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

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 26, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		124,298,143
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Investment in hotel properties, net	$ 3,599,818	$ 3,674,999
Cash and cash equivalents	178,627	134,192
Restricted cash reserves	65,368	55,455
Hotel and other receivables, net of allowance of $182 and $117, respectively	37,874	25,755
Deferred income tax asset	45,761	49,978
Prepaid expense and other assets	37,584	32,563
Total assets	3,965,032	3,972,942
Liabilities and Equity
Mortgage loans, net	414,104	406,049
Term Loans and Revolver, net	1,168,893	1,169,437
Accounts payable and other liabilities	143,943	129,192
Deferred income tax liability	9,801	9,801
Advance deposits and deferred revenue	12,313	11,647
Accrued interest	3,206	4,883
Distributions payable	41,381	41,409
Total liabilities	1,793,641	1,772,418
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, 2016 and December 31, 2015, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,299,663 and 124,635,675 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,243	1,246
Additional paid-in-capital	2,185,821	2,195,732
Accumulated other comprehensive loss	(32,746)	(16,602)
Retained Earnings	3,940	2,439
Total shareholders’ equity	2,158,258	2,182,815
Noncontrolling interest:
Noncontrolling interest in consolidated joint venture	5,925	6,177
Noncontrolling interest in the Operating Partnership	7,208	11,532
Total noncontrolling interest	13,133	17,709
Total equity	2,171,391	2,200,524
Total liabilities and equity	$ 3,965,032	$ 3,972,942

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Hotel and other receivables, allowance	$ 182	$ 117
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	124,299,663	124,635,675
Common shares of beneficial interest, shares outstanding	124,299,663	124,635,675

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating revenue
Room revenue	$ 260,659	$ 253,163	$ 777,211	$ 747,962
Food and beverage revenue	26,001	27,027	82,602	85,607
Other operating department revenue	9,599	9,230	28,729	27,508
Total revenue	296,259	289,420	888,542	861,077
Operating expense
Room expense	59,671	56,310	173,783	165,603
Food and beverage expense	19,135	19,494	59,477	60,750
Management and franchise fee expense	29,607	28,985	90,869	88,704
Other operating expense	62,162	61,676	184,133	181,485
Total property operating expense	170,575	166,465	508,262	496,542
Depreciation and amortization	40,953	39,847	122,532	114,828
Property tax, insurance and other	20,575	19,458	60,032	57,782
General and administrative	7,215	8,249	23,522	29,041
Transaction and pursuit costs	98	2,017	257	3,005
Total operating expense	239,416	236,036	714,605	701,198
Operating income	56,843	53,384	173,937	159,879
Other Nonoperating Income (Expense)	112	557	86	1,103
Interest income	430	373	1,240	1,181
Interest expense	(14,552)	(14,042)	(44,233)	(39,885)
Income from continuing operations before income tax expense	42,833	40,272	131,030	122,278
Income tax expense	(1,439)	(151)	(5,397)	(615)
Income from continuing operations	41,394	40,121	125,633	121,663
(Loss) gain on sale of hotel properties	(5)	812	(155)	23,782
Net income	41,389	40,933	125,478	145,445
Net income attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	(32)	(49)	(7)	(26)
Noncontrolling interest in the Operating Partnership	(183)	(290)	(553)	(984)
Net income attributable to common shareholders	$ 41,174	$ 40,594	$ 124,918	$ 144,435
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.33	$ 0.32	$ 1	$ 1.10
Weighted-average number of common shares (in shares)	123,621,323	127,663,480	123,635,010	129,855,686
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.33	$ 0.31	$ 1	$ 1.10
Weighted-average number of common shares (in shares)	123,836,452	128,143,154	123,859,753	130,410,613
Amounts attributable to the Company’s common shareholders:
Income from continuing operations	$ 41,179	$ 39,788	$ 125,072	$ 120,819
(Loss) gain on sale of hotel properties	(5)	806	(154)	23,616
Comprehensive income:
Unrealized gain (loss) on interest rate derivatives	9,470	(15,166)	(16,144)	(18,650)
Comprehensive income	50,859	25,767	109,334	126,795
Comprehensive income attributable to the noncontrolling interest in consolidated joint venture	(32)	(49)	(7)	(26)
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership	(183)	(290)	(553)	(984)
Comprehensive income attributable to the Company	$ 50,644	$ 25,428	$ 108,774	$ 125,785

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture
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 derivatives	(18,650)				(18,650)
Distribution 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
Balance (in shares) at Dec. 31, 2015		124,635,675
Balance at Dec. 31, 2015	2,200,524	$ 1,246	2,195,732	2,439	(16,602)	17,709	11,532	6,177
Increase (Decrease) in Owners' Equity
Net income	125,478			124,918		560	553	7
Unrealized loss on interest rate derivatives	(16,144)				(16,144)
Distribution to joint venture partner	(259)					(259)		(259)
Redemption of Operating Partnership units (in shares)		335,250
Redemption of Operating Partnership units	0	$ 3	4,322			(4,325)	(4,325)
Issuance of restricted stock (in shares)		581,544
Issuance of restricted stock	0	$ 6	(6)
Amortization of share-based compensation	3,935		3,935
Share grants to trustees (in shares)		2,554
Share grants to trustees	57		57
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(218,443)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,960)	$ (2)	(4,958)
Shares acquired as part of a share repurchase program (in shares)		(610,607)
Shares acquired as part of a share repurchase program	(13,271)	$ (6)	(13,265)
Forfeiture of restricted stock (in shares)		(426,310)
Forfeiture of restricted stock	0	$ (4)	4
Distributions on common shares and units	(123,969)			(123,417)		(552)	(552)
Balance (in shares) at Sep. 30, 2016		124,299,663
Balance at Sep. 30, 2016	$ 2,171,391	$ 1,243	$ 2,185,821	$ 3,940	$ (32,746)	$ 13,133	$ 7,208	$ 5,925

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 125,478	$ 145,445
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss (gain) on sale of hotel properties	155	(23,782)
Depreciation and amortization	122,532	114,828
Amortization of deferred financing costs	3,103	3,111
Amortization of deferred management fees	563	595
Accretion of interest income on investment in loan	(430)	(275)
Share grants to trustees	57	99
Amortization of share-based compensation	3,935	10,488
Deferred income taxes	4,217	(652)
Changes in assets and liabilities:
Hotel and other receivables, net	(12,119)	(13,644)
Prepaid expense and other assets	(3,932)	1,773
Accounts payable and other liabilities	7,856	(9,065)
Advance deposits and deferred revenue	666	2,204
Accrued interest	(1,677)	1,806
Net cash flow provided by operating activities	250,404	232,931
Cash flows from investing activities
Payments to acquire hotel properties, net	0	(143,769)
Proceeds from the sale of hotel properties, net	2,629	232,938
Improvements and additions to hotel properties	(58,881)	(100,252)
Additions to property and equipment	(211)	(919)
(Increase) decrease in restricted cash reserves, net	(9,913)	7,115
Net cash flow used in investing activities	(66,376)	(4,887)
Cash flows from financing activities
Borrowings under Revolver	51,000	0
Repayments under Revolver	(51,000)	0
Proceeds from Term Loans	0	150,000
Proceeds from mortgage loans	11,000	7,000
Payments of mortgage loans principal	(2,760)	(165,747)
Repurchase of common shares under a share repurchase program	(13,271)	(199,944)
Repurchase of common shares to satisfy employee withholding requirements	(4,960)	(11,029)
Distributions on common shares	(123,345)	(128,602)
Distributions on Operating Partnership units	(654)	(858)
Payments of deferred financing costs	(5,344)	(666)
Distribution to joint venture partner	(259)	(195)
Net cash flow used in financing activities	(139,593)	(350,041)
Net change in cash and cash equivalents	44,435	(121,997)
Cash and cash equivalents, beginning of period	134,192	262,458
Cash and cash equivalents, end of period	$ 178,627	$ 140,461

Organization

Organization	9 Months Ended
	Sep. 30, 2016
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 and liabilities 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, 2016 , there were 124,858,413 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.6% of the outstanding OP units. As of September 30, 2016 , the Company owned 125 hotel properties with approximately 20,800 rooms, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. The Company, through wholly-owned subsidiaries, owned a 100% interest in all of its hotel 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 the hotel operations related to this hotel. An independent operator manages the operations of each hotel property.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2015 contains a discussion of the significant accounting policies. Other than noted below, there have been no other significant changes to the Company's significant accounting policies since December 31, 2015 . 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. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. 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, 2015 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 25, 2016. The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the consolidated financial statements. In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The new guidance modifies the analysis an entity must perform to determine whether it should consolidate certain legal entities. The Company adopted the new guidance on January 1, 2016 and the adoption did not have an impact on the Company’s consolidated financial statements as there were no changes to the subsidiaries consolidated by the Company. Upon adopting the new guidance, the Operating Partnership and certain subsidiaries of the Operating Partnership became variable interest entities. The Company continues to consolidate the Operating Partnership and the Operating Partnership continues to consolidate the other subsidiary variable interest entities. 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. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This guidance requires an entity to present the debt issuance costs in the balance sheet as a direct deduction from the carrying amount of that debt liability, rather than as an asset. 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 . This guidance allows the debt issuance costs on line-of-credit arrangements 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 outstanding borrowings on the line-of-credit arrangement. The Company adopted both ASU 2015-03 and ASU 2015-15 during the quarter ended March 31, 2016. The adoption of this guidance changed the balance sheet classification of the Company's deferred financing costs but it did not otherwise affect the consolidated financial statements. Upon adoption of the new guidance, the Company retrospectively reclassified deferred financing costs of $8.1 million in the consolidated balance sheet as of December 31, 2015 . The carrying amount of debt as of December 31, 2015 is presented net of deferred financing costs of $7.3 million . The carrying amount of prepaid expense and other assets as of December 31, 2015 includes deferred financing costs of $0.8 million related to the Revolver (as defined below). Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation. The new guidance includes provisions that are intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2016, and the interim periods within those annual periods. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company early adopted this guidance during the quarterly period ended March 31, 2016, and the adoption had no effect on its consolidated financial statements. Recently Issued Accounting Pronouncements In May 2014, the FASB issued 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 that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Lessors will classify their leases as either operating, direct financing, or sales-type leases, and leveraged leases have been eliminated in the new guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) . The new guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 31, 2017, and the interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period, and the guidance requires application using a retrospective transition method. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): September 30, 2016 December 31, 2015 Land and improvements $ 736,600 $ 736,709 Buildings and improvements 3,226,780 3,205,704 Furniture, fixtures and equipment 594,981 571,118 Intangible assets 2,507 2,507 4,560,868 4,516,038 Accumulated depreciation and amortization (961,050 ) (841,039 ) Investment in hotel properties, net $ 3,599,818 $ 3,674,999 For the three and nine months ended September 30, 2016 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $40.9 million and $122.3 million , respectively. For the three and nine months ended September 30, 2015 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $39.7 million and $114.5 million , respectively. Impairment The Company determined that there was no impairment of any assets for either the three and nine months ended September 30, 2016 or 2015 .

Acquisition of Hotel Properties

Acquisition of Hotel Properties (Notes)	9 Months Ended
	Sep. 30, 2015
Business Combination [Abstract]
Business Combination Disclosure	Acquisition of Hotel Properties During the nine months ended September 30, 2016 , the Company did not acquire any hotel properties. During the nine months ended September 30, 2015 , the Company acquired a 100% interest in the following hotel properties: Property Name 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 (1) Los Altos, CA September 25, 2015 InnVentures 156 70,000 490 $ 175,900 (1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million . The allocation of the purchase price for the hotel properties acquired during the nine months ended September 30, 2015 was as follows (in thousands): For the nine months ended September 30, 2015 Land and improvements $ 31,692 Buildings and improvements 131,960 Furniture, fixtures and equipment 13,517 Fair value adjustment on mortgage debt assumed (1,269 ) Total purchase price $ 175,900 See Note 14 for the detail of the other assets acquired and the liabilities assumed in conjunction with the Company's acquisitions. For the hotel properties acquired during the nine months ended September 30, 2015 , the total revenues and net loss from the date of acquisition through September 30, 2015 are included in the accompanying consolidated statements of operations as follows (in thousands): 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 ) 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. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 acquisitions had taken place on January 1, 2014, 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, 2015 For the nine months ended September 30, 2015 Revenue $ 293,099 $ 874,190 Net income attributable to common shareholders $ 43,322 $ 148,473 Net income per share attributable to common shareholders - basic $ 0.34 $ 1.14 Net income per share attributable to common shareholders - diluted $ 0.34 $ 1.13 Weighted average number of shares outstanding - basic 127,663,480 129,855,686 Weighted average number of shares outstanding - diluted 128,143,154 130,410,613

Sale of Hotel Properties

Sale of Hotel Properties	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Hotel Properties	Sale of Hotel Properties During the nine months ended September 30, 2016 , the Company sold one hotel property for a sale price of approximately $2.9 million . In conjunction with this transaction, the Company recorded a $0.2 million loss on sale which is included in the accompanying consolidated statement of operations. The following table discloses the hotel property that was sold during the nine months ended September 30, 2016 : Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 Total 62 During the nine months ended September 30, 2015 , the Company sold 22 hotel properties in three transactions for a total sale price of approximately $238.5 million . In conjunction with these transactions, the Company recorded a $23.8 million gain on sale, which is included in the accompanying consolidated statement of operations. The following table provides a list of the hotel properties that were sold during the nine months ended September 30, 2015 : Property Name Location Sale 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 & Suites Valparaiso Valparaiso, IN May 22, 2015 63 Residence Inn South Bend South Bend, IN July 7, 2015 80 Total 2,604

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Term Loans and Revolver The Company has the following unsecured credit agreements in place: • $400.0 million revolving credit facility with a scheduled maturity date of April 22, 2020 with a one -year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of March 20, 2019 (the "$400 Million Term Loan Maturing 2019"). This term loan was referred to as the 2012 Five-Year Term Loan in periodic filings prior to the Company's quarterly report on Form 10-Q for the quarterly period ended June 30, 2016; • $225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "$225 Million Term Loan Maturing 2019"). This term loan was referred to as the 2012 Seven-Year Term Loan in periodic filings prior to the Company's quarterly report on Form 10-Q for the quarterly period ended June 30, 2016; • $400.0 million term loan with a scheduled maturity date of April 22, 2021 (the "$400 Million Term Loan Maturing 2021"). This term loan was referred to as the 2013 Five-Year Term Loan in periodic filings prior to the Company's quarterly report on Form 10-Q for the quarterly period ended June 30, 2016; and • $150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "$150 Million Term Loan Maturing 2022"). This term loan was referred to as the 2014 Seven-Year Term Loan in periodic filings prior to the Company's quarterly report on Form 10-Q for the quarterly period ended June 30, 2016. The $400 Million Term Loan Maturing 2019, the $225 Million Term Loan Maturing 2019, the $400 Million Term Loan Maturing 2021, and the $150 Million Term Loan Maturing 2022 are collectively the "Term Loans". The Term Loans and Revolver are subject to customary financial covenants. As of September 30, 2016 and December 31, 2015 , the Company was in compliance with all financial covenants. As of September 30, 2016 and December 31, 2015 , the details of the unsecured credit agreements were as follows (in thousands): Outstanding Borrowings at Interest Rate at September 30, 2016 (1) Maturity Date September 30, 2016 December 31, 2015 Revolver (2) 2.03% April 2020 $ — $ — $400 Million Term Loan Maturing 2019 2.72% March 2019 400,000 400,000 $225 Million Term Loan Maturing 2019 4.04% November 2019 225,000 225,000 $400 Million Term Loan Maturing 2021 2.92% April 2021 400,000 400,000 $150 Million Term Loan Maturing 2022 3.43% January 2022 150,000 150,000 1,175,000 1,175,000 Deferred financing costs, net (3) (6,107 ) (5,563 ) Total $ 1,168,893 $ 1,169,437 (1) Interest rate at September 30, 2016 gives effect to interest rate hedges. (2) At September 30, 2016 and December 31, 2015 , there was $400.0 million and $300.0 million of borrowing capacity on the Revolver, respectively. (3) Excludes $2.5 million and $0.8 million as of September 30, 2016 and December 31, 2015 , respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. Mortgage Loans As of September 30, 2016 and December 31, 2015 , the Company was subject to the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at September 30, 2016 (1) Maturity Date September 30, 2016 December 31, 2015 Wells Fargo 4 4.00% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 147,000 149,250 PNC Bank (5) 5 2.63% (2) March 2021 (6) 85,000 74,000 Wells Fargo (7) 1 5.25% June 2022 33,854 34,505 415,854 407,755 Deferred financing costs, net (1,750 ) (1,706 ) Total 14 $ 414,104 $ 406,049 (1) Interest rate at September 30, 2016 gives effect to interest rate hedges. (2) Requires payments of interest only through maturity. (3) Maturity date may be extended for four one -year terms at the Company’s option, subject to certain lender requirements. (4) Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized. (5) The five hotels encumbered by the PNC Bank loan are cross-collateralized. (6) Maturity date may be extended for two one -year terms at the Company’s option, subject to certain lender requirements. (7) Includes $1.1 million and $1.2 million at September 30, 2016 and December 31, 2015 , respectively, related to a fair value adjustment of $1.3 million on mortgage debt assumed in conjunction with an acquisition, net of accumulated amortization of $0.2 million and $0.1 million at September 30, 2016 and December 31, 2015 , respectively. Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at September 30, 2016 and December 31, 2015 . Interest Expense For the three and nine months ended September 30, 2016 and 2015 , the components of interest expense were as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 Mortgage loans $ 4,009 $ 3,687 $ 11,992 $ 12,523 Term Loans and Revolver 9,662 9,842 29,138 26,025 Amortization of deferred financing costs 881 1,055 3,103 3,111 Capitalized interest — (542 ) — (1,774 ) Total interest expense $ 14,552 $ 14,042 $ 44,233 $ 39,885

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging As of September 30, 2016 and December 31, 2015 , the Company had entered into the following interest rate swaps (in thousands): Notional value at Fair value at Hedge type September 30, 2016 December 31, 2015 Interest rate Maturity September 30, 2016 December 31, 2015 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (1,467 ) $ (1,014 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (2,254 ) (2,190 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (2,447 ) (2,478 ) Swap-cash flow 16,170 16,418 1.83% September 2018 (348 ) (312 ) Swap-cash flow 16,170 16,418 1.75% September 2018 (324 ) (279 ) Swap-cash flow 39,690 40,298 1.83% September 2018 (854 ) (765 ) Swap-cash flow 40,670 41,292 1.75% September 2018 (814 ) (701 ) Swap-cash flow 17,640 17,910 1.83% September 2018 (380 ) (340 ) Swap-cash flow 16,660 16,915 1.75% September 2018 (334 ) (287 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (3,838 ) (3,186 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (2,884 ) (2,308 ) Swap-cash flow 125,000 125,000 1.27% March 2019 (1,495 ) (115 ) Swap-cash flow (1) 100,000 100,000 1.96% March 2019 (1,391 ) (321 ) Swap-cash flow (1) 50,000 50,000 1.85% March 2019 (621 ) (87 ) Swap-cash flow (1) 50,000 50,000 1.81% March 2019 (596 ) (62 ) Swap-cash flow (1) 25,000 25,000 1.74% March 2019 (276 ) (9 ) Swap-cash flow (2) 33,000 33,000 1.80% September 2020 (449 ) 98 Swap-cash flow (2) 82,000 82,000 1.80% September 2020 (1,115 ) 245 Swap-cash flow (2) 35,000 35,000 1.80% September 2020 (476 ) 104 Swap-cash flow 143,000 143,000 1.81% October 2020 (5,306 ) (2,196 ) Swap-cash flow (3) 100,000 — 1.15% April 2021 (272 ) — Swap-cash flow 50,000 50,000 1.61% June 2021 (1,568 ) (97 ) Swap-cash flow 50,000 50,000 1.56% June 2021 (1,433 ) 59 Swap-cash flow 50,000 50,000 1.71% June 2021 (1,804 ) (361 ) $ 1,890,000 $ 1,792,251 $ (32,746 ) $ (16,602 ) (1) Effective between the maturity of the existing swap in November 2017 and the maturity of the debt in March 2019. (2) Effective between the maturity of the existing swaps in September 2018 and September 2020. (3) Effective between the maturity of the existing swaps in March 2018 and the maturity of the debt in April 2021. At September 30, 2016 and December 31, 2015 , the aggregate fair value of the interest rate swap liabilities of $32.7 million and $17.1 million , respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. At December 31, 2015 , the aggregate fair value of the interest rate swap assets of $0.5 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2016 and December 31, 2015 , there was approximately $32.7 million and $16.6 million , respectively, in 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 the designated hedges during the three and nine month periods ended September 30, 2016 and 2015 . For the three and nine months ended September 30, 2016 , approximately $4.0 million and $12.3 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the three and nine months ended September 30, 2015 , approximately $5.0 million and $13.3 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $13.2 million of the net unrealized losses included in accumulated other comprehensive loss at September 30, 2016 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2016
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 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 term maturities. • Mortgage loans and borrowings — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because the interest rates are at, or approximate, market interest rates. The Company determined that its mortgage loans and borrowings are classified in Level 3 of the fair value hierarchy. Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 (in thousands): Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (32,746 ) $ — $ (32,746 ) Total $ — $ (32,746 ) $ — $ (32,746 ) The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 (in thousands): Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 506 $ — $ 506 Interest rate swap liability $ — $ (17,108 ) $ — $ (17,108 ) Total $ — $ (16,602 ) $ — $ (16,602 ) 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, 2016 , 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, 2016
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, as amended, commencing with the 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 REIT 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 distributed to its shareholders. However, the Company’s taxable REIT subsidiaries ("TRS") will generally be subject to federal, state, and local income taxes at the applicable rates. The Company accounts for deferred 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, 2016 and December 31, 2015 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future 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 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, 2016 and December 31, 2015 , approximately $65.4 million and $55.5 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, results of operations or cash flows of the Company. Management Agreements As of September 30, 2016 , 125 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years. This number includes five and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. 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 its 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, 2016 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $10.6 million and $34.2 million , respectively. 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. Franchise Agreements As of September 30, 2016 , 110 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. 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 1.5% 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, 2016 , the Company incurred franchise fee expense of approximately $19.0 million and $56.6 million , respectively. 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.

Equity

Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Equity	Equity In 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $400.0 million of the Company's common shares through December 31, 2016. During the nine months ended September 30, 2016 , the Company repurchased and retired 610,607 of its common shares for approximately $13.3 million . As of September 30, 2016 , the share repurchase program had a remaining capacity of $161.5 million . During the nine months ended September 30, 2015 , the Company repurchased and retired 6,992,708 of its common shares for approximately $199.9 million . The Company consolidates its Operating Partnership, a majority-owned limited partnership that has a noncontrolling interest. The outstanding units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares of beneficial interest of the Company. During the nine months ended September 30, 2016 , the Company issued 335,250 common shares of beneficial interest in exchange for redeemed units. After the redemption, 558,750 operating partnership units remain outstanding.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company may issue equity-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2015 Equity Incentive Plan (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 issued shares 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. Non-employee trustees may also elect to receive unrestricted shares under the 2015 Plan as compensation that would otherwise be paid in cash. The shares issued to non-employee trustees in lieu of cash compensation 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 restricted shares as of September 30, 2016 is as follows: 2016 Number of Weighted-Average Unvested at January 1, 540,885 $ 26.73 Granted (1) 584,098 20.73 Vested (1) (213,385 ) 23.67 Forfeited (2) (292,843 ) 23.71 Unvested at September 30, 618,755 $ 23.55 (1) Includes 2,554 unrestricted shares that were issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 . (2) Includes the forfeiture of 285,926 unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016. For the three and nine months ended September 30, 2016 , the Company recognized approximately $1.6 million and $5.0 million , respectively, of share-based compensation expense related to restricted share awards, which includes a benefit of $0.5 million for the nine months ended September 30, 2016 as a result of the forfeiture of unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016. 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. As of September 30, 2016 , there was $13.6 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.5 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the nine months ended September 30, 2016 was approximately $4.5 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 (the "2012 performance units measurement period") plus an additional one year of time-based vesting. In July 2015, following the end of the 2012 performance units measurement period, the Company issued 838,934 restricted shares upon conversion of the performance units. Half of the restricted shares vested immediately and the remaining half vested in July 2016. In May 2016, 133,467 unvested restricted shares related to the conversion of the performance units were forfeited upon the resignation of the Company's President and Chief Executive Officer. In May 2016, the Company awarded 280,000 performance units with a grant date fair value of $10.31 per unit to certain employees. The performance units vest over a four -year period, including three years of performance-based vesting (the “2016 performance units measurement period”) plus an additional one year of time-based vesting. The performance units may convert into restricted shares at a range of 25% to 150% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return and a relative total shareholder return over the measurement period at specified percentiles of the peer group, as defined by the award. If at the end of the 2016 performance units measurement period the target criterion is met, then 50% of the restricted shares will vest immediately. The remaining 50% will vest one year later. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the 2016 performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation with the following assumptions: a risk-free interest rate of 1.05% , volatility of 23.82% , and an expected term equal to the requisite service period for the awards. The Company estimated the compensation expense for the performance units on a straight line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years . For the three and nine months ended September 30, 2016 , the Company recognized a share-based compensation expense of $0.3 million and a share-based compensation benefit of $1.1 million , respectively, related to the performance unit awards, which included a benefit of $2.3 million for the nine months ended September 30, 2016 as a result of the forfeiture of unvested restricted shares related to the conversion of the performance units upon the resignation of the Company's President and Chief Executive Officer in May 2016. For the three and nine months ended September 30, 2015 , the Company recognized $0.7 million and $2.9 million , respectively, of share-based compensation expense related to the performance unit awards. As of September 30, 2016 , there was $2.6 million of total unrecognized compensation cost related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 3.2 years. The total fair value of the vested restricted shares related to the conversion of the performance units (calculated as the number of restricted shares issued multiplied by the vesting date share price) during the nine months ended September 30, 2016 was approximately $6.7 million . As of September 30, 2016 , there were 3,964,629 common shares available for future grant under the 2015 Plan.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders 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 net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the 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 used in the basic and diluted earnings per share calculations. The limited partners’ outstanding limited partnership units in the Operating Partnership (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, 2016 and 2015 , 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, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 41,174 $ 40,594 $ 124,918 $ 144,435 Less: Dividends paid on unvested restricted shares (204 ) (346 ) (891 ) (863 ) Less: Undistributed earnings attributable to unvested restricted shares (1 ) — (8 ) (136 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 40,969 $ 40,248 $ 124,019 $ 143,436 Denominator: Weighted-average number of common shares - basic 123,621,323 127,663,480 123,635,010 129,855,686 Unvested restricted shares 194,210 479,674 224,743 554,927 Unvested performance units 20,919 — — — Weighted-average number of common shares - diluted 123,836,452 128,143,154 123,859,753 130,410,613 Net income per share attributable to common shareholders - basic $ 0.33 $ 0.32 $ 1.00 $ 1.10 Net income per share attributable to common shareholders - diluted $ 0.33 $ 0.31 $ 1.00 $ 1.10

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2016
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, 2016 2015 Interest paid, net of capitalized interest $ 42,807 $ 34,968 Income taxes paid $ 1,560 $ 1,391 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ — $ 175,900 Restricted cash reserves — 1,548 Accounts receivable — 179 Other assets — 120 Mortgage debt assumed — (33,389 ) Advance deposits — (46 ) Accounts payable and other liabilities — (543 ) Acquisition of hotel properties, net $ — $ 143,769 In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 2,850 $ 238,450 Transaction costs (122 ) (8,781 ) Operating prorations (99 ) 3,269 Proceeds from the sale of hotel properties, net $ 2,629 $ 232,938 Supplemental non-cash transactions Accrued capital expenditures $ 2,500 $ 3,147 Redemption of Operating Partnership units $ 4,325 $ —

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. 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, 2015 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 25, 2016. The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the consolidated financial statements. In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The new guidance modifies the analysis an entity must perform to determine whether it should consolidate certain legal entities. The Company adopted the new guidance on January 1, 2016 and the adoption did not have an impact on the Company’s consolidated financial statements as there were no changes to the subsidiaries consolidated by the Company. Upon adopting the new guidance, the Operating Partnership and certain subsidiaries of the Operating Partnership became variable interest entities. The Company continues to consolidate the Operating Partnership and the Operating Partnership continues to consolidate the other subsidiary variable interest entities.
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.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This guidance requires an entity to present the debt issuance costs in the balance sheet as a direct deduction from the carrying amount of that debt liability, rather than as an asset. 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 . This guidance allows the debt issuance costs on line-of-credit arrangements 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 outstanding borrowings on the line-of-credit arrangement. The Company adopted both ASU 2015-03 and ASU 2015-15 during the quarter ended March 31, 2016. The adoption of this guidance changed the balance sheet classification of the Company's deferred financing costs but it did not otherwise affect the consolidated financial statements. Upon adoption of the new guidance, the Company retrospectively reclassified deferred financing costs of $8.1 million in the consolidated balance sheet as of December 31, 2015 . The carrying amount of debt as of December 31, 2015 is presented net of deferred financing costs of $7.3 million . The carrying amount of prepaid expense and other assets as of December 31, 2015 includes deferred financing costs of $0.8 million related to the Revolver (as defined below).
Share-Based Compensation	Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation. The new guidance includes provisions that are intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2016, and the interim periods within those annual periods. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company early adopted this guidance during the quarterly period ended March 31, 2016, and the adoption had no effect on its consolidated financial statements. 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 issued shares 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. Non-employee trustees may also elect to receive unrestricted shares under the 2015 Plan as compensation that would otherwise be paid in cash. The shares issued to non-employee trustees in lieu of cash compensation 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued 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 that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Lessors will classify their leases as either operating, direct financing, or sales-type leases, and leveraged leases have been eliminated in the new guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) . The new guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 31, 2017, and the interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period, and the guidance requires application using a retrospective transition method. The Company is currently evaluating the impact of the new accounting guidance on its consolidated financial statements.
Management Agreements	Management Agreements As of September 30, 2016 , 125 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years. This number includes five and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. 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 its 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, 2016 , 110 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. 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 1.5% 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.
Earnings Per Share	Basic earnings per common share is calculated by dividing net income attributable to common shareholders 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 net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the 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 used in the basic and diluted earnings per share calculations.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): September 30, 2016 December 31, 2015 Land and improvements $ 736,600 $ 736,709 Buildings and improvements 3,226,780 3,205,704 Furniture, fixtures and equipment 594,981 571,118 Intangible assets 2,507 2,507 4,560,868 4,516,038 Accumulated depreciation and amortization (961,050 ) (841,039 ) Investment in hotel properties, net $ 3,599,818 $ 3,674,999

Acquisition of Hotel Properti23

Acquisition of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combination [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase price for the hotel properties acquired during the nine months ended September 30, 2015 was as follows (in thousands): For the nine months ended September 30, 2015 Land and improvements $ 31,692 Buildings and improvements 131,960 Furniture, fixtures and equipment 13,517 Fair value adjustment on mortgage debt assumed (1,269 ) Total purchase price $ 175,900
Schedule of Business Acquisitions, by Acquisition	During the nine months ended September 30, 2015 , the Company acquired a 100% interest in the following hotel properties: Property Name 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 (1) Los Altos, CA September 25, 2015 InnVentures 156 70,000 490 $ 175,900 (1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million .
Schedule of Business Acquisition Actual Results	For the hotel properties acquired during the nine months ended September 30, 2015 , the total revenues and net loss from the date of acquisition through September 30, 2015 are included in the accompanying consolidated statements of operations as follows (in thousands): 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 )
Business Acquisition, Pro Forma 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, 2015 For the nine months ended September 30, 2015 Revenue $ 293,099 $ 874,190 Net income attributable to common shareholders $ 43,322 $ 148,473 Net income per share attributable to common shareholders - basic $ 0.34 $ 1.14 Net income per share attributable to common shareholders - diluted $ 0.34 $ 1.13 Weighted average number of shares outstanding - basic 127,663,480 129,855,686 Weighted average number of shares outstanding - diluted 128,143,154 130,410,613

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed during period	The following table discloses the hotel property that was sold during the nine months ended September 30, 2016 : Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 Total 62 The following table provides a list of the hotel properties that were sold during the nine months ended September 30, 2015 : Property Name Location Sale 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 & 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, 2016
Debt Disclosure [Abstract]
Schedule of Revolver and Term Loans	As of September 30, 2016 and December 31, 2015 , the details of the unsecured credit agreements were as follows (in thousands): Outstanding Borrowings at Interest Rate at September 30, 2016 (1) Maturity Date September 30, 2016 December 31, 2015 Revolver (2) 2.03% April 2020 $ — $ — $400 Million Term Loan Maturing 2019 2.72% March 2019 400,000 400,000 $225 Million Term Loan Maturing 2019 4.04% November 2019 225,000 225,000 $400 Million Term Loan Maturing 2021 2.92% April 2021 400,000 400,000 $150 Million Term Loan Maturing 2022 3.43% January 2022 150,000 150,000 1,175,000 1,175,000 Deferred financing costs, net (3) (6,107 ) (5,563 ) Total $ 1,168,893 $ 1,169,437 (1) Interest rate at September 30, 2016 gives effect to interest rate hedges. (2) At September 30, 2016 and December 31, 2015 , there was $400.0 million and $300.0 million of borrowing capacity on the Revolver, respectively. (3) Excludes $2.5 million and $0.8 million as of September 30, 2016 and December 31, 2015 , respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans	As of September 30, 2016 and December 31, 2015 , the Company was subject to the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at September 30, 2016 (1) Maturity Date September 30, 2016 December 31, 2015 Wells Fargo 4 4.00% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 147,000 149,250 PNC Bank (5) 5 2.63% (2) March 2021 (6) 85,000 74,000 Wells Fargo (7) 1 5.25% June 2022 33,854 34,505 415,854 407,755 Deferred financing costs, net (1,750 ) (1,706 ) Total 14 $ 414,104 $ 406,049 (1) Interest rate at September 30, 2016 gives effect to interest rate hedges. (2) Requires payments of interest only through maturity. (3) Maturity date may be extended for four one -year terms at the Company’s option, subject to certain lender requirements. (4) Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized. (5) The five hotels encumbered by the PNC Bank loan are cross-collateralized. (6) Maturity date may be extended for two one -year terms at the Company’s option, subject to certain lender requirements. (7) Includes $1.1 million and $1.2 million at September 30, 2016 and December 31, 2015 , respectively, related to a fair value adjustment of $1.3 million on mortgage debt assumed in conjunction with an acquisition, net of accumulated amortization of $0.2 million and $0.1 million at September 30, 2016 and December 31, 2015 , respectively.
Interest Expense Components	For the three and nine months ended September 30, 2016 and 2015 , the components of interest expense were as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2016 2015 2016 2015 Mortgage loans $ 4,009 $ 3,687 $ 11,992 $ 12,523 Term Loans and Revolver 9,662 9,842 29,138 26,025 Amortization of deferred financing costs 881 1,055 3,103 3,111 Capitalized interest — (542 ) — (1,774 ) Total interest expense $ 14,552 $ 14,042 $ 44,233 $ 39,885

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	As of September 30, 2016 and December 31, 2015 , the Company had entered into the following interest rate swaps (in thousands): Notional value at Fair value at Hedge type September 30, 2016 December 31, 2015 Interest rate Maturity September 30, 2016 December 31, 2015 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (1,467 ) $ (1,014 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (2,254 ) (2,190 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (2,447 ) (2,478 ) Swap-cash flow 16,170 16,418 1.83% September 2018 (348 ) (312 ) Swap-cash flow 16,170 16,418 1.75% September 2018 (324 ) (279 ) Swap-cash flow 39,690 40,298 1.83% September 2018 (854 ) (765 ) Swap-cash flow 40,670 41,292 1.75% September 2018 (814 ) (701 ) Swap-cash flow 17,640 17,910 1.83% September 2018 (380 ) (340 ) Swap-cash flow 16,660 16,915 1.75% September 2018 (334 ) (287 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (3,838 ) (3,186 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (2,884 ) (2,308 ) Swap-cash flow 125,000 125,000 1.27% March 2019 (1,495 ) (115 ) Swap-cash flow (1) 100,000 100,000 1.96% March 2019 (1,391 ) (321 ) Swap-cash flow (1) 50,000 50,000 1.85% March 2019 (621 ) (87 ) Swap-cash flow (1) 50,000 50,000 1.81% March 2019 (596 ) (62 ) Swap-cash flow (1) 25,000 25,000 1.74% March 2019 (276 ) (9 ) Swap-cash flow (2) 33,000 33,000 1.80% September 2020 (449 ) 98 Swap-cash flow (2) 82,000 82,000 1.80% September 2020 (1,115 ) 245 Swap-cash flow (2) 35,000 35,000 1.80% September 2020 (476 ) 104 Swap-cash flow 143,000 143,000 1.81% October 2020 (5,306 ) (2,196 ) Swap-cash flow (3) 100,000 — 1.15% April 2021 (272 ) — Swap-cash flow 50,000 50,000 1.61% June 2021 (1,568 ) (97 ) Swap-cash flow 50,000 50,000 1.56% June 2021 (1,433 ) 59 Swap-cash flow 50,000 50,000 1.71% June 2021 (1,804 ) (361 ) $ 1,890,000 $ 1,792,251 $ (32,746 ) $ (16,602 ) (1) Effective between the maturity of the existing swap in November 2017 and the maturity of the debt in March 2019. (2) Effective between the maturity of the existing swaps in September 2018 and September 2020. (3) Effective between the maturity of the existing swaps in March 2018 and the maturity of the debt in April 2021.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
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 assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 (in thousands): Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (32,746 ) $ — $ (32,746 ) Total $ — $ (32,746 ) $ — $ (32,746 ) The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 (in thousands): Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 506 $ — $ 506 Interest rate swap liability $ — $ (17,108 ) $ — $ (17,108 ) Total $ — $ (16,602 ) $ — $ (16,602 )

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of September 30, 2016 is as follows: 2016 Number of Weighted-Average Unvested at January 1, 540,885 $ 26.73 Granted (1) 584,098 20.73 Vested (1) (213,385 ) 23.67 Forfeited (2) (292,843 ) 23.71 Unvested at September 30, 618,755 $ 23.55 (1) Includes 2,554 unrestricted shares that were issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 . (2) Includes the forfeiture of 285,926 unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 2015 2016 2015 Numerator: Net income attributable to common shareholders $ 41,174 $ 40,594 $ 124,918 $ 144,435 Less: Dividends paid on unvested restricted shares (204 ) (346 ) (891 ) (863 ) Less: Undistributed earnings attributable to unvested restricted shares (1 ) — (8 ) (136 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 40,969 $ 40,248 $ 124,019 $ 143,436 Denominator: Weighted-average number of common shares - basic 123,621,323 127,663,480 123,635,010 129,855,686 Unvested restricted shares 194,210 479,674 224,743 554,927 Unvested performance units 20,919 — — — Weighted-average number of common shares - diluted 123,836,452 128,143,154 123,859,753 130,410,613 Net income per share attributable to common shareholders - basic $ 0.33 $ 0.32 $ 1.00 $ 1.10 Net income per share attributable to common shareholders - diluted $ 0.33 $ 0.31 $ 1.00 $ 1.10

Supplemental Information to S30

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the nine months ended September 30, 2016 2015 Interest paid, net of capitalized interest $ 42,807 $ 34,968 Income taxes paid $ 1,560 $ 1,391 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ — $ 175,900 Restricted cash reserves — 1,548 Accounts receivable — 179 Other assets — 120 Mortgage debt assumed — (33,389 ) Advance deposits — (46 ) Accounts payable and other liabilities — (543 ) Acquisition of hotel properties, net $ — $ 143,769 In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 2,850 $ 238,450 Transaction costs (122 ) (8,781 ) Operating prorations (99 ) 3,269 Proceeds from the sale of hotel properties, net $ 2,629 $ 232,938 Supplemental non-cash transactions Accrued capital expenditures $ 2,500 $ 3,147 Redemption of Operating Partnership units $ 4,325 $ —

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2016propertyloanstateroomshares
Sale of Stock
OP units outstanding (in units) | shares	124,858,413
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.60%
Number of properties owned | property	125
Number of hotel rooms owned | room	20,800
Number of states in which hotels owned by the entity are located | state	21
Number of mortgage loans owned | loan	1
Hotel property ownership interest (as a percent)	100.00%
Doubletree Metropolitan Hotel New York City (Joint Venture)
Sale of Stock
Hotel property ownership interest (as a percent)	98.30%

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) - Accounting Standards Update 2015-03 [Member] - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies
Deferred financing costs		$ 8.1
Debt
Summary of Significant Accounting Policies
Deferred financing costs		7.3
Prepaid expenses and other assets
Summary of Significant Accounting Policies
Deferred financing costs	$ 2.5	$ 0.8

Investment in Hotel Propertie33

Investment in Hotel Properties (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land and improvements	$ 736,600,000		$ 736,600,000		$ 736,709,000
Buildings and improvements	3,226,780,000		3,226,780,000		3,205,704,000
Furniture, fixtures and equipment	594,981,000		594,981,000		571,118,000
Intangible assets	2,507,000		2,507,000		2,507,000
Total	4,560,868,000		4,560,868,000		4,516,038,000
Accumulated depreciation and amortization	(961,050,000)		(961,050,000)		(841,039,000)
Investment in hotel and other properties, net	3,599,818,000		3,599,818,000		$ 3,674,999,000
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	(40,900,000)	$ (39,700,000)	(122,300,000)	$ (114,500,000)
Impairment loss	$ 0	$ 0	$ 0	$ 0

Acquisition of Hotel Properti34

Acquisition of Hotel Properties Acquisition of Hotel Properties - Acquired Properties (Details) $ in Thousands	Sep. 25, 2015USD ($)room	Jul. 20, 2015USD ($)room	Jul. 15, 2015USD ($)room	Sep. 30, 2016USD ($)room	Sep. 30, 2015USD ($)room
Business Acquisition
Hotel property ownership interest (as a percent)				100.00%
Number of Units in Real Estate Property | room				20,800
Mortgage debt assumed				$ 0	$ 33,389
Acquisitions 2,015
Business Acquisition
Hotel property ownership interest (as a percent)					100.00%
Number of Units in Real Estate Property | room					490
Payments to Acquire Hotel Property(s), Gross					$ 175,900
Hyatt Place Washington DC Downtown K Street
Business Acquisition
Number of Units in Real Estate Property | room			164
Payments to Acquire Hotel Property(s), Gross			$ 68,000
Homewood Suites Seattle Lynnwood
Business Acquisition
Number of Units in Real Estate Property | room		170
Payments to Acquire Hotel Property(s), Gross		$ 37,900
Residence Inn Palo Alto Los Altos
Business Acquisition
Number of Units in Real Estate Property | room	156
Payments to Acquire Hotel Property(s), Gross	$ 70,000
Mortgage debt assumed	33,400
Mortgage debt assumed at Fair Value	$ 34,700

Acquisition of Hotel Properti35

Acquisition of Hotel Properties Acquisition of Hotel Properties - Allocation of Purchase Price of Properties Acquired (Details) $ in Thousands	Sep. 30, 2015USD ($)
Allocation of the Purchase Price to Properties Acquired [Abstract]
Land and improvements	$ 31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269)
Total purchase price	$ 175,900

Acquisition of Hotel Properti36

Acquisition of Hotel Properties Acquisition of Hotel Properties - Revenue and Net Loss of Properties Acquired (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Revenue and Net Income (Loss) of Properties Acquired [Abstract]
Revenue of hotel properties since Acquisition Date	$ 3,905	$ 3,905
Net Income (Loss) of hotel properties since Acquisition Date	$ (1,674)	$ (1,674)

Acquisition of Hotel Properti37

Acquisition of Hotel Properties Acquisition of Hotel Properties - Pro Forma Condensed Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Revenue and Net Income (Loss) of Properties Acquired [Abstract]
Pro Forma Revenue	$ 293,099	$ 874,190
Pro Forma Net income attributable to common shareholders	$ 43,322	$ 148,473
Pro Forma Net income per share attributable to common shareholders - Basic	$ 0.34	$ 1.14
Pro Forma Net income per share attributable to common shareholders - Diluted	$ 0.34	$ 1.13
Weighted average number of shares outstanding - Basic	127,663,480	129,855,686
Weighted average number of shares outstanding - Diluted	128,143,154	130,410,613

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)property
Discontinued Operations and Disposal Groups [Abstract]
Hotel properties sold, Number | property			1	22
Disposal of hotel properties			$ 2,850	$ 238,450
(Loss) gain on sale of hotel properties	$ (5)	$ 812	$ (155)	$ 23,782

Sale of Hotel Properties (Sched

Sale of Hotel Properties (Schedule of Properties Disposed) (Details) - room	Sep. 30, 2016	Feb. 22, 2016	Sep. 30, 2015	Jul. 07, 2015	May 22, 2015	Feb. 23, 2015
2016 Disposals
Discontinued operations
Property disposed, number of rooms	62
Holiday Inn Express Merrillville
Discontinued operations
Property disposed, number of rooms		62
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 & Suites Valparaiso
Discontinued operations
Property disposed, number of rooms					63
Residence Inn South Bend
Discontinued operations
Property disposed, number of rooms				80

Debt (Credit Facilities) (Detai

Debt (Credit Facilities) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt
Term Loans and Revolver, net	$ 1,168,893,000	$ 1,169,437,000
Term Loans and Revolver, gross	1,175,000,000	1,175,000,000
Unamortized debt issuance costs on term loans	(6,107,000)	(5,563,000)
The Revolver | Line of Credit
Debt
Maximum borrowing capacity	$ 400,000,000
Additional maturity term	1 year
Term Loans and Revolver, net	$ 0	0
Interest Rate	2.03%
Remaining borrowing capacity	$ 400,000,000	300,000,000
$400 Million Term Loan Maturing 2019 | Unsecured Debt
Debt
Maximum borrowing capacity	400,000,000
Term Loans and Revolver, net	$ 400,000,000	400,000,000
Interest Rate	2.72%
$225 Million Term Loan Maturing 2019 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 225,000,000
Term Loans and Revolver, net	$ 225,000,000	225,000,000
Interest Rate	4.04%
$400 Million Term Loan Maturing 2021 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 400,000,000
Term Loans and Revolver, net	$ 400,000,000	400,000,000
Interest Rate	2.92%
$150 Million Term Loan Maturing 2022 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 150,000,000
Term Loans and Revolver, net	$ 150,000,000	$ 150,000,000
Interest Rate	3.43%

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)termhotelextensionasset	Dec. 31, 2015USD ($)
Debt
Mortgage loans, net	$ 414,104	$ 406,049
Mortgage loans, gross	415,854	407,755
Unamortized debt issuance costs on mortgage loans	$ (1,750)	(1,706)
Secured Debt
Debt
Number of Assets Encumbered | asset	14
Mortgage loans, net	$ 414,104	406,049
Secured Debt | Wells Fargo 2
Debt
Number of Assets Encumbered | asset	4
Interest Rate	4.00%
Mortgage loans, net	$ 150,000	150,000
Additional maturity term	1 year
Number of additional maturity terms | extension	4
Secured Debt | Wells Fargo 1
Debt
Number of Assets Encumbered | asset	4
Interest Rate	4.04%
Mortgage loans, net	$ 147,000	149,250
Number of hotels encumbered by loans that are cross-collateralized | hotel	2
Additional maturity term	1 year
Number of additional maturity terms | term	4
Secured Debt | PNC Bank
Debt
Number of Assets Encumbered | asset	5
Interest Rate	2.63%
Mortgage loans, net	$ 85,000	74,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	5
Additional maturity term	1 year
Number of additional maturity terms | term	2
Secured Debt | Wells Fargo 3
Debt
Number of Assets Encumbered | asset	1
Interest Rate	5.25%
Mortgage loans, net	$ 33,854	34,505
Debt Instrument, Fair Value Adjustment, Net	1,100	1,200
Debt Instrument, Fair Value Adjustment, Gross	1,300	1,300
Debt Instrument, Fair Value Adjustment, Accumulated Amortization	$ (200)	$ (100)

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt
Amortization of deferred financing costs	$ 881	$ 1,055	$ 3,103	$ 3,111
Interest Costs Capitalized	0	(542)	0	(1,774)
Total Interest Expense	14,552	14,042	44,233	39,885
Secured Debt
Debt
Interest expense	4,009	3,687	11,992	12,523
Revolver and Term Loans
Debt
Interest expense	$ 9,662	$ 9,842	$ 29,138	$ 26,025

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Interest Rate Derivatives
Notional value	$ 1,890,000,000		$ 1,890,000,000		$ 1,792,251,000
Unrealized gains (losses) included in accumulated other comprehensive loss	(32,700,000)		(32,700,000)		(16,600,000)
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	13,200,000		13,200,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	32,746,000		32,746,000		16,602,000
Designated as Hedging Instrument | Swap-cash flow, hedge type one
Derivatives and Hedging
Interest rate swap liability	(1,467,000)		(1,467,000)		(1,014,000)
Interest Rate Derivatives
Notional value	$ 275,000,000		$ 275,000,000		275,000,000
Interest rate	1.1175%		1.1175%
Designated as Hedging Instrument | Swap-cash flow, hedge type two
Derivatives and Hedging
Interest rate swap liability	$ (2,254,000)		$ (2,254,000)		(2,190,000)
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.5625%		1.5625%
Designated as Hedging Instrument | Swap-cash flow, hedge type three
Derivatives and Hedging
Interest rate swap liability	$ (2,447,000)		$ (2,447,000)		(2,478,000)
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.635%		1.635%
Designated as Hedging Instrument | Swap-cash flow, hedge type four
Derivatives and Hedging
Interest rate swap liability	$ (348,000)		$ (348,000)		(312,000)
Interest Rate Derivatives
Notional value	$ 16,170,000		$ 16,170,000		16,418,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type five
Derivatives and Hedging
Interest rate swap liability	$ (324,000)		$ (324,000)		(279,000)
Interest Rate Derivatives
Notional value	$ 16,170,000		$ 16,170,000		16,418,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type six
Derivatives and Hedging
Interest rate swap liability	$ (854,000)		$ (854,000)		(765,000)
Interest Rate Derivatives
Notional value	$ 39,690,000		$ 39,690,000		40,298,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type seven
Derivatives and Hedging
Interest rate swap liability	$ (814,000)		$ (814,000)		(701,000)
Interest Rate Derivatives
Notional value	$ 40,670,000		$ 40,670,000		41,292,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type eight
Derivatives and Hedging
Interest rate swap liability	$ (380,000)		$ (380,000)		(340,000)
Interest Rate Derivatives
Notional value	$ 17,640,000		$ 17,640,000		17,910,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type nine
Derivatives and Hedging
Interest rate swap liability	$ (334,000)		$ (334,000)		(287,000)
Interest Rate Derivatives
Notional value	$ 16,660,000		$ 16,660,000		16,915,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type ten
Derivatives and Hedging
Interest rate swap liability	$ (3,838,000)		$ (3,838,000)		(3,186,000)
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest rate	2.018%		2.018%
Designated as Hedging Instrument | Swap-cash flow, hedge type eleven
Derivatives and Hedging
Interest rate swap liability	$ (2,884,000)		$ (2,884,000)		(2,308,000)
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.944%		1.944%
Designated as Hedging Instrument | Swap-cash flow, hedge type twelve
Derivatives and Hedging
Interest rate swap liability	$ (1,495,000)		$ (1,495,000)		(115,000)
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest rate	1.2715%		1.2715%
Designated as Hedging Instrument | Swap-cash flow, hedge type thirteen
Derivatives and Hedging
Interest rate swap liability	$ (1,391,000)		$ (1,391,000)		(321,000)
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.9615%		1.9615%
Designated as Hedging Instrument | Swap-cash flow, hedge type fourteen
Derivatives and Hedging
Interest rate swap liability	$ (621,000)		$ (621,000)		(87,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.85%		1.85%
Designated as Hedging Instrument | Swap-cash flow, hedge type fifteen
Derivatives and Hedging
Interest rate swap liability	$ (596,000)		$ (596,000)		(62,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.8115%		1.8115%
Designated as Hedging Instrument | Swap-cash flow, hedge type sixteen
Derivatives and Hedging
Interest rate swap liability	$ (276,000)		$ (276,000)		(9,000)
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate	1.7445%		1.7445%
Designated as Hedging Instrument | Swap-cash flow, hedge type seventeen
Derivatives and Hedging
Interest rate swap asset					98,000
Interest rate swap liability	$ (449,000)		$ (449,000)
Interest Rate Derivatives
Notional value	$ 33,000,000		$ 33,000,000		33,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type eighteen
Derivatives and Hedging
Interest rate swap asset					245,000
Interest rate swap liability	$ (1,115,000)		$ (1,115,000)
Interest Rate Derivatives
Notional value	$ 82,000,000		$ 82,000,000		82,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type nineteen
Derivatives and Hedging
Interest rate swap asset					104,000
Interest rate swap liability	$ (476,000)		$ (476,000)
Interest Rate Derivatives
Notional value	$ 35,000,000		$ 35,000,000		35,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty
Derivatives and Hedging
Interest rate swap liability	$ (5,306,000)		$ (5,306,000)		(2,196,000)
Interest Rate Derivatives
Notional value	$ 143,000,000		$ 143,000,000		143,000,000
Interest rate	1.80816%		1.80816%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty one
Derivatives and Hedging
Interest rate swap liability	$ (1,568,000)		$ (1,568,000)		(97,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.6125%		1.6125%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty two
Derivatives and Hedging
Interest rate swap asset					59,000
Interest rate swap liability	$ (1,433,000)		$ (1,433,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.5555%		1.5555%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty three
Derivatives and Hedging
Interest rate swap liability	$ (1,804,000)		$ (1,804,000)		(361,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.7095%		1.7095%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty four
Derivatives and Hedging
Interest rate swap asset					0
Interest rate swap liability	$ (272,000)		$ (272,000)
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		0
Interest rate	1.15%		1.15%
Interest Expense
Interest Rate Derivatives
Amount reclassified from accumulated other comprehensive income into interest expense	$ 4,000,000	$ 5,000,000	$ 12,300,000	$ 13,300,000
Accounts payable and other liabilities | Interest rate swap
Derivatives and Hedging
Interest rate swap liability	$ (32,700,000)		$ (32,700,000)		(17,100,000)
Prepaid expenses and other assets | Interest rate swap
Derivatives and Hedging
Interest rate swap asset					$ 500,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ 32,746	$ 16,602
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		506
Interest rate swap liability	(32,746)	(17,108)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(32,746)	(16,602)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		506
Interest rate swap liability	(32,746)	(17,108)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(32,746)	(16,602)
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Minimum percentage of adjusted taxable income to be distributed to shareholders in order to qualify as a REIT	90.00%
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
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	$ 65,368	$ 55,455

Commitments and Contingencies47

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)hotel	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)hotel	Sep. 30, 2015USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	125		125
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			7.00%
Management fee expense | $	$ 10.6	$ 10.4	$ 34.2	$ 33.8
Minimum
Other Commitments
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			3.00%
Maximum
Other Commitments
Management Agreement Term			25 years
Base Management Fee as Percentage of Hotel Revenues			3.50%

Commitments and Contingencies48

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)hotel	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)hotel	Sep. 30, 2015USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements | hotel	110		110
Franchise fee expense | $	$ 19	$ 18.6	$ 56.6	$ 54.9
Minimum
Other Commitments
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			1.50%
Maximum
Other Commitments
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 ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Equity, Class of Treasury Stock
Share repurchase program, authorized amount			$ 400,000,000
Stock Repurchased During Period, Value	$ 13,271,000	$ 199,944,000
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01		$ 0.01
Share repurchase program, remaining authorized amount	$ 161,542,669
Common Stock
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares)	610,607	6,992,708
Stock Repurchased During Period, Value	$ 6,000	$ 70,000
Redemption of Operating Partnership units (in shares)	335,250
Limited Partners
Equity, Class of Treasury Stock
Remaining limited partner ownership interest in Operating Partnership units (in shares)	558,750

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2016	Jul. 31, 2015	Jul. 31, 2012	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)				7,500,000		7,500,000
Summary of non-vested shares/units
Granted (in shares)						2,554
Weighted Average Grant Date Fair Value
Granted (in dollars per share)						$ 22.26
Other Disclosures
Share-based compensation expense						$ (57)	$ (99)
Common shares available for future grant (in shares)				3,964,629		3,964,629
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)						540,885
Granted (in shares)						584,098
Vested (in shares)						(213,385)
Forfeited (in shares)						(292,843)
Unvested at the end of the period (in shares)				618,755		618,755
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)						$ 26.73
Granted (in dollars per share)						20.73
Vested (in dollars per share)						23.67
Forfeited (in dollars per share)						23.71
Unvested at the end of the period (in dollars per share)				$ 23.55		$ 23.55
Other Disclosures
Share-based compensation expense				$ 1,600	$ 2,000	$ 5,000	7,600
Total unrecognized compensation costs				13,600		$ 13,600
Weighted-average period of recognition of unrecognized share-based compensation expense						2 years 6 months
Total fair value of shares vested						$ 4,500
2012 Performance Shares
Other Disclosures
Vesting period			4 years
Performance-based vesting period			3 years
Time-based vesting period			1 year
Restricted shares issued upon conversion of performance units (in shares)		838,934
2016 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	280,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 10.31
Other Disclosures
Vesting period	4 years
Performance-based vesting period	3 years
Time-based vesting period	1 year
Vesting percentage upon satisfaction of performance-based vesting period	50.00%
Vesting percentage upon satisfaction of time-based vesting period	50.00%
Fair value assumptions, risk free interest rate	1.05%
Fair value assumptions, expected volatility rate	23.82%
Percentage of grant date fair value to be recognized over three years	50.00%
Employee service share based compensation cost period of recognition	3 years
Percentage of grant date fair value to be recognized over four years	50.00%
Employee service share based compensation cost period of recognition	4 years
Performance Units
Other Disclosures
Share-based compensation expense				300	$ 700	(1,100)	$ 2,900
Total unrecognized compensation costs				$ 2,600		$ 2,600
Weighted-average period of recognition of unrecognized share-based compensation expense						3 years 1 month 25 days
Total fair value of shares vested						$ 6,700
President and Chief Executive Officer | Restricted share awards
Summary of non-vested shares/units
Forfeited (in shares)	(285,926)
Other Disclosures
Share-based compensation expense	$ (500)
President and Chief Executive Officer | 2012 Performance Shares
Summary of non-vested shares/units
Forfeited (in shares)	(133,467)
President and Chief Executive Officer | Performance Units
Other Disclosures
Share-based compensation expense	$ (2,300)
Minimum | 2016 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares	25.00%
Maximum | 2016 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares	150.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Less: Undistributed earnings attributable to unvested restricted shares	$ (1)	$ 0	$ (8)	$ (136)
Numerator:
Net income attributable to common shareholders	41,174	40,594	124,918	144,435
Less: Dividends paid on unvested restricted shares	(204)	(346)	(891)	(863)
Less: Undistributed earnings attributable to unvested restricted shares	(1)	0	(8)	(136)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 40,969	$ 40,248	$ 124,019	$ 143,436
Denominator:
Weighted-average number of common shares - basic (in shares)	123,621,323	127,663,480	123,635,010	129,855,686
Unvested restricted shares (in shares)	194,210	479,674	224,743	554,927
Unvested performance units (in shares)	20,919	0	0	0
Weighted-average number of common shares - diluted (in shares)	123,836,452	128,143,154	123,859,753	130,410,613
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.33	$ 0.32	$ 1	$ 1.10
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.33	$ 0.31	$ 1	$ 1.10

Supplemental Information to S52

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 42,807	$ 34,968
Income taxes paid	1,560	1,391
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	0	175,900
Restricted cash reserves	0	1,548
Accounts receivable	0	179
Other assets	0	120
Mortgage debt assumed	0	(33,389)
Advance deposits	0	46
Accounts payable and other liabilities	0	543
Acquisition of hotel properties, net	0	143,769
In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	2,850	238,450
Transaction costs	(122)	(8,781)
Operating prorations	(99)	3,269
Proceeds from the sale of hotel properties, net	2,629	232,938
Supplemental non-cash transactions
Accrued capital expenditures	2,500	3,147
Redemption of Operating Partnership units	$ 4,325	$ 0