RLJ Lodging Trust (RLJ) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 28, 2015
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	1,511,337
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		125,725,658
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Investment in hotel properties, net	$ 3,677,386	$ 3,518,803
Cash and cash equivalents	140,461	262,458
Restricted cash reserves	57,487	63,054
Hotel and other receivables, net of allowance of $182 and $166, respectively	39,514	25,691
Deferred financing costs, net	8,976	11,421
Deferred income tax asset	7,517	7,502
Prepaid expense and other assets	35,128	42,115
Assets of hotel properties held for sale	0	197,335
Total assets	3,966,469	4,128,379
Liabilities and Equity
Mortgage loans	407,389	532,747
Term loans	1,175,000	1,025,000
Accounts payable and other liabilities	142,663	129,388
Deferred income tax liability	7,242	7,879
Advance deposits and deferred revenue	12,234	9,984
Accrued interest	4,589	2,783
Distributions payable	41,776	42,114
Total liabilities	$ 1,790,893	$ 1,749,895
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 0	$ 0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 125,726,018 and 131,964,706 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	1,257	1,319
Additional paid-in-capital	2,219,407	2,419,731
Accumulated other comprehensive loss	(32,294)	(13,644)
Distributions in excess of net earnings	(30,217)	(46,415)
Total shareholders’ equity	2,158,153	2,360,991
Noncontrolling interest
Noncontrolling interest in joint venture	6,126	6,295
Noncontrolling interest in Operating Partnership	11,297	11,198
Total noncontrolling interest	17,423	17,493
Total equity	2,175,576	2,378,484
Total liabilities and equity	$ 3,966,469	$ 4,128,379

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Hotel and other receivables, allowance	$ 182	$ 166
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred shares of beneficial interest, shares issued	0	0
Preferred shares of beneficial interest, shares outstanding	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	125,726,018	131,964,706
Common shares of beneficial interest, shares outstanding	125,726,018	131,964,706

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating revenue
Room revenue	$ 253,163	$ 261,895	$ 747,962	$ 727,367
Food and beverage revenue	27,027	27,076	85,607	77,924
Other operating department revenue	9,230	8,695	27,508	23,795
Total revenue	289,420	297,666	861,077	829,086
Operating expense
Room expense	56,310	57,012	165,603	158,669
Food and beverage expense	19,494	19,397	60,750	55,016
Management and franchise fee expense	28,985	30,709	88,704	86,574
Other operating expense	61,676	64,133	181,485	180,346
Total property operating expense	166,465	171,251	496,542	480,605
Depreciation and amortization	39,847	37,243	114,828	105,541
Impairment loss	0	9,200	0	9,200
Property tax, insurance and other	19,458	17,874	57,782	53,064
General and administrative	8,249	11,029	29,041	31,293
Transaction and pursuit costs	2,017	480	3,005	4,375
Total operating expense	236,036	247,077	701,198	684,078
Operating income	53,384	50,589	159,879	145,008
Other income	557	48	1,103	563
Interest income	373	337	1,181	1,622
Interest expense	(14,042)	(13,858)	(39,885)	(42,646)
Income from continuing operations before income tax expense	40,272	37,116	122,278	104,547
Income tax expense	(151)	(374)	(615)	(1,162)
Income from continuing operations	40,121	36,742	121,663	103,385
Gain (loss) on disposal of hotel properties	812	322	23,782	(975)
Net income	40,933	37,064	145,445	102,410
Net income attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	(49)	(57)	(26)	(102)
Noncontrolling interest in common units of Operating Partnership	(290)	(247)	(984)	(712)
Net income attributable to common shareholders	$ 40,594	$ 36,760	$ 144,435	$ 101,596
Basic per common share data
Net income per share attributable to common shareholders (in dollars per share)	$ 0.32	$ 0.28	$ 1.10	$ 0.80
Weighted-average number of common shares (in shares)	127,663,480	131,106,440	129,855,686	126,070,309
Diluted per common share data
Net income per share attributable to common shareholders (in dollars per share)	$ 0.31	$ 0.28	$ 1.10	$ 0.79
Weighted-average number of common shares (in shares)	128,143,154	132,386,843	130,410,613	127,297,901
Amounts attributable to the Company’s common shareholders
Income from continuing operations	$ 39,788	$ 36,440	$ 120,819	$ 102,564
Gain (loss) on disposal of hotel properties	806	320	23,616	(968)
Comprehensive income
Unrealized gain (loss) on interest rate derivatives	(15,166)	5,567	(18,650)	(1,346)
Comprehensive income	25,767	42,631	126,795	101,064
Comprehensive income attributable to the noncontrolling interest in consolidated joint venture	(49)	(57)	(26)	(102)
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership	(290)	(247)	(984)	(712)
Comprehensive income attributable to the Company	$ 25,428	$ 42,327	$ 125,785	$ 100,250

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Distributions in excess of net earnings	Accumulated Other Comprehensive Income	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2013		122,640,042
Balance at Dec. 31, 2013	$ 2,146,334	$ 1,226	$ 2,178,004	$ (45,522)	$ (5,941)	$ 18,567	$ 11,261	$ 7,306
Increase (Decrease) in Owners' Equity
Net income	102,410			101,596		814	712	102
Proceeds from sale of common stock, net (shares)		9,200,000
Proceeds from sale of common stock, net	232,756	$ 92	232,664
Unrealized loss on interest rate derivative	(1,346)				(1,346)
Distributions to joint venture partner	(1,182)					(1,182)		(1,182)
Issuance of restricted stock (in shares)		343,887
Issuance of restricted stock		$ 3	(3)
Amortization of share-based compensation	11,244		11,244
Share grants to trustees (in shares)		3,360
Share grants to trustees	94		94
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(154,277)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,246)	$ (2)	(4,244)
Forfeiture of restricted stock (in shares)		(8,716)
Distributions on common shares and units	(97,107)			(96,443)		(664)	(664)
Balance (in shares) at Sep. 30, 2014		132,024,296
Balance at Sep. 30, 2014	2,388,957	$ 1,319	2,417,759	(40,369)	(7,287)	17,535	11,309	6,226
Balance (in shares) at Dec. 31, 2014		131,964,706
Balance at Dec. 31, 2014	2,378,484	$ 1,319	2,419,731	(46,415)	(13,644)	17,493	11,198	6,295
Increase (Decrease) in Owners' Equity
Net income	145,445			144,435		1,010	984	26
Unrealized loss on interest rate derivative	(18,650)				(18,650)
Distributions to joint venture partner	(195)					(195)		(195)
Issuance of restricted stock (in shares)		1,126,431
Issuance of restricted stock	0	$ 11	(11)
Amortization of share-based compensation	10,488		10,488
Share grants to trustees (in shares)		3,477
Share grants to trustees	99		99
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(363,512)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(11,029)	$ (3)	(11,026)
Shares acquired as part of a share repurchase program (in shares)		(6,992,708)
Shares acquired as part of a share repurchase program	(199,944)	$ (70)	(199,874)
Forfeiture of restricted stock (in shares)		(12,376)
Distributions on common shares and units	(129,122)			(128,237)		(885)	(885)
Balance (in shares) at Sep. 30, 2015		125,726,018
Balance at Sep. 30, 2015	$ 2,175,576	$ 1,257	$ 2,219,407	$ (30,217)	$ (32,294)	$ 17,423	$ 11,297	$ 6,126

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 145,445	$ 102,410
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss on defeasance	0	804
(Gain) loss on disposal of hotel properties	(23,782)	975
Impairment loss	0	9,200
Depreciation and amortization	114,828	105,541
Amortization of deferred financing costs	3,111	3,312
Amortization of deferred management fees	595	719
Accretion of interest income on investment in loan	(275)	(175)
Share grants to trustees	99	94
Amortization of share-based compensation	10,488	11,244
Deferred income taxes	(652)	(635)
Changes in assets and liabilities:
Hotel and other receivables, net	(13,644)	(14,005)
Prepaid expense and other assets	1,773	(6,912)
Accounts payable and other liabilities	(9,065)	8,953
Advance deposits and deferred revenue	2,204	2,564
Accrued interest	1,806	16
Net cash flow provided by operating activities	232,931	224,105
Cash flows from investing activities
Acquisition of hotel properties, net	(143,769)	(631,640)
Proceeds from the disposal of hotel properties, net	232,938	124,076
Purchase deposits	0	6,246
Improvements and additions to hotel properties	(100,252)	(70,987)
Additions to property and equipment	(919)	(26)
Releases from restricted cash reserves, net	7,115	2,946
Net cash flow used in investing activities	(4,887)	(569,385)
Cash flows from financing activities
Borrowings under revolving credit facility	0	292,500
Repayments under revolving credit facility	0	(292,500)
Borrowings on term loans	150,000	175,000
Proceeds from mortgage loans	7,000	0
Payment of mortgage principal	(165,747)	(27,134)
Repurchase of common shares under a share repurchase program	(199,944)	0
Repurchase of common shares to satisfy employee withholding requirements	(11,029)	(4,246)
Distributions on common shares	(128,602)	(85,532)
Distributions on Operating Partnership units	(858)	(611)
Payment of deferred financing costs	(666)	(1,579)
Distribution to noncontrolling interest	(195)	(1,182)
Proceeds from issuance of common shares	0	232,756
Net cash flow (used in) provided by financing activities	(350,041)	287,472
Net change in cash and cash equivalents	(121,997)	(57,808)
Cash and cash equivalents, beginning of period	262,458	332,248
Cash and cash equivalents, end of period	$ 140,461	$ 274,440

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, focused-service and compact full-service hotels. The Company qualified and elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the portion of its taxable year ended December 31, 2011. Substantially all of the Company’s assets are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of September 30, 2015 , there were 126,620,018 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.3% of the outstanding OP units. As of September 30, 2015 , the Company owned 127 hotel properties with approximately 21,100 rooms, located in 22 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. The Company owned, through wholly-owned subsidiaries, 100% of the interests in all properties, with the exception of the DoubleTree Metropolitan Hotel-New York City, in which the Company, through wholly-owned subsidiaries, owned a 98.3% controlling interest in a joint venture, DBT Met Hotel Venture, LP, which was formed to engage in hotel operations related to the DoubleTree Metropolitan Hotel. An independent operator manages each property.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of significant accounting policies. There have been no significant changes to the Company's significant accounting policies since December 31, 2014 . Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows for the periods presented. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2014 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2015. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of actual operating results for the entire year. The consolidated financial statements include all subsidiaries controlled by the Company. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the consolidated financial statements. As of September 30, 2015 , the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. As of September 30, 2015 , the Company consolidated the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in Operating Partnership on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and expands disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 requires reporting entities to reevaluate whether they should consolidate certain legal entities under the revised consolidation model. This standard modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs, especially those that have fee arrangements and related party relationships. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . ASU 2015-15 allows debt issuance costs related to a line of credit arrangement to be presented in the balance sheet as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are any amounts outstanding on the line of credit arrangement. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment be recognized in the period in which the adjustment is identified. The guidance is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Land and improvements $ 735,068 $ 706,497 Buildings and improvements 3,192,290 3,005,390 Furniture, fixtures and equipment 550,867 498,126 Intangible assets 2,507 2,507 4,480,732 4,212,520 Accumulated depreciation and amortization (803,346 ) (693,717 ) Investment in hotels properties, net $ 3,677,386 $ 3,518,803 For the three and nine months ended September 30, 2015 , depreciation and amortization expense related to investment in hotel properties was approximately $39.7 million and $114.5 million , respectively. For the three and nine months ended September 30, 2014 , depreciation and amortization expense related to investment in hotel properties was approximately $37.1 million and $105.2 million , respectively. Impairment The Company determined that there was no impairment of any assets for the three and nine months ended September 30, 2015 . In connection with the preparation of the unaudited consolidated financial statements for the three and nine months ended September 30, 2014 , the Company evaluated the recoverability of the carrying values of hotels given the current expectation to sell certain hotels before the end of their previously estimated useful lives. Based on an analysis of estimated undiscounted net cash flows, the Company concluded that the carrying values of three hotels were not recoverable. The Company estimated the fair value of the hotels using a widely accepted revenue multiple approach with significant unobservable inputs, including revenue growth projections and prevailing market multiples, from third-party sources. During the three and nine months ended September 30, 2014 , the Company recorded an impairment loss of $9.2 million related to these hotels.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties During the nine months ended September 30, 2015 , the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hyatt Place Washington DC Downtown K Street Washington, DC July 15, 2015 Aimbridge Hospitality 164 $ 68,000 Homewood Suites Seattle Lynnwood Lynnwood, WA July 20, 2015 InnVentures 170 37,900 Residence Inn Palo Alto Los Altos Los Altos, CA September 25, 2015 InnVentures 156 70,000 490 $ 175,900 During the nine months ended September 30, 2014 , the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hyatt House Charlotte Center City Charlotte, NC March 12, 2014 Hyatt Affiliate 163 $ 32,496 Hyatt House Cypress Anaheim Cypress, CA March 12, 2014 Hyatt Affiliate 142 14,753 Hyatt House Emeryville San Francisco Bay Area Emeryville, CA March 12, 2014 Hyatt Affiliate 234 39,274 Hyatt House San Diego Sorrento Mesa San Diego, CA March 12, 2014 Hyatt Affiliate 193 35,985 Hyatt House San Jose Silicon Valley San Jose, CA March 12, 2014 Hyatt Affiliate 164 44,159 Hyatt House San Ramon San Ramon, CA March 12, 2014 Hyatt Affiliate 142 20,833 Hyatt House Santa Clara Santa Clara, CA March 12, 2014 Hyatt Affiliate 150 40,570 Hyatt Market Street The Woodlands The Woodlands, TX March 12, 2014 Hyatt Corporation 70 25,817 Hyatt Place Fremont Silicon Valley Fremont, CA March 12, 2014 Hyatt Affiliate 151 23,525 Hyatt Place Madison Downtown Madison, WI March 12, 2014 Hyatt Affiliate 151 35,088 Courtyard Portland City Center Portland, OR May 22, 2014 Sage Hospitality 256 67,000 Embassy Suites Irvine Orange County Irvine, CA May 22, 2014 Sage Hospitality 293 53,000 Hilton Cabana Miami Beach Miami, FL June 19, 2014 Highgate Hotels 231 71,700 Hyatt Atlanta Midtown Atlanta, GA July 14, 2014 Interstate Hotels and Resorts 194 49,500 DoubleTree Grand Key Resort (1) Key West, FL September 11, 2014 Interstate Hotels and Resorts 215 78,250 2,749 $ 631,950 (1) Purchase price includes $1.3 million paid for five condominium units. The allocation of the purchase price for the properties acquired during the nine months ended September 30, 2015 and 2014 was as follows (in thousands): For the nine months ended September 30, 2015 2014 Land and improvements $ 28,696 $ 164,335 Buildings and improvements 135,174 409,506 Furniture, fixtures and equipment 12,030 57,571 Intangible and other assets — 538 Total purchase price $ 175,900 $ 631,950 The allocation of the purchase price for Residence Inn Palo Alto Los Altos is preliminary given the short period of time between the acquisition date and the issuance of these financial statements. For properties acquired during the nine months ended September 30, 2015 , total revenues and net loss from the date of acquisition through September 30, 2015 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2015 as follows (in thousands): 2015 acquisitions For the three months ended September 30, 2015 For the nine months ended September 30, 2015 Revenue $ 3,905 $ 3,905 Net loss $ (1,674 ) $ (1,674 ) For properties acquired during the nine months ended September 30, 2014 , total revenues and net income from the date of acquisition through September 30, 2014 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 as follows (in thousands): 2014 acquisitions For the three months ended September 30, 2014 For the nine months ended September 30, 2014 Revenue $ 38,181 $ 67,988 Net income $ 8,628 $ 11,639 The following unaudited condensed pro forma financial information presents the results of operations as if the 2015 acquisitions had taken place on January 1, 2014 and the 2014 acquisitions had taken place on January 1, 2013 . The unaudited condensed pro forma financial information is not necessarily indicative of what actual results of operations of the Company would have been assuming the 2015 and 2014 acquisitions had taken place on January 1, 2014 and 2013 , respectively, nor does it purport to represent the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Revenue $ 293,099 $ 305,610 $ 874,190 $ 881,605 Net income attributable to common shareholders $ 43,341 $ 38,391 $ 148,103 $ 111,083 Net income per share attributable to common shareholders - basic $ 0.34 $ 0.29 $ 1.14 $ 0.88 Net income per share attributable to common shareholders - diluted $ 0.34 $ 0.29 $ 1.14 $ 0.87 Weighted average number of shares outstanding - basic 127,663,480 131,106,440 129,855,686 126,070,309 Weighted average number of shares outstanding - diluted 128,143,154 132,386,843 130,410,613 127,297,901

Disposal of Hotel Properties

Disposal of Hotel Properties	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Hotel Properties	Disposal of Hotel Properties During the nine months ended September 30, 2015 , the Company sold 22 hotel properties in three transactions for a total sales price of approximately $238.5 million . In conjunction with these transactions, the Company recorded a $23.8 million gain on disposal which is included in the accompanying consolidated statement of operations. The following table provides a list of properties that were sold during the nine months ended September 30, 2015 : Property Name Location Disposal Date Rooms Courtyard Chicago Schaumburg Schaumburg, IL February 23, 2015 162 Courtyard Detroit Pontiac Bloomfield Pontiac, MI February 23, 2015 110 Courtyard Grand Junction Grand Junction, CO February 23, 2015 136 Courtyard Mesquite Mesquite, TX February 23, 2015 101 Courtyard San Antonio Airport Northstar San Antonio, TX February 23, 2015 78 Courtyard Tampa Brandon Tampa, FL February 23, 2015 90 Fairfield Inn & Suites Merrillville Merrillville, IN February 23, 2015 112 Fairfield Inn & Suites San Antonio Airport San Antonio, TX February 23, 2015 120 Fairfield Inn & Suites Tampa Brandon Tampa, FL February 23, 2015 107 Hampton Inn Merrillville Merrillville, IN February 23, 2015 64 Holiday Inn Grand Rapids Airport Kentwood, MI February 23, 2015 148 Homewood Suites Tampa Brandon Tampa, FL February 23, 2015 126 Marriott Auburn Hills Pontiac at Centerpoint Pontiac, MI February 23, 2015 290 Residence Inn Austin Round Rock Round Rock, TX February 23, 2015 96 Residence Inn Chicago Schaumburg Schaumburg, IL February 23, 2015 125 Residence Inn Detroit Pontiac Auburn Hills Pontiac, MI February 23, 2015 114 Residence Inn Grand Junction Grand Junction, CO February 23, 2015 104 Residence Inn Indianapolis Carmel Carmel, IN February 23, 2015 120 Springhill Suites Chicago Schaumburg Schaumburg, IL February 23, 2015 132 Springhill Suites Indianapolis Carmel Carmel, IN February 23, 2015 126 Fairfield Inn and Suites Valparaiso Valparaiso, IN May 22, 2015 63 Residence Inn South Bend South Bend, IN July 7, 2015 80 Total 2,604 During the nine months ended September 30, 2014 , the Company sold 14 hotel properties in four separate transactions for a total sales price of approximately $128.0 million . In conjunction with these transactions, the Company recorded a $1.0 million loss on disposal, which is included in the accompanying consolidated statement of operations. Additionally, the Company defeased the mortgage indebtedness secured by three of the properties that were sold. The cost of the defeasance was approximately $0.8 million , which is included in interest expense in the accompanying consolidated statement of operations. The following table provides a list of properties that were sold during the nine months ended September 30, 2014 : Property Name Location Disposal Date Rooms Courtyard Denver Southwest Lakewood Lakewood, CO February 20, 2014 90 Residence Inn Denver Southwest Lakewood Lakewood, CO February 20, 2014 102 Hyatt House Colorado Springs Colorado Springs, CO February 20, 2014 125 SpringHill Suites Gainesville Gainesville, FL February 20, 2014 126 Residence Inn Indianapolis Airport Indianapolis, IN February 20, 2014 95 Fairfield Inn & Suites Indianapolis Airport Indianapolis, IN February 20, 2014 86 Courtyard Grand Rapids Airport Kentwood, MI February 20, 2014 84 Hampton Inn Suites Las Vegas Red Rock Summerlin Las Vegas, NV February 20, 2014 106 Courtyard Austin University Area Austin, TX February 20, 2014 198 Fairfield Inn & Suites Austin University Area Austin, TX February 20, 2014 63 Hyatt House Dallas Richardson Richardson, TX February 20, 2014 130 Hilton Garden Inn St. George St. George, UT February 25, 2014 150 Hilton Mystic Mystic, CT March 26, 2014 182 Holiday Inn Austin NW Arboretum Area Austin, TX June 18, 2014 194 Total 1,731

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Credit Facilities The Company has in place the following unsecured credit agreements: • $300.0 million revolving credit facility with a scheduled maturity date of November 20, 2016 with a one -year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of August 27, 2018 (the "2013 Five -Year Term Loan"); • $400.0 million term loan with a scheduled maturity date of March 20, 2019 (which was originally scheduled to mature in 2017) (the "2012 Five -Year Term Loan"); • $225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "2012 Seven -Year Term Loan"); and • $150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "2014 Seven -Year Term Loan"). The 2012 Five-Year Term Loan, the 2012 Seven-Year Term Loan, the 2013 Five-Year Term Loan and the 2014 Seven-Year Term loan are collectively the "Term Loans". The Revolver and Term Loans are subject to customary financial covenants. As of September 30, 2015 , the Company was in compliance with all financial covenants. As of and for the three and nine months ended September 30, 2015 and 2014 , details of the Revolver and Term Loans are as follows (in thousands): Interest expense for the three months ended September 30, nine months ended September 30, Outstanding Borrowings at September 30, 2015 Maturity Date Interest Rate at September 30, 2015 (1) 2015 2014 2015 2014 Revolver (2)(3) $ — November 2016 n/a $ 268 $ 287 $ 793 $ 906 2013 Five-Year Term Loan (4) 400,000 August 2018 3.07% 3,148 3,137 9,294 9,090 2012 Five-Year Term Loan (5) 400,000 March 2019 2.72% 2,783 1,748 7,659 4,898 2012 Seven-Year Term Loan (6) 225,000 November 2019 4.04% 2,324 2,320 6,865 6,870 2014 Seven-Year Term Loan (7)(8) 150,000 January 2022 3.43% 1,319 — 1,414 — Total $ 1,175,000 $ 9,842 $ 7,492 $ 26,025 $ 21,764 (1) Interest rate at September 30, 2015 gives effect to interest rate hedges, as applicable. (2) At September 30, 2015 there was $300.0 million of borrowing capacity on the Revolver. (3) Includes an unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2015 , respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2014 , respectively. (4) Includes interest expense related to an interest rate hedge of $1.3 million and $3.7 million for the three and nine months ended September 30, 2015 , respectively, and $1.3 million and $3.8 million for the three and nine months ended September 30, 2014 , respectively. (5) Includes interest expense related to an interest rate hedge of $1.0 million and $2.4 million for the three and nine months ended September 30, 2015 , respectively. (6) Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2015 , respectively, and $1.0 million and $3.1 million for the three and nine months ended September 30, 2014 , respectively. (7) Includes an unused facility fee of $0 and $0.1 million for the three and nine months ended September 30, 2015 , respectively. (8) Includes interest expense related to an interest rate hedge of $0.6 million and $0.6 million for the three and nine months ended September 30, 2015 , respectively. Mortgage Loans As of September 30, 2015 and December 31, 2014 , the Company was subject to the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at September 30, 2015 (1) Maturity Date September 30, 2015 December 31, 2014 PNC Bank (2) 5 2.54 % (3) May 2016 (5) $ 74,000 $ 74,000 Wells Fargo (6) 4 4.19 % (4) September 2016 (7) 150,000 150,000 Wells Fargo 4 3.98 % (3) October 2017 (7) 150,000 143,000 Wells Fargo 1 5.25 % June 2022 33,389 — Capmark Financial Group May 2015 — 10,513 Capmark Financial Group June 2015 — 4,561 Barclays Bank June 2015 — 107,544 Barclays Bank June 2015 — 26,775 Capmark Financial Group July 2015 — 6,214 Barclays Bank September 2015 — 10,140 14 $ 407,389 $ 532,747 (1) Interest rate at September 30, 2015 gives effect to interest rate hedges, as applicable. (2) The five hotels encumbered by the PNC Bank loan are cross-collateralized. (3) Requires payments of interest only until the commencement of the extension period(s). (4) Requires payments of interest only until October 2015. (5) Maturity date may be extended for a one -year term at the Company’s option, subject to certain lender requirements. (6) Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized. (7) Maturity date may be extended for four one -year terms at the Company’s option, subject to certain lender requirements. Mortgage interest expense for the three and nine months ended September 30, 2015 was $3.7 million and $12.5 million , respectively, including interest expense related to interest rate hedges of $1.2 million and $3.6 million , respectively. Mortgage interest expense for the three and nine months ended September 30, 2014 was $5.8 million and $17.4 million , respectively, including interest expense related to interest rate hedges of $0.6 million and $1.9 million , respectively. Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these covenants at September 30, 2015 and December 31, 2014 .

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company employs derivative instruments to hedge against interest rate fluctuations. For derivative instruments designated as cash flow hedges, unrealized gains and losses on the effective portion are reported in accumulated other comprehensive loss, a component of shareholders’ equity. Unrealized gains and losses on the ineffective portion of all designated hedges are recognized in earnings in the current period. For derivative instruments not designated as hedging instruments, unrealized gains or losses are recognized in earnings in the current period. At September 30, 2015 and December 31, 2014 , all derivative instruments were designated as cash flow hedges. At September 30, 2015 and December 31, 2014 , the aggregate fair value of interest rate swap liabilities of $32.3 million and $13.6 million , respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of September 30, 2015 and December 31, 2014 , the Company had entered into the following derivative instruments (in thousands): Notional value at Fair value at Hedge type September 30, 2015 December 31, 2014 Interest rate Maturity September 30, 2015 December 31, 2014 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (2,810 ) $ (232 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (3,694 ) (2,182 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (4,015 ) (2,596 ) Swap-cash flow 16,500 16,500 1.83% September 2018 (487 ) (315 ) Swap-cash flow 16,500 16,500 1.75% September 2018 (451 ) (270 ) Swap-cash flow 40,500 40,500 1.83% September 2018 (1,196 ) (772 ) Swap-cash flow 41,500 41,500 1.75% September 2018 (1,134 ) (678 ) Swap-cash flow 18,000 18,000 1.83% September 2018 (531 ) (343 ) Swap-cash flow 17,000 17,000 1.75% September 2018 (464 ) (278 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (4,743 ) (3,073 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (3,534 ) (2,145 ) Swap-cash flow 125,000 — 1.27% March 2019 (1,436 ) — Swap-cash flow (1) 100,000 — 1.96% March 2019 (691 ) — Swap-cash flow (1) 50,000 — 1.85% March 2019 (272 ) — Swap-cash flow (1) 50,000 — 1.81% March 2019 (246 ) — Swap-cash flow (1) 25,000 — 1.74% March 2019 (101 ) — Swap-cash flow 143,000 143,000 1.81% October 2020 (4,149 ) (760 ) Swap-cash flow 50,000 — 1.61% June 2021 (742 ) — Swap-cash flow 50,000 — 1.56% June 2021 (577 ) — Swap-cash flow 50,000 — 1.71% June 2021 (1,021 ) — $ 1,643,000 $ 1,143,000 $ (32,294 ) $ (13,644 ) (1) Effective between the maturity of the existing swap in November 2017 and the maturity of the debt in March 2019. As of September 30, 2015 and December 31, 2014 , there was approximately $32.3 million and $13.6 million , respectively, in net unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on designated hedges during the three and nine month periods ended September 30, 2015 and 2014 . For the three and nine months ended September 30, 2015 , approximately $5.0 million and $13.3 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the three and nine months ended September 30, 2014 , approximately $3.0 million and $8.7 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $17.5 million of the net unrealized losses included in accumulated other comprehensive loss at September 30, 2015 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The estimated fair values of financial instruments have been determined by the Company using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short maturities. • Variable rate mortgage notes payable and borrowings under the Revolver and Term Loans — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value, as they bear interest at market rates. The Company determined that its variable rate mortgage notes payable and borrowings under the Revolver and Term Loans are classified in Level 3 of the fair value hierarchy. • Fixed rate mortgage notes payable — The fair value estimated at September 30, 2015 and December 31, 2014 of $36.1 million and $171.1 million , respectively, is calculated based on the net present value of payments over the term of the loans using estimated market rates for similar mortgage loans with similar terms and loan-to-value ratios. As a result, the Company determined that its fixed rate mortgage notes payable in their entirety are classified in Level 3 of the fair value hierarchy. The carrying value of fixed rate mortgage notes payable at September 30, 2015 and December 31, 2014 was $33.4 million and $165.7 million , respectively. Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial liabilities measured at fair value on a recurring basis as of September 30, 2015 (in thousands): Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (32,294 ) $ — $ (32,294 ) The following table presents the Company’s fair value hierarchy for those financial liabilities measured at fair value on a recurring basis as of December 31, 2014 (in thousands): Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (13,644 ) $ — $ (13,644 ) The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2015 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code when it filed its U.S. federal tax return for its short taxable year ended December 31, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to its shareholders, subject to certain adjustments and excluding any net capital gain. The Company’s intention is to adhere to these requirements and maintain the qualification for taxation as a REIT. As a REIT, the Company is not subject to federal corporate income tax on that portion of net income that is currently distributed to its shareholders. However, the Company’s taxable REIT subsidiaries ("TRS") will generally be subject to federal, state, and local income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. The Company had no accruals for tax uncertainties as of September 30, 2015 and December 31, 2014 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain reserve funds for capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve restricted cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of September 30, 2015 and December 31, 2014 , approximately $57.5 million and $63.1 million , respectively, was available in restricted cash reserves for future capital expenditures, real estate taxes and insurance. Litigation Neither the Company nor any of its subsidiaries are currently involved in any regulatory or legal proceedings that management believes will have a material adverse effect on the financial position, operations or liquidity of the Company. Data Breach During the first quarter of 2014, one of the Company's third-party hotel managers notified the Company of a data breach that occurred over a nine -month period ending in December 2013 affecting a number of hotels it manages, including seven hotels that are owned by the Company. During the first quarter of 2015, the same third-party hotel manager notified the Company of a second data breach that occurred over a seven -month period ending in February 2015 affecting a number of hotels it manages, including six hotels owned by the Company. The third-party hotel manager is cooperating with the relevant authorities in their investigations of these criminal cyber-attacks. The Company and its third-party hotel manager are continuing to take steps to assess and further strengthen information security systems. The Company believes that each of the credit card companies impacted may seek to impose fines, fees or assessments in connection with the breach against various parties, including the Company. The Company may also incur other costs, including legal fees and other professional services fees, related to investigating the breach. Because the investigation into each of these matters is ongoing and certain factual and legal questions remain unanswered, the Company is unable to estimate with certainty the total costs, fines, fees or assessments that may be associated with any potential claims. However, the Company currently believes that any amounts that the Company may ultimately be required to pay as a result of this incident will not be material to its financial position, results of operations or cash flows. Management Agreements As of September 30, 2015 , 127 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 3 to 30 years. This number includes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to a management agreement. Each management company receives a base management fee generally between 3.0% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally equal to 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on their investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2015 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $10.4 million and $33.8 million , respectively. For the three and nine months ended September 30, 2014 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $11.6 million and $32.6 million , respectively. Franchise Agreements As of September 30, 2015 , 112 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to their respective management agreements. Franchise agreements allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 4.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs generally between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee generally between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2015 , the Company incurred franchise fee expense of approximately $18.6 million and $54.9 million , respectively. For the three and nine months ended September 30, 2014 , the Company incurred franchise fee expense of approximately $19.1 million and $53.9 million , respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Equity On May 1, 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $200.0 million of the Company's common shares through April 30, 2016 . Between May 1, 2015 and September 30, 2015 , the Company repurchased 6,992,708 of its common shares for approximately $199.9 million . On October 30, 2015, the Company's board of trustees extended the duration of the share repurchase program to December 31, 2016 and increased the amount by $200.0 million to a total of $400.0 million . On May 22, 2014, the Company issued and sold 9,200,000 common shares of beneficial interest, $0.01 par value per share, at a price per share of $26.45 , for total gross proceeds of $243.3 million . The Company received aggregate net proceeds of approximately $232.8 million .

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan On May 1, 2015, the Company’s shareholders approved the 2015 Equity Incentive Plan (the "2015 Plan"), which constitutes an amendment and restatement of the 2011 Equity Incentive Plan (the "2011 Plan"), including an increase in the total number of available shares under the 2015 Plan by 2,500,000 shares and changes to certain other terms of the 2011 Plan. The Company may issue equity-based awards to officers, employees, non-employee trustees and other eligible persons under the 2015 Plan. The 2015 Plan provides for a maximum of 7,500,000 common shares of beneficial interest to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2015 Plan as compensation to officers, employees and non-employee trustees. The shares issued to officers and employees vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company may also award unrestricted shares under the 2015 Plan as compensation to non-employee trustees that would otherwise be paid in cash for their services. The shares issued to non-employee trustees are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested shares as of September 30, 2015 is as follows: 2015 Number of Weighted-Average Unvested at January 1, 731,459 $ 21.21 Granted (1) 290,974 32.16 Vested (1) (382,475 ) 21.09 Forfeited (12,376 ) 25.65 Unvested at September 30, 627,582 $ 26.27 (1) Includes 3,477 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $28.55 . For the three and nine months ended September 30, 2015 , the Company recognized approximately $2.0 million and $7.6 million , respectively, of share-based compensation expense related to restricted share awards. For the three and nine months ended September 30, 2014 , the Company recognized approximately $2.7 million and $7.9 million , respectively, of share-based compensation expense related to restricted share awards. As of September 30, 2015 , there was $15.6 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be primarily recognized over a weighted-average period of 2.6 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the nine months ended September 30, 2015 was approximately $11.8 million . Performance Units In July 2012, the Company awarded performance units to certain employees. The performance units vested over a four -year period, including three years of performance-based vesting ("measurement period") plus an additional one year of time-based vesting. In July 2015, following the end of the measurement period, the Company issued 838,934 restricted shares upon conversion of the performance units. Half of the restricted shares vested immediately with the remaining half vesting in July 2016. As of September 30, 2015 , there were 419,467 unvested restricted shares related to the conversion of the performance units. For the three and nine months ended September 30, 2015 , the Company recognized $0.7 million and $2.9 million of share-based compensation expense related to the performance units, respectively. For the three and nine months ended September 30, 2014 , the Company recognized $1.1 million and $3.4 million of share-based compensation expense related to the performance units, respectively. As of September 30, 2015 , there was $1.6 million of total unrecognized compensation cost related to the performance units. As of September 30, 2015 , there were 4,123,948 common shares available for future grant under the 2015 Plan.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including gain or loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including gain or loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to participating shares, they would be deducted from net income attributable to common shareholders utilized in the basic and diluted earnings per share calculations. For the three and nine months ended September 30, 2015 , $0 and $0.1 million , respectively, represented undistributed earnings that were allocated to participating shares. For the three and nine months ended September 30, 2014 , $0 and $39 thousand , respectively, represented undistributed earnings that were allocated to participating shares. The limited partners’ outstanding OP units (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and nine months ended September 30, 2015 and 2014 , since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Numerator Net income attributable to common shareholders $ 40,594 $ 36,760 $ 144,435 $ 101,596 Less: Dividends paid on unvested restricted shares (346 ) (262 ) (863 ) (731 ) Less: Undistributed earnings attributable to unvested restricted shares — — (136 ) (39 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 40,248 $ 36,498 $ 143,436 $ 100,826 Denominator Weighted-average number of common shares - basic 127,663,480 131,106,440 129,855,686 126,070,309 Unvested restricted shares 479,674 318,145 554,927 306,630 Unvested performance units — 962,258 — 920,962 Weighted-average number of common shares - diluted 128,143,154 132,386,843 130,410,613 127,297,901 Net income attributable to common shareholders - basic $ 0.32 $ 0.28 $ 1.10 $ 0.80 Net income attributable to common shareholders - diluted $ 0.31 $ 0.28 $ 1.10 $ 0.79

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the nine months ended September 30, 2015 2014 Interest paid, net of capitalized interest $ 34,968 $ 39,318 Income taxes paid $ 1,391 $ 1,989 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ 175,900 $ 631,950 Restricted cash reserves 1,548 — Accounts receivable 179 807 Other assets 120 1,671 Mortgage debt assumed (33,389 ) — Advance deposits (46 ) (659 ) Accounts payable and other liabilities (543 ) (2,129 ) Acquisition of hotel properties, net $ 143,769 $ 631,640 In conjunction with the disposals, the Company recorded the following Disposal of hotel properties $ 238,450 $ 128,000 Disposition costs (8,781 ) (2,846 ) Operating prorations 3,269 (1,078 ) Proceeds from the disposal of hotel properties, net $ 232,938 $ 124,076 Supplemental non-cash transactions Accrued capital expenditures $ 3,147 $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 14 2015, the Company sold the 221 -room Embassy Suites Columbus, located in Columbus, OH, for a sales price of $14.1 million . On October 30, 2015, the Company's board of trustees extended the duration of the share repurchase program to December 31, 2016 and increased the amount by $200.0 million to a total of $400.0 million .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows for the periods presented. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2014 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2015. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of actual operating results for the entire year. The consolidated financial statements include all subsidiaries controlled by the Company. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the consolidated financial statements. As of September 30, 2015 , the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. As of September 30, 2015 , the Company consolidated the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in Operating Partnership on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and expands disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 requires reporting entities to reevaluate whether they should consolidate certain legal entities under the revised consolidation model. This standard modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs, especially those that have fee arrangements and related party relationships. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . ASU 2015-15 allows debt issuance costs related to a line of credit arrangement to be presented in the balance sheet as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are any amounts outstanding on the line of credit arrangement. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment be recognized in the period in which the adjustment is identified. The guidance is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows.
Management Agreements	Management Agreements As of September 30, 2015 , 127 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 3 to 30 years. This number includes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to a management agreement. Each management company receives a base management fee generally between 3.0% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally equal to 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on their investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations.
Franchise Agreements	Franchise Agreements As of September 30, 2015 , 112 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to their respective management agreements. Franchise agreements allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 4.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs generally between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee generally between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations.
Share Awards	Share Awards From time to time, the Company may award unvested restricted shares under the 2015 Plan as compensation to officers, employees and non-employee trustees. The shares issued to officers and employees vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company may also award unrestricted shares under the 2015 Plan as compensation to non-employee trustees that would otherwise be paid in cash for their services. The shares issued to non-employee trustees are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.
Earnings Per Share	Basic earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including gain or loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including gain or loss on disposal of hotel properties, by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to participating shares, they would be deducted from net income attributable to common shareholders utilized in the basic and diluted earnings per share calculations.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties as of September 30, 2015 and December 31, 2014 consisted of the following (in thousands): September 30, 2015 December 31, 2014 Land and improvements $ 735,068 $ 706,497 Buildings and improvements 3,192,290 3,005,390 Furniture, fixtures and equipment 550,867 498,126 Intangible assets 2,507 2,507 4,480,732 4,212,520 Accumulated depreciation and amortization (803,346 ) (693,717 ) Investment in hotels properties, net $ 3,677,386 $ 3,518,803

Acquisition of Hotel Properti24

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of properties acquired	During the nine months ended September 30, 2015 , the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hyatt Place Washington DC Downtown K Street Washington, DC July 15, 2015 Aimbridge Hospitality 164 $ 68,000 Homewood Suites Seattle Lynnwood Lynnwood, WA July 20, 2015 InnVentures 170 37,900 Residence Inn Palo Alto Los Altos Los Altos, CA September 25, 2015 InnVentures 156 70,000 490 $ 175,900 During the nine months ended September 30, 2014 , the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hyatt House Charlotte Center City Charlotte, NC March 12, 2014 Hyatt Affiliate 163 $ 32,496 Hyatt House Cypress Anaheim Cypress, CA March 12, 2014 Hyatt Affiliate 142 14,753 Hyatt House Emeryville San Francisco Bay Area Emeryville, CA March 12, 2014 Hyatt Affiliate 234 39,274 Hyatt House San Diego Sorrento Mesa San Diego, CA March 12, 2014 Hyatt Affiliate 193 35,985 Hyatt House San Jose Silicon Valley San Jose, CA March 12, 2014 Hyatt Affiliate 164 44,159 Hyatt House San Ramon San Ramon, CA March 12, 2014 Hyatt Affiliate 142 20,833 Hyatt House Santa Clara Santa Clara, CA March 12, 2014 Hyatt Affiliate 150 40,570 Hyatt Market Street The Woodlands The Woodlands, TX March 12, 2014 Hyatt Corporation 70 25,817 Hyatt Place Fremont Silicon Valley Fremont, CA March 12, 2014 Hyatt Affiliate 151 23,525 Hyatt Place Madison Downtown Madison, WI March 12, 2014 Hyatt Affiliate 151 35,088 Courtyard Portland City Center Portland, OR May 22, 2014 Sage Hospitality 256 67,000 Embassy Suites Irvine Orange County Irvine, CA May 22, 2014 Sage Hospitality 293 53,000 Hilton Cabana Miami Beach Miami, FL June 19, 2014 Highgate Hotels 231 71,700 Hyatt Atlanta Midtown Atlanta, GA July 14, 2014 Interstate Hotels and Resorts 194 49,500 DoubleTree Grand Key Resort (1) Key West, FL September 11, 2014 Interstate Hotels and Resorts 215 78,250 2,749 $ 631,950 (1) Purchase price includes $1.3 million paid for five condominium units.
Schedule of allocation of the purchase price	The allocation of the purchase price for the properties acquired during the nine months ended September 30, 2015 and 2014 was as follows (in thousands): For the nine months ended September 30, 2015 2014 Land and improvements $ 28,696 $ 164,335 Buildings and improvements 135,174 409,506 Furniture, fixtures and equipment 12,030 57,571 Intangible and other assets — 538 Total purchase price $ 175,900 $ 631,950
Schedule of total revenues and net income or loss from the properties acquired	For properties acquired during the nine months ended September 30, 2015 , total revenues and net loss from the date of acquisition through September 30, 2015 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2015 as follows (in thousands): 2015 acquisitions For the three months ended September 30, 2015 For the nine months ended September 30, 2015 Revenue $ 3,905 $ 3,905 Net loss $ (1,674 ) $ (1,674 ) For properties acquired during the nine months ended September 30, 2014 , total revenues and net income from the date of acquisition through September 30, 2014 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014 as follows (in thousands): 2014 acquisitions For the three months ended September 30, 2014 For the nine months ended September 30, 2014 Revenue $ 38,181 $ 67,988 Net income $ 8,628 $ 11,639
Schedule of unaudited condensed pro forma financial information	The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Revenue $ 293,099 $ 305,610 $ 874,190 $ 881,605 Net income attributable to common shareholders $ 43,341 $ 38,391 $ 148,103 $ 111,083 Net income per share attributable to common shareholders - basic $ 0.34 $ 0.29 $ 1.14 $ 0.88 Net income per share attributable to common shareholders - diluted $ 0.34 $ 0.29 $ 1.14 $ 0.87 Weighted average number of shares outstanding - basic 127,663,480 131,106,440 129,855,686 126,070,309 Weighted average number of shares outstanding - diluted 128,143,154 132,386,843 130,410,613 127,297,901

Disposal of Hotel Properties (T

Disposal of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed during period	The following table provides a list of properties that were sold during the nine months ended September 30, 2014 : Property Name Location Disposal Date Rooms Courtyard Denver Southwest Lakewood Lakewood, CO February 20, 2014 90 Residence Inn Denver Southwest Lakewood Lakewood, CO February 20, 2014 102 Hyatt House Colorado Springs Colorado Springs, CO February 20, 2014 125 SpringHill Suites Gainesville Gainesville, FL February 20, 2014 126 Residence Inn Indianapolis Airport Indianapolis, IN February 20, 2014 95 Fairfield Inn & Suites Indianapolis Airport Indianapolis, IN February 20, 2014 86 Courtyard Grand Rapids Airport Kentwood, MI February 20, 2014 84 Hampton Inn Suites Las Vegas Red Rock Summerlin Las Vegas, NV February 20, 2014 106 Courtyard Austin University Area Austin, TX February 20, 2014 198 Fairfield Inn & Suites Austin University Area Austin, TX February 20, 2014 63 Hyatt House Dallas Richardson Richardson, TX February 20, 2014 130 Hilton Garden Inn St. George St. George, UT February 25, 2014 150 Hilton Mystic Mystic, CT March 26, 2014 182 Holiday Inn Austin NW Arboretum Area Austin, TX June 18, 2014 194 Total 1,731 The following table provides a list of properties that were sold during the nine months ended September 30, 2015 : Property Name Location Disposal Date Rooms Courtyard Chicago Schaumburg Schaumburg, IL February 23, 2015 162 Courtyard Detroit Pontiac Bloomfield Pontiac, MI February 23, 2015 110 Courtyard Grand Junction Grand Junction, CO February 23, 2015 136 Courtyard Mesquite Mesquite, TX February 23, 2015 101 Courtyard San Antonio Airport Northstar San Antonio, TX February 23, 2015 78 Courtyard Tampa Brandon Tampa, FL February 23, 2015 90 Fairfield Inn & Suites Merrillville Merrillville, IN February 23, 2015 112 Fairfield Inn & Suites San Antonio Airport San Antonio, TX February 23, 2015 120 Fairfield Inn & Suites Tampa Brandon Tampa, FL February 23, 2015 107 Hampton Inn Merrillville Merrillville, IN February 23, 2015 64 Holiday Inn Grand Rapids Airport Kentwood, MI February 23, 2015 148 Homewood Suites Tampa Brandon Tampa, FL February 23, 2015 126 Marriott Auburn Hills Pontiac at Centerpoint Pontiac, MI February 23, 2015 290 Residence Inn Austin Round Rock Round Rock, TX February 23, 2015 96 Residence Inn Chicago Schaumburg Schaumburg, IL February 23, 2015 125 Residence Inn Detroit Pontiac Auburn Hills Pontiac, MI February 23, 2015 114 Residence Inn Grand Junction Grand Junction, CO February 23, 2015 104 Residence Inn Indianapolis Carmel Carmel, IN February 23, 2015 120 Springhill Suites Chicago Schaumburg Schaumburg, IL February 23, 2015 132 Springhill Suites Indianapolis Carmel Carmel, IN February 23, 2015 126 Fairfield Inn and Suites Valparaiso Valparaiso, IN May 22, 2015 63 Residence Inn South Bend South Bend, IN July 7, 2015 80 Total 2,604

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Revolver and Term Loans	As of and for the three and nine months ended September 30, 2015 and 2014 , details of the Revolver and Term Loans are as follows (in thousands): Interest expense for the three months ended September 30, nine months ended September 30, Outstanding Borrowings at September 30, 2015 Maturity Date Interest Rate at September 30, 2015 (1) 2015 2014 2015 2014 Revolver (2)(3) $ — November 2016 n/a $ 268 $ 287 $ 793 $ 906 2013 Five-Year Term Loan (4) 400,000 August 2018 3.07% 3,148 3,137 9,294 9,090 2012 Five-Year Term Loan (5) 400,000 March 2019 2.72% 2,783 1,748 7,659 4,898 2012 Seven-Year Term Loan (6) 225,000 November 2019 4.04% 2,324 2,320 6,865 6,870 2014 Seven-Year Term Loan (7)(8) 150,000 January 2022 3.43% 1,319 — 1,414 — Total $ 1,175,000 $ 9,842 $ 7,492 $ 26,025 $ 21,764 (1) Interest rate at September 30, 2015 gives effect to interest rate hedges, as applicable. (2) At September 30, 2015 there was $300.0 million of borrowing capacity on the Revolver. (3) Includes an unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2015 , respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2014 , respectively. (4) Includes interest expense related to an interest rate hedge of $1.3 million and $3.7 million for the three and nine months ended September 30, 2015 , respectively, and $1.3 million and $3.8 million for the three and nine months ended September 30, 2014 , respectively. (5) Includes interest expense related to an interest rate hedge of $1.0 million and $2.4 million for the three and nine months ended September 30, 2015 , respectively. (6) Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2015 , respectively, and $1.0 million and $3.1 million for the three and nine months ended September 30, 2014 , respectively. (7) Includes an unused facility fee of $0 and $0.1 million for the three and nine months ended September 30, 2015 , respectively. (8) Includes interest expense related to an interest rate hedge of $0.6 million and $0.6 million for the three and nine months ended September 30, 2015 , respectively.
Schedule of mortgage loans	As of September 30, 2015 and December 31, 2014 , the Company was subject to the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at September 30, 2015 (1) Maturity Date September 30, 2015 December 31, 2014 PNC Bank (2) 5 2.54 % (3) May 2016 (5) $ 74,000 $ 74,000 Wells Fargo (6) 4 4.19 % (4) September 2016 (7) 150,000 150,000 Wells Fargo 4 3.98 % (3) October 2017 (7) 150,000 143,000 Wells Fargo 1 5.25 % June 2022 33,389 — Capmark Financial Group May 2015 — 10,513 Capmark Financial Group June 2015 — 4,561 Barclays Bank June 2015 — 107,544 Barclays Bank June 2015 — 26,775 Capmark Financial Group July 2015 — 6,214 Barclays Bank September 2015 — 10,140 14 $ 407,389 $ 532,747 (1) Interest rate at September 30, 2015 gives effect to interest rate hedges, as applicable. (2) The five hotels encumbered by the PNC Bank loan are cross-collateralized. (3) Requires payments of interest only until the commencement of the extension period(s). (4) Requires payments of interest only until October 2015. (5) Maturity date may be extended for a one -year term at the Company’s option, subject to certain lender requirements. (6) Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized. (7) Maturity date may be extended for four one -year terms at the Company’s option, subject to certain lender requirements.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	As of September 30, 2015 and December 31, 2014 , the Company had entered into the following derivative instruments (in thousands): Notional value at Fair value at Hedge type September 30, 2015 December 31, 2014 Interest rate Maturity September 30, 2015 December 31, 2014 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (2,810 ) $ (232 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (3,694 ) (2,182 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (4,015 ) (2,596 ) Swap-cash flow 16,500 16,500 1.83% September 2018 (487 ) (315 ) Swap-cash flow 16,500 16,500 1.75% September 2018 (451 ) (270 ) Swap-cash flow 40,500 40,500 1.83% September 2018 (1,196 ) (772 ) Swap-cash flow 41,500 41,500 1.75% September 2018 (1,134 ) (678 ) Swap-cash flow 18,000 18,000 1.83% September 2018 (531 ) (343 ) Swap-cash flow 17,000 17,000 1.75% September 2018 (464 ) (278 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (4,743 ) (3,073 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (3,534 ) (2,145 ) Swap-cash flow 125,000 — 1.27% March 2019 (1,436 ) — Swap-cash flow (1) 100,000 — 1.96% March 2019 (691 ) — Swap-cash flow (1) 50,000 — 1.85% March 2019 (272 ) — Swap-cash flow (1) 50,000 — 1.81% March 2019 (246 ) — Swap-cash flow (1) 25,000 — 1.74% March 2019 (101 ) — Swap-cash flow 143,000 143,000 1.81% October 2020 (4,149 ) (760 ) Swap-cash flow 50,000 — 1.61% June 2021 (742 ) — Swap-cash flow 50,000 — 1.56% June 2021 (577 ) — Swap-cash flow 50,000 — 1.71% June 2021 (1,021 ) — $ 1,643,000 $ 1,143,000 $ (32,294 ) $ (13,644 ) (1) Effective between the maturity of the existing swap in November 2017 and the maturity of the debt in March 2019.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those financial liabilities measured at fair value on a recurring basis as of September 30, 2015 (in thousands): Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (32,294 ) $ — $ (32,294 ) The following table presents the Company’s fair value hierarchy for those financial liabilities measured at fair value on a recurring basis as of December 31, 2014 (in thousands): Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (13,644 ) $ — $ (13,644 )

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Restricted share awards
Equity Incentive Plan
Summary of the non-vested shares	A summary of the unvested shares as of September 30, 2015 is as follows: 2015 Number of Weighted-Average Unvested at January 1, 731,459 $ 21.21 Granted (1) 290,974 32.16 Vested (1) (382,475 ) 21.09 Forfeited (12,376 ) 25.65 Unvested at September 30, 627,582 $ 26.27 (1) Includes 3,477 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $28.55 .

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Numerator Net income attributable to common shareholders $ 40,594 $ 36,760 $ 144,435 $ 101,596 Less: Dividends paid on unvested restricted shares (346 ) (262 ) (863 ) (731 ) Less: Undistributed earnings attributable to unvested restricted shares — — (136 ) (39 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 40,248 $ 36,498 $ 143,436 $ 100,826 Denominator Weighted-average number of common shares - basic 127,663,480 131,106,440 129,855,686 126,070,309 Unvested restricted shares 479,674 318,145 554,927 306,630 Unvested performance units — 962,258 — 920,962 Weighted-average number of common shares - diluted 128,143,154 132,386,843 130,410,613 127,297,901 Net income attributable to common shareholders - basic $ 0.32 $ 0.28 $ 1.10 $ 0.80 Net income attributable to common shareholders - diluted $ 0.31 $ 0.28 $ 1.10 $ 0.79

Supplemental Information to S31

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the nine months ended September 30, 2015 2014 Interest paid, net of capitalized interest $ 34,968 $ 39,318 Income taxes paid $ 1,391 $ 1,989 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ 175,900 $ 631,950 Restricted cash reserves 1,548 — Accounts receivable 179 807 Other assets 120 1,671 Mortgage debt assumed (33,389 ) — Advance deposits (46 ) (659 ) Accounts payable and other liabilities (543 ) (2,129 ) Acquisition of hotel properties, net $ 143,769 $ 631,640 In conjunction with the disposals, the Company recorded the following Disposal of hotel properties $ 238,450 $ 128,000 Disposition costs (8,781 ) (2,846 ) Operating prorations 3,269 (1,078 ) Proceeds from the disposal of hotel properties, net $ 232,938 $ 124,076 Supplemental non-cash transactions Accrued capital expenditures $ 3,147 $ —

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2015propertyloanstateroomshares
Sale of Stock
OP units outstanding (in units) | shares	126,620,018
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.30%
Number of properties owned | property	127
Number of hotel rooms owned | room	21,100
Number of states in which hotels owned by the entity are located	22
Number of mortgage loans owned | loan	1
Ownership interest in assets (as a percent)	100.00%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)	98.30%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details)	Sep. 30, 2015
Consolidated Joint Venture [Member]
Noncontrolling Interest
Ownership interest of non controlling third party	1.70%
Partnership Interest [Member]
Noncontrolling Interest
Ownership interest of non controlling third party	0.70%

Investment in Hotel Propertie34

Investment in Hotel Properties (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)hotel	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)hotel	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Abstract]
Land and improvements	$ 735,068		$ 735,068		$ 706,497
Buildings and improvements	3,192,290		3,192,290		3,005,390
Furniture, fixtures and equipment	550,867		550,867		498,126
Intangible assets	2,507		2,507		2,507
Total	4,480,732		4,480,732		4,212,520
Accumulated depreciation and amortization	(803,346)		(803,346)		(693,717)
Investment in hotel and other properties, net	3,677,386		3,677,386		$ 3,518,803
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	39,700	$ 37,100	114,500	$ 105,200
Impairment loss	$ 0	$ 9,200	$ 0	$ 9,200
Number of impaired properties | hotel		3		3

Acquisition of Hotel Properti35

Acquisition of Hotel Properties (Details) $ / shares in Units, $ in Thousands	Sep. 25, 2015USD ($)room	Jul. 20, 2015USD ($)room	Jul. 15, 2015USD ($)room	Sep. 11, 2014USD ($)roomcondominium	Jul. 14, 2014USD ($)room	Jun. 19, 2014USD ($)room	May. 22, 2014USD ($)room	Mar. 12, 2014USD ($)room	Sep. 30, 2015USD ($)room$ / sharesshares	Sep. 30, 2014USD ($)room$ / sharesshares	Sep. 30, 2015USD ($)room$ / sharesshares	Sep. 30, 2014USD ($)room$ / sharesshares
Acquisition of Hotel Properties
% Interest											100.00%
Rooms/Condominium Units | room									21,100		21,100
Land and improvements									$ 28,696	$ 164,335	$ 28,696	$ 164,335
Buildings and improvements									135,174	409,506	135,174	409,506
Furniture, fixtures and equipment									12,030	57,571	12,030	57,571
Intangible and other assets									0	538	0	538
Total purchase price									175,900	631,950	175,900	631,950
Unaudited condensed pro forma financial information
Revenue									293,099	305,610	874,190	881,605
Net income attributable to common shareholders									$ 43,341	$ 38,391	$ 148,103	$ 111,083
Net income per share attributable to common shareholders - basic (in dollars per share) | $ / shares									$ 0.34	$ 0.29	$ 1.14	$ 0.88
Net income per share attributable to common shareholders - diluted (in dollars per share) | $ / shares									$ 0.34	$ 0.29	$ 1.14	$ 0.87
Weighted-average number of shares outstanding - basic (in shares) | shares									127,663,480	131,106,440	129,855,686	126,070,309
Weighted-average number of shares outstanding - diluted (in shares) | shares									128,143,154	132,386,843	130,410,613	127,297,901
Acquisitions 2,015
Acquisition of Hotel Properties
Rooms/Condominium Units | room									490		490
Purchase Price											$ 175,900
Total revenues and net income (loss) from hotels acquired
Revenue									$ 3,905		3,905
Net income (loss)									$ (1,674)		$ (1,674)
Hyatt Place Washington DC Downtown K Street
Acquisition of Hotel Properties
Rooms/Condominium Units | room			164
Purchase Price			$ 68,000
Homewood Suites Seattle Lynnwood
Acquisition of Hotel Properties
Rooms/Condominium Units | room		170
Purchase Price		$ 37,900
Residence Inn Palo Alto Los Altos
Acquisition of Hotel Properties
Rooms/Condominium Units | room	156
Purchase Price	$ 70,000
2014 Acquisitions
Acquisition of Hotel Properties
Rooms/Condominium Units | room										2,749		2,749
Purchase Price												$ 631,950
Total revenues and net income (loss) from hotels acquired
Revenue										$ 38,181		67,988
Net income (loss)										$ 8,628		$ 11,639
Hyatt House Charlotte Center City
Acquisition of Hotel Properties
Rooms/Condominium Units | room								163
Purchase Price								$ 32,496
Hyatt House Cypress Anaheim
Acquisition of Hotel Properties
Rooms/Condominium Units | room								142
Purchase Price								$ 14,753
Hyatt House Emeryville San Francisco Bay Area
Acquisition of Hotel Properties
Rooms/Condominium Units | room								234
Purchase Price								$ 39,274
Hyatt House San Diego Sorrento Mesa
Acquisition of Hotel Properties
Rooms/Condominium Units | room								193
Purchase Price								$ 35,985
Hyatt House San Jose Silicon Valley
Acquisition of Hotel Properties
Rooms/Condominium Units | room								164
Purchase Price								$ 44,159
Hyatt House San Ramon
Acquisition of Hotel Properties
Rooms/Condominium Units | room								142
Purchase Price								$ 20,833
Hyatt House Santa Clara
Acquisition of Hotel Properties
Rooms/Condominium Units | room								150
Purchase Price								$ 40,570
Hyatt Market Street The Woodlands
Acquisition of Hotel Properties
Rooms/Condominium Units | room								70
Purchase Price								$ 25,817
Hyatt Place Fremont Silicon Valley
Acquisition of Hotel Properties
Rooms/Condominium Units | room								151
Purchase Price								$ 23,525
Hyatt Place Madison Downtown
Acquisition of Hotel Properties
Rooms/Condominium Units | room								151
Purchase Price								$ 35,088
Courtyard Portland City Center
Acquisition of Hotel Properties
Rooms/Condominium Units | room							256
Purchase Price							$ 67,000
Embassy Suites Irvine Orange County
Acquisition of Hotel Properties
Rooms/Condominium Units | room							293
Purchase Price							$ 53,000
Hilton Cabana Miami Beach
Acquisition of Hotel Properties
Rooms/Condominium Units | room						231
Purchase Price						$ 71,700
Hyatt Atlanta Midtown
Acquisition of Hotel Properties
Rooms/Condominium Units | room					194
Purchase Price					$ 49,500
DoubleTree Grand Key Resort
Acquisition of Hotel Properties
Rooms/Condominium Units | room				215
Purchase Price				$ 78,250
Hotel, Condominium Units [Member] | DoubleTree Grand Key Resort
Acquisition of Hotel Properties
Rooms/Condominium Units | condominium				5
Purchase Price				$ 1,300

Disposal of Hotel Properties (N

Disposal of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property
Discontinued Operations and Disposal Groups [Abstract]
Hotel properties disposed, Number | property			22	14
Disposal of hotel properties			$ 238,450	$ 128,000
Gain (loss) on disposal of hotel properties	$ 812	$ 322	$ 23,782	(975)
Cost of defeasance				$ 800

Disposal of Hotel Properties (S

Disposal of Hotel Properties (Schedule of Properties Disposed) (Details) - room	Sep. 30, 2015	Jul. 07, 2015	May. 22, 2015	Feb. 23, 2015	Sep. 30, 2014	Jun. 18, 2014	Mar. 26, 2014	Feb. 25, 2014	Feb. 20, 2014
2015 Disposals
Discontinued operations
Property disposed, number of rooms	2,604
Courtyard Chicago Schaumburg
Discontinued operations
Property disposed, number of rooms				162
Courtyard Detroit Pontiac Bloomfield
Discontinued operations
Property disposed, number of rooms				110
Courtyard Grand Junction
Discontinued operations
Property disposed, number of rooms				136
Courtyard Mesquite
Discontinued operations
Property disposed, number of rooms				101
Courtyard San Antonio Airport Northstar
Discontinued operations
Property disposed, number of rooms				78
Courtyard Tampa Brandon
Discontinued operations
Property disposed, number of rooms				90
Fairfield Inn & Suites Merrillville
Discontinued operations
Property disposed, number of rooms				112
Fairfield Inn & Suites San Antonio Airport
Discontinued operations
Property disposed, number of rooms				120
Fairfield Inn & Suites Tampa Brandon
Discontinued operations
Property disposed, number of rooms				107
Hampton Inn Merrillville
Discontinued operations
Property disposed, number of rooms				64
Holiday Inn Grand Rapids Airport
Discontinued operations
Property disposed, number of rooms				148
Homewood Suites Tampa Brandon
Discontinued operations
Property disposed, number of rooms				126
Marriott Auburn Hills Pontiac at Centerpoint
Discontinued operations
Property disposed, number of rooms				290
Residence Inn Austin Round Rock
Discontinued operations
Property disposed, number of rooms				96
Residence Inn Chicago Schaumburg
Discontinued operations
Property disposed, number of rooms				125
Residence Inn Detroit Pontiac Auburn Hills
Discontinued operations
Property disposed, number of rooms				114
Residence Inn Grand Junction
Discontinued operations
Property disposed, number of rooms				104
Residence Inn Indianapolis Carmel
Discontinued operations
Property disposed, number of rooms				120
Springhill Suites Chicago Schaumburg
Discontinued operations
Property disposed, number of rooms				132
Springhill Suites Indianapolis Carmel
Discontinued operations
Property disposed, number of rooms				126
Fairfield Inn and Suites Valparaiso
Discontinued operations
Property disposed, number of rooms			63
Residence Inn South Bend
Discontinued operations
Property disposed, number of rooms		80
Disposals 2,014
Discontinued operations
Property disposed, number of rooms					1,731
Courtyard Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms									90
Residence Inn Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms									102
Hyatt House Colorado Springs
Discontinued operations
Property disposed, number of rooms									125
SpringHill Suites Gainesville
Discontinued operations
Property disposed, number of rooms									126
Residence Inn Indianapolis Airport
Discontinued operations
Property disposed, number of rooms									95
Fairfield Inn & Suites Indianapolis Airport
Discontinued operations
Property disposed, number of rooms									86
Courtyard Grand Rapids Airport
Discontinued operations
Property disposed, number of rooms									84
Hampton Inn Suites Las Vegas Red Rock Summerlin
Discontinued operations
Property disposed, number of rooms									106
Courtyard Austin University Area
Discontinued operations
Property disposed, number of rooms									198
Fairfield Inn & Suites Austin University Area
Discontinued operations
Property disposed, number of rooms									63
Hyatt House Dallas Richardson
Discontinued operations
Property disposed, number of rooms									130
Hilton Garden Inn St. George
Discontinued operations
Property disposed, number of rooms								150
Hilton Mystic
Discontinued operations
Property disposed, number of rooms							182
Holiday Inn Austin NW Arboretum Area
Discontinued operations
Property disposed, number of rooms						194

Debt (Credit Facilities) (Detai

Debt (Credit Facilities) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt
Outstanding Borrowings	$ 1,175,000,000		$ 1,175,000,000
Interest expense	9,842,000	$ 7,492,000	26,025,000	$ 21,764,000
Revolver
Debt
Maximum borrowing capacity	300,000,000		$ 300,000,000
Additional maturity term			1 year
Outstanding Borrowings	0		$ 0
Interest expense	268,000	287,000	793,000	906,000
Remaining borrowing capacity	300,000,000		300,000,000
Unused facility fee	300,000	300,000	800,000	800,000
2013 Five-Year Term Loan
Debt
Maximum borrowing capacity	400,000,000		$ 400,000,000
Maturity term			5 years
Outstanding Borrowings	$ 400,000,000		$ 400,000,000
Interest Rate	3.07%		3.07%
Interest expense	$ 3,148,000	3,137,000	$ 9,294,000	9,090,000
2013 Five-Year Term Loan | Interest Rate Contract
Debt
Interest expense	1,300,000	1,300,000	3,700,000	3,800,000
2012 Five-Year Term Loan
Debt
Maximum borrowing capacity	400,000,000		$ 400,000,000
Maturity term			5 years
Outstanding Borrowings	$ 400,000,000		$ 400,000,000
Interest Rate	2.72%		2.72%
Interest expense	$ 2,783,000	1,748,000	$ 7,659,000	4,898,000
2012 Five-Year Term Loan | Interest Rate Contract
Debt
Interest expense	1,000,000		2,400,000
2012 Seven-Year Term Loan
Debt
Maximum borrowing capacity	225,000,000		$ 225,000,000
Maturity term			7 years
Outstanding Borrowings	$ 225,000,000		$ 225,000,000
Interest Rate	4.04%		4.04%
Interest expense	$ 2,324,000	2,320,000	$ 6,865,000	6,870,000
2012 Seven-Year Term Loan | Interest Rate Contract
Debt
Interest expense	1,000,000	1,000,000	3,100,000	3,100,000
2014 Seven-Year Term Loan
Debt
Maximum borrowing capacity	150,000,000		$ 150,000,000
Maturity term			7 years
Outstanding Borrowings	$ 150,000,000		$ 150,000,000
Interest Rate	3.43%		3.43%
Interest expense	$ 1,319,000	$ 0	$ 1,414,000	$ 0
Unused facility fee	0		100,000
2014 Seven-Year Term Loan | Interest Rate Contract
Debt
Interest expense	$ 600,000		$ 600,000

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)hotelasset	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)hotelextensionasset	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt
Principal balance	$ 407,389		$ 407,389		$ 532,747
Mortgage interest expense	3,700	$ 5,800	12,500	$ 17,400
Interest expense, hedge	$ 1,200	$ 600	$ 3,600	$ 1,900
Secured Debt
Debt
Number of Assets Encumbered | asset	14		14
Principal balance	$ 407,389		$ 407,389		532,747
Secured Debt | PNC Bank
Debt
Number of Assets Encumbered | asset	5		5
Interest Rate	2.54%		2.54%
Principal balance	$ 74,000		$ 74,000		74,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	5		5
Additional maturity term			1 year
Secured Debt | Wells Fargo 1
Debt
Number of Assets Encumbered | asset	4		4
Interest Rate	4.19%		4.19%
Principal balance	$ 150,000		$ 150,000		150,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	2		2
Additional maturity term			1 year
Number of additional maturity terms | extension			4
Secured Debt | Wells Fargo 2
Debt
Number of Assets Encumbered | asset	4		4
Interest Rate	3.98%		3.98%
Principal balance	$ 150,000		$ 150,000		143,000
Additional maturity term			1 year
Number of additional maturity terms | extension			4
Secured Debt | Wells Fargo 3
Debt
Number of Assets Encumbered | asset	1		1
Interest Rate	5.25%		5.25%
Principal balance	$ 33,389		$ 33,389		0
Secured Debt | Capmark Financial Group 1
Debt
Principal balance	0		0		10,513
Secured Debt | Capmark Financial Group 2
Debt
Principal balance	0		0		4,561
Secured Debt | Barclays Bank 1
Debt
Principal balance	0		0		107,544
Secured Debt | Barclays Bank 2
Debt
Principal balance	0		0		26,775
Secured Debt | Capmark Financial Group 3
Debt
Principal balance	0		0		6,214
Secured Debt | Barclays Bank 3
Debt
Principal balance	$ 0		$ 0		$ 10,140

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivatives and Hedging
Fair value of interest rate swap liabilities	$ 32,294,000		$ 32,294,000		$ 13,644,000
Interest Rate Derivatives
Notional value	1,643,000,000		1,643,000,000		1,143,000,000
Fair value	(32,294,000)		(32,294,000)		(13,644,000)
Unrealized gains (losses) included in accumulated other comprehensive loss	(32,300,000)		(32,300,000)		(13,600,000)
Amount of ineffectiveness on hedges	0	$ 0	0	$ 0
Net unrealized losses in accumulated other comprehensive loss expected to be reclassified into interest expense within the next 12 months	17,500,000		17,500,000
Interest rate swap
Derivatives and Hedging
Fair value of interest rate swap liabilities	32,300,000		32,300,000		13,600,000
Interest Rate Derivatives
Fair value	(32,300,000)		(32,300,000)		(13,600,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type one
Derivatives and Hedging
Fair value of interest rate swap liabilities	2,810,000		2,810,000		232,000
Interest Rate Derivatives
Notional value	$ 275,000,000		$ 275,000,000		275,000,000
Interest rate	1.12%		1.12%
Fair value	$ (2,810,000)		$ (2,810,000)		(232,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type two
Derivatives and Hedging
Fair value of interest rate swap liabilities	3,694,000		3,694,000		2,182,000
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.56%		1.56%
Fair value	$ (3,694,000)		$ (3,694,000)		(2,182,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type three
Derivatives and Hedging
Fair value of interest rate swap liabilities	4,015,000		4,015,000		2,596,000
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.64%		1.64%
Fair value	$ (4,015,000)		$ (4,015,000)		(2,596,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type four
Derivatives and Hedging
Fair value of interest rate swap liabilities	487,000		487,000		315,000
Interest Rate Derivatives
Notional value	$ 16,500,000		$ 16,500,000		16,500,000
Interest rate	1.83%		1.83%
Fair value	$ (487,000)		$ (487,000)		(315,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type five
Derivatives and Hedging
Fair value of interest rate swap liabilities	451,000		451,000		270,000
Interest Rate Derivatives
Notional value	$ 16,500,000		$ 16,500,000		16,500,000
Interest rate	1.75%		1.75%
Fair value	$ (451,000)		$ (451,000)		(270,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type six
Derivatives and Hedging
Fair value of interest rate swap liabilities	1,196,000		1,196,000		772,000
Interest Rate Derivatives
Notional value	$ 40,500,000		$ 40,500,000		40,500,000
Interest rate	1.83%		1.83%
Fair value	$ (1,196,000)		$ (1,196,000)		(772,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type seven
Derivatives and Hedging
Fair value of interest rate swap liabilities	1,134,000		1,134,000		678,000
Interest Rate Derivatives
Notional value	$ 41,500,000		$ 41,500,000		41,500,000
Interest rate	1.75%		1.75%
Fair value	$ (1,134,000)		$ (1,134,000)		(678,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type eight
Derivatives and Hedging
Fair value of interest rate swap liabilities	531,000		531,000		343,000
Interest Rate Derivatives
Notional value	$ 18,000,000		$ 18,000,000		18,000,000
Interest rate	1.83%		1.83%
Fair value	$ (531,000)		$ (531,000)		(343,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type nine
Derivatives and Hedging
Fair value of interest rate swap liabilities	464,000		464,000		278,000
Interest Rate Derivatives
Notional value	$ 17,000,000		$ 17,000,000		17,000,000
Interest rate	1.75%		1.75%
Fair value	$ (464,000)		$ (464,000)		(278,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type ten
Derivatives and Hedging
Fair value of interest rate swap liabilities	4,743,000		4,743,000		3,073,000
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest rate	2.02%		2.02%
Fair value	$ (4,743,000)		$ (4,743,000)		(3,073,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type eleven
Derivatives and Hedging
Fair value of interest rate swap liabilities	3,534,000		3,534,000		2,145,000
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.94%		1.94%
Fair value	$ (3,534,000)		$ (3,534,000)		(2,145,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type twelve
Derivatives and Hedging
Fair value of interest rate swap liabilities	1,436,000		1,436,000		0
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		0
Interest rate	1.27%		1.27%
Fair value	$ (1,436,000)		$ (1,436,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type thirteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	691,000		691,000		0
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		0
Interest rate	1.96%		1.96%
Fair value	$ (691,000)		$ (691,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type fourteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	272,000		272,000		0
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		0
Interest rate	1.85%		1.85%
Fair value	$ (272,000)		$ (272,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type fifteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	246,000		246,000		0
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		0
Interest rate	1.81%		1.81%
Fair value	$ (246,000)		$ (246,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type sixteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	101,000		101,000		0
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		0
Interest rate	1.74%		1.74%
Fair value	$ (101,000)		$ (101,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type seventeen
Derivatives and Hedging
Fair value of interest rate swap liabilities	4,149,000		4,149,000		760,000
Interest Rate Derivatives
Notional value	$ 143,000,000		$ 143,000,000		143,000,000
Interest rate	1.81%		1.81%
Fair value	$ (4,149,000)		$ (4,149,000)		(760,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type eighteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	742,000		742,000		0
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		0
Interest rate	1.61%		1.61%
Fair value	$ (742,000)		$ (742,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type nineteen
Derivatives and Hedging
Fair value of interest rate swap liabilities	577,000		577,000		0
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		0
Interest rate	1.56%		1.56%
Fair value	$ (577,000)		$ (577,000)		0
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty
Derivatives and Hedging
Fair value of interest rate swap liabilities	1,021,000		1,021,000		0
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		0
Interest rate	1.71%		1.71%
Fair value	$ (1,021,000)		$ (1,021,000)		$ 0
Interest Expense
Interest Rate Derivatives
Amount reclassified from accumulated other comprehensive income into interest expense	$ 5,000,000	$ 3,000,000	$ 13,300,000	$ 8,700,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	$ (32,294)	$ (13,644)
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	(32,300)	(13,600)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate mortgage notes payable	36,100	171,100
Carrying value of fixed rate mortgage notes payable	33,400	165,700
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	(32,294)	(13,644)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	(32,294)	(13,644)
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Minimum percentage of adjusted taxable income to be currently distributed to owners to qualify as a REIT	90.00%
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2015property	Mar. 31, 2014property	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue			3.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue			5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $			$ 57,487	$ 63,054
Data breach period	7 months	9 months
Data breach, impacted number of properties	6	7

Commitments and Contingencies44

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)hotel	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)hotel	Sep. 30, 2014USD ($)
Other Commitments [Line Items]
Number of Real Estate Properties Operated under Management Agreements	127		127
Base Manchise Fee as Percentage of Hotel Revenues			7.00%
Owned Property Management Costs | $	$ 10.4	$ 11.6	$ 33.8	$ 32.6
Minimum [Member]
Other Commitments [Line Items]
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			3.00%
Maximum [Member]
Other Commitments [Line Items]
Management Agreement Term			30 years
Base Management Fee as Percentage of Hotel Revenues			3.50%

Commitments and Contingencies45

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)hotel	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)hotel	Sep. 30, 2014USD ($)
Other Commitments [Line Items]
Number of Real Estate Properties Operated under Franchise Agreements	112		112
Franchise Costs | $	$ 18.6	$ 19.1	$ 54.9	$ 53.9
Minimum [Member]
Other Commitments [Line Items]
Franchise Agreements Term			10 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			4.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.00%
Maximum [Member]
Other Commitments [Line Items]
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3.00%

Equity (Details)

Equity (Details) - USD ($)	Oct. 30, 2015	May. 01, 2015	May. 22, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount		$ 200,000,000
Share repurchase program, expiration date		Apr. 30, 2016
Common shares repurchased (in shares)				6,992,708
Common shares repurchased				$ 199,900,000	$ 199,944,000
Common shares of beneficial interest sold (in shares)			9,200,000
Common shares of beneficial interest, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01		$ 0.01
Common shares of beneficial interest sold, price per share (in dollars per share)			$ 26.45
Common shares of beneficial interest sold, gross proceeds			$ 243,300,000
Common shares of beneficial interest sold, net proceeds			$ 232,800,000			$ 232,756,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount	$ 400,000,000
Share repurchase program, expiration date	Dec. 31, 2016
Share repurchase program, additional authorized amount	$ 200,000,000

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 01, 2015	Jul. 31, 2015	Jul. 31, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Incentive Plan
Increase in number of common shares of beneficial interest available for issuance (in shares)	2,500,000
Maximum number of common shares of beneficial interest available for issuance (in shares)				7,500,000		7,500,000
Summary of non-vested shares/units
Granted (in shares)						3,477
Weighted Average Grant Date Fair Value
Granted (in dollars per share)						$ 28.55
Other Disclosures
Share-based compensation expense						$ 99	$ 94
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)						731,459
Granted (in shares)						290,974
Vested (in shares)						(382,475)
Forfeited (in shares)						(12,376)
Unvested at the end of the period (in shares)				627,582		627,582
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)						$ 21.21
Granted (in dollars per share)						32.16
Vested (in dollars per share)						21.09
Forfeited (in dollars per share)						25.65
Unvested at the end of the period (in dollars per share)				$ 26.27		$ 26.27
Other Disclosures
Share-based compensation expense				$ 2,000	$ 2,700	$ 7,600	7,900
Total unrecognized compensation costs				$ 15,600		$ 15,600
Weighted-average period of recognition of unrecognized share-based compensation expense						2 years 7 months 6 days
Total fair value of shares vested						$ 11,800
Performance Units
Summary of non-vested shares/units
Unvested at the end of the period (in shares)				419,467		419,467
Other Disclosures
Share-based compensation expense				$ 700	$ 1,100	$ 2,900	$ 3,400
Total unrecognized compensation costs				$ 1,600		$ 1,600
Vesting period			4 years
Measurement period			3 years
Time-based vesting period			1 year
Restricted shares issued upon conversion of performance units (in shares)		838,934
Common shares available for future grant (in share)				4,123,948		4,123,948

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Undistributed earnings allocated to participating shares	$ 0	$ 0	$ 136	$ 39
Numerator
Net income attributable to common shareholders	40,594	36,760	144,435	101,596
Less: Dividends paid on unvested restricted shares	(346)	(262)	(863)	(731)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	(136)	(39)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 40,248	$ 36,498	$ 143,436	$ 100,826
Denominator
Weighted-average number of common shares - basic (in shares)	127,663,480	131,106,440	129,855,686	126,070,309
Unvested restricted shares (in shares)	479,674	318,145	554,927	306,630
Unvested performance units (in shares)	0	962,258	0	920,962
Weighted-average number of common shares - diluted (in shares)	128,143,154	132,386,843	130,410,613	127,297,901
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.32	$ 0.28	$ 1.10	$ 0.80
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.31	$ 0.28	$ 1.10	$ 0.79

Supplemental Information to S49

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 34,968	$ 39,318
Income taxes paid	1,391	1,989
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	175,900	631,950
Restricted cash reserves	1,548	0
Accounts receivable	179	807
Other assets	120	1,671
Mortgage debt assumed	(33,389)	0
Advance deposits	(46)	(659)
Accounts payable and other liabilities	(543)	(2,129)
Acquisition of hotel properties, net	143,769	631,640
In conjunction with the disposals, the Company recorded the following
Disposal of hotel properties	238,450	128,000
Disposition costs	(8,781)	(2,846)
Operating prorations	3,269	(1,078)
Proceeds from the disposal of hotel properties, net	232,938	124,076
Supplemental non-cash transactions
Accrued capital expenditures	$ 3,147	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 30, 2015USD ($)	Oct. 14, 2015USD ($)room	May. 01, 2015USD ($)	Sep. 30, 2015USD ($)room	Sep. 30, 2014USD ($)
Subsequent Events
Number of rooms | room				21,100
Disposal of hotel properties				$ 238,450,000	$ 128,000,000
Share repurchase program, expiration date			Apr. 30, 2016
Share repurchase program, authorized amount			$ 200,000,000
Subsequent Event
Subsequent Events
Share repurchase program, expiration date	Dec. 31, 2016
Share repurchase program, additional authorized amount	$ 200,000,000
Share repurchase program, authorized amount	$ 400,000,000
Subsequent Event | Embassy Suites Columbus
Subsequent Events
Number of rooms | room		221
Disposal of hotel properties		$ 14,100,000