RLJ Lodging Trust (RLJ) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 26, 2017
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	1,511,337
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		124,668,134
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Investment in hotel properties, net	$ 3,323,705	$ 3,368,674
Cash and cash equivalents	479,879	456,672
Restricted cash reserves	60,697	67,206
Hotel and other receivables, net of allowance of $181 and $182, respectively	34,408	26,018
Deferred income tax asset	42,353	44,614
Prepaid expense and other assets	60,624	60,209
Total assets	4,001,666	4,023,393
Liabilities and Equity
Debt, net	1,582,114	1,582,715
Accounts payable and other liabilities	127,064	137,066
Deferred income tax liability	11,430	11,430
Advance deposits and deferred revenue	10,492	11,975
Accrued interest	3,918	3,444
Distributions payable	41,914	41,486
Total liabilities	1,776,932	1,788,116
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 June 30, 2017 and December 31, 2016, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,639,939 and 124,364,178 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	1,246	1,244
Additional paid-in capital	2,191,661	2,187,333
Accumulated other comprehensive loss	(1,069)	(4,902)
Retained Earnings	19,674	38,249
Total shareholders’ equity	2,211,512	2,221,924
Noncontrolling interest:
Noncontrolling interest in consolidated joint venture	5,936	5,973
Noncontrolling interest in the Operating Partnership	7,286	7,380
Total noncontrolling interest	13,222	13,353
Total equity	2,224,734	2,235,277
Total liabilities and equity	$ 4,001,666	$ 4,023,393

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Hotel and other receivables, allowance	$ 181	$ 182
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred shares of beneficial interest, shares issued	0	0
Preferred shares of beneficial interest, shares outstanding	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	124,639,939	124,364,178
Common shares of beneficial interest, shares outstanding	124,639,939	124,364,178

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating revenue
Room revenue	$ 253,739	$ 277,039	$ 478,704	$ 516,552
Food and beverage revenue	29,121	30,047	55,812	56,601
Other operating department revenue	9,424	10,026	18,000	19,130
Total revenue	292,284	317,112	552,516	592,283
Operating expense
Room expense	55,221	59,085	107,143	114,113
Food and beverage expense	20,101	20,525	39,398	40,342
Management and franchise fee expense	29,626	32,762	56,539	61,263
Other operating expense	59,058	61,950	116,880	121,971
Total property operating expense	164,006	174,322	319,960	337,689
Depreciation and amortization	38,240	40,849	76,905	81,579
Property tax, insurance and other	18,152	19,302	37,310	39,457
General and administrative	10,129	6,658	19,252	16,307
Transaction and pursuit costs	3,691	80	4,316	159
Total operating expense	234,218	241,211	457,743	475,191
Operating income	58,066	75,901	94,773	117,092
Other Nonoperating Income (Expense)	73	(326)	214	(24)
Interest income	664	414	1,149	810
Interest expense	(14,548)	(14,789)	(28,877)	(29,681)
Income before income tax expense	44,255	61,200	67,259	88,197
Income tax expense	(1,821)	(2,482)	(2,987)	(3,958)
Income from operations	42,434	58,718	64,272	84,239
Gain (loss) on sale of hotel properties	30	22	(30)	(150)
Net income	42,464	58,740	64,242	84,089
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	(29)	(37)	37	25
Noncontrolling interest in the Operating Partnership	(189)	(256)	(275)	(370)
Net income attributable to common shareholders	$ 42,246	$ 58,447	$ 64,004	$ 83,744
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.34	$ 0.47	$ 0.51	$ 0.67
Weighted-average number of common shares (in shares)	123,785,735	123,544,034	123,760,096	123,641,928
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.34	$ 0.47	$ 0.51	$ 0.67
Weighted-average number of common shares (in shares)	123,871,762	123,942,846	123,856,388	124,051,956
Dividends declared per common share	$ 0.33	$ 0.33	$ 0.66	$ 0.66
Amounts attributable to the Company’s common shareholders:
Income from operations	$ 42,216	$ 58,425	$ 64,034	$ 83,894
Gain (loss) on sale of hotel properties	30	22	(30)	(150)
Comprehensive income:
Unrealized (loss) gain on interest rate derivatives	(1,715)	(5,366)	3,833	(25,614)
Comprehensive income	40,749	53,374	68,075	58,475
Comprehensive (income) loss attributable to the noncontrolling interest in consolidated joint venture	(29)	(37)	37	25
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership	(189)	(256)	(275)	(370)
Comprehensive income attributable to the Company	$ 40,531	$ 53,081	$ 67,837	$ 58,130

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2015		124,635,675
Balance at Dec. 31, 2015	$ 2,200,524	$ 1,246	$ 2,195,732	$ 2,439	$ (16,602)	$ 17,709	$ 11,532	$ 6,177
Increase (Decrease) in Owners' Equity
Net income (loss)	84,089			83,744		345	370	(25)
Unrealized gain on interest rate derivatives	(25,614)				(25,614)
Distribution to joint venture partner	(259)					(259)		(259)
Redemption of Operating Partnership units (in shares)		335,250
Redemption of Operating Partnership units	0	$ 3	4,322			(4,325)	(4,325)
Issuance of restricted stock (in shares)		439,996
Issuance of restricted stock	0	$ 4	(4)
Amortization of share-based compensation	2,014		2,014
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)		(54,566)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,117)	$ 0	(1,117)
Shares acquired as part of a share repurchase program (in shares)		(610,607)
Shares acquired as part of a share repurchase program	(13,271)	$ (6)	(13,265)
Forfeiture of restricted stock (in shares)		(419,656)
Forfeiture of restricted stock	0	$ (4)	4
Distributions on common shares and units	(82,672)			(82,306)		366	(366)
Balance (in shares) at Jun. 30, 2016		124,328,646
Balance at Jun. 30, 2016	2,163,751	$ 1,243	2,187,743	3,877	(42,216)	13,104	7,211	5,893
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
Increase (Decrease) in Owners' Equity
Net income (loss)	64,242			64,004		238	275	(37)
Unrealized gain on interest rate derivatives	3,833				3,833
Issuance of restricted stock (in shares)		333,836
Issuance of restricted stock	0	$ 3	(3)
Amortization of share-based compensation	5,469		5,469
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(53,284)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,139)	$ (1)	(1,138)
Forfeiture of restricted stock (in shares)		(4,791)
Forfeiture of restricted stock	0	$ 0	0
Distributions on common shares and units	(82,948)			(82,579)		(369)	(369)
Balance (in shares) at Jun. 30, 2017		124,639,939
Balance at Jun. 30, 2017	$ 2,224,734	$ 1,246	$ 2,191,661	$ 19,674	$ (1,069)	$ 13,222	$ 7,286	$ 5,936

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 64,242	$ 84,089
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss on sale of hotel properties	30	150
Depreciation and amortization	76,905	81,579
Amortization of deferred financing costs	1,704	2,222
Amortization of deferred management fees	375	376
Accretion of interest income on investment in loan	(460)	(270)
Share grants to trustees	0	57
Amortization of share-based compensation	5,469	2,014
Deferred income taxes	2,261	3,028
Changes in assets and liabilities:
Hotel and other receivables, net	(8,390)	(8,531)
Prepaid expense and other assets	(1,466)	(732)
Accounts payable and other liabilities	1,852	1,669
Advance deposits and deferred revenue	(1,483)	234
Accrued interest	474	(1,698)
Net cash flow provided by operating activities	141,513	164,187
Cash flows from investing activities
Payments for the sale of hotel properties, net	(30)
Proceeds from the sale of hotel properties, net		2,634
Improvements and additions to hotel properties	(39,186)	(41,346)
Additions to property and equipment	(64)	(157)
Decrease (increase) in restricted cash reserves, net	6,509	(5,815)
Net cash flow used in investing activities	(32,771)	(44,684)
Cash flows from financing activities
Borrowings under Revolver	0	51,000
Repayments under Revolver	0	(51,000)
Proceeds from mortgage loans	0	11,000
Payments of mortgage loans principal	(1,801)	(1,872)
Repurchase of common shares under a share repurchase program	0	(13,271)
Repurchase of common shares to satisfy employee withholding requirements	(1,139)	(1,117)
Distributions on common shares	(82,161)	(82,316)
Distributions on Operating Partnership units	(360)	(475)
Payments of deferred financing costs	(74)	(5,331)
Distribution to joint venture partner	0	(259)
Net cash flow used in financing activities	(85,535)	(93,641)
Net change in cash and cash equivalents	23,207	25,862
Cash and cash equivalents, beginning of period	456,672	134,192
Cash and cash equivalents, end of period	$ 479,879	$ 160,054

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , there were 125,198,689 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 June 30, 2017 , 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. On April 23, 2017, the Company and FelCor Lodging Trust Incorporated ("FelCor") entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") under which FelCor will merge with and into an indirect subsidiary of the Company in a stock-for-stock merger transaction. Under the terms of the Merger Agreement, each share of FelCor common stock will be converted into 0.362 common shares of the Company. In addition, each FelCor Lodging Limited Partnership ("FelCor LP") common unit will be converted into 0.362 OP units unless the respective limited partner of FelCor LP elects to redeem his or her units and receive 0.362 common shares of the Company for each unit. Lastly, each share of FelCor's Series A cumulative convertible preferred stock will be converted into a Series A cumulative convertible preferred share of the Company. A joint proxy statement/prospectus was filed with the Securities and Exchange Commission (the "SEC") that became effective on July 18, 2017. The transaction is expected to close on August 31, 2017. The transaction is subject to customary closing conditions, including the approval of certain aspects of the transaction by both the Company's and FelCor's shareholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2016 contains a discussion of the significant accounting policies. Other than noted below, there have been no other significant changes to the Company's significant accounting policies since December 31, 2016 . Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 23, 2017. 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. 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. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model 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, with early adoption permitted. 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. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company 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 consolidated 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 new 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 new 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 classifications 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. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the new guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): June 30, 2017 December 31, 2016 Land and improvements $ 676,897 $ 675,889 Buildings and improvements 3,065,406 3,050,043 Furniture, fixtures and equipment 606,479 595,816 Intangible assets 2,309 2,309 4,351,091 4,324,057 Accumulated depreciation and amortization (1,027,386 ) (955,383 ) Investment in hotel properties, net $ 3,323,705 $ 3,368,674 For the three and six months ended June 30, 2017 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $38.2 million and $76.8 million , respectively. For the three and six months ended June 30, 2016 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $40.8 million and $81.4 million , respectively. Impairment The Company determined that there was no impairment of any assets for either the three and six months ended June 30, 2017 or 2016 .

Sale of Hotel Properties

Sale of Hotel Properties	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Hotel Properties	Sale of Hotel Properties During the six months ended June 30, 2017 , the Company did not sell any hotel properties. During the six months ended June 30, 2016 , the Company sold one hotel property for a sale price of approximately $2.9 million . In conjunction with this transaction, the Company recorded a $0.2 million loss on sale which is included in the accompanying consolidated statement of operations. The following table discloses the hotel property that was sold during the six months ended June 30, 2016 : Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 Total 62

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (in thousands): June 30, 2017 December 31, 2016 Revolver and Term Loans, net $ 1,170,120 $ 1,169,308 Mortgage loans, net 411,994 413,407 Debt, net $ 1,582,114 $ 1,582,715 Revolver and Term Loans 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"); • $225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "$225 Million Term Loan Maturing 2019"); • $400.0 million term loan with a scheduled maturity date of April 22, 2021 (the "$400 Million Term Loan Maturing 2021"); and • $150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "$150 Million Term Loan Maturing 2022"). 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 Revolver and Term Loans are subject to customary financial covenants. As of June 30, 2017 and December 31, 2016 , the Company was in compliance with all financial covenants. As of June 30, 2017 and December 31, 2016 , the details of the unsecured credit agreements were as follows (in thousands): Outstanding Borrowings at Interest Rate at June 30, 2017 (1) Maturity Date June 30, 2017 December 31, 2016 Revolver (2) 2.72% 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 3.00% 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) (4,880 ) (5,692 ) Total Revolver and Term Loans, net $ 1,170,120 $ 1,169,308 (1) Interest rate at June 30, 2017 gives effect to interest rate hedges. (2) At June 30, 2017 and December 31, 2016 , there was $400.0 million of borrowing capacity on the Revolver. (3) Excludes $2.0 million and $2.3 million as of June 30, 2017 and December 31, 2016 , 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 June 30, 2017 and December 31, 2016 , the Company had the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at June 30, 2017 (1) Maturity Date June 30, 2017 December 31, 2016 Wells Fargo 4 4.03% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 144,750 146,250 PNC Bank (5) 5 3.32% (2) March 2021 (6) 85,000 85,000 Wells Fargo (7) 1 5.25% June 2022 33,271 33,666 14 413,021 414,916 Deferred financing costs, net (1,027 ) (1,509 ) Total mortgage loans, net $ 411,994 $ 413,407 (1) Interest rate at June 30, 2017 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 $0.9 million and $1.0 million at June 30, 2017 and December 31, 2016 , 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 June 30, 2017 and December 31, 2016 . Interest Expense For the three and six months ended June 30, 2017 and 2016 , the components of interest expense were as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Revolver and Term Loans $ 9,629 $ 9,617 $ 19,147 $ 19,476 Mortgage loans 4,058 3,963 8,026 7,983 Amortization of deferred financing costs 861 1,209 1,704 2,222 Total interest expense $ 14,548 $ 14,789 $ 28,877 $ 29,681

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging As of June 30, 2017 and December 31, 2016 , the Company had entered into the following interest rate swaps (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Swap-cash flow 1.12% November 2017 $ 275,000 $ 275,000 $ 134 $ (558 ) Swap-cash flow 1.56% March 2018 175,000 175,000 (380 ) (1,251 ) Swap-cash flow 1.64% March 2018 175,000 175,000 (477 ) (1,413 ) Swap-cash flow 1.83% September 2018 15,923 16,088 (92 ) (193 ) Swap-cash flow 1.75% September 2018 15,923 16,088 (77 ) (172 ) Swap-cash flow 1.83% September 2018 39,083 39,488 (226 ) (474 ) Swap-cash flow 1.75% September 2018 40,047 40,462 (194 ) (433 ) Swap-cash flow 1.83% September 2018 17,370 17,550 (101 ) (211 ) Swap-cash flow 1.75% September 2018 16,405 16,575 (79 ) (177 ) Swap-cash flow 2.02% March 2019 125,000 125,000 (1,240 ) (2,090 ) Swap-cash flow 1.94% March 2019 100,000 100,000 (862 ) (1,505 ) Swap-cash flow 1.27% March 2019 125,000 125,000 430 54 Swap-cash flow (1) 1.96% March 2019 100,000 100,000 (547 ) (516 ) Swap-cash flow (1) 1.85% March 2019 50,000 50,000 (199 ) (184 ) Swap-cash flow (1) 1.81% March 2019 50,000 50,000 (174 ) (159 ) Swap-cash flow (1) 1.74% March 2019 25,000 25,000 (65 ) (57 ) Swap-cash flow (2) 1.80% September 2020 33,000 33,000 15 111 Swap-cash flow (2) 1.80% September 2020 82,000 82,000 38 277 Swap-cash flow (2) 1.80% September 2020 35,000 35,000 16 118 Swap-cash flow 1.81% October 2020 143,000 143,000 (714 ) (1,113 ) Swap-cash flow (3) 1.15% April 2021 100,000 100,000 2,074 2,513 Swap-cash flow (3) 1.20% April 2021 100,000 100,000 1,921 2,360 Swap-cash flow (3) 2.15% April 2021 75,000 75,000 (746 ) (410 ) Swap-cash flow (3) 1.91% April 2021 75,000 — (188 ) — Swap-cash flow 1.61% June 2021 50,000 50,000 248 224 Swap-cash flow 1.56% June 2021 50,000 50,000 363 352 Swap-cash flow 1.71% June 2021 50,000 50,000 53 5 $ 2,137,751 $ 2,064,251 $ (1,069 ) $ (4,902 ) (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 June 30, 2017 and December 31, 2016 , the aggregate fair value of the interest rate swap assets of $5.3 million and $6.0 million , respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , the aggregate fair value of the interest rate swap liabilities of $6.4 million and $10.9 million , respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , there was approximately $1.1 million and $4.9 million , respectively, of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the three and six month periods ended June 30, 2017 and 2016 . For the three and six months ended June 30, 2017 , approximately $2.0 million and $4.9 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the three and six months ended June 30, 2016 , approximately $4.1 million and $8.3 million , respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $4.6 million of the net unrealized losses included in accumulated other comprehensive loss at June 30, 2017 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
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. • Debt — The carrying amounts, excluding deferred financing costs, 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 debt is 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 June 30, 2017 (in thousands): Fair Value at June 30, 2017 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 5,292 $ — $ 5,292 Interest rate swap liability — (6,361 ) — (6,361 ) Total $ — $ (1,069 ) $ — $ (1,069 ) 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 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 June 30, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
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, commencing with its taxable year ended December 31, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company’s intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to 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, the Company will be subject to 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. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on undistributed taxable income. The Company’s taxable REIT subsidiaries ("TRS") will generally be subject to federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes 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 had no accruals for tax uncertainties as of June 30, 2017 and December 31, 2016 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of June 30, 2017 and December 31, 2016 , approximately $60.7 million and $67.2 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Litigation Other than the legal proceedings mentioned below, 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. The Company and several affiliated entities have been named as defendants in two putative shareholder class action lawsuits filed in connection with the Company's proposed merger with FelCor. The first case, Assad v. FelCor Lodging Trust, Inc. et al. , Case No. 1:17-cv-01744 (D. Md.) (the “Assad Lawsuit”), names as defendants the Company and certain affiliated entities, as well as FelCor, its directors and FelCor LP. The Assad Lawsuit was filed on June 26, 2017 in the United States District Court for the District of Maryland. The second case, Bagheri v. FelCor Lodging Trust, Inc., et al. , Case No. 3:17-cv-01892 (N.D. Tex.) (the “Bagheri Lawsuit”), names as defendants the Company and certain affiliated entities, as well as FelCor, its directors and FelCor LP. The Bagheri Lawsuit was filed on July 17, 2017 in the United States District Court for the Northern District of Texas. Both the Assad Lawsuit and the Bagheri Lawsuit allege violations of the Securities and Exchange Act of 1934 (the “Exchange Act”) arising in connection with the filing of the Company's Registration Statement on Form S-4 (the "Registration Statement") that was filed in connection with the Company's proposed merger with FelCor. The plaintiffs in the Assad Lawsuit and the Bagheri Lawsuit seek, among other things, damages, an order enjoining consummation of the proposed merger with FelCor, changes to the Registration Statement, an award of attorney's fees and declaratory relief stating that the defendants violated the Exchange Act. The Company has not yet been served with process or the complaint in either the Assad Lawsuit or the Bagheri Lawsuit. The Company disputes the allegations raised in both actions and will vigorously defend the Company and related defendants. Because these matters are in the early stages, the timing and resolution of them is uncertain. Management Agreements As of June 30, 2017 , 122 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years. This number includes four and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. Each management company receives a base management fee generally between 3.0% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally equal to 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the three and six months ended June 30, 2017 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $11.1 million and $21.6 million , respectively. For the three and six months ended June 30, 2016 , the Company incurred management fee expense, including amortization of deferred management fees, of approximately $12.6 million and $23.7 million , respectively. Franchise Agreements As of June 30, 2017 , 108 of the Company’s hotel properties were 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 three and six months ended June 30, 2017 , the Company incurred franchise fee expense of approximately $18.5 million and $35.0 million , respectively. For the three and six months ended June 30, 2016 , the Company incurred franchise fee expense of approximately $20.2 million and $37.6 million , respectively.

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity In 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $400.0 million of the Company's common shares through December 31, 2016. 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 . During the six months ended June 30, 2017 , the Company did not repurchase and retire any of its common shares. As of June 30, 2017 , the share repurchase program had a remaining capacity of $201.5 million . During the six months ended June 30, 2016 , the Company repurchased and retired 610,607 of its common shares for approximately $13.3 million . The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan"). The 2015 Plan provides for a maximum of 7,500,000 common shares of beneficial interest to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2015 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2015 Plan as compensation that would otherwise be paid in cash 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 as of June 30, 2017 is as follows: 2017 Number of Weighted-Average Unvested at January 1, 649,447 $ 23.00 Granted 333,836 23.49 Vested (150,949 ) 23.62 Forfeited (4,791 ) 23.25 Unvested at June 30, 827,543 $ 23.09 For the three and six months ended June 30, 2017 , the Company recognized approximately $2.7 million and $4.7 million , respectively, of share-based compensation expense related to restricted share awards. For the three and six months ended June 30, 2016 , the Company recognized approximately $1.3 million and $3.4 million , respectively, of share-based compensation expense related to restricted share awards, which includes a benefit of $0.5 million 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 June 30, 2017 , there was $16.6 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 2.6 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the six months ended June 30, 2017 and 2016 was approximately $3.2 million and $3.1 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 plus an additional one year of time-based vesting. In February 2017, the Company awarded 259,000 performance units with a grant date fair value of $14.93 per unit to certain employees. The performance units vest over a four -year period, including three years of performance-based vesting (the “2017 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 2017 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 2017 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 1.57% , volatility of 25.73% , and an expected term equal to the requisite service period for the awards. The Company estimated the compensation expense for the performance units on a straight line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years . For the three and six months ended June 30, 2017 , the Company recognized approximately $0.4 million and $0.8 million , respectively, of share-based compensation expense related to the performance unit awards. For the three and six months ended June 30, 2016 , the Company recognized a net benefit of $1.9 million and $1.4 million , respectively, related to the performance unit awards, which includes 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. As of June 30, 2017 , there was $5.3 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. As of June 30, 2017 , there were 3,545,497 common shares available for future grant under the 2015 Plan.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2017
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 the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six months ended June 30, 2017 and 2016 , since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to common shareholders $ 42,246 $ 58,447 $ 64,004 $ 83,744 Less: Dividends paid on unvested restricted shares (273 ) (274 ) (555 ) (687 ) Less: Undistributed earnings attributable to unvested restricted shares (7 ) (117 ) — (10 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 41,966 $ 58,056 $ 63,449 $ 83,047 Denominator: Weighted-average number of common shares - basic 123,785,735 123,544,034 123,760,096 123,641,928 Unvested restricted shares 86,027 373,039 96,292 387,755 Unvested performance units — 25,773 — 22,273 Weighted-average number of common shares - diluted 123,871,762 123,942,846 123,856,388 124,051,956 Net income per share attributable to common shareholders - basic $ 0.34 $ 0.47 $ 0.51 $ 0.67 Net income per share attributable to common shareholders - diluted $ 0.34 $ 0.47 $ 0.51 $ 0.67

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the six months ended June 30, 2017 2016 Interest paid $ 26,793 $ 29,157 Income taxes paid $ 1,107 $ 1,400 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 2,850 Transaction costs (30 ) (117 ) Operating prorations — (99 ) Proceeds from the sale of hotel properties, net $ (30 ) $ 2,634 Supplemental non-cash transactions Accrued capital expenditures $ — $ 2,500 Redemption of Operating Partnership units $ — $ 4,325

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In connection with the proposed merger with FelCor, the Company filed with the SEC a registration statement on Form S-4 (File No. 333-218439) that includes a joint proxy statement of the Company and FelCor that also constitutes a prospectus of the Company. The registration statement was declared effective by the SEC on July 18, 2017 and the joint proxy/prospectus has been mailed or otherwise disseminated to the Company's shareholders.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 23, 2017. 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. 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. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Share-Based Compensation	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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model 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, with early adoption permitted. 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. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company 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 consolidated 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 new 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 new 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 classifications 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. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the new guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements.
Management Agreements	Management Agreements As of June 30, 2017 , 122 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years. This number includes four and ten hotels that receive the benefits of a franchise agreement pursuant to management agreements with Marriott and Hyatt, respectively. Each management company receives a base management fee generally between 3.0% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally equal to 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations.
Franchise Agreements	Franchise Agreements As of June 30, 2017 , 108 of the Company’s hotel properties were 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.
Earnings Per Share	Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six months ended June 30, 2017 and 2016 , since the limited partners’ share of income would also be added back to net income attributable to common shareholders.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): June 30, 2017 December 31, 2016 Land and improvements $ 676,897 $ 675,889 Buildings and improvements 3,065,406 3,050,043 Furniture, fixtures and equipment 606,479 595,816 Intangible assets 2,309 2,309 4,351,091 4,324,057 Accumulated depreciation and amortization (1,027,386 ) (955,383 ) Investment in hotel properties, net $ 3,323,705 $ 3,368,674

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed during period	The following table discloses the hotel property that was sold during the six months ended June 30, 2016 : Property Name Location Sale Date Rooms Holiday Inn Express Merrillville Merrillville, IN February 22, 2016 62 Total 62

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following (in thousands): June 30, 2017 December 31, 2016 Revolver and Term Loans, net $ 1,170,120 $ 1,169,308 Mortgage loans, net 411,994 413,407 Debt, net $ 1,582,114 $ 1,582,715
Schedule of Revolver and Term Loans	As of June 30, 2017 and December 31, 2016 , the details of the unsecured credit agreements were as follows (in thousands): Outstanding Borrowings at Interest Rate at June 30, 2017 (1) Maturity Date June 30, 2017 December 31, 2016 Revolver (2) 2.72% 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 3.00% 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) (4,880 ) (5,692 ) Total Revolver and Term Loans, net $ 1,170,120 $ 1,169,308 (1) Interest rate at June 30, 2017 gives effect to interest rate hedges. (2) At June 30, 2017 and December 31, 2016 , there was $400.0 million of borrowing capacity on the Revolver. (3) Excludes $2.0 million and $2.3 million as of June 30, 2017 and December 31, 2016 , 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 June 30, 2017 and December 31, 2016 , the Company had the following mortgage loans (in thousands): Principal balance at Lender Number of Assets Encumbered Interest Rate at June 30, 2017 (1) Maturity Date June 30, 2017 December 31, 2016 Wells Fargo 4 4.03% (2) October 2017 (3) $ 150,000 $ 150,000 Wells Fargo (4) 4 4.04% March 2018 (3) 144,750 146,250 PNC Bank (5) 5 3.32% (2) March 2021 (6) 85,000 85,000 Wells Fargo (7) 1 5.25% June 2022 33,271 33,666 14 413,021 414,916 Deferred financing costs, net (1,027 ) (1,509 ) Total mortgage loans, net $ 411,994 $ 413,407 (1) Interest rate at June 30, 2017 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 $0.9 million and $1.0 million at June 30, 2017 and December 31, 2016 , respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.
Interest Expense Components	For the three and six months ended June 30, 2017 and 2016 , the components of interest expense were as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Revolver and Term Loans $ 9,629 $ 9,617 $ 19,147 $ 19,476 Mortgage loans 4,058 3,963 8,026 7,983 Amortization of deferred financing costs 861 1,209 1,704 2,222 Total interest expense $ 14,548 $ 14,789 $ 28,877 $ 29,681

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	As of June 30, 2017 and December 31, 2016 , the Company had entered into the following interest rate swaps (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Swap-cash flow 1.12% November 2017 $ 275,000 $ 275,000 $ 134 $ (558 ) Swap-cash flow 1.56% March 2018 175,000 175,000 (380 ) (1,251 ) Swap-cash flow 1.64% March 2018 175,000 175,000 (477 ) (1,413 ) Swap-cash flow 1.83% September 2018 15,923 16,088 (92 ) (193 ) Swap-cash flow 1.75% September 2018 15,923 16,088 (77 ) (172 ) Swap-cash flow 1.83% September 2018 39,083 39,488 (226 ) (474 ) Swap-cash flow 1.75% September 2018 40,047 40,462 (194 ) (433 ) Swap-cash flow 1.83% September 2018 17,370 17,550 (101 ) (211 ) Swap-cash flow 1.75% September 2018 16,405 16,575 (79 ) (177 ) Swap-cash flow 2.02% March 2019 125,000 125,000 (1,240 ) (2,090 ) Swap-cash flow 1.94% March 2019 100,000 100,000 (862 ) (1,505 ) Swap-cash flow 1.27% March 2019 125,000 125,000 430 54 Swap-cash flow (1) 1.96% March 2019 100,000 100,000 (547 ) (516 ) Swap-cash flow (1) 1.85% March 2019 50,000 50,000 (199 ) (184 ) Swap-cash flow (1) 1.81% March 2019 50,000 50,000 (174 ) (159 ) Swap-cash flow (1) 1.74% March 2019 25,000 25,000 (65 ) (57 ) Swap-cash flow (2) 1.80% September 2020 33,000 33,000 15 111 Swap-cash flow (2) 1.80% September 2020 82,000 82,000 38 277 Swap-cash flow (2) 1.80% September 2020 35,000 35,000 16 118 Swap-cash flow 1.81% October 2020 143,000 143,000 (714 ) (1,113 ) Swap-cash flow (3) 1.15% April 2021 100,000 100,000 2,074 2,513 Swap-cash flow (3) 1.20% April 2021 100,000 100,000 1,921 2,360 Swap-cash flow (3) 2.15% April 2021 75,000 75,000 (746 ) (410 ) Swap-cash flow (3) 1.91% April 2021 75,000 — (188 ) — Swap-cash flow 1.61% June 2021 50,000 50,000 248 224 Swap-cash flow 1.56% June 2021 50,000 50,000 363 352 Swap-cash flow 1.71% June 2021 50,000 50,000 53 5 $ 2,137,751 $ 2,064,251 $ (1,069 ) $ (4,902 ) (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)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 (in thousands): Fair Value at June 30, 2017 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 5,292 $ — $ 5,292 Interest rate swap liability — (6,361 ) — (6,361 ) Total $ — $ (1,069 ) $ — $ (1,069 ) 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 )

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2017
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of June 30, 2017 is as follows: 2017 Number of Weighted-Average Unvested at January 1, 649,447 $ 23.00 Granted 333,836 23.49 Vested (150,949 ) 23.62 Forfeited (4,791 ) 23.25 Unvested at June 30, 827,543 $ 23.09

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to common shareholders $ 42,246 $ 58,447 $ 64,004 $ 83,744 Less: Dividends paid on unvested restricted shares (273 ) (274 ) (555 ) (687 ) Less: Undistributed earnings attributable to unvested restricted shares (7 ) (117 ) — (10 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 41,966 $ 58,056 $ 63,449 $ 83,047 Denominator: Weighted-average number of common shares - basic 123,785,735 123,544,034 123,760,096 123,641,928 Unvested restricted shares 86,027 373,039 96,292 387,755 Unvested performance units — 25,773 — 22,273 Weighted-average number of common shares - diluted 123,871,762 123,942,846 123,856,388 124,051,956 Net income per share attributable to common shareholders - basic $ 0.34 $ 0.47 $ 0.51 $ 0.67 Net income per share attributable to common shareholders - diluted $ 0.34 $ 0.47 $ 0.51 $ 0.67

Supplemental Information to S29

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the six months ended June 30, 2017 2016 Interest paid $ 26,793 $ 29,157 Income taxes paid $ 1,107 $ 1,400 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 2,850 Transaction costs (30 ) (117 ) Operating prorations — (99 ) Proceeds from the sale of hotel properties, net $ (30 ) $ 2,634 Supplemental non-cash transactions Accrued capital expenditures $ — $ 2,500 Redemption of Operating Partnership units $ — $ 4,325

Organization (Details)

Organization (Details)	Apr. 23, 2017	Jun. 30, 2017propertyloanstateroomshares
Sale of Stock
OP units outstanding (in units) | shares		125,198,689
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)		99.60%
Number of properties owned | property		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
Hotel property ownership interest (as a percent)		100.00%
Doubletree Metropolitan Hotel New York City (Joint Venture)
Sale of Stock
Hotel property ownership interest (as a percent)		98.30%
FelCor Lodging Trust
Sale of Stock
Partnership Units, Conversion Basis	0.362
Common Stock, Conversion Basis	0.362

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Accounting Standards Update 2015-03 | Prepaid expenses and other assets
Summary of Significant Accounting Policies
Deferred financing costs	$ 2	$ 2.3

Investment in Hotel Propertie32

Investment in Hotel Properties (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land and improvements	$ 676,897,000		$ 676,897,000		$ 675,889,000
Buildings and improvements	3,065,406,000		3,065,406,000		3,050,043,000
Furniture, fixtures and equipment	606,479,000		606,479,000		595,816,000
Intangible assets	2,309,000		2,309,000		2,309,000
Total	4,351,091,000		4,351,091,000		4,324,057,000
Accumulated depreciation and amortization	(1,027,386,000)		(1,027,386,000)		(955,383,000)
Investment in hotel and other properties, net	3,323,705,000		3,323,705,000		$ 3,368,674,000
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	(38,200,000)	$ (40,800,000)	(76,800,000)	$ (81,400,000)
Impairment loss	$ 0	$ 0	$ 0	$ 0

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)property
Discontinued Operations and Disposal Groups [Abstract]
Hotel properties sold, Number | property				1
Disposal of hotel properties			$ 0	$ 2,850
Gain (loss) on sale of hotel properties	$ 30	$ 22	$ (30)	$ (150)

Sale of Hotel Properties (Sched

Sale of Hotel Properties (Schedule of Properties Disposed) (Details) - room	Jun. 30, 2016	Feb. 22, 2016
2016 Disposals
Discontinued operations
Property disposed, number of rooms	62
Holiday Inn Express Merrillville
Discontinued operations
Property disposed, number of rooms		62

Debt (Credit Facilities) (Detai

Debt (Credit Facilities) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt
Debt, net	$ 1,582,114,000	$ 1,582,715,000
Unsecured Debt	1,170,120,000	1,169,308,000
Unsecured Debt, Gross	1,175,000,000	1,175,000,000
Unamortized debt issuance costs on term loans	(4,880,000)	(5,692,000)
The Revolver | Line of Credit
Debt
Maximum borrowing capacity	$ 400,000,000
Additional maturity term	1 year
Unsecured Debt	$ 0	0
Interest Rate	2.72%
Remaining borrowing capacity	$ 400,000,000	400,000,000
$400 Million Term Loan Maturing 2019 | Unsecured Debt
Debt
Maximum borrowing capacity	400,000,000
Unsecured Debt	$ 400,000,000	400,000,000
Interest Rate	2.72%
$225 Million Term Loan Maturing 2019 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 225,000,000
Unsecured Debt	$ 225,000,000	225,000,000
Interest Rate	4.04%
$400 Million Term Loan Maturing 2021 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 400,000,000
Unsecured Debt	$ 400,000,000	400,000,000
Interest Rate	3.00%
$150 Million Term Loan Maturing 2022 | Unsecured Debt
Debt
Maximum borrowing capacity	$ 150,000,000
Unsecured Debt	$ 150,000,000	$ 150,000,000
Interest Rate	3.43%

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)termhotelextensionasset	Dec. 31, 2016USD ($)
Debt
Mortgage loans, gross	$ 413,021,000	$ 414,916,000
Unamortized debt issuance costs on mortgage loans	$ (1,027,000)	(1,509,000)
Secured Debt
Debt
Number of Assets Encumbered | asset	14
Mortgage loans, net	$ 411,994,000	413,407,000
Secured Debt | Wells Fargo 2
Debt
Number of Assets Encumbered | asset	4
Interest Rate	4.03%
Mortgage loans, net	$ 150,000,000	150,000,000
Additional maturity term	1 year
Number of additional maturity terms | extension	4
Secured Debt | Wells Fargo 1
Debt
Number of Assets Encumbered | asset	4
Interest Rate	4.04%
Mortgage loans, net	$ 144,750,000	146,250,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	2
Additional maturity term	1 year
Number of additional maturity terms | term	4
Secured Debt | PNC Bank
Debt
Number of Assets Encumbered | asset	5
Interest Rate	3.32%
Mortgage loans, net	$ 85,000,000	85,000,000
Number of hotels encumbered by loans that are cross-collateralized | hotel	5
Additional maturity term	1 year
Number of additional maturity terms | term	2
Secured Debt | Wells Fargo 3
Debt
Number of Assets Encumbered | asset	1
Interest Rate	5.25%
Mortgage loans, net	$ 33,271,000	33,666,000
Debt Instrument, Fair Value Adjustment, Net	$ 900,000	1,000,000
The Revolver | Line of Credit
Debt
Interest Rate	2.72%
Additional maturity term	1 year
Remaining borrowing capacity	$ 400,000,000	$ 400,000,000

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt
Amortization of deferred financing costs	$ 861	$ 1,209	$ 1,704	$ 2,222
Total Interest Expense	14,548	14,789	28,877	29,681
Secured Debt
Debt
Interest expense	4,058	3,963	8,026	7,983
Revolver and Term Loans
Debt
Interest expense	$ 9,629	$ 9,617	$ 19,147	$ 19,476

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Interest Rate Derivatives
Notional value	$ 2,137,751,000		$ 2,137,751,000		$ 2,064,251,000
Unrealized gains (losses) included in accumulated other comprehensive loss	(1,100,000)		(1,100,000)		(4,900,000)
Amount of ineffectiveness on hedges	0	$ 0	0	$ 0
Net unrealized losses in accumulated other comprehensive loss expected to be reclassified into interest expense within the next 12 months	4,600,000		4,600,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(1,069,000)		(1,069,000)		(4,902,000)
Designated as Hedging Instrument | Swap-cash flow, hedge type one
Derivatives and Hedging
Interest rate swap asset	134,000		134,000
Interest rate swap liability					(558,000)
Interest Rate Derivatives
Notional value	$ 275,000,000		$ 275,000,000		275,000,000
Interest rate	1.1175%		1.1175%
Designated as Hedging Instrument | Swap-cash flow, hedge type two
Derivatives and Hedging
Interest rate swap liability	$ (380,000)		$ (380,000)		(1,251,000)
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.5625%		1.5625%
Designated as Hedging Instrument | Swap-cash flow, hedge type three
Derivatives and Hedging
Interest rate swap liability	$ (477,000)		$ (477,000)		(1,413,000)
Interest Rate Derivatives
Notional value	$ 175,000,000		$ 175,000,000		175,000,000
Interest rate	1.635%		1.635%
Designated as Hedging Instrument | Swap-cash flow, hedge type four
Derivatives and Hedging
Interest rate swap liability	$ (92,000)		$ (92,000)		(193,000)
Interest Rate Derivatives
Notional value	$ 15,923,000		$ 15,923,000		16,088,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type five
Derivatives and Hedging
Interest rate swap liability	$ (77,000)		$ (77,000)		(172,000)
Interest Rate Derivatives
Notional value	$ 15,923,000		$ 15,923,000		16,088,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type six
Derivatives and Hedging
Interest rate swap liability	$ (226,000)		$ (226,000)		(474,000)
Interest Rate Derivatives
Notional value	$ 39,083,000		$ 39,083,000		39,488,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type seven
Derivatives and Hedging
Interest rate swap liability	$ (194,000)		$ (194,000)		(433,000)
Interest Rate Derivatives
Notional value	$ 40,047,000		$ 40,047,000		40,462,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type eight
Derivatives and Hedging
Interest rate swap liability	$ (101,000)		$ (101,000)		(211,000)
Interest Rate Derivatives
Notional value	$ 17,370,000		$ 17,370,000		17,550,000
Interest rate	1.825%		1.825%
Designated as Hedging Instrument | Swap-cash flow, hedge type nine
Derivatives and Hedging
Interest rate swap liability	$ (79,000)		$ (79,000)		(177,000)
Interest Rate Derivatives
Notional value	$ 16,405,000		$ 16,405,000		16,575,000
Interest rate	1.751%		1.751%
Designated as Hedging Instrument | Swap-cash flow, hedge type ten
Derivatives and Hedging
Interest rate swap liability	$ (1,240,000)		$ (1,240,000)		(2,090,000)
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest rate	2.018%		2.018%
Designated as Hedging Instrument | Swap-cash flow, hedge type eleven
Derivatives and Hedging
Interest rate swap liability	$ (862,000)		$ (862,000)		(1,505,000)
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.944%		1.944%
Designated as Hedging Instrument | Swap-cash flow, hedge type twelve
Derivatives and Hedging
Interest rate swap asset	$ 430,000		$ 430,000		54,000
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest rate	1.2715%		1.2715%
Designated as Hedging Instrument | Swap-cash flow, hedge type thirteen
Derivatives and Hedging
Interest rate swap liability	$ (547,000)		$ (547,000)		(516,000)
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.9615%		1.9615%
Designated as Hedging Instrument | Swap-cash flow, hedge type fourteen
Derivatives and Hedging
Interest rate swap liability	$ (199,000)		$ (199,000)		(184,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.85%		1.85%
Designated as Hedging Instrument | Swap-cash flow, hedge type fifteen
Derivatives and Hedging
Interest rate swap liability	$ (174,000)		$ (174,000)		(159,000)
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.8115%		1.8115%
Designated as Hedging Instrument | Swap-cash flow, hedge type sixteen
Derivatives and Hedging
Interest rate swap liability	$ (65,000)		$ (65,000)		(57,000)
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate	1.7445%		1.7445%
Designated as Hedging Instrument | Swap-cash flow, hedge type seventeen
Derivatives and Hedging
Interest rate swap asset	$ 15,000		$ 15,000		111,000
Interest Rate Derivatives
Notional value	$ 33,000,000		$ 33,000,000		33,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type eighteen
Derivatives and Hedging
Interest rate swap asset	$ 38,000		$ 38,000		277,000
Interest Rate Derivatives
Notional value	$ 82,000,000		$ 82,000,000		82,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type nineteen
Derivatives and Hedging
Interest rate swap asset	$ 16,000		$ 16,000		118,000
Interest Rate Derivatives
Notional value	$ 35,000,000		$ 35,000,000		35,000,000
Interest rate	1.80%		1.80%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty
Derivatives and Hedging
Interest rate swap liability	$ (714,000)		$ (714,000)		(1,113,000)
Interest Rate Derivatives
Notional value	$ 143,000,000		$ 143,000,000		143,000,000
Interest rate	1.80816%		1.80816%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty one
Derivatives and Hedging
Interest rate swap asset	$ 248,000		$ 248,000		224,000
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.6125%		1.6125%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty two
Derivatives and Hedging
Interest rate swap asset	$ 363,000		$ 363,000		352,000
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.5555%		1.5555%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty three
Derivatives and Hedging
Interest rate swap asset	$ 53,000		$ 53,000		5,000
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest rate	1.7095%		1.7095%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty four
Derivatives and Hedging
Interest rate swap asset	$ 2,074,000		$ 2,074,000		2,513,000
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.15%		1.15%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty five
Derivatives and Hedging
Interest rate swap asset	$ 1,921,000		$ 1,921,000		2,360,000
Interest Rate Derivatives
Notional value	$ 100,000,000		$ 100,000,000		100,000,000
Interest rate	1.20%		1.20%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty six
Derivatives and Hedging
Interest rate swap liability	$ (746,000)		$ (746,000)		(410,000)
Interest Rate Derivatives
Notional value	$ 75,000,000		$ 75,000,000		75,000,000
Interest rate	2.15%		2.15%
Designated as Hedging Instrument | Swap-cash flow, hedge type twenty seven
Derivatives and Hedging
Interest rate swap asset					0
Interest rate swap liability	$ (188,000)		$ (188,000)
Interest Rate Derivatives
Notional value	$ 75,000,000		$ 75,000,000		0
Interest rate	1.91%		1.91%
Interest Expense
Interest Rate Derivatives
Amount reclassified from accumulated other comprehensive income into interest expense	$ 2,000,000	$ 4,100,000	$ 4,900,000	$ 8,300,000
Accounts payable and other liabilities | Interest rate swap
Derivatives and Hedging
Interest rate swap liability	(6,400,000)		(6,400,000)		(10,900,000)
Prepaid expenses and other assets | Interest rate swap
Derivatives and Hedging
Interest rate swap asset	$ 5,300,000		$ 5,300,000		$ 6,000,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ (1,069)	$ (4,902)
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	5,292	6,014
Interest rate swap liability	(6,361)	(10,916)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(1,069)	(4,902)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	5,292	6,014
Interest rate swap liability	(6,361)	(10,916)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(1,069)	(4,902)
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Minimum percentage of adjusted taxable income to be distributed to shareholders in order to qualify as a REIT	90.00%
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 60,697	$ 67,206

Commitments and Contingencies42

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)hotel	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)hotel	Jun. 30, 2016USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	122		122
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			7.00%
Management fee expense | $	$ 11.1	$ 12.6	$ 21.6	$ 23.7
Minimum
Other Commitments
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			3.00%
Maximum
Other Commitments
Management Agreement Term			25 years
Base Management Fee as Percentage of Hotel Revenues			3.50%

Commitments and Contingencies43

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)hotel	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)hotel	Jun. 30, 2016USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements | hotel	108		108
Franchise fee expense | $	$ 18.5	$ 20.2	$ 35	$ 37.6
Minimum
Other Commitments
Franchise Agreements Term			10 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			4.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.50%
Maximum
Other Commitments
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3.00%

Equity (Details)

Equity (Details) - USD ($)	Apr. 23, 2017	Jun. 30, 2016	Jun. 30, 2017	Feb. 17, 2017	Dec. 31, 2016
Equity, Class of Treasury Stock
Share repurchase program, authorized amount				$ 440,000,000	$ 400,000,000
Share repurchase program, additional authorized amount				$ 40,000,000
Stock repurchased during the period, Value		$ 13,271,000
Common shares of beneficial interest, par value (in dollars per share)			$ 0.01		$ 0.01
Share repurchase program, remaining authorized amount			$ 201,542,669
Common Stock
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares)		610,607
Stock repurchased during the period, Value		$ 6,000
Redemption of Operating Partnership units (in shares)		335,250
Limited Partners
Equity, Class of Treasury Stock
Remaining limited partner ownership interest in Operating Partnership units (in shares)			558,750
FelCor Lodging Trust
Equity, Class of Treasury Stock
Common Stock, Conversion Basis	0.362

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Feb. 28, 2017	May 31, 2016	Jul. 31, 2015	Jul. 31, 2012	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)					7,500,000		7,500,000
Other Disclosures
Share-based compensation expense							$ 0	$ (57)
Common shares available for future grant (in shares)					3,545,497		3,545,497
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)							649,447
Granted (in shares)							333,836
Vested (in shares)							(150,949)
Forfeited (in shares)							(4,791)
Unvested at the end of the period (in shares)					827,543		827,543
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)							$ 23
Granted (in dollars per share)							23.49
Vested (in dollars per share)							23.62
Forfeited (in dollars per share)							23.25
Unvested at the end of the period (in dollars per share)					$ 23.09		$ 23.09
Other Disclosures
Share-based compensation expense					$ 2,700	$ 1,300	$ 4,700	3,400
Total unrecognized compensation costs					16,600		$ 16,600
Weighted-average period of recognition of unrecognized share-based compensation expense							2 years 7 months
Total fair value of shares vested							$ 3,200	3,100
2012 Performance Shares
Other Disclosures
Vesting period				4 years
Performance-based vesting period				3 years
Time-based vesting period				1 year
Restricted shares issued upon conversion of performance units (in shares)			838,934
2016 Performance Shares
Summary of non-vested shares/units
Granted (in shares)		280,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 10.31
Other Disclosures
Vesting period		4 years
Performance-based vesting period		3 years
Time-based vesting period		1 year
2017 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	259,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 14.93
Other Disclosures
Vesting period	4 years
Performance-based vesting period	3 years
Time-based vesting period	1 year
Vesting percentage upon satisfaction of performance-based vesting period	50.00%
Vesting percentage upon satisfaction of time-based vesting period	50.00%
Fair value assumptions, risk free interest rate	1.57%
Fair value assumptions, expected volatility rate	25.73%
Percentage of grant date fair value to be recognized over three years	50.00%
Employee service share based compensation cost period of recognition	3 years
Percentage of grant date fair value to be recognized over four years	50.00%
Employee service share based compensation cost period of recognition	4 years
Performance Units
Other Disclosures
Share-based compensation expense					400	$ (1,900)	800	$ (1,400)
Total unrecognized compensation costs					$ 5,300		$ 5,300
Weighted-average period of recognition of unrecognized share-based compensation expense							2 years 11 months
President and Chief Executive Officer [Member] | Restricted share awards
Other Disclosures
Share-based compensation expense		$ 500
President and Chief Executive Officer [Member] | 2012 Performance Shares
Summary of non-vested shares/units
Forfeited (in shares)		(133,467)
President and Chief Executive Officer [Member] | Performance Units
Other Disclosures
Share-based compensation expense		$ 2,300
Minimum | 2017 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares	25.00%
Maximum | 2017 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares	150.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income attributable to common shareholders	$ 42,246	$ 58,447	$ 64,004	$ 83,744
Less: Dividends paid on unvested restricted shares	(273)	(274)	(555)	(687)
Less: Undistributed Earnings allocated to unvested restricted shares	7	117	0	10
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 41,966	$ 58,056	$ 63,449	$ 83,047
Denominator:
Weighted-average number of common shares - basic (in shares)	123,785,735	123,544,034	123,760,096	123,641,928
Unvested restricted shares (in shares)	86,027	373,039	96,292	387,755
Incremental Common Shares Attributable to Performance Units	0	25,773	0	22,273
Weighted-average number of common shares - diluted (in shares)	123,871,762	123,942,846	123,856,388	124,051,956
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.34	$ 0.47	$ 0.51	$ 0.67
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.34	$ 0.47	$ 0.51	$ 0.67

Supplemental Information to S47

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 26,793	$ 29,157
Income taxes paid	1,107	1,400
In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	0	2,850
Transaction costs	(30)	(117)
Operating prorations	0	(99)
Proceeds from the sale of hotel properties, net	(30)	2,634
Supplemental non-cash transactions
Accrued capital expenditures	0	2,500
Redemption of Operating Partnership units	$ 0	$ 4,325

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 23, 2017
FelCor Lodging Trust
Subsequent Event [Line Items]
Common Stock, Conversion Basis	0.362