RLJ Lodging Trust (RLJ) 10-Q11 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	RLJ LODGING TRUST
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity File Number	001-35169
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-4706509
Entity Address, Address Line One	3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		165,105,103

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Investment in hotel properties, net	$ 4,592,016	$ 4,614,966
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	15,820	15,171
Cash and cash equivalents	1,157,818	882,474
Restricted cash reserves	43,548	44,686
Hotel and other receivables, net of allowance of $339 and $251, respectively	22,773	39,762
Operating Lease, Right-of-Use Asset	143,010	144,358
Deferred Income Tax Assets, Net	52,689	51,447
Prepaid expense and other assets	41,551	58,536
Total assets	6,069,225	5,851,400
Liabilities and Equity
Debt, net	2,594,492	2,195,707
Accounts payable and other liabilities	209,710	183,408
Contract with Customer, Liability	48,930	57,459
Operating Lease, Liability	120,514	121,154
Accrued interest	15,027	3,024
Distributions payable	8,718	64,165
Total liabilities	2,997,391	2,624,917
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at March 31, 2020 and December 31, 2019	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 164,842,781 and 169,852,246 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	1,649	1,699
Additional paid-in capital	3,067,693	3,127,982
Accumulated other comprehensive loss	(75,991)	(19,514)
Retained Earnings	(311,224)	(274,769)
Total shareholders’ equity	3,049,063	3,202,334
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	13,022	14,065
Noncontrolling interest in the Operating Partnership	9,749	10,084
Total noncontrolling interest	22,771	24,149
Total equity	3,071,834	3,226,483
Total liabilities and equity	$ 6,069,225	$ 5,851,400

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Hotel and other receivables, allowance	$ 271	$ 598
Preferred Stock, Par or Stated Value 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
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
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	170,632,364	174,019,616
Common shares of beneficial interest, shares outstanding	170,632,364	174,019,616
Limited Liability Company (LLC) Preferred Unit, Liquidation Value	$ 0	$ 45,544
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Preferred Stock Redemption Premium	$ 0	$ 1,153
Revenues
Total revenues	265,481	399,267
Expenses
Management and franchise fee expense	17,144	34,118
Depreciation and amortization	49,173	58,403
Property tax, insurance and other	28,692	30,597
General and administrative	11,769	11,160
Transaction costs	10	559
Total operating expenses	277,879	350,352
Other income	579	274
Interest income	2,966	1,171
Interest expense	(23,813)	(20,062)
Gain (loss) on sale of hotel properties, net	102	0
(Loss) income before equity in income (loss) from unconsolidated joint ventures	(32,564)	30,298
Income (Loss) from Equity Method Investments	585	(381)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(31,979)	29,917
Income tax benefit (expense)	1,150	(1,586)
Net (loss) income	(30,829)	28,331
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	1,313	353
Noncontrolling interest in the Operating Partnership	192	(92)
Preferred distributions - consolidated joint venture	0	(186)
Net Income (Loss) Attributable to Parent	(29,324)	27,253
Preferred dividends	(6,279)	(6,279)
Net (loss) income attributable to common shareholders	$ (35,603)	$ 20,974
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.21)	$ 0.12
Weighted-average number of common shares - basic (in shares)	167,149,733	172,796,998
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (0.21)	$ 0.12
Weighted-average number of common shares - diluted (in shares)	167,149,733	172,856,230
Comprehensive (loss) income:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (30,829)	$ 28,331
Unrealized loss on interest rate derivatives	(56,477)	(14,136)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense	0	(2,250)
Comprehensive (loss) income	(87,306)	11,945
Noncontrolling interest in consolidated joint ventures	1,313	353
Noncontrolling interest in the Operating Partnership	192	(92)
Preferred distributions - consolidated joint venture	0	(186)
Comprehensive (loss) income attributable to RLJ	(85,801)	10,867
Occupancy [Member]
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	218,892	337,670
Expenses
Cost of Goods and Services Sold	63,753	84,188
Food and Beverage [Member]
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	30,767	44,246
Expenses
Cost of Goods and Services Sold	26,381	34,209
Hotel, Other [Member]
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	15,822	17,351
Expenses
Cost of Goods and Services Sold	80,957	97,118
Hotel [Member]
Expenses
Cost of Goods and Services Sold	188,235	249,633
AOCI Attributable to Parent [Member]
Comprehensive (loss) income:
Unrealized loss on interest rate derivatives	$ (56,477)	(14,136)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense		$ (2,250)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture	Preferred Capital in Consolidated Joint Venture [Member]
Net Income (Loss) Attributable to Parent	$ 27,253				$ 27,253
Balance (in shares) at Dec. 31, 2018		12,879,475	174,019,616
Balance at Dec. 31, 2018	3,496,941	$ 366,936	$ 1,740	$ 3,195,381	(150,476)	$ 16,195	$ 10,827	$ 11,908	$ 44,430
Increase (Decrease) in Owners' Equity
Net income (loss)	28,331						92	(353)	1,339
Unrealized loss on interest rate derivatives	(14,136)					(14,136)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense	(2,250)					(2,250)
Redemption of Operating Partnership units	(9)						(9)
Contributions from consolidated joint venture partners	2,306							2,306
Share grants to trustees (in shares)			271,028
Share grants to trustees	0		$ 3	(3)
Amortization of share-based compensation	2,828			2,828
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(19,274)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ 366			366
Shares acquired as part of a share repurchase program (in shares)	(602,309)		(602,309)
Shares acquired as part of a share repurchase program	$ (10,561)		$ (6)	(10,555)
Forfeiture of restricted stock (in shares)			(2,034)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(57,814)				(57,590)		(224)
Preferred distributions - consolidated joint venture	(186)								(186)
Redemption of preferred equity - consolidated joint venture	(45,583)								(45,583)
Balance (in shares) at Mar. 31, 2019		12,879,475	173,667,027
Balance at Mar. 31, 2019	3,393,222	$ 366,936	$ 1,737	3,187,285	(187,092)	(191)	10,686	13,861	$ 0
Net Income (Loss) Attributable to Parent	(29,324)
Balance (in shares) at Dec. 31, 2019		12,879,475	169,852,246
Balance at Dec. 31, 2019	3,226,483	$ 366,936	$ 1,699	3,127,982	(274,769)	(19,514)	10,084	14,065
Increase (Decrease) in Owners' Equity
Net income (loss)	(30,829)						(192)	(1,313)
Unrealized loss on interest rate derivatives	(56,477)					(56,477)
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense	0
Redemption of Operating Partnership units	(8)						(8)
Contributions from consolidated joint venture partners	270							270
Issuance of restricted stock (in shares)			525,169
Issuance of restricted stock	0		$ 5	(5)
Amortization of share-based compensation	2,900			2,900
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(38,875)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(634)		$ 0	(634)
Shares acquired as part of a share repurchase program (in shares)			(5,489,335)
Shares acquired as part of a share repurchase program	(62,605)		$ (55)	(62,550)
Forfeiture of restricted stock (in shares)			(6,424)
Restricted Stock Award, Forfeitures	0		$ 0	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(987)				(852)		(135)
Preferred distributions - consolidated joint venture	0
Balance (in shares) at Mar. 31, 2020		12,879,475	164,842,781
Balance at Mar. 31, 2020	$ 3,071,834	$ 366,936	$ 1,649	$ 3,067,693	$ (311,224)	$ (75,991)	$ 9,749	$ 13,022

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (30,829)	$ 28,331
Adjustments to reconcile net (loss) income to cash flow provided by operating activities:
Gain on sale of hotel properties, net	(102)	0
Depreciation and amortization	49,173	58,403
Amortization of deferred financing costs	1,021	792
Other amortization	(596)	(483)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	1,556	(2,250)
Income (Loss) from Equity Method Investments	(585)	381
Distributions of income from unconsolidated joint ventures	0	550
Amortization of share-based compensation	2,696	2,725
Deferred income taxes	(1,242)	1,281
Changes in assets and liabilities:
Hotel and other receivables, net	16,989	(15,490)
Prepaid expense and other assets	10,715	77
Accounts payable and other liabilities	(22,204)	(11,206)
Increase (Decrease) in Deferred Revenue	(8,529)	4,722
Accrued interest	12,003	7,211
Net cash flow provided by operating activities	30,066	75,044
Cash flows from investing activities
Proceeds from the sale of hotel properties, net	102	0
Improvements and additions to hotel properties	(31,027)	(43,499)
Cash Paid to Equity Method Investment, Contribution	(100)	(603)
Distributions from unconsolidated joint ventures in excess of earnings	1,593	0
Net cash flow used in investing activities	(29,432)	(44,102)
Cash flows from financing activities
Borrowings under Revolver	400,000	140,000
Scheduled mortgage loan principal payments	(634)	(1,568)
Proceeds from (Repayments of) Secured Debt	0	(139,500)
Repurchase of common shares under a share repurchase program	(62,605)	(10,561)
Repurchase of common shares to satisfy employee tax withholding requirements	(634)	(366)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(6,279)	(6,279)
Distributions on common shares	(56,051)	(57,426)
Distributions on and redemption of Operating Partnership units	(390)	(233)
Payments of deferred financing costs	(105)	(564)
Payments of Distributions to Affiliates	0	(312)
Redemption of preferred equity - consolidated joint venture	0	(45,583)
Contributions from consolidated joint venture partners	270	2,306
Net cash flow provided by (used in) financing activities	273,572	(120,086)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	274,206	(89,144)
Cash, cash equivalents, and restricted cash reserves, beginning of year	927,160	384,842
Cash, cash equivalents, and restricted cash reserves, end of period	$ 1,201,366	$ 295,698

General

General	3 Months Ended
General	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	General 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 owns primarily premium-branded, high-margin, 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 March 31, 2020 , there were 165,615,074 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units. As of March 31, 2020 , the Company owned 104 hotel properties with approximately 22,700 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 100 of its hotel properties, a 98.3% controlling interest in the DoubleTree Metropolitan Hotel New York City, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 102 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotel properties in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 103 of the 104 hotel properties to its taxable REIT subsidiaries ("TRS"), of which the Company owns a controlling financial interest. Liquidity and Management's Plans In response to the near elimination of travel and hotel demand resulting from the spread of the novel strain of coronavirus (COVID-19) and the related government mandates, the Company has temporarily suspended operations at more than 50% of its hotel properties. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the duration of the event and its impact on travel decisions. The ongoing effects of the COVID-19 pandemic on the Company's operations have had, and will continue to have a material adverse impact on its financial results and liquidity, and such adverse impact may continue well beyond the containment of such outbreak. Since the extent to which the COVID-19 pandemic impacts our operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty. Given the elimination of lodging demand, the Company has taken various actions to help mitigate the effects of the COVID-19 pandemic on its operating results and to preserve liquidity. Operational measures the Company has taken include: • Suspension of Hotel Operations: The Company has temporarily suspended operations at over 50% of its hotel properties, with additional suspensions under consideration; • Cost Containment Initiatives: The Company has reduced operating expenses by implementing stringent operational cost containment measures. These measures include significantly reduced staffing, elimination of non-essential amenities and services and the closure of several floors and all food and beverage outlets at properties that remain open; • Capital Investment Reduction: The Company has reduced its 2020 capital expenditure program by over 80% by deferring all capital investments, other than completing projects that are substantially underway and nearing completion; and • Return on Investment ("ROI") Project Suspensions: The Company suspended 90% of the 2020 ROI projects. In addition, the Company has taken aggressive actions to increase liquidity and preserve cash at the corporate level including: • Common Stock Dividend Reduction: The Company’s board of trustees has authorized a reduction in the first quarter common cash dividend to $0.01 per common share; and • Increased Liquidity to $1.2 billion in Corporate Cash: The Company enhanced its liquidity position by drawing down $400.0 million under its $600.0 million revolving credit facility, adding to the Company's existing cash balance of approximately $800.0 million for a total cash balance of approximately $1.2 billion . The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans, which are defined in Note 6, Debt . The Company expects that this amendment will include the waiver of all financial maintenance covenants through March 31, 2021 and an amendment fee to be paid to the lenders. In addition, the material terms are expected to include increased interest rates, a new minimum liquidity covenant, equity pledges of certain direct and indirect subsidiaries of the Company, restrictions on certain cash outflows, and other lender restrictions and protections. The waiver will require the approval of greater than 50% of the lenders in each facility.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2020
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, 2019 contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2019 . 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, 2019 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures 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. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. 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 and comprehensive 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. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ from those estimates. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
Investment in Hotel Properties	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 1,089,347 $ 1,088,436 Buildings and improvements 4,058,247 4,039,012 Furniture, fixtures and equipment 691,546 685,699 5,839,140 5,813,147 Accumulated depreciation (1,247,124 ) (1,198,181 ) Investment in hotel properties, net $ 4,592,016 $ 4,614,966 For the three months ended March 31, 2020 and 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately and $48.9 million and $57.7 million , respectively. Impairment In connection with the preparation of the unaudited consolidated financial statements for the three months ended March 31, 2020 and 2019, the Company evaluated the recoverability of the carrying values of its hotel properties. The Company performed an undiscounted cash flow analysis as of March 31, 2020 for certain of its hotel properties. Based on this analysis, the Company concluded that there were no impairments for the three months ended March 31, 2020 and 2019.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Notes)	3 Months Ended
Investment in Unconsolidated Joint Ventures (Notes)	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Investment in Unconsolidated Joint Ventures As of March 31, 2020 and December 31, 2019 , the Company owned 50% interests in joint ventures that owned two hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income (loss) from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of March 31, 2020 and December 31, 2019 , the unconsolidated joint ventures' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2020 December 31, 2019 Equity basis of the joint venture investments $ (3,307 ) $ (4,236 ) Cost of the joint venture investments in excess of the joint venture book value 19,127 19,407 Investment in unconsolidated joint ventures $ 15,820 $ 15,171 The following table summarizes the components of the Company's equity in income (loss) from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2020 2019 Operating income (loss) $ 864 $ (14 ) Depreciation of cost in excess of book value (279 ) (367 ) Equity in income (loss) from unconsolidated joint ventures $ 585 $ (381 )

Sale of Hotel Properties

Sale of Hotel Properties	3 Months Ended
Sale of Hotel Properties	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal of Hotel Properties	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:3pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sale of Hotel Properties </font></div><div style="line-height:120%;text-indent:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company sold </font><font style="font-family:inherit;font-size:10pt;">42</font><font style="font-family:inherit;font-size:10pt;"> hotel properties in </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> separate transactions for a total sales price of approximately </font><font style="font-family:inherit;font-size:10pt;">$653.4 million</font><font style="font-family:inherit;font-size:10pt;">. In connection with these transactions, the Company recorded a net loss of </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 25, 2019, the Company sold a portfolio of </font><font style="font-family:inherit;font-size:10pt;">21</font><font style="font-family:inherit;font-size:10pt;"> hotels for </font><font style="font-family:inherit;font-size:10pt;">$311.9 million</font><font style="font-family:inherit;font-size:10pt;">. In connection with this transaction, the Company recorded a gain on sale of </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 27, 2019, the Company sold </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> resort hotels in Myrtle Beach, South Carolina for </font><font style="font-family:inherit;font-size:10pt;">$153.3 million</font><font style="font-family:inherit;font-size:10pt;">. In connection with this transaction, the Company recorded a loss on sale of </font><font style="font-family:inherit;font-size:10pt;">$0.0 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 14, 2019, the Company sold a portfolio of </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> hotels for </font><font style="font-family:inherit;font-size:10pt;">$175.4 million</font><font style="font-family:inherit;font-size:10pt;">. In connection with this transaction, the Company recorded a loss on sale of </font><font style="font-family:inherit;font-size:10pt;">$0.0 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 12, 2019, the Company sold a hotel in Columbia, Maryland for </font><font style="font-family:inherit;font-size:10pt;">$12.7 million</font><font style="font-family:inherit;font-size:10pt;">. In connection with this transaction, the Company recorded a gain on sale of </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table discloses the hotel properties that were sold during the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:53%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Hotel Property Name</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Sale Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rooms</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Boulder Longmont</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Longmont, CO</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Salt Lake City Airport</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Salt Lake City, UT</font></div></td><td 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style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Fort Lauderdale SW Miramar</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font 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style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hampton Inn Fort Walton Beach</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fort Walton, FL</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">105</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hilton Garden Inn Bloomington</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div 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Revenue (Notes)

Revenue (Notes)	3 Months Ended
Revenue (Notes)	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the three months ended March 31, 2020 For the three months ended March 31, 2019 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 33,511 $ 3,785 $ 1,305 $ 38,601 $ 50,881 $ 4,956 $ 1,421 $ 57,258 South Florida 31,124 4,497 1,952 37,573 44,646 5,849 2,057 52,552 Southern California 23,860 2,862 2,144 28,866 29,064 3,692 2,090 34,846 New York City 16,295 2,134 934 19,363 22,659 2,903 963 26,525 Houston 10,939 714 974 12,627 16,252 964 1,170 18,386 Chicago 8,914 2,222 466 11,602 12,906 2,964 436 16,306 Louisville 5,898 3,778 862 10,538 9,390 3,830 530 13,750 Austin 7,508 1,261 1,250 10,019 24,097 2,960 951 28,008 Washington DC 8,824 200 541 9,565 13,367 335 550 14,252 Denver 6,760 2,267 335 9,362 13,130 2,844 306 16,280 Other 65,259 7,047 5,059 77,365 101,278 12,949 6,877 121,104 Total $ 218,892 $ 30,767 $ 15,822 $ 265,481 $ 337,670 $ 44,246 $ 17,351 $ 399,267 Trade Receivables

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	= 1.50x 2.51x Yes Secured indebtedness ratio <= 45.0% 18.6% Yes Unsecured indebtedness ratio <= 60.0% 24.6% Yes Unsecured interest coverage ratio >= 2.00x 1.69x No (3) (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreement, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreement. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreement as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreement as interest expense, all regularly schedule principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans. The Company expects that this amendment will adjust the compliance threshold for this covenant to a level where the Company will be in compliance at March 31, 2020. The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans. The Company expects that this amendment will include the waiver of all financial maintenance covenants through March 31, 2021 and an amendment fee to be paid to the lenders. In addition, the material terms are expected to include increased interest rates, a new minimum liquidity covenant, equity pledges of certain direct and indirect subsidiaries of the Company, restrictions on certain cash outflows, and other lender restrictions and protections. The waiver will require approval of greater than 50% of the lenders in each facility. The Company cannot provide assurances that it will be able to obtain waivers in a timely manner, or on acceptable terms, or at all. If the Company is unable to obtain waivers or repay its debt, the Company may default on some or all of its outstanding debt, which could potentially accelerate amounts due under such agreements, and could raise substantial doubt about the Company's ability to continue as a going concern. The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Revolver (2) 2.44% May 2024 $ 400,000 $ — $150 Million Term Loan Maturing 2022 3.08% January 2022 150,000 150,000 $400 Million Term Loan Maturing 2023 3.78% January 2023 400,000 400,000 $225 Million Term Loan Maturing 2023 3.78% January 2023 225,000 225,000 $400 Million Term Loan Maturing 2025 2.92% May 2025 400,000 400,000 1,575,000 1,175,000 Deferred financing costs, net (3) (5,767 ) (6,207 ) Total Revolver and Term Loans, net $ 1,569,233 $ 1,168,793 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) At March 31, 2020 and December 31, 2019 , there was $200.0 million and $600.0 million , respectively, undrawn on the Revolver. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $3.3 million and $3.4 million as of March 31, 2020 and December 31, 2019 , 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 The Company's mortgage loans consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Mortgage loan (2) 7 3.33% April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (3) 1 5.25% June 2022 31,050 31,215 Mortgage loan (4) 3 4.95% October 2022 88,769 89,299 Mortgage loan (5) 1 4.94% October 2022 28,635 28,785 Mortgage loan (2) 4 3.35% April 2024 (6) 85,000 85,000 Mortgage loan (2) 3 2.88% April 2024 (6) 96,000 96,000 19 529,454 530,299 Deferred financing costs, net (3,498 ) (3,869 ) Total mortgage loans, net $ 525,956 $ 526,430 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $0.4 million and $0.5 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on a mortgage loan. (4) Includes $1.2 million and $1.4 million at March 31, 2020 and December 31, 2019 , respectively, related to fair value adjustments on the mortgage loans. (5) Includes $0.4 million and $0.4 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. While operations at certain hotel properties securing the mortgage loans have been temporarily suspended, the business operations remain that of a hotel, not another form of business, and the hotel properties continue to be maintained. At March 31, 2020 , a hotel property failed to meet the DSCR threshold and was in a cash trap event, and another hotel property had failed to meet the DSCR threshold and will be in a cash trap event. The Company was in compliance with all other maintenance covenants associated with the other mortgage loans at March 31, 2020. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2020 2019 Senior Notes $ 5,944 $ 5,944 Revolver and Term Loans 10,652 10,153 Mortgage loans 4,640 5,423 Amortization of deferred financing costs 1,021 792 Undesignated interest rate swaps 1,556 (2,250 ) Total interest expense $ 23,813 $ 20,062" id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Senior Notes $ 499,303 $ 500,484 Revolver and Term Loans, net 1,569,233 1,168,793 Mortgage loans, net 525,956 526,430 Debt, net $ 2,594,492 $ 2,195,707 Senior Notes The Company's senior unsecured notes are referred to as the "Senior Notes." The Company's Senior Notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate Maturity Date March 31, 2020 December 31, 2019 Senior unsecured notes (1) (2) (3) 6.00% June 2025 $ 499,303 $ 500,484 (1) Requires payments of interest only through maturity. (2) The senior unsecured notes include $24.4 million and $25.6 million at March 31, 2020 and December 31, 2019 , respectively, related to acquisition related fair value adjustments on the senior unsecured notes. (3) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a price of 103.0% of face value. The Senior Notes are subject to a maximum unsecured leverage maintenance covenant, which is based on asset value that is calculated at historical cost. In addition, the Senior Notes are subject to various incurrence covenants that limit the ability of the Company's subsidiary, FelCor Lodging Limited Partnership, to incur additional debt if these covenants are violated. As of March 31, 2020 , the Company was in compliance with all maintenance and incurrence covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "$150 Million Term Loan Maturing 2022"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023"); • $225.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"); and • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"). The $150 Million Term Loan Maturing 2022, the $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans." The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Actual at March 31, 2020 Compliance Leverage ratio (1) <= 7.00x 4.21x Yes Fixed charge coverage ratio (2) >= 1.50x 2.51x Yes Secured indebtedness ratio <= 45.0% 18.6% Yes Unsecured indebtedness ratio <= 60.0% 24.6% Yes Unsecured interest coverage ratio >= 2.00x 1.69x No (3) (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreement, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreement. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreement as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreement as interest expense, all regularly schedule principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans. The Company expects that this amendment will adjust the compliance threshold for this covenant to a level where the Company will be in compliance at March 31, 2020. The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans. The Company expects that this amendment will include the waiver of all financial maintenance covenants through March 31, 2021 and an amendment fee to be paid to the lenders. In addition, the material terms are expected to include increased interest rates, a new minimum liquidity covenant, equity pledges of certain direct and indirect subsidiaries of the Company, restrictions on certain cash outflows, and other lender restrictions and protections. The waiver will require approval of greater than 50% of the lenders in each facility. The Company cannot provide assurances that it will be able to obtain waivers in a timely manner, or on acceptable terms, or at all. If the Company is unable to obtain waivers or repay its debt, the Company may default on some or all of its outstanding debt, which could potentially accelerate amounts due under such agreements, and could raise substantial doubt about the Company's ability to continue as a going concern. The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Revolver (2) 2.44% May 2024 $ 400,000 $ — $150 Million Term Loan Maturing 2022 3.08% January 2022 150,000 150,000 $400 Million Term Loan Maturing 2023 3.78% January 2023 400,000 400,000 $225 Million Term Loan Maturing 2023 3.78% January 2023 225,000 225,000 $400 Million Term Loan Maturing 2025 2.92% May 2025 400,000 400,000 1,575,000 1,175,000 Deferred financing costs, net (3) (5,767 ) (6,207 ) Total Revolver and Term Loans, net $ 1,569,233 $ 1,168,793 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) At March 31, 2020 and December 31, 2019 , there was $200.0 million and $600.0 million , respectively, undrawn on the Revolver. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $3.3 million and $3.4 million as of March 31, 2020 and December 31, 2019 , 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 The Company's mortgage loans consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Mortgage loan (2) 7 3.33% April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (3) 1 5.25% June 2022 31,050 31,215 Mortgage loan (4) 3 4.95% October 2022 88,769 89,299 Mortgage loan (5) 1 4.94% October 2022 28,635 28,785 Mortgage loan (2) 4 3.35% April 2024 (6) 85,000 85,000 Mortgage loan (2) 3 2.88% April 2024 (6) 96,000 96,000 19 529,454 530,299 Deferred financing costs, net (3,498 ) (3,869 ) Total mortgage loans, net $ 525,956 $ 526,430 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $0.4 million and $0.5 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on a mortgage loan. (4) Includes $1.2 million and $1.4 million at March 31, 2020 and December 31, 2019 , respectively, related to fair value adjustments on the mortgage loans. (5) Includes $0.4 million and $0.4 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. While operations at certain hotel properties securing the mortgage loans have been temporarily suspended, the business operations remain that of a hotel, not another form of business, and the hotel properties continue to be maintained. At March 31, 2020 , a hotel property failed to meet the DSCR threshold and was in a cash trap event, and another hotel property had failed to meet the DSCR threshold and will be in a cash trap event. The Company was in compliance with all other maintenance covenants associated with the other mortgage loans at March 31, 2020. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2020 2019 Senior Notes $ 5,944 $ 5,944 Revolver and Term Loans 10,652 10,153 Mortgage loans 4,640 5,423 Amortization of deferred financing costs 1,021 792 Undesignated interest rate swaps 1,556 (2,250 ) Total interest expense $ 23,813 $ 20,062

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
Derivatives and Hedging	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Swap-cash flow 1.15% April 2021 $ 100,000 $ 100,000 $ (826 ) $ 607 Swap-cash flow 1.20% April 2021 100,000 100,000 (883 ) 538 Swap-cash flow 2.15% April 2021 75,000 75,000 (1,485 ) (590 ) Swap-cash flow 1.91% April 2021 75,000 75,000 (1,275 ) (337 ) Swap-cash flow 1.61% June 2021 50,000 50,000 (813 ) (32 ) Swap-cash flow 1.56% June 2021 50,000 50,000 (775 ) 13 Swap-cash flow 1.71% June 2021 50,000 50,000 (878 ) (109 ) Swap-cash flow 2.29% December 2022 200,000 200,000 (11,163 ) (4,587 ) Swap-cash flow 2.29% December 2022 125,000 125,000 (6,970 ) (2,859 ) Swap-cash flow 2.38% December 2022 200,000 200,000 (11,696 ) (5,155 ) Swap-cash flow 2.38% December 2022 100,000 100,000 (5,845 ) (2,574 ) Swap-cash flow (1) 2.75% November 2023 100,000 100,000 (7,381 ) (3,590 ) Swap-cash flow (2) 2.51% December 2023 75,000 75,000 (4,918 ) (2,120 ) Swap-cash flow (2) 2.39% December 2023 75,000 75,000 (4,646 ) (1,858 ) Swap-cash flow 1.35% September 2021 49,000 49,000 (719 ) 181 Swap-cash flow 1.28% September 2022 100,000 100,000 (2,396 ) 690 Swap-cash flow (3) 1.24% September 2025 150,000 150,000 (4,562 ) 2,268 Swap-cash flow (4) 1.16% April 2024 50,000 — (1,202 ) — Swap-cash flow (4) 1.20% April 2024 50,000 — (1,264 ) — Swap-cash flow (4) 1.15% April 2024 50,000 — (1,188 ) — Swap-cash flow (4) 1.10% April 2024 50,000 — (1,112 ) — Swap-cash flow (4) 0.98% April 2024 25,000 — (465 ) — Swap-cash flow (4) 0.95% April 2024 25,000 — (442 ) — Swap-cash flow (4) 0.93% April 2024 25,000 — (427 ) — Swap-cash flow (4) 0.90% April 2024 25,000 — (404 ) — Swap-cash flow (5) 0.85% December 2024 50,000 — (1,067 ) — Swap-cash flow (5) 0.75% December 2024 50,000 — (840 ) — Swap-cash flow (6) 0.65% January 2026 50,000 — (349 ) — $ 2,124,000 $ 1,674,000 $ (75,991 ) $ (19,514 ) (1) Effective in November 2020. (2) Effective in January 2021. (3) Effective in September 2021. (4) Effective in April 2021. (5) Effective in June 2020. (6) Effective in July 2021. The following interest rate swaps have not been designated as hedging instruments (in thousands): Notional value at Fair value at Derivative type Interest rate Maturity March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate swap (1) 1.80% September 2020 $ 30,030 $ 30,195 $ (177 ) $ (34 ) Interest rate swap (1) 1.80% September 2020 74,620 75,030 (438 ) (86 ) Interest rate swap (1) 1.80% September 2020 31,850 32,025 (187 ) (37 ) Interest rate swap (1) 1.81% October 2020 141,808 142,500 (1,130 ) (219 ) $ 278,308 $ 279,750 $ (1,932 ) $ (376 ) (1) During the year ended December 31, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges. The Company recognizes all changes in the fair value of these interest rate swaps in interest expense in the consolidated statements of operations and comprehensive income. As of December 31, 2019 , the aggregate fair value of the interest rate swap assets of $4.3 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of March 31, 2020 and December 31, 2019 , the aggregate fair value of the interest rate swap liabilities of $77.9 million and $24.2 million , respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of March 31, 2020 and December 31, 2019 , there was approximately $76.0 million and $19.5 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 month periods ended March 31, 2020 or 2019 . For the three months ended March 31, 2020 and 2019, approximately $0.8 million and $2.6 million , respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. Approximately $22.3 million of the unrealized losses included in accumulated other comprehensive loss at March 31, 2020 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2020
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 Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 2 inputs in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The fair value of the Company's debt was as follows (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Senior Notes $ 499,303 $ 449,933 $ 500,484 $ 497,835 Revolver and Term Loans, net 1,569,233 1,526,187 1,168,793 1,176,068 Mortgage loans, net 525,956 514,655 526,430 532,249 Debt, net $ 2,594,492 $ 2,490,775 $ 2,195,707 $ 2,206,152 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 March 31, 2020 (in thousands): Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (77,923 ) $ — $ (77,923 ) Total $ — $ (77,923 ) $ — $ (77,923 ) 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, 2019 (in thousands): Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 4,297 $ — $ 4,297 Interest rate swap liability — (24,187 ) — (24,187 ) Total $ — $ (19,890 ) $ — $ (19,890 ) 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 March 31, 2020 , 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	3 Months Ended
Income Taxes	Mar. 31, 2020
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 of 1986, as amended (the "Code"). 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 U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. The Company’s TRSs will generally be subject to U.S. 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 March 31, 2020 and December 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
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 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. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2020 and December 31, 2019 , approximately $43.5 million and $44.7 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. In addition, due to the effects of the COVID-19 pandemic on its operations, the Company has been working with the brands, third-party managers and lenders and anticipates using a portion of the available restricted cash reserves to cover operating shortfalls. Litigation Other than the legal proceeding 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. Prior to the Company's merger with FelCor, an affiliate of InterContinental Hotels Group PLC ("IHG"), which previously managed three of FelCor's hotels, notified FelCor that National Retirement Fund had assessed an employee withdrawal liability of $8.3 million , with required quarterly payments including interest, in connection with the termination of IHG’s management of those hotels. FelCor's management agreements with IHG stated that it may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately paid to National Retirement Fund with respect to the claim. The Company plans to vigorously defend the claim and, if appropriate, IHG’s demand for indemnification. Management Agreements As of March 31, 2020 , 103 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one to 25 years . This number includes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 3.0% and 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 and comprehensive income. For the three months ended March 31, 2020 and 2019, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $3.4 million and $14.1 million , respectively. Prior to January 1, 2020, the Wyndham management agreements guaranteed minimum levels of annual net operating income at each of the Wyndham-managed hotels. In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee effective December 31, 2019 and received a lump sum termination payment of $35.0 million from Wyndham, which is included in advance deposits and deferred revenue in the accompanying consolidated balance sheets. Effective January 1, 2020, the Company began recognizing the $35.0 million termination payment over the estimated term of the transitional agreements as a reduction to management fee expense in the consolidated statements of operations and comprehensive income. For the three months ended March 31, 2020 , the Company recognized approximately $4.6 million as a reduction to management fee expense related to the termination payment. Franchise Agreements As of March 31, 2020 , 73 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years . This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it does not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2020 and 2019, the Company incurred franchise fee expense of approximately $13.8 million and $20.0 million

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest On February 14, 2020, the Company's board of trustees approved a new share repurchase program to repurchase up to $250.0 million of common shares from March 1, 2020 to February 28, 2021 (the "2020 Share Repurchase Program"). During the three months ended March 31, 2020 , the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million , of which $26.0 million was repurchased under a share repurchase program authorized by the Company's board of trustees in 2019, which expired February 29, 2020 (the "2019 Share Repurchase Program"), and $36.6 million was repurchased under the 2020 Share Repurchase Program. As of March 31, 2020 , the 2020 Share Repurchase Program had a remaining capacity of $213.4 million . During the three months ended March 31, 2019 , the Company repurchased and retired 602,309 common shares for approximately $10.6 million , of which $10.4 million was repurchased under a share repurchase program that expired February 28, 2019 and $0.2 million was repurchased under the 2019 Share Repurchase Program. During the three months ended March 31, 2020 and 2019 , the Company declared a cash dividend of $0.01 and $0.33 per Common Share, respectively. Series A Preferred Shares On March 13, 2020, the Company's board of trustees approved an amendment to the 2020 Share Repurchase Program, pursuant to which the Company is authorized, in addition to the repurchase of common shares, to repurchase outstanding $1.95 Series A Cumulative Convertible Preferred Shares of the Company, par value $0.01 per share (the “Series A Preferred Shares”). Such purchases, if any, are authorized to be made during the period beginning March 13, 2020 through and including February 28, 2021, provided that the aggregate purchase price of common shares, Series A Preferred Shares or a combination thereof (including common shares repurchased prior to the date of the amendment) may not exceed $250.0 million . During the three months ended March 31, 2020 , the Company did not repurchase any Series A Preferred Shares. During the three months ended March 31, 2020 and 2019 , the Company declared a cash dividend of $0.4875 on each Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns the DoubleTree Metropolitan Hotel New York City, which has a third-party partner that owns a noncontrolling 1.7% ownership interest in the joint venture. In addition, the Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. Lastly, the Company owns a controlling financial interest in the operating lessee of the Embassy Suites Secaucus Meadowlands, which has a third-party partner that owns a noncontrolling 49% ownership interest in the joint venture. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. 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. As of March 31, 2020 , 772,293 outstanding OP Units were 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	3 Months Ended
Equity Incentive Plan	Mar. 31, 2020
Share-based Payment Arrangement [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 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 March 31, 2020 is as follows: 2020 Number of Weighted-Average Unvested at January 1, 2020 940,202 $ 20.21 Granted (1) 525,169 13.21 Vested (125,888 ) 19.81 Forfeited (6,424 ) 19.52 Unvested at March 31, 2020 1,333,059 $ 17.49 (1) During the three months ended March 31, 2020 , the Company issued restricted shares to officers and employees that vest on an annual basis over a four year period. For each of the three months ended March 31, 2020 and 2019, the Company recognized approximately $2.1 million of share-based compensation expense related to restricted share awards. As of March 31, 2020 , there was $18.5 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 2.8 years . The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the three months ended March 31, 2020 and 2019 was approximately $2.0 million and $1.2 million , respectively. Performance Units From time to time, the Company may award performance units under the 2015 Plan as compensation to officers and employees. The performance units vest over a four year period, including three years of performance-based vesting (the “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 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return ( 40% of award) and a relative total shareholder return ( 60% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. If at the end of the performance units measurement period the target criterion is met, then 50% of the performance units that are earned will vest at the end of the measurement period. The remaining 50% convert to restricted shares that will vest on the one year anniversary of the end of the measurement period. 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 performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation, and an expected term equal to the requisite service period for the awards of four years . The Company estimates 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 . A summary of the performance unit awards is as follows: Date of Award Number of Conversion Range Risk Free Interest Rate Volatility February 2017 (1) 259,000 $14.93 0% to 150% 1.57% 25.73% February 2018 264,000 $13.99 0% to 150% 2.42% 27.44% February 2019 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $12.06 0% to 200% 1.08% 23.46% (1) In February 2020, following the end of the measurement period, the Company did not meet certain target criterion and no performance units were converted into restricted shares. For the three months ended March 31, 2020 and 2019, the Company recognized approximately $0.6 million and $0.7 million , respectively, of share-based compensation expense related to the performance unit awards. As of March 31, 2020 , there was $4.2 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.2 years . As of March 31, 2020 , there were 204,591

Earnings per Common Share

Earnings per Common Share	3 Months Ended
Earnings per Common Share	Mar. 31, 2020
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 OP Units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2020 and 2019 , 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 March 31, 2020 2019 Numerator: Net (loss) income attributable to RLJ $ (29,324 ) $ 27,253 Less: Preferred dividends (6,279 ) (6,279 ) Less: Dividends paid on unvested restricted shares (13 ) (312 ) Less: Undistributed earnings attributable to unvested restricted shares — — Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (35,616 ) $ 20,662 Denominator: Weighted-average number of common shares - basic 167,149,733 172,796,998 Unvested restricted shares — 59,232 Weighted-average number of common shares - diluted 167,149,733 172,856,230 Net (loss) income per share attributable to common shareholders - basic $ (0.21 ) $ 0.12 Net (loss) income per share attributable to common shareholders - diluted $ (0.21 ) $ 0.12

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	3 Months Ended
Supplemental Information to Statements of Cash Flows	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the three months ended March 31, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 1,157,818 $ 241,481 Restricted cash reserves 43,548 54,217 Cash, cash equivalents, and restricted cash reserves $ 1,201,366 $ 295,698 Interest paid $ 10,625 $ 15,701 Income taxes paid $ 104 $ 43 Operating cash flow lease payments for operating leases $ 3,763 $ 3,589 Supplemental non-cash transactions Accrued capital expenditures $ 9,040 $ 6,720

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
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, 2019 , included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures 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. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. 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 and comprehensive 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. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and 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 June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.
Management Agreements	Management Agreements As of March 31, 2020 , 103 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one to 25 years . This number includes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 3.0% and 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 and comprehensive income. For the three months ended March 31, 2020 and 2019, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $3.4 million and $14.1 million , respectively. Prior to January 1, 2020, the Wyndham management agreements guaranteed minimum levels of annual net operating income at each of the Wyndham-managed hotels. In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee effective December 31, 2019 and received a lump sum termination payment of $35.0 million from Wyndham, which is included in advance deposits and deferred revenue in the accompanying consolidated balance sheets. Effective January 1, 2020, the Company began recognizing the $35.0 million termination payment over the estimated term of the transitional agreements as a reduction to management fee expense in the consolidated statements of operations and comprehensive income. For the three months ended March 31, 2020 , the Company recognized approximately $4.6 million
Franchise Agreements	Franchise Agreements As of March 31, 2020 , 73 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years . This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it does not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2020 and 2019, the Company incurred franchise fee expense of approximately $13.8 million and $20.0 million
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 OP Units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2020 and 2019 , 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)	3 Months Ended
Investment in Hotel Properties (Tables)	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 1,089,347 $ 1,088,436 Buildings and improvements 4,058,247 4,039,012 Furniture, fixtures and equipment 691,546 685,699 5,839,140 5,813,147 Accumulated depreciation (1,247,124 ) (1,198,181 ) Investment in hotel properties, net $ 4,592,016 $ 4,614,966

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
Investment in Unconsolidated Joint Ventures (Tables)	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Components of Investment In Unconsolidated Entities [Table Text Block]	The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2020 December 31, 2019 Equity basis of the joint venture investments $ (3,307 ) $ (4,236 ) Cost of the joint venture investments in excess of the joint venture book value 19,127 19,407 Investment in unconsolidated joint ventures $ 15,820 $ 15,171
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities [Table Text Block]	The following table summarizes the components of the Company's equity in income (loss) from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2020 2019 Operating income (loss) $ 864 $ (14 ) Depreciation of cost in excess of book value (279 ) (367 ) Equity in income (loss) from unconsolidated joint ventures $ 585 $ (381 )

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed during period	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table discloses the hotel properties that were sold during the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:53%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Hotel Property Name</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Sale Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rooms</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Embassy Suites Boston Marlborough</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Marlborough, MA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February&#160;21, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">229</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sheraton Philadelphia Society Hill Hotel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Philadelphia, PA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;27, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Embassy Suites Napa Valley</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Napa, CA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">July&#160;13, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">205</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DoubleTree Hotel Columbia</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Columbia, MD</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">August&#160;7, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">152</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Vinoy Renaissance St. Petersburg Resort &amp; Golf Club</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">St. Petersburg, FL</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">August&#160;28, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">362</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DoubleTree by Hilton Burlington Vermont</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Burlington, VT</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">September&#160;27, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">309</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,621</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
Summary of major assets held for sale	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table discloses the hotel properties that were sold during the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:53%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Hotel Property Name</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Sale Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Rooms</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Boulder Longmont</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Longmont, CO</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Salt Lake City Airport</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Salt Lake City, UT</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">154</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Courtyard Fort Lauderdale SW Miramar</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Miramar, FL</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br 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style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">150</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fairfield Inn &amp; Suites San Antonio Downtown</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">San Antonio, TX</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hampton Inn &amp; Suites Clearwater St. Petersburg</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">168</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td 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rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hilton Garden Inn Durham Raleigh Research Triangle Park</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Durham, NC</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 25, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">177</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inhe

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The Company recognized revenue from the following geographic markets (in thousands): For the three months ended March 31, 2020 For the three months ended March 31, 2019 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 33,511 $ 3,785 $ 1,305 $ 38,601 $ 50,881 $ 4,956 $ 1,421 $ 57,258 South Florida 31,124 4,497 1,952 37,573 44,646 5,849 2,057 52,552 Southern California 23,860 2,862 2,144 28,866 29,064 3,692 2,090 34,846 New York City 16,295 2,134 934 19,363 22,659 2,903 963 26,525 Houston 10,939 714 974 12,627 16,252 964 1,170 18,386 Chicago 8,914 2,222 466 11,602 12,906 2,964 436 16,306 Louisville 5,898 3,778 862 10,538 9,390 3,830 530 13,750 Austin 7,508 1,261 1,250 10,019 24,097 2,960 951 28,008 Washington DC 8,824 200 541 9,565 13,367 335 550 14,252 Denver 6,760 2,267 335 9,362 13,130 2,844 306 16,280 Other 65,259 7,047 5,059 77,365 101,278 12,949 6,877 121,104 Total $ 218,892 $ 30,767 $ 15,822 $ 265,481 $ 337,670 $ 44,246 $ 17,351 $ 399,267

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Senior Notes $ 499,303 $ 500,484 Revolver and Term Loans, net 1,569,233 1,168,793 Mortgage loans, net 525,956 526,430 Debt, net $ 2,594,492 $ 2,195,707
Schedule Of Debt Instrument Covenants	The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Actual at March 31, 2020 Compliance Leverage ratio (1) <= 7.00x 4.21x Yes Fixed charge coverage ratio (2) >= 1.50x 2.51x Yes Secured indebtedness ratio <= 45.0% 18.6% Yes Unsecured indebtedness ratio <= 60.0% 24.6% Yes Unsecured interest coverage ratio >= 2.00x 1.69x No (3) (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreement, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreement. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreement as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreement as interest expense, all regularly schedule principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is currently working with its lenders on an amendment to its Revolver and unsecured Term Loans. The Company expects that this amendment will adjust the compliance threshold for this covenant to a level where the Company will be in compliance at March 31, 2020.
Schedule of Revolver and Term Loans	The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Revolver (2) 2.44% May 2024 $ 400,000 $ — $150 Million Term Loan Maturing 2022 3.08% January 2022 150,000 150,000 $400 Million Term Loan Maturing 2023 3.78% January 2023 400,000 400,000 $225 Million Term Loan Maturing 2023 3.78% January 2023 225,000 225,000 $400 Million Term Loan Maturing 2025 2.92% May 2025 400,000 400,000 1,575,000 1,175,000 Deferred financing costs, net (3) (5,767 ) (6,207 ) Total Revolver and Term Loans, net $ 1,569,233 $ 1,168,793 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) At March 31, 2020 and December 31, 2019 , there was $200.0 million and $600.0 million , respectively, undrawn on the Revolver. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $3.3 million and $3.4 million as of March 31, 2020 and December 31, 2019 , 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	The Company's mortgage loans consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate at March 31, 2020 (1) Maturity Date March 31, 2020 December 31, 2019 Mortgage loan (2) 7 3.33% April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (3) 1 5.25% June 2022 31,050 31,215 Mortgage loan (4) 3 4.95% October 2022 88,769 89,299 Mortgage loan (5) 1 4.94% October 2022 28,635 28,785 Mortgage loan (2) 4 3.35% April 2024 (6) 85,000 85,000 Mortgage loan (2) 3 2.88% April 2024 (6) 96,000 96,000 19 529,454 530,299 Deferred financing costs, net (3,498 ) (3,869 ) Total mortgage loans, net $ 525,956 $ 526,430 (1) Interest rate at March 31, 2020 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $0.4 million and $0.5 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on a mortgage loan. (4) Includes $1.2 million and $1.4 million at March 31, 2020 and December 31, 2019 , respectively, related to fair value adjustments on the mortgage loans. (5) Includes $0.4 million and $0.4 million at March 31, 2020 and December 31, 2019 , respectively, related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options.
Schedule of Interest Expense Components	The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2020 2019 Senior Notes $ 5,944 $ 5,944 Revolver and Term Loans 10,652 10,153 Mortgage loans 4,640 5,423 Amortization of deferred financing costs 1,021 792 Undesignated interest rate swaps 1,556 (2,250 ) Total interest expense $ 23,813 $ 20,062
Schedule of Senior Notes [Table Text Block]	The Company's senior unsecured notes are referred to as the "Senior Notes." The Company's Senior Notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate Maturity Date March 31, 2020 December 31, 2019 Senior unsecured notes (1) (2) (3) 6.00% June 2025 $ 499,303 $ 500,484 (1) Requires payments of interest only through maturity. (2) The senior unsecured notes include $24.4 million and $25.6 million at March 31, 2020 and December 31, 2019 , respectively, related to acquisition related fair value adjustments on the senior unsecured notes. (3) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a price of 103.0% of face value.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
Derivatives and Hedging (Tables)	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Not Designated as Hedging Instruments [Table Text Block]	The following interest rate swaps have not been designated as hedging instruments (in thousands): Notional value at Fair value at Derivative type Interest rate Maturity March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate swap (1) 1.80% September 2020 $ 30,030 $ 30,195 $ (177 ) $ (34 ) Interest rate swap (1) 1.80% September 2020 74,620 75,030 (438 ) (86 ) Interest rate swap (1) 1.80% September 2020 31,850 32,025 (187 ) (37 ) Interest rate swap (1) 1.81% October 2020 141,808 142,500 (1,130 ) (219 ) $ 278,308 $ 279,750 $ (1,932 ) $ (376 ) (1) During the year ended December 31, 2019, the Company discontinued accounting for these interest rate swaps as cash flow hedges. The Company recognizes all changes in the fair value of these interest rate swaps in interest expense in the consolidated statements of operations and comprehensive income.
Schedule of interest rate swaps	The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Swap-cash flow 1.15% April 2021 $ 100,000 $ 100,000 $ (826 ) $ 607 Swap-cash flow 1.20% April 2021 100,000 100,000 (883 ) 538 Swap-cash flow 2.15% April 2021 75,000 75,000 (1,485 ) (590 ) Swap-cash flow 1.91% April 2021 75,000 75,000 (1,275 ) (337 ) Swap-cash flow 1.61% June 2021 50,000 50,000 (813 ) (32 ) Swap-cash flow 1.56% June 2021 50,000 50,000 (775 ) 13 Swap-cash flow 1.71% June 2021 50,000 50,000 (878 ) (109 ) Swap-cash flow 2.29% December 2022 200,000 200,000 (11,163 ) (4,587 ) Swap-cash flow 2.29% December 2022 125,000 125,000 (6,970 ) (2,859 ) Swap-cash flow 2.38% December 2022 200,000 200,000 (11,696 ) (5,155 ) Swap-cash flow 2.38% December 2022 100,000 100,000 (5,845 ) (2,574 ) Swap-cash flow (1) 2.75% November 2023 100,000 100,000 (7,381 ) (3,590 ) Swap-cash flow (2) 2.51% December 2023 75,000 75,000 (4,918 ) (2,120 ) Swap-cash flow (2) 2.39% December 2023 75,000 75,000 (4,646 ) (1,858 ) Swap-cash flow 1.35% September 2021 49,000 49,000 (719 ) 181 Swap-cash flow 1.28% September 2022 100,000 100,000 (2,396 ) 690 Swap-cash flow (3) 1.24% September 2025 150,000 150,000 (4,562 ) 2,268 Swap-cash flow (4) 1.16% April 2024 50,000 — (1,202 ) — Swap-cash flow (4) 1.20% April 2024 50,000 — (1,264 ) — Swap-cash flow (4) 1.15% April 2024 50,000 — (1,188 ) — Swap-cash flow (4) 1.10% April 2024 50,000 — (1,112 ) — Swap-cash flow (4) 0.98% April 2024 25,000 — (465 ) — Swap-cash flow (4) 0.95% April 2024 25,000 — (442 ) — Swap-cash flow (4) 0.93% April 2024 25,000 — (427 ) — Swap-cash flow (4) 0.90% April 2024 25,000 — (404 ) — Swap-cash flow (5) 0.85% December 2024 50,000 — (1,067 ) — Swap-cash flow (5) 0.75% December 2024 50,000 — (840 ) — Swap-cash flow (6) 0.65% January 2026 50,000 — (349 ) — $ 2,124,000 $ 1,674,000 $ (75,991 ) $ (19,514 ) (1) Effective in November 2020. (2) Effective in January 2021. (3) Effective in September 2021. (4) Effective in April 2021. (5) Effective in June 2020. (6) Effective in July 2021.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The fair value of the Company's debt was as follows (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Senior Notes $ 499,303 $ 449,933 $ 500,484 $ 497,835 Revolver and Term Loans, net 1,569,233 1,526,187 1,168,793 1,176,068 Mortgage loans, net 525,956 514,655 526,430 532,249 Debt, net $ 2,594,492 $ 2,490,775 $ 2,195,707 $ 2,206,152
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 March 31, 2020 (in thousands): Fair Value at March 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (77,923 ) $ — $ (77,923 ) Total $ — $ (77,923 ) $ — $ (77,923 ) 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, 2019 (in thousands): Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 4,297 $ — $ 4,297 Interest rate swap liability — (24,187 ) — (24,187 ) Total $ — $ (19,890 ) $ — $ (19,890 )

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
Equity Incentive Plan (Tables)	Mar. 31, 2020
Equity Incentive Plan
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	A summary of the performance unit awards is as follows: Date of Award Number of Conversion Range Risk Free Interest Rate Volatility February 2017 (1) 259,000 $14.93 0% to 150% 1.57% 25.73% February 2018 264,000 $13.99 0% to 150% 2.42% 27.44% February 2019 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $12.06 0% to 200% 1.08% 23.46% (1) In February 2020, following the end of the measurement period, the Company did not meet certain target criterion and no performance units were converted into restricted shares.
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of March 31, 2020 is as follows: 2020 Number of Weighted-Average Unvested at January 1, 2020 940,202 $ 20.21 Granted (1) 525,169 13.21 Vested (125,888 ) 19.81 Forfeited (6,424 ) 19.52 Unvested at March 31, 2020 1,333,059 $ 17.49 (1) During the three months ended March 31, 2020

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
Earnings per Common Share (Tables)	Mar. 31, 2020
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 March 31, 2020 2019 Numerator: Net (loss) income attributable to RLJ $ (29,324 ) $ 27,253 Less: Preferred dividends (6,279 ) (6,279 ) Less: Dividends paid on unvested restricted shares (13 ) (312 ) Less: Undistributed earnings attributable to unvested restricted shares — — Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (35,616 ) $ 20,662 Denominator: Weighted-average number of common shares - basic 167,149,733 172,796,998 Unvested restricted shares — 59,232 Weighted-average number of common shares - diluted 167,149,733 172,856,230 Net (loss) income per share attributable to common shareholders - basic $ (0.21 ) $ 0.12 Net (loss) income per share attributable to common shareholders - diluted $ (0.21 ) $ 0.12

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the three months ended March 31, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 1,157,818 $ 241,481 Restricted cash reserves 43,548 54,217 Cash, cash equivalents, and restricted cash reserves $ 1,201,366 $ 295,698 Interest paid $ 10,625 $ 15,701 Income taxes paid $ 104 $ 43 Operating cash flow lease payments for operating leases $ 3,763 $ 3,589 Supplemental non-cash transactions Accrued capital expenditures $ 9,040 $ 6,720

General (Details)

General (Details)	3 Months Ended
General (Details)	Mar. 31, 2020USD ($)propertystateroom$ / sharesshares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2019USD ($)property	Jun. 30, 2016hotel
Sale of Stock
OP units outstanding (in units) \| shares	165,615,074
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.50%
Number of Real Estate Properties	104			29
Equity Method Investment, Ownership Percentage	50.00%
Number of hotel rooms owned \| room	22,700
Number of states in which hotels owned by the entity are located \| state	23
Real Estate Properties, Percentage of Operations Suspended	50.00%
Percentage of Capital Investment Reduction	80.00%
Percentage of ROI Project Suspensions	90.00%
Dividends \| $ / shares	$ 0.01	$ 0.33
Cash and cash equivalents \| $	$ 1,157,818,000	$ 241,481,000	$ 882,474,000
Cash \| $	$ 800,000,000
Debt Covenant Waiver Approval Percentage by Lenders	50.00%
Doubletree Metropolitan Hotel New York City (Joint Venture)
Sale of Stock
Hotel property ownership interest (as a percent)	98.30%
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties \| property	100
Hotel property ownership interest (as a percent)	100.00%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties \| property	102
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties \| property	2		2
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties \| property	103
Ninety Five Percent Owned [Member] \| Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	95.00%
Fifty Percent Owned [Member] \| Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	50.00%
Line of Credit \| The Revolver
Sale of Stock
Line of Credit Facility, Fair Value of Amount Outstanding \| $	$ 400,000,000
Line of Credit Facility, Maximum Borrowing Capacity \| $	$ 600,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Mar. 31, 2020USD ($)joint_venture	Dec. 31, 2019USD ($)
Summary of Significant Accounting Policies
Real Estate Interests, Number of Joint Ventures \| joint_venture	2
Equity Method Investment, Ownership Percentage	50.00%
Operating Lease, Right-of-Use Asset	$ 143,010	$ 144,358
Accounts payable and other liabilities	209,710	183,408
Operating Lease, Liability	$ 120,514	$ 121,154

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land and improvements	$ 1,089,347		$ 1,088,436
Buildings and improvements	4,058,247		4,039,012
Furniture, fixtures and equipment	691,546		685,699
Investment in hotel properties, gross	5,839,140		5,813,147
Accumulated depreciation	(1,247,124)		(1,198,181)
Investment in hotel properties, net	4,592,016		$ 4,614,966
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 48,900	$ 57,700

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	Sep. 12, 2019USD ($)	Aug. 14, 2019USD ($)	Jun. 27, 2019USD ($)	Jun. 25, 2019USD ($)	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)property	Jun. 30, 2016hotel
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments					$ 585	$ (381)
Equity Method Investments					$ 15,820		$ 15,171
Equity Method Investment, Ownership Percentage					50.00%
Number of Real Estate Properties					104			29
Gain (loss) on sale of hotel properties, net					$ 102	0
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					50.00%		50.00%
Number of Real Estate Properties \| property					2		2
Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments					$ 864	(14)
Equity Method Investments					(3,307)		$ (4,236)
Cost in Excess of Book Value of Hotel Investments [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments					(279)	$ (367)
Equity Method Investments					$ 19,127		$ 19,407
Fifty Percent Owned [Member] \| Partially Owned Properties [Member]
Schedule of Equity Method Investments [Line Items]
Real Estate Properties, Ownership Interest, Percentage					50.00%
Disposals 2019 [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of hotel properties, net	$ 300	$ 0	$ 0	$ 100	$ 400

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details)	Sep. 12, 2019USD ($)	Aug. 14, 2019USD ($)hotel	Jun. 27, 2019USD ($)hotel	Jun. 25, 2019USD ($)hotel	Mar. 31, 2020USD ($)propertyhotelincrement	Mar. 31, 2019USD ($)hotel	Jun. 30, 2016hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Real Estate Properties					104		29
Loss on sale of hotel properties and hotel properties held for sale, net					$ (102,000)	$ 0
Disposals 2019 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hotel properties sold, Number \| hotel		18	2	21	42
Disposal Group, Number of Transactions \| increment					4
Proceeds from the sale of hotel properties, net	$ 12,700,000	$ 175,400,000	$ 153,300,000	$ 311,900,000	$ 653,400,000
Loss on sale of hotel properties and hotel properties held for sale, net	$ (300,000)	$ 0	$ 0	$ (100,000)	$ (400,000)
Disposals 2018 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hotel properties sold, Number \| hotel						6
Proceeds from the sale of hotel properties, net						$ 454,100,000
Loss on sale of hotel properties and hotel properties held for sale, net						$ (30,944,567)
Embassy Suites Boston Marlborough & Sheraton Philadelphia Society Hill [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hotel properties sold, Number \| hotel						2
Gain (Loss) on Extinguishment of Debt						$ 5,100,000
Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net						1,500,000
Loss on sale of hotel properties and hotel properties held for sale, net						$ (1,400,000)

Sale of Hotel Properties (Sched

Sale of Hotel Properties (Schedule of Properties Disposed) (Details)

Sep. 12, 2019USD ($)

Aug. 14, 2019USD ($)hotel

Jun. 27, 2019USD ($)hotel

Jun. 25, 2019USD ($)hotel

Mar. 31, 2020USD ($)hotelroom

Mar. 31, 2019USD ($)hotel

Dec. 31, 2019room

Sep. 27, 2018room

Aug. 28, 2018room

Aug. 07, 2018room

Jul. 13, 2018room

Mar. 27, 2018room

Feb. 21, 2018room

Discontinued operations

Gain (loss) on sale of hotel properties, net | $

$ 102,000

$ 0

Disposals 2019 [Member]

Discontinued operations

Proceeds from the sale of hotel properties, net | $

$ 12,700,000

$ 175,400,000

$ 153,300,000

$ 311,900,000

$ 653,400,000

Property disposed, number of rooms

5,422

Gain (loss) on sale of hotel properties, net | $

$ 300,000

$ 0

$ 100,000

$ 400,000

Disposal Group, Number of Properties Disposed During Period | hotel

Courtyard Boulder Longmont [Member]

Discontinued operations

Property disposed, number of rooms

Courtyard Salt Lake City Airport [Member]

Discontinued operations

Property disposed, number of rooms

154

Courtyard Fort Lauderdale SW Maramar [Member]

Discontinued operations

Property disposed, number of rooms

128

Courtyard Austin Airport [Member]

Discontinued operations

Property disposed, number of rooms

150

Fairfield Inn & Suites San Antonio Downtown [Member]

Discontinued operations

Property disposed, number of rooms

110

Hampton Inn & Suites Clearwater St. Petersburg [Member]

Discontinued operations

Property disposed, number of rooms

128

Hampton Inn Fort Walton Beach [Member]

Discontinued operations

Property disposed, number of rooms

100

Hampton Inn & Suites Denver Tech Center [Member]

Discontinued operations

Property disposed, number of rooms

123

Hampton Inn West Palm Beach Airport Central [Member]

Discontinued operations

Property disposed, number of rooms

105

Hilton Garden Inn Bloomington [Member]

Discontinued operations

Property disposed, number of rooms

168

Hilton Garden Inn West Palm Beach Airport [Member]

Discontinued operations

Property disposed, number of rooms

100

Hilton Garden Inn Durham Raleigh Research Triangle Park [Member]

Discontinued operations

Property disposed, number of rooms

177

Residence Inn Longmont Boulder [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Detroit Novi [Member]

Discontinued operations

Property disposed, number of rooms

107

Residence Inn Chicago Oak Brook [Member]

Discontinued operations

Property disposed, number of rooms

156

Residence Inn Fort Lauderdale Plantation [Member]

Discontinued operations

Property disposed, number of rooms

138

Residence Inn Salt Lake City Airport [Member]

Discontinued operations

Property disposed, number of rooms

104

Residence Inn San Antonio Downtown Market Square [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Fort Lauderdale SW Miramar [Member]

Discontinued operations

Property disposed, number of rooms

130

Residence Inn Silver Spring [Member]

Discontinued operations

Property disposed, number of rooms

130

Springhill Suites Boulder Longmont [Member]

Discontinued operations

Property disposed, number of rooms

Embassy Suites Myrtle Beach - Oceanfront Resort [Member]

Discontinued operations

Property disposed, number of rooms

255

Hilton Myrtle Beach Resort [Member]

Discontinued operations

Property disposed, number of rooms

385

Courtyard Austin Northwest Arboretum [Member]

Discontinued operations

Property disposed, number of rooms

102

Courtyard Denver West Golden [Member]

Discontinued operations

Property disposed, number of rooms

110

Courtyard Boulder Louisville [Member]

Discontinued operations

Property disposed, number of rooms

154

Courtyard Louisville Northeast [Member]

Discontinued operations

Property disposed, number of rooms

114

Courtyard South Bend Mishawaka [Member]

Discontinued operations

Property disposed, number of rooms

Hampton Inn Houston Galleria [Member]

Discontinued operations

Property disposed, number of rooms

176

Hyatt House Houston Galleria [Member]

Discontinued operations

Property disposed, number of rooms

147

Hyatt House Austin Arboretum [Member]

Discontinued operations

Property disposed, number of rooms

131

Hyatt House Dallas Lincoln Park [Member]

Discontinued operations

Property disposed, number of rooms

155

Hyatt House Dallas Uptown [Member]

Discontinued operations

Property disposed, number of rooms

141

Residence Inn Austin Northwest Arboretum [Member]

Discontinued operations

Property disposed, number of rooms

Residence inn Austin North Parmer Lane [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Denver West Golden [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Boulder Louisville [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Louisville Northeast [Member]

Discontinued operations

Property disposed, number of rooms

102

Springhill Suites Austin North Parmer Lane [Member]

Discontinued operations

Property disposed, number of rooms

132

Springhill Suites Louisville Hurstbourne North [Member]

Discontinued operations

Property disposed, number of rooms

142

Springhill Suites South Bend Mishawaka [Member]

Discontinued operations

Property disposed, number of rooms

Residence Inn Columbia [Member]

Discontinued operations

Property disposed, number of rooms

108

Disposals 2018 [Member]

Discontinued operations

Proceeds from the sale of hotel properties, net | $

454,100,000

Property disposed, number of rooms

1,621

Gain (loss) on sale of hotel properties, net | $

$ 30,944,567

Disposal Group, Number of Properties Disposed During Period | hotel

Embassy Suites Boston Marlborough [Member]

Discontinued operations

Property disposed, number of rooms

229

Sheraton Philadelphia Society Hill Hotel [Member]

Discontinued operations

Property disposed, number of rooms

364

Embassy Suites Napa Valley [Member]

Discontinued operations

Property disposed, number of rooms

205

Doubletree Hotel Columbia [Member]

Discontinued operations

Property disposed, number of rooms

152

Vinoy Renaissance St. Petersburg Resort & Golf Club [Member]

Discontinued operations

Property disposed, number of rooms

362

DoubleTree by Hilton Burlington Vermont [Member]

Discontinued operations

Property disposed, number of rooms

309

Land [Member]

Discontinued operations

Proceeds from the sale of hotel properties, net | $

$ 1,500,000

Gain (loss) on sale of hotel properties, net | $

$ 1,400,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 265,481	$ 399,267
Northern California
Disaggregation of Revenue [Line Items]
Revenues	38,601	57,258
South Florida
Disaggregation of Revenue [Line Items]
Revenues	37,573	52,552
Southern California
Disaggregation of Revenue [Line Items]
Revenues	28,866	34,846
New York City
Disaggregation of Revenue [Line Items]
Revenues	19,363	26,525
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	12,627	18,386
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	11,602	16,306
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	9,565	14,252
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	10,019	28,008
Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenues	9,362	16,280
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	10,538	13,750
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	77,365	121,104
Occupancy [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	218,892	337,670
Occupancy [Member] \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33,511	50,881
Occupancy [Member] \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	31,124	44,646
Occupancy [Member] \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,860	29,064
Occupancy [Member] \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,295	22,659
Occupancy [Member] \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,939	16,252
Occupancy [Member] \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,914	12,906
Occupancy [Member] \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,824	13,367
Occupancy [Member] \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,508	24,097
Occupancy [Member] \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,760	13,130
Occupancy [Member] \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,898	9,390
Occupancy [Member] \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	65,259	101,278
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	30,767	44,246
Food and Beverage [Member] \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,785	4,956
Food and Beverage [Member] \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,497	5,849
Food and Beverage [Member] \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,862	3,692
Food and Beverage [Member] \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,134	2,903
Food and Beverage [Member] \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	714	964
Food and Beverage [Member] \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,222	2,964
Food and Beverage [Member] \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	200	335
Food and Beverage [Member] \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,261	2,960
Food and Beverage [Member] \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,267	2,844
Food and Beverage [Member] \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,778	3,830
Food and Beverage [Member] \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,047	12,949
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15,822	17,351
Hotel, Other [Member] \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,305	1,421
Hotel, Other [Member] \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,952	2,057
Hotel, Other [Member] \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,144	2,090
Hotel, Other [Member] \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	934	963
Hotel, Other [Member] \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	974	1,170
Hotel, Other [Member] \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	466	436
Hotel, Other [Member] \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	541	550
Hotel, Other [Member] \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,250	951
Hotel, Other [Member] \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	335	306
Hotel, Other [Member] \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	862	530
Hotel, Other [Member] \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 5,059	$ 6,877

Debt (Senior Notes, Term Loans,

Debt (Senior Notes, Term Loans, and Revolver) (Details)	3 Months Ended
Debt (Senior Notes, Term Loans, and Revolver) (Details)	Mar. 31, 2020USD ($)asset	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt
Debt, net	$ 2,594,492,000		$ 2,195,707,000
Unsecured Debt, Gross	1,575,000,000		1,175,000,000
Unamortized debt issuance costs on term loans	$ (5,767,000)		(6,207,000)
Debt Covenant Waiver Approval Percentage by Lenders	50.00%
Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset	19
Six Point Zero Zero Percent Due June 2025 [Member] \| Unsecured Debt [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Long-term Debt, Gross	$ 499,303,000		500,484,000
Senior Unsecured Notes [Member]
Debt
Debt Instrument, Redemption Price, Percentage	103.00%
Senior Unsecured Notes [Member] \| Unsecured Debt [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net	$ 24,400,000		25,600,000
The Revolver \| Line of Credit
Debt
Maximum borrowing capacity	$ 600,000,000
Additional maturity term	1 year
Unsecured Debt	$ 400,000,000		0
Interest Rate	2.44%
Remaining borrowing capacity	$ 200,000,000		600,000,000
$400 Million Term Loan Maturing 2023 \| Unsecured Debt [Member]
Debt
Maximum borrowing capacity	400,000,000
Unsecured Debt	$ 400,000,000		400,000,000
Interest Rate	3.78%
$225 Million Term Loan Maturing 2023 \| Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 225,000,000
Unsecured Debt	$ 225,000,000		225,000,000
Interest Rate	3.78%
$400 Million Term Loan Maturing 2021 \| Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 400,000,000
Unsecured Debt	$ 400,000,000		400,000,000
Interest Rate	2.92%
$150 Million Term Loan Maturing 2022 \| Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 150,000,000
Unsecured Debt	$ 150,000,000		150,000,000
Interest Rate	3.08%
Embassy Suites Boston Marlborough & Sheraton Philadelphia Society Hill [Member]
Debt
Gain (Loss) on Extinguishment of Debt		$ 5,100,000
Prepaid expenses and other assets
Debt
Deferred financing costs	$ 3,300,000		3,400,000
Fair Value, Inputs, Level 3 [Member] \| Secured Debt [Member]
Debt
Secured Debt	525,956,000		526,430,000
Fair Value, Inputs, Level 3 [Member] \| Unsecured Debt [Member]
Debt
Unsecured Debt	$ 1,569,233,000		$ 1,168,793,000
Minimum
Debt
Debt Covenant Waiver Approval Percentage by Lenders	50.00%

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details) $ in Thousands	1 Months Ended	3 Months Ended
Debt (Mortgage Loans) (Details) $ in Thousands	Apr. 30, 2019increment	Mar. 31, 2020USD ($)asset	Dec. 31, 2019USD ($)
Debt
Mortgage loans, gross		$ 529,454	$ 530,299
Unamortized debt issuance costs on mortgage loans		$ (3,498)	(3,869)
Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		19
Secured Debt [Member] \| Four Point Nine Four Percent Due October 2022 [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net		$ 400	400
Secured Debt [Member] \| Wells Fargo 3
Debt
Number of Assets Encumbered \| asset		1
Interest Rate		5.25%
Mortgage loans, net		$ 31,050	31,215
Debt Instrument, Fair Value Adjustment, Net		400	500
Secured Debt [Member] \| Four Point Nine Five Percent Due October 2022 [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net		$ 1,200	1,400
Three Point Four Three Percent Due March 2024 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		4
Mortgage loans, net		$ 85,000	85,000
Debt Instrument, Interest Rate, Stated Percentage		3.35%
Three Point Three Two Percent Due April 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		7
Mortgage loans, net		$ 200,000	200,000
Debt Instrument, Interest Rate, Stated Percentage		3.33%
Four Point Nine Five Percent Due October 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		3
Mortgage loans, net		$ 88,769	89,299
Debt Instrument, Interest Rate, Stated Percentage		4.95%
The Revolver \| Line of Credit
Debt
Interest Rate		2.44%
Unsecured Debt		$ 400,000	0
Additional maturity term		1 year
Remaining borrowing capacity		$ 200,000	600,000
Four Point Nine Four Percent Due October 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		1
Mortgage loans, net		$ 28,635	28,785
Debt Instrument, Interest Rate, Stated Percentage		4.94%
Four Point Zero Zero Percent Due April 2024 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset		3
Mortgage loans, net		$ 96,000	$ 96,000
Debt Instrument, Interest Rate, Stated Percentage		2.88%
LIBOR Plus One Point Five Two Percent [Member] \| Secured Debt [Member]
Debt
Additional maturity term	1 year
Number of additional maturity terms \| increment	2

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt
Amortization of deferred financing costs	$ 1,021	$ 792
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(1,556)	2,250
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	1,556	(2,250)
Total Interest Expense	23,813	20,062
Senior Notes [Member]
Debt
Interest expense	5,944	5,944
Secured Debt [Member]
Debt
Interest expense	4,640	5,423
Revolver and Term Loans
Debt
Interest expense	$ 10,652	$ 10,153

Debt (Covenants) (Details)

Debt (Covenants) (Details)	Mar. 31, 2020
Covenant
Leverage ratio	0.07
Fixed charge coverage ratio	0.015
Secured indebtedness ratio	45.00%
Unsecured indebtedness ratio	60.00%
Unsecured interest coverage ratio	0.02
Actual at March 31, 2020
Leverage ratio	0.0423
Fixed charge coverage ratio	2.52%
Secured indebtedness ratio	1.86%
Unsecured indebtedness ratio	24.70%
Unsecured interest coverage ratio	0.0169

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	3 Months Ended
Derivatives and Hedging (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest Rate Derivatives
Notional value	$ 2,124,000,000		$ 1,674,000,000
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(1,556,000)	$ 2,250,000
Unrealized gains (losses) included in accumulated other comprehensive loss	(76,000,000)		(19,500,000)
Amount of hedge ineffectiveness	0	0
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense	0	(2,250,000)
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months	(22,300,000)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(75,991,000)		(19,514,000)
Designated as Hedging Instrument \| Interest Rate Swap, 1.15% [Member]
Interest Rate Derivatives
Notional value	100,000,000		100,000,000
Interest rate swap liability	$ (826,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			607,000
Interest rate	1.15%
Designated as Hedging Instrument \| interest Rate Swap, 1.20%
Interest Rate Derivatives
Notional value	$ 100,000,000		100,000,000
Interest rate swap liability	$ (883,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			538,000
Interest rate	1.20%
Designated as Hedging Instrument \| Interest Rate Swap, 2.15%
Interest Rate Derivatives
Notional value	$ 75,000,000		75,000,000
Interest rate swap liability	$ (1,485,000)		(590,000)
Interest rate	2.15%
Designated as Hedging Instrument \| Interest Rate Swap 1.91%
Interest Rate Derivatives
Notional value	$ 75,000,000		75,000,000
Interest rate swap liability	$ (1,275,000)		(337,000)
Interest rate	1.91%
Designated as Hedging Instrument \| Interest Rate Swap, 1.61%
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest rate swap liability	$ (813,000)		(32,000)
Interest rate	1.61%
Designated as Hedging Instrument \| Interest Rate Swap, 1.56%
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest rate swap liability	$ (775,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			13,000
Interest rate	1.56%
Designated as Hedging Instrument \| Interest Rate Swap, 1.71%
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest rate swap liability	$ (878,000)		(109,000)
Interest rate	1.71%
Designated as Hedging Instrument \| Interest Rate Swap, 2.29% [Member]
Interest Rate Derivatives
Notional value	$ 200,000,000		200,000,000
Interest rate swap liability	$ (11,163,000)		(4,587,000)
Interest rate	2.29%
Designated as Hedging Instrument \| Interest Rate Swap, 2.290% [Member]
Interest Rate Derivatives
Notional value	$ 125,000,000		125,000,000
Interest rate swap liability	$ (6,970,000)		(2,859,000)
Interest rate	2.29%
Designated as Hedging Instrument \| Interest Rate Swap, 2.38% [Member]
Interest Rate Derivatives
Notional value	$ 200,000,000		200,000,000
Interest rate swap liability	$ (11,696,000)		(5,155,000)
Interest rate	2.38%
Designated as Hedging Instrument \| Interest Rate Swap, 2.380% [Member]
Interest Rate Derivatives
Notional value	$ 100,000,000		100,000,000
Interest rate swap liability	$ (5,845,000)		(2,574,000)
Interest rate	2.38%
Designated as Hedging Instrument \| Interest Rate Swap, 2.75% [Member]
Interest Rate Derivatives
Notional value	$ 100,000,000		100,000,000
Interest rate swap liability	$ (7,381,000)		(3,590,000)
Interest rate	2.75%
Designated as Hedging Instrument \| Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value	$ 75,000,000		75,000,000
Interest rate swap liability	$ (4,918,000)		(2,120,000)
Interest rate	2.51%
Designated as Hedging Instrument \| Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value	$ 75,000,000		75,000,000
Interest rate swap liability	$ (4,646,000)		(1,858,000)
Interest rate	2.39%
Designated as Hedging Instrument \| Interest Rate Swap, 1.35% [Member]
Interest Rate Derivatives
Notional value	$ 49,000,000		49,000,000
Interest rate swap liability	$ (719,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			181,000
Interest rate	1.35%
Designated as Hedging Instrument \| Interest Rate Swap, 1.28% [Member]
Interest Rate Derivatives
Notional value	$ 100,000,000		100,000,000
Interest rate swap liability	$ (2,396,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			690,000
Interest rate	1.28%
Designated as Hedging Instrument \| Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value	$ 150,000,000		150,000,000
Interest rate swap liability	$ (4,562,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			2,268,000
Interest rate	1.24%
Designated as Hedging Instrument \| Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (1,202,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	1.16%
Designated as Hedging Instrument \| Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (1,264,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	1.20%
Designated as Hedging Instrument \| Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (1,188,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	1.15%
Designated as Hedging Instrument \| Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (1,112,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	1.10%
Designated as Hedging Instrument \| Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		0
Interest rate swap liability	$ (465,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.98%
Designated as Hedging Instrument \| Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		0
Interest rate swap liability	$ (442,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.95%
Designated as Hedging Instrument \| Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		0
Interest rate swap liability	$ (427,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.93%
Designated as Hedging Instrument \| Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		0
Interest rate swap liability	$ (404,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.90%
Designated as Hedging Instrument \| Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (1,067,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.85%
Designated as Hedging Instrument \| Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (840,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.75%
Designated as Hedging Instrument \| Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		0
Interest rate swap liability	$ (349,000)
Interest Rate Cash Flow Hedge Asset at Fair Value			0
Interest rate	0.65%
Not Designated as Hedging Instrument
Interest Rate Derivatives
Notional value	$ 278,308,000		279,750,000
Interest Rate Derivative Instruments Not Designated as Heding Instruments, Liability at Fair Value	(1,932,000)		(376,000)
Not Designated as Hedging Instrument \| Swap-cash flow, hedge type one
Interest Rate Derivatives
Notional value	$ 30,030,000		30,195,000
Interest rate	1.80%
Interest Rate Derivative Instruments Not Designated as Heding Instruments, Liability at Fair Value	$ (177,000)		(34,000)
Not Designated as Hedging Instrument \| Swap-cash flow, hedge type two
Interest Rate Derivatives
Notional value	$ 74,620,000		75,030,000
Interest rate	1.80%
Interest Rate Derivative Instruments Not Designated as Heding Instruments, Liability at Fair Value	$ (438,000)		(86,000)
Not Designated as Hedging Instrument \| Swap-cash flow, hedge type three
Interest Rate Derivatives
Notional value	$ 31,850,000		32,025,000
Interest rate	1.80%
Interest Rate Derivative Instruments Not Designated as Heding Instruments, Liability at Fair Value	$ (187,000)		(37,000)
Not Designated as Hedging Instrument \| Swap-cash flow, hedge type four
Interest Rate Derivatives
Notional value	$ 141,808,000		142,500,000
Interest rate	1.81%
Interest Rate Derivative Instruments Not Designated as Heding Instruments, Liability at Fair Value	$ (1,130,000)		(219,000)
Interest Expense
Interest Rate Derivatives
Reclassification of unrealized gain on discontinued cash flow hedges to interest expense	800,000	$ 2,600,000
Accounts payable and other liabilities \| Interest rate swap
Interest Rate Derivatives
Interest rate swap liability	$ (77,900,000)		(24,200,000)
Prepaid expenses and other assets \| Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value			$ 4,300,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ (75,991,000)	$ (19,514,000)
Debt, net	2,594,492,000	2,195,707,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,490,775,000	2,206,152,000
Recurring \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		4,297,000
Interest rate swap liability	(77,923,000)	(24,187,000)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(77,923,000)	(19,890,000)
Recurring \| Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Recurring \| Fair Value, Inputs, Level 2 [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		4,297,000
Interest rate swap liability	(77,923,000)	(24,187,000)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(77,923,000)	(19,890,000)
Recurring \| Fair Value, Inputs, Level 3 [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset		0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Senior Notes [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	449,933,000	497,835,000
Unsecured Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	1,526,187,000	1,176,068,000
Unsecured Debt	1,569,233,000	1,168,793,000
Secured Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	514,655,000	532,249,000
Secured Debt	$ 525,956,000	$ 526,430,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Minimum percent of adjusted taxable income to be distributed to shareholders to qualify as a REIT	90.00%
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2020USD ($)property	Mar. 31, 2016USD ($)hotel	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2016hotel
Loss Contingencies [Line Items]
Number of Real Estate Properties	104				29
Pension Trust Litigation - Loss Contingency, Damages Sought		$ 8,300
Operating Lease, Liability	$ 120,514		$ 121,154
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	$ 43,548		$ 44,686	$ 54,217
InterContinental Hotels Group PLC [Member]
Loss Contingencies [Line Items]
Number of Real Estate Properties \| hotel		3
Minimum
Loss Contingencies [Line Items]
Management Agreement Term	1 year
Maximum
Loss Contingencies [Line Items]
Management Agreement Term	25 years

Commitments and Contingencies_2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)propertyhotel	Mar. 31, 2019USD ($)	Jun. 30, 2016hotel
Other Commitments
NOI Guarantee Termination Payment	$ 35
Number of Hotel Properties Operated under Management Agreements \| hotel	103
Number of Real Estate Properties	104		29
Reduction of Management Fee Expense	$ 4.6
Minimum
Other Commitments
Management Agreement Term	1 year
Base Management Fee as Percentage of Hotel Revenues	1.75%
Management Agreements which include Franchise Agreement, 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%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues	7.00%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold	$ 3.4	$ 14.1

Commitments and Contingencies_3

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)propertyhotel	Mar. 31, 2019USD ($)	Jun. 30, 2016hotel
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements \| hotel	73
Number of Real Estate Properties	104		29
Minimum
Other Commitments
Franchise Agreements Term	1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue	3.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue	1.00%
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%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold \| $	$ 13.8	$ 20

Equity (Details)

Equity (Details) - USD ($)	3 Months Ended
Equity (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Feb. 14, 2020	Dec. 31, 2019
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares)		602,309
Stock repurchased during the period, Value	$ 62,605,000	$ 10,561,000
Dividends declared per common share	$ 0.01	$ 0.33
Preferred Stock, Shares Authorized	50,000,000			50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01			$ 0.01
Share repurchase program, remaining authorized amount	$ 213,400,000
Limited Partners
Equity, Class of Treasury Stock
Remaining limited partner ownership interest in Operating Partnership units (in shares)	772,293
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Shares Authorized	12,950,000			12,950,000
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 1.95
Preferred Stock, Par or Stated Value Per Share	0.01			$ 0.01
Preferred Stock, Dividends Per Share, Declared	$ 0.4875	$ 0.4875
2015 Share Repurchase Program [Member]
Equity, Class of Treasury Stock
Stock repurchased during the period, Value		$ 10,400,000
2019 Share Repurchase Program [Member]
Equity, Class of Treasury Stock
Stock repurchased during the period, Value	$ 26,000,000	$ 200,000
2020 Share Repurchase Program [Member]
Equity, Class of Treasury Stock
Share repurchase program, authorized amount			$ 250,000,000
Share repurchase program, additional authorized amount	$ 250,000,000
Common shares repurchased and retired (in shares)	5,489,335
Stock repurchased during the period, Value	$ 36,600,000
Embassy Suites Secaucus [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
DBT Met Hotel Venture LP [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	1.70%

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)	7,500,000
2017 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)				259,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 14.93
Other Disclosures
Fair value assumptions, risk free interest rate				1.57%
Fair value assumptions, expected volatility rate				25.73%
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)	940,202
Granted (in shares)	525,169
Vested (in shares)	(125,888)
Forfeited (in shares)	(6,424)
Unvested at the end of the period (in shares)	1,333,059
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 20.21
Granted (in dollars per share)	13.21
Vested (in dollars per share)	19.81
Forfeited (in dollars per share)	19.52
Unvested at the end of the period (in dollars per share)	$ 17.49
Other Disclosures
Share-based compensation expense	$ 2.1
Total unrecognized compensation costs	$ 18.5
Weighted-average period of recognition of unrecognized share-based compensation expense	2 years 9 months 18 days
Total fair value of shares vested	$ 2	$ 1.2
2015 Share Repurchase Program [Member]
Other Disclosures
Performance-based vesting period	3 years
Time-based vesting period	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return	40.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return	60.00%
Vesting percentage upon satisfaction of performance-based vesting period	50.00%
Vesting percentage upon satisfaction of time-based vesting period	50.00%
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
Common shares available for future grant (in shares)	204,591
2018 Performance Shares
Summary of non-vested shares/units
Granted (in shares)			264,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 13.99
Other Disclosures
Fair value assumptions, risk free interest rate			2.42%
Fair value assumptions, expected volatility rate			27.44%
2019 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)		260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 19.16
Other Disclosures
Fair value assumptions, risk free interest rate		2.52%
Fair value assumptions, expected volatility rate		27.19%
Performance Units
Other Disclosures
Share-based compensation expense	$ 0.6	$ 0.7
Total unrecognized compensation costs	$ 4.2
Weighted-average period of recognition of unrecognized share-based compensation expense	2 years 2 months 12 days
2020 Performance Shares [Member]
Summary of non-vested shares/units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 12.06
Other Disclosures
Fair value assumptions, risk free interest rate	1.08%
Fair value assumptions, expected volatility rate	23.46%
Minimum \| 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0.00%
Minimum \| 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares	0.00%
Minimum \| 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			0.00%
Minimum \| 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		0.00%
Minimum \| 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range	0.00%
Maximum \| 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				150.00%
Maximum \| Restricted share awards
Other Disclosures
Vesting period	4 years
Maximum \| 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares	200.00%
Maximum \| 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			150.00%
Maximum \| 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		200.00%
Maximum \| 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range	200.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net Income (Loss) Attributable to Parent	$ (29,324)	$ 27,253
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)
Less: Dividends paid on unvested restricted shares	(13)	(312)
Less: Undistributed Earnings allocated to unvested restricted shares	0	0
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (35,616)	$ 20,662
Denominator:
Weighted-average number of common shares - basic (in shares)	167,149,733	172,796,998
Unvested restricted shares (in shares)	0	59,232
Weighted-average number of common shares - diluted (in shares)	167,149,733	172,856,230
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.21)	$ 0.12
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (0.21)	$ 0.12

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,157,818,000	$ 241,481,000	$ 882,474,000
Restricted cash reserves	43,548,000	54,217,000	44,686,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1,201,366,000	295,698,000	$ 927,160,000	$ 384,842,000
Interest paid	10,625,000	15,701,000
Income taxes paid	104,000	43,000
Operating Lease, Payments	3,763,000	3,589
Supplemental non-cash transactions
Accrued capital expenditures	$ 9,040,000	$ 6,720,000

Subsequent Events (Details)

Subsequent Events (Details)	May 04, 2020hotel	Mar. 31, 2020property	Jun. 30, 2016hotel
Subsequent Event [Line Items]
Number of Real Estate Properties		104	29
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties	57