RLJ Lodging Trust (RLJ) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 15, 2017	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		124,621,611
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,609,709,102

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Investment in hotel properties, net	$ 3,368,674	$ 3,674,999
Cash and cash equivalents	456,672	134,192
Restricted cash reserves	67,206	55,455
Hotel and other receivables, net of allowance of $182 and $117, respectively	26,018	25,755
Deferred income tax asset	44,614	49,978
Prepaid expense and other assets	60,209	32,563
Total assets	4,023,393	3,972,942
Liabilities and Equity
Mortgage loans, net	413,407	406,049
Term Loans and Revolver, net	1,169,308	1,169,437
Accounts payable and other liabilities	137,066	129,192
Deferred income tax liability	11,430	9,801
Advance deposits and deferred revenue	11,975	11,647
Accrued interest	3,444	4,883
Distributions payable	41,486	41,409
Total liabilities	1,788,116	1,772,418
Commitments and Contingencies (Note 9)
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at December 31, 2016 and 2015, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,364,178 and 124,635,675 shares issued and outstanding at December 31, 2016 and 2015, respectively	1,244	1,246
Additional paid-in capital	2,187,333	2,195,732
Accumulated other comprehensive loss	(4,902)	(16,602)
Retained earnings	(38,249)	(2,439)
Total shareholders’ equity	2,221,924	2,182,815
Noncontrolling interest:
Noncontrolling interest in consolidated joint venture	5,973	6,177
Noncontrolling interest in the Operating Partnership	7,380	11,532
Total noncontrolling interest	13,353	17,709
Total equity	2,235,277	2,200,524
Total liabilities and equity	$ 4,023,393	$ 3,972,942

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Hotel and other receivables, allowance (in dollars)	$ 182	$ 117
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, issued (in shares)	0	0
Preferred shares of beneficial interest, outstanding (in shares)	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	124,364,178	124,635,675
Common shares of beneficial interest, outstanding (in shares)	124,364,178	124,635,675

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating revenue
Room revenue	$ 1,010,637	$ 985,361	$ 969,402
Food and beverage revenue	111,691	114,818	107,538
Other operating department revenue	37,667	36,161	32,257
Total revenue	1,159,995	1,136,340	1,109,197
Operating expense
Room expense	228,656	220,101	213,071
Food and beverage expense	79,589	81,117	75,468
Management and franchise fee expense	118,210	116,462	114,802
Other operating expense	241,654	239,966	243,004
Total property operating expense	668,109	657,646	646,345
Depreciation and amortization	162,500	156,226	144,294
Impairment loss	0	1,003	9,200
Property tax, insurance and other	77,281	76,682	71,443
General and administrative	31,516	37,810	41,671
Transaction and pursuit costs	192	3,058	4,850
Total operating expense	939,598	932,425	917,803
Operating income	220,397	203,915	191,394
Other income	303	1,598	807
Interest income	1,695	1,563	1,881
Interest expense	(58,820)	(54,788)	(56,810)
Income from continuing operations before income tax (expense) benefit	163,575	152,288	137,272
Income tax (expense) benefit	(8,190)	39,126	(1,145)
Income from continuing operations	155,385	191,414	136,127
Gain on sale of hotel properties	45,929	28,398	353
Net income	201,314	219,812	136,480
Net income attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	(55)	(77)	(171)
Noncontrolling interest in the Operating Partnership	(907)	(1,514)	(868)
Net income attributable to common shareholders	$ 200,352	$ 218,221	$ 135,441
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 1.61	$ 1.69	$ 1.06
Weighted-average number of common shares (in shares)	123,651,003	128,444,469	127,360,669
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 1.61	$ 1.68	$ 1.05
Weighted-average number of common shares (in shares)	123,879,007	128,967,754	128,293,843
Amounts attributable to the Company’s common shareholders:
Income from continuing operations	$ 154,606	$ 190,022	$ 135,090
Gain on sale of hotel properties	45,746	28,199	351
Comprehensive income:
Net income	201,314	219,812	136,480
Unrealized gain (loss) on interest rate derivatives	11,700	(2,958)	(7,703)
Comprehensive income	213,014	216,854	128,777
Comprehensive income attributable to the Company	$ 212,052	$ 215,263	$ 127,738

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 Loss	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2013		122,640,042
Balance at Dec. 31, 2013	$ 2,146,334	$ 1,226	$ 2,178,004	$ (45,522)	$ (5,941)	$ 18,567	$ 11,261	$ 7,306
Increase (Decrease) in Equity
Net income (loss)	136,480			135,441		1,039	868	171
Unrealized gain (loss) on interest rate derivatives	(7,703)				(7,703)
Proceeds from sale of common stock, net (in shares)		9,200,000
Proceeds from the sale of common stock, net	232,712	$ 92	232,620
Issuance of restricted stock (in shares)		343,887
Issuance of restricted stock	0	$ 3	(3)
Amortization of share-based compensation	15,088		15,088
Share grants to trustees (in shares)		4,347
Share grants to trustees	127		127
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(211,983)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(6,107)	$ (2)	(6,105)
Forfeiture of restricted stock (in shares)		(11,587)
Restricted Stock Award, Forfeitures	0
Distribution to joint venture partner	(1,182)					(1,182)		(1,182)
Distributions on common shares and units	(137,265)			(136,334)		(931)	(931)
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 Equity
Net income (loss)	219,812			218,221		1,591	1,514	77
Unrealized gain (loss) on interest rate derivatives	(2,958)				(2,958)
Number of shares acquired as part of a share repurchase program (in shares)		(8,044,372)
Shares acquired as part of a share repurchase program	(225,186)	$ (80)	(225,106)
Issuance of restricted stock (in shares)		1,126,431
Issuance of restricted stock	0	$ 11	(11)
Amortization of share-based compensation	13,002		13,002
Share grants to trustees (in shares)		5,008
Share grants to trustees	132		132
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(403,722)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(12,020)	$ (4)	(12,016)
Forfeiture of restricted stock (in shares)		(12,376)
Restricted Stock Award, Forfeitures	0
Distribution to joint venture partner	(195)					(195)		(195)
Distributions on common shares and units	(170,547)			(169,367)		(1,180)	(1,180)
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 Equity
Net income (loss)	201,314			200,352		962	907	55
Unrealized gain (loss) on interest rate derivatives	11,700				11,700
Redemption of Operating Partnership units, shares		335,250
Redemption of Operating Partnership units, value	$ 0	$ 3	4,322			(4,325)	(4,325)
Number of shares acquired as part of a share repurchase program (in shares)	(610,607)	(610,607)
Shares acquired as part of a share repurchase program	$ (13,271)	$ (6)	(13,265)
Issuance of restricted stock (in shares)		672,821
Issuance of restricted stock	0	$ 7	(7)
Amortization of share-based compensation	5,990		5,990
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)		(244,015)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(5,502)	$ (2)	(5,500)
Forfeiture of restricted stock (in shares)		(427,500)
Restricted Stock Award, Forfeitures	0	$ (4)	4
Distribution to joint venture partner	(259)					(259)		(259)
Distributions on common shares and units	(165,276)			(164,542)		(734)	(734)
Balance (in shares) at Dec. 31, 2016		124,364,178
Balance at Dec. 31, 2016	$ 2,235,277	$ 1,244	$ 2,187,333	$ 38,249	$ (4,902)	$ 13,353	$ 7,380	$ 5,973

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income	$ 201,314	$ 219,812	$ 136,480
Adjustments to reconcile net income to cash flow provided by operating activities:
Gain on sale of hotel properties	(45,929)	(28,398)	(353)
Loss on defeasance	0	0	804
Depreciation and amortization	162,500	156,226	144,294
Amortization of deferred financing costs	3,965	4,164	4,298
Amortization of deferred management fees	751	784	954
Accretion of interest income on investment in loan	(613)	(389)	(248)
Impairment loss	0	1,003	9,200
Share grants to trustees	57	132	127
Amortization of share-based compensation	5,990	13,002	15,088
Deferred income taxes	6,994	(40,554)	(642)
Changes in assets and liabilities:
Hotel and other receivables, net	(263)	115	(2,122)
Prepaid expense and other assets	(5,162)	4,802	(3,513)
Accounts payable and other liabilities	2,870	(5,502)	(5,096)
Advance deposits and deferred revenue	328	1,617	(526)
Accrued interest	(1,439)	2,100	88
Net cash flow provided by operating activities	331,363	328,914	298,833
Cash flows from investing activities
Acquisition of hotel properties, net	0	(143,769)	(631,640)
Proceeds from the sale of hotel properties, net	269,185	246,405	132,669
Purchase deposits, net	0	0	7,246
Improvements and additions to hotel properties	(83,780)	(149,225)	(118,787)
Additions to property and equipment	(283)	(659)	(47)
(Increase) decrease in restricted cash reserves, net	(11,751)	9,147	(624)
Net cash flow provided by (used in) investing activities	173,371	(38,101)	(611,183)
Cash flows from financing activities
Borrowings under Revolver	51,000	0	292,500
Repayments under Revolver	(51,000)	0	(292,500)
Borrowings on term loans	0	150,000	175,000
Proceeds from mortgage loans	11,000	7,000	143,000
Payments of mortgage loans principal	(3,651)	(166,587)	(170,722)
Repurchase of common shares under a share repurchase program	(13,271)	(225,186)	0
Repurchase of common shares to satisfy employee withholding requirements	(5,502)	(12,020)	(6,107)
Distributions on common shares	(164,364)	(170,092)	(125,143)
Distributions on Operating Partnership units	(838)	(1,160)	(878)
Payments of deferred financing costs	(5,369)	(839)	(4,120)
Distribution to joint venture partner	(259)	(195)	(1,182)
Proceeds from the issuance of common shares	0	0	232,712
Net cash flow (used in) provided by financing activities	(182,254)	(419,079)	242,560
Net change in cash and cash equivalents	322,480	(128,266)	(69,790)
Cash and cash equivalents, beginning of year	134,192	262,458	332,248
Cash and cash equivalents, end of year	$ 456,672	$ 134,192	$ 262,458

Organization

Organization	12 Months Ended
	Dec. 31, 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 elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with 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 December 31, 2016 , there were 124,922,928 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 December 31, 2016 , the Company owned 122 hotel properties with approximately 20,100 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	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The 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"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and a joint venture in which the Company has a majority voting interest and control. All intercompany balances and transactions have been eliminated in consolidation. 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 presentation of 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. 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. 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. Revenue Recognition The Company’s revenue consists of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, gift shop sales and other guest service fees). These revenues are recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as they are earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it is recorded as a bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable. Any cash received prior to a guests arrival is recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements and franchise agreements. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. Intangible assets and liabilities arising from the acquisitions are amortized using the straight-line method over the non-cancelable portion of the term of the agreement. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the statement of operations or disclosed in the notes. This guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The guidance is effective for annual reporting periods beginning after December 15, 2015 and it is applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted the new guidance on January 1, 2016 and there have been no measurement period adjustments subsequent to the adoption of this guidance. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. 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 on January 1, 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). For the years ended December 31, 2016 , 2015 and 2014 , approximately $4.0 million , $4.2 million and $4.3 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations. Accumulated amortization at December 31, 2016 and 2015 was approximately $9.7 million and $10.6 million , respectively. Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $4.2 million , $4.1 million and $3.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and is included in other operating expense in the consolidated statements of operations. Transaction and Pursuit Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews and market studies. These costs are expensed as incurred. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility (the "Revolver") and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments as part of its interest rate risk management strategy. The Company utilizes derivatives to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative financial instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives have been determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheet at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the interest rate derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2016 , the Company consolidated the Operating Partnership, which has a 0.4% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations. As of December 31, 2016 , the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a 1.7% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint venture in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint venture in the consolidated statements of operations. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. 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, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. The Company's current intention is to adhere to these REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company generally is not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. Income taxes are recorded using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. 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 and performance units 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 unvested share-based awards, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. Share-based Compensation From time to time, the Company may issue share-based awards under the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan") as compensation to officers, employees and non-employee trustees. The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the 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 grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. 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 on January 1, 2016, and there was no effect on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 with early adoption permitted. The Company early adopted this guidance on January 1, 2016, and there was no effect on the Company's consolidated financial statements. 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 new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. 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 expects to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's 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. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. The new 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 expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this new standard, but it believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . This guidance provides additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. Both of these ASUs will be effective for the annual reporting periods beginning after December 15, 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 expects to adopt the new guidance on January 1, 2018. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company's current disclosures and reclassifications within the consolidated statement of cash flows, but they are not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company expects to adopt this new guidance on January 1, 2018. The Company is currently evaluating whether this ASU will have a material impact on the Company's consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2016 December 31, 2015 Land and improvements $ 675,889 $ 736,709 Buildings and improvements 3,050,043 3,205,704 Furniture, fixtures and equipment 595,816 571,118 Intangible assets 2,309 2,507 4,324,057 4,516,038 Accumulated depreciation and amortization (955,383 ) (841,039 ) Investment in hotel properties, net $ 3,368,674 $ 3,674,999 For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $162.2 million , $155.8 million and $143.9 million , respectively. Impairment During the year ended December 31, 2016 , the Company determined that there was no impairment of any assets. During the year ended December 31, 2015 , the Company recorded an impairment loss of $1.0 million related to one hotel property. The Company evaluated the recoverability of the hotel property's carrying value given the expectation to sell the hotel before the end of its previously estimated useful life. Based on an analysis of the estimated undiscounted net cash flows, the Company concluded that the carrying value of the hotel property was not recoverable. The Company estimated the fair value of the hotel property using a discounted cash flow analysis. In the analysis, the Company estimated the future net cash flows from the hotel property using the expected useful life and the holding period, and the applicable capitalization and discount rates. During the year ended December 31, 2014 , the Company recorded an impairment loss of $9.2 million related to three hotel properties. The Company evaluated the recoverability of the carrying values of the hotel properties given the expectation to sell certain hotels before the end of their previously estimated useful lives. Based on an analysis of the estimated undiscounted net cash flows, the Company concluded that the carrying values of the three hotel properties were not recoverable. The Company estimated the fair value of the hotel properties using a widely accepted revenue multiple valuation approach with significant unobservable inputs, including revenue growth projections and prevailing market multiples, from third-party sources.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties During the year ended December 31, 2016, the Company did not acquire any hotel properties. During the year ended December 31, 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 . During the year ended December 31, 2014, the Company acquired a 100% interest in the following properties: Property Location Acquisition Management Rooms Purchase Price Hyatt House Charlotte Center City Charlotte, NC March 12, 2014 Hyatt Affiliate 163 $ 32,496 Hyatt House Cypress Anaheim Cypress, CA March 12, 2014 Hyatt Affiliate 142 14,753 Hyatt House Emeryville San Francisco Bay Area Emeryville, CA March 12, 2014 Hyatt Affiliate 234 39,274 Hyatt House San Diego Sorrento Mesa San Diego, CA March 12, 2014 Hyatt Affiliate 193 35,985 Hyatt House San Jose Silicon Valley San Jose, CA March 12, 2014 Hyatt Affiliate 164 44,159 Hyatt House San Ramon San Ramon, CA March 12, 2014 Hyatt Affiliate 142 20,833 Hyatt House Santa Clara Santa Clara, CA March 12, 2014 Hyatt Affiliate 150 40,570 Hyatt Market Street The Woodlands The Woodlands, TX March 12, 2014 Hyatt Corporation 70 25,817 Hyatt Place Fremont Silicon Valley Fremont, CA March 12, 2014 Hyatt Affiliate 151 23,525 Hyatt Place Madison Downtown Madison, WI March 12, 2014 Hyatt Affiliate 151 35,088 Courtyard Portland City Center Portland, OR May 22, 2014 Sage Hospitality 256 67,000 Embassy Suites Irvine Orange County Irvine, CA May 22, 2014 Sage Hospitality 293 53,000 Hilton Cabana Miami Beach Miami, FL June 19, 2014 Highgate Hotels 231 71,700 Hyatt Atlanta Midtown Atlanta, GA July 14, 2014 Interstate Hotels 194 49,500 DoubleTree Grand Key Resort (1) Key West, FL September 11, 2014 Interstate Hotels 215 78,250 2,749 $ 631,950 _______________________________________________________________________________ (1) Purchase price includes $1.3 million paid for five condominium units. The allocation of the purchase price for the hotel properties acquired was as follows (in thousands): For the year ended December 31, 2015 2014 Land and improvements $ 31,692 $ 164,396 Buildings and improvements 131,960 409,540 Furniture, fixtures and equipment 13,517 57,575 Intangible and other assets — 439 Fair value adjustment on mortgage debt assumed (1,269 ) — Total purchase price $ 175,900 $ 631,950 See Note 15 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 year ended December 31, 2015, the total revenues and net loss from the date of acquisition through December 31, 2015 are included in the accompanying consolidated statements of operations as follows (in thousands): For the year ended December 31, 2015 Revenue $ 10,053 Net loss $ (1,477 ) For the hotel properties acquired during the year ended December 31, 2014, the total revenues and net income from the date of acquisition through December 31, 2014 are included in the accompanying consolidated statements of operations as follows (in thousands): For the year ended December 31, 2014 Revenue $ 106,306 Net income $ 18,773 The following unaudited condensed pro forma financial information presents the results of operations as if the 2015 acquisitions had taken place on January 1, 2014, and the 2014 acquisitions had taken place on January 1, 2013. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 and 2014 acquisitions had taken place on January 1, 2014 and 2013, respectively, nor is it indicative of 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 year ended December 31, 2015 2014 (unaudited) Revenue $ 1,149,453 $ 1,165,303 Net income attributable to common shareholders $ 222,498 $ 146,755 Net income per share attributable to common shareholders - basic $ 1.72 $ 1.14 Net income per share attributable to common shareholders - diluted $ 1.71 $ 1.14 Weighted-average number of shares outstanding - basic 128,444,469 127,360,669 Weighted-average number of shares outstanding - diluted 128,967,754 128,293,843

Sale of Hotel Properties

Sale of Hotel Properties	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Hotel Properties	Sale of Hotel Properties During the year ended December 31, 2016, the Company sold four hotel properties in three separate transactions for a total sale price of approximately $301.5 million . In conjunction with these transactions, the Company recorded a $45.9 million gain on sale, which is included in the accompanying consolidated statement of operations, and a deferred gain of $15.0 million related to the Company's maximum exposure to loss with respect to certain post-closing obligations, which is included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The following table provides a list of the hotel properties that were sold during the year ended December 31, 2016: Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 SpringHill Suites Bakersfield Bakersfield, CA November 30, 2016 119 Hilton Garden Inn New York 35th Street New York, NY December 5, 2016 298 Hilton New York Fashion District New York, NY December 5, 2016 280 Total 759 During the year ended December 31, 2015, the Company sold 23 hotel properties in four separate transactions for a total sale price of approximately $252.5 million . In conjunction with these transactions, the Company recorded a $28.4 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 year ended December 31, 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 Embassy Suites Columbus Columbus, OH October 14, 2015 221 Total 2,825 During the year ended December 31, 2014, the Company sold 18 hotel properties in eight separate transactions for a total sale price of approximately $137.8 million . In conjunction with these transactions, the Company recorded a $0.4 million gain on sale, which is included in the accompanying consolidated statement of operations. Additionally, the Company completed a legal defeasance of the mortgage indebtedness secured by three of the hotel properties that were sold. The cost of the defeasance was approximately $0.8 million , which is included in interest expense in the accompanying consolidated statement of operations. The following table provides a list of the hotel properties that were sold during the year ended December 31, 2014: Property Name Location Sale Date Rooms Courtyard Denver Southwest Lakewood Lakewood, CO February 20, 2014 90 Residence Inn Denver Southwest Lakewood Lakewood, CO February 20, 2014 102 Hyatt House Colorado Springs Colorado Springs, CO February 20, 2014 125 SpringHill Suites Gainesville Gainesville, FL February 20, 2014 126 Residence Inn Indianapolis Airport Indianapolis, IN February 20, 2014 95 Fairfield Inn & Suites Indianapolis Airport Indianapolis, IN February 20, 2014 86 Courtyard Grand Rapids Airport Kentwood, MI February 20, 2014 84 Hampton Inn & Suites Las Vegas Red Rock Summerlin Las Vegas, NV February 20, 2014 106 Courtyard Austin University Area Austin, TX February 20, 2014 198 Fairfield Inn & Suites Austin University Area Austin, TX February 20, 2014 63 Hyatt House Dallas Richardson Richardson, TX February 20, 2014 130 Hilton Garden Inn St. George St. George, UT February 25, 2014 150 Hilton Mystic Mystic, CT March 26, 2014 182 Holiday Inn Austin NW Arboretum Area Austin, TX June 18, 2014 194 Courtyard Benton Harbor St. Joseph Benton Harbor, MI December 16, 2014 98 Courtyard Valparaiso Valparaiso, IN December 17, 2014 111 Courtyard Merrillville Merrillville, IN December 18, 2014 112 Courtyard Fort Wayne Fort Wayne, IN December 19, 2014 142 Total 2,194

Debt

Debt	12 Months Ended
	Dec. 31, 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 credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, minimum tangible net worth and maximum secured indebtedness. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2016 and 2015 , the Company was in compliance with all financial covenants. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) plus an applicable margin. The margin ranges from 1.45% to 3.00% , depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.30% , based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. Under the terms of the credit agreement for the Revolver, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million , may be issued on behalf of the Company by the lenders under the Revolver. The Company will incur a fee that shall be agreed upon with the issuing bank. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. No standby letters of credit were outstanding at December 31, 2016 . The Company also may borrow up to a maximum aggregate outstanding balance of $40.0 million of swingline loans. Any outstanding swingline loans reduce the available borrowings under the Revolver by a corresponding amount. There were no swingline loans outstanding at December 31, 2016 . As of December 31, 2016 and 2015 , the Company had the following unsecured credit agreements (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2016 (1) Maturity Date December 31, 2016 December 31, 2015 Revolver (2) 2.27% 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 2.95% 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) (5,692 ) (5,563 ) Total $ 1,169,308 $ 1,169,437 _______________________________________________________________________________ (1) Interest rate at December 31, 2016 gives effect to interest rate hedges. (2) At December 31, 2016 and 2015 , there was $400.0 million and $300.0 million of borrowing capacity on the Revolver, respectively. (3) Excludes $2.3 million and $0.8 million as of December 31, 2016 and 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 December 31, 2016 and 2015 , the Company had the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at December 31, 2016 (1) Maturity Date December 31, 2016 December 31, 2015 Wells Fargo 4 4.01% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 146,250 149,250 PNC Bank (5) 5 2.87% (2) March 2021 (6) 85,000 74,000 Wells Fargo (7) 1 5.25% June 2022 33,666 34,505 414,916 407,755 Deferred financing costs, net (1,509 ) (1,706 ) 14 $ 413,407 $ 406,049 _______________________________________________________________________________ (1) Interest rate at December 31, 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 $1.0 million and $1.2 million at December 31, 2016 and 2015 , respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition. Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at December 31, 2016 and 2015 . Interest Expense For the years ended December 31, 2016 , 2015 and 2014 , the components of interest expense were as follows (in thousands): For the year ended December 31, 2016 2015 2014 Mortgage loans $ 16,006 $ 16,500 $ 23,282 Term Loans and Revolver 38,849 35,898 29,560 Loss on defeasance — — 804 Amortization of deferred financing costs 3,965 4,164 4,298 Capitalized interest — (1,774 ) (1,134 ) Total interest expense $ 58,820 $ 54,788 $ 56,810 Future Minimum Principal Payments As of December 31, 2016 , the future minimum principal payments on the debt were as follows (in thousands): 2017 $ 153,548 2018 143,876 2019 625,660 2020 691 2021 485,734 Thereafter 179,389 Total (1) $ 1,588,898 _______________________________________________________________________________ (1) Excludes $1.0 million related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging As of December 31, 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 December 31, 2016 December 31, 2015 Interest rate Maturity December 31, 2016 December 31, 2015 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (558 ) $ (1,014 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (1,251 ) (2,190 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (1,413 ) (2,478 ) Swap-cash flow 16,088 16,418 1.83% September 2018 (193 ) (312 ) Swap-cash flow 16,088 16,418 1.75% September 2018 (172 ) (279 ) Swap-cash flow 39,488 40,298 1.83% September 2018 (474 ) (765 ) Swap-cash flow 40,462 41,292 1.75% September 2018 (433 ) (701 ) Swap-cash flow 17,550 17,910 1.83% September 2018 (211 ) (340 ) Swap-cash flow 16,575 16,915 1.75% September 2018 (177 ) (287 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (2,090 ) (3,186 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (1,505 ) (2,308 ) Swap-cash flow 125,000 125,000 1.27% March 2019 54 (115 ) Swap-cash flow (1) 100,000 100,000 1.96% March 2019 (516 ) (321 ) Swap-cash flow (1) 50,000 50,000 1.85% March 2019 (184 ) (87 ) Swap-cash flow (1) 50,000 50,000 1.81% March 2019 (159 ) (62 ) Swap-cash flow (1) 25,000 25,000 1.74% March 2019 (57 ) (9 ) Swap-cash flow (2) 33,000 33,000 1.80% September 2020 111 98 Swap-cash flow (2) 82,000 82,000 1.80% September 2020 277 245 Swap-cash flow (2) 35,000 35,000 1.80% September 2020 118 104 Swap-cash flow 143,000 143,000 1.81% October 2020 (1,113 ) (2,196 ) Swap-cash flow (3) 100,000 — 1.15% April 2021 2,513 — Swap-cash flow (3) 100,000 — 1.20% April 2021 2,360 — Swap-cash flow (3) 75,000 — 2.15% April 2021 (410 ) — Swap-cash flow 50,000 50,000 1.61% June 2021 224 (97 ) Swap-cash flow 50,000 50,000 1.56% June 2021 352 59 Swap-cash flow 50,000 50,000 1.71% June 2021 5 (361 ) $ 2,064,251 $ 1,792,251 $ (4,902 ) $ (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. As of December 31, 2016 and 2015 , the aggregate fair value of the interest rate swap liabilities of $10.9 million and $17.1 million , respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. At December 31, 2016 and 2015 , the aggregate fair value of the interest rate swap assets of $6.0 million and $0.5 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2016 and 2015 , there was approximately $4.9 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 years ended December 31, 2016 and 2015 . For the years ended December 31, 2016 and 2015 , approximately $15.9 million and $18.2 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $9.5 million of the net unrealized losses included in accumulated other comprehensive loss at December 31, 2016 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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, Term Loans and Revolver — 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, Term Loans and Revolver 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 December 31, 2016 (in thousands): Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 6,014 $ — $ 6,014 Interest rate swap liability — (10,916 ) — (10,916 ) Total $ — $ (4,902 ) $ — $ (4,902 ) 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 a discounted cash flow analysis on the expected cash flows for 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 December 31, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ground Leases As of December 31, 2016 , eight of our hotels were subject to ground lease agreements that cover the land underlying the respective hotels. The total ground rent expense was $5.4 million , $5.5 million and $5.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Residence Inn Chicago Oak Brook is subject to a ground lease with an initial term that expires on March 6, 2100. After the initial term, we may extend the ground lease for an additional renewal term of 99 years. The ground rent expense was de minimis for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. The Marriott Louisville Downtown is subject to a ground lease with an initial term extending out to 2053. The ground lease may be extended for up to four additional twenty-five year terms at the Company's option. The ground rent expense was de minimis for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. The Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center are subject to a ground lease with a term expiring in 2100. The ground rent expense was $0.9 million , $1.0 million and $0.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Hilton Garden Inn Bloomington is subject to a ground lease with an initial term expiring in 2053. The ground lease automatically extends for up to five additional ten -year terms unless certain conditions are met. The ground rent expense was de minimis for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. The Hilton Garden Inn Bloomington is also subject to an agreement to lease parking spaces with an initial term expiring in 2033. The agreement to lease parking spaces may be extended if certain events occur. The ground rent expense was de minimis for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. A portion of the site of the Courtyard Charleston Historic District is subject to a ground lease with a term expiring in 2096. The ground rent expense was $1.0 million for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. The Courtyard Waikiki Beach is subject to a ground lease with a term expiring in 2112. The ground rent expense was $3.4 million for each of the years ended December 31, 2016 , 2015 and 2014 . A portion of the site of the Residence Inn Palo Alto Los Altos is subject to a ground lease with a term expiring in 2033. The ground rent expense was $0.1 million and de minimis for the years ended December 31, 2016 and 2015 , respectively. There was no ground rent expense in 2014 as this hotel property was acquired in September of 2015. The Hampton Inn Garden City was subject to a ground lease that expired on December 31, 2016. The lease then reverted to a fee simple ownership interest. The ground rent expense was de minimis for each of the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , the future minimum ground lease payments were as follows (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Future minimum ground lease payments $ 4,711 $ 4,713 $ 4,716 $ 4,718 $ 4,721 $ 415,859 $ 439,438 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 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 December 31, 2016 and 2015 , approximately $67.2 million and $55.5 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of December 31, 2016 , 122 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years, with 15 different hotel management companies as noted in the table below. This number includes four and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. Management Company Number of Aimbridge Hospitality 3 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 1 Embassy Suites Management 3 HEI Hotels and Resorts 1 Highgate Hotels 4 Hyatt Corporation and affiliates 10 Interstate Hotels and Resorts 11 InnVentures 3 K Partners Hospitality Group 1 Marriott Hotel Services 4 Sage Hospitality 4 Urgo Hotels 4 WLS 71 122 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 years ended December 31, 2016 , 2015 and 2014 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $44.3 million , $44.1 million and $43.2 million , respectively. Franchise Agreements As of December 31, 2016 , 108 of the Company's hotel properties are operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes four and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. Franchise agreements allow the hotel 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 years ended December 31, 2016 , 2015 and 2014 , the Company incurred franchise fee expense of approximately $73.9 million , $72.3 million and $71.6 million , respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On May 22, 2014, the Company issued and sold 9,200,000 common shares of beneficial interest at a price per share of $26.45 , for total gross proceeds of $243.3 million. The Company received aggregate net proceeds of approximately $232.7 million . On May 1, 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $200.0 million of the Company's common shares through April 30, 2016. On October 30, 2015, the Company's board of trustees extended the duration of the share repurchase program to December 31, 2016 and increased the amount by $200.0 million to a total of $400.0 million . Between May 1, 2015 and December 31, 2015, the Company repurchased and retired 8,044,372 of its common shares for approximately $225.2 million . During the year ended December 31, 2016, the Company repurchased and retired 610,607 of its common shares for approximately $13.3 million . On February 17, 2017, the Company's board of trustees extended the duration of the share repurchase program to February 28, 2018 and increased the authorized amount that may be repurchased by $40.0 million to a total of $440.0 million . Preferred Shares of Beneficial Interest Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. As of both December 31, 2016 and 2015 , there were no preferred shares of beneficial interest outstanding. Noncontrolling Interest in Consolidated Joint Venture As of December 31, 2016 , the Company consolidated DBT Met Hotel Venture, LP, a majority-owned limited partnership that has a third-party partner that owns a noncontrolling 1.7% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint venture on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2016 , the Operating Partnership had 124,922,928 OP units outstanding, of which 99.6% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.4% ownership interest was owned by other limited partners. The outstanding OP 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 year ended December 31, 2016, the Company issued 335,250 common shares of beneficial interest in exchange for redeemed units. After the redemption, 558,750 outstanding OP units are held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan On May 1, 2015, the Company’s shareholders approved the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan"), which constitutes an amendment and restatement of the RLJ Lodging Trust 2011 Equity Incentive Plan (the "2011 Plan"), including an increase in the total number of available shares under the 2015 Plan by 2,500,000 shares and changes to certain other terms of the 2011 Plan. The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2015 Plan. The 2015 Plan provides for a maximum of 7,500,000 common shares of beneficial interest to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2015 Plan as compensation to officers, employees and non-employee trustees. The 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 for their services. 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 is as follows: 2016 2015 2014 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 540,885 $ 26.73 731,459 $ 21.21 932,800 $ 18.99 Granted (1) 675,375 20.59 292,505 32.10 348,234 24.46 Vested (1) (272,780 ) 23.66 (470,703 ) 21.52 (537,988 ) 19.44 Forfeited (2) (294,033 ) 23.70 (12,376 ) 25.65 (11,587 ) 22.89 Unvested at December 31, 649,447 $ 23.00 540,885 $ 26.73 731,459 $ 21.21 _______________________________________________________________________________ (1) For the years ended December 31, 2016 , 2015 and 2014 , the Company issued 2,554 , 5,008 and 4,347 , respectively, unrestricted shares in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 , $26.43 and $29.31 , respectively. (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 years ended December 31, 2016 , 2015 and 2014 , the Company recognized approximately $6.9 million , $9.6 million and $10.6 million , respectively, of share-based compensation expense related to the restricted share awards, which includes a benefit of $0.5 million for the year ended December 31, 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. As of December 31, 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 2.4 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2016 , 2015 and 2014 was approximately $5.8 million , $14.0 million and $15.5 million , respectively. 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. These 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 year ended December 31, 2016 , the Company recognized a share-based compensation benefit of $0.9 million related to the performance unit awards, which included a benefit of $2.3 million 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 years ended December 31, 2015 and 2014 , the Company recognized $3.4 million and $4.5 million , respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2016 , there was $2.3 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 2.9 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 year ended December 31, 2016 was approximately $6.7 million . As of December 31, 2016 , there were 3,874,542 common shares available for future grant under the 2015 Plan.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2016 , 2015 and 2014 , since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 200,352 $ 218,221 $ 135,441 Less: Dividends paid on unvested restricted shares (1,105 ) (1,180 ) (951 ) Less: Undistributed earnings attributable to unvested restricted shares (188 ) (378 ) — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 199,059 $ 216,663 $ 134,490 Denominator: Weighted-average number of common shares - basic 123,651,003 128,444,469 127,360,669 Unvested restricted shares 228,004 523,285 316,020 Unvested performance units — — 617,154 Weighted-average number of common shares - diluted 123,879,007 128,967,754 128,293,843 Net income per share attributable to common shareholders - basic $ 1.61 $ 1.69 $ 1.06 Net income per share attributable to common shareholders - diluted $ 1.61 $ 1.68 $ 1.05

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For federal income tax purposes, the cash distributions to shareholders are characterized as follows: For the Years Ended December 31, 2016 2015 Common distributions: Ordinary income 87.0 % 100.0 % Return of capital — — Capital gains 13.0 % — 100.0 % 100.0 % The components of the income tax provision from continuing operations are as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Current: Federal $ (76 ) $ (287 ) $ (244 ) State (1,113 ) (1,145 ) (1,543 ) Deferred: Federal (6,141 ) 36,359 572 State (860 ) 4,199 70 Total net tax (expense) benefit $ (8,190 ) $ 39,126 $ (1,145 ) The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): For the Years Ended December 31, 2016 2015 2014 Expected federal tax expense at statutory rate $ (73,327 ) $ (63,240 ) $ (47,906 ) Tax impact of REIT election 68,477 62,391 45,842 Expected tax expense at TRS (4,850 ) (849 ) (2,064 ) Change in valuation allowance (1,254 ) 41,147 2,203 State income tax expense, net of federal (1,520 ) (1,111 ) (1,273 ) Impact of rate change 20 46 42 Other permanent items (382 ) (416 ) (418 ) Impact of acquired tax attributes — — (5 ) Impact of provision to return (204 ) 309 370 Income tax (expense) benefit $ (8,190 ) $ 39,126 $ (1,145 ) Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2016 2015 Deferred tax liabilities: Property and equipment $ (8,557 ) $ (7,660 ) Prepaid expenses (2,349 ) (1,780 ) Other (524 ) (361 ) Deferred tax liabilities $ (11,430 ) $ (9,801 ) Deferred tax assets: Property and equipment $ 1,082 $ 793 Incentive and vacation accrual 2,640 2,668 Deferred revenue - key money 1,703 1,769 Allowance for doubtful accounts 72 46 Other 605 689 Other carryforwards 155 204 Net operating loss carryforwards 49,787 53,985 Valuation allowance (11,430 ) (10,176 ) Deferred tax assets $ 44,614 $ 49,978 The Company records a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2016 and 2015, the Company had a valuation allowance of approximately $11.4 million and $10.2 million , respectively, related to net operating loss ("NOL") carryforwards and other deferred tax assets of its TRSs. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. While the Company believes its forecast of future income is reasonable, it is inherently uncertain. If the Company’s projections of future income are lower than expected, the Company may need to establish an additional valuation allowance. The Company’s NOLs will begin to expire in 2028 for federal tax purposes and during the period from 2018 to 2028 for state tax purposes. Additionally, the annual utilization of these NOLs is limited pursuant to Section 382 of the Code. The Company is subject to examination by the U.S. Internal Revenue Service ("IRS") and various state jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2016, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for years before 2012. During 2016, the IRS commenced examination of the federal income tax return of the Company's primary TRS for the 2013 tax year. The Company anticipates the examination will be completed in 2017. The Company had no accruals for tax uncertainties as of December 31, 2016 and 2015 .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2016 2015 2014 Interest paid, net of capitalized interest $ 56,294 $ 48,524 $ 52,424 Income taxes paid $ 1,290 $ 1,012 $ 2,111 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ — $ 177,169 $ 631,950 Restricted cash reserves — 1,548 — Accounts receivable — 179 807 Other assets — 120 1,671 Mortgage debt assumed — (33,389 ) — Fair value adjustment on mortgage debt assumed — (1,269 ) — Advance deposits — (46 ) (659 ) Accounts payable and other liabilities — (543 ) (2,129 ) Acquisition of hotel properties, net $ — $ 143,769 $ 631,640 In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 301,540 $ 252,500 $ 137,829 Escrow related to certain post-closing obligations (15,000 ) — — Transaction costs (16,693 ) (9,055 ) (3,634 ) Operating prorations (662 ) 2,960 (1,526 ) Proceeds from the sale of hotel properties, net $ 269,185 $ 246,405 $ 132,669 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 11,700 $ (2,958 ) $ (7,703 ) Accrued capital expenditures $ 7,392 $ 11,383 $ 9,641 Distributions payable $ 41,486 $ 41,409 $ 42,114 Redemption of Operating Partnership units $ 4,325 $ — $ —

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (unaudited)	Selected Quarterly Financial Data (unaudited) The tables below set forth the Company's unaudited condensed consolidated quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly financial data for the hotel properties are not indicative of the financial results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of the financial and operating results, changes in shareholders' equity, and cash flows for a period of several years. For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 275,171 $ 317,112 $ 296,259 $ 271,453 Net income $ 25,350 $ 58,740 $ 41,389 $ 75,835 Net income attributable to common shareholders $ 25,298 $ 58,447 $ 41,174 $ 75,433 Comprehensive income attributable to the Company $ 5,050 $ 53,081 $ 50,644 $ 103,277 Basic per share data: Net income attributable to common shareholders $ 0.20 $ 0.47 $ 0.33 $ 0.61 Diluted per share data: Net income attributable to common shareholders $ 0.20 $ 0.47 $ 0.33 $ 0.61 Basic weighted-average common shares outstanding 123,739,823 123,544,034 123,621,323 123,698,633 Diluted weighted-average common shares outstanding 124,141,824 123,942,846 123,836,452 123,757,660 For the year ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 270,405 $ 301,252 $ 289,420 $ 275,263 Net income $ 48,102 $ 56,410 $ 40,933 $ 74,367 Net income attributable to common shareholders $ 47,850 $ 55,991 $ 40,594 $ 73,786 Comprehensive income attributable to the Company $ 38,447 $ 61,910 $ 25,428 $ 89,478 Basic per share data: Net income attributable to common shareholders $ 0.36 $ 0.43 $ 0.32 $ 0.58 Diluted per share data: Net income attributable to common shareholders $ 0.36 $ 0.42 $ 0.31 $ 0.59 Basic weighted-average common shares outstanding 131,272,611 130,670,629 127,663,480 124,256,834 Diluted weighted-average common shares outstanding 132,286,542 131,618,693 128,143,154 124,679,650

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2016 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Marriott Austin South $ — $ 2,253 $ 16,522 $ 1,665 $ 2,253 $ 18,187 $ 20,440 $ 4,661 2006 15 - 40 years Marriott Denver South Park Meadows — 5,385 39,488 3,559 5,352 43,080 48,432 11,031 2006 15 - 40 years Marriott Louisville Downtown 80,000 — 89,541 4,040 — 93,581 93,581 24,121 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 2,127 4,495 34,832 39,327 9,135 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 2,581 4,598 34,980 39,578 8,925 2006 15 - 40 years Renaissance Fort Lauderdale Plantation Hotel — 4,842 35,517 1,914 4,853 37,420 42,273 9,655 2006 15 - 40 years Courtyard Austin Northwest Arboretum — 1,443 10,585 2,934 1,447 13,515 14,962 3,256 2006 15 - 40 years Courtyard Austin South — 1,530 11,222 1,383 1,535 12,600 14,135 3,312 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile — 8,140 59,696 4,290 8,142 63,984 72,126 16,195 2006 15 - 40 years Courtyard Denver West Golden — 1,325 9,716 1,414 1,325 11,130 12,455 2,860 2006 15 - 40 years Courtyard Chicago Southeast Hammond — 1,038 7,616 1,306 1,078 8,882 9,960 2,350 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 1,240 2,482 19,447 21,929 4,992 2006 15 - 40 years Courtyard Boulder Longmont — 1,192 8,745 909 1,192 9,654 10,846 2,531 2006 15 - 40 years Courtyard Boulder Louisville — 1,640 12,025 1,443 1,642 13,466 15,108 3,532 2006 15 - 40 years Courtyard Louisville Northeast — 1,374 10,079 845 1,382 10,916 12,298 2,880 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,377 2,197 18,279 20,476 5,310 2006 15 - 40 years Courtyard South Bend Mishawaka — 640 4,699 1,240 642 5,937 6,579 1,722 2006 15 - 40 years Courtyard Salt Lake City Airport — 2,333 17,110 1,397 2,333 18,507 20,840 4,688 2006 15 - 40 years Courtyard Houston Sugarland — 1,217 8,931 1,224 1,217 10,155 11,372 2,514 2006 15 - 40 years Courtyard Fort Lauderdale SW Miramar — 1,619 11,872 1,179 1,619 13,051 14,670 2,978 2007 15 - 40 years Courtyard Austin Downtown Convention Center 48,168 6,049 44,361 1,491 6,049 45,852 51,901 10,440 2007 15 - 40 years Courtyard Austin Airport — 1,691 12,404 3,637 1,753 15,979 17,732 3,302 2007 15 - 40 years Residence Inn Austin Northwest Arboretum — 1,403 10,290 1,959 1,403 12,249 13,652 3,045 2006 15 - 40 years Residence Inn Austin South — 802 5,883 936 805 6,816 7,621 1,664 2006 15 - 40 years Residence Inn Austin North Parmer Lane — 1,483 10,872 851 1,483 11,723 13,206 2,953 2006 15 - 40 years Residence Inn Indianapolis Fishers — 998 7,322 1,005 1,048 8,277 9,325 2,078 2006 15 - 40 years Residence Inn Denver West Golden — 1,222 8,963 1,188 1,222 10,151 11,373 2,511 2006 15 - 40 years Residence Inn Chicago Southeast Hammond — 980 7,190 996 1,042 8,124 9,166 2,028 2006 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2016 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Residence Inn Houston By The Galleria — 2,665 19,549 2,790 2,665 22,339 25,004 5,666 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 2,095 2,670 21,683 24,353 5,507 2006 15 - 40 years Residence Inn Longmont Boulder — 1,407 10,321 796 1,407 11,117 12,524 2,809 2006 15 - 40 years Residence Inn Boulder Louisville — 1,298 9,519 972 1,298 10,491 11,789 2,694 2006 15 - 40 years Residence Inn Louisville Northeast — 1,319 9,675 1,093 1,325 10,762 12,087 2,690 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,262 595 5,634 6,229 1,591 2006 15 - 40 years Residence Inn Detroit Novi — 1,427 10,445 1,862 1,432 12,302 13,734 2,932 2006 15 - 40 years Residence Inn Chicago Oak Brook — — 20,436 924 — 21,360 21,360 5,477 2006 15 - 40 years Residence Inn Fort Lauderdale Plantation — 2,183 16,021 4,397 2,295 20,306 22,601 5,112 2006 15 - 40 years Residence Inn Salt Lake City Airport — 875 6,416 1,296 875 7,712 8,587 1,932 2006 15 - 40 years Residence Inn San Antonio Downtown Market Sq — 1,822 13,360 2,278 1,822 15,638 17,460 3,955 2006 15 - 40 years Residence Inn Houston Sugarland — 1,100 8,073 1,324 1,100 9,397 10,497 2,492 2006 15 - 40 years Residence Inn Chicago Naperville — 1,923 14,101 838 1,923 14,939 16,862 3,941 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 744 1,815 14,052 15,867 3,419 2007 15 - 40 years Residence Inn Fort Lauderdale SW Miramar — 1,692 12,409 1,544 1,695 13,950 15,645 3,165 2007 15 - 40 years Residence Inn Austin Downtown Convention Center 32,112 3,767 27,626 620 3,767 28,246 32,013 6,467 2007 15 - 40 years SpringHill Suites Austin North Parmer Lane — 1,957 14,351 577 1,957 14,928 16,885 3,842 2006 15 - 40 years SpringHill Suites Austin South — 1,605 11,768 1,922 1,605 13,690 15,295 3,361 2006 15 - 40 years SpringHill Suites Louisville Hurstbourne North — 1,890 13,869 1,716 1,890 15,585 17,475 3,867 2006 15 - 40 years SpringHill Suites South Bend Mishawaka — 983 7,217 1,752 983 8,969 9,952 2,108 2006 15 - 40 years SpringHill Suites Denver North Westminster — 2,409 17,670 1,120 2,409 18,790 21,199 4,951 2006 15 - 40 years SpringHill Suites Boulder Longmont — 1,144 8,388 728 1,144 9,116 10,260 2,248 2007 15 - 40 years Fairfield Inn & Suites Austin South Airport — 505 3,702 1,126 505 4,828 5,333 1,083 2006 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 1,277 1,203 10,100 11,303 2,630 2006 15 - 40 years Fairfield Inn & Suites Chicago SE Hammond — 722 5,301 1,324 727 6,620 7,347 1,643 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,253 1,853 22,528 24,381 5,429 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 1,814 1,446 12,242 13,688 2,960 2006 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2016 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Fairfield Inn & Suites San Antonio Dwntn Mkt — 1,378 10,105 1,348 1,378 11,453 12,831 2,822 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 2,797 2,793 22,894 25,687 5,806 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,209 3,000 23,029 26,029 5,982 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,671 1,210 10,368 11,578 2,838 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 745 1,895 14,466 16,361 3,693 2006 15 - 40 years Hilton Garden Inn Bloomington 17,500 — 18,945 913 — 19,858 19,858 3,971 2009 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 654 851 6,771 7,622 1,688 2006 15 - 40 years Hampton Inn & Suites Clearwater St Petersburg Ulmerton Road — 1,106 12,721 1,118 1,146 13,799 14,945 3,228 2007 15 - 40 years Hampton Inn Garden City — 5,691 22,764 780 5,717 23,518 29,235 5,570 2007 15 - 40 years Courtyard Houston By The Galleria 26,000 3,069 22,508 1,416 3,069 23,924 26,993 5,411 2007 15 - 40 years Hampton Inn Fort Walton Beach — 8,774 6,109 1,603 8,875 7,611 16,486 1,672 2007 15 - 40 years Embassy Suites Los Angeles Downey 26,500 4,857 29,943 6,007 4,962 35,845 40,807 7,561 2008 15 - 40 years Hyatt House Austin Arboretum 11,000 2,813 15,940 2,079 2,813 18,019 20,832 3,632 2008 15 - 40 years Hyatt House Dallas Lincoln Park 18,000 3,169 17,958 1,357 3,317 19,167 22,484 3,972 2008 15 - 40 years Hyatt House Dallas Uptown 16,500 2,241 12,698 2,709 2,306 15,342 17,648 2,865 2008 15 - 40 years Hyatt House Houston Galleria 13,000 2,976 16,866 1,994 2,976 18,860 21,836 3,922 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Ctr — 2,161 71,017 2,330 2,359 73,149 75,508 12,437 2010 15 - 40 years Fairfield Inn & Suites Washington DC Downtown — 16,214 22,265 5,318 16,307 27,490 43,797 5,272 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 1,446 2,879 9,245 12,124 1,707 2010 15 - 40 years Homewood Suites Washington DC Downtown 32,175 23,139 34,188 3,583 23,139 37,771 60,910 5,936 2010 15 - 40 years Hampton Inn & Suites Denver Tech Center — 2,373 9,180 1,829 2,428 10,954 13,382 2,187 2010 15 - 40 years Hotel Indigo New Orleans Garden District — 1,901 3,865 11,774 2,082 15,458 17,540 3,584 2010 15 - 40 years Residence Inn Columbia — 1,993 11,487 1,799 2,069 13,210 15,279 2,440 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 1,454 7,480 38,477 45,957 5,928 2010 15 - 40 years Residence Inn Silver Spring — 3,945 18,896 1,021 3,989 19,873 23,862 3,556 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 4,502 3,465 25,192 28,657 4,444 2010 15 - 40 years Hampton Inn West Palm Beach Arprt Central — 2,280 9,769 1,314 2,280 11,083 13,363 1,812 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2016 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Hilton Garden Inn West Palm Beach Airport — 1,206 10,811 1,321 1,215 12,123 13,338 1,916 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 5,858 5,521 24,776 30,297 4,722 2010 15 - 40 years DoubleTree Metropolitan Hotel New York City — 140,332 188,014 18,450 140,456 206,340 346,796 33,164 2010 15 - 40 years Renaissance Pittsburgh Hotel — 3,274 39,934 5,410 3,390 45,228 48,618 6,715 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 3,077 2,875 24,730 27,605 3,776 2011 15 - 40 years DoubleTree Hotel Columbia — 1,933 6,486 5,451 2,049 11,821 13,870 2,256 2011 15 - 40 years Marriott Denver Airport Gateway Park 26,500 3,083 38,356 3,722 3,175 41,986 45,161 6,666 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 5,599 3,792 15,077 18,869 3,203 2011 15 - 40 years Hilton Garden Inn Durham Raleigh Research Triangle Park — 1,751 4,763 5,351 1,878 9,987 11,865 2,557 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 7,961 2,037 26,389 28,426 4,918 2011 15 - 40 years Hampton Inn Houston Near The Galleria — 9,326 9,220 1,754 9,395 10,905 20,300 1,856 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 833 2,763 36,612 39,375 4,884 2011 15 - 40 years Residence Inn Bethesda Downtown 33,795 8,154 52,750 4,913 8,273 57,544 65,817 6,676 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,654 60,223 4,420 20,737 64,560 85,297 7,771 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Brg — 11,902 22,758 2,185 11,947 24,898 36,845 3,054 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,025 3,252 6,322 59,223 65,545 6,647 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,954 3,055 5,858 31,950 37,808 3,184 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 2,929 4,724 27,792 32,516 2,748 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 15,748 2,485 28,401 30,886 1,919 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 9,142 670 88,062 88,732 7,940 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 26,816 11,291 45,000 56,291 2,565 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 6,883 2,939 12,800 15,739 1,042 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 121 3,498 18,394 21,892 1,614 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 2,052 25,119 42,723 67,842 2,848 2014 15 - 40 years Hyatt House Charlotte Center City — 3,029 26,193 21 3,029 26,214 29,243 1,873 2014 15 - 40 years Hyatt House Cypress Anaheim — 3,995 9,164 3,839 4,354 12,644 16,998 1,172 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area — 7,425 29,137 5,218 7,507 34,273 41,780 2,800 2014 15 - 40 years Hyatt House San Diego Sorrento Mesa — 10,419 21,289 1,183 10,530 22,361 32,891 1,767 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2016 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Hyatt House San Jose Silicon Valley — 6,819 31,682 1 6,820 31,682 38,502 2,273 2014 15 - 40 years Hyatt House San Ramon — 5,713 11,852 995 5,717 12,843 18,560 1,045 2014 15 - 40 years Hyatt House Santa Clara — 8,044 27,703 1,560 8,044 29,263 37,307 2,144 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 21 5,957 16,896 22,853 1,229 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,208 13,730 976 6,209 14,705 20,914 1,189 2014 15 - 40 years Hyatt Place Madison Downtown — 6,701 25,478 — 6,701 25,478 32,179 1,810 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 7,426 15,102 40,434 55,536 2,709 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,118 8,021 54,140 62,161 3,598 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 239 3,737 41,970 45,707 2,653 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 4,576 48,226 32,312 80,538 2,106 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 528 10,763 55,753 66,516 2,085 2015 15 - 40 years Homewood Suites Seattle Lynnwood — 3,933 30,949 20 3,953 30,949 34,902 1,204 2015 15 - 40 years Residence Inn Palo Alto Los Altos 33,666 16,996 45,786 129 17,030 45,881 62,911 1,643 2015 15 - 40 years $ 414,916 $ 671,204 $ 2,723,231 $ 331,497 $ 675,889 $ 3,050,043 $ 3,725,932 $ 520,517 _______________________________________________________________________________ (1) The aggregate cost of real estate for federal income tax purposes is approximately $3.6 billion at December 31, 2016 . The change in the total cost of the hotel properties is as follows: 2016 2015 2014 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 3,942,413 $ 3,711,887 $ 3,461,251 Add: Acquisitions — 163,652 573,936 Add: Improvements 40,308 84,615 59,485 Less: Sale of hotel properties (1) (256,789 ) (16,738 ) (142,581 ) Less: Impairment loss — (1,003 ) (9,200 ) Less: Land, building and improvements of hotels held for sale — — (231,004 ) Balance at end of period $ 3,725,932 $ 3,942,413 $ 3,711,887 _______________________________________________________________________________ (1) The sale of the hotel properties for the year ended December 31, 2015 is net of the hotels classified as held for sale for the year ended December 31, 2014 that were subsequently sold in 2015. The change in the accumulated depreciation of the real estate assets is as follows: 2016 2015 2014 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (464,691 ) $ (382,266 ) $ (367,306 ) Add: Depreciation for the period (91,400 ) (85,062 ) (81,892 ) Less: Sale of hotel properties (1) 35,574 2,637 24,383 Less: Accumulated depreciation of hotels held for sale — — 42,549 Balance at end of period $ (520,517 ) $ (464,691 ) $ (382,266 ) _______________________________________________________________________________ (1) The sale of the hotel properties for the year ended December 31, 2015 is net of the hotels classified as held for sale for the year ended December 31, 2014 that were subsequently sold in 2015.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The 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"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and a joint venture in which the Company has a majority voting interest and control. All intercompany balances and transactions have been eliminated in consolidation. 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 presentation of 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.
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.
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.
Revenue Recognition	Revenue Recognition The Company’s revenue consists of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, gift shop sales and other guest service fees). These revenues are recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as they are earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it is recorded as a bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable. Any cash received prior to a guests arrival is recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements and franchise agreements. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. Intangible assets and liabilities arising from the acquisitions are amortized using the straight-line method over the non-cancelable portion of the term of the agreement. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the statement of operations or disclosed in the notes. This guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The guidance is effective for annual reporting periods beginning after December 15, 2015 and it is applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted the new guidance on January 1, 2016 and there have been no measurement period adjustments subsequent to the adoption of this guidance.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
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 on January 1, 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). For the years ended December 31, 2016 , 2015 and 2014 , approximately $4.0 million , $4.2 million and $4.3 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations. Accumulated amortization at December 31, 2016 and 2015 was approximately $9.7 million and $10.6 million , respectively.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $4.2 million , $4.1 million and $3.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and is included in other operating expense in the consolidated statements of operations.
Transaction and Pursuit Costs	Transaction and Pursuit Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews and market studies. These costs are expensed as incurred.
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility (the "Revolver") and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments as part of its interest rate risk management strategy. The Company utilizes derivatives to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative financial instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives have been determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheet at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the interest rate derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2016 , the Company consolidated the Operating Partnership, which has a 0.4% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations. As of December 31, 2016 , the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a 1.7% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint venture in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint venture in the consolidated statements of operations.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. 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, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. The Company's current intention is to adhere to these REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company generally is not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. Income taxes are recorded using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.
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 and performance units 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 unvested share-based awards, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation.
Share-based Compensation	Share-based Compensation From time to time, the Company may issue share-based awards under the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan") as compensation to officers, employees and non-employee trustees. The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the 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 grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. 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 on January 1, 2016, and there was no effect on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 with early adoption permitted. The Company early adopted this guidance on January 1, 2016, and there was no effect on the Company's consolidated financial statements. 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 new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. 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 expects to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's 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. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. The new 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 expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this new standard, but it believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . This guidance provides additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. Both of these ASUs will be effective for the annual reporting periods beginning after December 15, 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 expects to adopt the new guidance on January 1, 2018. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company's current disclosures and reclassifications within the consolidated statement of cash flows, but they are not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company expects to adopt this new guidance on January 1, 2018. The Company is currently evaluating whether this ASU will have a material impact on the Company's consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): December 31, 2016 December 31, 2015 Land and improvements $ 675,889 $ 736,709 Buildings and improvements 3,050,043 3,205,704 Furniture, fixtures and equipment 595,816 571,118 Intangible assets 2,309 2,507 4,324,057 4,516,038 Accumulated depreciation and amortization (955,383 ) (841,039 ) Investment in hotel properties, net $ 3,368,674 $ 3,674,999

Acquisition of Hotel Properti26

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Schedule of acquired properties		During the year ended December 31, 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 .	During the year ended December 31, 2014, the Company acquired a 100% interest in the following properties: Property Location Acquisition Management Rooms Purchase Price Hyatt House Charlotte Center City Charlotte, NC March 12, 2014 Hyatt Affiliate 163 $ 32,496 Hyatt House Cypress Anaheim Cypress, CA March 12, 2014 Hyatt Affiliate 142 14,753 Hyatt House Emeryville San Francisco Bay Area Emeryville, CA March 12, 2014 Hyatt Affiliate 234 39,274 Hyatt House San Diego Sorrento Mesa San Diego, CA March 12, 2014 Hyatt Affiliate 193 35,985 Hyatt House San Jose Silicon Valley San Jose, CA March 12, 2014 Hyatt Affiliate 164 44,159 Hyatt House San Ramon San Ramon, CA March 12, 2014 Hyatt Affiliate 142 20,833 Hyatt House Santa Clara Santa Clara, CA March 12, 2014 Hyatt Affiliate 150 40,570 Hyatt Market Street The Woodlands The Woodlands, TX March 12, 2014 Hyatt Corporation 70 25,817 Hyatt Place Fremont Silicon Valley Fremont, CA March 12, 2014 Hyatt Affiliate 151 23,525 Hyatt Place Madison Downtown Madison, WI March 12, 2014 Hyatt Affiliate 151 35,088 Courtyard Portland City Center Portland, OR May 22, 2014 Sage Hospitality 256 67,000 Embassy Suites Irvine Orange County Irvine, CA May 22, 2014 Sage Hospitality 293 53,000 Hilton Cabana Miami Beach Miami, FL June 19, 2014 Highgate Hotels 231 71,700 Hyatt Atlanta Midtown Atlanta, GA July 14, 2014 Interstate Hotels 194 49,500 DoubleTree Grand Key Resort (1) Key West, FL September 11, 2014 Interstate Hotels 215 78,250 2,749 $ 631,950 _______________________________________________________________________________ (1) Purchase price includes $1.3 million paid for five condominium units.
Schedule of allocation of purchase price for the properties acquired	The allocation of the purchase price for the hotel properties acquired was as follows (in thousands): For the year ended December 31, 2015 2014 Land and improvements $ 31,692 $ 164,396 Buildings and improvements 131,960 409,540 Furniture, fixtures and equipment 13,517 57,575 Intangible and other assets — 439 Fair value adjustment on mortgage debt assumed (1,269 ) — Total purchase price $ 175,900 $ 631,950
Schedule of total revenues and net income (loss) from the properties acquired		For the hotel properties acquired during the year ended December 31, 2015, the total revenues and net loss from the date of acquisition through December 31, 2015 are included in the accompanying consolidated statements of operations as follows (in thousands): For the year ended December 31, 2015 Revenue $ 10,053 Net loss $ (1,477 )	For the hotel properties acquired during the year ended December 31, 2014, the total revenues and net income from the date of acquisition through December 31, 2014 are included in the accompanying consolidated statements of operations as follows (in thousands): For the year ended December 31, 2014 Revenue $ 106,306 Net income $ 18,773
Schedule of unaudited condensed pro forma financial information	The following unaudited condensed pro forma financial information presents the results of operations as if the 2015 acquisitions had taken place on January 1, 2014, and the 2014 acquisitions had taken place on January 1, 2013. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 and 2014 acquisitions had taken place on January 1, 2014 and 2013, respectively, nor is it indicative of 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 year ended December 31, 2015 2014 (unaudited) Revenue $ 1,149,453 $ 1,165,303 Net income attributable to common shareholders $ 222,498 $ 146,755 Net income per share attributable to common shareholders - basic $ 1.72 $ 1.14 Net income per share attributable to common shareholders - diluted $ 1.71 $ 1.14 Weighted-average number of shares outstanding - basic 128,444,469 127,360,669 Weighted-average number of shares outstanding - diluted 128,967,754 128,293,843

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Properties disposed	The following table provides a list of the hotel properties that were sold during the year ended December 31, 2016: Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 SpringHill Suites Bakersfield Bakersfield, CA November 30, 2016 119 Hilton Garden Inn New York 35th Street New York, NY December 5, 2016 298 Hilton New York Fashion District New York, NY December 5, 2016 280 Total 759	The following table provides a list of the hotel properties that were sold during the year ended December 31, 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 Embassy Suites Columbus Columbus, OH October 14, 2015 221 Total 2,825	The following table provides a list of the hotel properties that were sold during the year ended December 31, 2014: Property Name Location Sale Date Rooms Courtyard Denver Southwest Lakewood Lakewood, CO February 20, 2014 90 Residence Inn Denver Southwest Lakewood Lakewood, CO February 20, 2014 102 Hyatt House Colorado Springs Colorado Springs, CO February 20, 2014 125 SpringHill Suites Gainesville Gainesville, FL February 20, 2014 126 Residence Inn Indianapolis Airport Indianapolis, IN February 20, 2014 95 Fairfield Inn & Suites Indianapolis Airport Indianapolis, IN February 20, 2014 86 Courtyard Grand Rapids Airport Kentwood, MI February 20, 2014 84 Hampton Inn & Suites Las Vegas Red Rock Summerlin Las Vegas, NV February 20, 2014 106 Courtyard Austin University Area Austin, TX February 20, 2014 198 Fairfield Inn & Suites Austin University Area Austin, TX February 20, 2014 63 Hyatt House Dallas Richardson Richardson, TX February 20, 2014 130 Hilton Garden Inn St. George St. George, UT February 25, 2014 150 Hilton Mystic Mystic, CT March 26, 2014 182 Holiday Inn Austin NW Arboretum Area Austin, TX June 18, 2014 194 Courtyard Benton Harbor St. Joseph Benton Harbor, MI December 16, 2014 98 Courtyard Valparaiso Valparaiso, IN December 17, 2014 111 Courtyard Merrillville Merrillville, IN December 18, 2014 112 Courtyard Fort Wayne Fort Wayne, IN December 19, 2014 142 Total 2,194

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of unsecured credit agreements	As of December 31, 2016 and 2015 , the Company had the following unsecured credit agreements (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2016 (1) Maturity Date December 31, 2016 December 31, 2015 Revolver (2) 2.27% 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 2.95% 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) (5,692 ) (5,563 ) Total $ 1,169,308 $ 1,169,437 _______________________________________________________________________________ (1) Interest rate at December 31, 2016 gives effect to interest rate hedges. (2) At December 31, 2016 and 2015 , there was $400.0 million and $300.0 million of borrowing capacity on the Revolver, respectively. (3) Excludes $2.3 million and $0.8 million as of December 31, 2016 and 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 December 31, 2016 and 2015 , the Company had the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at December 31, 2016 (1) Maturity Date December 31, 2016 December 31, 2015 Wells Fargo 4 4.01% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 146,250 149,250 PNC Bank (5) 5 2.87% (2) March 2021 (6) 85,000 74,000 Wells Fargo (7) 1 5.25% June 2022 33,666 34,505 414,916 407,755 Deferred financing costs, net (1,509 ) (1,706 ) 14 $ 413,407 $ 406,049 _______________________________________________________________________________ (1) Interest rate at December 31, 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 $1.0 million and $1.2 million at December 31, 2016 and 2015 , respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.
Components of interest expense	For the years ended December 31, 2016 , 2015 and 2014 , the components of interest expense were as follows (in thousands): For the year ended December 31, 2016 2015 2014 Mortgage loans $ 16,006 $ 16,500 $ 23,282 Term Loans and Revolver 38,849 35,898 29,560 Loss on defeasance — — 804 Amortization of deferred financing costs 3,965 4,164 4,298 Capitalized interest — (1,774 ) (1,134 ) Total interest expense $ 58,820 $ 54,788 $ 56,810
Future minimum principal payments	As of December 31, 2016 , the future minimum principal payments on the debt were as follows (in thousands): 2017 $ 153,548 2018 143,876 2019 625,660 2020 691 2021 485,734 Thereafter 179,389 Total (1) $ 1,588,898 _______________________________________________________________________________ (1) Excludes $1.0 million related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	As of December 31, 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 December 31, 2016 December 31, 2015 Interest rate Maturity December 31, 2016 December 31, 2015 Swap-cash flow $ 275,000 $ 275,000 1.12% November 2017 $ (558 ) $ (1,014 ) Swap-cash flow 175,000 175,000 1.56% March 2018 (1,251 ) (2,190 ) Swap-cash flow 175,000 175,000 1.64% March 2018 (1,413 ) (2,478 ) Swap-cash flow 16,088 16,418 1.83% September 2018 (193 ) (312 ) Swap-cash flow 16,088 16,418 1.75% September 2018 (172 ) (279 ) Swap-cash flow 39,488 40,298 1.83% September 2018 (474 ) (765 ) Swap-cash flow 40,462 41,292 1.75% September 2018 (433 ) (701 ) Swap-cash flow 17,550 17,910 1.83% September 2018 (211 ) (340 ) Swap-cash flow 16,575 16,915 1.75% September 2018 (177 ) (287 ) Swap-cash flow 125,000 125,000 2.02% March 2019 (2,090 ) (3,186 ) Swap-cash flow 100,000 100,000 1.94% March 2019 (1,505 ) (2,308 ) Swap-cash flow 125,000 125,000 1.27% March 2019 54 (115 ) Swap-cash flow (1) 100,000 100,000 1.96% March 2019 (516 ) (321 ) Swap-cash flow (1) 50,000 50,000 1.85% March 2019 (184 ) (87 ) Swap-cash flow (1) 50,000 50,000 1.81% March 2019 (159 ) (62 ) Swap-cash flow (1) 25,000 25,000 1.74% March 2019 (57 ) (9 ) Swap-cash flow (2) 33,000 33,000 1.80% September 2020 111 98 Swap-cash flow (2) 82,000 82,000 1.80% September 2020 277 245 Swap-cash flow (2) 35,000 35,000 1.80% September 2020 118 104 Swap-cash flow 143,000 143,000 1.81% October 2020 (1,113 ) (2,196 ) Swap-cash flow (3) 100,000 — 1.15% April 2021 2,513 — Swap-cash flow (3) 100,000 — 1.20% April 2021 2,360 — Swap-cash flow (3) 75,000 — 2.15% April 2021 (410 ) — Swap-cash flow 50,000 50,000 1.61% June 2021 224 (97 ) Swap-cash flow 50,000 50,000 1.56% June 2021 352 59 Swap-cash flow 50,000 50,000 1.71% June 2021 5 (361 ) $ 2,064,251 $ 1,792,251 $ (4,902 ) $ (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)	12 Months Ended
	Dec. 31, 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 December 31, 2016 (in thousands): Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 6,014 $ — $ 6,014 Interest rate swap liability — (10,916 ) — (10,916 ) Total $ — $ (4,902 ) $ — $ (4,902 ) 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 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum ground lease payments	As of December 31, 2016 , the future minimum ground lease payments were as follows (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Future minimum ground lease payments $ 4,711 $ 4,713 $ 4,716 $ 4,718 $ 4,721 $ 415,859 $ 439,438
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies	As of December 31, 2016 , 122 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years, with 15 different hotel management companies as noted in the table below. This number includes four and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. Management Company Number of Aimbridge Hospitality 3 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 1 Embassy Suites Management 3 HEI Hotels and Resorts 1 Highgate Hotels 4 Hyatt Corporation and affiliates 10 Interstate Hotels and Resorts 11 InnVentures 3 K Partners Hospitality Group 1 Marriott Hotel Services 4 Sage Hospitality 4 Urgo Hotels 4 WLS 71 122

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the unvested restricted shares	A summary of the unvested restricted shares is as follows: 2016 2015 2014 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 540,885 $ 26.73 731,459 $ 21.21 932,800 $ 18.99 Granted (1) 675,375 20.59 292,505 32.10 348,234 24.46 Vested (1) (272,780 ) 23.66 (470,703 ) 21.52 (537,988 ) 19.44 Forfeited (2) (294,033 ) 23.70 (12,376 ) 25.65 (11,587 ) 22.89 Unvested at December 31, 649,447 $ 23.00 540,885 $ 26.73 731,459 $ 21.21 _______________________________________________________________________________ (1) For the years ended December 31, 2016 , 2015 and 2014 , the Company issued 2,554 , 5,008 and 4,347 , respectively, unrestricted shares in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 , $26.43 and $29.31 , respectively. (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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2016 2015 2014 Numerator: Net income attributable to common shareholders $ 200,352 $ 218,221 $ 135,441 Less: Dividends paid on unvested restricted shares (1,105 ) (1,180 ) (951 ) Less: Undistributed earnings attributable to unvested restricted shares (188 ) (378 ) — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 199,059 $ 216,663 $ 134,490 Denominator: Weighted-average number of common shares - basic 123,651,003 128,444,469 127,360,669 Unvested restricted shares 228,004 523,285 316,020 Unvested performance units — — 617,154 Weighted-average number of common shares - diluted 123,879,007 128,967,754 128,293,843 Net income per share attributable to common shareholders - basic $ 1.61 $ 1.69 $ 1.06 Net income per share attributable to common shareholders - diluted $ 1.61 $ 1.68 $ 1.05

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of cash distributions for federal income tax purposes	For federal income tax purposes, the cash distributions to shareholders are characterized as follows: For the Years Ended December 31, 2016 2015 Common distributions: Ordinary income 87.0 % 100.0 % Return of capital — — Capital gains 13.0 % — 100.0 % 100.0 %
Schedule of components of the income tax provision from continuing operations	The components of the income tax provision from continuing operations are as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Current: Federal $ (76 ) $ (287 ) $ (244 ) State (1,113 ) (1,145 ) (1,543 ) Deferred: Federal (6,141 ) 36,359 572 State (860 ) 4,199 70 Total net tax (expense) benefit $ (8,190 ) $ 39,126 $ (1,145 )
Schedule of differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations	The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): For the Years Ended December 31, 2016 2015 2014 Expected federal tax expense at statutory rate $ (73,327 ) $ (63,240 ) $ (47,906 ) Tax impact of REIT election 68,477 62,391 45,842 Expected tax expense at TRS (4,850 ) (849 ) (2,064 ) Change in valuation allowance (1,254 ) 41,147 2,203 State income tax expense, net of federal (1,520 ) (1,111 ) (1,273 ) Impact of rate change 20 46 42 Other permanent items (382 ) (416 ) (418 ) Impact of acquired tax attributes — — (5 ) Impact of provision to return (204 ) 309 370 Income tax (expense) benefit $ (8,190 ) $ 39,126 $ (1,145 )
Schedule of deferred tax assets (liabilities)	Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2016 2015 Deferred tax liabilities: Property and equipment $ (8,557 ) $ (7,660 ) Prepaid expenses (2,349 ) (1,780 ) Other (524 ) (361 ) Deferred tax liabilities $ (11,430 ) $ (9,801 ) Deferred tax assets: Property and equipment $ 1,082 $ 793 Incentive and vacation accrual 2,640 2,668 Deferred revenue - key money 1,703 1,769 Allowance for doubtful accounts 72 46 Other 605 689 Other carryforwards 155 204 Net operating loss carryforwards 49,787 53,985 Valuation allowance (11,430 ) (10,176 ) Deferred tax assets $ 44,614 $ 49,978

Supplemental Information to S35

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the year ended December 31, 2016 2015 2014 Interest paid, net of capitalized interest $ 56,294 $ 48,524 $ 52,424 Income taxes paid $ 1,290 $ 1,012 $ 2,111 Supplemental investing and financing transactions In conjunction with the acquisitions, the Company recorded the following: Purchase of real estate $ — $ 177,169 $ 631,950 Restricted cash reserves — 1,548 — Accounts receivable — 179 807 Other assets — 120 1,671 Mortgage debt assumed — (33,389 ) — Fair value adjustment on mortgage debt assumed — (1,269 ) — Advance deposits — (46 ) (659 ) Accounts payable and other liabilities — (543 ) (2,129 ) Acquisition of hotel properties, net $ — $ 143,769 $ 631,640 In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 301,540 $ 252,500 $ 137,829 Escrow related to certain post-closing obligations (15,000 ) — — Transaction costs (16,693 ) (9,055 ) (3,634 ) Operating prorations (662 ) 2,960 (1,526 ) Proceeds from the sale of hotel properties, net $ 269,185 $ 246,405 $ 132,669 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 11,700 $ (2,958 ) $ (7,703 ) Accrued capital expenditures $ 7,392 $ 11,383 $ 9,641 Distributions payable $ 41,486 $ 41,409 $ 42,114 Redemption of Operating Partnership units $ 4,325 $ — $ —

Quarterly Operating Results (36

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	The tables below set forth the Company's unaudited condensed consolidated quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly financial data for the hotel properties are not indicative of the financial results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of the financial and operating results, changes in shareholders' equity, and cash flows for a period of several years. For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 275,171 $ 317,112 $ 296,259 $ 271,453 Net income $ 25,350 $ 58,740 $ 41,389 $ 75,835 Net income attributable to common shareholders $ 25,298 $ 58,447 $ 41,174 $ 75,433 Comprehensive income attributable to the Company $ 5,050 $ 53,081 $ 50,644 $ 103,277 Basic per share data: Net income attributable to common shareholders $ 0.20 $ 0.47 $ 0.33 $ 0.61 Diluted per share data: Net income attributable to common shareholders $ 0.20 $ 0.47 $ 0.33 $ 0.61 Basic weighted-average common shares outstanding 123,739,823 123,544,034 123,621,323 123,698,633 Diluted weighted-average common shares outstanding 124,141,824 123,942,846 123,836,452 123,757,660 For the year ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 270,405 $ 301,252 $ 289,420 $ 275,263 Net income $ 48,102 $ 56,410 $ 40,933 $ 74,367 Net income attributable to common shareholders $ 47,850 $ 55,991 $ 40,594 $ 73,786 Comprehensive income attributable to the Company $ 38,447 $ 61,910 $ 25,428 $ 89,478 Basic per share data: Net income attributable to common shareholders $ 0.36 $ 0.43 $ 0.32 $ 0.58 Diluted per share data: Net income attributable to common shareholders $ 0.36 $ 0.42 $ 0.31 $ 0.59 Basic weighted-average common shares outstanding 131,272,611 130,670,629 127,663,480 124,256,834 Diluted weighted-average common shares outstanding 132,286,542 131,618,693 128,143,154 124,679,650

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2016propertyloanstateroomshares
Sale of Stock
Number of properties owned | property	122
Number of hotel rooms owned | room	20,100
Number of states in which hotels owned by the entity are located | state	21
Number of mortgage loans owned | loan	1
Ownership interest in assets	100.00%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets	98.30%
RLJ Lodging Trust LP
Sale of Stock
Number of OP units outstanding (in shares) | shares	124,922,928
Company's ownership interest in the Operating Partnership	99.60%

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies
Amortization of deferred financing costs	$ 3,965	$ 4,164	$ 4,298
Accumulated amortization on deferred financing costs	9,700	10,600
Advertising expense	$ 4,200	4,100	$ 3,700
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	1.70%
RLJ Lodging Trust LP
Summary of Significant Accounting Policies
Limited Partner's ownership interest in the Operating Partnership	0.40%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years
Accounting Standards Update 2015-03
Summary of Significant Accounting Policies
Unamortized deferred financing costs		8,100
Debt | Accounting Standards Update 2015-03
Summary of Significant Accounting Policies
Unamortized deferred financing costs		7,300
Prepaid Expenses and Other Current Assets | Accounting Standards Update 2015-03
Summary of Significant Accounting Policies
Unamortized deferred financing costs	$ 2,300	$ 800

Investment in Hotel Propertie39

Investment in Hotel Properties - Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land and improvements	$ 675,889	$ 736,709
Buildings and improvements	3,050,043	3,205,704
Furniture, fixtures and equipment	595,816	571,118
Intangible assets	2,309	2,507
Total	4,324,057	4,516,038
Accumulated depreciation and amortization	(955,383)	(841,039)
Investment in hotel properties, net	$ 3,368,674	$ 3,674,999

Investment in Hotel Propertie40

Investment in Hotel Properties - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)hotel
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to investment in hotel properties	$ 162,200	$ 155,800	$ 143,900
Impairment loss	0	$ 1,003	$ 9,200
Number of impaired properties | hotel		1	3
Proceeds from the sale of hotel properties, net	$ 269,185	$ 246,405	$ 132,669

Acquisition of Hotel Properti41

Acquisition of Hotel Properties - Acquired Properties (Details) $ in Thousands	Sep. 25, 2015USD ($)room	Jul. 20, 2015USD ($)room	Jul. 15, 2015USD ($)room	Sep. 11, 2014USD ($)room	Jul. 14, 2014USD ($)room	Jun. 19, 2014USD ($)room	May 22, 2014USD ($)room	Mar. 12, 2014USD ($)room	Dec. 31, 2016USD ($)room	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)room
Business Acquisition [Line Items]
Ownership interest in assets									100.00%
Rooms/Units | room									20,100
Mortgage debt assumed	$ 33,400								$ 0	$ 33,389	$ 0
Fair value of debt assumed	$ 34,700
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Ownership interest in assets										100.00%
Rooms/Units | room										490
Purchase Price										$ 175,900
Hyatt Place Washington DC Downtown K Street
Business Acquisition [Line Items]
Rooms/Units | room			164
Purchase Price			$ 68,000
Homewood Suites Seattle Lynnwood
Business Acquisition [Line Items]
Rooms/Units | room		170
Purchase Price		$ 37,900
Residence Inn Palo Alto Los Altos
Business Acquisition [Line Items]
Rooms/Units | room	156
Purchase Price	$ 70,000
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Ownership interest in assets											100.00%
Rooms/Units | room											2,749
Purchase Price											$ 631,950
Hyatt House Charlotte Center City
Business Acquisition [Line Items]
Rooms/Units | room								163
Purchase Price								$ 32,496
Hyatt House Cypress Anaheim
Business Acquisition [Line Items]
Rooms/Units | room								142
Purchase Price								$ 14,753
Hyatt House Emeryville San Francisco Bay Area
Business Acquisition [Line Items]
Rooms/Units | room								234
Purchase Price								$ 39,274
Hyatt House San Diego Sorrento Mesa
Business Acquisition [Line Items]
Rooms/Units | room								193
Purchase Price								$ 35,985
Hyatt House San Jose Silicon Valley
Business Acquisition [Line Items]
Rooms/Units | room								164
Purchase Price								$ 44,159
Hyatt House San Ramon
Business Acquisition [Line Items]
Rooms/Units | room								142
Purchase Price								$ 20,833
Hyatt House Santa Clara
Business Acquisition [Line Items]
Rooms/Units | room								150
Purchase Price								$ 40,570
Hyatt Market Street The Woodlands
Business Acquisition [Line Items]
Rooms/Units | room								70
Purchase Price								$ 25,817
Hyatt Place Fremont Silicon Valley
Business Acquisition [Line Items]
Rooms/Units | room								151
Purchase Price								$ 23,525
Hyatt Place Madison Downtown
Business Acquisition [Line Items]
Rooms/Units | room								151
Purchase Price								$ 35,088
Courtyard Portland City Center
Business Acquisition [Line Items]
Rooms/Units | room							256
Purchase Price							$ 67,000
Embassy Suites Irvine Orange County
Business Acquisition [Line Items]
Rooms/Units | room							293
Purchase Price							$ 53,000
Hilton Cabana Miami Beach
Business Acquisition [Line Items]
Rooms/Units | room						231
Purchase Price						$ 71,700
Hyatt Atlanta Midtown
Business Acquisition [Line Items]
Rooms/Units | room					194
Purchase Price					$ 49,500
DoubleTree Grand Key Resort
Business Acquisition [Line Items]
Rooms/Units | room				215
Purchase Price				$ 78,250
DoubleTree Grand Key Resort | Hotel, Condominium Units
Business Acquisition [Line Items]
Rooms/Units				5
Purchase Price				$ 1,300

Acquisition of Hotel Properti42

Acquisition of Hotel Properties - Allocation of Purchase Price for Properties Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Land and improvements	$ 31,692	$ 164,396
Buildings and improvements	131,960	409,540
Furniture, fixtures and equipment	13,517	57,575
Intangible and other assets	0	439
Fair value adjustment on mortgage debt assumed	(1,269)	0
Total purchase price	$ 175,900	$ 631,950

Acquisition of Hotel Properti43

Acquisition of Hotel Properties - Revenue and Net Income (Loss) From Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Revenue	$ 10,053
Net income (loss)	$ (1,477)
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Revenue		$ 106,306
Net income (loss)		$ 18,773

Acquisition of Hotel Properti44

Acquisition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Revenue										$ 1,149,453	$ 1,165,303
Net income attributable to common shareholders										$ 222,498	$ 146,755
Net income per share attributable to common shareholders - basic (in dollars per share)										$ 1.72	$ 1.14
Net income per share attributable to common shareholders - diluted (in dollars per share)										$ 1.71	$ 1.14
Weighted-average number of common shares (in shares)	123,698,633	123,621,323	123,544,034	123,739,823	124,256,834	127,663,480	130,670,629	131,272,611	123,651,003	128,444,469	127,360,669
Business Acquisition, Pro Forma Weighted Average Number of Shares Basic											127,360,669
Weighted average number of shares outstanding - diluted (in shares)										128,967,754	128,293,843

Sale of Hotel Properties - Prop

Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands

12 Months Ended

Dec. 31, 2016USD ($)hotelroom

Dec. 31, 2015USD ($)hotelroom

Dec. 31, 2014USD ($)hotel

Dec. 05, 2016room

Nov. 30, 2016room

Feb. 22, 2016room

Oct. 14, 2015room

Jul. 07, 2015room

May 22, 2015room

Feb. 23, 2015room

Dec. 19, 2014room

Dec. 18, 2014room

Dec. 17, 2014room

Dec. 16, 2014room

Jun. 18, 2014room

Mar. 26, 2014room

Feb. 20, 2014room

Sale of Hotel Properties

Number of properties disposed | hotel

4

23

18

Sale of hotel properties | $

$ 301,540

$ 252,500

$ 137,829

Gain on sale of hotel properties | $

45,929

28,398

353

Loss on defeasance | $

$ 0

$ 0

$ 804

2016 Hotel Disposals

Sale of Hotel Properties

Rooms

759

Holiday Inn Express Merrillville

Sale of Hotel Properties

Rooms

62

SpringHill Suites Bakersfield

Sale of Hotel Properties

Rooms

119

Hilton Garden Inn New York 35th Street

Sale of Hotel Properties

Rooms

298

Hilton New York Fashion District

Sale of Hotel Properties

Rooms

280

2015 Hotel Disposals

Sale of Hotel Properties

Rooms

2,825

Courtyard Chicago Schaumburg

Sale of Hotel Properties

Rooms

162

Courtyard Grand Junction

Sale of Hotel Properties

Rooms

136

Courtyard Mesquite

Sale of Hotel Properties

Rooms

101

Courtyard Detroit Pontiac Bloomfield

Sale of Hotel Properties

Rooms

110

Courtyard San Antonio Airport Northstar

Sale of Hotel Properties

Rooms

78

Courtyard Tampa Brandon

Sale of Hotel Properties

Rooms

90

Fairfield Inn & Suites Merrillville

Sale of Hotel Properties

Rooms

112

Fairfield Inn & Suites San Antonio Airport

Sale of Hotel Properties

Rooms

120

Fairfield Inn & Suites Tampa Brandon

Sale of Hotel Properties

Rooms

107

Hampton Inn Merrillville

Sale of Hotel Properties

Rooms

64

Holiday Inn Grand Rapids Airport

Sale of Hotel Properties

Rooms

148

Homewood Suites Tampa Brandon

Sale of Hotel Properties

Rooms

126

Marriott Auburn Hills Pontiac at Centerpoint

Sale of Hotel Properties

Rooms

290

Residence Inn Austin Round Rock

Sale of Hotel Properties

Rooms

96

Residence Inn Chicago Schaumburg

Sale of Hotel Properties

Rooms

125

Residence Inn Detroit Pontiac Auburn Hills

Sale of Hotel Properties

Rooms

114

Residence Inn Grand Junction

Sale of Hotel Properties

Rooms

104

Residence Inn Indianapolis Carmel

Sale of Hotel Properties

Rooms

120

SpringHill Suites Chicago Schaumburg

Sale of Hotel Properties

Rooms

132

SpringHill Suites Indianapolis Carmel

Sale of Hotel Properties

Rooms

126

Fairfield Inn & Suites Valparaiso

Sale of Hotel Properties

Rooms

63

Residence Inn South Bend

Sale of Hotel Properties

Rooms

80

Embassy Suites Columbus

Sale of Hotel Properties

Rooms

221

2014 Hotel Disposals

Sale of Hotel Properties

Rooms

2,194

Courtyard Denver Southwest Lakewood

Sale of Hotel Properties

Rooms

90

Residence Inn Denver Southwest Lakewood

Sale of Hotel Properties

Rooms

102

Hyatt House Colorado Springs

Sale of Hotel Properties

Rooms

125

SpringHill Suites Gainesville

Sale of Hotel Properties

Rooms

126

Residence Inn Indianapolis Airport

Sale of Hotel Properties

Rooms

95

Fairfield Inn & Suites Indianapolis Airport

Sale of Hotel Properties

Rooms

86

Courtyard Grand Rapids Airport

Sale of Hotel Properties

Rooms

84

Hampton Inn Suites Las Vegas Red Rock Summerlin

Sale of Hotel Properties

Rooms

106

Courtyard Austin University Area

Sale of Hotel Properties

Rooms

198

Fairfield Inn & Suites Austin University Area

Sale of Hotel Properties

Rooms

63

Hyatt House Dallas Richardson

Sale of Hotel Properties

Rooms

130

Hilton Garden Inn St. George

Sale of Hotel Properties

Rooms

150

Hilton Mystic

Sale of Hotel Properties

Rooms

182

Holiday Inn Austin NW Arboretum Area

Sale of Hotel Properties

Rooms

194

Courtyard Benton Harbor St. Joseph

Sale of Hotel Properties

Rooms

98

Courtyard Valparaiso

Sale of Hotel Properties

Rooms

111

Courtyard Merrillville

Sale of Hotel Properties

Rooms

112

Courtyard Fort Wayne

Sale of Hotel Properties

Rooms

142

Accounts Payable and Accrued Liabilities

Sale of Hotel Properties

Disposal Group, Deferred Gain on Disposal | $

$ 15,000

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	12 Months Ended
	Dec. 31, 2016USD ($)instrument	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs on term loans	$ (5,692,000)	$ (5,563,000)
Unsecured Debt	1,169,308,000	1,169,437,000
Unsecured Debt, Gross	$ 1,175,000,000	1,175,000,000
Revolving Credit Facility and Term Loans | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over variable interest rate basis	1.45%
Revolving Credit Facility and Term Loans | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over variable interest rate basis	3.00%
The Revolver | Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000
Number of standby letters of credit that may be issued, minimum | instrument	1
The Revolver | Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Unsecured Debt | $400 Million Term Loan Maturing 2021
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Interest Rate	2.95%
Unsecured Debt	$ 400,000,000	400,000,000
Unsecured Debt | $400 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Interest Rate	2.72%
Unsecured Debt	$ 400,000,000	400,000,000
Unsecured Debt | $225 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225,000,000
Interest Rate	4.04%
Unsecured Debt	$ 225,000,000	225,000,000
Unsecured Debt | $150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Interest Rate	3.43%
Unsecured Debt	$ 150,000,000	150,000,000
Revolving Credit Facility and Term Loans
Debt Instrument [Line Items]
Unsecured Debt	1,169,308,000	1,169,437,000
The Revolver | The Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Additional maturity term	1 year
Interest Rate	2.27%
Remaining borrowing capacity	$ 400,000,000	300,000,000
Unsecured Debt	$ 0	0
The Revolver | The Revolver | Minimum
Debt Instrument [Line Items]
Unused facility fee percentage	0.20%
The Revolver | The Revolver | Maximum
Debt Instrument [Line Items]
Unused facility fee percentage	0.30%
Accounting Standards Update 2015-03
Debt Instrument [Line Items]
Unamortized deferred financing costs on the Revolver		8,100,000
Accounting Standards Update 2015-03 | Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Unamortized deferred financing costs on the Revolver	$ 2,300,000	$ 800,000

Debt - Mortgage Loans (Details)

Debt - Mortgage Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)termhotelasset	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Secured Debt, Gross	$ 414,916	$ 407,755
Secured Debt	413,407	406,049
Unamortized debt issuance costs on mortgage loans	(1,509)	(1,706)
Fair value adjustment	$ 1,000
Mortgage Loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset	14
Secured Debt	$ 413,407	406,049
Mortgage Loans | PNC Bank
Debt Instrument [Line Items]
Number of Assets Encumbered | asset	5
Interest Rate	2.87%
Secured Debt	$ 85,000	74,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	5
Number of additional maturity terms | term	2
Mortgage Loans | Wells Fargo 1
Debt Instrument [Line Items]
Number of Assets Encumbered | asset	4
Interest Rate	4.04%
Secured Debt	$ 146,250	149,250
Number of hotels encumbered by loans that are cross-collateralized | hotel	2
Mortgage Loans | Wells Fargo 2
Debt Instrument [Line Items]
Number of Assets Encumbered | asset	4
Interest Rate	4.01%
Secured Debt	$ 150,000	150,000
Number of additional maturity terms | term	4
Additional maturity term	1 year
Mortgage Loans | Wells Fargo 3
Debt Instrument [Line Items]
Number of Assets Encumbered | asset	1
Interest Rate	5.25%
Secured Debt	$ 33,666	34,505
Fair value adjustment	$ 1,000	$ 1,200

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Loss on defeasance	$ 0	$ 0	$ 804
Amortization of deferred financing costs	3,965	4,164	4,298
Capitalized interest	0	(1,774)	(1,134)
Total interest expense	58,820	54,788	56,810
Mortgage Loans
Debt Instrument [Line Items]
Interest expense	16,006	16,500	23,282
Unsecured Debt
Debt Instrument [Line Items]
Interest expense	$ 38,849	$ 35,898	$ 29,560

Debt - Future Minimum Rental Pa

Debt - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 153,548
2,018	143,876
2,019	625,660
2,020	691
2,021	485,734
Thereafter	179,389
Total debt	1,588,898
Fair value adjustment	$ 1,000

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financial Instruments: Derivatives and Hedging
Notional value	$ 2,064,251,000	$ 1,792,251,000
Interest rate swaps, net	(4,902,000)	(16,602,000)
Unrealized gains (losses) included in accumulated other comprehensive loss	(4,902,000)	(16,602,000)
Amount of hedge ineffectiveness	0	0
Amount expected to be reclassified to interest expense in next twelve months	(9,500,000)
Designated as Hedging Instrument | Swap-cash flow 1
Financial Instruments: Derivatives and Hedging
Notional value	$ 275,000,000	275,000,000
Hedge interest rate	1.12%
Interest rate swaps, fair value, liabilities	$ (558,000)	(1,014,000)
Designated as Hedging Instrument | Swap-cash flow 2
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	175,000,000
Hedge interest rate	1.56%
Interest rate swaps, fair value, liabilities	$ (1,251,000)	(2,190,000)
Designated as Hedging Instrument | Swap-cash flow 3
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	175,000,000
Hedge interest rate	1.64%
Interest rate swaps, fair value, liabilities	$ (1,413,000)	(2,478,000)
Designated as Hedging Instrument | Swap-cash flow 4
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,088,000	16,418,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (193,000)	(312,000)
Designated as Hedging Instrument | Swap-cash flow 5
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,088,000	16,418,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (172,000)	(279,000)
Designated as Hedging Instrument | Swap-cash flow 6
Financial Instruments: Derivatives and Hedging
Notional value	$ 39,488,000	40,298,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (474,000)	(765,000)
Designated as Hedging Instrument | Swap-cash flow 7
Financial Instruments: Derivatives and Hedging
Notional value	$ 40,462,000	41,292,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (433,000)	(701,000)
Designated as Hedging Instrument | Swap-cash flow 8
Financial Instruments: Derivatives and Hedging
Notional value	$ 17,550,000	17,910,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (211,000)	(340,000)
Designated as Hedging Instrument | Swap-cash flow 9
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,575,000	16,915,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (177,000)	(287,000)
Designated as Hedging Instrument | Swap-cash flow 10
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	125,000,000
Hedge interest rate	2.02%
Interest rate swaps, fair value, liabilities	$ (2,090,000)	(3,186,000)
Designated as Hedging Instrument | Swap-cash flow 11
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.94%
Interest rate swaps, fair value, liabilities	$ (1,505,000)	(2,308,000)
Designated as Hedging Instrument | Swap-cash flow 12
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	125,000,000
Hedge interest rate	1.27%
Interest rate swaps, fair value, liabilities		(115,000)
Interest rate swaps, fair value, assets	$ 54,000
Designated as Hedging Instrument | Swap-cash flow 13
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.96%
Interest rate swaps, fair value, liabilities	$ (516,000)	(321,000)
Designated as Hedging Instrument | Swap-cash flow 14
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.85%
Interest rate swaps, fair value, liabilities	$ (184,000)	(87,000)
Designated as Hedging Instrument | Swap-cash flow 15
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.81%
Interest rate swaps, fair value, liabilities	$ (159,000)	(62,000)
Designated as Hedging Instrument | Swap-cash flow 16
Financial Instruments: Derivatives and Hedging
Notional value	$ 25,000,000	25,000,000
Hedge interest rate	1.74%
Interest rate swaps, fair value, liabilities	$ (57,000)	(9,000)
Designated as Hedging Instrument | Swap-cash flow 17
Financial Instruments: Derivatives and Hedging
Notional value	$ 33,000,000	33,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 111,000	98,000
Designated as Hedging Instrument | Swap-cash flow 18
Financial Instruments: Derivatives and Hedging
Notional value	$ 82,000,000	82,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 277,000	245,000
Designated as Hedging Instrument | Swap-cash flow 19
Financial Instruments: Derivatives and Hedging
Notional value	$ 35,000,000	35,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 118,000	104,000
Designated as Hedging Instrument | Swap-cash flow 20
Financial Instruments: Derivatives and Hedging
Notional value	$ 143,000,000	143,000,000
Hedge interest rate	1.81%
Interest rate swaps, fair value, liabilities	$ (1,113,000)	(2,196,000)
Designated as Hedging Instrument | Swap-cash flow 21
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.61%
Interest rate swaps, fair value, liabilities		(97,000)
Interest rate swaps, fair value, assets	$ 224,000
Designated as Hedging Instrument | Swap-cash flow 22
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.56%
Interest rate swaps, fair value, assets	$ 352,000	59,000
Designated as Hedging Instrument | Swap-cash flow 23
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.71%
Interest rate swaps, fair value, liabilities		(361,000)
Interest rate swaps, fair value, assets	$ 5,000
Designated as Hedging Instrument | Swap-cash flow 24
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	0
Hedge interest rate	1.15%
Interest rate swaps, fair value, assets	$ 2,513,000	0
Designated as Hedging Instrument | Swap-cash flow 25
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	0
Hedge interest rate	1.20%
Interest rate swaps, fair value, assets	$ 2,360,000	0
Designated as Hedging Instrument | Swap-cash flow 26
Financial Instruments: Derivatives and Hedging
Notional value	$ 75,000,000	0
Hedge interest rate	2.15%
Interest rate swaps, fair value, liabilities	$ (410,000)
Interest rate swaps, fair value, assets		0
Accounts Payable and Accrued Liabilities | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, liabilities	(10,916,000)	(17,108,000)
Prepaid Expenses and Other Current Assets | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, assets	6,014,000	506,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Amounts reclassified from accumulated other comprehensive income (loss) into interest expense	$ 15,900,000	$ 18,200,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value
Total	$ (4,902)	$ (16,602)
Recurring [Member] | Interest rate swap
Fair Value
Interest rate swap asset	6,014	506
Interest rate swap liability	(10,916)	(17,108)
Total	(4,902)	(16,602)
Recurring [Member] | Level 1 | Interest rate swap
Fair Value
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	0	0
Recurring [Member] | Level 2 | Interest rate swap
Fair Value
Interest rate swap asset	6,014	506
Interest rate swap liability	(10,916)	(17,108)
Total	(4,902)	(16,602)
Recurring [Member] | Level 3 | Interest rate swap
Fair Value
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)termhotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Ground Leases
Number of properties subject to ground lease | hotel	8
Rent expense	$ 5,400,000	$ 5,500,000	$ 5,300,000
Cash required for reserve, as a percentage of hotel revenue, minimum	3.00%
Cash required for reserve, as a percentage of hotel revenue, maximum	5.00%
Restricted cash reserves	$ 67,206,000	55,455,000
Residence Inn Chicago Oak Brook
Ground Leases
Period of additional terms for which lease may be extended	99 years
Marriott Louisville Downtown
Ground Leases
Period of additional terms for which lease may be extended	25 years
Maximum number of additional terms for which lease may be extended | term	4
Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center
Ground Leases
Contingent rent	$ 900,000	1,000,000	800,000
Hilton Garden Inn Bloomington
Ground Leases
Period of additional terms for which lease may be extended	10 years
Maximum number of additional terms for which lease may be extended | term	5
Courtyard Charleston Historic District
Ground Leases
Contingent rent	$ 1,000,000	1,000,000	1,000,000
Courtyard Waikiki Beach
Ground Leases
Rent expense	3,400,000	3,400,000	3,400,000
Residence Inn Palo Alto Los Altos
Ground Leases
Rent expense	$ 58,287	$ 0	$ 0

Commitments and Contingencies53

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Minimum ground rent
2,017	$ 4,711
2,018	4,713
2,019	4,716
2,020	4,718
2,021	4,721
Thereafter	415,859
Total	$ 439,438

Commitments and Contingencies54

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)hotelagreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	122
Number of hotel management companies | agreement	15
Management agreement with franchise agreement, base management fee percentage	7.00%
Management fee expense | $	$ 44.3	$ 44.1	$ 43.2
Number of hotel properties operated under franchise agreements	108
Franchise fee expense | $	$ 73.9	$ 72.3	$ 71.6
Minimum
Operating Leased Assets [Line Items]
Management agreement term	3 years
Base management fee percentage	3.00%
Term of franchise agreements	10 years
Royalty fee as a percentage of room revenue	4.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1.00%
Royalty fee as a percentage of food and beverage revenues	1.50%
Maximum
Operating Leased Assets [Line Items]
Management agreement term	25 years
Base management fee percentage	3.50%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3.00%
Aimbridge Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	3
Concord Hospitality Enterprises Company
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Crestline Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Davidson Hotels & Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Embassy Suites Management
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	3
HEI Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Highgate Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
Hyatt Corporation and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	10
Interstate Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	11
InnVentures
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	3
K Partners Hospitality Group
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Marriott Hotel Services
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
Sage Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
Urgo Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
WLS
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	71

Equity (Details)

Equity (Details) - USD ($)	May 22, 2014	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 17, 2017	Oct. 30, 2015	May 01, 2015	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)		450,000,000	450,000,000	450,000,000					450,000,000
Number of common shares of beneficial interest issued and sold	9,200,000
Price per share of common shares sold (in dollars per share)	$ 26.45
Gross proceeds from the sale of common shares	$ 243,300,000				$ 232,712,000
Proceeds from the issuance of common shares	$ 232,700,000		$ 0	$ 0	$ 232,712,000
Share repurchase program, authorized amount							$ 400,000,000	$ 200,000,000
Number of shares acquired as part of a share repurchase program (in shares)		8,044,372	610,607
Value of the shares acquired as part of a share repurchase program		$ 225,186,000	$ 13,271,000	$ 225,186,000
Share repurchase program, increase in authorized amount							$ 200,000,000
Total authorized for issuance number of preferred shares of beneficial interest (in shares)		50,000,000	50,000,000	50,000,000					50,000,000
Preferred shares of beneficial interest, outstanding (in shares)		0	0	0
DBT Met Hotel Venture, LP
Equity
Noncontrolling ownership interest in joint venture			1.70%
RLJ Lodging Trust LP
Equity
Number of OP units outstanding (in shares)			124,922,928
Company's ownership interest in the Operating Partnership			99.60%
Limited Partner's ownership interest in the Operating Partnership			0.40%
Common Stock
Equity
Number of common shares of beneficial interest issued and sold					9,200,000
Gross proceeds from the sale of common shares					$ 92,000
Number of shares acquired as part of a share repurchase program (in shares)			610,607	8,044,372
Value of the shares acquired as part of a share repurchase program			$ 6,000	$ 80,000
Common shares issued upon conversion of OP units			335,250
Limited Partners
Equity
Number of OP units outstanding (in shares)			558,750
Subsequent Event [Member]
Equity
Share repurchase program, authorized amount						$ 440,000,000
Share repurchase program, increase in authorized amount						$ 40,000,000

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands	May 01, 2015	Jul. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	2,500,000
Number of shares authorized (in shares)			7,500,000
Share-based compensation expense			$ 57	$ 132	$ 127
Common shares available for future grant (in shares)			3,874,542
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 6,900	9,600	10,600
Total unrecognized compensation costs			$ 13,600
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 4 months 24 days
Total fair value of shares vested			$ 5,800	$ 14,000	$ 15,500
Unvested restricted shares			649,447	540,885	731,459	932,800
2012 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued upon conversion of performance units (in shares)		838,934
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ (900)	$ 3,400	$ 4,500
Total unrecognized compensation costs			$ 2,300
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 10 months 12 days
Total fair value of shares vested			$ 6,700

Equity Incentive Plan - Unveste

Equity Incentive Plan - Unvested Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2016	Jul. 31, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of non-vested shares/units
Granted (in shares)			2,554	5,008	4,347
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 22.26	$ 26.43	$ 29.31
Share grants to trustees			$ (57)	$ (132)	$ (127)
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 10 months 12 days
Weighted Average Grant Date Fair Value
Share grants to trustees			$ 900	$ (3,400)	$ (4,500)
Total fair value of shares vested			$ 6,700
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 4 months 24 days
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)			540,885	731,459	932,800
Granted (in shares)			675,375	292,505	348,234
Vested (in shares)			(272,780)	(470,703)	(537,988)
Forfeited (in shares)			(294,033)	(12,376)	(11,587)
Unvested at the end of the period (in shares)			649,447	540,885	731,459
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 26.73	$ 21.21	$ 18.99
Granted (in dollars per share)			20.59	32.10	24.46
Vested (in dollars per share)			23.66	21.52	19.44
Forfeited (in dollars per share)			23.70	25.65	22.89
Unvested at the end of the period (in dollars per share)			$ 23	$ 26.73	$ 21.21
Share grants to trustees			$ (6,900)	$ (9,600)	$ (10,600)
Total fair value of shares vested			$ 5,800	$ 14,000	$ 15,500
2012 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance-based vesting period		3 years
Time-based vesting period		1 year
2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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
Summary of non-vested shares/units
Granted (in shares)	280,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 10.31
President and Chief Executive Officer | Performance units
Weighted Average Grant Date Fair Value
Share grants to trustees	$ 2,300
President and Chief Executive Officer | Restricted share awards
Summary of non-vested shares/units
Forfeited (in shares)	(285,926)
Weighted Average Grant Date Fair Value
Share grants to trustees	$ 500
President and Chief Executive Officer | 2012 Performance Units
Summary of non-vested shares/units
Forfeited (in shares)	(133,467)
Minimum | 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance units that will convert into restricted shares	25.00%
Maximum | 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to common shareholders	$ 75,433	$ 41,174	$ 58,447	$ 25,298	$ 73,786	$ 40,594	$ 55,991	$ 47,850	$ 200,352	$ 218,221	$ 135,441
Less: Dividends paid on unvested restricted shares									(1,105)	(1,180)	(951)
Less: Undistributed earnings attributable to unvested restricted shares									(188)	(378)	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares									$ 199,059	$ 216,663	$ 134,490
Denominator:
Weighted-average number of common shares - basic (in shares)	123,698,633	123,621,323	123,544,034	123,739,823	124,256,834	127,663,480	130,670,629	131,272,611	123,651,003	128,444,469	127,360,669
Unvested restricted shares (in shares)									228,004	523,285	316,020
Unvested performance units (in shares)									0	0	617,154
Weighted-average number of common shares - diluted (in shares)	123,757,660	123,836,452	123,942,846	124,141,824	124,679,650	128,143,154	131,618,693	132,286,542	123,879,007	128,967,754	128,293,843
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.58	$ 0.32	$ 0.43	$ 0.36	$ 1.61	$ 1.69	$ 1.06
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.59	$ 0.31	$ 0.42	$ 0.36	$ 1.61	$ 1.68	$ 1.05

Income Taxes - Cash Distributio

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ (76)	$ (287)	$ (244)
State	(1,113)	(1,145)	(1,543)
Deferred:
Federal	(6,141)	36,359	572
State	(860)	4,199	70
Income tax (expense) benefit	(8,190)	39,126	(1,145)
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected federal tax expense at statutory rate	(73,327)	(63,240)	(47,906)
Tax impact of REIT election	68,477	62,391	45,842
Expected tax expense at TRS	(4,850)	(849)	(2,064)
Change in valuation allowance	(1,254)	41,147	2,203
State income tax expense, net of federal	(1,520)	(1,111)	(1,273)
Impact of rate change	20	46	42
Other permanent items	(382)	(416)	(418)
Impact of acquired tax attributes	0	0	(5)
Impact of provision to return	(204)	309	370
Income tax (expense) benefit	$ (8,190)	$ 39,126	$ (1,145)
Common distributions
Income Taxes
Ordinary income	87.00%	100.00%
Return of capital	0.00%	0.00%
Capital gains	13.00%	0.00%
Total	100.00%	100.00%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax liabilities:
Property and equipment	$ (8,557)	$ (7,660)
Prepaid expenses	(2,349)	(1,780)
Other	(524)	(361)
Deferred tax liabilities	(11,430)	(9,801)
Deferred tax assets:
Property and equipment	1,082	793
Incentive and vacation accrual	2,640	2,668
Deferred revenue - key money	1,703	1,769
Allowance for doubtful accounts	72	46
Other	605	689
Other carryforwards	155	204
Net operating loss carryforwards	49,787	53,985
Valuation allowance	(11,430)	(10,176)
Deferred tax assets	$ 44,614	$ 49,978

Supplemental Information to S61

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	Sep. 25, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest		$ 56,294	$ 48,524	$ 52,424
Income taxes paid		1,290	1,012	2,111
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate		0	177,169	631,950
Restricted cash reserves		0	1,548	0
Accounts receivable		0	179	807
Other assets		0	120	1,671
Mortgage debt assumed	$ (33,400)	0	(33,389)	0
Fair value adjustment on mortgage debt assumed		0	(1,269)	0
Advance deposits		0	(46)	(659)
Accounts payable and other liabilities		0	(543)	(2,129)
Acquisition of hotel properties, net		0	143,769	631,640
In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties		301,540	252,500	137,829
Escrow related to certain post-closing obligations		(15,000)	0	0
Transaction costs		(16,693)	(9,055)	(3,634)
Operating prorations		(662)	2,960	(1,526)
Proceeds from the sale of hotel properties, net		269,185	246,405	132,669
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps		11,700	(2,958)	(7,703)
Accrued capital expenditures		7,392	11,383	9,641
Distributions payable		41,486	41,409	42,114
Conversion of Stock, Amount Issued		$ 4,325	$ 0	$ 0

Quarterly Operating Results (62

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 271,453	$ 296,259	$ 317,112	$ 275,171	$ 275,263	$ 289,420	$ 301,252	$ 270,405	$ 1,159,995	$ 1,136,340	$ 1,109,197
Net income	75,835	41,389	58,740	25,350	74,367	40,933	56,410	48,102	155,385	191,414	136,127
Comprehensive income attributable to the Company	$ 103,277	$ 50,644	$ 53,081	$ 5,050	$ 89,478	$ 25,428	$ 61,910	$ 38,447	$ 212,052	$ 215,263	$ 127,738
Basic per share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.58	$ 0.32	$ 0.43	$ 0.36	$ 1.61	$ 1.69	$ 1.06
Diluted per share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.59	$ 0.31	$ 0.42	$ 0.36	$ 1.61	$ 1.68	$ 1.05
Weighted Average Number of Shares Outstanding, Basic	123,698,633	123,621,323	123,544,034	123,739,823	124,256,834	127,663,480	130,670,629	131,272,611	123,651,003	128,444,469	127,360,669
Weighted Average Number of Shares Outstanding, Diluted	123,757,660	123,836,452	123,942,846	124,141,824	124,679,650	128,143,154	131,618,693	132,286,542	123,879,007	128,967,754	128,293,843

Schedule III - Real Estate an63

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Debt	$ 414,916
Initial Costs
Land & Improvements	671,204
Building & Improvements	2,723,231
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	331,497
Gross Amount
Land & Improvements	675,889
Buildings & Improvements	3,050,043
Total	3,725,932	$ 3,942,413	$ 3,711,887	$ 3,461,251
Accumulated Depreciation	520,517	$ 464,691	$ 382,266	$ 367,306
Aggregate cost of real estate for federal income tax purposes	3,600,000
Marriott Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	2,253
Building & Improvements	16,522
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,665
Gross Amount
Land & Improvements	2,253
Buildings & Improvements	18,187
Total	20,440
Accumulated Depreciation	$ 4,661
Marriott Austin South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Austin South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver South @ Park Meadow [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,559
Gross Amount
Land & Improvements	5,352
Buildings & Improvements	43,080
Total	48,432
Accumulated Depreciation	$ 11,031
Marriott Denver South @ Park Meadow [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver South @ Park Meadow [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 80,000
Initial Costs
Land & Improvements	0
Building & Improvements	89,541
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,040
Gross Amount
Land & Improvements	0
Buildings & Improvements	93,581
Total	93,581
Accumulated Depreciation	$ 24,121
Marriott Louisville Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Louisville Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,127
Gross Amount
Land & Improvements	4,495
Buildings & Improvements	34,832
Total	39,327
Accumulated Depreciation	$ 9,135
Marriott Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,581
Gross Amount
Land & Improvements	4,598
Buildings & Improvements	34,980
Total	39,578
Accumulated Depreciation	$ 8,925
Renaissance Boulder Flatiron Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Fort Lauderdale Plantation Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,914
Gross Amount
Land & Improvements	4,853
Buildings & Improvements	37,420
Total	42,273
Accumulated Depreciation	$ 9,655
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Northwest Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,443
Building & Improvements	10,585
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,934
Gross Amount
Land & Improvements	1,447
Buildings & Improvements	13,515
Total	14,962
Accumulated Depreciation	$ 3,256
Courtyard Austin Northwest Arboretum [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Northwest Arboretum [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,530
Building & Improvements	11,222
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,383
Gross Amount
Land & Improvements	1,535
Buildings & Improvements	12,600
Total	14,135
Accumulated Depreciation	$ 3,312
Courtyard Austin South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,290
Gross Amount
Land & Improvements	8,142
Buildings & Improvements	63,984
Total	72,126
Accumulated Depreciation	$ 16,195
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Denver West Golden [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,325
Building & Improvements	9,716
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,414
Gross Amount
Land & Improvements	1,325
Buildings & Improvements	11,130
Total	12,455
Accumulated Depreciation	$ 2,860
Courtyard Denver West Golden [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Denver West Golden [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Southeast Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,038
Building & Improvements	7,616
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,306
Gross Amount
Land & Improvements	1,078
Buildings & Improvements	8,882
Total	9,960
Accumulated Depreciation	$ 2,350
Courtyard Chicago Southeast Hammond [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Southeast Hammond [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,240
Gross Amount
Land & Improvements	2,482
Buildings & Improvements	19,447
Total	21,929
Accumulated Depreciation	$ 4,992
Courtyard Indianapolis @ The Capitol [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Boulder Longmont [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,192
Building & Improvements	8,745
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	909
Gross Amount
Land & Improvements	1,192
Buildings & Improvements	9,654
Total	10,846
Accumulated Depreciation	$ 2,531
Courtyard Boulder Longmont [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Boulder Longmont [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Boulder Louisville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,640
Building & Improvements	12,025
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,443
Gross Amount
Land & Improvements	1,642
Buildings & Improvements	13,466
Total	15,108
Accumulated Depreciation	$ 3,532
Courtyard Boulder Louisville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Boulder Louisville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Louisville Northeast [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,374
Building & Improvements	10,079
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	845
Gross Amount
Land & Improvements	1,382
Buildings & Improvements	10,916
Total	12,298
Accumulated Depreciation	$ 2,880
Courtyard Louisville Northeast [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Louisville Northeast [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,172
Building & Improvements	15,927
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,377
Gross Amount
Land & Improvements	2,197
Buildings & Improvements	18,279
Total	20,476
Accumulated Depreciation	$ 5,310
Courtyard Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard South Bend Mishawaka [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	640
Building & Improvements	4,699
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,240
Gross Amount
Land & Improvements	642
Buildings & Improvements	5,937
Total	6,579
Accumulated Depreciation	$ 1,722
Courtyard South Bend Mishawaka [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard South Bend Mishawaka [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Salt Lake City Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,333
Building & Improvements	17,110
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,397
Gross Amount
Land & Improvements	2,333
Buildings & Improvements	18,507
Total	20,840
Accumulated Depreciation	$ 4,688
Courtyard Salt Lake City Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Salt Lake City Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Sugarland [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,217
Building & Improvements	8,931
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,224
Gross Amount
Land & Improvements	1,217
Buildings & Improvements	10,155
Total	11,372
Accumulated Depreciation	$ 2,514
Courtyard Houston Sugarland [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Sugarland [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Sort Lauderdale SW Miramar [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,619
Building & Improvements	11,872
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,179
Gross Amount
Land & Improvements	1,619
Buildings & Improvements	13,051
Total	14,670
Accumulated Depreciation	$ 2,978
Courtyard Sort Lauderdale SW Miramar [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Sort Lauderdale SW Miramar [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 48,168
Initial Costs
Land & Improvements	6,049
Building & Improvements	44,361
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,491
Gross Amount
Land & Improvements	6,049
Buildings & Improvements	45,852
Total	51,901
Accumulated Depreciation	$ 10,440
Courtyard Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,691
Building & Improvements	12,404
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,637
Gross Amount
Land & Improvements	1,753
Buildings & Improvements	15,979
Total	17,732
Accumulated Depreciation	$ 3,302
Courtyard Austin Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Northwest Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,403
Building & Improvements	10,290
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,959
Gross Amount
Land & Improvements	1,403
Buildings & Improvements	12,249
Total	13,652
Accumulated Depreciation	$ 3,045
Residence Inn Austin Northwest Arboretum [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Northwest Arboretum [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	802
Building & Improvements	5,883
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	936
Gross Amount
Land & Improvements	805
Buildings & Improvements	6,816
Total	7,621
Accumulated Depreciation	$ 1,664
Residence Inn Austin South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin North Parmer Lane [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,483
Building & Improvements	10,872
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	851
Gross Amount
Land & Improvements	1,483
Buildings & Improvements	11,723
Total	13,206
Accumulated Depreciation	$ 2,953
Residence Inn Austin North Parmer Lane [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin North Parmer Lane [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Fishers [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	998
Building & Improvements	7,322
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,005
Gross Amount
Land & Improvements	1,048
Buildings & Improvements	8,277
Total	9,325
Accumulated Depreciation	$ 2,078
Residence Inn Indianapolis Fishers [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Fishers [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Denver West Golden [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,222
Building & Improvements	8,963
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,188
Gross Amount
Land & Improvements	1,222
Buildings & Improvements	10,151
Total	11,373
Accumulated Depreciation	$ 2,511
Residence Inn Denver West Golden [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Denver West Golden [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Southeast Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	980
Building & Improvements	7,190
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	996
Gross Amount
Land & Improvements	1,042
Buildings & Improvements	8,124
Total	9,166
Accumulated Depreciation	$ 2,028
Residence Inn Chicago Southeast Hammond [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Southeast Hammond [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,790
Gross Amount
Land & Improvements	2,665
Buildings & Improvements	22,339
Total	25,004
Accumulated Depreciation	$ 5,666
Residence Inn Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,095
Gross Amount
Land & Improvements	2,670
Buildings & Improvements	21,683
Total	24,353
Accumulated Depreciation	$ 5,507
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Longmont Boulder [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,407
Building & Improvements	10,321
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	796
Gross Amount
Land & Improvements	1,407
Buildings & Improvements	11,117
Total	12,524
Accumulated Depreciation	$ 2,809
Residence Inn Longmont Boulder [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Longmont Boulder [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Boulder Louisville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,298
Building & Improvements	9,519
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	972
Gross Amount
Land & Improvements	1,298
Buildings & Improvements	10,491
Total	11,789
Accumulated Depreciation	$ 2,694
Residence Inn Boulder Louisville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Boulder Louisville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Northeast [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,319
Building & Improvements	9,675
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,093
Gross Amount
Land & Improvements	1,325
Buildings & Improvements	10,762
Total	12,087
Accumulated Depreciation	$ 2,690
Residence Inn Louisville Northeast [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Northeast [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Merrillville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,262
Gross Amount
Land & Improvements	595
Buildings & Improvements	5,634
Total	6,229
Accumulated Depreciation	$ 1,591
Residence Inn Merrillville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Merrillville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Detroit Novi [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,427
Building & Improvements	10,445
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,862
Gross Amount
Land & Improvements	1,432
Buildings & Improvements	12,302
Total	13,734
Accumulated Depreciation	$ 2,932
Residence Inn Detroit Novi [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Detroit Novi [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Oak Brook [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	0
Building & Improvements	20,436
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	924
Gross Amount
Land & Improvements	0
Buildings & Improvements	21,360
Total	21,360
Accumulated Depreciation	$ 5,477
Residence Inn Chicago Oak Brook [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Oak Brook [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Fort Lauderdale Plantation [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,183
Building & Improvements	16,021
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,397
Gross Amount
Land & Improvements	2,295
Buildings & Improvements	20,306
Total	22,601
Accumulated Depreciation	$ 5,112
Residence Inn Fort Lauderdale Plantation [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Fort Lauderdale Plantation [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Salt Lake City Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	875
Building & Improvements	6,416
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,296
Gross Amount
Land & Improvements	875
Buildings & Improvements	7,712
Total	8,587
Accumulated Depreciation	$ 1,932
Residence Inn Salt Lake City Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Salt Lake City Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn San Antonio Downtown Market Sq [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,822
Building & Improvements	13,360
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,278
Gross Amount
Land & Improvements	1,822
Buildings & Improvements	15,638
Total	17,460
Accumulated Depreciation	$ 3,955
Residence Inn San Antonio Downtown Market Sq [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn San Antonio Downtown Market Sq [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Sugarland [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,100
Building & Improvements	8,073
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,324
Gross Amount
Land & Improvements	1,100
Buildings & Improvements	9,397
Total	10,497
Accumulated Depreciation	$ 2,492
Residence Inn Houston Sugarland [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Sugarland [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Naperville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,923
Building & Improvements	14,101
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	838
Gross Amount
Land & Improvements	1,923
Buildings & Improvements	14,939
Total	16,862
Accumulated Depreciation	$ 3,941
Residence Inn Chicago Naperville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Naperville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,815
Building & Improvements	13,308
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	744
Gross Amount
Land & Improvements	1,815
Buildings & Improvements	14,052
Total	15,867
Accumulated Depreciation	$ 3,419
Residence Inn Louisville Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Fort Lauderdale SW Miramar [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,692
Building & Improvements	12,409
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,544
Gross Amount
Land & Improvements	1,695
Buildings & Improvements	13,950
Total	15,645
Accumulated Depreciation	$ 3,165
Residence Inn Fort Lauderdale SW Miramar [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Fort Lauderdale SW Miramar [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 32,112
Initial Costs
Land & Improvements	3,767
Building & Improvements	27,626
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	620
Gross Amount
Land & Improvements	3,767
Buildings & Improvements	28,246
Total	32,013
Accumulated Depreciation	$ 6,467
Residence Inn Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Austin North Parmer Lane [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,957
Building & Improvements	14,351
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	577
Gross Amount
Land & Improvements	1,957
Buildings & Improvements	14,928
Total	16,885
Accumulated Depreciation	$ 3,842
SpringHill Suites Austin North Parmer Lane [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Austin North Parmer Lane [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,605
Building & Improvements	11,768
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,922
Gross Amount
Land & Improvements	1,605
Buildings & Improvements	13,690
Total	15,295
Accumulated Depreciation	$ 3,361
SpringHill Suites Austin South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Austin South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Louisville Hurstbourne North [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,890
Building & Improvements	13,869
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,716
Gross Amount
Land & Improvements	1,890
Buildings & Improvements	15,585
Total	17,475
Accumulated Depreciation	$ 3,867
SpringHill Suites Louisville Hurstbourne North [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Louisville Hurstbourne North [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites South Bend Mishawaka [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	983
Building & Improvements	7,217
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,752
Gross Amount
Land & Improvements	983
Buildings & Improvements	8,969
Total	9,952
Accumulated Depreciation	$ 2,108
SpringHill Suites South Bend Mishawaka [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites South Bend Mishawaka [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Denver North Westminster [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,409
Building & Improvements	17,670
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,120
Gross Amount
Land & Improvements	2,409
Buildings & Improvements	18,790
Total	21,199
Accumulated Depreciation	$ 4,951
SpringHill Suites Denver North Westminster [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Denver North Westminster [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Boulder Longmont [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,144
Building & Improvements	8,388
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	728
Gross Amount
Land & Improvements	1,144
Buildings & Improvements	9,116
Total	10,260
Accumulated Depreciation	$ 2,248
SpringHill Suites Boulder Longmont [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Boulder Longmont [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	505
Building & Improvements	3,702
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,126
Gross Amount
Land & Improvements	505
Buildings & Improvements	4,828
Total	5,333
Accumulated Depreciation	$ 1,083
Fairfield Inn & Suites Austin South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Austin South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Denver Cherry Creek [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,203
Building & Improvements	8,823
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,277
Gross Amount
Land & Improvements	1,203
Buildings & Improvements	10,100
Total	11,303
Accumulated Depreciation	$ 2,630
Fairfield Inn & Suites Denver Cherry Creek [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Denver Cherry Creek [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago SE Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	722
Building & Improvements	5,301
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,324
Gross Amount
Land & Improvements	727
Buildings & Improvements	6,620
Total	7,347
Accumulated Depreciation	$ 1,643
Fairfield Inn & Suites Chicago SE Hammond [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago SE Hammond [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,803
Building & Improvements	19,325
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,253
Gross Amount
Land & Improvements	1,853
Buildings & Improvements	22,528
Total	24,381
Accumulated Depreciation	$ 5,429
Fairfield Inn & Suites Key West [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Key West [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,814
Gross Amount
Land & Improvements	1,446
Buildings & Improvements	12,242
Total	13,688
Accumulated Depreciation	$ 2,960
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,378
Building & Improvements	10,105
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,348
Gross Amount
Land & Improvements	1,378
Buildings & Improvements	11,453
Total	12,831
Accumulated Depreciation	$ 2,822
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,797
Gross Amount
Land & Improvements	2,793
Buildings & Improvements	22,894
Total	25,687
Accumulated Depreciation	$ 5,806
Hampton Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,209
Gross Amount
Land & Improvements	3,000
Buildings & Improvements	23,029
Total	26,029
Accumulated Depreciation	$ 5,982
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,671
Gross Amount
Land & Improvements	1,210
Buildings & Improvements	10,368
Total	11,578
Accumulated Depreciation	$ 2,838
Sleep Inn Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	745
Gross Amount
Land & Improvements	1,895
Buildings & Improvements	14,466
Total	16,361
Accumulated Depreciation	$ 3,693
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Bloomington
Real Estate and Accumulated Depreciation
Debt	$ 17,500
Initial Costs
Land & Improvements	0
Building & Improvements	18,945
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	913
Gross Amount
Land & Improvements	0
Buildings & Improvements	19,858
Total	19,858
Accumulated Depreciation	$ 3,971
Hilton Garden Inn Bloomington | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Bloomington | Maximum
Gross Amount
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	654
Gross Amount
Land & Improvements	851
Buildings & Improvements	6,771
Total	7,622
Accumulated Depreciation	$ 1,688
TGI Friday's Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,106
Building & Improvements	12,721
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,118
Gross Amount
Land & Improvements	1,146
Buildings & Improvements	13,799
Total	14,945
Accumulated Depreciation	$ 3,228
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,691
Building & Improvements	22,764
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	780
Gross Amount
Land & Improvements	5,717
Buildings & Improvements	23,518
Total	29,235
Accumulated Depreciation	$ 5,570
Hampton Inn Garden City [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Garden City [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,000
Initial Costs
Land & Improvements	3,069
Building & Improvements	22,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,416
Gross Amount
Land & Improvements	3,069
Buildings & Improvements	23,924
Total	26,993
Accumulated Depreciation	$ 5,411
Courtyard Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Fort Walton Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,774
Building & Improvements	6,109
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,603
Gross Amount
Land & Improvements	8,875
Buildings & Improvements	7,611
Total	16,486
Accumulated Depreciation	$ 1,672
Hampton Inn Fort Walton Beach [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Fort Walton Beach [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,500
Initial Costs
Land & Improvements	4,857
Building & Improvements	29,943
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,007
Gross Amount
Land & Improvements	4,962
Buildings & Improvements	35,845
Total	40,807
Accumulated Depreciation	$ 7,561
Embassy Suites Los Angeles Downey [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Austin Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 11,000
Initial Costs
Land & Improvements	2,813
Building & Improvements	15,940
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,079
Gross Amount
Land & Improvements	2,813
Buildings & Improvements	18,019
Total	20,832
Accumulated Depreciation	$ 3,632
Hyatt House Austin Arboretum [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Austin Arboretum [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Lincoln Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 18,000
Initial Costs
Land & Improvements	3,169
Building & Improvements	17,958
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,357
Gross Amount
Land & Improvements	3,317
Buildings & Improvements	19,167
Total	22,484
Accumulated Depreciation	$ 3,972
Hyatt House Dallas Lincoln Park [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Lincoln Park [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Uptown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 16,500
Initial Costs
Land & Improvements	2,241
Building & Improvements	12,698
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,709
Gross Amount
Land & Improvements	2,306
Buildings & Improvements	15,342
Total	17,648
Accumulated Depreciation	$ 2,865
Hyatt House Dallas Uptown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Uptown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Houston Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Initial Costs
Land & Improvements	2,976
Building & Improvements	16,866
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,994
Gross Amount
Land & Improvements	2,976
Buildings & Improvements	18,860
Total	21,836
Accumulated Depreciation	$ 3,922
Hyatt House Houston Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Houston Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,161
Building & Improvements	71,017
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,330
Gross Amount
Land & Improvements	2,359
Buildings & Improvements	73,149
Total	75,508
Accumulated Depreciation	$ 12,437
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	16,214
Building & Improvements	22,265
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,318
Gross Amount
Land & Improvements	16,307
Buildings & Improvements	27,490
Total	43,797
Accumulated Depreciation	$ 5,272
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,816
Building & Improvements	7,862
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,446
Gross Amount
Land & Improvements	2,879
Buildings & Improvements	9,245
Total	12,124
Accumulated Depreciation	$ 1,707
Embassy Suites Fort Myers Estero [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 32,175
Initial Costs
Land & Improvements	23,139
Building & Improvements	34,188
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,583
Gross Amount
Land & Improvements	23,139
Buildings & Improvements	37,771
Total	60,910
Accumulated Depreciation	$ 5,936
Homewood Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Suites Denver Tech Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,373
Building & Improvements	9,180
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,829
Gross Amount
Land & Improvements	2,428
Buildings & Improvements	10,954
Total	13,382
Accumulated Depreciation	$ 2,187
Hampton Inn Suites Denver Tech Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Suites Denver Tech Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hotel Indigo New Orleans Garden District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,901
Building & Improvements	3,865
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,774
Gross Amount
Land & Improvements	2,082
Buildings & Improvements	15,458
Total	17,540
Accumulated Depreciation	$ 3,584
Hotel Indigo New Orleans Garden District [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hotel Indigo New Orleans Garden District [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Columbia [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,993
Building & Improvements	11,487
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,799
Gross Amount
Land & Improvements	2,069
Buildings & Improvements	13,210
Total	15,279
Accumulated Depreciation	$ 2,440
Residence Inn Columbia [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Columbia [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,457
Building & Improvements	37,046
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,454
Gross Amount
Land & Improvements	7,480
Buildings & Improvements	38,477
Total	45,957
Accumulated Depreciation	$ 5,928
Residence Inn National Harbor Washington DC [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Silver Spring [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,945
Building & Improvements	18,896
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,021
Gross Amount
Land & Improvements	3,989
Buildings & Improvements	19,873
Total	23,862
Accumulated Depreciation	$ 3,556
Residence Inn Silver Spring [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Silver Spring [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,405
Building & Improvements	20,750
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,502
Gross Amount
Land & Improvements	3,465
Buildings & Improvements	25,192
Total	28,657
Accumulated Depreciation	$ 4,444
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn West Palm Beach Central Arprt Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,280
Building & Improvements	9,769
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,314
Gross Amount
Land & Improvements	2,280
Buildings & Improvements	11,083
Total	13,363
Accumulated Depreciation	$ 1,812
Hampton Inn West Palm Beach Central Arprt Central [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn West Palm Beach Central Arprt Central [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn West Palm Beach Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,206
Building & Improvements	10,811
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,321
Gross Amount
Land & Improvements	1,215
Buildings & Improvements	12,123
Total	13,338
Accumulated Depreciation	$ 1,916
Hilton Garden Inn West Palm Beach Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn West Palm Beach Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,303
Building & Improvements	19,136
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,858
Gross Amount
Land & Improvements	5,521
Buildings & Improvements	24,776
Total	30,297
Accumulated Depreciation	$ 4,722
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Metropolitan Hotel New York City
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	140,332
Building & Improvements	188,014
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	18,450
Gross Amount
Land & Improvements	140,456
Buildings & Improvements	206,340
Total	346,796
Accumulated Depreciation	$ 33,164
Doubletree Metropolitan Hotel New York City | Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Metropolitan Hotel New York City | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,274
Building & Improvements	39,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,410
Gross Amount
Land & Improvements	3,390
Buildings & Improvements	45,228
Total	48,618
Accumulated Depreciation	$ 6,715
Renaissance Pittsburgh Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,860
Building & Improvements	21,668
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,077
Gross Amount
Land & Improvements	2,875
Buildings & Improvements	24,730
Total	27,605
Accumulated Depreciation	$ 3,776
Courtyard Atlanta Buckhead [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Hotel Columbia [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,933
Building & Improvements	6,486
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,451
Gross Amount
Land & Improvements	2,049
Buildings & Improvements	11,821
Total	13,870
Accumulated Depreciation	$ 2,256
Doubletree Hotel Columbia [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Hotel Columbia [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver Airport @ Gateway Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,500
Initial Costs
Land & Improvements	3,083
Building & Improvements	38,356
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,722
Gross Amount
Land & Improvements	3,175
Buildings & Improvements	41,986
Total	45,161
Accumulated Depreciation	$ 6,666
Marriott Denver Airport @ Gateway Park [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver Airport @ Gateway Park [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,656
Building & Improvements	9,614
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,599
Gross Amount
Land & Improvements	3,792
Buildings & Improvements	15,077
Total	18,869
Accumulated Depreciation	$ 3,203
Embassy Suites West Palm Beach Central [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,751
Building & Improvements	4,763
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,351
Gross Amount
Land & Improvements	1,878
Buildings & Improvements	9,987
Total	11,865
Accumulated Depreciation	$ 2,557
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,975
Building & Improvements	18,490
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,961
Gross Amount
Land & Improvements	2,037
Buildings & Improvements	26,389
Total	28,426
Accumulated Depreciation	$ 4,918
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Houston Near the Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	9,326
Building & Improvements	9,220
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,754
Gross Amount
Land & Improvements	9,395
Buildings & Improvements	10,905
Total	20,300
Accumulated Depreciation	$ 1,856
Hampton Inn Houston Near the Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Houston Near the Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,714
Building & Improvements	35,828
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	833
Gross Amount
Land & Improvements	2,763
Buildings & Improvements	36,612
Total	39,375
Accumulated Depreciation	$ 4,884
Courtyard Charleston Historic District | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Charleston Historic District | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 33,795
Initial Costs
Land & Improvements	8,154
Building & Improvements	52,750
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,913
Gross Amount
Land & Improvements	8,273
Buildings & Improvements	57,544
Total	65,817
Accumulated Depreciation	$ 6,676
Residence Inn Bethesda Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	20,654
Building & Improvements	60,223
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,420
Gross Amount
Land & Improvements	20,737
Buildings & Improvements	64,560
Total	85,297
Accumulated Depreciation	$ 7,771
Courtyard New York Manhattan Upper East Side [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,902
Building & Improvements	22,758
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,185
Gross Amount
Land & Improvements	11,947
Buildings & Improvements	24,898
Total	36,845
Accumulated Depreciation	$ 3,054
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,268
Building & Improvements	56,025
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,252
Gross Amount
Land & Improvements	6,322
Buildings & Improvements	59,223
Total	65,545
Accumulated Depreciation	$ 6,647
Embassy Suites Boston Waltham [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,799
Building & Improvements	28,954
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,055
Gross Amount
Land & Improvements	5,858
Buildings & Improvements	31,950
Total	37,808
Accumulated Depreciation	$ 3,184
Courtyard Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,674
Building & Improvements	24,913
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,929
Gross Amount
Land & Improvements	4,724
Buildings & Improvements	27,792
Total	32,516
Accumulated Depreciation	$ 2,748
Residence Inn Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,382
Building & Improvements	12,756
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	15,748
Gross Amount
Land & Improvements	2,485
Buildings & Improvements	28,401
Total	30,886
Accumulated Depreciation	$ 1,919
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	557
Building & Improvements	79,033
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,142
Gross Amount
Land & Improvements	670
Buildings & Improvements	88,062
Total	88,732
Accumulated Depreciation	$ 7,940
Courtyard Waikiki Beach | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Waikiki Beach | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,277
Building & Improvements	18,198
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	26,816
Gross Amount
Land & Improvements	11,291
Buildings & Improvements	45,000
Total	56,291
Accumulated Depreciation	$ 2,565
Courtyard San Francisco [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Francisco [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,812
Building & Improvements	6,044
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,883
Gross Amount
Land & Improvements	2,939
Buildings & Improvements	12,800
Total	15,739
Accumulated Depreciation	$ 1,042
Residence Inn Atlanta Midtown Historic [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,488
Building & Improvements	18,283
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	121
Gross Amount
Land & Improvements	3,498
Buildings & Improvements	18,394
Total	21,892
Accumulated Depreciation	$ 1,614
SpringHill Suites Portland Hillsboro [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	25,083
Building & Improvements	40,707
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,052
Gross Amount
Land & Improvements	25,119
Buildings & Improvements	42,723
Total	67,842
Accumulated Depreciation	$ 2,848
Hilton Cabana Miami Beach | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Cabana Miami Beach | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,029
Building & Improvements	26,193
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	21
Gross Amount
Land & Improvements	3,029
Buildings & Improvements	26,214
Total	29,243
Accumulated Depreciation	$ 1,873
Hyatt House Charlotte Center City | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Charlotte Center City | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,995
Building & Improvements	9,164
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,839
Gross Amount
Land & Improvements	4,354
Buildings & Improvements	12,644
Total	16,998
Accumulated Depreciation	$ 1,172
Hyatt House Cypress Anaheim | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Cypress Anaheim | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,425
Building & Improvements	29,137
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,218
Gross Amount
Land & Improvements	7,507
Buildings & Improvements	34,273
Total	41,780
Accumulated Depreciation	$ 2,800
Hyatt House Emeryville San Francisco Bay Area | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,419
Building & Improvements	21,289
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,183
Gross Amount
Land & Improvements	10,530
Buildings & Improvements	22,361
Total	32,891
Accumulated Depreciation	$ 1,767
Hyatt House San Diego Sorrento Mesa | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,819
Building & Improvements	31,682
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1
Gross Amount
Land & Improvements	6,820
Buildings & Improvements	31,682
Total	38,502
Accumulated Depreciation	$ 2,273
Hyatt House San Jose Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,713
Building & Improvements	11,852
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	995
Gross Amount
Land & Improvements	5,717
Buildings & Improvements	12,843
Total	18,560
Accumulated Depreciation	$ 1,045
Hyatt House San Ramon | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Ramon | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,044
Building & Improvements	27,703
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,560
Gross Amount
Land & Improvements	8,044
Buildings & Improvements	29,263
Total	37,307
Accumulated Depreciation	$ 2,144
Hyatt House Santa Clara | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Santa Clara | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Centric The Woodlands
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,950
Building & Improvements	16,882
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	21
Gross Amount
Land & Improvements	5,957
Buildings & Improvements	16,896
Total	22,853
Accumulated Depreciation	$ 1,229
Hyatt Centric The Woodlands | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Centric The Woodlands | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,208
Building & Improvements	13,730
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	976
Gross Amount
Land & Improvements	6,209
Buildings & Improvements	14,705
Total	20,914
Accumulated Depreciation	$ 1,189
Hyatt Place Fremont Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,701
Building & Improvements	25,478
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	6,701
Buildings & Improvements	25,478
Total	32,179
Accumulated Depreciation	$ 1,810
Hyatt Place Madison Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Madison Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	15,062
Building & Improvements	33,048
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,426
Gross Amount
Land & Improvements	15,102
Buildings & Improvements	40,434
Total	55,536
Accumulated Depreciation	$ 2,709
Embassy Suites Irvine Orange County | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Irvine Orange County | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,019
Building & Improvements	53,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,118
Gross Amount
Land & Improvements	8,021
Buildings & Improvements	54,140
Total	62,161
Accumulated Depreciation	$ 3,598
Courtyard Portland City Center | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Portland City Center | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,737
Building & Improvements	41,731
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	239
Gross Amount
Land & Improvements	3,737
Buildings & Improvements	41,970
Total	45,707
Accumulated Depreciation	$ 2,653
Hyatt Atlanta Midtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Atlanta Midtown | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	48,192
Building & Improvements	27,770
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,576
Gross Amount
Land & Improvements	48,226
Buildings & Improvements	32,312
Total	80,538
Accumulated Depreciation	$ 2,106
DoubleTree Grand Key Resort | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Grand Key Resort | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,763
Building & Improvements	55,225
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	528
Gross Amount
Land & Improvements	10,763
Buildings & Improvements	55,753
Total	66,516
Accumulated Depreciation	$ 2,085
Hyatt Place Washington DC Downtown K Street | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,933
Building & Improvements	30,949
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	20
Gross Amount
Land & Improvements	3,953
Buildings & Improvements	30,949
Total	34,902
Accumulated Depreciation	$ 1,204
Homewood Suites Seattle Lynnwood | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos
Real Estate and Accumulated Depreciation
Debt	$ 33,666
Initial Costs
Land & Improvements	16,996
Building & Improvements	45,786
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	129
Gross Amount
Land & Improvements	17,030
Buildings & Improvements	45,881
Total	62,911
Accumulated Depreciation	$ 1,643
Residence Inn Palo Alto Los Altos | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos | Maximum
Gross Amount
Depreciation Life	40 years

Schedule III - Real Estate an64

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 3,942,413	$ 3,711,887	$ 3,461,251
Add: Acquisitions	0	163,652	573,936
Add: Improvements	40,308	84,615	59,485
Less: Disposition of properties	(256,789)	(16,738)	(142,581)
Less: Impairment loss	0	(1,003)	(9,200)
Less: Land, building and improvements of hotels held for sale	0	0	(231,004)
Balance at end of period	3,725,932	3,942,413	3,711,887
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(464,691)	(382,266)	(367,306)
Add: Depreciation for the period	(91,400)	(85,062)	(81,892)
Less: Disposition of properties	35,574	2,637	24,383
Less: Accumulated depreciation of hotels held for sale	0	0	42,549
Balance at end of period	$ (520,517)	$ (464,691)	$ (382,266)