RLJ Lodging Trust (RLJ) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Sep. 30, 2021
Document Transition Report		false
Entity File Number		001-35169
Entity Registrant Name		RLJ LODGING TRUST
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			166,579,782
Entity Central Index Key		0001511337
Current Fiscal Year End Date		--12-31
Document Fiscal Year Focus		2021
Document Fiscal Period Focus		Q3
Amendment Flag		false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Investment in hotel properties, net	$ 4,258,703	$ 4,486,416
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	6,659	6,798
Cash and cash equivalents	624,551	899,813
Restricted cash reserves	35,763	34,977
Hotel and other receivables, net of allowance of $176 and $292, respectively	28,833	13,346
Operating Lease, Right-of-Use Asset	138,972	142,989
Prepaid expense and other assets	30,763	32,833
Total assets	5,124,244	5,617,172
Liabilities and Equity
Debt, net	2,381,274	2,587,731
Accounts payable and other liabilities	154,266	172,325
Contract with Customer, Liability	20,472	32,177
Operating Lease, Liability	120,635	122,593
Accrued interest	9,061	6,206
Distributions payable	8,372	8,752
Total liabilities	2,694,080	2,929,784
Commitments and Contingencies (Note 12)
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 September 30, 2021 and December 31, 2020	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 166,579,782 and 165,002,752 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,666	1,650
Additional paid-in capital	3,088,323	3,077,142
Accumulated other comprehensive loss	(31,702)	(69,050)
Retained Earnings	(1,011,081)	(710,161)
Total shareholders’ equity	2,414,142	2,666,517
Noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	9,567	13,002
Noncontrolling interest in the Operating Partnership	6,455	7,869
Total noncontrolling interests	16,022	20,871
Total equity	2,430,164	2,687,388
Total liabilities and equity	$ 5,124,244	$ 5,617,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Hotel and other receivables, allowance	$ 90	$ 292
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	166,579,782	165,002,752
Common shares of beneficial interest, shares outstanding	166,579,782	165,002,752
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 233,769,000	$ 83,932,000	$ 547,575,000	$ 382,005,000
Expenses
Depreciation and amortization	47,065,000	48,375,000	140,923,000	146,777,000
Asset Impairment Charges	138,899,000	0	144,845,000	0
Property tax, insurance and other	21,290,000	25,315,000	65,419,000	79,356,000
General and administrative	12,630,000	9,313,000	35,564,000	32,754,000
Transaction costs	(154,000)	(116,000)	101,000	(86,000)
Total operating expenses	368,081,000	160,450,000	744,787,000	574,974,000
Other income (expense), net	676,000	334,000	(8,579,000)	1,193,000
Interest income	222,000	284,000	826,000	3,829,000
Interest expense	(26,933,000)	(25,984,000)	(81,194,000)	(73,591,000)
Gain (loss) on sale of hotel properties, net	1,947,000	391,000	3,133,000	485,000
Gain (Loss) on Extinguishment of Debt	7,100,000	0	893,000	0
Loss before equity in loss from unconsolidated joint ventures	(151,300,000)	(101,493,000)	(282,133,000)	(261,053,000)
Equity in loss from unconsolidated joint ventures	(232,000)	(7,806,000)	(470,000)	(8,196,000)
Loss before income tax expense	(151,532,000)	(109,299,000)	(282,603,000)	(269,249,000)
Income tax expense	(286,000)	(64,620,000)	(554,000)	(51,665,000)
Net loss	(151,818,000)	(173,919,000)	(283,157,000)	(320,914,000)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	3,084,000	(21,000)	4,326,000	1,816,000
Noncontrolling interest in the Operating Partnership	727,000	839,000	1,391,000	1,599,000
Net Income (Loss) Attributable to Parent	(148,007,000)	(173,101,000)	(277,440,000)	(317,499,000)
Preferred dividends	(6,279,000)	(6,279,000)	(18,836,000)	(18,836,000)
Net loss attributable to common shareholders	$ (154,286,000)	$ (179,380,000)	$ (296,276,000)	$ (336,335,000)
Basic and diluted per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.94)	$ (1.10)	$ (1.81)	$ (2.04)
Weighted-average number of common shares - basic (in shares)	164,068,011	163,609,865	163,964,227	164,763,540
Comprehensive loss:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (151,818,000)	$ (173,919,000)	$ (283,157,000)	$ (320,914,000)
Unrealized gain (loss) on interest rate derivatives	4,595,000	5,609,000	26,690,000	(57,450,000)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net		0	10,658,000	0
Comprehensive loss	(147,223,000)	(168,310,000)	(245,809,000)	(378,364,000)
Noncontrolling interest in consolidated joint ventures	3,084,000	(21,000)	4,326,000	1,816,000
Noncontrolling interest in the Operating Partnership	727,000	839,000	1,391,000	1,599,000
Comprehensive loss attributable to RLJ	(143,412,000)	(167,492,000)	(240,092,000)	(374,949,000)
Accumulated Other Comprehensive Income
Comprehensive loss:
Unrealized gain (loss) on interest rate derivatives	4,595,000	5,609,000	26,690,000	(57,450,000)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	0		10,658,000
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	200,051,000	72,545,000	469,377,000	319,290,000
Expenses
Cost of Goods and Services Sold	51,951,000	22,368,000	124,276,000	98,590,000
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	17,013,000	3,831,000	36,238,000	35,870,000
Expenses
Cost of Goods and Services Sold	12,576,000	3,167,000	25,841,000	31,348,000
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	16,705,000	7,556,000	41,960,000	26,845,000
Expenses
Cost of Goods and Services Sold	67,599,000	49,398,000	173,602,000	168,288,000
Management And Franchise Fee Expense
Expenses
Cost of Goods and Services Sold	16,225,000	2,630,000	34,216,000	17,947,000
Hotel [Member]
Expenses
Cost of Goods and Services Sold	$ 148,351,000	$ 77,563,000	$ 357,935,000	$ 316,173,000

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
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)	(320,914)						(1,599)	(1,816)
Unrealized gain (loss) on interest rate derivatives	(57,450)					(57,450)
Redemption of Operating Partnership units	(8)						(8)
Contributions from consolidated joint venture partners	1,264							1,264
Share grants to trustees (in shares)			801,463
Share grants to trustees	0		$ 8	(8)
Amortization of share-based compensation	$ 9,934			9,934
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(133,704)
Shares acquired as part of a share repurchase program (in shares)	(5,489,335)		(5,489,335)
Shares acquired as part of a share repurchase program	$ (62,605)		$ (56)	(62,549)
Forfeiture of restricted stock (in shares)			(8,434)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(4,355)				(4,179)		(176)
Balance (in shares) at Sep. 30, 2020		12,879,475	165,022,236
Balance at Sep. 30, 2020	2,772,068	$ 366,936	$ 1,650	3,073,915	(615,283)	(76,964)	8,301	13,513
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,445)		$ (1)	(1,444)
Net Income (Loss) Attributable to Parent	(317,499)				(317,499)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	0
Equity Incentive Plan
Stock Issued During Period, Value, Conversion of Units	8						8
Balance (in shares) at Jun. 30, 2020		12,879,475	165,092,953
Balance at Jun. 30, 2020	2,945,471	$ 366,936	$ 1,651	3,071,063	(434,242)	(82,573)	9,144	13,492
Increase (Decrease) in Owners' Equity
Net income (loss)	(173,919)						(839)	21
Unrealized gain (loss) on interest rate derivatives	5,609					5,609
Amortization of share-based compensation	3,447			3,447
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(70,717)
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,665)				(1,661)		(4)
Balance (in shares) at Sep. 30, 2020		12,879,475	165,022,236
Balance at Sep. 30, 2020	2,772,068	$ 366,936	$ 1,650	3,073,915	(615,283)	(76,964)	8,301	13,513
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(596)			(595)
Net Income (Loss) Attributable to Parent	(173,101)				(173,101)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	0
Balance (in shares) at Dec. 31, 2020		12,879,475	165,002,752
Balance at Dec. 31, 2020	2,687,388	$ 366,936	$ 1,650	3,077,142	(710,161)	(69,050)	7,869	13,002
Increase (Decrease) in Owners' Equity
Net income (loss)	(283,157)						(1,391)	(4,326)
Unrealized gain (loss) on interest rate derivatives	26,690					26,690
Redemption of Operating Partnership units	(7)						(7)
Contributions from consolidated joint venture partners	891							891
Issuance of restricted stock	0		$ 17	(17)
Issuance of restricted stock (in shares)			1,759,193
Amortization of share-based compensation	13,648			13,648
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(160,310)
Forfeiture of restricted stock (in shares)			(21,853)
Restricted Stock Award, Forfeitures	0		$ 0	0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(4,660)				(4,644)		(16)
Balance (in shares) at Sep. 30, 2021		12,879,475	166,579,782
Balance at Sep. 30, 2021	2,430,164	$ 366,936	$ 1,666	3,088,323	(1,011,081)	(31,702)	6,455	9,567
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,451)		$ (1)	(2,450)
Net Income (Loss) Attributable to Parent	(277,440)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	10,658					10,658
Equity Incentive Plan
Issuance of restricted stock (in shares)			1,759,193
Stock Issued During Period, Value, Conversion of Units	7						7
Balance (in shares) at Jun. 30, 2021		12,879,475	166,626,796
Balance at Jun. 30, 2021	2,579,918	$ 366,936	$ 1,666	3,083,175	(855,106)	(36,297)	7,195	12,349
Increase (Decrease) in Owners' Equity
Net income (loss)	(151,818)						(727)	(3,084)
Unrealized gain (loss) on interest rate derivatives	4,595					4,595
Redemption of Operating Partnership units	(7)						(7)
Contributions from consolidated joint venture partners	302							302
Amortization of share-based compensation	5,524			5,524
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(26,543)
Forfeiture of restricted stock (in shares)			(20,471)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,695)				(1,689)		(6)
Balance (in shares) at Sep. 30, 2021		12,879,475	166,579,782
Balance at Sep. 30, 2021	2,430,164	$ 366,936	$ 1,666	3,088,323	$ (1,011,081)	(31,702)	6,455	$ 9,567
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(376)		$ 0	$ (376)
Net Income (Loss) Attributable to Parent	(148,007)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net						$ 0
Equity Incentive Plan
Stock Issued During Period, Value, Conversion of Units	$ 7						$ 7

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ (283,157,000)	$ (320,914,000)
Adjustments to reconcile net loss to cash flow provided by (used in) operating activities:
Gain on sale of hotel properties, net	(3,133,000)	(485,000)
Gain (Loss) on Extinguishment of Debt	(893,000)	0
Depreciation and amortization	140,923,000	146,777,000
Amortization of deferred financing costs	4,211,000	3,214,000
Other amortization	(2,828,000)	(1,797,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	10,658,000	0
Income (Loss) from Equity Method Investments	470,000	8,196,000
Asset Impairment Charges	144,845,000	0
Amortization of share-based compensation	12,765,000	9,217,000
Deferred income taxes	0	51,447,000
Changes in assets and liabilities:
Hotel and other receivables, net	(15,749,000)	25,460,000
Prepaid expense and other assets	6,665,000	25,164,000
Accounts payable and other liabilities	14,366,000	(23,024,000)
Advance deposits and deferred revenue	(11,751,000)	(20,172,000)
Accrued interest	2,855,000	10,126,000
Net cash flow provided by (used in) operating activities	20,247,000	(86,791,000)
Cash flows from investing activities
Acquisition of hotel property, net	(58,569,000)	0
Proceeds from sales of hotel properties, net	36,217,000	485,000
Improvements and additions to hotel properties	(36,203,000)	(57,645,000)
Purchase deposits	(5,000,000)	0
Contributions to unconsolidated joint ventures	(331,000)	(100,000)
Distributions from unconsolidated joint ventures in excess of earnings	0	1,576,000
Net cash flow used in investing activities	(63,886,000)	(55,684,000)
Cash flows from financing activities
Borrowings under Revolver	0	400,000,000
Repayment of Revolver	(200,000,000)	0
Proceeds from issuances of senior notes	1,000,000,000	0
Redemption of 2025 Senior Notes (including a $9.5 million redemption premium)	(484,402,000)	0
Scheduled mortgage loan principal payments	(1,488,000)	(2,526,000)
Repayments of Term Loans	(356,338,000)	0
Repayments of mortgage loans (including $7.0 million in prepayment premiums)	(149,183,000)	0
Repurchase of common shares under a share repurchase program	0	(62,605,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,451,000)	(1,445,000)
Distributions on preferred shares	(18,836,000)	(18,836,000)
Distributions on common shares	(5,024,000)	(59,351,000)
Distributions on and redemption of Operating Partnership units	(24,000)	(431,000)
Payments of deferred financing costs	(13,982,000)	(2,106,000)
Contributions from consolidated joint venture partners	891,000	1,264,000
Net cash flow (used in) provided by financing activities	(230,837,000)	253,964,000
Net change in cash, cash equivalents, and restricted cash reserves	(274,476,000)	111,489,000
Cash, cash equivalents, and restricted cash reserves, beginning of year	934,790,000	927,160,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 660,314,000	$ 1,038,649,000

General

General	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 September 30, 2021, there were 167,351,613 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 September 30, 2021, the Company owned 98 hotel properties with approximately 22,300 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 94 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 96 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 97 of the 98 hotel properties to its taxable REIT subsidiaries ("TRS"), of which the Company owns a controlling financial interest. As of September 30, 2021, 96 of the Company’s 98 hotels were open, representing 98% of the portfolio. During the three months ended September 30, 2021, the Company temporarily suspended operations at one New Orleans hotel while remediation work is completed from damage caused by Hurricane Ida. COVID-19

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2020 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, 2020. 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 loss, 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, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2021. 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 loss and comprehensive loss, 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 have become more challenging, and actual results could differ from those estimates. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): September 30, 2021 December 31, 2020 Land and improvements $ 1,030,035 $ 1,089,597 Buildings and improvements 4,020,434 4,084,712 Furniture, fixtures and equipment 695,470 697,404 5,745,939 5,871,713 Accumulated depreciation (1,487,236) (1,385,297) Investment in hotel properties, net $ 4,258,703 $ 4,486,416 For the three and nine months ended September 30, 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.9 million and $140.5 million, respectively. For the three and nine months ended September 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $48.2 million and $146.1 million, respectively. Impairments During the nine months ended September 30, 2021, the Company entered into purchase and sale agreements to sell two hotel properties with an aggregate book value of approximately $18.5 million. The Company recorded impairment losses of $5.9 million to write down the hotel properties to fair value during the three months ended March 31, 2021. The sales of these two hotel properties closed in May 2021. The Company evaluated the recoverability of the carrying value of the DoubleTree Metropolitan Hotel New York City and determined that the carrying value of this hotel property was not recoverable. As a result, the Company recorded an impairment loss of $138.9 million to write down the hotel property to its estimated fair value as of September 30, 2021 of $153.0 million. The estimated fair value was determined using the market approach with observable inputs other than quoted prices (Level 2 inputs in the fair value hierarchy as discussed in footnote 10, Fair Value

Acquisition of Hotel Property

Acquisition of Hotel Property	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition of Hotel Property	Acquisition of Hotel Property During the nine months ended September 30, 2021, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 The acquisition of the Hampton Inn and Suites Atlanta Midtown was accounted for as an asset acquisition, whereby approximately $0.8 million of transactions costs were capitalized as part of the cost of the asset acquisition. The allocation of the costs for the property acquired was as follows (in thousands): September 30, 2021 Land and improvements $ 5,983 Buildings and improvements 48,267 Furniture, fixtures and equipment 4,563 Total purchase price $ 58,813 The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets.

Sale of Hotel Properties

Sale of Hotel Properties	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties During the nine months ended September 30, 2021, the Company sold six hotel properties in six separate transactions for a combined sales price of approximately $39.5 million. In connection with these transactions, the Company recorded a net gain of $2.6 million, which is included in gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive loss. The following table discloses the hotel properties that were sold during the nine months ended September 30, 2021: Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 Total 577

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Notes)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint VenturesAs of September 30, 2021 and December 31, 2020, the Company owned 50% interests in joint ventures that owned two hotel properties. During the three months ended September 30, 2020, one of the unconsolidated joint ventures determined the property ground lease will terminate on October 31, 2021. As a result, the Company recorded an impairment loss of $6.5 million to write down the Company's investment in this joint venture. The impairment loss is included in equity in loss from unconsolidated joint ventures in the accompanying consolidated statements of operations and comprehensive loss. On October 31, 2021, the ground lease associated with this unconsolidated joint venture was terminated and the property reverted to the ground lessor. The Company accounts for the investments in its unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in 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 September 30, 2021 and December 31, 2020, 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): September 30, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,359) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 13,018 13,485 Investment in unconsolidated joint ventures $ 6,659 $ 6,798 The following table summarizes the components of the Company's equity in loss from unconsolidated joint ventures (in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Operating loss $ (77) $ (993) $ (3) $ (824) Depreciation of cost in excess of book value (155) (280) (467) (839) Impairment loss — (6,533) — (6,533) Equity in loss from unconsolidated joint ventures $ (232) $ (7,806) $ (470) $ (8,196)

Revenue (Notes)

Revenue (Notes)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the three months ended September 30, 2021 For the three months ended September 30, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 29,782 $ 1,998 $ 2,876 $ 34,656 $ 13,925 $ 496 $ 1,566 $ 15,987 South Florida 21,317 2,738 2,029 26,084 7,743 847 883 9,473 Northern California 21,854 983 1,345 24,182 7,044 123 796 7,963 Chicago 14,308 1,838 691 16,837 6,633 981 289 7,903 New York City 10,601 1,083 505 12,189 3,385 23 106 3,514 Denver 8,776 1,465 259 10,500 2,730 341 274 3,345 Charleston 7,873 896 612 9,381 2,797 302 249 3,348 Houston 7,773 393 1,023 9,189 2,775 29 341 3,145 Washington, DC 8,292 175 562 9,029 3,720 18 273 4,011 Pittsburgh 6,902 1,268 353 8,523 3,958 172 117 4,247 Atlanta 7,173 181 806 8,160 2,288 24 401 2,713 Austin 6,507 345 854 7,706 1,522 53 329 1,904 Louisville 4,960 1,875 658 7,493 742 85 66 893 New Orleans 5,028 3 549 5,580 1,341 1 173 1,515 Orlando 4,282 264 952 5,498 1,299 32 406 1,737 Other 34,623 1,508 2,631 38,762 10,643 304 1,287 12,234 Total $ 200,051 $ 17,013 $ 16,705 $ 233,769 $ 72,545 $ 3,831 $ 7,556 $ 83,932 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 70,319 $ 8,586 $ 5,962 $ 84,867 $ 41,315 $ 5,487 $ 3,126 $ 49,928 Southern California 64,247 3,720 6,807 74,774 42,848 3,627 4,364 50,839 Northern California 45,261 1,628 3,088 49,977 43,271 3,923 2,584 49,778 Chicago 32,831 4,203 1,623 38,657 18,511 3,588 894 22,993 Charleston 19,570 2,357 1,554 23,481 9,271 1,767 740 11,778 Houston 20,344 657 2,460 23,461 15,177 750 1,481 17,408 New York City 20,461 1,366 907 22,734 22,298 2,163 1,105 25,566 Denver 16,496 2,762 816 20,074 10,180 2,615 697 13,492 Washington DC 18,370 263 1,322 19,955 14,475 388 912 15,775 Pittsburgh 16,973 2,211 728 19,912 9,186 1,309 489 10,984 Austin 16,066 884 2,042 18,992 9,555 1,342 2,088 12,985 Atlanta 14,822 332 1,904 17,058 9,326 446 1,124 10,896 Louisville 10,292 3,185 1,681 15,158 6,932 3,863 937 11,732 Orlando 11,249 651 2,671 14,571 7,005 450 1,013 8,468 New Orleans 12,035 32 1,590 13,657 8,651 307 963 9,921 Other 80,041 3,401 6,805 90,247 51,289 3,845 4,328 59,462 Total $ 469,377 $ 36,238 $ 41,960 $ 547,575 $ 319,290 $ 35,870 $ 26,845 $ 382,005

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No As of September 30, 2021, the Company was in compliance with all covenants associated with the 2029 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2029 Senior Notes indenture. 2026 Senior Notes In June 2021, the Operating Partnership issued an aggregate principal amount of $500.0 million of its 3.75% senior secured notes due 2026 (the "2026 Senior Notes") under an indenture, dated as of June 17, 2021, among the Operating Partnership, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. The 2026 Senior Notes will mature on July 1, 2026 and bear interest at a rate of 3.75% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2022. The Company used the net proceeds of the offering of the 2026 Senior Notes to partially repay indebtedness under the Company's Term Loans (as defined below) and secured mortgage indebtedness, as well as for any costs and expenses related thereto. During the nine months ended September 30, 2021, the Company capitalized $8.0 million of deferred financing costs related to the issuance of the 2026 Senior Notes. The 2026 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and the Subsidiary Guarantors. The 2026 Senior Notes are secured, subject to certain permitted liens, by the Collateral, which Collateral also secures the obligations under the 2029 Senior Notes and the Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of the 2026 Senior Notes if the Operating Partnership and the Company achieve compliance with certain financial covenant requirements, after which the 2026 Senior Notes will be unsecured. At any time prior to July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the accrued principal amount thereof plus any unpaid interest earned through the redemption date plus a make-whole premium. At any time on or after July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should redemption occur before July 1, 2025, and (iii) 100.0% of the principal amount should such redemption occur on or after July 1, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The indenture governing the 2026 Senior Notes contains customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indenture. A summary of the various restrictive covenants for the 2026 Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No As of September 30, 2021, the Company was in compliance with all covenants associated with the 2026 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2026 Senior Notes indenture. 2025 Senior Notes The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes." The Company's 2025 Senior Notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate Maturity Date September 30, 2021 December 31, 2020 2025 Senior Notes (1) (2) 6.00% June 2025 $ — $ 495,759 (1) In September 2021, the Company redeemed the 2025 Senior Notes and paid a redemption premium of $9.5 million using the net proceeds from the issuance of the 2029 Senior Notes. The redemption premium is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss. (2) The 2025 Senior Notes included $20.9 million at December 31, 2020 related to acquisition related fair value adjustments on the 2025 Senior Notes. As of the date of redemption of the 2025 Senior Notes, the carrying value of the acquisition related fair value adjustment was $17.7 million. As a result of the redemption, this amount was written off and is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss. Revolver and Term Loans The Company has the following 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"); • $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 • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 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 $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, $150 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans." The Company's credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Revolver (2) 3.53% May 2024 $ 200,000 $ 400,000 $400 Million Term Loan Maturing 2023 (3) 4.73% January 2023 (7) 203,944 400,000 $225 Million Term Loan Maturing 2023 (4) 4.72% January 2023 (8) 114,718 225,000 $150 Million Term Loan Maturing 2023 (5) 4.18% June 2023 100,000 150,000 $400 Million Term Loan Maturing 2025 4.45% May 2025 400,000 400,000 1,018,662 1,575,000 Deferred financing costs, net (6) (4,003) (6,696) Total Revolver and Term Loans, net $ 1,014,659 $ 1,568,304 (1) Interest rate at September 30, 2021 gives effect to interest rate hedges. (2) At September 30, 2021 and December 31, 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. 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) The Company utilized $196.1 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (4) The Company utilized $110.3 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (5) Pursuant to the terms under the Company's credit agreements, the Company utilized $20.8 million of the proceeds from hotel dispositions and $29.2 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. In addition, the Company has the option to extend the maturity one additional year to June 2024. (6) Excludes $3.2 million and $4.1 million as of September 30, 2021 and December 31, 2020, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (7) In September 2021, the Company amended this term loan to include a one-year extension option for approximately $151.7 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. (8) In September 2021, the Company amended this term loan to include a one-year extension option for approximately $73.0 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is not currently required to comply with these covenants, see details below. In June and September 2021, the Company amended its Revolver and Term Loans. The June 2021 amendments extend by one fiscal quarter the suspension of testing of all existing financial maintenance covenants under the Revolver and the Term Loan agreements for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modify certain covenant thresholds. In addition, as part of the Revolver and Term Loans amendment in June 2021, the Company amended the $150 Million Term Loan Maturing 2023 to extend the maturity for $100.0 million of the original principal balance from January 2022 to June 2023 with an option to extend the maturity by one year to June 2024. The applicable margin on the interest rate will be 3.0% for LIBOR loans and 2.0% for base rate loans until the end of the Leverage Relief Period, as defined in the existing credit agreement. After the end of the leverage relief period, the applicable margin will revert to the original leverage- or ratings-based pricing. As part of the Revolver and Term Loans amendment in September 2021, the Company amended the $400 Million Term Loan Maturing 2023 and $225 Million Term Loan Maturing 2023 to include a one-year extension option for approximately $151.7 million and $73.0 million, respectively, of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. In addition, this amendment increased the limits for acquisitions, with the current limits further discussed below. Through the date that the financial statements are delivered for the quarter ending June 30, 2022 (the "Restriction Period"), the Company is subject to various restrictions including, but not limited to, the requirement to pledge the equity interests in certain subsidiaries that own unencumbered properties to secure the Revolver and Term Loans, asset sales, equity issuances and incurrences of indebtedness will, subject to various exceptions, continue to be required to be applied as a mandatory prepayment of certain amounts outstanding under the Revolver and the Term Loans. In addition, the restrictions limit the ability of the Company and its subsidiaries to incur additional indebtedness and make prepayments of indebtedness, increase dividends and distributions, make capital expenditures over $150.0 million in each of the 2021 and 2022 calendar years through the last day of the Restriction Period, and make investments, including certain acquisitions over $450.0 million or $300.0 million, dependent upon the outstanding balance of the Company's Revolver. All of these limitations are subject to various exceptions. The Company is also required to maintain minimum liquidity, as defined in the amendments, of $150.0 million until certain leverage thresholds are met. At the Company's election, the Restriction Period and the Covenant Relief Period may be terminated early if the Company is at such time able to comply with the applicable financial covenants. If the Company assesses that it is unlikely to meet the financial covenant thresholds for periods following the Covenant Relief Period, then the Company will seek an extension of the Covenant Relief Period. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate at September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Mortgage loan (2) 7 3.30 % April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53 % April 2024 (6) 96,000 96,000 Mortgage loan (2) 4 2.84 % April 2024 (6) 85,000 85,000 Mortgage loan (3) 1 — June 2022 (7) — 30,332 Mortgage loan (4) 3 — October 2022 (7) — 86,775 Mortgage loan (5) 1 — October 2022 (8) — 27,972 19 381,000 526,079 Deferred financing costs, net (1,282) (2,411) Total mortgage loans, net $ 379,718 $ 523,668 (1) Interest rate at September 30, 2021 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 $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (4) Includes $0.9 million at December 31, 2020 related to fair value adjustments on the mortgage loans. (5) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options. (7) In June 2021, the Company paid off the mortgage loan(s) in full and paid approximately $5.7 million in prepayment premiums using the proceeds from the issuance of the 2026 Senior Notes. (8) In July 2021, the Company paid off the mortgage loan in full and paid approximately a $1.3 million prepayment premium using the proceeds from the issuance of the 2026 Senior Notes. 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. At September 30, 2021, all three mortgage loans were below the DSCR threshold and were in cash trap events. At September 30, 2021, there was approximately $12.4 million of restricted cash held by lenders due to cash trap events. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Senior Notes $ 11,747 $ 5,942 $ 24,374 $ 17,825 Revolver and Term Loans 11,079 15,730 42,281 39,087 Mortgage loans 2,580 4,368 10,328 13,483 Amortization of deferred financing costs 1,527 1,147 4,211 3,214 Undesignated interest rate swaps — (1,203) — (18) Total interest expense $ 26,933 $ 25,984 $ 81,194 $ 73,591 " id="sjs-B4" xml:space="preserve">Debt The Company's debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 2029 Senior Notes, net $ 494,421 $ — 2026 Senior Notes, net 492,476 — 2025 Senior Notes, net — 495,759 Revolver 200,000 400,000 Term Loans, net 814,659 1,168,304 Mortgage loans, net 379,718 523,668 Debt, net $ 2,381,274 $ 2,587,731 2029 Senior Notes In September 2021, the Operating Partnership issued an aggregate principal amount of $500.0 million of its 4.00% senior secured notes due 2029 (the "2029 Senior Notes") under an indenture, dated as of September 13, 2021, among the Operating Partnership, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. The 2029 Senior Notes will mature on September 15, 2029 and bear interest at a rate of 4.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2022. The Company used the net proceeds of the offering of the 2029 Senior Notes to redeem all of the outstanding 2025 Senior Notes (as defined below), as well as for any redemption premium, unpaid interest, costs and expenses related thereto. During the nine months ended September 30, 2021, the Company capitalized $5.6 million of deferred financing costs related to the issuance of the 2029 Senior Notes. The 2029 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee any indebtedness under the Company’s credit facilities, any additional first lien obligations or certain other bank indebtedness (each, a “Subsidiary Guarantor”). The 2029 Senior Notes are secured, subject to certain permitted liens, by a first priority security interest in all of the equity interests owned by the Operating Partnership and certain of the Subsidiary Guarantors (each, a “Secured Guarantor”) in certain of the other Subsidiary Guarantors (the “Collateral”), which Collateral also secures the obligations under the 2026 Senior Notes and the Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of the 2029 Senior Notes if the Operating Partnership and the Company achieve compliance with certain financial covenant requirements, after which the 2029 Senior Notes will be unsecured. At any time prior to September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the accrued principal amount thereof plus any unpaid interest earned through the redemption date plus a make-whole premium. At any time on or after September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes, in whole or in part, at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 1, 2025, (ii) 101.0% of the principal amount should redemption occur before September 15, 2026, and (iii) 100.0% of the principal amount should such redemption occur on or after September 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the accrued principal amount thereof plus any unpaid interest, subject to certain conditions. The indenture governing the 2029 Senior Notes contains customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indenture. A summary of the various restrictive covenants for the 2029 Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No As of September 30, 2021, the Company was in compliance with all covenants associated with the 2029 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2029 Senior Notes indenture. 2026 Senior Notes In June 2021, the Operating Partnership issued an aggregate principal amount of $500.0 million of its 3.75% senior secured notes due 2026 (the "2026 Senior Notes") under an indenture, dated as of June 17, 2021, among the Operating Partnership, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. The 2026 Senior Notes will mature on July 1, 2026 and bear interest at a rate of 3.75% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2022. The Company used the net proceeds of the offering of the 2026 Senior Notes to partially repay indebtedness under the Company's Term Loans (as defined below) and secured mortgage indebtedness, as well as for any costs and expenses related thereto. During the nine months ended September 30, 2021, the Company capitalized $8.0 million of deferred financing costs related to the issuance of the 2026 Senior Notes. The 2026 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and the Subsidiary Guarantors. The 2026 Senior Notes are secured, subject to certain permitted liens, by the Collateral, which Collateral also secures the obligations under the 2029 Senior Notes and the Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of the 2026 Senior Notes if the Operating Partnership and the Company achieve compliance with certain financial covenant requirements, after which the 2026 Senior Notes will be unsecured. At any time prior to July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the accrued principal amount thereof plus any unpaid interest earned through the redemption date plus a make-whole premium. At any time on or after July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should redemption occur before July 1, 2025, and (iii) 100.0% of the principal amount should such redemption occur on or after July 1, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The indenture governing the 2026 Senior Notes contains customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indenture. A summary of the various restrictive covenants for the 2026 Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No As of September 30, 2021, the Company was in compliance with all covenants associated with the 2026 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2026 Senior Notes indenture. 2025 Senior Notes The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes." The Company's 2025 Senior Notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate Maturity Date September 30, 2021 December 31, 2020 2025 Senior Notes (1) (2) 6.00% June 2025 $ — $ 495,759 (1) In September 2021, the Company redeemed the 2025 Senior Notes and paid a redemption premium of $9.5 million using the net proceeds from the issuance of the 2029 Senior Notes. The redemption premium is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss. (2) The 2025 Senior Notes included $20.9 million at December 31, 2020 related to acquisition related fair value adjustments on the 2025 Senior Notes. As of the date of redemption of the 2025 Senior Notes, the carrying value of the acquisition related fair value adjustment was $17.7 million. As a result of the redemption, this amount was written off and is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss. Revolver and Term Loans The Company has the following 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"); • $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 • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 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 $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, $150 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans." The Company's credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Revolver (2) 3.53% May 2024 $ 200,000 $ 400,000 $400 Million Term Loan Maturing 2023 (3) 4.73% January 2023 (7) 203,944 400,000 $225 Million Term Loan Maturing 2023 (4) 4.72% January 2023 (8) 114,718 225,000 $150 Million Term Loan Maturing 2023 (5) 4.18% June 2023 100,000 150,000 $400 Million Term Loan Maturing 2025 4.45% May 2025 400,000 400,000 1,018,662 1,575,000 Deferred financing costs, net (6) (4,003) (6,696) Total Revolver and Term Loans, net $ 1,014,659 $ 1,568,304 (1) Interest rate at September 30, 2021 gives effect to interest rate hedges. (2) At September 30, 2021 and December 31, 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. 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) The Company utilized $196.1 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (4) The Company utilized $110.3 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (5) Pursuant to the terms under the Company's credit agreements, the Company utilized $20.8 million of the proceeds from hotel dispositions and $29.2 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. In addition, the Company has the option to extend the maturity one additional year to June 2024. (6) Excludes $3.2 million and $4.1 million as of September 30, 2021 and December 31, 2020, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (7) In September 2021, the Company amended this term loan to include a one-year extension option for approximately $151.7 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. (8) In September 2021, the Company amended this term loan to include a one-year extension option for approximately $73.0 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is not currently required to comply with these covenants, see details below. In June and September 2021, the Company amended its Revolver and Term Loans. The June 2021 amendments extend by one fiscal quarter the suspension of testing of all existing financial maintenance covenants under the Revolver and the Term Loan agreements for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modify certain covenant thresholds. In addition, as part of the Revolver and Term Loans amendment in June 2021, the Company amended the $150 Million Term Loan Maturing 2023 to extend the maturity for $100.0 million of the original principal balance from January 2022 to June 2023 with an option to extend the maturity by one year to June 2024. The applicable margin on the interest rate will be 3.0% for LIBOR loans and 2.0% for base rate loans until the end of the Leverage Relief Period, as defined in the existing credit agreement. After the end of the leverage relief period, the applicable margin will revert to the original leverage- or ratings-based pricing. As part of the Revolver and Term Loans amendment in September 2021, the Company amended the $400 Million Term Loan Maturing 2023 and $225 Million Term Loan Maturing 2023 to include a one-year extension option for approximately $151.7 million and $73.0 million, respectively, of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. In addition, this amendment increased the limits for acquisitions, with the current limits further discussed below. Through the date that the financial statements are delivered for the quarter ending June 30, 2022 (the "Restriction Period"), the Company is subject to various restrictions including, but not limited to, the requirement to pledge the equity interests in certain subsidiaries that own unencumbered properties to secure the Revolver and Term Loans, asset sales, equity issuances and incurrences of indebtedness will, subject to various exceptions, continue to be required to be applied as a mandatory prepayment of certain amounts outstanding under the Revolver and the Term Loans. In addition, the restrictions limit the ability of the Company and its subsidiaries to incur additional indebtedness and make prepayments of indebtedness, increase dividends and distributions, make capital expenditures over $150.0 million in each of the 2021 and 2022 calendar years through the last day of the Restriction Period, and make investments, including certain acquisitions over $450.0 million or $300.0 million, dependent upon the outstanding balance of the Company's Revolver. All of these limitations are subject to various exceptions. The Company is also required to maintain minimum liquidity, as defined in the amendments, of $150.0 million until certain leverage thresholds are met. At the Company's election, the Restriction Period and the Covenant Relief Period may be terminated early if the Company is at such time able to comply with the applicable financial covenants. If the Company assesses that it is unlikely to meet the financial covenant thresholds for periods following the Covenant Relief Period, then the Company will seek an extension of the Covenant Relief Period. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate at September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Mortgage loan (2) 7 3.30 % April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53 % April 2024 (6) 96,000 96,000 Mortgage loan (2) 4 2.84 % April 2024 (6) 85,000 85,000 Mortgage loan (3) 1 — June 2022 (7) — 30,332 Mortgage loan (4) 3 — October 2022 (7) — 86,775 Mortgage loan (5) 1 — October 2022 (8) — 27,972 19 381,000 526,079 Deferred financing costs, net (1,282) (2,411) Total mortgage loans, net $ 379,718 $ 523,668 (1) Interest rate at September 30, 2021 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 $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (4) Includes $0.9 million at December 31, 2020 related to fair value adjustments on the mortgage loans. (5) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options. (7) In June 2021, the Company paid off the mortgage loan(s) in full and paid approximately $5.7 million in prepayment premiums using the proceeds from the issuance of the 2026 Senior Notes. (8) In July 2021, the Company paid off the mortgage loan in full and paid approximately a $1.3 million prepayment premium using the proceeds from the issuance of the 2026 Senior Notes. 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. At September 30, 2021, all three mortgage loans were below the DSCR threshold and were in cash trap events. At September 30, 2021, there was approximately $12.4 million of restricted cash held by lenders due to cash trap events. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Senior Notes $ 11,747 $ 5,942 $ 24,374 $ 17,825 Revolver and Term Loans 11,079 15,730 42,281 39,087 Mortgage loans 2,580 4,368 10,328 13,483 Amortization of deferred financing costs 1,527 1,147 4,211 3,214 Undesignated interest rate swaps — (1,203) — (18) Total interest expense $ 26,933 $ 25,984 $ 81,194 $ 73,591

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	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 Maturity September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Swap-cash flow 1.15% April 2021 $ — $ 100,000 $ — $ (398) Swap-cash flow 1.20% April 2021 — 100,000 — (418) Swap-cash flow 2.15% April 2021 — 75,000 — (594) Swap-cash flow 1.91% April 2021 — 75,000 — (523) Swap-cash flow 1.61% June 2021 — 50,000 — (433) Swap-cash flow 1.56% June 2021 — 50,000 — (416) Swap-cash flow 1.71% June 2021 — 50,000 — (462) Swap-cash flow 1.35% September 2021 — 49,000 — (454) Swap-cash flow (1) 2.29% December 2022 200,000 200,000 (5,732) (9,044) Swap-cash flow (2) 2.29% December 2022 125,000 125,000 (3,579) (5,648) Swap-cash flow (3) 2.38% December 2022 87,780 200,000 (2,626) (9,436) Swap-cash flow (4) 2.38% December 2022 36,875 100,000 (1,103) (4,716) Swap-cash flow 2.39% December 2023 75,000 75,000 (3,556) (5,012) Swap-cash flow 2.51% December 2023 75,000 75,000 (3,768) (5,284) Swap-cash flow 2.75% November 2023 100,000 100,000 (5,300) (7,635) Swap-cash flow 1.28% September 2022 100,000 100,000 (1,181) (2,035) Swap-cash flow 1.24% September 2025 150,000 150,000 (2,952) (5,508) Swap-cash flow 1.16% April 2024 50,000 50,000 (952) (1,464) Swap-cash flow 1.20% April 2024 50,000 50,000 (1,007) (1,526) Swap-cash flow 1.15% April 2024 50,000 50,000 (940) (1,450) Swap-cash flow 1.10% April 2024 50,000 50,000 (873) (1,374) Swap-cash flow 0.98% April 2024 25,000 25,000 (356) (596) Swap-cash flow 0.95% April 2024 25,000 25,000 (336) (573) Swap-cash flow 0.93% April 2024 25,000 25,000 (323) (558) Swap-cash flow 0.90% April 2024 25,000 25,000 (303) (535) Swap-cash flow 0.85% December 2024 50,000 50,000 (422) (1,249) Swap-cash flow 0.75% December 2024 50,000 50,000 (257) (1,047) Swap-cash flow 0.65% January 2026 50,000 50,000 358 (662) $ 1,399,655 $ 2,124,000 $ (35,208) $ (69,050) (1) In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $83.8 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $2.8 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $2.8 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (2) In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $47.2 million of the original $125.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $1.6 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $1.6 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (3) In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $112.2 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $2.2 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $2.2 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. (4) In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $63.1 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $4.0 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $4.0 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. As of September 30, 2021 and December 31, 2020, the aggregate fair value of the interest rate swap liabilities of $35.6 million and $69.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of September 30, 2021, the aggregate fair value of the interest rate swap assets of $0.4 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2021
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 2029 Senior Notes, 2026 Senior Notes and 2025 Senior Notes by using publicly available trading prices, which are Level 1 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): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value 2029 Senior Notes, net $ 494,421 $ 501,060 $ — $ — 2026 Senior Notes, net 492,476 503,975 — — 2025 Senior Notes, net — — 495,759 484,229 Revolver and Term Loans, net 1,014,659 1,005,545 1,568,304 1,543,636 Mortgage loans, net 379,718 371,810 523,668 512,118 Debt, net $ 2,381,274 $ 2,382,390 $ 2,587,731 $ 2,539,983 Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 (in thousands): Fair Value at September 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 358 $ — $ 358 Interest rate swap liability — (35,566) — (35,566) Total $ — $ (35,208) $ — $ (35,208) 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, 2020 (in thousands): Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (69,050) $ — $ (69,050) Total $ — $ (69,050) $ — $ (69,050) 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 September 30, 2021, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 is still continuing to provide a full valuation allowance against the deferred tax assets. The Company had no accruals for tax uncertainties as of September 30, 2021 and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, approximately $35.8 million and $35.0 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, insurance and debt obligations where certain lenders held restricted cash due to a cash trap event. In addition, due to the effects of the COVID-19 pandemic on its operations, the Company has worked with the hotel brands, third-party managers and lenders to allow the use of available restricted cash reserves to cover operating shortfalls at certain hotels. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of September 30, 2021, 97 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2021, the Company incurred management fee expense of approximately $7.0 million and $16.4 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred management fee expense of approximately $2.3 million and $10.9 million, respectively. Franchise Agreements As of September 30, 2021, 67 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 loss. For the three and nine months ended September 30, 2021, the Company incurred franchise fee expense of approximately $12.9 million and $30.5 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred franchise fee expense of approximately $4.7 million and $20.3 million, respectively. Wyndham Agreements In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee and received termination payments totaling $36.0 million from Wyndham, which amount is included in advance deposits and deferred revenue in the accompanying consolidated balance sheets. Effective January 1, 2020, the Company began recognizing the termination payments over the estimated term of the transitional agreements as a reduction to management and franchise fee expense in the consolidated statements of operations and comprehensive loss. During the nine months ended September 30, 2021, the Company extended the management and franchise agreements through December 31, 2022 for five and seven Wyndham properties, respectively. For the three and nine months ended September 30, 2021, the Company recognized approximately $3.7 million and $12.7 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments. For the three and nine months ended September 30, 2020, the Company recognized $4.4 million and $13.2 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments. Other

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the nine months ended September 30, 2021, the Company did not repurchase any common shares. During the nine months ended September 30, 2020, the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million. During the nine months ended September 30, 2021 and 2020, the Company declared a cash dividend of $0.01 per common share in each of the first, second and third quarters of 2021 and 2020. Series A Preferred Shares During the nine months ended September 30, 2021 and 2020, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first, second and third quarters of 2021 and 2020. 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. 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 September 30, 2021, 771,831 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	9 Months Ended
	Sep. 30, 2021
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 2021 Equity Incentive Plan (the "2021 Plan"), which was approved by the Company's shareholders on April 30, 2021. The 2021 Plan provides for a maximum of 6,828,527 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 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 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 September 30, 2021 is as follows: 2021 Number of Weighted-Average Unvested at January 1, 2021 1,252,228 $ 15.17 Granted 1,733,358 15.93 Vested (483,148) 16.34 Forfeited (21,853) 12.98 Unvested at September 30, 2021 2,480,585 $ 15.49 For the three and nine months ended September 30, 2021, the Company recognized approximately $3.6 million and $8.5 million, respectively, of share-based compensation expense related to restricted share awards. For the three and nine months ended September 30, 2020, the Company recognized approximately $2.3 million and $6.6 million, respectively, of share-based compensation expense related to restricted share awards. As of September 30, 2021, there was $31.8 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.4 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the nine months ended September 30, 2021 and 2020 was approximately $7.4 million and $4.5 million, respectively. Performance Units From time to time, the Company may award performance units as compensation to officers and employees. The performance units granted prior to 2021 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. 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. The performance units granted in 2021 vest at the end of a three year period. 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 (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. At the end of the performance units measurement period the target criterion is met, 100% of the performance units that are earned will vest immediately. 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. For performance units granted in 2021, the Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 100% of the grant date fair value over three years. A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2018 (1) 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 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% (1) In February 2021, following the end of the measurement period, the Company met certain threshold criterion and the performance units were converted into approximately 26,000 restricted shares. For the three and nine months ended September 30, 2021, the Company recognized approximately $1.5 million and $4.2 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and nine months ended September 30, 2020, the Company recognized approximately $0.9 million and $2.6 million, respectively, of share-based compensation expense related to the performance unit awards. As of September 30, 2021, there was $11.5 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 2.1 years.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2021
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 and nine months ended September 30, 2021 and 2020, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Numerator: Net loss attributable to RLJ $ (148,007) $ (173,101) $ (277,440) $ (317,499) Less: Preferred dividends (6,279) (6,279) (18,836) (18,836) Less: Dividends paid on unvested restricted shares (25) (13) (61) (42) Less: Undistributed earnings attributable to unvested restricted shares — — — — Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (154,311) $ (179,393) $ (296,337) $ (336,377) Denominator: Weighted-average number of common shares - basic and diluted 164,068,011 163,609,865 163,964,227 164,763,540 Net loss per share attributable to common shareholders - basic and diluted $ (0.94) $ (1.10) $ (1.81) $ (2.04)

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the nine months ended September 30, 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 624,551 $ 995,963 Restricted cash reserves 35,763 42,686 Cash, cash equivalents, and restricted cash reserves $ 660,314 $ 1,038,649 Interest paid $ 78,578 $ 64,446 Income taxes paid $ 154 $ 1,495 Operating cash flow lease payments for operating leases $ 8,985 $ 9,013 Supplemental investing and financing transactions In connection with the acquisition of a hotel property, the Company recorded the following: Purchase of hotel property $ 58,000 $ — Transaction costs 813 — Operating prorations (244) — Acquisition of hotel property, net $ 58,569 $ — In connection with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 39,507 $ — Transaction costs (2,158) 485 Operating prorations (1,132) — Proceeds from the sale of hotel properties, net $ 36,217 $ 485 Supplemental non-cash transactions Accrued capital expenditures $ 3,472 $ 6,520

Subsequent Events (Notes)

Subsequent Events (Notes)	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 18, 2021, the Company acquired the 205-room AC Hotel by Marriott Boston Downtown, located in Boston, Massachusetts, for $89.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 loss, 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, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2021. 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
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 have become more challenging, and actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.
Management Agreements	Management Agreements As of September 30, 2021, 97 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one
Franchise Agreements	Franchise Agreements As of September 30, 2021, 67 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.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares 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 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.
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 and nine months ended September 30, 2021 and 2020, 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)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): September 30, 2021 December 31, 2020 Land and improvements $ 1,030,035 $ 1,089,597 Buildings and improvements 4,020,434 4,084,712 Furniture, fixtures and equipment 695,470 697,404 5,745,939 5,871,713 Accumulated depreciation (1,487,236) (1,385,297) Investment in hotel properties, net $ 4,258,703 $ 4,486,416

Acquisition of Hotel Property (

Acquisition of Hotel Property (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Property Acquisitions	During the nine months ended September 30, 2021, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000
Schedule of Asset Acquisition, Property Allocation Cost	The allocation of the costs for the property acquired was as follows (in thousands): September 30, 2021 Land and improvements $ 5,983 Buildings and improvements 48,267 Furniture, fixtures and equipment 4,563 Total purchase price $ 58,813

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed of during period	The following table discloses the hotel properties that were sold during the nine months ended September 30, 2021: Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 Total 577

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Components of Investment In Unconsolidated Entities	The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): September 30, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,359) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 13,018 13,485 Investment in unconsolidated joint ventures $ 6,659 $ 6,798
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities	The following table summarizes the components of the Company's equity in loss from unconsolidated joint ventures (in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Operating loss $ (77) $ (993) $ (3) $ (824) Depreciation of cost in excess of book value (155) (280) (467) (839) Impairment loss — (6,533) — (6,533) Equity in loss from unconsolidated joint ventures $ (232) $ (7,806) $ (470) $ (8,196)

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the three months ended September 30, 2021 For the three months ended September 30, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 29,782 $ 1,998 $ 2,876 $ 34,656 $ 13,925 $ 496 $ 1,566 $ 15,987 South Florida 21,317 2,738 2,029 26,084 7,743 847 883 9,473 Northern California 21,854 983 1,345 24,182 7,044 123 796 7,963 Chicago 14,308 1,838 691 16,837 6,633 981 289 7,903 New York City 10,601 1,083 505 12,189 3,385 23 106 3,514 Denver 8,776 1,465 259 10,500 2,730 341 274 3,345 Charleston 7,873 896 612 9,381 2,797 302 249 3,348 Houston 7,773 393 1,023 9,189 2,775 29 341 3,145 Washington, DC 8,292 175 562 9,029 3,720 18 273 4,011 Pittsburgh 6,902 1,268 353 8,523 3,958 172 117 4,247 Atlanta 7,173 181 806 8,160 2,288 24 401 2,713 Austin 6,507 345 854 7,706 1,522 53 329 1,904 Louisville 4,960 1,875 658 7,493 742 85 66 893 New Orleans 5,028 3 549 5,580 1,341 1 173 1,515 Orlando 4,282 264 952 5,498 1,299 32 406 1,737 Other 34,623 1,508 2,631 38,762 10,643 304 1,287 12,234 Total $ 200,051 $ 17,013 $ 16,705 $ 233,769 $ 72,545 $ 3,831 $ 7,556 $ 83,932 For the nine months ended September 30, 2021 For the nine months ended September 30, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 70,319 $ 8,586 $ 5,962 $ 84,867 $ 41,315 $ 5,487 $ 3,126 $ 49,928 Southern California 64,247 3,720 6,807 74,774 42,848 3,627 4,364 50,839 Northern California 45,261 1,628 3,088 49,977 43,271 3,923 2,584 49,778 Chicago 32,831 4,203 1,623 38,657 18,511 3,588 894 22,993 Charleston 19,570 2,357 1,554 23,481 9,271 1,767 740 11,778 Houston 20,344 657 2,460 23,461 15,177 750 1,481 17,408 New York City 20,461 1,366 907 22,734 22,298 2,163 1,105 25,566 Denver 16,496 2,762 816 20,074 10,180 2,615 697 13,492 Washington DC 18,370 263 1,322 19,955 14,475 388 912 15,775 Pittsburgh 16,973 2,211 728 19,912 9,186 1,309 489 10,984 Austin 16,066 884 2,042 18,992 9,555 1,342 2,088 12,985 Atlanta 14,822 332 1,904 17,058 9,326 446 1,124 10,896 Louisville 10,292 3,185 1,681 15,158 6,932 3,863 937 11,732 Orlando 11,249 651 2,671 14,571 7,005 450 1,013 8,468 New Orleans 12,035 32 1,590 13,657 8,651 307 963 9,921 Other 80,041 3,401 6,805 90,247 51,289 3,845 4,328 59,462 Total $ 469,377 $ 36,238 $ 41,960 $ 547,575 $ 319,290 $ 35,870 $ 26,845 $ 382,005

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 2029 Senior Notes, net $ 494,421 $ — 2026 Senior Notes, net 492,476 — 2025 Senior Notes, net — 495,759 Revolver 200,000 400,000 Term Loans, net 814,659 1,168,304 Mortgage loans, net 379,718 523,668 Debt, net $ 2,381,274 $ 2,587,731
Schedule of Senior Notes	The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes." The Company's 2025 Senior Notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate Maturity Date September 30, 2021 December 31, 2020 2025 Senior Notes (1) (2) 6.00% June 2025 $ — $ 495,759 (1) In September 2021, the Company redeemed the 2025 Senior Notes and paid a redemption premium of $9.5 million using the net proceeds from the issuance of the 2029 Senior Notes. The redemption premium is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss.
Schedule of Revolver and Term Loans	The Company's credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Revolver (2) 3.53% May 2024 $ 200,000 $ 400,000 $400 Million Term Loan Maturing 2023 (3) 4.73% January 2023 (7) 203,944 400,000 $225 Million Term Loan Maturing 2023 (4) 4.72% January 2023 (8) 114,718 225,000 $150 Million Term Loan Maturing 2023 (5) 4.18% June 2023 100,000 150,000 $400 Million Term Loan Maturing 2025 4.45% May 2025 400,000 400,000 1,018,662 1,575,000 Deferred financing costs, net (6) (4,003) (6,696) Total Revolver and Term Loans, net $ 1,014,659 $ 1,568,304 (1) Interest rate at September 30, 2021 gives effect to interest rate hedges. (2) At September 30, 2021 and December 31, 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. 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) The Company utilized $196.1 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (4) The Company utilized $110.3 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. (5) Pursuant to the terms under the Company's credit agreements, the Company utilized $20.8 million of the proceeds from hotel dispositions and $29.2 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. In addition, the Company has the option to extend the maturity one additional year to June 2024. (6) Excludes $3.2 million and $4.1 million as of September 30, 2021 and December 31, 2020, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (7) In September 2021, the Company amended this term loan to include a one-year extension option for approximately $151.7 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions.
Schedule Of Debt Instrument Covenants	A summary of the various restrictive covenants for the 2029 Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No A summary of the various restrictive covenants for the 2026 Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x No The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
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 September 30, 2021 (1) Maturity Date September 30, 2021 December 31, 2020 Mortgage loan (2) 7 3.30 % April 2022 (6) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53 % April 2024 (6) 96,000 96,000 Mortgage loan (2) 4 2.84 % April 2024 (6) 85,000 85,000 Mortgage loan (3) 1 — June 2022 (7) — 30,332 Mortgage loan (4) 3 — October 2022 (7) — 86,775 Mortgage loan (5) 1 — October 2022 (8) — 27,972 19 381,000 526,079 Deferred financing costs, net (1,282) (2,411) Total mortgage loans, net $ 379,718 $ 523,668 (1) Interest rate at September 30, 2021 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 $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (4) Includes $0.9 million at December 31, 2020 related to fair value adjustments on the mortgage loans. (5) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (6) The mortgage loan provides two one year extension options. (7) In June 2021, the Company paid off the mortgage loan(s) in full and paid approximately $5.7 million in prepayment premiums using the proceeds from the issuance of the 2026 Senior Notes.
Schedule of Interest Expense Components	The components of the Company's interest expense consisted of the following (in thousands): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Senior Notes $ 11,747 $ 5,942 $ 24,374 $ 17,825 Revolver and Term Loans 11,079 15,730 42,281 39,087 Mortgage loans 2,580 4,368 10,328 13,483 Amortization of deferred financing costs 1,527 1,147 4,211 3,214 Undesignated interest rate swaps — (1,203) — (18) Total interest expense $ 26,933 $ 25,984 $ 81,194 $ 73,591

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 Maturity September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Swap-cash flow 1.15% April 2021 $ — $ 100,000 $ — $ (398) Swap-cash flow 1.20% April 2021 — 100,000 — (418) Swap-cash flow 2.15% April 2021 — 75,000 — (594) Swap-cash flow 1.91% April 2021 — 75,000 — (523) Swap-cash flow 1.61% June 2021 — 50,000 — (433) Swap-cash flow 1.56% June 2021 — 50,000 — (416) Swap-cash flow 1.71% June 2021 — 50,000 — (462) Swap-cash flow 1.35% September 2021 — 49,000 — (454) Swap-cash flow (1) 2.29% December 2022 200,000 200,000 (5,732) (9,044) Swap-cash flow (2) 2.29% December 2022 125,000 125,000 (3,579) (5,648) Swap-cash flow (3) 2.38% December 2022 87,780 200,000 (2,626) (9,436) Swap-cash flow (4) 2.38% December 2022 36,875 100,000 (1,103) (4,716) Swap-cash flow 2.39% December 2023 75,000 75,000 (3,556) (5,012) Swap-cash flow 2.51% December 2023 75,000 75,000 (3,768) (5,284) Swap-cash flow 2.75% November 2023 100,000 100,000 (5,300) (7,635) Swap-cash flow 1.28% September 2022 100,000 100,000 (1,181) (2,035) Swap-cash flow 1.24% September 2025 150,000 150,000 (2,952) (5,508) Swap-cash flow 1.16% April 2024 50,000 50,000 (952) (1,464) Swap-cash flow 1.20% April 2024 50,000 50,000 (1,007) (1,526) Swap-cash flow 1.15% April 2024 50,000 50,000 (940) (1,450) Swap-cash flow 1.10% April 2024 50,000 50,000 (873) (1,374) Swap-cash flow 0.98% April 2024 25,000 25,000 (356) (596) Swap-cash flow 0.95% April 2024 25,000 25,000 (336) (573) Swap-cash flow 0.93% April 2024 25,000 25,000 (323) (558) Swap-cash flow 0.90% April 2024 25,000 25,000 (303) (535) Swap-cash flow 0.85% December 2024 50,000 50,000 (422) (1,249) Swap-cash flow 0.75% December 2024 50,000 50,000 (257) (1,047) Swap-cash flow 0.65% January 2026 50,000 50,000 358 (662) $ 1,399,655 $ 2,124,000 $ (35,208) $ (69,050) (1) In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $83.8 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $2.8 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $2.8 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (2) In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $47.2 million of the original $125.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $1.6 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $1.6 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (3) In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $112.2 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $2.2 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $2.2 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair value of the Company's debt was as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value 2029 Senior Notes, net $ 494,421 $ 501,060 $ — $ — 2026 Senior Notes, net 492,476 503,975 — — 2025 Senior Notes, net — — 495,759 484,229 Revolver and Term Loans, net 1,014,659 1,005,545 1,568,304 1,543,636 Mortgage loans, net 379,718 371,810 523,668 512,118 Debt, net $ 2,381,274 $ 2,382,390 $ 2,587,731 $ 2,539,983
Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 (in thousands): Fair Value at September 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 358 $ — $ 358 Interest rate swap liability — (35,566) — (35,566) Total $ — $ (35,208) $ — $ (35,208) 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, 2020 (in thousands): Fair Value at December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap liability $ — $ (69,050) $ — $ (69,050) Total $ — $ (69,050) $ — $ (69,050)

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
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 Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2018 (1) 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 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% (1) In February 2021, following the end of the measurement period, the Company met certain threshold criterion and the performance units were converted into approximately 26,000 restricted shares.
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of September 30, 2021 is as follows: 2021 Number of Weighted-Average Unvested at January 1, 2021 1,252,228 $ 15.17 Granted 1,733,358 15.93 Vested (483,148) 16.34 Forfeited (21,853) 12.98 Unvested at September 30, 2021 2,480,585 $ 15.49

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Numerator: Net loss attributable to RLJ $ (148,007) $ (173,101) $ (277,440) $ (317,499) Less: Preferred dividends (6,279) (6,279) (18,836) (18,836) Less: Dividends paid on unvested restricted shares (25) (13) (61) (42) Less: Undistributed earnings attributable to unvested restricted shares — — — — Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (154,311) $ (179,393) $ (296,337) $ (336,377) Denominator: Weighted-average number of common shares - basic and diluted 164,068,011 163,609,865 163,964,227 164,763,540 Net loss per share attributable to common shareholders - basic and diluted $ (0.94) $ (1.10) $ (1.81) $ (2.04)

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the nine months ended September 30, 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 624,551 $ 995,963 Restricted cash reserves 35,763 42,686 Cash, cash equivalents, and restricted cash reserves $ 660,314 $ 1,038,649 Interest paid $ 78,578 $ 64,446 Income taxes paid $ 154 $ 1,495 Operating cash flow lease payments for operating leases $ 8,985 $ 9,013 Supplemental investing and financing transactions In connection with the acquisition of a hotel property, the Company recorded the following: Purchase of hotel property $ 58,000 $ — Transaction costs 813 — Operating prorations (244) — Acquisition of hotel property, net $ 58,569 $ — In connection with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 39,507 $ — Transaction costs (2,158) 485 Operating prorations (1,132) — Proceeds from the sale of hotel properties, net $ 36,217 $ 485 Supplemental non-cash transactions Accrued capital expenditures $ 3,472 $ 6,520

General (Details)

General (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)statepropertyroom$ / sharesshares	Jun. 30, 2021$ / shares	Jun. 30, 2020$ / shares	Sep. 30, 2021USD ($)statepropertyroomshares	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017hotel
Sale of Stock
OP units outstanding (in units) | shares	167,351,613			167,351,613
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	98			98				29
Number of hotel rooms owned | room	22,300			22,300
Number of states in which hotels owned by the entity are located | state	23			23
Equity Method Investment, Ownership Percentage	50.00%			50.00%
Dividends | $ / shares	$ 0.01	$ 0.01	$ 0.33
Cash and cash equivalents | $	$ 624,551,000			$ 624,551,000	$ 899,813,000	$ 995,963,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $	$ 660,314,000			$ 660,314,000	$ 934,790,000	$ 1,038,649,000	$ 927,160,000
Number of open real estate properties	96			96
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	94			94
Hotel property ownership interest (as a percent)				100.00%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96			96
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	2			2	2
Equity Method Investment, Ownership Percentage	50.00%			50.00%	50.00%
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	97			97
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%
Ninety Eight Percent Owned
Sale of Stock
Hotel property ownership interest (as a percent)				98.00%
Line of Credit | The Revolver
Sale of Stock
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 600,000,000			$ 600,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Sep. 30, 2021USD ($)joint_venture	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Real Estate Interests, Number of Joint Ventures | joint_venture	2
Equity Method Investment, Ownership Percentage	50.00%
Operating Lease, Right-of-Use Asset	$ 138,972	$ 142,989
Accounts payable and other liabilities	154,266	172,325
Operating Lease, Liability	$ 120,635	$ 122,593

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Land and improvements	$ 1,030,035		$ 1,030,035		$ 1,089,597
Buildings and improvements	4,020,434		4,020,434		4,084,712
Furniture, fixtures and equipment	695,470		695,470		697,404
Investment in hotel properties, gross	5,745,939		5,745,939		5,871,713
Accumulated depreciation	(1,487,236)		(1,487,236)		(1,385,297)
Investment in hotel properties, net	4,258,703		4,258,703		$ 4,486,416
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	46,900	$ 48,200	140,500	$ 146,100
Impairment of Real Estate			5,900
Other Real Estate	18,500		18,500
Doubletree Metropolitan Hotel New York City (Joint Venture)
Property, Plant and Equipment [Line Items]
Impairment of Real Estate			138,900
Estimated fair value	$ 153,000		$ 153,000

Acquisition of Hotel Property -

Acquisition of Hotel Property - Additional Information (Details) - USD ($) $ in Thousands	Aug. 05, 2021	Sep. 30, 2021	Sep. 30, 2020
Schedule of Asset Acquisition [Line Items]
Transaction costs		$ 813	$ 0
Hampton Inn and Suites Atlanta Midtown
Schedule of Asset Acquisition [Line Items]
Interest acquired		100.00%
Transaction costs	$ 800

Acquisition of Hotel Property_2

Acquisition of Hotel Property - Property Acquired (Details) $ in Thousands	Aug. 05, 2021USD ($)room	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Schedule of Asset Acquisition [Line Items]
Purchase price		$ 58,000	$ 0
Hampton Inn and Suites Atlanta Midtown
Schedule of Asset Acquisition [Line Items]
Number of rooms | room	186
Purchase price	$ 58,000

Acquisition of Hotel Property_3

Acquisition of Hotel Property - Purchase Price Allocation for Asset Acquisition (Details) - Hampton Inn and Suites Atlanta Midtown $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Schedule of Asset Acquisition [Line Items]
Total purchase price	$ 58,813
Land and improvements
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	5,983
Buildings and improvements
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	48,267
Furniture, fixtures and equipment
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	$ 4,563

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)hotel	Sep. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net	$ 36,217	$ 485
Disposals 2021
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	$ 39,500
Gain (Loss) on Disposition of Assets	$ (2,600)

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2017hotel
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%			50.00%
Number of Real Estate Properties	98			98		29
Equity Method Investments	$ 6,659	$ 6,798		$ 6,659
Equity in loss from unconsolidated joint ventures	$ (232)		$ (7,806)	$ (470)	$ (8,196)
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%		50.00%
Number of Real Estate Properties | property	2	2		2
Impairment loss to write down investment in joint venture		$ 6,500
Operating loss
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ (6,359)	(6,687)		$ (6,359)
Equity in loss from unconsolidated joint ventures	(77)		(993)	(3)	(824)
Depreciation of cost in excess of book value
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	13,018	$ 13,485		13,018
Equity in loss from unconsolidated joint ventures	(155)		(280)	(467)	(839)
Impairment loss
Schedule of Equity Method Investments [Line Items]
Equity in loss from unconsolidated joint ventures	$ 0		$ (6,533)	$ 0	$ (6,533)

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 233,769	$ 83,932	$ 547,575	$ 382,005
Southern California
Disaggregation of Revenue [Line Items]
Revenues	34,656	15,987	74,774	50,839
South Florida
Disaggregation of Revenue [Line Items]
Revenues	26,084	9,473	84,867	49,928
Northern California
Disaggregation of Revenue [Line Items]
Revenues	24,182	7,963	49,977	49,778
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	16,837	7,903	38,657	22,993
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	9,029	4,011	19,955	15,775
New York City
Disaggregation of Revenue [Line Items]
Revenues	12,189	3,514	22,734	25,566
Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenues	10,500	3,345	20,074	13,492
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	9,189	3,145	23,461	17,408
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	7,706	1,904	18,992	12,985
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	7,493	893	15,158	11,732
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	38,762	12,234	90,247	59,462
Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenues	8,523	4,247	19,912	10,984
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	9,381	3,348	23,481	11,778
Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenues	5,498	1,737	14,571	8,468
Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenues	8,160	2,713	17,058	10,896
New Orleans
Disaggregation of Revenue [Line Items]
Revenues	5,580	1,515	13,657	9,921
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	200,051	72,545	469,377	319,290
Room Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	29,782	13,925	64,247	42,848
Room Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,317	7,743	70,319	41,315
Room Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,854	7,044	45,261	43,271
Room Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,308	6,633	32,831	18,511
Room Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,292	3,720	18,370	14,475
Room Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,601	3,385	20,461	22,298
Room Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,776	2,730	16,496	10,180
Room Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,773	2,775	20,344	15,177
Room Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,507	1,522	16,066	9,555
Room Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,960	742	10,292	6,932
Room Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,623	10,643	80,041	51,289
Room Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,902	3,958	16,973	9,186
Room Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,873	2,797	19,570	9,271
Room Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,282	1,299	11,249	7,005
Room Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,173	2,288	14,822	9,326
Room Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,028	1,341	12,035	8,651
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,013	3,831	36,238	35,870
Food and Beverage Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,998	496	3,720	3,627
Food and Beverage Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,738	847	8,586	5,487
Food and Beverage Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	983	123	1,628	3,923
Food and Beverage Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,838	981	4,203	3,588
Food and Beverage Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	175	18	263	388
Food and Beverage Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,083	23	1,366	2,163
Food and Beverage Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,465	341	2,762	2,615
Food and Beverage Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	393	29	657	750
Food and Beverage Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	345	53	884	1,342
Food and Beverage Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,875	85	3,185	3,863
Food and Beverage Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,508	304	3,401	3,845
Food and Beverage Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,268	172	2,211	1,309
Food and Beverage Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	896	302	2,357	1,767
Food and Beverage Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	264	32	651	450
Food and Beverage Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	181	24	332	446
Food and Beverage Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3	1	32	307
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,705	7,556	41,960	26,845
Other Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,876	1,566	6,807	4,364
Other Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,029	883	5,962	3,126
Other Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,345	796	3,088	2,584
Other Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691	289	1,623	894
Other Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	562	273	1,322	912
Other Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	505	106	907	1,105
Other Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	259	274	816	697
Other Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,023	341	2,460	1,481
Other Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	854	329	2,042	2,088
Other Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	658	66	1,681	937
Other Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,631	1,287	6,805	4,328
Other Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	353	117	728	489
Other Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	612	249	1,554	740
Other Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	952	406	2,671	1,013
Other Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	806	401	1,904	1,124
Other Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 549	$ 173	$ 1,590	$ 963

Debt (Senior Notes, Term Loans,

Debt (Senior Notes, Term Loans, and Revolver) (Details)	1 Months Ended			3 Months Ended				9 Months Ended
	Sep. 30, 2021USD ($)asset	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)asset$ / shares	Jun. 30, 2021$ / shares	Sep. 30, 2020USD ($)	Jun. 30, 2020$ / shares	Sep. 30, 2021USD ($)asset	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt
Debt, net	$ 2,381,274,000			$ 2,381,274,000				$ 2,381,274,000		$ 2,587,731,000
Unsecured Debt, Gross	1,018,662,000			1,018,662,000				1,018,662,000		1,575,000,000
Unamortized debt issuance costs on term loans	(4,003,000)			(4,003,000)				(4,003,000)		(6,696,000)
Debt Instrument, Covenant, Minimum Liquidity Level	$ 125,000,000			$ 125,000,000				$ 125,000,000
Dividends | $ / shares				$ 0.01	$ 0.01		$ 0.33
Leverage ratio	0.0700			0.0700				0.0700
Amortization of deferred financing costs				$ 1,527,000		$ 1,147,000		$ 4,211,000	$ 3,214,000
Minimum Liquidity, Cash Holdings Amount	$ 150,000,000			$ 150,000,000				$ 150,000,000
Secured Debt [Member]
Debt
Number of Assets Encumbered | asset	19			19				19
Six Point Zero Zero Percent Due June 2025 [Member] | Unsecured Debt [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage	6.00%			6.00%				6.00%
Senior Unsecured Notes [Member] | Unsecured Debt [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net	$ 17,700,000			$ 17,700,000				$ 17,700,000		20,900,000
Redemption premium	9,500,000
The Revolver | Line of Credit
Debt
Maximum borrowing capacity	600,000,000			600,000,000				$ 600,000,000
Additional maturity term								1 year
Unsecured Debt	$ 200,000,000			$ 200,000,000				$ 200,000,000		400,000,000
Interest Rate	3.53%			3.53%				3.53%
Remaining borrowing capacity	$ 400,000,000			$ 400,000,000				$ 400,000,000		200,000,000
$400 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity	400,000,000			400,000,000				400,000,000
Unsecured Debt	$ 203,944,000			$ 203,944,000				$ 203,944,000		400,000,000
Interest Rate	4.73%			4.73%				4.73%
Extension Option	$ 151,700,000
Extension period	1 year
$225 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 225,000,000			$ 225,000,000				$ 225,000,000
Unsecured Debt	$ 114,718,000			$ 114,718,000				$ 114,718,000		225,000,000
Interest Rate	4.72%			4.72%				4.72%
Extension Option	$ 73,000,000
Extension period	1 year
$150 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 150,000,000			$ 150,000,000				$ 150,000,000
Unsecured Debt	$ 100,000,000			$ 100,000,000				$ 100,000,000		150,000,000
Interest Rate	4.18%			4.18%				4.18%
Repayments of Debt								$ 20,800,000
$150 Million Term Loan Maturing 2023 | Senior Notes [Member]
Debt
Senior Notes	$ 100,000,000			$ 100,000,000				$ 100,000,000
Debt Instrument, Extension Term			1 year
$150 Million Term Loan Maturing 2023 | Senior Notes [Member] | LIBOR
Debt
Basis spread on variable rate (percent)			3.00%
$150 Million Term Loan Maturing 2023 | Senior Notes [Member] | Base Rate
Debt
Debt Instrument, Interest Rate, Stated Percentage	2.00%			2.00%				2.00%
$400 Million Term Loan Maturing 2025 [Member] | Unsecured Debt [Member]
Debt
Maximum borrowing capacity	$ 400,000,000			$ 400,000,000				$ 400,000,000
Unsecured Debt	$ 400,000,000			$ 400,000,000				$ 400,000,000		400,000,000
Interest Rate	4.45%			4.45%				4.45%
Conventional Mortgage Loan
Debt
Unsecured Debt	$ 814,659,000			$ 814,659,000				$ 814,659,000		1,168,304,000
$500 Million Term Loan Maturing 2026 | Senior Notes [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage	3.75%			3.75%				3.75%
Long-term Debt, Gross										0
Senior Notes	$ 500,000,000			$ 500,000,000				$ 500,000,000
Amortization of deferred financing costs								8,000,000
$500 Million Term Loan Maturing 2026 | Senior Notes [Member] | Debt Instrument, Redemption, Period One
Debt
Repayments of Debt								$ 196,100,000
Debt Instrument, Redemption Price, Percentage								100.00%
$500 Million Term Loan Maturing 2026 | Senior Notes [Member] | Debt Instrument, Redemption, Period Two
Debt
Repayments of Debt								$ 110,300,000
Debt Instrument, Redemption Price, Percentage								101.875%
$500 Million Term Loan Maturing 2026 | Senior Notes [Member] | Debt Instrument, Redemption, Period Three
Debt
Repayments of Debt								$ 29,200,000
Debt Instrument, Redemption Price, Percentage								100.938%
$500 Million Term Loan Maturing 2026 | Senior Notes [Member] | Debt Instrument, Redemption, Period Four
Debt
Debt Instrument, Redemption Price, Percentage								100.00%
$475 Million Term Loan Maturing 2025 | Senior Notes [Member]
Debt
Senior Notes	$ 475,000,000			$ 475,000,000				$ 475,000,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt
Debt Instrument, Termination Costs		$ 1,300,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt
Debt Instrument, Termination Costs			$ 5,700,000
$500 Million Term Loan Maturing 2029 | Senior Notes [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage	4.00%			4.00%				4.00%
Long-term Debt, Gross	$ 494,421,000			$ 494,421,000				$ 494,421,000		0
Senior Notes	500,000,000			500,000,000				500,000,000
Amortization of deferred financing costs								$ 5,600,000
$500 Million Term Loan Maturing 2029 | Senior Notes [Member] | Debt Instrument, Redemption, Period One
Debt
Debt Instrument, Redemption Price, Percentage								100.00%
$500 Million Term Loan Maturing 2029 | Senior Notes [Member] | Debt Instrument, Redemption, Period Two
Debt
Debt Instrument, Redemption Price, Percentage								102.00%
$500 Million Term Loan Maturing 2029 | Senior Notes [Member] | Debt Instrument, Redemption, Period Three
Debt
Debt Instrument, Redemption Price, Percentage								101.00%
$500 Million Term Loan Maturing 2029 | Senior Notes [Member] | Debt Instrument, Redemption, Period Four
Debt
Debt Instrument, Redemption Price, Percentage								100.00%
$500 Million Term Loan Maturing 2029 | Senior Notes [Member] | Debt Instrument, Redemption, Period Five
Debt
Debt Instrument, Redemption Price, Percentage								104.00%
Prepaid expenses and other assets
Debt
Deferred financing costs	3,200,000			3,200,000				$ 3,200,000		4,100,000
Fair Value, Inputs, Level 2 [Member] | $400 Million Term Loan Maturing 2025 [Member] | Senior Notes [Member]
Debt
Long-term Debt, Gross	0			0				0		495,759,000
Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member]
Debt
Secured Debt	379,718,000			379,718,000				379,718,000		523,668,000
Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member]
Debt
Unsecured Debt	$ 1,014,659,000			$ 1,014,659,000				$ 1,014,659,000		$ 1,568,304,000

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details)	1 Months Ended			9 Months Ended
	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Apr. 30, 2019increment	Sep. 30, 2021USD ($)assetloan	Dec. 31, 2020USD ($)
Debt
Mortgage loans, gross				$ 381,000,000	$ 526,079,000
Unamortized debt issuance costs on mortgage loans				$ (1,282,000)	(2,411,000)
Mortgage Loan in Cash Trap Event | loan				3
Lender
Debt
Restricted Cash				$ 12,400,000
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					300,000
Secured Debt [Member] | Wells Fargo 3
Debt
Number of Assets Encumbered | asset				1
Interest Rate				0.00%
Mortgage loans, net				$ 0	30,332,000
Debt Instrument, Fair Value Adjustment, Net					300,000
Secured Debt [Member] | Four Point Nine Five Percent Due October 2022 [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net					900,000
Three Point Four Three Percent Due March 2024 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset				4
Mortgage loans, net				$ 85,000,000	85,000,000
Debt Instrument, Interest Rate, Stated Percentage				2.84%
Three Point Three Two Percent Due April 2022 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset				7
Mortgage loans, net				$ 200,000,000	200,000,000
Debt Instrument, Interest Rate, Stated Percentage				3.30%
Four Point Nine Five Percent Due October 2022 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset				3
Mortgage loans, net				$ 0	86,775,000
Debt Instrument, Interest Rate, Stated Percentage				0.00%
The Revolver | Line of Credit
Debt
Interest Rate				3.53%
Unsecured Debt				$ 200,000,000	400,000,000
Additional maturity term				1 year
Remaining borrowing capacity				$ 400,000,000	200,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 600,000,000
Four Point Nine Four Percent Due October 2022 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset				1
Mortgage loans, net				$ 0	27,972,000
Debt Instrument, Interest Rate, Stated Percentage				0.00%
Four Point Zero Zero Percent Due April 2024 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset				3
Mortgage loans, net				$ 96,000,000	96,000,000
Debt Instrument, Interest Rate, Stated Percentage				2.53%
LIBOR Plus One Point Six Zero Percent [Member] | Secured Debt [Member]
Debt
Additional maturity term			1 year
Number of additional maturity terms | increment			2
$225 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Interest Rate				4.72%
Unsecured Debt				$ 114,718,000	225,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 225,000,000
$400 Million Term Loan Maturing 2025 [Member] | Unsecured Debt [Member]
Debt
Interest Rate				4.45%
Unsecured Debt				$ 400,000,000	$ 400,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 400,000,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt
Debt Instrument, Termination Costs		$ 5,700,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt
Debt Instrument, Termination Costs	$ 1,300,000

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt
Amortization of deferred financing costs	$ 1,527	$ 1,147	$ 4,211	$ 3,214
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	0	(1,203)	0	(18)
Total Interest Expense	26,933	25,984	81,194	73,591
Senior Notes [Member]
Debt
Interest expense	11,747	5,942	24,374	17,825
Secured Debt [Member]
Debt
Interest expense	2,580	4,368	10,328	13,483
Revolver and Term Loans
Debt
Interest expense	$ 11,079	$ 15,730	$ 42,281	$ 39,087

Debt (Covenants) (Details)

Debt (Covenants) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)$ / shares	Jun. 30, 2021$ / shares	Jun. 30, 2020$ / shares
Debt Instrument Covenant [Abstract]
Dividends | $ / shares	$ 0.01	$ 0.01	$ 0.33
Leverage ratio	0.0700
Fixed charge coverage ratio	0.0150
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	45.00%
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60.00%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0200
Debt Instrument, Actual [Abstract]
Leverage ratio	0.0423
Fixed charge coverage ratio	2.52%
Debt Instrument, Actual, Secured Indebtedness Ratio	1.86%
Debt Instrument, Actual, Unsecured Indebtedness Ratio	24.70%
Debt Instrument, Actual, Unsecured Interest Coverage Ratio	0.0169
Debt Instrument, Covenant, Minimum Liquidity Level	$ 125
Revolver and Term Loans | Maximum | Restriction Period
Debt
Payments for capital expenditures	150
Revolver and Term Loans | Maximum | Restriction Period | Debt Instrument, Redemption, Period One
Debt
Payments to acquire businesses	450
Revolver and Term Loans | Maximum | Restriction Period | Debt Instrument, Redemption, Period Two
Debt
Payments to acquire businesses	$ 300
$500 Million Term Loan Maturing 2026 | Senior Notes [Member]
Debt Instrument Covenant [Abstract]
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0150
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio	0.0065
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio	150.00%

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020
Interest Rate Derivatives
Notional value		$ 1,399,655,000		$ 1,399,655,000			$ 2,124,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		(35,208,000)		(35,208,000)			(69,050,000)
Unrealized gains (losses) included in accumulated other comprehensive loss				(35,200,000)			(69,100,000)
Amount of hedge ineffectiveness				0	$ 0	$ 0
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net			$ 0	10,658,000	0
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months		(20,200,000)		(20,200,000)
Designated as Hedging Instrument | Interest Rate Swap, 1.15% [Member]
Interest Rate Derivatives
Notional value		0		0			100,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(398,000)
Interest rate		1.15%		1.15%
Designated as Hedging Instrument | interest Rate Swap, 1.20%
Interest Rate Derivatives
Notional value		$ 0		$ 0			100,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(418,000)
Interest rate		1.20%		1.20%
Designated as Hedging Instrument | Interest Rate Swap, 2.15%
Interest Rate Derivatives
Notional value		$ 0		$ 0			75,000,000
Interest rate swap liability		$ 0		$ 0			594,000
Interest rate		2.15%		2.15%
Designated as Hedging Instrument | Interest Rate Swap 1.91%
Interest Rate Derivatives
Notional value		$ 0		$ 0			75,000,000
Interest rate swap liability		$ 0		$ 0			523,000
Interest rate		1.91%		1.91%
Designated as Hedging Instrument | Interest Rate Swap, 1.61%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0			433,000
Interest rate		1.61%		1.61%
Designated as Hedging Instrument | Interest Rate Swap, 1.56%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(416,000)
Interest rate		1.56%		1.56%
Designated as Hedging Instrument | Interest Rate Swap, 1.71%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0			462,000
Interest rate		1.71%		1.71%
Designated as Hedging Instrument | Interest Rate Swap, 2.29% [Member]
Interest Rate Derivatives
Notional value		$ 200,000,000		$ 200,000,000			200,000,000
Interest rate swap liability		$ 5,732,000		$ 5,732,000			9,044,000
Interest rate		2.29%		2.29%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 2,800,000
Derivative Liability, Notional Amount, Dedesignated Amount		$ 83,800,000		$ 83,800,000
Designated as Hedging Instrument | Interest Rate Swap, 2.290% [Member]
Interest Rate Derivatives
Notional value		125,000,000		125,000,000			125,000,000
Interest rate swap liability		$ 3,579,000		$ 3,579,000			5,648,000
Interest rate		2.29%		2.29%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 1,600,000
Derivative Liability, Notional Amount, Dedesignated Amount		$ 47,200,000		$ 47,200,000
Designated as Hedging Instrument | Interest Rate Swap, 2.38% [Member]
Interest Rate Derivatives
Notional value		87,780,000		87,780,000			200,000,000
Interest rate swap liability		$ 2,626,000		$ 2,626,000			9,436,000
Interest rate		2.38%		2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax				$ 2,200,000
Derivative Liability, Notional Amount, Terminated Amount		$ 112,200,000		112,200,000
Designated as Hedging Instrument | Interest Rate Swap, 2.380% [Member]
Interest Rate Derivatives
Notional value		36,875,000		36,875,000			100,000,000
Interest rate swap liability		$ 1,103,000		$ 1,103,000			4,716,000
Interest rate		2.38%		2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax				$ 4,000,000
Derivative Liability, Notional Amount, Terminated Amount		$ 63,100,000		63,100,000
Designated as Hedging Instrument | Interest Rate Swap, 2.75% [Member]
Interest Rate Derivatives
Notional value		100,000,000		100,000,000			100,000,000
Interest rate swap liability		$ 5,300,000		$ 5,300,000			7,635,000
Interest rate		2.75%		2.75%
Designated as Hedging Instrument | Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000			75,000,000
Interest rate swap liability		$ 3,768,000		$ 3,768,000			5,284,000
Interest rate		2.51%		2.51%
Designated as Hedging Instrument | Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000			75,000,000
Interest rate swap liability		$ 3,556,000		$ 3,556,000			5,012,000
Interest rate		2.39%		2.39%
Designated as Hedging Instrument | Interest Rate Swap, 1.35% [Member]
Interest Rate Derivatives
Notional value		$ 0		$ 0			49,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(454,000)
Interest rate		1.35%		1.35%
Designated as Hedging Instrument | Interest Rate Swap, 1.28% [Member]
Interest Rate Derivatives
Notional value		$ 100,000,000		$ 100,000,000			100,000,000
Interest rate swap liability		$ 1,181,000		$ 1,181,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(2,035,000)
Interest rate		1.28%		1.28%
Designated as Hedging Instrument | Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value		$ 150,000,000		$ 150,000,000			150,000,000
Interest rate swap liability		$ 2,952,000		$ 2,952,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(5,508,000)
Interest rate		1.24%		1.24%
Designated as Hedging Instrument | Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 952,000		$ 952,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,464,000)
Interest rate		1.16%		1.16%
Designated as Hedging Instrument | Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 1,007,000		$ 1,007,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,526,000)
Interest rate		1.20%		1.20%
Designated as Hedging Instrument | Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 940,000		$ 940,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,450,000)
Interest rate		1.15%		1.15%
Designated as Hedging Instrument | Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 873,000		$ 873,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,374,000)
Interest rate		1.10%		1.10%
Designated as Hedging Instrument | Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 356,000		$ 356,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(596,000)
Interest rate		0.98%		0.98%
Designated as Hedging Instrument | Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 336,000		$ 336,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(573,000)
Interest rate		0.95%		0.95%
Designated as Hedging Instrument | Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 323,000		$ 323,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(558,000)
Interest rate		0.93%		0.93%
Designated as Hedging Instrument | Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 303,000		$ 303,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(535,000)
Interest rate		0.90%		0.90%
Designated as Hedging Instrument | Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 422,000		$ 422,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,249,000)
Interest rate		0.85%		0.85%
Designated as Hedging Instrument | Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 257,000		$ 257,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,047,000)
Interest rate		0.75%		0.75%
Designated as Hedging Instrument | Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 358,000		$ 358,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(662,000)
Interest rate		0.65%		0.65%
Interest Expense
Interest Rate Derivatives
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net		$ 5,000,000	$ 6,900,000	$ 18,900,000	$ 13,200,000
Accounts payable and other liabilities | Interest rate swap
Interest Rate Derivatives
Interest rate swap liability		35,600,000		35,600,000			$ 69,100,000
Prepaid expenses and other assets | Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value		$ (400,000)		$ (400,000)

Fair Value (Details)

Fair Value (Details) $ in Thousands	Sep. 30, 2021USD ($)room	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ (35,208)	$ (69,050)
Debt, net	$ 2,381,274	2,587,731
Disposals 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	577
Residence Inn Indianapolis Fishers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	78
Courtyard Houston Sugarland
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	112
Residence Inn Chicago Naperville
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	130
Fairfield Inn & Suites Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	94
Residence Inn Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	78
Courtyard Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room	85
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 2,382,390	2,539,983
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	358
Interest rate swap liability	(35,566)	(69,050)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(35,208)	(69,050)
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	358
Interest rate swap liability	(35,566)	(69,050)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(35,208)	(69,050)
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] | $500 Million Term Loan Maturing 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross		0
Senior Notes [Member] | $500 Million Term Loan Maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	494,421	0
Senior Notes [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	0	484,229
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	1,005,545	1,543,636
Unsecured Debt	1,014,659	1,568,304
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	371,810	512,118
Secured Debt	379,718	523,668
$500 Million Senior Notes Due 2026 | $500 Million Term Loan Maturing 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	492,476	0
$500 Million Senior Notes Due 2026 | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	503,975	0
$500 Million Term Loan Maturing 2029 | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 501,060	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017hotel
Loss Contingencies [Line Items]
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	$ 35,763	$ 42,686	$ 35,763	$ 42,686	$ 34,977
Number of Real Estate Properties	98		98			29
NOI Guarantee Termination Payment			$ 36,000
Reduction of Management Fee Expense	$ 3,700	4,400	$ 12,700	13,200
Severance Costs		8,000		8,200
New York City
Loss Contingencies [Line Items]
Severance Costs		$ 6,700		$ 6,700

Commitments and Contingencies_2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)propertyhotel	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertyhotel	Sep. 30, 2020USD ($)	Dec. 31, 2017hotel
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	97		97
Number of Real Estate Properties	98		98		29
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 | $	$ 7	$ 2.3	$ 16.4	$ 10.9

Commitments and Contingencies_3

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)propertyhotel	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertyhotel	Sep. 30, 2020USD ($)	Dec. 31, 2017hotel
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements | hotel	67		67
Number of Real Estate Properties	98		98		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 | $	$ 12.9	$ 4.7	$ 30.5	$ 20.3

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares)					5,489,335
Stock repurchased during the period, Value					$ 62,605
Dividends declared per common share	$ 0.01	$ 0.01	$ 0.33
Preferred Stock, Shares Authorized	50,000,000			50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01			$ 0.01		$ 0.01
Limited Partners
Equity, Class of Treasury Stock
Remaining limited partner ownership interest in Operating Partnership units (in shares)	771,831			771,831
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Shares Authorized	12,950,000			12,950,000		12,950,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01			$ 0.01		$ 0.01
Preferred Stock, Dividends Per Share, Declared				$ 0.4875	$ 0.04875
DBT Met Hotel Venture LP [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	1.70%			1.70%
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%			5.00%

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)	6,828,527		6,828,527
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)			1,252,228
Granted (in shares)			1,733,358
Vested (in shares)			(483,148)
Forfeited (in shares)			(21,853)
Unvested at the end of the period (in shares)	2,480,585		2,480,585
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 15.17
Granted (in dollars per share)			15.93
Vested (in dollars per share)			16.34
Forfeited (in dollars per share)			12.98
Unvested at the end of the period (in dollars per share)	$ 15.49		$ 15.49
Other Disclosures
Share-based compensation expense	$ 3.6	$ 2.3	$ 8.5	$ 6.6
Total unrecognized compensation costs	$ 31.8		$ 31.8
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 4 months 24 days
Total fair value of shares vested			$ 7.4	4.5
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)	3,985,990		3,985,990
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	$ 1.5	$ 0.9	$ 4.2	$ 2.6
Total unrecognized compensation costs	$ 11.5		$ 11.5
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 1 month 6 days
2020 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)				489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 11.59
Other Disclosures
Fair value assumptions, risk free interest rate				1.08%
Fair value assumptions, expected volatility rate				23.46%
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)			431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 20.90
Other Disclosures
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return			2500.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return			75.00%
Fair value assumptions, risk free interest rate			0.23%
Fair value assumptions, expected volatility rate			69.47%
Percentage of grant date fair value to be recognized over three years			100.00%
Employee service share based compensation cost period of recognition			3 years
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net Income (Loss) Attributable to Parent	$ (148,007)	$ (173,101)	$ (277,440)	$ (317,499)
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(18,836)	(18,836)
Less: Dividends paid on unvested restricted shares	(25)	(13)	(61)	(42)
Less: Undistributed Earnings allocated to unvested restricted shares	0	0	0	0
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (154,311)	$ (179,393)	$ (296,337)	$ (336,377)
Denominator:
Weighted-average number of common shares - basic (in shares)	164,068,011	163,609,865	163,964,227	164,763,540
Weighted-average number of common shares - diluted (in shares)	164,068,011	163,609,865	163,964,227	164,763,540
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.94)	$ (1.10)	$ (1.81)	$ (2.04)
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (0.94)	$ (1.10)	$ (1.81)	$ (2.04)

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 624,551	$ 995,963	$ 899,813
Restricted cash reserves	35,763	42,686	34,977
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	660,314	1,038,649	$ 934,790	$ 927,160
Interest paid	78,578	64,446
Income taxes paid	154	1,495
Operating Lease, Payments	8,985	9,013
In connection with the acquisition of a hotel property, the Company recorded the following:
Purchase of hotel property	58,000	0
Transaction costs	813	0
Operating prorations	(244)	0
Acquisition of hotel property, net	58,569	0
In connection with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	39,507	0
Transaction costs	(2,158)	485
Operating prorations	(1,132)	0
Proceeds from the sale of hotel properties, net	36,217	485
Supplemental non-cash transactions
Accrued capital expenditures	$ 3,472	$ 6,520

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	1 Months Ended
	Oct. 31, 2021USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Real Estate	$ 89