Chatham Lodging Trust (CLDT) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	CHATHAM LODGING TRUST
Trading Symbol	CLDT
Entity Tax Identification Number	27-1200777
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Smaller Reporting Company	false
Entity Common Stock, Shares Outstanding (in shares)		46,924,776
Entity Central Index Key	0001476045
Current Fiscal Year End Date	--12-31
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Entity Incorporation, State or Country Code	MD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-34693
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Shell Company	false
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Investment in hotel properties, net	$ 1,352,891	$ 1,373,773
Investment in hotel properties under development	15,174	0
Cash and cash equivalents	10,257	7,192
Restricted cash	16,137	25,145
Investment in unconsolidated real estate entities	19,506	21,545
Right of use asset, net	21,424	0
Hotel receivables (net of allowance for doubtful accounts of $311 and $264, respectively)	9,456	4,495
Deferred costs, net	4,478	5,070
Prepaid expenses and other assets	4,119	2,431
Deferred tax asset, net	58	58
Total assets	1,453,500	1,439,709
Liabilities and Equity:
Mortgage debt, net	497,640	501,782
Revolving credit facility	86,000	81,500
Accounts payable and accrued expenses	36,263	33,692
Distributions and losses in excess of investments in unconsolidated real estate entities	11,722	9,650
Lease liability, net	23,822	0
Distributions payable	6,018	5,667
Total liabilities	661,465	632,291
Commitments and contingencies (Note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2019 and December 31, 2018	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,922,936 and 46,525,652 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	469	465
Additional paid-in capital	904,160	896,286
Retained earnings (distributions in excess of retained earnings)	(124,531)	(99,285)
Total shareholders’ equity	780,098	797,466
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	11,937	9,952
Total equity	792,035	807,418
Total liabilities and equity	$ 1,453,500	$ 1,439,709

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables	$ 311	$ 264
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
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)	46,922,936	46,922,936
Common shares, shares outstanding (in shares)	46,525,652	46,525,652

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total revenue	$ 90,080	$ 88,897	$ 253,631	$ 247,187
Total hotel operating expenses	45,912	45,549	131,867	128,207
Depreciation and amortization	12,923	11,963	38,694	35,920
Property taxes, ground rent and insurance	6,255	5,919	18,664	17,874
General and administrative	3,486	3,649	10,611	10,818
Other charges	309	7	351	256
Reimbursed costs from unconsolidated real estate entities	1,301	1,435	4,225	4,335
Total operating expenses	70,186	68,522	204,412	197,410
Operating income before gain (loss) on sale of hotel property	19,894	20,375	49,219	49,777
Gain (loss) on sale of hotel property	4	0	(3,295)	(18)
Operating income	19,898	20,375	45,924	49,759
Interest and other income	34	335	155	352
Interest expense, including amortization of deferred fees	(7,050)	(6,708)	(21,378)	(20,005)
Income (loss) from unconsolidated real estate entities	(2,784)	689	(3,450)	938
Income before income tax expense	10,098	14,691	21,251	31,044
Income tax expense	0	0	0	0
Net income	10,098	14,691	21,251	31,044
Net income attributable to noncontrolling interests	(96)	(111)	(199)	(231)
Net income attributable to common shareholders	$ 10,002	$ 14,580	$ 21,052	$ 30,813
Income per Common Share - Basic:
Net income attributable to common shareholders (Note 11) (in dollars per share)	$ 0.21	$ 0.31	$ 0.44	$ 0.67
Income per Common Share - Diluted:
Net income attributable to common shareholders (Note 11) (in dollars per share)	$ 0.21	$ 0.31	$ 0.44	$ 0.66
Weighted average number of common shares outstanding:
Basic (in shares)	46,913,922	46,149,765	46,744,890	45,925,178
Diluted (in shares)	47,152,166	46,384,969	46,956,964	46,078,558
Distributions declared per common share (in dollars per share)	$ 0.33	$ 0.33	$ 0.99	$ 0.99
Room
Total revenue	$ 81,807	$ 81,457	$ 229,862	$ 225,983
Total hotel operating expenses	17,288	17,261	49,231	47,759
Food and beverage
Total revenue	2,436	2,274	7,398	6,584
Total hotel operating expenses	2,133	1,870	6,262	5,350
Other
Total revenue	4,536	3,731	12,146	10,285
Cost reimbursements from unconsolidated real estate entities
Total revenue	1,301	1,435	4,225	4,335
Telephone
Total hotel operating expenses	409	442	1,252	1,316
Other hotel operating
Total hotel operating expenses	1,130	886	3,039	2,403
General and administrative
Total hotel operating expenses	6,369	6,498	19,109	19,318
Franchise and marketing fees
Total hotel operating expenses	7,146	6,863	20,062	18,962
Advertising and promotions
Total hotel operating expenses	1,483	1,627	4,502	4,677
Utilities
Total hotel operating expenses	3,033	3,064	8,308	8,209
Repairs and maintenance
Total hotel operating expenses	3,637	3,783	10,679	11,043
Management fees
Total hotel operating expenses	2,950	2,915	8,386	8,158
Insurance
Total hotel operating expenses	$ 334	$ 340	$ 1,037	$ 1,012

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, 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)			1,117,250
Issuance of shares, net of offering costs	23,847	23,847	$ 15	23,832
Amortization of share based compensation	2,786	94		94		2,692
Dividends declared on common shares	(45,553)	(45,553)			(45,553)
Distributions declared on LTIP units	(878)					(878)
Forfeited distributions declared on LTIP units	652					652
Net income	31,044	30,813			30,813	231
Ending Balance (in shares) at Sep. 30, 2018			46,514,186
Ending Balance at Sep. 30, 2018	822,178	812,863	$ 465	896,156	(83,758)	9,315
Beginning Balance (in shares) at Jun. 30, 2018			45,876,812
Beginning Balance at Jun. 30, 2018	808,678	800,132	$ 459	882,752	(83,079)	8,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)			637,374
Issuance of shares, net of offering costs	13,422	13,422	$ 6	13,416
Amortization of share based compensation	923	8		8		915
Dividends declared on common shares	(15,259)	(15,259)			(15,259)
Distributions declared on LTIP units	(277)					(277)
Reallocation of noncontrolling interest	0	(20)		(20)		(20)
Net income	14,691	14,580			14,580	111
Ending Balance (in shares) at Sep. 30, 2018			46,514,186
Ending Balance at Sep. 30, 2018	822,178	812,863	$ 465	896,156	(83,758)	9,315
Beginning Balance (in shares) at Dec. 31, 2018			46,525,652
Beginning Balance at Dec. 31, 2018	807,418	797,466	$ 465	896,286	(99,285)	9,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			27,870
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			369,414
Issuance of shares, net of offering costs	6,994	6,994	$ 4	6,990
Amortization of share based compensation	3,171	47		47		3,124
Dividends declared on common shares	(46,298)	(46,298)			(46,298)
Distributions declared on LTIP units	(1,001)					(1,001)
Reallocation of noncontrolling interest	0	337		337		(337)
Net income	21,251	21,052			21,052	199
Ending Balance (in shares) at Sep. 30, 2019			46,922,936
Ending Balance at Sep. 30, 2019	792,035	780,098	$ 469	904,160	(124,531)	11,937
Beginning Balance (in shares) at Jun. 30, 2019			46,918,383
Beginning Balance at Jun. 30, 2019	796,597	785,489	$ 469	904,069	(119,049)	11,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of offering costs (in shares)			4,553
Issuance of shares, net of offering costs	75	75	$ 0	75
Amortization of share based compensation	1,099	16		16		1,083
Dividends declared on common shares	(15,484)	(15,484)			(15,484)
Distributions declared on LTIP units	(350)					(350)
Net income	10,098	10,002			10,002	96
Ending Balance (in shares) at Sep. 30, 2019			46,922,936
Ending Balance at Sep. 30, 2019	$ 792,035	$ 780,098	$ 469	$ 904,160	$ (124,531)	$ 11,937

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Issuance of shares, net of offering costs	$ 6	$ 258	$ 207	$ 515
Distributions declared per common share (in dollars per share)	$ 0.33	$ 0.33	$ 0.99	$ 0.99
LTIP units, distributions per unit (in dollars per share)	$ 0.33	$ 0.33	$ 0.99	$ 0.99

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 21,251	$ 31,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	38,508	35,744
Amortization of deferred franchise fees	186	176
Amortization of deferred financing fees included in interest expense	684	680
Loss on sale of hotel property	3,295	0
Share based compensation	3,508	3,162
Loss (gain) from unconsolidated real estate entities	3,450	(938)
Distributions from unconsolidated entities	0	354
Changes in assets and liabilities:
Right of use asset	460
Hotel receivables	(4,938)	(2,368)
Deferred costs	(30)	(109)
Prepaid expenses and other assets	(1,801)	(1,262)
Accounts payable and accrued expenses	5,395	4,948
Lease liability	(287)	0
Net cash provided by operating activities	69,681	71,431
Cash flows from investing activities:
Improvements and additions to hotel properties	(30,342)	(23,309)
Acquisition of hotel properties, net of cash acquired	(8,100)	(21,046)
Investment in hotel properties under development	(6,902)	0
Proceeds from sale of hotel properties, net	8,987	0
Distributions from unconsolidated real estate entities	661	3,871
Net cash used in investing activities	(35,696)	(40,484)
Cash flows from financing activities:
Borrowings on revolving credit facility	59,500	83,000
Repayments on revolving credit facility	(55,000)	(85,000)
Payments on mortgage debt	(4,424)	(3,638)
Payment of financing costs	(48)	(954)
Payment of offering costs	(207)	(515)
Proceeds from issuance of common shares	7,199	24,361
Distributions-common shares/units	(46,948)	(46,047)
Net cash used in financing activities	(39,928)	(28,793)
Net change in cash, cash equivalents and restricted cash	(5,943)	2,154
Cash, cash equivalents and restricted cash, beginning of period	32,337	36,499
Cash, cash equivalents and restricted cash, end of period	26,394	38,653
Supplemental disclosure of cash flow information:
Cash paid for interest	20,605	18,897
Capitalized interest	226	0
Cash paid for income taxes	$ 591	$ 856

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 6,018	$ 5,578
Accrued but unpaid distribution	781	395
Accrued share based compensation	337	375
Accounts payable and accrued expenses	$ 2,421	$ 2,172

Organization

Organization	9 Months Ended
	Sep. 30, 2019
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 our common shares having an aggregate maximum offering price of up to $50 million by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. The Company 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 Fitzgerald & Co. ("Cantor"), Barclays Capital Inc. (“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 September 30, 2019, we issued no shares under the ATM Plan. As of September 30, 2019, ther e was approximately $90.4 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 shelf 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 September 30, 2019 , we issued 4,553 shares under the New DRSPP at a weighted average price of $17.73, which generated $0.1 million of proceeds. As of September 30, 2019, there was approximately $28.0 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 100.0% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of September 30, 2019, the Company wholly owned 40 hotels with an aggregate of 6,092 rooms located in 15 states and the District of Columbia. As of September 30, 2019, 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 owns 47 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus"), comprising 6,098 rooms and (ii) held a 10% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which owns 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 rooms. We sometimes use the term "JVs", which refers collectively to the NewINK JV and Inland JV. 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 the 47 NewINK JV hotels and (ii) owns its 10% interest in 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 or sale 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, 2018, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Reclassifications Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company reclassified the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented. 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, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For our ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, we recognized lease liabilities of $25.7 million with corresponding right-of use assets

Acquisition of Hotel Properties

Acquisition of Hotel Properties	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties Hotel Purchase Price Allocation We acquired the Residence Inn Summerville ("RI Summerville") hotel in Summerville, SC for $20.8 million on August 27, 2018 and the Courtyard Dallas Downtown ("Dallas DT") hotel in Dallas, TX for $49.0 million on December 5, 2018. The allocation of the purchase price of each hotel acquired by the Company in 2018, based on the fair value on the date of its acquisition, was (in thousands): RI Summerville Dallas DT Acquisition date 8/27/2018 12/5/2018 Number of Rooms 96 167 Land $ 2,300 $ 2,900 Building and improvements 17,060 42,760 Furniture, fixtures and equipment 1,234 3,340 Cash — 5 Accounts receivable — 8 Prepaid expenses and other assets — 68 Accounts payable and accrued expenses (9) (33) Net assets acquired, net of cash $ 20,585 $ 49,043 The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $0.0 million and $0.2 million, respectively were capitalized in 2019 and 2018. The amount of revenue and operating income from the hotels acquired in 2018 from their respective dates of acquisition through September 30, 2019 is as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Acquisition Date Revenue Operating Income Revenue Operating Income Revenue Operating Income Revenue Operating Income Residence Inn Summerville, SC 08/27/2018 $ 895 $ 303 $ 186 $ (77) $ 2,719 $ 966 $ 186 $ (112) Courtyard Dallas Downtown, TX 12/5/2018 $ 1,866 $ 515 — — 5,857 1,918 — — Total $ 2,761 $ 818 $ 186 $ (77) $ 8,576 $ 2,884 $ 186 $ (112)

Disposition of Hotel Properties

Disposition of Hotel Properties	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On May 7, 2019, the Company sold the Courtyard by Marriott hotel in Altoona, PA for $4.6 million and recognized a loss on the sale of the hotel property of $4.4 million. On May 15, 2019, the Company sold the SpringHill Suites by Marriott hotel in Washington, PA for $5.1 million and recognized a gain on the sale of the hotel property of $1.1 million. Proceeds from the sales were used to repay amounts outstanding on the Company's senior unsecured revolving credit facility. These sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations. During the three and nine months ended September 30, 2019 and 2018, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Altoona CY $ — $ 207 $ 73 $ 401 Washington SHS — 216 198 481 Total $ — $ 423 $ 271 $ 882

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful AccountsThe 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 $0.3 million and $0.3 million as of September 30, 2019 and December 31, 2018, respectively.

Investment in Hotel Properties,

Investment in Hotel Properties, net	9 Months Ended
	Sep. 30, 2019
Investments Schedule [Abstract]
Investment in Hotel Properties, net	Investment in Hotel Properties, net Investment in Hotel Properties, net Investment in hotel properties, net as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, 2019 December 31, 2018 Land and improvements $ 296,832 $ 296,253 Building and improvements 1,213,894 1,214,780 Furniture, fixtures and equipment 79,737 73,411 Renovations in progress 30,321 25,370 1,620,784 1,609,814 Less: accumulated depreciation (267,893) (236,041) Investment in hotel properties, net $ 1,352,891 $ 1,373,773 Investment in hotel properties under development

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2019
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. ("CLNY") on January 10, 2017 to form a new company, CLNY, which owns a 89.7% interest in the NewINK JV. The value of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of September 30, 2019 and 2018, the Company’s share of partners’ capital in the NewINK JV was approximately $44.4 million and $49.4 million, respectively, and the total difference between the carrying amount of investment and the Company’s share of partners’ capital was approximately $56.1 million and $57.4 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 nine months ended September 30, 2019 and 2018, the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Cash generated from other activities and excess cash $ — $ 1,182 $ 411 $ 2,775 Total $ — $ 1,182 $ 411 $ 2,775 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. ("CLNY") on January 10, 2017 to form a new company, CLNY, which owns a 90% interest in the Inland JV. The value of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of September 30, 2019 and 2018, the Company's share of partners' capital in the Inland JV was approximately $30.0 million and $33.3 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital was approximately $10.5 million and $10.8 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 nine months ended September 30, 2019 and 2018, the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Cash generated from other activities and excess cash $ 250 $ 200 250 $ 1,450 Total $ 250 $ 200 250 $ 1,450 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%, had an initial maturity date of June 7, 2019 and three one 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%, had an initial maturity date of July 9, 2019 and three one 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 investments in the NewINK JV and the Inland JV were $(11.7) million and $19.5 million, respectively, at September 30, 2019. The following table sets forth the combined components of net income, including the Company’s share, related to all JVs for the three and nine months ended September 30, 2019 and 2018 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 135,727 $ 136,087 $ 382,303 $ 381,150 Total hotel operating expenses 85,270 86,638 249,342 248,298 Hotel operating income $ 50,457 $ 49,449 $ 132,961 $ 132,852 Impairment loss 32,773 — 32,773 — Net income (loss) $ (31,300) $ 2,790 $ (45,754) $ 2,681 Income (loss) allocable to the Company $ (3,183) $ 290 $ (4,647) $ (259) Basis difference adjustment 399 399 1,197 1,197 Total income (loss) from unconsolidated real estate entities attributable to the Company $ (2,784) $ 689 $ (3,450) $ 938

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans 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 9/30/19 Property Carrying Value Balance Outstanding on Loan as of September 30, 2019 December 31, Senior Unsecured Revolving Credit Facility (1) 4.45 % March 8, 2022 $ — $ 86,000 $ 81,500 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 17,918 13,045 13,361 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,233 27,429 27,885 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 30,192 15,653 15,916 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 32,242 21,416 21,782 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,406 17,665 17,976 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,164 21,640 21,989 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 64,490 44,068 44,680 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 38,514 32,199 32,620 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 80,202 64,650 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 84,464 70,537 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 64,524 48,488 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 53,426 37,812 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 34,905 29,930 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 39,461 21,040 21,355 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,194 15,763 15,965 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 16,299 17,796 18,026 Total debt before unamortized debt issue costs $ 682,634 $ 585,131 $ 585,055 Unamortized mortgage debt issue costs (1,491) (1,773) Total debt outstanding $ 583,640 $ 583,282 (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 September 30, 2019 and December 31, 2018, the Company had $86.0 million and $81.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At September 30, 2019, 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 September 30, 2019 and December 31, 2018 was $509.6 million and $489.0 million, respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of September 30, 2019, the Company’s only variable rate debt is under its senior unsecured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of September 30, 2019 and December 31, 2018 was $86.0 million and $81.5 million, respectively. As of September 30, 2019, the Company was in compliance with all of its financial covenants. At September 30, 2019, the Company’s consolidated fixed charge coverage ratio was 3.2 and the credit facility covenant is 1.5. Future scheduled principal payments of debt obligations as of September 30, 2019, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2019 (remaining three months) $ 2,672 2020 9,536 2021 21,962 2022 95,954 2023 142,440 2024 296,660 Thereafter 15,907 Total debt before unamortized debt issue costs $ 585,131 Unamortized mortgage debt issue costs (1,491) Total debt outstanding $ 583,640

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s TRS is subject to federal and state income taxes. The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Federal $ — $ — $ — $ — State — — — — Tax expense (benefit) $ — $ — $ — $ — 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 2019. As of September 30, 2019, 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. During the third quarter of 2018, the Company was notified that the tax return of the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows.

Dividends Declared and Paid

Dividends Declared and Paid	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Dividends Declared and Paid	Dividends Declared and Paid The Company declared total common share dividends of $0.33 per share and distributions on LTIP units of $0.33 per unit for the three months ended September 30, 2019 and $0.99 per share and distributions on LTIP units of $0.99 per unit for the nine months ended September 30, 2019. The dividends and distributions were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2019 2/22/2019 $ 0.11 $ 0.11 February 2/28/2019 3/29/2019 0.11 0.11 March 3/29/2019 4/26/2019 0.11 0.11 1st Quarter 2019 $ 0.33 $ 0.33 April 4/30/2019 5/31/2019 $ 0.11 $ 0.11 May 5/31/2019 6/28/2019 0.11 0.11 June 6/28/2019 7/26/2019 0.11 0.11 2nd Quarter 2019 $ 0.33 $ 0.33 July 7/31/2019 8/30/2019 $ 0.11 $ 0.11 August 8/30/2019 9/27/2019 0.11 0.11 September 9/30/2019 10/25/2019 0.11 0.11 3rd Quarter 2019 $ 0.33 $ 0.33 Total 2019 $ 0.99 $ 0.99

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net income attributable to common shareholders $ 10,002 $ 14,580 $ 21,052 $ 30,813 Dividends paid on unvested shares and units (107) (81) (299) (229) Net income attributable to common shareholders $ 9,895 $ 14,499 $ 20,753 $ 30,584 Denominator: Weighted average number of common shares - basic 46,913,922 46,149,765 46,744,890 45,925,178 Unvested shares 238,244 235,204 212,074 153,380 Weighted average number of common shares - diluted 47,152,166 46,384,969 46,956,964 46,078,558 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.21 $ 0.31 $ 0.44 $ 0.67 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.21 $ 0.31 $ 0.44 $ 0.66

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 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 nine months ended September 30, 2019 and the year ended December 31, 2018 is as follows: Nine Months Ended Year Ended September 30, 2019 December 31, 2018 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 8,334 $ 18.52 57,514 $ 23.78 Granted — — 5,000 17.40 Vested (1,667) 20.20 (30,084) 26.24 Forfeited — — (24,096) 21.21 Non-vested at end of the period 6,667 $ 18.10 8,334 $ 18.52 As of September 30, 2019 and December 31, 2018, there were $0.1 million and $0.1 million, respectively, of unrecognized compensation costs related to restricted share awards. As of September 30, 2019, these costs were expected to be recognized over a weighted–average period of approximately 2.0 years. For the three months ended September 30, 2019 and 2018, the Company recognized approximately $15.7 thousand and $8.4 thousand, respectively, and for the nine months ended September 30, 2019 and 2018, the Company recognized approximately $47.0 thousand and $94.7 thousand, 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 number of shares available for other equity awards on a one-for-one basis. A summary of the Company's LTIP Unit awards for the nine months ended September 30, 2019 and the year ended December 31, 2018 is as follows: Nine Months Ended Year Ended September 30, 2019 December 31, 2018 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 476,398 $ 17.73 482,056 $ 16.58 Granted 221,853 18.73 244,917 16.94 Vested (99,931) 16.55 (67,275) 16.42 Forfeited — $ — (183,300) $ 14.13 Non-vested at end of the period 598,320 $ 18.30 476,398 $ 17.73 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 eight months due to the awards being market based. Time-Based LTIP Awards On March 1, 2019, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 88,746 time-based awards (the “2019 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 2019 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, 2019, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 133,107 performance-based awards (the "2019 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 applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $18.91 per 2019 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 2019 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, 2019 and ending on February 28, 2022. The 2019 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% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55%

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Courtyard Altoona hotel was 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 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 five 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 2019 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 less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income. The Company entered into a 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 5 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. The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of September 30, 2019. These leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following tables include information regarding the Company's leases for which it is the lessee, for the nine months ended September 30, 2019 and as of period end: Total Future Lease Payments Amount 2019 (remaining three months) $ 494 2020 2,027 2021 2,050 2022 2,072 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,757 Less: Imputed interest (55,935) Present value of lease liabilities $ 23,822 The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2018, for each of the next five calendar years and thereafter: Amount 2019 $ 2,065 2020 2,132 2021 2,157 2022 2,182 2023 2,206 Thereafter 75,022 Total lease payments $ 85,764 For the nine months ended September 30, 2019, the Company incurred $0.9 million of fixed lease payment and $0.5 million of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2019: Right of Use Asset Lease Liability Balance as of January 1, 2019 $ 23,091 $ 25,715 Amortization (460) (287) Disposal $ (1,207) $ (1,606) Balance as of September 30, 2019 $ 21,424 $ 23,822 Lease Term and Discount Rate 9/30/2019 Weighted-average remaining lease term (years) 40.87 Weighted-average discount rate 6.54%

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 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 lawsuit 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 September 30, 2019, included in accounts payable is $0.1 million which represents an estimate of the Company’s total exposure to the litigation based on standard indemnification obligations under hotel management agreements with IHM. Management Agreements The management agreements with IHM have an initial term of five years and automatically renew for two five six Management fees totaled approximately $3.0 million and $2.9 million, respectively, for the three months ended September 30, 2019 and 2018, respectively, and approximately $8.4 million and $8.2 million, respectfully, for the nine months ended September 30, 2019 and 2018. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $7.1 million and $6.9 million, respectively, for the three months ended September 30, 2019 and 2018 and approximately $20.1 million and $19.0 million, respectively, for the nine months ended September 30, 2019 and 2018. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being May 2030.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 1, 2019, Mr. Fisher owned 51% of IHM. On March 1, 2019, Mr. Fisher acquired the 1.5% ownership interest of an employee who was leaving IHM. As of September 30, 2019, Mr. Fisher owns 52.5% of IHM. As of September 30, 2019, the Company had hotel management agreements with IHM to manage all 40 of its wholly owned hotels. As of September 30, 2019, 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 September 30, 2019 and 2018 were $3.0 million and $2.9 million, respectively, and for the nine months ended September 30, 2019 and 2018 were $8.4 million and $8.2 million, respectively. At September 30, 2019 and December 31, 2018, the amounts due to IHM were $1.4 million and $1.1 million, respectively. The Company provides services to an entity Castleblack Owner Holding, LLC ("Castleblack") which is 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. During the three months ended September 30, 2019 and 2018 the company provided services of $32.8 thousand and $107.0 thousand, respectively. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV and Castleblack. These costs relate primarily to corporate payroll costs at the NewINK JV, Inland JV and Castleblack where the Company is the employer and shared office expenses. 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 September 30, 2019 and 2018 were $1.9 million and $2.0 million, respectively, and for the nine months ended September 30, 2019 and 2018 were $5.6 million and $5.7 million, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 or sale 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, 2018, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
Reclassifications	Reclassifications Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company reclassified the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented.
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	Recently Adopted Accounting Policies On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For our ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, we recognized lease liabilities of $25.7 million with corresponding right-of use assets

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Purchase Price Allocation	The allocation of the purchase price of each hotel acquired by the Company in 2018, based on the fair value on the date of its acquisition, was (in thousands): RI Summerville Dallas DT Acquisition date 8/27/2018 12/5/2018 Number of Rooms 96 167 Land $ 2,300 $ 2,900 Building and improvements 17,060 42,760 Furniture, fixtures and equipment 1,234 3,340 Cash — 5 Accounts receivable — 8 Prepaid expenses and other assets — 68 Accounts payable and accrued expenses (9) (33) Net assets acquired, net of cash $ 20,585 $ 49,043
Revenue and Operating Income of New Hotels Acquired	The amount of revenue and operating income from the hotels acquired in 2018 from their respective dates of acquisition through September 30, 2019 is as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Acquisition Date Revenue Operating Income Revenue Operating Income Revenue Operating Income Revenue Operating Income Residence Inn Summerville, SC 08/27/2018 $ 895 $ 303 $ 186 $ (77) $ 2,719 $ 966 $ 186 $ (112) Courtyard Dallas Downtown, TX 12/5/2018 $ 1,866 $ 515 — — 5,857 1,918 — — Total $ 2,761 $ 818 $ 186 $ (77) $ 8,576 $ 2,884 $ 186 $ (112)

Disposition of Hotel Properti_2

Disposition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	During the three and nine months ended September 30, 2019 and 2018, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Altoona CY $ — $ 207 $ 73 $ 401 Washington SHS — 216 198 481 Total $ — $ 423 $ 271 $ 882

Investment in Hotel Propertie_2

Investment in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2019
Investments Schedule [Abstract]
Investment in Hotel Properties	Investment in hotel properties, net as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands): September 30, 2019 December 31, 2018 Land and improvements $ 296,832 $ 296,253 Building and improvements 1,213,894 1,214,780 Furniture, fixtures and equipment 79,737 73,411 Renovations in progress 30,321 25,370 1,620,784 1,609,814 Less: accumulated depreciation (267,893) (236,041) Investment in hotel properties, net $ 1,352,891 $ 1,373,773

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019 and 2018 (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 135,727 $ 136,087 $ 382,303 $ 381,150 Total hotel operating expenses 85,270 86,638 249,342 248,298 Hotel operating income $ 50,457 $ 49,449 $ 132,961 $ 132,852 Impairment loss 32,773 — 32,773 — Net income (loss) $ (31,300) $ 2,790 $ (45,754) $ 2,681 Income (loss) allocable to the Company $ (3,183) $ 290 $ (4,647) $ (259) Basis difference adjustment 399 399 1,197 1,197 Total income (loss) from unconsolidated real estate entities attributable to the Company $ (2,784) $ 689 $ (3,450) $ 938
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information	During the three and nine months ended September 30, 2019 and 2018, the Company received cash distributions from the NewINK JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Cash generated from other activities and excess cash $ — $ 1,182 $ 411 $ 2,775 Total $ — $ 1,182 $ 411 $ 2,775
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional Cash Flow Information	During the three and nine months ended September 30, 2019 and 2018, the Company received cash distributions from the Inland JV as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Cash generated from other activities and excess cash $ 250 $ 200 250 $ 1,450 Total $ 250 $ 200 250 $ 1,450

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
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 9/30/19 Property Carrying Value Balance Outstanding on Loan as of September 30, 2019 December 31, Senior Unsecured Revolving Credit Facility (1) 4.45 % March 8, 2022 $ — $ 86,000 $ 81,500 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 17,918 13,045 13,361 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 45,233 27,429 27,885 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 30,192 15,653 15,916 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 32,242 21,416 21,782 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 31,406 17,665 17,976 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 35,164 21,640 21,989 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 64,490 44,068 44,680 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 38,514 32,199 32,620 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 80,202 64,650 64,800 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 84,464 70,537 70,700 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 64,524 48,488 48,600 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 53,426 37,812 37,900 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 34,905 29,930 30,000 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 39,461 21,040 21,355 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 14,194 15,763 15,965 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 16,299 17,796 18,026 Total debt before unamortized debt issue costs $ 682,634 $ 585,131 $ 585,055 Unamortized mortgage debt issue costs (1,491) (1,773) Total debt outstanding $ 583,640 $ 583,282 (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 September 30, 2019, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2019 (remaining three months) $ 2,672 2020 9,536 2021 21,962 2022 95,954 2023 142,440 2024 296,660 Thereafter 15,907 Total debt before unamortized debt issue costs $ 585,131 Unamortized mortgage debt issue costs (1,491) Total debt outstanding $ 583,640

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the following periods are as follows (in thousands): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Federal $ — $ — $ — $ — State — — — — Tax expense (benefit) $ — $ — $ — $ —

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)	9 Months Ended
	Sep. 30, 2019
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 1/31/2019 2/22/2019 $ 0.11 $ 0.11 February 2/28/2019 3/29/2019 0.11 0.11 March 3/29/2019 4/26/2019 0.11 0.11 1st Quarter 2019 $ 0.33 $ 0.33 April 4/30/2019 5/31/2019 $ 0.11 $ 0.11 May 5/31/2019 6/28/2019 0.11 0.11 June 6/28/2019 7/26/2019 0.11 0.11 2nd Quarter 2019 $ 0.33 $ 0.33 July 7/31/2019 8/30/2019 $ 0.11 $ 0.11 August 8/30/2019 9/27/2019 0.11 0.11 September 9/30/2019 10/25/2019 0.11 0.11 3rd Quarter 2019 $ 0.33 $ 0.33 Total 2019 $ 0.99 $ 0.99

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net income attributable to common shareholders $ 10,002 $ 14,580 $ 21,052 $ 30,813 Dividends paid on unvested shares and units (107) (81) (299) (229) Net income attributable to common shareholders $ 9,895 $ 14,499 $ 20,753 $ 30,584 Denominator: Weighted average number of common shares - basic 46,913,922 46,149,765 46,744,890 45,925,178 Unvested shares 238,244 235,204 212,074 153,380 Weighted average number of common shares - diluted 47,152,166 46,384,969 46,956,964 46,078,558 Basic income per Common Share: Net income attributable to common shareholders per weighted average basic common share $ 0.21 $ 0.31 $ 0.44 $ 0.67 Diluted income per Common Share: Net income attributable to common shareholders per weighted average diluted common share $ 0.21 $ 0.31 $ 0.44 $ 0.66

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of Restricted Share Awards	A summary of the Company’s restricted share awards for the nine months ended September 30, 2019 and the year ended December 31, 2018 is as follows: Nine Months Ended Year Ended September 30, 2019 December 31, 2018 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 8,334 $ 18.52 57,514 $ 23.78 Granted — — 5,000 17.40 Vested (1,667) 20.20 (30,084) 26.24 Forfeited — — (24,096) 21.21 Non-vested at end of the period 6,667 $ 18.10 8,334 $ 18.52
Schedule of Long Term Incentive Unit Awards	A summary of the Company's LTIP Unit awards for the nine months ended September 30, 2019 and the year ended December 31, 2018 is as follows: Nine Months Ended Year Ended September 30, 2019 December 31, 2018 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 476,398 $ 17.73 482,056 $ 16.58 Granted 221,853 18.73 244,917 16.94 Vested (99,931) 16.55 (67,275) 16.42 Forfeited — $ — (183,300) $ 14.13 Non-vested at end of the period 598,320 $ 18.30 476,398 $ 17.73
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards	The 2019 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% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55%

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	The following tables include information regarding the Company's leases for which it is the lessee, for the nine months ended September 30, 2019 and as of period end: Total Future Lease Payments Amount 2019 (remaining three months) $ 494 2020 2,027 2021 2,050 2022 2,072 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,757 Less: Imputed interest (55,935) Present value of lease liabilities $ 23,822
Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage And Office Leases	The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2018, for each of the next five calendar years and thereafter: Amount 2019 $ 2,065 2020 2,132 2021 2,157 2022 2,182 2023 2,206 Thereafter 75,022 Total lease payments $ 85,764
Schedule Of Right Of Use Asset And Liability	The following table includes information regarding the right of use assets and lease liabilities of the Company as of September 30, 2019: Right of Use Asset Lease Liability Balance as of January 1, 2019 $ 23,091 $ 25,715 Amortization (460) (287) Disposal $ (1,207) $ (1,606) Balance as of September 30, 2019 $ 21,424 $ 23,822
Lease, Cost	Lease Term and Discount Rate 9/30/2019 Weighted-average remaining lease term (years) 40.87 Weighted-average discount rate 6.54%

Organization (Details)

Organization (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2014USD ($)	Sep. 30, 2019USD ($)HotelRoomstate$ / sharesshares	Sep. 30, 2019USD ($)HotelRoomstate	Sep. 30, 2018USD ($)	Mar. 01, 2019	Feb. 28, 2019	Nov. 17, 2014	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares			$ 7,199,000	$ 24,361,000
Percentage of common units of limited partnership owned			100.00%
Aggregate number of rooms in hotels (in rooms) | Room		6,092	6,092
Number of states in which hotels are owned (in states) | state		15	15
Initial term of each TRS lease			5 years
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		34	34
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		52.50%	52.50%		1.50%	51.00%
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	6,402
Indirect ownership in the leased hotels							10.00%
Number of hotels acquired (in hotels) | Hotel		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
Minority Interest In Joint Venture Rooms | Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel		47	47
Aggregate number of rooms in hotels (in rooms) | Room		6,098	6,098
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	$ 50,000,000
Registration statement filed, amount	100,000,000
Shares issued (in shares) | shares		0
Stock purchase plan, remaining authorized repurchase amount		$ 90,400,000	$ 90,400,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	25,000,000
Registration statement filed, amount	$ 50,000,000
Shares issued (in shares) | shares		4,553
Stock purchase plan, average price per share (in dollars per share) | $ / shares		$ 17.73
Proceeds from issuance of common shares		$ 100,000
Stock purchase plan, remaining authorized repurchase amount		$ 28,000,000	$ 28,000,000
Colony Capital, Inc. | Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		10.00%	10.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Present value of lease liabilities	$ 23,822		$ 25,715
Right-of-use asset	$ 21,424		$ 23,091
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Present value of lease liabilities		$ 25,700
Right-of-use asset		$ 23,100

Acquisition of Hotel Properti_3

Acquisition of Hotel Properties - Narrative (Details) - USD ($) $ in Millions	Dec. 05, 2018	Aug. 27, 2018	Mar. 31, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Property acquisition costs capitalized			$ 0.2	$ 0
RI Summerville
Business Acquisition [Line Items]
Consideration transferred		$ 20.8
Dallas DT
Business Acquisition [Line Items]
Consideration transferred	$ 49

Acquisition of Hotel Properti_4

Acquisition of Hotel Properties - Schedule of Purchase Price Allocation (Details) $ in Thousands	Dec. 05, 2018USD ($)Room	Aug. 27, 2018USD ($)Room
RI Summerville
Business Acquisition [Line Items]
Number of Rooms | Room		96
Land		$ 2,300
Building and improvements		17,060
Furniture, fixtures and equipment		1,234
Cash		0
Accounts receivable		0
Prepaid expenses and other assets		0
Accounts payable and accrued expenses		(9)
Net assets acquired, net of cash		$ 20,585
Dallas DT
Business Acquisition [Line Items]
Number of Rooms | Room	167
Land	$ 2,900
Building and improvements	42,760
Furniture, fixtures and equipment	3,340
Cash	5
Accounts receivable	8
Prepaid expenses and other assets	68
Accounts payable and accrued expenses	(33)
Net assets acquired, net of cash	$ 49,043

Acquisition of Hotel Properti_5

Acquisition of Hotel Properties - Schedule of Revenue and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Revenue	$ 2,761	$ 186	$ 8,576	$ 186
Operating Income	818	(77)	2,884	(112)
RI Summerville
Business Acquisition [Line Items]
Revenue	895	186	2,719	186
Operating Income	303	(77)	966	(112)
Dallas DT
Business Acquisition [Line Items]
Revenue	1,866	0	5,857	0
Operating Income	$ 515	$ 0	$ 1,918	$ 0

Disposition of Hotel Properti_3

Disposition of Hotel Properties (Details) - USD ($) $ in Thousands	May 15, 2019	May 07, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of property			$ 4	$ 0	$ (3,295)	$ (18)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, operating income			0	423	271	882
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Altoona
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition		$ 4,600
Gain (loss) on sale of property		$ (4,400)
Disposal group, operating income			0	207	73	401
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Springhill Suites By Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition	$ 5,100
Gain (loss) on sale of property	$ 1,100
Disposal group, operating income			$ 0	$ 216	$ 198	$ 481

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts related to receivables	$ 311	$ 264

Investment in Hotel Propertie_3

Investment in Hotel Properties, net - Schedule of Investments in Hotel Properties, net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments Schedule [Abstract]
Land and improvements	$ 296,832	$ 296,253
Building and improvements	1,213,894	1,214,780
Furniture, fixtures and equipment	79,737	73,411
Renovations in progress	30,321	25,370
Investment in hotel properties, at cost	1,620,784	1,609,814
Less: accumulated depreciation	(267,893)	(236,041)
Investment in hotel properties, net	$ 1,352,891	$ 1,373,773

Investment in Hotel Propertie_4

Investment in Hotel Properties, net - Narrative (Details) - California $ in Millions	Sep. 30, 2019USD ($)
Schedule of Investments [Line Items]
Cost incurred	$ 15.2
Land
Schedule of Investments [Line Items]
Cost incurred	6.6
Other Development Costs
Schedule of Investments [Line Items]
Cost incurred	$ 8.6

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Additional Information (Details) $ in Thousands	Jun. 09, 2017USD ($)Hotel	May 09, 2017USD ($)Hotel	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities			$ 19,506	$ 21,545
Debt amount outstanding			585,131	585,055
Amount refinanced			$ 86,000	$ 81,500
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							8970.00%
Investment in unconsolidated real estate entities			$ 44,400		$ 49,400
Investment in hotel properties under development			$ 56,100		57,400
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels			10.30%				10.30%
Investments in joint ventures			$ (11,700)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels						10.00%
Joint venture, percentage ownership by third party						90.00%
Investment in unconsolidated real estate entities			30,000		33,300
Investment in hotel properties under development			10,500		$ 10,800
Investments in joint ventures			$ 19,500
Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding		$ 840,000
Number of hotels in ownership by Company (in hotels) | Hotel		47
Amount refinanced		$ 850,000
Number of extension options | Hotel		3
Period of extension options		1 year
Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding	$ 817,000
Number of hotels in ownership by Company (in hotels) | Hotel	48
Amount refinanced	$ 780,000
Number of extension options | Hotel	3
Period of extension options	1 year
Additional amount contributed	$ 5,000
LIBOR | Senior Notes | NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		2.79%
LIBOR | Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	3.30%

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Cash Received and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	$ 0	$ 1,182	$ 411	$ 2,775
Total	0	1,182	411	2,775
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	250	200	250	1,450
Total	$ 250	$ 200	$ 250	$ 1,450

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Revenue	$ 90,080	$ 88,897	$ 253,631	$ 247,187
Total hotel operating expenses	70,186	68,522	204,412	197,410
Operating income	19,898	20,375	45,924	49,759
Net income attributable to common shareholders	10,002	14,580	21,052	30,813
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	135,727	136,087	382,303	381,150
Total hotel operating expenses	85,270	86,638	249,342	248,298
Operating income	50,457	49,449	132,961	132,852
Impairment loss	32,773	0	32,773	0
Net income attributable to common shareholders	(31,300)	2,790	(45,754)	2,681
Income (loss) allocable to the Company	(3,183)	290	(4,647)	(259)
Basis difference adjustment	399	399	1,197	1,197
Total income (loss) from unconsolidated real estate entities attributable to the Company	$ (2,784)	$ 689	$ (3,450)	$ 938

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Participating Mortgage Loans [Line Items]
Property Carrying Value	$ 682,634
Total debt before unamortized debt issue costs	585,131	$ 585,055
Unamortized mortgage debt issue costs	(1,491)	(1,773)
Total debt outstanding	$ 583,640	583,282
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	4.45%
Property Carrying Value	$ 0
Total debt before unamortized debt issue costs	$ 86,000	81,500
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	$ 17,918
Total debt before unamortized debt issue costs	$ 13,045	13,361
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Property Carrying Value	$ 45,233
Total debt before unamortized debt issue costs	$ 27,429	27,885
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Property Carrying Value	$ 30,192
Total debt before unamortized debt issue costs	$ 15,653	15,916
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Property Carrying Value	$ 32,242
Total debt before unamortized debt issue costs	$ 21,416	21,782
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Property Carrying Value	$ 31,406
Total debt before unamortized debt issue costs	$ 17,665	17,976
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Property Carrying Value	$ 35,164
Total debt before unamortized debt issue costs	$ 21,640	21,989
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Property Carrying Value	$ 64,490
Total debt before unamortized debt issue costs	$ 44,068	44,680
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Property Carrying Value	$ 38,514
Total debt before unamortized debt issue costs	$ 32,199	32,620
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 80,202
Total debt before unamortized debt issue costs	$ 64,650	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 84,464
Total debt before unamortized debt issue costs	$ 70,537	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 64,524
Total debt before unamortized debt issue costs	$ 48,488	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 53,426
Total debt before unamortized debt issue costs	$ 37,812	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Property Carrying Value	$ 34,905
Total debt before unamortized debt issue costs	$ 29,930	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Property Carrying Value	$ 39,461
Total debt before unamortized debt issue costs	$ 21,040	21,355
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Property Carrying Value	$ 14,194
Total debt before unamortized debt issue costs	$ 15,763	15,965
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Property Carrying Value	$ 16,299
Total debt before unamortized debt issue costs	$ 17,796	$ 18,026

Debt - Additional Information (

Debt - Additional Information (Details)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Revolving credit facility	$ 86,000,000	$ 81,500,000
Consolidated fixed charge coverage ratio	3.2
Bank covenant, fixed charge coverage ratio	1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 509,600,000	489,000,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	86,000,000	81,500,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	86,000,000	$ 81,500,000
Maximum borrowing availability under revolving credit facility	$ 250,000,000

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019 (remaining three months)	$ 2,672
2020	9,536
2021	21,962
2022	95,954
2023	142,440
2024	296,660
Thereafter	15,907
Total debt before unamortized debt issue costs	585,131	$ 585,055
Unamortized mortgage debt issue costs	(1,491)	(1,773)
Total debt outstanding	$ 583,640	$ 583,282

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 0	$ 0	$ 0
State	0	0	0	0
Tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
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	Sep. 30, 2019	Aug. 30, 2019	Jul. 31, 2019	Jun. 28, 2019	May 31, 2019	Apr. 30, 2019	Mar. 29, 2019	Feb. 28, 2019	Jan. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Distributions declared per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.99	$ 0.99
LTIP units, distributions per unit (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.99	$ 0.99

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to common shareholders	$ 10,002	$ 14,580	$ 21,052	$ 30,813
Dividends paid on unvested shares and units	(107)	(81)	(299)	(229)
Net income attributable to common shareholders	$ 9,895	$ 14,499	$ 20,753	$ 30,584
Denominator:
Weighted average number of common shares - basic (in shares)	46,913,922	46,149,765	46,744,890	45,925,178
Unvested shares (in shares)	238,244	235,204	212,074	153,380
Weighted average number of common shares - diluted (in shares)	47,152,166	46,384,969	46,956,964	46,078,558
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.21	$ 0.31	$ 0.44	$ 0.67
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.21	$ 0.31	$ 0.44	$ 0.66

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)

Mar. 01, 2019$ / sharesshares

Jan. 31, 2019shares

Mar. 01, 2018shares

Mar. 01, 2017shares

Jan. 28, 2016shares

Jun. 01, 2015shares

May 17, 2013shares

Jan. 31, 2018shares

Sep. 30, 2019USD ($)shares

Sep. 30, 2018USD ($)

Sep. 30, 2019USD ($)shares

Sep. 30, 2018USD ($)

Dec. 31, 2018USD ($)shares

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

Weighted-average period for recognition of unrecognized compensation costs

8 months

Independent Trustees

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

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

27,870

21,670

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

Common shares available for issuance (in shares)

1,150,806

1,150,806

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

2 years

Compensation expense, recognized | $

15,700

$ 8,400

$ 47,000

$ 94,700

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

1 year 10 months 24 days

Compensation expense, recognized | $

1,100,000

$ 900,000

$ 3,100,000

$ 2,700,000

Exchange ratio

1

Number of shares, Granted (in shares)

221,853

244,917

Total unrecognized compensation cost related to LTIP Units | $

$ 6,000,000

$ 6,000,000

$ 5,000,000

Long Term Incentive Plan Units | Awarded June 1, 2015

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

Number of shares, Granted (in shares)

183,300

Long Term Incentive Plan Units, Time-Based

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

Number of shares, Granted (in shares)

88,746

97,968

89,574

72,966

Long Term Incentive Plan Units, Time-Based | Awarded March 1, 2019

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

Number of shares, Granted (in shares)

88,746

Long Term Incentive Plan Units, Performance-Based

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

Number of shares, Granted (in shares)

133,107

146,949

134,348

39,285

Long Term Incentive Plan Units, Performance-Based | Awarded March 1, 2019

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

Number of shares, Granted (in shares)

133,107

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

$ 18.91

Long Term Incentive Plan Units, Performance-Based | Awarded March 1, 2019 | 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 | Awarded March 1, 2019 | 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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	8,334	57,514
Number of shares, Granted (in shares)	0	5,000
Number of shares, Vested (in shares)	(1,667)	(30,084)
Number of shares, Forfeited (in shares)	0	(24,096)
Number of shares, Nonvested at end of the period (in shares)	6,667	8,334
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 18.52	$ 23.78
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0	17.40
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	20.20	26.24
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	0	21.21
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 18.10	$ 18.52

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Summary of company's restricted share awards
Number of shares, Nonvested at beginning of the period (in shares)	476,398	482,056
Number of shares, Granted (in shares)	221,853	244,917
Number of shares, Vested (in shares)	(99,931)	(67,275)
Number of shares, Forfeited (in shares)	0	(183,300)
Number of shares, Nonvested at end of the period (in shares)	598,320	476,398
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 17.73	$ 16.58
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	18.73	16.94
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	16.55	16.42
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	0	14.13
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 18.30	$ 17.73

Equity Incentive Plan - Sched_2

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2019
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, 2019	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)	88,746	97,968	89,574	72,966
Estimate Value Per Unit (in dollars per share)	$ 18.45	$ 16.83	$ 18.53	$ 16.69
Volatility, percentage	21.00%	26.00%	24.00%	28.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	2.57%	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)	133,107	146,949	134,348	39,285
Estimate Value Per Unit (in dollars per share)	$ 18.91	$ 17.02	$ 19.65	$ 11.09
Volatility, percentage	21.00%	26.00%	25.00%	30.00%
Dividend Yield, percentage	6.20%	6.20%	5.80%	5.80%
Risk Free Interest Rate, percentage	2.55%	2.37%	1.47%	1.13%

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)ParkingSpace	Sep. 30, 2019USD ($)TermParkingSpaceHotel
Operating 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%
Fixed lease payments		$ 900,000
Variable lease, payment		500,000
Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating leases, monthly payment		$ 47,500
Ground Leases | Hilton Garden Inn Portsmouth
Operating Leased Assets [Line Items]
Periods in each additional renewal term		10 years
Number of additional terms | Term		3
Operating leases, monthly payment		$ 40,300
Operating lease, periodic increase, percentage		10.00%
Periodic increase in monthly payment		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
Air Rights Lease And Garage Lease
Operating Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) | ParkingSpace	128	128
Quarterly rent	$ 29,000
Office Lease
Operating Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) | Hotel		2
Periods in each additional renewal term		5 years
Operating leases, term of contract	11 years	11 years
Operating leases, abatement term of contract		12 months
Minimum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage		5.00%
Maximum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage		25.00%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining three months)	$ 494
2020	2,027
2021	2,050
2022	2,072
2023	2,093
2024	2,115
Thereafter	68,906
Total lease payments	79,757
Less: Imputed interest	(55,935)
Present value of lease liabilities	$ 23,822	$ 25,715

Leases - Schedule of Ground, Ai

Leases - Schedule of Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 2,065
2020	2,132
2021	2,157
2022	2,182
2023	2,206
Thereafter	75,022
Total lease payments	$ 85,764

Leases - Schedule Of Right of U

Leases - Schedule Of Right of Use Asset and Lease Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Schedule Of Right Of Use Asset [Abstract]
Beginning balance	$ 23,091
Amortization	(460)
Disposal	(1,207)
Ending balance	21,424
Schedule Of Lease Liability [Abstract]
Beginning balance	25,715
Amortization	(287)
Disposal	(1,606)
Ending balance	$ 23,822

Leases - Lease Cost (Details)

Leases - Lease Cost (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 10 months 13 days
Weighted-average discount rate	6.54%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Hotel	Sep. 30, 2018USD ($)
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses	$ 3	$ 2.9	$ 8.4	$ 8.2
Franchise and marketing fees	7.1	$ 6.9	$ 20.1	$ 19
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 of management agreements | Hotel			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, percentage			1.00%
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Amount of exposure to litigation	$ 0.1		$ 0.1

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)Hotel	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Hotel	Sep. 30, 2018USD ($)	Mar. 01, 2019	Feb. 28, 2019	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Amounts due to related party | $	$ 1,400,000		$ 1,400,000				$ 1,100,000
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]
Number of hotels managed by related party (in hotels)	47		47
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%
Services provided | $	$ 32,800	$ 107,000	$ 32,800	$ 107,000
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	52.50%		52.50%		1.50%	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
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 | $	$ 1,900,000	$ 2,000,000	$ 5,600,000	$ 5,700,000