,113 38,274,448 Effect of dilutive securities: Unvested shares 212,815 138,906 Weighted average number of common shares - diluted 38,573,928 38,413,354 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.12 $ 0.09 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.12 $ 0.08

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
Equity Incentive Plan	Mar. 31, 2017
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 or units vest. Certain awards may provide for accelerated vesting if there is a change in control. In January 2017 and 2016 , the Company issued 23,980 and 26,488 common shares, respectively, to its independent trustees as compensation for services performed in 2016 and 2015 , respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days of 2016 . The Company would have distributed 6,467 common shares for services performed in 2017 had this liability classified award been satisfied as of March 31, 2017 . As of March 31, 2017 , there were 1,871,942 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 March 31, 2017 is as follows: Award Type Award Date Total Shares Granted Vested as of March 31, 2017 2014 Time-based Awards 1/31/2014 48,213 48,213 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 26,774 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 2,983 2017 Restricted Board Awards 1/11/2017 5,000 — Time-based shares 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 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 2014 performance-based shares did not meet the vesting criteria for 2015 or 2016 causing those shares not to be eligible for future vesting. The grant date fair values of the performance-based share 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 unvested 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 three months ended March 31, 2017 and the year ended December 31, 2016 is as follows: Three Months Ended Year Ended March 31, 2017 December 31, 2016 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 110,825 $ 22.05 170,480 $ 21.38 Granted 5,000 20.20 — — Vested (29,458 ) 25.55 (59,655 ) 20.14 Forfeited (25,870 ) $ 13.17 — $ — Non-vested at end of the period 60,497 $ 23.99 110,825 $ 22.05 As of March 31, 2017 and December 31, 2016 , there were $0.7 million and $0.9 million , respectively, of unrecognized compensation costs related to restricted share awards. As of March 31, 2017 , these costs were expected to be recognized over a weighted–average period of approximately 1.1 years . For the three months ended March 31, 2017 and 2016 , the Company recognized approximately $0.2 million and $0.3 million , 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 $0.4 million and $0.3 million in compensation expense related to the LTIP units for the three months ended March 31, 2017 and 2016 , respectively. As of March 31, 2017 and December 31, 2016 , there was $6.4 million and $2.6 million , respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.6 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 March 31, 2017 . 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 March 31, 2017 , 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. A summary of the Company's LTIP Unit awards for the three months ended March 31, 2017 and the year ended December 31, 2016 is as follows: Three Months Ended Year Ended March 31, 2017 December 31, 2016 Number of Weighted - Number of Weighted - Non-vested at beginning of the period 295,551 $ 14.36 183,300 $ 14.13 Granted 223,922 19.20 112,251 14.73 Vested (37,417 ) 14.73 — — Non-vested at end of the period 482,056 $ 16.58 295,551 $ 14.36 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 LTIP unit awards (the “2016 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting. The 2016 Time-Based LTIP Unit Awards 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. On March 1, 2017, the Company's Operating Partnership, upon recommendation of the Compensation Committee, granted 89,574 time-based awards (the "2017 Time-Based LTIP Unit Award"). The grants were made pursuant to the award agreements that provide for time-based vesting. The 2017 Time-based LTIP Unit Awards will vest ratably on each of March 1, 2018, March 1, 2019 and March 1, 2020 (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 2017 Time-Based LTIP Unit Awards. Compensation expense is based on an estimated value of $18.53 per 2017 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 LTIP unit awards (the "2016 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting. 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 (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 Award, 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 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. On March 1, 2017, The Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 134,348 performance-based awards (the "2017 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting. The 2017 Performance-Based LTIP Unit Awards are comprised of 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 (ii) the recipient remains employed by the Company through the 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 $19.65 per 2017 Performance-Based LTIP Unit Award, 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 2017 Performance-Based LTIP Unit Awards may be earned based on the Company’s relative TSR performance for the three-year period beginning on March 1, 2017 and ending on February 28, 2020. The 2017 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150% Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation. The TSR hurdles are based on the Company’s performance relative to the average TSR for the companies included in the SNL US Hotel REIT Index. TSR will be calculated to include share price appreciation plus dividends assuming the reinvestment of dividends as calculated by a third-party such as SNL Financial. The Company will estimate the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, and will calculate the value at the grant date based on the probable outcome of the performance conditions. 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% —% 2017 Time-Based LTIP Unit Awards 3/1/2017 24% —% 0.92% 7.5% 2017 Performance-Based LTIP Unit Awards 3/1/2017 25% 5.8% 1.47% —%

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
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 Courtyard Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is currently equal to approximately $8,000 per month when monthly occupancy is less than 85% and can increase up to approximately $20,000 per month if occupancy is 100% , with minimum rent increased by two and one-half percent ( 2.5% ) on an annual basis. The Residence Inn Gaslamp hotel is subject to a ground lease with an expiration date of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $40,000 per month and increase 10% every five years. The hotel is subject to annual supplemental rent payments calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year. The Residence Inn New Rochelle 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. Aggregate rent for 2017 is approximately $26,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration date of December 31, 2067 . Minimum monthly payments are currently approximately $43,000 per month and a percentage rent payment equal to 5% to 25% of gross income based on the type of income less the minimum rent is due in arrears. Office Lease The Company entered into a new corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12 -month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. 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 March 31, 2017 , for the remainder of 2017 and for each of the next four calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2017 (remaining nine months) $ 912 $ 567 2018 1,217 772 2019 1,220 792 2020 1,267 812 2021 1,273 832 Thereafter 69,454 4,163 Total $ 75,343 $ 7,938 (1) Other leases includes ground, garage and air rights leases at our hotels. Management Agreements The management agreements with Concord Hospitality Services Company ("Concord") had an initial ten -year term that would have expired on February 28, 2017 . The management agreements with Concord were terminated as of December 31, 2016. The company entered into management agreements with IHM for the hotels previously managed by Concord beginning January 1, 2017. 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 entered into agreements with IHM to manage two of the hotels formerly managed by Concord during the three months ended March 31, 2017 . In addition, upon renewal in July 2016, five management agreements related to the Residence Inns were amended to be consistent with the remainder of the hotel portfolio. The updated agreements are summarized as follows: Property Courtyard Altoona Springhill Suites Washington Residence Inn Garden Grove Residence Inn San Diego Residence Inn San Antonio Residence Inn Vienna Residence Inn Washington D.C. Original Management Fee 4.0 % 4.0 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Amended Management Fee 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % Original Monthly Accounting Fee 1,211 991 1,000 1,000 1,000 1,000 1,000 Amended Monthly Accounting Fee 1,500 1,200 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 1,000 1,000 Management fees totaled approximately $2.2 million and $2.2 million , respectively, for the three months ended March 31, 2017 and 2016 , respectively. 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 months ended March 31, 2017 and 2016 , respectively. Franchise and marketing fees totaled approximately $5.3 million and $5.2 million , respectively, for the three months ended March 31, 2017 and 2016 .

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM. As of March 31, 2017 , the Company had hotel management agreements with IHM to manage 38 of its wholly owned hotels. As of March 31, 2017 , 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 accrued or paid to IHM for the hotels owned by the Company for the three months ended March 31, 2017 and 2016 were $2.2 million and $2.2 million , respectively. At March 31, 2017 and December 31, 2016 , the amounts due to IHM were $1.3 million and $0.9 million , 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 CLNS 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 for the three months ended March 31, 2017 and 2016 were $1.1 million and $1.5 million , respectively.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2017
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. The Company has begun to evaluate each of its revenue streams under the new model. Based on preliminary assessments, the Company does not expect adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures. On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for 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. ASU 2016-02 is expected to impact the Company's financial statements as the Company has certain operating/land rights arrangements for which the Company is the lessee. On August 26, 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 permitted. We are evaluating the impact the adoption of ASU 2016-15 will have on our consolidated financial statements as the Company has certain cash payments and receipts related to debt extinguishment and distributions from equity method investments that will be affected by the new standard. On November 17, 2016, the FASB issued ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and all other entities for fiscal years beginning after December 15, 2018. We are evaluating the impact the adoption of ASU 2016-18 will have on our consolidated financial statements. On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which will likely result in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. This standard will be effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. We are evaluating the impact the adoption of ASU 2017-01 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, 2016 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 .
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.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
Investment in Hotel Properties (Tables)	Mar. 31, 2017
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, 2017 December 31, 2016 Land and improvements $ 274,554 $ 274,554 Building and improvements 1,048,398 1,045,880 Furniture, fixtures and equipment 50,803 50,495 Renovations in progress 12,348 10,067 1,386,103 1,380,996 Less: accumulated depreciation (159,839 ) (147,902 ) Investment in hotel properties, net $ 1,226,264 $ 1,233,094

Investment in Unconsolidated 24

Investment in Unconsolidated Entities (Tables)	3 Months Ended
Investment in Unconsolidated Entities (Tables)	Mar. 31, 2017
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 for the three months ended March 31, 2017 and 2016 (in thousands): For the three months ended March 31, 2017 2016 Revenue $ 108,574 $ 108,429 Total hotel operating expenses 74,957 74,245 Operating income $ 33,617 $ 34,184 Net loss from continuing operations $ (7,513 ) $ (7,890 ) Net loss $ (7,513 ) $ (7,890 ) Loss allocable to the Company $ (760 ) $ (797 ) Basis difference adjustment 675 150 Total loss from unconsolidated real estate entities attributable to the Company $ (85 ) $ (647 )
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information Table	During the three months ended March 31, 2017 and 2016 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended March 31, 2017 2016 Cash generated from other activities and excess cash $ — $ 822 Total $ — $ 822

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2017
Debt Disclosure [Abstract]
Components of Mortgage Debt	Mortgage debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 3/31/17 Balance Outstanding on Loan as of March 31, 2017 December 31, Senior Unsecured Revolving Credit Facility (1) 3.35 % November 25, 2019 $ — $ 56,500 $ 52,500 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 19,849 14,045 14,141 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 44,514 28,885 29,026 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 32,654 16,494 16,575 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,747 22,585 22,699 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 32,008 18,661 18,758 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,479 22,755 22,864 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 68,788 46,016 46,206 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 39,878 33,542 33,674 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 82,028 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 89,831 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 64,635 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 56,776 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 37,190 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 42,798 22,047 22,145 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 11,536 16,225 16,225 Homewood Suites by Hilton Carlsbad CA 4.32 % December 6, 2024 29,710 19,950 19,950 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,987 18,300 18,300 Total debt before unamortized debt issue costs $ 733,408 $ 588,005 $ 585,063 Unamortized mortgage debt issue costs (2,138 ) (2,240 ) Total debt outstanding $ 585,867 $ 582,823 (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% .
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations as of March 31, 2017 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2017 (remaining nine months) $ 3,243 2018 5,374 2019 63,840 2020 9,899 2021 22,308 Thereafter 483,341 Total debt before unamortized debt issue costs $ 588,005 Unamortized mortgage debt issue costs (2,138 ) Total debt outstanding $ 585,867

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2017
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 March 31, 2017 2016 Federal $ 271 $ — State 46 — Tax expense (benefit) $ 317 $ —

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	3 Months Ended
Dividends Declared and Paid (Tables)	Mar. 31, 2017
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 1/31/2017 2/24/2017 $ 0.11 $ 0.11 February 2/28/2017 3/31/2017 0.11 0.11 March 3/31/2017 4/28/2017 0.11 0.11 1st Quarter 2017 $ 0.33 $ 0.33

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2017
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 March 31, 2017 2016 Numerator: Net income attributable to common shareholders $ 4,613 $ 3,300 Dividends paid on unvested shares and units (42 ) (46 ) Net income attributable to common shareholders $ 4,571 $ 3,254 Denominator: Weighted average number of common shares - basic 38,361,113 38,274,448 Effect of dilutive securities: Unvested shares 212,815 138,906 Weighted average number of common shares - diluted 38,573,928 38,413,354 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.12 $ 0.09 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.12 $ 0.08

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
Equity Incentive Plan (Tables)	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share Awards	A summary of the Company’s restricted share awards for the three months ended March 31, 2017 and the year ended December 31, 2016 is as follows: Three Months Ended Year Ended March 31, 2017 December 31, 2016 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 110,825 $ 22.05 170,480 $ 21.38 Granted 5,000 20.20 — — Vested (29,458 ) 25.55 (59,655 ) 20.14 Forfeited (25,870 ) $ 13.17 — $ — Non-vested at end of the period 60,497 $ 23.99 110,825 $ 22.05 A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of March 31, 2017 is as follows: Award Type Award Date Total Shares Granted Vested as of March 31, 2017 2014 Time-based Awards 1/31/2014 48,213 48,213 2014 Performance-based Awards 1/31/2014 38,805 12,935 2015 Time-based Awards 1/30/2015 40,161 26,774 2015 Performance-based Awards 1/30/2015 36,144 — 2015 Time-based Awards 6/1/2015 8,949 2,983 2017 Restricted Board Awards 1/11/2017 5,000 —
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% —% 2017 Time-Based LTIP Unit Awards 3/1/2017 24% —% 0.92% 7.5% 2017 Performance-Based LTIP Unit Awards 3/1/2017 25% 5.8% 1.47% —% The grant date fair values of the performance-based share 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%
Schedule of Long Term Incentive Unit Awards	A summary of the Company's LTIP Unit awards for the three months ended March 31, 2017 and the year ended December 31, 2016 is as follows: Three Months Ended Year Ended March 31, 2017 December 31, 2016 Number of Weighted - Number of Weighted - Non-vested at beginning of the period 295,551 $ 14.36 183,300 $ 14.13 Granted 223,922 19.20 112,251 14.73 Vested (37,417 ) 14.73 — — Non-vested at end of the period 482,056 $ 16.58 295,551 $ 14.36
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards	The 2017 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2017
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 March 31, 2017 , for the remainder of 2017 and for each of the next four calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2017 (remaining nine months) $ 912 $ 567 2018 1,217 772 2019 1,220 792 2020 1,267 812 2021 1,273 832 Thereafter 69,454 4,163 Total $ 75,343 $ 7,938 (1) Other leases includes ground, garage and air rights leases at our hotels.
Schedule Of Management Agreement Terms	pon renewal in July 2016, five management agreements related to the Residence Inns were amended to be consistent with the remainder of the hotel portfolio. The updated agreements are summarized as follows: Property Courtyard Altoona Springhill Suites Washington Residence Inn Garden Grove Residence Inn San Diego Residence Inn San Antonio Residence Inn Vienna Residence Inn Washington D.C. Original Management Fee 4.0 % 4.0 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Amended Management Fee 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % Original Monthly Accounting Fee 1,211 991 1,000 1,000 1,000 1,000 1,000 Amended Monthly Accounting Fee 1,500 1,200 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 1,000 1,000

Organization - Additional Infor

Organization - Additional Information (Details)	1 Months Ended		3 Months Ended
Organization - Additional Information (Details)	Jan. 31, 2017USD ($)	Jan. 31, 2014USD ($)	Mar. 31, 2017USD ($)HotelRoomstate$ / sharesshares	Mar. 31, 2016USD ($)	Nov. 17, 2014	Jun. 30, 2014HotelRoom	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Issuance of shares, value \| $			$ (63,000)	$ 89,000
Percentage of common units of limited partnership owned			100.00%
Number of hotels in ownership by Company (in hotels)			38
Aggregate number of rooms in hotels (in rooms) \| Room			5,712
Number of states in which hotels are owned (in states) \| state			15
Initial term of each TRS lease (in years)			5 years
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels (in percentage)			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 (in percentage)			10.00%		10.00%	10.00%
Number of hotels acquired (in hotels)			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
Inland Joint Venture \| Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			14
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels)			38
Ownership percentage in related party owned by the company's chairman			51.00%
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
Indirectly Owned Interest In Joint Venture Hotels
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company (in hotels)			47
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
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount \| $		$ 25,000,000
Shares issued (in shares) \| shares			35,998
Stock purchase plan, average price per share (in dollars per share) \| $ / shares			$ 21.02
Stock purchase plan, remaining authorized repurchase amount \| $			$ 24,200,000
Issuance of shares, value \| $	$ 25,000,000

Allowance for Doubtful Accoun32

Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Hotel receivables	$ 169	$ 155

Investment in Hotel Propertie33

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments Schedule [Abstract]
Land and improvements	$ 274,554	$ 274,554
Building and improvements	1,048,398	1,045,880
Furniture, fixtures and equipment	50,803	50,495
Renovations in progress	12,348	10,067
Investment in hotel properties, at cost	1,386,103	1,380,996
Less: accumulated depreciation	(159,839)	(147,902)
Investment in hotel properties, net	$ 1,226,264	$ 1,233,094

Investment in Unconsolidated 34

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Nov. 17, 2014	Jun. 30, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities	$ 20,120,000		$ 20,424,000
Cash distributions received from Inland JV	651,000	$ (8,557,000)
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	46,600,000	12,900,000
Difference between carrying amount and share of partners' capital	$ 52,400,000	16,600,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels (in percentage)	10.30%					10.30%
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels (in percentage)	10.00%			10.00%	10.00%
Joint venture, percentage ownership by third party				90.00%
Investment in unconsolidated real estate entities	$ 28,200,000	23,100,000
Difference between carrying amount and share of partners' capital	8,100,000	0
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash distributions received from Inland JV	0	822,000
Investments in joint ventures	(5,800,000)		(6,000,000)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash distributions received from Inland JV	0	$ 0
Investments in joint ventures	$ 20,100,000		$ 20,400,000

Investment in Unconsolidated 35

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents	$ 651,000	$ (8,557,000)
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	0	822,000
Net change in cash and cash equivalents	0	822,000
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents	$ 0	$ 0

Investment in Unconsolidated 36

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Revenue	$ 69,222	$ 68,850
Total hotel operating expenses	57,195	57,861
Operating income	12,027	10,989
Net income attributable to common shareholders	4,613	3,300
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	108,574	108,429
Total hotel operating expenses	74,957	74,245
Operating income	33,617	34,184
Net loss from continuing operations	(7,513)	(7,890)
Net income attributable to common shareholders	(7,513)	(7,890)
Loss allocable to the Company	(760)	(797)
Basis difference adjustment	675	150
Total loss from unconsolidated real estate entities attributable to the Company	$ (85)	$ (647)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Participating Mortgage Loans [Line Items]
Carrying Value	$ 733,408
Total debt before unamortized debt issue costs	588,005	$ 585,063
Unamortized mortgage debt issue costs	(2,138)	(2,240)
Total debt outstanding	$ 585,867	582,823
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	3.35%
Carrying Value	$ 0
Total debt before unamortized debt issue costs	$ 56,500	52,500
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 19,849
Total debt before unamortized debt issue costs	$ 14,045	14,141
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 44,514
Total debt before unamortized debt issue costs	$ 28,885	29,026
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 32,654
Total debt before unamortized debt issue costs	$ 16,494	16,575
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 30,747
Total debt before unamortized debt issue costs	$ 22,585	22,699
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 32,008
Total debt before unamortized debt issue costs	$ 18,661	18,758
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 35,479
Total debt before unamortized debt issue costs	$ 22,755	22,864
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 68,788
Total debt before unamortized debt issue costs	$ 46,016	46,206
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 39,878
Total debt before unamortized debt issue costs	$ 33,542	33,674
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 82,028
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	$ 89,831
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	$ 64,635
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	$ 56,776
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	$ 37,190
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	$ 42,798
Total debt before unamortized debt issue costs	$ 22,047	22,145
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 11,536
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	$ 29,710
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	$ 14,987
Total debt before unamortized debt issue costs	$ 18,300	$ 18,300

Debt - Components of Mortgage38

Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Unsecured Revolving Credit Facility	3 Months Ended
	Mar. 31, 2017
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)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	$ 56,500,000	$ 52,500,000
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	$ 524,100,000	516,000,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	56,500,000	52,500,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings under credit facility	56,500,000	$ 52,500,000
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	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (remaining nine months)	$ 3,243
2,018	5,374
2,019	63,840
2,020	9,899
2,021	22,308
Thereafter	483,341
Total debt before unamortized debt issue costs	588,005	$ 585,063
Unamortized mortgage debt issue costs	(2,138)	(2,240)
Total debt outstanding	$ 585,867	$ 582,823

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Federal	$ 271	$ 0
State	46	0
Tax expense (benefit)	$ 317	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - TRS $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset	100.00%
Deferred tax assets, valuation allowance	$ 1.4

Dividends Declared and Paid - A

Dividends Declared and Paid - Additional Information (Details) - $ / shares	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Common shares, dividend declared per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.31
Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.31

Dividends Declared and Paid - D

Dividends Declared and Paid - Dividend Information (Details) - $ / shares	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Common share distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.31
LTIP unit distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.31

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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income attributable to common shareholders	$ 4,613	$ 3,300
Dividends paid on unvested shares and units	(42)	(46)
Net income attributable to common shareholders	$ 4,571	$ 3,254
Denominator:
Weighted average number of common shares - basic (in shares)	38,361,113	38,274,448
Effect of dilutive securities:
Unvested shares (in shares)	212,815	138,906
Weighted average number of common shares - diluted (in shares)	38,573,928	38,413,354
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.12	$ 0.09
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.12	$ 0.08

Equity Incentive Plan - Additio

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

Mar. 01, 2017$ / sharesshares

Jan. 28, 2016$ / sharesshares

Jun. 01, 2015$ / sharesshares

Jun. 04, 2014officershares

Sep. 30, 2013officershares

May 17, 2013shares

Jan. 31, 2016shares

Jan. 31, 2015shares

Mar. 31, 2017USD ($)shares

Mar. 31, 2016USD ($)

Dec. 31, 2016USD ($)shares

Dec. 31, 2015$ / shares

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

Independent Trustees

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

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

23,980

26,488

6,467

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)

1,871,942

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 | $

$ 0.7

$ 0.9

Weighted - average period for recognition of unrecognized compensation costs

1 year 1 month 6 days

Compensation expense, recognized | $

$ 0.2

$ 0.3

Number of shares, granted (in shares)

5,000

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 7 months 3 days

Compensation expense, recognized | $

$ 0.4

$ 0.3

Total unrecognized compensation cost related to LTIP Units | $

$ 6.4

$ 2.6

Number of shares, granted (in shares)

223,922

112,251

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

Awards vested to date, percentage

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

Awards vested to date, percentage

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, percentage

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, percentage

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, percentage

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, percentage

75.00%

Payout Percentage

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

Index percentile threshold, percentage

50.00%

Payout Percentage | Minimum

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

Index percentile threshold, percentage

50.00%

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, Time-Based | Awards March 1, 2017

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

Number of shares, granted (in shares)

89,574

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

$ 18.53

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, percentage

8.00%

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

$ 11.09

Annual vesting percentage

33.33%

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2017

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

Number of shares, granted (in shares)

134,348

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

$ 19.65

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2017 | Minimum

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

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percentage of Target Value to be Paid Out

50.00%

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2017 | Maximum

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

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percentage of Target Value to be Paid Out

150.00%

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) - shares	Jan. 01, 2017	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017
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)								48,213
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)							26,774
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
Awards January 11, 2007 \| Restricted Board Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)	5,000
Vested (in shares)					0

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details)	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014
Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage			26.00%
Dividend Yield, percentage			4.50%
Risk Free Interest Rate, percentage			0.95%
Discount, percentage			0.00%
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage				29.00%	27.00%
Dividend Yield, percentage				0.00%	0.00%
Risk Free Interest Rate, percentage				0.84%	0.71%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage	24.00%	28.00%
Dividend Yield, percentage	0.00%	0.00%
Risk Free Interest Rate, percentage	0.92%	0.79%
Discount, percentage	7.50%	7.50%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage	25.00%	30.00%
Dividend Yield, percentage	5.80%	5.80%
Risk Free Interest Rate, percentage	1.47%	1.13%
Discount, percentage	0.00%	0.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	110,825	170,480
Number of shares, granted (in shares)	5,000	0
Number of Shares, Vested (in shares)	(29,458)	(59,655)
Number of shares forfeited (in shares)	(25,870)	0
Number of Shares, Nonvested at end of the period (in shares)	60,497	110,825
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)	$ 22.05	$ 21.38
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	20.20	0
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	25.55	20.14
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	13.17	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 23.99	$ 22.05

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	295,551	183,300
Number of shares, granted (in shares)	223,922	112,251
Number of Shares, Vested (in shares)	(37,417)	0
Number of Shares, Nonvested at end of the period (in shares)	482,056	295,551
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 14.36	$ 14.13
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	19.20	14.73
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	14.73	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 16.58	$ 14.36

Equity Incentive Plan - Sched51

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2017
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%
Target (in percentage)	50.00%
Maximum (in percentage)	75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	50.00%
Target (in percentage)	100.00%
Maximum (in percentage)	150.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2016agreement	Sep. 30, 2015Term	Mar. 31, 2017USD ($)HotelTermParkingSpacerenewal_period	Mar. 31, 2016USD ($)
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| 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%
Number of hotels formerly managed by Concord \| Hotel			2
Number of management agreements \| agreement	5
Management fees recorded within hotel other operating expenses			$ 2,200	$ 2,200
Franchise fees recorded within hotel other operating expenses			$ 5,300	$ 5,200
Hotel Management Agreement \| Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements			5 years
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
Minimum notice period for termination of management agreement			6 months
Management fee			10.00%
Incentive management fee			1.00%
Concord \| Hotel Management Agreement
Capital Leased Assets [Line Items]
Initial terms of management agreements			10 years
Ground Leases \| Residence Inn San Diego Gaslamp
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| 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
Quarterly rent			$ 26
Office Leases
Capital Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| Term		2
Periods in each additional renewal term		5 years
Operating leases, term of contract		11 years
Operating leases, abatement term of contract		12 months

Commitments and Contingencies53

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
Other Leases
Minimum future obligation payments required under ground leases
2017 (remaining nine months)	$ 912
2,018	1,217
2,019	1,220
2,020	1,267
2,021	1,273
Thereafter	69,454
Total	75,343
Office Leases
Minimum future obligation payments required under ground leases
2017 (remaining nine months)	567
2,018	772
2,019	792
2,020	812
2,021	832
Thereafter	4,163
Total	$ 7,938

Commitments and Contingencies54

Commitments and Contingencies - Terms of Management Agreements (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2016	Dec. 31, 2016
Altoona CY
Real Estate Properties [Line Items]
Management Fee	3.00%	4.00%
Monthly Accounting Fee	$ 1,500	$ 1,211
Revenue Management Fee	$ 1,000	$ 0
Washington PA, SHS
Real Estate Properties [Line Items]
Management Fee	3.00%	4.00%
Monthly Accounting Fee	$ 1,200	$ 991
Revenue Management Fee	$ 1,000	$ 0
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 Millions	3 Months Ended
	Mar. 31, 2017USD ($)Hotel	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2014Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	38
Management and accounting fees paid by the company \| $	$ 2.2	$ 2.2
Amounts due to related party \| $	$ 1.3		$ 0.9
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%
Ownership percentage in related party owned by third party	97.50%
Minority Interest In Joint Venture with Cerberus
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	47
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%
Number of hotels managed by related party (in hotels)	38
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)	48			48
Inland Joint Venture \| Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	34
NewINK Joint Venture
Related Party Transaction [Line Items]
Insurance expense \| $	$ 1.1	$ 1.5