Chatham Lodging Trust (CLDT) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		45,879,109

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Investment in hotel properties, net	$ 1,308,571	$ 1,320,082
Cash and cash equivalents	8,077	9,333
Restricted cash	27,881	27,166
Investment in unconsolidated real estate entities	22,776	24,389
Hotel receivables (net of allowance for doubtful accounts of $234 and $200, respectively)	6,976	4,047
Deferred costs, net	5,351	4,646
Prepaid expenses and other assets	4,439	2,523
Deferred tax asset, net	30	30
Total assets	1,384,101	1,392,216
Liabilities and Equity:
Mortgage debt, net	504,072	506,316
Revolving credit facility	27,000	32,000
Accounts payable and accrued expenses	31,358	31,692
Distributions and losses in excess of investments of unconsolidated real estate entities	7,562	6,582
Distributions payable	5,431	5,846
Total liabilities	575,423	582,436
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at June 30, 2018 and December 31, 2017	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,876,812 and 45,375,266 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	459	450
Additional paid-in capital	882,752	871,730
Retained earnings (distributions in excess of retained earnings)	(83,079)	(69,018)
Total shareholders’ equity	800,132	803,162
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	8,546	6,618
Total equity	808,678	809,780
Total liabilities and equity	$ 1,384,101	$ 1,392,216

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 234	$ 200
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)	45,876,812	45,375,266
Common shares, shares outstanding (in shares)	45,876,812	45,375,266

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total revenue	$ 86,590	$ 79,643	$ 160,623	$ 150,478
Total hotel operating expenses	42,965	39,080	82,655	75,335
Depreciation and amortization	11,921	11,714	23,958	23,718
Impairment loss	0	6,663	0	6,663
Property taxes, ground rent and insurance	6,180	5,573	11,955	10,361
General and administrative	3,547	3,287	7,169	6,555
Other charges	264	15	250	15
Reimbursed costs from unconsolidated real estate entities	2,577	2,402	5,234	4,896
Total operating expenses	67,454	68,734	131,221	127,543
Operating income	19,136	10,909	29,402	22,935
Interest and other income	15	6	17	18
Interest expense, including amortization of deferred fees	(6,667)	(6,773)	(13,298)	(13,765)
Loss on sale of hotel property	(1)	0	(18)	0
Income from unconsolidated real estate entities	1,004	927	250	842
Income before income tax expense	13,487	5,069	16,353	10,030
Income tax expense	0	0	0	(317)
Net income	13,487	5,069	16,353	9,713
Net income attributable to noncontrolling interests	(100)	(35)	(120)	(66)
Net income attributable to common shareholders	$ 13,387	$ 5,034	$ 16,233	$ 9,647
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.29	$ 0.13	$ 0.35	$ 0.25
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.29	$ 0.13	$ 0.35	$ 0.25
Weighted average number of common shares outstanding:
Basic (in shares)	45,867,625	38,525,306	45,811,023	38,443,663
Diluted (in shares)	46,084,688	38,749,661	46,006,561	38,659,189
Distributions declared per common share (in dollars per share)	$ 0.33	$ 0.33	$ 0.66	$ 0.66
Room
Total revenue	$ 78,274	$ 72,801	$ 144,525	$ 137,194
Total hotel operating expenses	15,945	15,024	30,499	28,529
Food and beverage
Total revenue	2,212	1,473	4,310	2,975
Total hotel operating expenses	1,739	1,212	3,479	2,464
Other
Total revenue	3,527	2,967	6,554	5,413
Cost reimbursements from unconsolidated real estate entities
Total revenue	2,577	2,402	5,234	4,896
Telephone
Total hotel operating expenses	415	387	874	795
Other hotel operating
Total hotel operating expenses	796	710	1,517	1,310
General and administrative
Total hotel operating expenses	6,781	5,974	12,814	11,628
Franchise and marketing fees
Total hotel operating expenses	6,575	6,089	12,100	11,391
Advertising and promotions
Total hotel operating expenses	1,485	1,270	3,050	2,602
Utilities
Total hotel operating expenses	2,446	2,352	5,146	4,722
Repairs and maintenance
Total hotel operating expenses	3,637	3,179	7,261	6,431
Management fees
Total hotel operating expenses	2,807	2,588	5,243	4,835
Insurance
Total hotel operating expenses	$ 339	$ 295	$ 672	$ 628

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, 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)			829,723
Issuance of shares, net of offering costs	16,359	16,359	$ 8	16,351
Issuance of restricted time-based shares (in shares)			5,000
Issuance of restricted time-based shares	0
Amortization of share based compensation	1,536	421		421		1,115
Dividends declared on common shares	(25,464)	(25,464)			(25,464)
Distributions declared on LTIP units ($0.66 per unit)	(465)					(465)
Reallocation of noncontrolling interest	0	185		185		(185)
Net income	9,713	9,647			9,647	66
Ending Balance (in shares) at Jun. 30, 2017			39,225,717
Ending Balance at Jun. 30, 2017	683,769	678,390	$ 388	739,476	(61,474)	5,379
Beginning Balance (in shares) at Dec. 31, 2017			45,375,266
Beginning Balance at Dec. 31, 2017	809,780	803,162	$ 450	871,730	(69,018)	6,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			21,670
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			479,876
Issuance of shares, net of offering costs	10,425	10,425	$ 9	10,416
Amortization of share based compensation	1,863	86		86		1,777
Dividends declared on common shares	(30,294)	(30,294)			(30,294)
Distributions declared on LTIP units ($0.66 per unit)	(601)					(601)
Forfeited distributions declared on LTIP units	652					652
Reallocation of noncontrolling interest	0	20		20		(20)
Net income	16,353	16,233			16,233	120
Ending Balance (in shares) at Jun. 30, 2018			45,876,812
Ending Balance at Jun. 30, 2018	$ 808,678	$ 800,132	$ 459	$ 882,752	$ (83,079)	$ 8,546

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Issuance of shares, net of offering costs	$ 257	$ 512
Common shares, dividend declared per share (in dollars per share)	$ 0.66	$ 0.66
LTIP units, distributions per unit (in dollars per share)	$ 0.66	$ 0.66

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 13,487	$ 5,069	$ 16,353	$ 9,713
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			23,841	23,611
Amortization of deferred franchise fees			117	107
Amortization of deferred financing fees included in interest expense			459	141
Impairment loss	0	6,663	0	6,663	$ 6,700
Share based compensation			2,114	1,786
Income from unconsolidated real estate entities	(1,004)	(927)	(250)	(842)
Changes in assets and liabilities:
Hotel receivables			(2,929)	(2,887)
Deferred tax asset			0	426
Deferred costs			(147)	(44)
Prepaid expenses and other assets			(1,937)	(2,349)
Accounts payable and accrued expenses			366	321
Net cash provided by operating activities			37,987	36,646
Cash flows from investing activities:
Improvements and additions to hotel properties			(12,760)	(12,865)
Distributions from unconsolidated entities			2,843	719
Investment in unconsolidated real estate entities			0	(5,037)
Net cash used in investing activities			(9,917)	(17,183)
Cash flows from financing activities:
Borrowings on revolving credit facility			59,000	24,000
Repayments on revolving credit facility			(64,000)	(31,500)
Payments on mortgage debt			(2,425)	(2,070)
Payment of financing costs			(953)	0
Payment of offering costs			(257)	(512)
Proceeds from issuance of common shares			10,681	16,871
Distributions-common shares/units			(30,657)	(25,634)
Net cash used in financing activities			(28,611)	(18,845)
Net change in cash, cash equivalents and restricted cash			(541)	618
Cash, cash equivalents and restricted cash, beginning of period			36,499	37,201	37,201
Cash, cash equivalents and restricted cash, end of period	$ 35,958	$ 37,819	35,958	37,819	$ 36,499
Supplemental disclosure of cash flow information:
Cash paid for interest			12,549	13,297
Cash paid for income taxes			$ 733	$ 294

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jul. 28, 2018	Jul. 27, 2018	Jun. 30, 2018	Jun. 30, 2017
Accrued distributions payable			$ 5,431	$ 5,035
Accrued share based compensation			250	250
Accounts payable and accrued expenses			$ 1,933	$ 1,921
Subsequent Event
Accrued but unpaid distribution	$ 669	$ 308

Organization

Organization	6 Months Ended
	Jun. 30, 2018
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 ("Prior ATM Plan") whereby, from time to time, we may publicly offer and sell up to $50 million of our common shares by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. ("Cantor") acting as sales agent. On January 13, 2015, the Company entered into a sales agreement with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s Prior ATM Plan. We filed a $100 million registration statement for a new ATM program (the "ATM Plan" and together with the Prior ATM Plan, the "ATM Plans") on December 28, 2017 to replace the prior program. At the same time, the Company entered into sales agreements with Cantor, Barclays, Robert W. Baird & Co. Incorporated, ("Baird"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the three months ended June 30, 2018 , we issued no shares under the ATM Plan. As of June 30, 2018 , we had issued 2,147,695 shares under the ATM Plans at a weighted average price of $21.87 . As of June 30, 2018 , there was approximately $100.0 million available for issuance under the ATM Plan. In January 2014, the Company established a $25 million dividend reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million registration statement for the dividend reinvestment and stock purchase plan (the "New DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 28, 2017 to replace the prior program. Under the DRSPPs, 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 DRSPPs. During the three months ended June 30, 2018 , we issued 7,212 shares under the New DRSPP at a weighted average price of $20.02 , which generated $0.1 million of gross proceeds. As of June 30, 2018 , we had issued 1,215,181 shares under the DRSPPs at a weighted average price of $21.61 . As of June 30, 2018 , there was approximately $39.3 million available for issuance under the New 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. As of June 30, 2018 , the Company wholly owned 40 hotels with an aggregate of 6,020 rooms located in 15 states and the District of Columbia. As of June 30, 2018 , the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony Capital, Inc. ("CLNY"), 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% noncontrolling interest in a separate joint venture (the "Inland JV") with affiliates of CLNY, 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 6,402 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 June 30, 2018 , Island Hospitality Management LLC (“IHM”), which is 51% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 40 of the Company’s wholly owned hotels. As of June 30, 2018 , all of the NewINK JV hotels were managed by IHM. As of June 30, 2018 , 34 of the Inland JV hotels were managed by IHM and 14 of the Inland JV hotels were managed by Marriott International, Inc. ("Marriott").

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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, 2017 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . 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 Adopted Accounting Policies On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 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. The Company has certain cash payments and receipts related to debt extinguishment that will be affected by the new standard. The company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, no impact due to application of the new guidance. The Company has applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under 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 addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company has applied the new guidance on a retrospective basis. Recently Issued Accounting Standards 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. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. The Company is the lessee on certain air/land rights arrangements and an office lease and expects to record right of use assets and lease liabilities for these leases under the new standard. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The Company expects to use FASB's practical expedient which provides the Company the option to apply the new guidance at its effective date (January 1, 2019) without having to adjust the 2018 and 2017 comparative financial statements. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 , respectively.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2018
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of June 30, 2018 and December 31, 2017 consisted of the following (in thousands): June 30, 2018 December 31, 2017 Land and improvements $ 291,053 $ 291,054 Building and improvements 1,146,714 1,140,477 Furniture, fixtures and equipment 65,780 63,443 Renovations in progress 16,998 13,262 1,520,545 1,508,236 Less: accumulated depreciation (211,974 ) (188,154 ) Investment in hotel properties, net $ 1,308,571 $ 1,320,082 During the year ended December 31, 2017, the Company identified indicators of impairment at its Washington PA SHS hotel, primarily due to decreased operating performance and continued economic weakness. As such, the Company was required to perform a test of recoverability. This test compared the sum of the estimated future undiscounted cash flow attributable to the hotel over its remaining anticipated holding period and its expected value upon disposition to our carrying value for the hotel. The Company determined that the estimated undiscounted future cash flow attributable to the hotel did not exceed its carrying value and an impairment existed. As a result, the Company recorded a $6.7 million impairment charge in the consolidated statements of operations during the year ended December 31, 2017. Fair value was determined based on a discounted cash flow model using our estimates of future cash flows and third-party market data, considered Level 3 inputs. We may record additional impairment charges if operating results of this hotel are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period. There were no impairments recorded in 2018 .

Investment in Unconsolidated En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2018
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, CLNY, which owns a 89.7% interest in the NewINK JV. The values of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of June 30, 2018 and 2017 , the Company’s share of partners’ capital in the NewINK JV was approximately $50.2 million and $53.3 million , respectively, and the total difference between the carrying amount of investment and the Company’s share of partners’ capital was approximately $57.8 million and $59.1 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 Company serves as managing member of the NewINK JV. During the three and six months ended June 30, 2018 and 2017 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Cash generated from other activities and excess cash $ 874 $ 719 $ 1,593 $ 719 Total $ 874 $ 719 $ 1,593 $ 719 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, CLNY, which owns a 90.0% interest in the Inland JV. The values of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of June 30, 2018 and 2017 , the Company's share of partners' capital in the Inland JV was approximately $33.7 million and $36.6 million , respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $10.9 million and $11.3 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 Company serves as managing member of the Inland JV. During the three and six months ended June 30, 2018 and 2017 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Cash generated from other activities and excess cash $ 950 $ — 1,250 $ — Total $ 950 $ — 1,250 $ — On May 9, 2017, the NewINK JV refinanced the $840.0 million loan collateralized by the 47 hotels with a new $850.0 million loan. The new non-recourse loan is with Morgan Stanley Bank, N.A. The new loan bears interest at a rate of LIBOR plus a spread of 2.79% , has an initial maturity of June 7, 2019 and three one -year extension options. On June 9, 2017, the Inland JV refinanced the $817.0 million loan collateralized by the 48 hotels with a new $780.0 million non-recourse loan with Column Financial, Inc. On June 9, 2017, the Company contributed an additional $5.0 million of capital related to its share in the Inland JV to reduce the debt collateralized by the 48 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 3.3% , has an initial maturity of July 9, 2019 and three one -year extension options. The Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNY 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. In connection with (i) the non-recourse mortgage loan secured by the NewINK JV properties and the related non-recourse mezzanine loan secured by the membership interests in the owners of the NewINK JV properties and (ii) the non-recourse mortgage loan secured by the Inland JV properties, the Operating Partnership provided the applicable lenders with customary environmental indemnities, as well as guarantees of certain customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. In some circumstances, such as the bankruptcy of the applicable borrowers, the guarantees are for the full amount of the outstanding debt, but in most circumstances, the guarantees are capped at 15% of the debt outstanding at the time in question (in the case of the NewINK JV loans) or 20% of the debt outstanding at the time in question (in the case of the Inland JV loans). In connection with each of the NewINK JV and Inland JV loans, the Operating Partnership has entered into a contribution agreement with its JV partner whereby the JV partner is, in most cases, responsible to cover such JV partner’s pro rata share of any amounts due by the Operating Partnership under the applicable guarantees and environmental indemnities. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. CLNY 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 $(7.6) million and $22.8 million , respectively, at June 30, 2018 and $(6.6) million and $24.4 million , respectively, at December 31, 2017 . The following table sets forth the combined components of net income, including the Company’s share, related to all JVs for the three and six months ended June 30, 2018 and 2017 (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Revenue $ 134,888 $ 130,192 $ 245,062 $ 238,766 Total hotel operating expenses 83,635 81,747 161,659 156,704 Operating income $ 51,253 $ 48,445 $ 83,403 $ 82,062 Net income (loss) from continuing operations $ 5,929 $ 8,075 $ (5,472 ) $ 562 Net income (loss) $ 5,929 $ 8,075 $ (5,472 ) $ 562 Income (loss) allocable to the Company $ 605 $ 825 $ (548 ) $ 65 Basis difference adjustment 399 102 798 777 Total income from unconsolidated real estate entities attributable to the Company $ 1,004 $ 927 $ 250 $ 842

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt The Company’s mortgage loans 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 and senior unsecured revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 6/30/18 Balance Outstanding on Loan as of June 30, 2018 December 31, Senior Unsecured Revolving Credit Facility (1) 3.96 % March 8, 2022 $ — $ 27,000 $ 32,000 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 18,785 13,563 13,762 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 46,524 28,179 28,469 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 31,647 16,086 16,253 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,172 22,017 22,251 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,999 18,177 18,375 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 36,066 22,214 22,437 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 66,568 45,073 45,462 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 37,852 32,891 33,160 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 78,125 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 85,477 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 61,958 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 56,267 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 35,942 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 41,297 21,559 21,760 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,798 16,095 16,225 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,879 18,175 18,300 Total debt before unamortized debt issue costs $ 688,356 $ 533,029 $ 540,454 Unamortized mortgage debt issue costs (1,957 ) (2,138 ) Total debt outstanding $ 531,072 $ 538,316 (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 June 30, 2018 and December 31, 2017 , the Company had $27.0 million and $32.0 million , respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At June 30, 2018 , 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 June 30, 2018 and December 31, 2017 was $492.0 million and $506.6 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 June 30, 2018 , 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 June 30, 2018 and December 31, 2017 was $27.0 million and $32.0 million , respectively. As of June 30, 2018 , the Company was in compliance with all of its financial covenants. At June 30, 2018 , the Company’s consolidated fixed charge coverage ratio was 3.3 and the bank covenant is 1.5 . Future scheduled principal payments of debt obligations as of June 30, 2018 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2018 (remaining six months) $ 2,610 2019 6,992 2020 9,536 2021 21,945 2022 36,954 2023 142,509 Thereafter 312,483 Total debt before unamortized debt issue costs $ 533,029 Unamortized mortgage debt issue costs (1,957 ) Total debt outstanding $ 531,072

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 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 taxable losses in 2018. As of June 30, 2018 , the TRS continues to recognize a full valuation allowance equal to 100% of the gross deferred tax assets, with the exception of the AMT tax credit, due to the uncertainty of the TRS's ability to utilize these deferred tax assets. Management will continue to monitor the need for a valuation allowance.

Dividends Declared and Paid

Dividends Declared and Paid	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and $0.66 per share and distributions on LTIP units of $0.66 per unit for the six months ended June 30, 2018 . The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2018 2/23/2018 $ 0.11 $ 0.11 February 2/28/2018 3/30/2018 0.11 0.11 March 3/29/2018 4/27/2018 0.11 0.11 1st Quarter 2018 $ 0.33 $ 0.33 April 4/30/2018 5/25/2018 $ 0.11 $ 0.11 May 5/31/2018 6/29/2018 0.11 0.11 June 6/29/2018 7/27/2018 0.11 $ 0.11 2nd Quarter 2018 $ 0.33 $ 0.33 Total 2018 $ 0.66 $ 0.66

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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 LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to common shareholders $ 13,387 $ 5,034 $ 16,233 $ 9,647 Dividends paid on unvested shares and units (85 ) (65 ) (170 ) (127 ) Undistributed earnings allocated to unvested shares and units — — — — Net income attributable to common shareholders $ 13,302 $ 4,969 $ 16,063 $ 9,520 Denominator: Weighted average number of common shares - basic 45,867,625 38,525,306 45,811,023 38,443,663 Unvested shares 217,063 224,355 195,538 215,526 Weighted average number of common shares - diluted 46,084,688 38,749,661 46,006,561 38,659,189 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.29 $ 0.13 $ 0.35 $ 0.25 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.29 $ 0.13 $ 0.35 $ 0.25

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2018
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 share grants 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 2018 and 2017 , the Company issued 21,670 and 23,980 common shares, respectively, to its independent trustees as compensation for services performed in 2017 and 2016 , respectively. As of June 30, 2018 , there were 1,405,529 common shares available for issuance under the Equity Incentive Plan. Restricted Share Awards From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance. A summary of the Company’s restricted share awards for the six months ended June 30, 2018 and the year ended December 31, 2017 is as follows: Six Months Ended Year Ended June 30, 2018 December 31, 2017 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 57,514 $ 23.78 110,825 $ 22.05 Granted — — 5,000 20.20 Vested (30,084 ) 26.24 (32,441 ) 25.77 Forfeited (24,096 ) 21.21 (25,870 ) 13.17 Non-vested at end of the period 3,334 $ 20.20 57,514 $ 23.78 As of June 30, 2018 and December 31, 2017 , there were $0.1 million and $0.1 million , respectively, of unrecognized compensation costs related to restricted share awards. As of June 30, 2018 , these costs were expected to be recognized over a weighted–average period of approximately 1.5 years . For the three months ended June 30, 2018 and 2017 , the Company recognized approximately $22.3 thousand and $0.2 million , respectively, and for the six months ended June 30, 2018 and 2017 , the Company recognized approximately $0.1 million and $0.4 million , respectively, of expense related to the restricted share awards. Long-Term Incentive Plan Awards LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the availability for other equity awards on a one -for-one basis. A summary of the Company's LTIP Unit awards for the six months ended June 30, 2018 and the year ended December 31, 2017 is as follows: Six Months Ended Year Ended June 30, 2018 December 31, 2017 Number of Weighted - Number of Weighted - Non-vested at beginning of the period 482,056 $ 16.58 295,551 $ 14.36 Granted 244,917 16.94 223,922 19.20 Vested (67,275 ) 16.42 (37,417 ) 14.73 Forfeited (183,300 ) $ 14.13 — $ — Non-vested at end of the period 476,398 $ 17.15 482,056 $ 16.58 Outperformance Plan LTIP Awards 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”). As of June 1, 2018, the Class A Performance LTIP units did not meet the required market based Total Shareholder Return ("TSR") measurements and therefore, the accrued dividends and units have been forfeited. The Company will continue to amortize the remaining expense related to these awards over the next two years due to the awards being market based. Time-Based LTIP Awards On March 1, 2018, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 97,968 time-based awards (the “2018 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement"). Time-based LTIP Unit Awards will vest ratably 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 the LTIP Units that comprise the 2018 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above. Performance-Based LTIP Awards On March 1, 2018, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 146,949 performance-based awards (the "2018 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The 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 market based TSR 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 $17.02 per 2018 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term market based TSR criteria are not met during the vesting period. The 2018 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, 2018 and ending on February 28, 2021. The 2018 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 Company estimated 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, 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 estimating the value of LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock price volatility; and economic environment and market conditions. The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value Per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan LTIP Unit Awards 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.2% 2.37% The Company recorded $1.0 million and $0.7 million in compensation expense related to the LTIP units for the three months ended June 30, 2018 and 2017 , respectively, and for the six months ended June 30, 2018 and 2017 , the Company recognized approximately $1.8 million and $1.1 million , respectively. As of June 30, 2018 and December 31, 2017 , there was $6.8 million and $5.8 million , respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.2 years , which represents the weighted average remaining vesting period of the LTIP units.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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. IHM is currently a defendant in two related class action lawsuits pending in the Santa Clara County Superior Court. The first class action lawsuit was filed on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473 and the second class action was filed on March 21, 2018 under the title Doonan, et al, v. Island Hospitality Management, LLC, et al. Case No. 18-CV-325187. The class actions relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaints allege various wage and hour law violations based on alleged misclassification of certain hotel managerial staff and violation of certain California statutes regarding incorrect information contained on employee paystubs. The plaintiffs seek injunctive relief, money damages, penalties, and interest. None of the potential classes has been certified and we are defending our case vigorously. As of June 30, 2018 , included in accounts payable is $0.2 million which represents an estimate of the Company’s total exposure to the litigation and is also its estimated maximum possible loss that the Company may incur. Hotel Ground Rent The Courtyard Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is currently equal to approximately $8,400 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 $40,300 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 2018 is approximately $29,000 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 $47,500 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 June 30, 2018 , for the remainder of 2018 and for each of the next five calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2018 (remaining six months) $ 635 $ 389 2019 1,273 792 2020 1,320 812 2021 1,326 832 2022 1,329 853 2023 1,332 873 Thereafter 69,225 2,436 Total $ 76,440 $ 6,987 (1) Other leases includes ground, garage and air rights leases at our hotels. Management Agreements 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. Management fees totaled approximately $2.8 million and $2.6 million , respectively, for the three months ended June 30, 2018 and 2017 , respectively, and approximately $5.2 million and $4.8 million , respectively, for the six months ended June 30, 2018 and 2017 . Franchise Agreements The fees associated with the franchise agreements are calculated on the specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $6.6 million and $6.1 million , respectively, for the three months ended June 30, 2018 and 2017 and approximately $12.1 million and $11.4 million , respectively, for the six months ended June 30, 2018 and 2017 . The expiration term of the agreements range from 10 to 30 years with the weighted average expiration being September 2030 .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM. As of June 30, 2018 , the Company had hotel management agreements with IHM to manage all 40 of its wholly owned hotels. As of June 30, 2018 , 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 June 30, 2018 and 2017 were $2.8 million and $2.6 million , respectively, and for the six months ended June 30, 2018 and 2017 were $5.2 million and $4.8 million , respectively. At June 30, 2018 and December 31, 2017 , the amounts due to IHM were $1.4 million and $1.2 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 CLNY and 2.5% owned by Mr. Fisher. These costs relate primarily to corporate payroll costs at the NewINK and Inland JVs where the Company is the employer. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the 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 June 30, 2018 and 2017 were $1.8 million and $1.7 million , respectively, and for the six months ended June 30, 2018 and 2017 were $3.7 million and $ 3.4 million , respectively.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. These unaudited consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair 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, 2017 , which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Adopted Accounting Policies and Recently Issued Accounting Standards	Recently Adopted Accounting Policies On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 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. The Company has certain cash payments and receipts related to debt extinguishment that will be affected by the new standard. The company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, no impact due to application of the new guidance. The Company has applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under 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 addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company has applied the new guidance on a retrospective basis. Recently Issued Accounting Standards 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. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. The Company is the lessee on certain air/land rights arrangements and an office lease and expects to record right of use assets and lease liabilities for these leases under the new standard. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The Company expects to use FASB's practical expedient which provides the Company the option to apply the new guidance at its effective date (January 1, 2019) without having to adjust the 2018 and 2017 comparative financial statements. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2018
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties as of June 30, 2018 and December 31, 2017 consisted of the following (in thousands): June 30, 2018 December 31, 2017 Land and improvements $ 291,053 $ 291,054 Building and improvements 1,146,714 1,140,477 Furniture, fixtures and equipment 65,780 63,443 Renovations in progress 16,998 13,262 1,520,545 1,508,236 Less: accumulated depreciation (211,974 ) (188,154 ) Investment in hotel properties, net $ 1,308,571 $ 1,320,082

Investment in Unconsolidated 23

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Schedule Of Income From Joint Venture	The following table sets forth the combined components of net income, including the Company’s share, related to all JVs for the three and six months ended June 30, 2018 and 2017 (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Revenue $ 134,888 $ 130,192 $ 245,062 $ 238,766 Total hotel operating expenses 83,635 81,747 161,659 156,704 Operating income $ 51,253 $ 48,445 $ 83,403 $ 82,062 Net income (loss) from continuing operations $ 5,929 $ 8,075 $ (5,472 ) $ 562 Net income (loss) $ 5,929 $ 8,075 $ (5,472 ) $ 562 Income (loss) allocable to the Company $ 605 $ 825 $ (548 ) $ 65 Basis difference adjustment 399 102 798 777 Total income from unconsolidated real estate entities attributable to the Company $ 1,004 $ 927 $ 250 $ 842
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information	During the three and six months ended June 30, 2018 and 2017 , the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Cash generated from other activities and excess cash $ 874 $ 719 $ 1,593 $ 719 Total $ 874 $ 719 $ 1,593 $ 719
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information	During the three and six months ended June 30, 2018 and 2017 , the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Cash generated from other activities and excess cash $ 950 $ — 1,250 $ — Total $ 950 $ — 1,250 $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Components of Mortgage Debt	Mortgage and senior unsecured revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 6/30/18 Balance Outstanding on Loan as of June 30, 2018 December 31, Senior Unsecured Revolving Credit Facility (1) 3.96 % March 8, 2022 $ — $ 27,000 $ 32,000 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 18,785 13,563 13,762 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 46,524 28,179 28,469 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 31,647 16,086 16,253 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,172 22,017 22,251 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,999 18,177 18,375 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 36,066 22,214 22,437 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 66,568 45,073 45,462 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 37,852 32,891 33,160 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 78,125 64,800 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 85,477 70,700 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 61,958 48,600 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 56,267 37,900 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 35,942 30,000 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 41,297 21,559 21,760 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,798 16,095 16,225 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 14,879 18,175 18,300 Total debt before unamortized debt issue costs $ 688,356 $ 533,029 $ 540,454 Unamortized mortgage debt issue costs (1,957 ) (2,138 ) Total debt outstanding $ 531,072 $ 538,316 (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 June 30, 2018 , for the current year and each of the next four calendar years and thereafter are as follows (in thousands): Amount 2018 (remaining six months) $ 2,610 2019 6,992 2020 9,536 2021 21,945 2022 36,954 2023 142,509 Thereafter 312,483 Total debt before unamortized debt issue costs $ 533,029 Unamortized mortgage debt issue costs (1,957 ) Total debt outstanding $ 531,072

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Federal $ — $ — $ — $ 271 State — — — 46 Tax expense (benefit) $ — $ — $ — $ 317

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	6 Months Ended
	Jun. 30, 2018
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 1/31/2018 2/23/2018 $ 0.11 $ 0.11 February 2/28/2018 3/30/2018 0.11 0.11 March 3/29/2018 4/27/2018 0.11 0.11 1st Quarter 2018 $ 0.33 $ 0.33 April 4/30/2018 5/25/2018 $ 0.11 $ 0.11 May 5/31/2018 6/29/2018 0.11 0.11 June 6/29/2018 7/27/2018 0.11 $ 0.11 2nd Quarter 2018 $ 0.33 $ 0.33 Total 2018 $ 0.66 $ 0.66

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the three months ended For the six months ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net income attributable to common shareholders $ 13,387 $ 5,034 $ 16,233 $ 9,647 Dividends paid on unvested shares and units (85 ) (65 ) (170 ) (127 ) Undistributed earnings allocated to unvested shares and units — — — — Net income attributable to common shareholders $ 13,302 $ 4,969 $ 16,063 $ 9,520 Denominator: Weighted average number of common shares - basic 45,867,625 38,525,306 45,811,023 38,443,663 Unvested shares 217,063 224,355 195,538 215,526 Weighted average number of common shares - diluted 46,084,688 38,749,661 46,006,561 38,659,189 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.29 $ 0.13 $ 0.35 $ 0.25 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.29 $ 0.13 $ 0.35 $ 0.25

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 and the year ended December 31, 2017 is as follows: Six Months Ended Year Ended June 30, 2018 December 31, 2017 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 57,514 $ 23.78 110,825 $ 22.05 Granted — — 5,000 20.20 Vested (30,084 ) 26.24 (32,441 ) 25.77 Forfeited (24,096 ) 21.21 (25,870 ) 13.17 Non-vested at end of the period 3,334 $ 20.20 57,514 $ 23.78
Schedule of Long Term Incentive Unit Awards	A summary of the Company's LTIP Unit awards for the six months ended June 30, 2018 and the year ended December 31, 2017 is as follows: Six Months Ended Year Ended June 30, 2018 December 31, 2017 Number of Weighted - Number of Weighted - Non-vested at beginning of the period 482,056 $ 16.58 295,551 $ 14.36 Granted 244,917 16.94 223,922 19.20 Vested (67,275 ) 16.42 (37,417 ) 14.73 Forfeited (183,300 ) $ 14.13 — $ — Non-vested at end of the period 476,398 $ 17.15 482,056 $ 16.58
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards	The 2018 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%
Schedule of Share-based Payment Award, Valuation Assumptions	The grant date fair values of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value Per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan LTIP Unit Awards 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.2% 2.37%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 , for the remainder of 2018 and for each of the next five calendar years and thereafter (in thousands): Other Leases (1) Office Lease Amount 2018 (remaining six months) $ 635 $ 389 2019 1,273 792 2020 1,320 812 2021 1,326 832 2022 1,329 853 2023 1,332 873 Thereafter 69,225 2,436 Total $ 76,440 $ 6,987 (1) Other leases includes ground, garage and air rights leases at our hotels.

Organization (Details)

Organization (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2014USD ($)	Jun. 30, 2018USD ($)HotelRoomstate$ / sharesshares	Jun. 30, 2018USD ($)HotelRoomstate$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2014HotelRoom	Nov. 17, 2014	Jun. 30, 2014HotelRoom	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares			$ 10,681,000	$ 16,871,000
Percentage of common units of limited partnership owned			100.00%
Number of hotels in ownership by Company (in hotels) | Hotel		40	40
Aggregate number of rooms in hotels (in rooms) | Room		6,020	6,020
Number of states in which hotels are owned (in states) | state		15	15
Initial term of each TRS lease			5 years
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels		10.30%	10.30%					10.30%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room					6,402
Indirect ownership in the leased hotels		10.00%	10.00%			10.00%	10.00%
Number of hotels acquired (in hotels) | Hotel		48	48		48
Inland Joint Venture | Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		34	34
Inland Joint Venture | Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		14	14
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		40	40
Ownership percentage in related party owned by the company's chairman		51.00%	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) | Hotel							47
Indirectly Owned Interest In Joint Venture Hotels
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company (in hotels) | Hotel		47	47
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	$ 50,000,000
Registration statement filed, amount	100,000,000
Total number of shares issued (in shares) | shares		2,147,695	2,147,695
Shares issued (in shares) | shares		0
Stock purchase plan, average price per share (in dollars per share) | $ / shares			$ 21.87
Stock purchase plan, remaining authorized repurchase amount		$ 100,000,000	$ 100,000,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	25,000,000
Registration statement filed, amount	$ 50,000,000
Total number of shares issued (in shares) | shares		1,215,181	1,215,181
Shares issued (in shares) | shares		7,212
Stock purchase plan, average price per share (in dollars per share) | $ / shares			$ 21.61
Stock purchase plan, remaining authorized repurchase amount		$ 39,300,000	$ 39,300,000
Weighted average price (in dollars per share) | $ / shares		$ 20.02	$ 20.02
Proceeds from issuance of common shares		$ 100,000

Allowance for Doubtful Accoun31

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 234	$ 200

Investment in Hotel Propertie32

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Investments Schedule [Abstract]
Land and improvements	$ 291,053		$ 291,053		$ 291,054
Building and improvements	1,146,714		1,146,714		1,140,477
Furniture, fixtures and equipment	65,780		65,780		63,443
Renovations in progress	16,998		16,998		13,262
Investment in hotel properties, at cost	1,520,545		1,520,545		1,508,236
Less: accumulated depreciation	(211,974)		(211,974)		(188,154)
Investment in hotel properties, net	1,308,571		1,308,571		1,320,082
Impairment loss	$ 0	$ 6,663	$ 0	$ 6,663	$ 6,700

Investment in Unconsolidated 33

Investment in Unconsolidated Entities - Additional Information (Details)	Jun. 09, 2017USD ($)optionHotel	May 09, 2017USD ($)optionHotel	Jun. 30, 2018USD ($)Hotel	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Nov. 17, 2014	Jun. 30, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities			$ 22,776,000	$ 24,389,000
Debt amount outstanding			$ 533,029,000	540,454,000
Number of hotels in ownership by Company (in hotels) | Hotel			40
Amount refinanced			$ 27,000,000	32,000,000
Percentage of capped amount of debt outstanding			15.00%
Percentage of outstanding debt balances			20.00%
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			$ 50,200,000		$ 53,300,000
Difference between carrying amount and share of partners' capital			$ 57,800,000		59,100,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels			10.30%					10.30%
Investments in joint ventures			$ (7,600,000)	(6,600,000)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels			10.00%			10.00%	10.00%
Joint venture, percentage ownership by third party						90.00%
Investment in unconsolidated real estate entities			$ 33,700,000		36,600,000
Difference between carrying amount and share of partners' capital			10,900,000		$ 11,300,000
Investments in joint ventures			$ 22,800,000	$ 24,400,000
Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding		$ 840,000,000
Number of hotels in ownership by Company (in hotels) | Hotel		47
Amount refinanced		$ 850,000,000
Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding	$ 817,000,000
Number of hotels in ownership by Company (in hotels) | Hotel	48
Amount refinanced	$ 780,000,000
Additional borrowing capacity	$ 5,000,000
LIBOR | Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		2.79%
Number of extension options | option		3
Period of extension options		1 year
LIBOR | Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	3.30%
Number of extension options | option	3
Period of extension options	1 year

Investment in Unconsolidated 34

Investment in Unconsolidated Entities - Cash Received and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	$ 874	$ 719	$ 1,593	$ 719
Net change in cash, cash equivalents and restricted cash	874	719	1,593	719
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	950	0	1,250	0
Net change in cash, cash equivalents and restricted cash	$ 950	$ 0	$ 1,250	$ 0

Investment in Unconsolidated 35

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Revenue	$ 86,590	$ 79,643	$ 160,623	$ 150,478
Total hotel operating expenses	67,454	68,734	131,221	127,543
Operating income	19,136	10,909	29,402	22,935
Net income attributable to common shareholders	13,387	5,034	16,233	9,647
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	134,888	130,192	245,062	238,766
Total hotel operating expenses	83,635	81,747	161,659	156,704
Operating income	51,253	48,445	83,403	82,062
Net income (loss) from continuing operations	5,929	8,075	(5,472)	562
Net income attributable to common shareholders	5,929	8,075	(5,472)	562
Income (loss) allocable to the Company	605	825	(548)	65
Basis difference adjustment	399	102	798	777
Total income from unconsolidated real estate entities attributable to the Company	$ 1,004	$ 927	$ 250	$ 842

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Participating Mortgage Loans [Line Items]
Property Carrying Value	$ 688,356
Total debt before unamortized debt issue costs	533,029	$ 540,454
Unamortized mortgage debt issue costs	(1,957)	(2,138)
Total debt outstanding	$ 531,072	538,316
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	3.96%
Property Carrying Value	$ 0
Total debt before unamortized debt issue costs	$ 27,000	32,000
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.55%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.30%
Senior Unsecured Revolving Credit Facility | Prime Rate | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	0.55%
Senior Unsecured Revolving Credit Facility | Prime Rate | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.30%
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Property Carrying Value	$ 18,785
Total debt before unamortized debt issue costs	$ 13,563	13,762
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Property Carrying Value	$ 46,524
Total debt before unamortized debt issue costs	$ 28,179	28,469
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Property Carrying Value	$ 31,647
Total debt before unamortized debt issue costs	$ 16,086	16,253
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Property Carrying Value	$ 30,172
Total debt before unamortized debt issue costs	$ 22,017	22,251
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Property Carrying Value	$ 31,999
Total debt before unamortized debt issue costs	$ 18,177	18,375
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Property Carrying Value	$ 36,066
Total debt before unamortized debt issue costs	$ 22,214	22,437
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Property Carrying Value	$ 66,568
Total debt before unamortized debt issue costs	$ 45,073	45,462
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Property Carrying Value	$ 37,852
Total debt before unamortized debt issue costs	$ 32,891	33,160
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 78,125
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%
Property Carrying Value	$ 85,477
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%
Property Carrying Value	$ 61,958
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%
Property Carrying Value	$ 56,267
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%
Property Carrying Value	$ 35,942
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%
Property Carrying Value	$ 41,297
Total debt before unamortized debt issue costs	$ 21,559	21,760
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Property Carrying Value	$ 14,798
Total debt before unamortized debt issue costs	$ 16,095	16,225
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Property Carrying Value	$ 14,879
Total debt before unamortized debt issue costs	$ 18,175	$ 18,300

Debt - Additional Information (

Debt - Additional Information (Details)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Revolving credit facility	$ 27,000,000	$ 32,000,000
Consolidated fixed charge coverage ratio	3.3
Bank covenant, fixed charge coverage ratio	1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 492,000,000	506,600,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	27,000,000	32,000,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	27,000,000	$ 32,000,000
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	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018 (remaining six months)	$ 2,610
2,019	6,992
2,020	9,536
2,021	21,945
2,022	36,954
2,023	142,509
Thereafter	312,483
Total debt before unamortized debt issue costs	533,029	$ 540,454
Unamortized mortgage debt issue costs	(1,957)	(2,138)
Total debt outstanding	$ 531,072	$ 538,316

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 0	$ 0	$ 271
State	0	0	0	46
Tax expense (benefit)	$ 0	$ 0	$ 0	$ 317
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset			100.00%

Dividends Declared and Paid (De

Dividends Declared and Paid (Details) - $ / shares	Jun. 29, 2018	May 31, 2018	Apr. 30, 2018	Mar. 29, 2018	Feb. 28, 2018	Jan. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity [Abstract]
Common shares, dividend declared per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33	$ 0.33	$ 0.66	$ 0.66
LTIP units, distributions per unit (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33		$ 0.66	$ 0.66

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income attributable to common shareholders	$ 13,387	$ 5,034	$ 16,233	$ 9,647
Dividends paid on unvested shares and units	(85)	(65)	(170)	(127)
Undistributed earnings allocated to unvested shares and units	0	0	0	0
Net income attributable to common shareholders	$ 13,302	$ 4,969	$ 16,063	$ 9,520
Denominator:
Weighted average number of common shares - basic (in shares)	45,867,625	38,525,306	45,811,023	38,443,663
Unvested shares (in shares)	217,063	224,355	195,538	215,526
Weighted average number of common shares - diluted (in shares)	46,084,688	38,749,661	46,006,561	38,659,189
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.29	$ 0.13	$ 0.35	$ 0.25
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.29	$ 0.13	$ 0.35	$ 0.25

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)

Mar. 01, 2018$ / sharesshares

Mar. 01, 2017shares

Jan. 28, 2016shares

Jun. 01, 2015shares

May 17, 2013shares

Jan. 31, 2018shares

Jan. 31, 2017shares

Jun. 30, 2018USD ($)shares

Jun. 30, 2017USD ($)

Jun. 30, 2018USD ($)shares

Jun. 30, 2017USD ($)

Dec. 31, 2017USD ($)shares

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

Common shares available for issuance (in shares)

1,405,529

1,405,529

Independent Trustees

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

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

21,670

23,980

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

Restricted Stock

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

Unrecognized compensation costs | $

$ 100,000

$ 100,000

$ 100,000

Weighted-average period for recognition of unrecognized compensation costs

1 year 6 months

Compensation expense, recognized | $

22,300

$ 200,000

$ 100,000

$ 400,000

Number of shares, Granted (in shares)

0

5,000

Long Term Incentive Plan Units

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

Weighted-average period for recognition of unrecognized compensation costs

2 years 2 months

Compensation expense, recognized | $

1,000,000

$ 700,000

$ 1,800,000

$ 1,100,000

Exchange ratio

1

Number of shares, Granted (in shares)

244,917

223,922

Total unrecognized compensation cost related to LTIP Units | $

$ 6,800,000

$ 6,800,000

$ 5,800,000

Long Term Incentive Plan Units | Awarded June 1, 2015

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

Weighted-average period for recognition of unrecognized compensation costs

2 years

Number of shares, Granted (in shares)

183,300

Long Term Incentive Plan Units, Time-Based

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

Number of shares, Granted (in shares)

97,968

89,574

72,966

Long Term Incentive Plan Units, Time-Based | Awards March 1, 2018

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

Number of shares, Granted (in shares)

97,968

Long Term Incentive Plan Units, Performance-Based

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

Number of shares, Granted (in shares)

146,949

134,348

39,285

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2018

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

Number of shares, Granted (in shares)

146,949

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

$ 17.02

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2018 | Minimum

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

Percentage of units paid out

50.00%

Long Term Incentive Plan Units, Performance-Based | Awards March 1, 2018 | Maximum

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

Percentage of units paid out

150.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	57,514	110,825
Number of shares, Granted (in shares)	0	5,000
Number of shares, Vested (in shares)	(30,084)	(32,441)
Number of shares, Forfeited (in shares)	(24,096)	(25,870)
Number of shares, Nonvested at end of the period (in shares)	3,334	57,514
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 23.78	$ 22.05
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0	20.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	26.24	25.77
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	21.21	13.17
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 20.20	$ 23.78

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	482,056	295,551
Number of shares, Granted (in shares)	244,917	223,922
Number of shares, Vested (in shares)	(67,275)	(37,417)
Number of shares, Forfeited (in shares)	(183,300)	0
Number of shares, Nonvested at end of the period (in shares)	476,398	482,056
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 16.58	$ 14.36
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	16.94	19.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	16.42	14.73
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	14.13	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 17.15	$ 16.58

Equity Incentive Plan - Sched45

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2018
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%

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015
Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)				183,300
Estimate Value Per Unit (in dollars per share)				$ 14.13
Volatility, percentage				26.00%
Dividend Yield, percentage				4.50%
Risk Free Interest Rate, percentage				0.95%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)	97,968	89,574	72,966
Estimate Value Per Unit (in dollars per share)	$ 16.83	$ 18.53	$ 16.69
Volatility, percentage	26.00%	24.00%	28.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	2.07%	0.92%	0.79%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)	146,949	134,348	39,285
Estimate Value Per Unit (in dollars per share)	$ 17.02	$ 19.65	$ 11.09
Volatility, percentage	26.00%	25.00%	30.00%
Dividend Yield, percentage	6.20%	5.80%	5.80%
Risk Free Interest Rate, percentage	2.37%	1.47%	1.13%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2015Term	Jun. 30, 2018USD ($)ParkingSpace	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)renewal_periodParkingSpaceTerm	Jun. 30, 2017USD ($)
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%				$ 8,400
Percentage of occupancy under condition one (less than)				85.00%
Approximate rent when monthly occupancy is 100%				$ 20,000
Percentage of occupancy under condition two				100.00%
Minimum percentage of annual rent increase				2.50%
Management fees recorded within hotel other operating expenses		$ 2,800,000	$ 2,600,000	$ 5,200,000	$ 4,800,000
Franchise fees recorded within hotel other operating expenses		$ 6,600,000	$ 6,100,000	$ 12,100,000	$ 11,400,000
Minimum
Capital Leased Assets [Line Items]
Weighted average expiration period				10 years
Maximum
Capital Leased Assets [Line Items]
Weighted average expiration period				30 years
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%
Ground Leases | Hilton Garden Inn Portsmouth
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				$ 40,300
Operating lease, periodic increase, percentage				10.00%
Operating lease, periodic increase, term				5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)				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				$ 47,500
Ground Leases | Hilton Garden Inn Marina del Rey, CA | Minimum
Capital Leased Assets [Line Items]
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)				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 (equal to)				25.00%
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) | ParkingSpace		128		128
Quarterly rent				$ 29,000
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
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Amount of exposure to litigation		$ 200,000		$ 200,000

Commitments and Contingencies48

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) $ in Thousands	Jun. 30, 2018USD ($)
Other Leases
Minimum future obligation payments required under ground leases
2018 (remaining six months)	$ 635
2,019	1,273
2,020	1,320
2,021	1,326
2,022	1,329
2,023	1,332
Thereafter	69,225
Total	76,440
Office Lease
Minimum future obligation payments required under ground leases
2018 (remaining six months)	389
2,019	792
2,020	812
2,021	832
2,022	853
2,023	873
Thereafter	2,436
Total	$ 6,987

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)Hotel	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Hotel	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2014Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	40		40
Management and accounting fees paid by the company | $	$ 2.8	$ 2.6	$ 5.2	$ 4.8
Amounts due to related party | $	$ 1.4		$ 1.4		$ 1.2
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%		2.50%
Ownership percentage in related party owned by third party	97.50%		97.50%
Minority Interest In Joint Venture with Cerberus
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	47		47
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%		51.00%
Number of hotels managed by related party (in hotels)	40		40
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)	48		48			48
Inland Joint Venture | Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	34		34
NewINK Joint Venture
Related Party Transaction [Line Items]
Insurance expense due to affiliate | $	$ 1.8	$ 1.7	$ 3.7	$ 3.4