RLJ Lodging Trust (RLJ) 10-K 24 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 17, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,448,288,644
Entity Common Stock, Shares Outstanding		166,478,328
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for our 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2021.
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares of beneficial interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Trading Symbol	RLJ-A
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, D.C.
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Investment in hotel properties, net	$ 4,219,116	$ 4,486,416
Investment in unconsolidated joint ventures	6,522	6,798
Cash and cash equivalents	665,341	899,813
Restricted cash reserves	48,528	34,977
Hotel and other receivables, net of allowance of $274 and $292, respectively	31,091	13,346
Lease right-of-use assets	144,988	142,989
Prepaid expense and other assets	33,390	32,833
Total assets	5,148,976	5,617,172
Liabilities and Equity
Debt, net	2,409,438	2,587,731
Accounts payable and other liabilities	155,136	172,325
Advance deposits and deferred revenue	20,047	32,177
Lease liabilities	123,031	122,593
Accrued interest	19,110	6,206
Distributions payable	8,347	8,752
Total liabilities	2,735,109	2,929,784
Commitments and Contingencies (Note 11)
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 December 31, 2021 and 2020	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 166,503,062 and 165,002,752 shares issued and outstanding at December 31, 2021 and 2020, respectively	1,665	1,650
Additional paid-in capital	3,092,883	3,077,142
Accumulated other comprehensive loss	(17,113)	(69,050)
Distributions in excess of net earnings	(1,046,739)	(710,161)
Total shareholders’ equity	2,397,632	2,666,517
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	9,919	13,002
Noncontrolling interest in the Operating Partnership	6,316	7,869
Total noncontrolling interest	16,235	20,871
Total equity	2,413,867	2,687,388
Total liabilities and equity	$ 5,148,976	$ 5,617,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Hotel and other receivables, allowance (in dollars)	$ 251	$ 598
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, issued (in shares)	0	0
Preferred shares of beneficial interest, outstanding (in shares)	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	166,503,062	165,002,752
Common shares of beneficial interest, outstanding (in shares)	166,503,062	165,002,752
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Limited Liability Company (LLC) Preferred Unit, Liquidation Value	$ 0	$ 0
Series A Cumulative Preferred Stock
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred shares of beneficial interest, issued (in shares)	12,879,475	12,879,475
Preferred shares of beneficial interest, outstanding (in shares)	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 785,664	$ 473,087	$ 1,566,192
Expenses
Total property operating expenses	511,523	391,556	957,210
Depreciation and amortization	187,778	194,168	211,584
Impairment losses	144,845	0	13,500
Property tax, insurance and other	88,852	103,470	119,287
General and administrative	47,526	41,141	45,252
Transaction costs	94	(158)	1,211
Total operating expenses	980,618	730,177	1,348,044
Other (expense) income, net	(7,614)	1,941	1,242
Interest income	996	4,237	8,720
Interest expense	(106,366)	(100,169)	(91,295)
(Loss) gain on sale of hotel properties, net	(2,378)	2,703	(9,300)
Gain (loss) on extinguishment of indebtedness, net	893	0	(214)
(Loss) income before equity in loss from unconsolidated joint ventures	(309,423)	(348,378)	127,301
Equity in loss from unconsolidated joint ventures	(477)	(8,454)	(1,673)
(Loss) income before income tax (expense) benefit	(309,900)	(356,832)	125,628
Income tax (expense) benefit	(1,188)	(51,970)	3,751
Net (loss) income	(311,088)	(408,802)	129,379
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	4,384	2,327	289
Noncontrolling interest in the Operating Partnership	1,536	2,034	(487)
Preferred distributions - consolidated joint venture	0	0	186
Redemption of preferred equity - consolidated joint venture	0	0	(1,153)
Net (loss) income attributable to RLJ	(305,168)	(404,441)	127,842
Preferred dividends	(25,115)	(25,115)	(25,115)
Net (loss) income attributable to common shareholders	$ (330,283)	$ (429,556)	$ 102,727
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (2.01)	$ (2.61)	$ 0.59
Weighted-average number of common shares (in shares)	163,998,390	164,503,661	171,287,086
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (2.01)	$ (2.61)	$ 0.59
Weighted-average number of common shares (in shares)	163,998,390	164,503,661	171,388,476
Comprehensive (loss) income:
Net income	$ (311,088)	$ (408,802)	$ 129,379
Unrealized gain (loss) on interest rate derivatives	41,279	(49,536)	(33,459)
Reclassification of unrealized losses on discontinued cash flow hedges to other (expense) income, net	10,658	0	(2,250)
Comprehensive (loss) income	(259,151)	(458,338)	93,670
Comprehensive (loss) income attributable to RLJ	(253,231)	(453,977)	93,286
Room revenue
Revenues
Revenue	667,853	397,754	1,317,085
Expenses
Total property operating expenses	177,365	124,063	329,077
Food and beverage revenue
Revenues
Revenue	58,994	40,384	177,499
Expenses
Total property operating expenses	41,790	35,220	134,206
Management and franchise fee expense
Expenses
Total property operating expenses	53,276	21,057	120,797
Other revenue
Revenues
Revenue	58,817	34,949	71,608
Expenses
Total property operating expenses	$ 239,092	$ 211,216	$ 373,130

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock	Common Shares of beneficial interest, par value $0.01 per share	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Loss	Operating Partnership	Consolidated Joint Venture	Preferred Equity in a Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2018		12,879,475	174,019,616
Balance at Dec. 31, 2018	$ 3,496,941	$ 366,936	$ 1,740	$ 3,195,381	$ (150,476)	$ 16,195	$ 10,827	$ 11,908	$ 44,430
Increase (Decrease) in Equity
Net income	129,379				127,842		487	(289)	1,339
Net (loss) income attributable to RLJ	127,842
Unrealized gain (loss) on interest rate derivatives	(33,459)					(33,459)
Reclassification of unrealized losses on discontinued cash flow hedges to other (expense) income, net	(2,250)					(2,250)
Redemption of Operating Partnership units, value	(9)						(9)
Issuance of restricted stock (in shares)			530,436
Issuance of restricted stock	0		$ 5	(5)
Amortization of share-based compensation	12,196			12,196
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(103,741)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (1,802)		$ (1)	(1,801)
Number of shares acquired as part of a share repurchase program (in shares)	(4,575,170)		(4,575,170)
Shares acquired as part of a share repurchase program	$ (77,834)		$ (45)	(77,789)
Forfeiture of restricted stock (in shares)			(18,895)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	2,446							2,446
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(228,241)				(227,020)		(1,221)
Preferred distributions - consolidated joint venture	(186)								(186)
Redemption of preferred equity - consolidated joint venture	(45,583)								(45,583)
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	$ 0
Increase (Decrease) in Equity
Net income	(408,802)						(2,034)	(2,327)
Net (loss) income attributable to RLJ	(404,441)				(404,441)
Change in fair market value of designated interest rate swaps	(49,536)					(49,536)
Redemption of Operating Partnership units, shares			0
Redemption of Operating Partnership units, value	(8)		$ 0	0			(8)
Issuance of restricted stock (in shares)			801,463
Issuance of restricted stock	0		$ 8	(8)
Amortization of share-based compensation	13,356			13,356
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(152,629)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (1,641)		$ (2)	(1,639)
Number of 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	$ (62,604)		$ (55)	(62,549)
Forfeiture of restricted stock (in shares)			(8,993)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	1,264							1,264
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(6,009)				(5,836)		(173)
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 Equity
Net income	(311,088)						(1,536)	(4,384)
Net (loss) income attributable to RLJ	(305,168)				(305,168)
Change in fair market value of designated interest rate swaps	41,279					41,279
Reclassification of unrealized losses on discontinued cash flow hedges to other (expense) income, net	10,658
Redemption of Operating Partnership units, shares			0
Redemption of Operating Partnership units, value	(7)		$ 0	0			(7)
Issuance of restricted stock (in shares)			1,765,162
Issuance of restricted stock	0		$ 18	(18)
Amortization of share-based compensation	18,299			18,299
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(166,922)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,543)		$ (2)	(2,541)
Forfeiture of restricted stock (in shares)			(97,930)
Forfeiture of restricted stock	0		$ (1)	1
Contributions from consolidated joint venture partners	1,301							1,301
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(6,305)				(6,295)		(10)
Balance (in shares) at Dec. 31, 2021		12,879,475	166,503,062
Balance at Dec. 31, 2021	$ 2,413,867	$ 366,936	$ 1,665	$ 3,092,883	$ (1,046,739)	$ (17,113)	$ 6,316	$ 9,919

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (311,088)	$ (408,802)	$ 129,379
Adjustments to reconcile net (loss) income to cash flow provided by (used in) operating activities:
Loss (gain) on sale of hotel properties, net	2,378	(2,703)	9,300
(Gain) loss on extinguishment of indebtedness, net	(893)	0	214
Depreciation and amortization	187,778	194,168	211,584
Amortization of deferred financing costs	5,884	4,416	4,100
Other amortization	(2,090)	(2,404)	(2,055)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	10,658	0	0
Unrealized (gain) loss on discontinued cash flow hedges	0	(376)	376
Equity in loss from unconsolidated joint ventures	477	8,454	1,673
Distributions of income from unconsolidated joint ventures	0	0	1,964
Impairment losses	144,845	0	13,500
Amortization of share-based compensation	17,054	12,396	11,459
Deferred income taxes	0	51,447	(6,818)
Changes in assets and liabilities:
Hotel and other receivables, net	(17,969)	26,409	8,813
Prepaid expense and other assets	(1,090)	19,178	(6,335)
Accounts payable and other liabilities	7,203	(48,791)	(10,706)
Advance deposits and deferred revenue	(13,090)	(25,282)	35,766
Accrued interest	12,904	3,182	(4,889)
Net cash flow provided by (used in) operating activities	42,961	(168,708)	397,325
Cash flows from investing activities
Acquisition of hotel properties, net	(174,675)	0	0
Proceeds from the sale of hotel properties, net	198,642	5,169	685,870
Improvements and additions to hotel properties	(48,263)	(73,337)	(157,354)
Contributions to unconsolidated joint ventures	(331)	(100)	(603)
Distributions from unconsolidated joint ventures in excess of earnings	0	(1,576)	(2,499)
Net cash flow (used in) provided by investing activities	(24,627)	(66,692)	530,412
Cash flows from financing activities
Borrowings under Revolver	0	400,000	140,000
Repayments of Revolver	(200,000)	0	(140,000)
Repayments of Unsecured Debt	(356,338)	0	0
Proceeds from Issuance of Senior Long-term Debt	1,000,000	0	0
Repayments of Senior Notes	(484,402)	0	(112)
Proceeds from mortgage loans	0	0	381,000
Scheduled mortgage loan principal payments	(1,486)	(3,376)	(3,979)
Repayments of mortgage loans (including $7.0 million in prepayment premiums in 2021)	(149,183)	0	(374,500)
Repurchase of common shares under a share repurchase program	0	(62,604)	(77,834)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,543)	(1,641)	(1,802)
Distributions on preferred shares	(25,115)	(25,116)	(25,115)
Distributions on common shares	(6,701)	(61,000)	(228,287)
Distributions on and redemption of Operating Partnership units	(18)	(428)	(1,230)
Payments of deferred financing costs	(14,770)	(4,069)	(10,111)
Preferred distributions - consolidated joint venture	0	0	(312)
Redemption of preferred equity - consolidated joint venture	0	0	(45,583)
Contributions from consolidated joint venture partners	1,301	1,264	2,446
Net cash flow (used in) provided by financing activities	(239,255)	243,030	(385,419)
Net change in cash, cash equivalents, and restricted cash reserves	(220,921)	7,630	542,318
Cash, cash equivalents, and restricted cash reserves, beginning of year	934,790	927,160	384,842
Cash, cash equivalents, and restricted cash reserves, end of year	$ (713,869)	$ (934,790)	$ (927,160)

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2021 December 31, 2020 Land and improvements $ 975,688 $ 1,089,597 Buildings and improvements 4,001,875 4,084,712 Furniture, fixtures and equipment 691,057 697,404 5,668,620 5,871,713 Accumulated depreciation (1,449,504) (1,385,297) Investment in hotel properties, net $ 4,219,116 $ 4,486,416 For the years ended December 31, 2021, 2020 and 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $187.2 million, $193.3 million and $209.6 million, respectively. Impairments During the third quarter of 2021, the Company evaluated the recoverability of the carrying amount of the DoubleTree Metropolitan Hotel New York City and recorded an impairment loss of $138.9 million to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sale of this hotel property closed in December 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sale of this hotel property. During the first quarter of 2021, the Company evaluated the recoverability of two hotel properties and recorded an impairment loss of $5.9 million to adjust the hotels’ carrying amounts to their estimated fair values. The fair values were determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sales of these hotel properties closed in May 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sales of these hotel properties.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2021 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 665,341 $ 899,813 $ 882,474 Restricted cash reserves 48,528 34,977 44,686 Cash, cash equivalents, and restricted cash reserves $ 713,869 $ 934,790 $ 927,160 Interest paid $ 92,729 $ 98,511 $ 97,259 Income taxes paid $ 477 $ 1,501 $ 4,090 Operating cash flow lease payments for operating leases $ 12,371 $ 11,813 $ 15,270 Right-of-use asset obtained in exchange for lease obligation due to remeasurement $ — $ 4,100 $ — Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 198,250 $ — $ — Transaction costs 2,014 — — Operating prorations (589) — — Mortgage debt assumed (non-cash financing activity) (25,000) — — Acquisition of hotel properties, net $ 174,675 $ — $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 208,507 $ 4,883 $ 705,681 Transaction costs (8,118) (133) (10,482) Operating prorations (1,747) (98) (9,329) Receipt of forfeited deposit — 517 — Proceeds from the sale of hotel properties, net $ 198,642 $ 5,169 $ 685,870 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 41,279 $ (49,536) $ (33,459) Accrued capital expenditures $ 10,049 $ 7,313 $ 14,234 Distributions payable $ 8,347 $ 8,752 $ 64,165

General

General	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, 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 December 31, 2021, there were 167,274,893 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 December 31, 2021, the Company owned 98 hotel properties with approximately 21,700 rooms, located in 22 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 96 of its hotel properties, a 95.0% controlling interest in The Knickerbocker, and a 50% interest in an entity owning one hotel property. The Company consolidates its real estate interests in the 97 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in one hotel 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. COVID-19

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and 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 one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive (loss) income when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. The Company records an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in the existing accounts receivable portfolio. The Company recognizes increases to the allowance for doubtful accounts as bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable based on the Company's historical collection activity and its understanding of the circumstances related to a specific receivable. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three five years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive (loss) income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive (loss) income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the projected undiscounted future cash flows expected to be generated from the operation and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on a projected undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, sales proceeds in the reversion year, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive (loss) income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Term Loans (as defined in Note 8) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its unsecured revolving credit facility (the "Revolver") on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2021, 2020 and 2019, approximately $5.9 million, $4.4 million and $4.1 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive (loss) income. Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive (loss) income. Transaction costs related to successful dispositions are included in (loss) gain on sale of hotel properties, net, in the consolidated statements of operations and comprehensive (loss) income. All transaction costs incurred in connection with unsuccessful transactions are expensed. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive (loss) income and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) the frequency to which the leased asset is used; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive (loss) income. The variable lease expense incurred by the Company was not based on an index or rate. The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2021 and 2020, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive (loss) income. As of December 31, 2021 and 2020, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owned the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture has a 1.7% third-party ownership interest in the joint venture. This hotel property was sold in December 2021. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture has a 49% third-party ownership interest in the joint venture. On October 31, 2021, the ground lease associated with this hotel property was terminated and the hotel property reverted to the ground lessor. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive (loss) income. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested 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 common share calculation. Share-based Compensation The Company may issue share-based awards as compensation 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 vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the 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 based upon the fair market value of the shares on the date of issuance. 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. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expires on December 31, 2022. Based on the Company's assessment, there was no material impact arising from this guidance and the Company did not elect to apply any of the optional expedients.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: 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 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 $ 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 $ 51,250 561 $ 198,250 (1) In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million. The hotel properties acquired were accounted for as asset acquisitions, whereby approximately $2.0 million of transaction costs were capitalized as part of the cost of the asset acquisitions. The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties

Sale of Hotel Properties	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties In connection with the sale of hotel properties for the years ended December 31, 2021, 2020, and 2019, the Company recorded a net loss of $2.4 million, a net gain of $2.7 million, and a net loss of $9.3 million, respectively. During the year ended December 31, 2021, the Company sold seven hotel properties in seven separate transactions for a combined sales price of approximately $208.5 million. The following hotel properties were sold during the year ended December 31, 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 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341 During the year ended December 31, 2020, the Company sold the 78-room Residence Inn Houston Sugarland for a sale price of approximately $4.9 million. During the year ended December 31, 2019, the Company sold 47 hotel properties in five separate transactions for a combined sales price of approximately $721.0 million. The following hotel properties were sold during the year ended December 31, 2019: Hotel Property Name Location Sale Date Rooms Courtyard Boulder Longmont Longmont, CO June 25, 2019 78 Courtyard Salt Lake City Airport Salt Lake City, UT June 25, 2019 154 Courtyard Fort Lauderdale SW Miramar Miramar, FL June 25, 2019 128 Courtyard Austin Airport Austin, TX June 25, 2019 150 Fairfield Inn & Suites San Antonio Downtown Market San Antonio, TX June 25, 2019 110 Hampton Inn & Suites Clearwater St. Petersburg Clearwater, FL June 25, 2019 128 Hampton Inn Fort Walton Beach Fort Walton, FL June 25, 2019 100 Hampton Inn & Suites Denver Tech Center Denver, CO June 25, 2019 123 Hampton Inn West Palm Beach Airport Central West Palm Beach, FL June 25, 2019 105 Hilton Garden Inn Bloomington Bloomington, IN June 25, 2019 168 Hilton Garden Inn West Palm Beach Airport West Palm Beach, FL June 25, 2019 100 Hilton Garden Inn Durham Raleigh Research Triangle Park Durham, NC June 25, 2019 177 Residence Inn Longmont Boulder Longmont, CO June 25, 2019 84 Residence Inn Detroit Novi Novi, MI June 25, 2019 107 Residence Inn Chicago Oak Brook Oak Brook, IL June 25, 2019 156 Residence Inn Fort Lauderdale Plantation Plantation, FL June 25, 2019 138 Residence Inn Salt Lake City Airport Salt Lake City, UT June 25, 2019 104 Residence Inn San Antonio Downtown Market Square San Antonio, TX June 25, 2019 95 Residence Inn Fort Lauderdale SW Miramar Miramar, FL June 25, 2019 130 Residence Inn Silver Spring Silver Spring, MD June 25, 2019 130 SpringHill Suites Boulder Longmont Longmont, CO June 25, 2019 90 Embassy Suites Myrtle Beach Oceanfront Resort Myrtle Beach, SC June 27, 2019 255 Hilton Myrtle Beach Resort Myrtle Beach, SC June 27, 2019 385 Courtyard Austin Northwest Arboretum Austin, TX August 14, 2019 102 Courtyard Denver West Golden Golden, CO August 14, 2019 110 Courtyard Boulder Louisville Louisville, CO August 14, 2019 154 Courtyard Louisville Northeast Louisville, KY August 14, 2019 114 Courtyard South Bend Mishawaka Mishawaka, IN August 14, 2019 78 Hampton Inn Houston Galleria Houston, TX August 14, 2019 176 Hyatt House Houston Galleria Houston, TX August 14, 2019 147 Hyatt House Austin Arboretum Austin, TX August 14, 2019 131 Hyatt House Dallas Lincoln Park Dallas, TX August 14, 2019 155 Hyatt House Dallas Uptown Dallas, TX August 14, 2019 141 Residence Inn Austin Northwest Arboretum Austin, TX August 14, 2019 84 Residence Inn Austin North Parmer Lane Austin, TX August 14, 2019 88 Residence Inn Denver West Golden Golden, CO August 14, 2019 88 Residence Inn Boulder Louisville Louisville, CO August 14, 2019 88 Residence Inn Louisville Northeast Louisville, KY August 14, 2019 102 SpringHill Suites Austin North Parmer Lane Austin, TX August 14, 2019 132 SpringHill Suites Louisville Hurstbourne North Louisville, KY August 14, 2019 142 SpringHill Suites South Bend Mishawaka Mishawaka, IN August 14, 2019 87 Residence Inn Columbia Columbia, MD September 12, 2019 108 Courtyard Austin South Austin, TX November 22, 2019 110 Fairfield Inn & Suites Austin South Airport Austin, TX November 22, 2019 63 Marriott Austin South Austin, TX November 22, 2019 211 Residence Inn Austin South Austin, TX November 22, 2019 66 SpringHill Suites Austin South Austin, TX November 22, 2019 152 6,024

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2021
Investment in Unconsolidated Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures As of December 31, 2021, the Company owned a 50% interest in a joint venture that owned one hotel property. As of December 31, 2020, the Company owned 50% interests in joint ventures that owned two hotel properties. During the year ended December 31, 2020, one of the unconsolidated joint ventures did not exercise its right to extend the term of the ground lease. As a result, the joint venture recorded a held for use impairment charge during the year ended December 31, 2020, of which the Company's share of $6.5 million was included in equity in loss of unconsolidated entities in the accompanying consolidated statements of operations and comprehensive (loss) income. The ground lease terminated on October 31, 2021 and the hotel property reverted to the ground lessor at that time. During the year ended December 31, 2019, the Company sold two hotels located in Myrtle Beach, South Carolina. In addition, the joint ventures that were associated with these two hotels sold their assets. The Company had owned 50% interests in these joint ventures. The Company recorded a loss of $2.1 million as a result of the joint ventures' sale of their assets, which is included in equity in loss of unconsolidated entities in the accompanying consolidated statements of operations. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sale of the hotels. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in 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 December 31, 2021 and 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): December 31, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,341) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 12,863 13,485 Investment in unconsolidated joint ventures $ 6,522 $ 6,798 The following table summarizes the components of the Company's equity in loss from unconsolidated joint ventures (in thousands): For the year ended December 31, 2021 2020 2019 Operating income (loss) $ 145 $ (913) $ 1,667 Depreciation of cost in excess of book value (622) (995) (1,265) Impairment loss — (6,546) — Loss on sale — — (2,075) Equity in loss from unconsolidated joint ventures $ (477) $ (8,454) $ (1,673)

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087 For the year ended December 31, 2019 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 201,667 $ 19,752 $ 5,875 $ 227,294 Southern California 126,959 15,306 10,030 152,295 New York City 130,702 16,410 4,759 151,871 South Florida 117,252 19,720 8,112 145,084 Austin 76,438 9,453 3,772 89,663 Chicago 70,469 13,102 2,139 85,710 Denver 55,063 12,224 1,351 68,638 Houston 55,955 3,763 4,355 64,073 Washington, DC 59,257 1,703 2,343 63,303 Louisville 40,627 18,246 2,373 61,246 Other 382,696 47,820 26,499 457,015 Total $ 1,317,085 $ 177,499 $ 71,608 $ 1,566,192

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	150.0% Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Interest Coverage Ratio > 1.5x As of December 31, 2021, the Company was in compliance with all covenants associated with the 2029 Senior Notes and 2026 Senior Notes. In addition, failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the indentures. The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes". The 2025 Senior Notes include $20.9 million at December 31, 2020 resulting from an acquisition related fair value adjustment on the 2025 Senior Notes. 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 (loss) on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive (loss) income. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $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"); • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 Million Term Loan Maturing 2022"); 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, the $150 Million Term Loan Maturing 2022, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2021 and 2020, the Company was not required to comply with certain financial covenants, as described below. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) (or equivalent successor rate index) plus an applicable margin. The margin ranges from 1.35% to 2.50%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2021 (1) Maturity Date December 31, 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) (3,658) (6,696) Total Revolver and Term Loans, net $ 1,015,004 $ 1,568,304 (1) Interest rate at December 31, 2021 gives effect to interest rate hedges. (2) At December 31, 2021 and 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. 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. In February 2022, the Company paid off the outstanding balance on the Revolver. (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 $2.9 million and $4.1 million as of December 31, 2021 and 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) ≤ 7.0x N/A (3) Fixed charge coverage ratio (2) ≥ 1.5x N/A (3) Secured indebtedness ratio ≤ 45.0% N/A (3) Unencumbered indebtedness ratio ≤ 60.0% N/A (3) Unencumbered debt service coverage ratio ≥ 2.0x 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, as described below. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspend the 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 the covenant thresholds, subject to certain conditions, for the leverage ratio, unencumbered debt service coverage ratio, and unencumbered indebtedness ratio as follows: • Increasing the maximum leverage ratio to 8.5x for the first two quarters following the Covenant Relief Period, 8.0x for the third and fourth quarters following the Covenant Relief Period, 7.5x for the fifth quarter following the Covenant Relief Period (such period, the "Leverage Relief Period"), and then returning to 7.0x that was in effect prior to the Covenant Relief Period. • Reducing the minimum unencumbered debt service coverage ratio to 1.5x for the first quarter following the Covenant Relief Period, 1.65x for the second quarter following the Covenant Relief Period, and then returning to 2.0x that was in effect prior to the Covenant Relief Period. • Increasing the unencumbered indebtedness ratio to 65% for the first two quarters following the Covenant Relief Period, and then returning to the 60% level that was in effect prior to the Covenant Relief Period. • The Company is required to maintain a minimum liquidity level of $150.0 million. Pursuant to the amendments and through the date that the financial statements are delivered for the quarter ending June 30, 2022 (the "Restriction Period"), the Company is subject to the following restrictions: • The net cash proceeds from asset sales, equity issuances and incurrences of indebtedness will, subject to various exceptions, be required to be applied as a mandatory prepayment of certain amounts outstanding under the Revolver and the Term Loans. • Additional negative covenants that limit the ability of the Company and its subsidiaries to incur additional indebtedness, make prepayments of other indebtedness, make dividends and distributions (with certain exceptions, including for the payment of a quarterly cash dividend of $0.01 per common share, the payment of a quarterly cash dividend on the Company’s Series A Cumulative Convertible Preferred Shares and other payments for purposes of maintaining REIT status) and stock repurchases. In addition, there are limitations on capital expenditures exceeding $150.0 million in 2021 and 2022, and certain acquisitions exceeding $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. • Requirement to pledge the equity interests in certain subsidiaries that own unencumbered properties to secure the Revolver and Term Loans. The equity pledge requirement is also required to be satisfied following the Restriction Period until such time as the leverage ratio is no greater than 6.5x for two consecutive fiscal quarters (the "Covenant Relief Pledged Collateral Period"). • Extension of (1) the mandatory prepayment requirement applicable to dispositions of unencumbered properties through the end of the Covenant Relief Pledged Collateral Period and (2) the requirement to maintain a minimum liquidity level of $150.0 million through the end of the Leverage Relief Period. 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. 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): Principal balance at Number of Assets Encumbered Interest Rate at December 31, 2021 (1) Maturity Date December 31, 2021 December 31, 2020 Mortgage loan (2) 7 3.30% April 2022 (7) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (7) 96,000 96,000 Mortgage loan (2) 4 2.84% April 2024 (7) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,554 — Mortgage loan (4) 1 —% June 2022 (8) — 30,332 Mortgage loan (5) 3 —% October 2022 (8) — 86,775 Mortgage loan (6) 1 —% October 2022 (9) — 27,972 20 408,554 526,079 Deferred financing costs, net (1,062) (2,411) Total mortgage loans, net $ 407,492 $ 523,668 (1) Interest rate at December 31, 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 $2.6 million at December 31, 2021 related to a fair value adjustment on a mortgage loan that was assumed in connection with a hotel property acquisition in December 2021. (4) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (5) Includes $0.9 million at December 31, 2020 related to a fair value adjustments on the mortgage loans. (6) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (7) The mortgage loan provides two one year extension options. (8) 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. (9) 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 and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the DSCR threshold and were in a cash trap event. In addition, the DSCR covenant for one mortgage loan has been waived through December 31, 2022. At December 31, 2021, there was approximately $22.4 million of restricted cash held by lenders due to cash trap events. In February 2022, the restrictions on approximately $10.8 million of the $22.4 million of December 31, 2021 restricted cash were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2021 2020 2019 Senior Notes $ 34,079 $ 23,767 $ 23,793 Revolver and Term Loans 53,097 55,413 42,272 Mortgage loans 13,306 16,949 20,754 Amortization of deferred financing costs 5,884 4,416 4,100 Undesignated interest rate swaps — (376) 376 Total interest expense $ 106,366 $ 100,169 $ 91,295 Future Minimum Principal Payments As of December 31, 2021, the future minimum principal payments were as follows (in thousands): 2022 $ 200,000 2023 418,662 2024 381,000 2025 400,000 2026 500,000 Thereafter 525,000 Total (1) $ 2,424,662 " id="sjs-B4" xml:space="preserve">Debt The Company's debt consisted of the following (in thousands): December 31, 2021 December 31, 2020 Senior Notes, net $ 986,942 $ 495,759 Revolver 200,000 400,000 Term Loans, net 815,004 1,168,304 Mortgage loans, net 407,492 523,668 Debt, net $ 2,409,438 $ 2,587,731 Senior Notes The Company's senior notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2021 Maturity Date December 31, 2021 December 31, 2020 2029 Senior Notes 4.00% September 2029 $ 500,000 $ — 2026 Senior Notes 3.75% July 2026 500,000 — 2025 Senior Notes 6.00% June 2025 — 495,759 1,000,000 495,759 Deferred financing costs, net (13,058) — Total senior notes, net $ 986,942 $ 495,759 In September 2021, the Company 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. 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 year ended December 31, 2021, the Company capitalized $6.1 million of deferred financing costs related to the issuance of the 2029 Senior Notes. At any time prior to September 15, 2024, the Company 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 Company 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. At any time prior to September 15, 2024, the Company 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. In June 2021, the Company 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. 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 year ended December 31, 2021, the Company capitalized $8.1 million of deferred financing costs related to the issuance of the 2026 Senior Notes. At any time prior to July 1, 2023, the Company 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 Company 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. At any time prior to July 1, 2023, the Company may redeem the 2026 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 103.75% of the accrued principal amount thereof plus any unpaid interest, subject to certain conditions. The 2029 Senior Notes and 2026 Senior Notes are each 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, and any additional first lien obligations or certain other bank indebtedness (each, a “Subsidiary Guarantor”). The 2029 Senior Notes and 2026 Senior Notes are each 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 Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of either of the 2029 Senior Notes and 2026 Senior Notes if the Operating Partnership and the Company comply with certain requirements, after which the 2029 Senior Notes and 2026 Senior Notes will be unsecured. The indenture governing the 2029 Senior Notes and the 2026 Senior Notes contains customary covenants that will limit the Company’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 and 2026 Senior Notes are as follows: Covenant Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Interest Coverage Ratio > 1.5x As of December 31, 2021, the Company was in compliance with all covenants associated with the 2029 Senior Notes and 2026 Senior Notes. In addition, failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the indentures. The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes". The 2025 Senior Notes include $20.9 million at December 31, 2020 resulting from an acquisition related fair value adjustment on the 2025 Senior Notes. 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 (loss) on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive (loss) income. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $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"); • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 Million Term Loan Maturing 2022"); 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, the $150 Million Term Loan Maturing 2022, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2021 and 2020, the Company was not required to comply with certain financial covenants, as described below. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) (or equivalent successor rate index) plus an applicable margin. The margin ranges from 1.35% to 2.50%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2021 (1) Maturity Date December 31, 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) (3,658) (6,696) Total Revolver and Term Loans, net $ 1,015,004 $ 1,568,304 (1) Interest rate at December 31, 2021 gives effect to interest rate hedges. (2) At December 31, 2021 and 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. 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. In February 2022, the Company paid off the outstanding balance on the Revolver. (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 $2.9 million and $4.1 million as of December 31, 2021 and 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) ≤ 7.0x N/A (3) Fixed charge coverage ratio (2) ≥ 1.5x N/A (3) Secured indebtedness ratio ≤ 45.0% N/A (3) Unencumbered indebtedness ratio ≤ 60.0% N/A (3) Unencumbered debt service coverage ratio ≥ 2.0x 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, as described below. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspend the 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 the covenant thresholds, subject to certain conditions, for the leverage ratio, unencumbered debt service coverage ratio, and unencumbered indebtedness ratio as follows: • Increasing the maximum leverage ratio to 8.5x for the first two quarters following the Covenant Relief Period, 8.0x for the third and fourth quarters following the Covenant Relief Period, 7.5x for the fifth quarter following the Covenant Relief Period (such period, the "Leverage Relief Period"), and then returning to 7.0x that was in effect prior to the Covenant Relief Period. • Reducing the minimum unencumbered debt service coverage ratio to 1.5x for the first quarter following the Covenant Relief Period, 1.65x for the second quarter following the Covenant Relief Period, and then returning to 2.0x that was in effect prior to the Covenant Relief Period. • Increasing the unencumbered indebtedness ratio to 65% for the first two quarters following the Covenant Relief Period, and then returning to the 60% level that was in effect prior to the Covenant Relief Period. • The Company is required to maintain a minimum liquidity level of $150.0 million. Pursuant to the amendments and through the date that the financial statements are delivered for the quarter ending June 30, 2022 (the "Restriction Period"), the Company is subject to the following restrictions: • The net cash proceeds from asset sales, equity issuances and incurrences of indebtedness will, subject to various exceptions, be required to be applied as a mandatory prepayment of certain amounts outstanding under the Revolver and the Term Loans. • Additional negative covenants that limit the ability of the Company and its subsidiaries to incur additional indebtedness, make prepayments of other indebtedness, make dividends and distributions (with certain exceptions, including for the payment of a quarterly cash dividend of $0.01 per common share, the payment of a quarterly cash dividend on the Company’s Series A Cumulative Convertible Preferred Shares and other payments for purposes of maintaining REIT status) and stock repurchases. In addition, there are limitations on capital expenditures exceeding $150.0 million in 2021 and 2022, and certain acquisitions exceeding $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. • Requirement to pledge the equity interests in certain subsidiaries that own unencumbered properties to secure the Revolver and Term Loans. The equity pledge requirement is also required to be satisfied following the Restriction Period until such time as the leverage ratio is no greater than 6.5x for two consecutive fiscal quarters (the "Covenant Relief Pledged Collateral Period"). • Extension of (1) the mandatory prepayment requirement applicable to dispositions of unencumbered properties through the end of the Covenant Relief Pledged Collateral Period and (2) the requirement to maintain a minimum liquidity level of $150.0 million through the end of the Leverage Relief Period. 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. 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): Principal balance at Number of Assets Encumbered Interest Rate at December 31, 2021 (1) Maturity Date December 31, 2021 December 31, 2020 Mortgage loan (2) 7 3.30% April 2022 (7) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (7) 96,000 96,000 Mortgage loan (2) 4 2.84% April 2024 (7) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,554 — Mortgage loan (4) 1 —% June 2022 (8) — 30,332 Mortgage loan (5) 3 —% October 2022 (8) — 86,775 Mortgage loan (6) 1 —% October 2022 (9) — 27,972 20 408,554 526,079 Deferred financing costs, net (1,062) (2,411) Total mortgage loans, net $ 407,492 $ 523,668 (1) Interest rate at December 31, 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 $2.6 million at December 31, 2021 related to a fair value adjustment on a mortgage loan that was assumed in connection with a hotel property acquisition in December 2021. (4) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (5) Includes $0.9 million at December 31, 2020 related to a fair value adjustments on the mortgage loans. (6) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (7) The mortgage loan provides two one year extension options. (8) 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. (9) 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 and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the DSCR threshold and were in a cash trap event. In addition, the DSCR covenant for one mortgage loan has been waived through December 31, 2022. At December 31, 2021, there was approximately $22.4 million of restricted cash held by lenders due to cash trap events. In February 2022, the restrictions on approximately $10.8 million of the $22.4 million of December 31, 2021 restricted cash were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2021 2020 2019 Senior Notes $ 34,079 $ 23,767 $ 23,793 Revolver and Term Loans 53,097 55,413 42,272 Mortgage loans 13,306 16,949 20,754 Amortization of deferred financing costs 5,884 4,416 4,100 Undesignated interest rate swaps — (376) 376 Total interest expense $ 106,366 $ 100,169 $ 91,295 Future Minimum Principal Payments As of December 31, 2021, the future minimum principal payments were as follows (in thousands): 2022 $ 200,000 2023 418,662 2024 381,000 2025 400,000 2026 500,000 Thereafter 525,000 Total (1) $ 2,424,662

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity December 31, 2021 December 31, 2020 December 31, 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 1.28% September 2022 100,000 100,000 (759) (2,035) Swap-cash flow (1) 2.29% December 2022 200,000 200,000 (4,077) (9,044) Swap-cash flow (2) 2.29% December 2022 125,000 125,000 (2,545) (5,648) Swap-cash flow (3) 2.38% December 2022 87,780 200,000 (1,879) (9,436) Swap-cash flow (4) 2.38% December 2022 36,875 100,000 (789) (4,716) Swap-cash flow 2.75% November 2023 100,000 100,000 (3,893) (7,635) Swap-cash flow 2.51% December 2023 75,000 75,000 (2,692) (5,284) Swap-cash flow 2.39% December 2023 75,000 75,000 (2,504) (5,012) Swap-cash flow 1.24% September 2025 150,000 150,000 (860) (5,508) Swap-cash flow 1.16% April 2024 50,000 50,000 (338) (1,464) Swap-cash flow 1.20% April 2024 50,000 50,000 (387) (1,526) Swap-cash flow 1.15% April 2024 50,000 50,000 (327) (1,450) Swap-cash flow 1.10% April 2024 50,000 50,000 (267) (1,374) Swap-cash flow 0.98% April 2024 25,000 25,000 (61) (596) Swap-cash flow 0.95% April 2024 25,000 25,000 (43) (573) Swap-cash flow 0.93% April 2024 25,000 25,000 (31) (558) Swap-cash flow 0.90% April 2024 25,000 25,000 (13) (535) Swap-cash flow 0.85% December 2024 50,000 50,000 221 (1,249) Swap-cash flow 0.75% December 2024 50,000 50,000 372 (1,047) Swap-cash flow 0.65% January 2026 50,000 50,000 955 (662) $ 1,399,655 $ 2,124,000 $ (19,917) $ (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) income. 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) income. 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 re-designated the remaining portion of 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) income. (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 re-designated the remaining portion of 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) income. As of December 31, 2021 and 2020, the aggregate fair value of the interest rate swap liabilities of $21.5 million and $69.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2021, the aggregate fair value of the interest rate swap assets of $1.5 million was included in prepaid expense and other assets in the accompanying consolidated balance sheet. As of December 31, 2021 and 2020, there was approximately $19.9 million and $69.1 million, respectively, of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the years ended December 31, 2021 and 2020. For the year ended December 31, 2021, approximately $24.1 million of the amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the year ended December 31, 2020, approximately $19.7 million of the amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $16.7 million of the unrealized losses included in accumulated other comprehensive loss at December 31, 2021 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 senior notes by using publicly available trading prices for the Senior Notes, which are Level 1 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 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): December 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 986,942 $ 999,060 $ 495,759 $ 484,229 Revolver and Term Loans, net 1,015,004 1,006,647 1,568,304 1,543,636 Mortgage loans, net 407,492 401,387 523,668 512,118 Debt, net $ 2,409,438 $ 2,407,094 $ 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 December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917) 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 December 31, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases As of December 31, 2021, 13 of Company's hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The ground leases are classified as operating leases. The total ground lease expense was $13.1 million for the year ended December 31, 2021, which consisted of $11.6 million of fixed lease expense and $1.5 million of variable lease expense. The total ground lease expense was $12.4 million for the year ended December 31, 2020, which consisted of $11.6 million of fixed lease expense and $0.8 million of variable lease expense. The total ground lease expense was $15.7 million for the year ended December 31, 2019, which consisted of $11.6 million of fixed lease expense and $4.1 million of variable lease expense. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive (loss) income. The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2021 2020 2019 Wyndham Boston Beacon Hill 2028 — $ 556 $ 400 $ 900 Wyndham San Diego Bayside 2029 — 4,042 4,100 4,800 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 666 300 900 Residence Inn Palo Alto Los Altos 2033 — 86 100 100 Wyndham Pittsburgh University Center 2038 2083 726 700 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,239 1,200 2,400 Wyndham New Orleans French Quarter 2065 — 487 500 500 Courtyard Charleston Historic District 2096 — 1,019 950 1,000 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 555 449 800 Courtyard Waikiki Beach 2112 — 3,742 3,700 3,600 Moxy Denver Cherry Creek (2) 2115 — 5 — — $ 13,123 $ 12,399 $ 15,700 (1) The lease may be extended up to four twenty-five year terms at the Company's option. (2) In connection with the acquisition of this hotel property in December 2021, the Company recognized a lease liability of $3.1 million and related lease right-of-use asset of $7.4 million on the consolidated balance sheet for the ground lease. In order to determine the present value of the future lease payments over the lease term, the Company used an incremental borrowing rate of 6.9%. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2021 2022 $ 11,521 2023 11,617 2024 11,677 2025 11,728 2026 11,003 Thereafter 542,537 Total future lease payments 600,083 Imputed interest (477,052) Lease liabilities $ 123,031 The following table presents certain information related to the Company's operating leases as of December 31, 2021: Weighted average remaining lease term 63 years Weighted average discount rate 7.03 % 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 December 31, 2021 and 2020, approximately $48.5 million and $35.0 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance, and debt obligations where certain lenders held restricted cash due to a cash trap event. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of December 31, 2021, 97 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Aimbridge Hospitality 30 Colwen Management, Inc. 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 19 HEI Hotels and Resorts 1 Highgate Hotels 4 Hyatt Corporation and affiliates 11 InnVentures 3 Marriott International, Inc. 3 Sage Hospitality 6 Urgo Hotels 3 White Lodging Services 8 Wyndham 5 97 Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 2.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive (loss) income. For the years ended December 31, 2021, 2020 and 2019, the Company incurred management fee expense of approximately $24.2 million, $13.2 million and $45.5 million, respectively. Subsequent to the year ended December 31, 2021, four hotel properties that were managed by White Lodging Services were transferred to Hersha Hospitality Management effective February 1, 2022. Franchise Agreements As of December 31, 2021, 67 of the Company's consolidated hotel properties were operated under franchise agreements with initial terms ranging from one Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive (loss) income. For the years ended December 31, 2021, 2020 and 2019, the Company incurred franchise fee expense of approximately $43.2 million, $25.6 million and $75.3 million, respectively. Wyndham Agreements Prior to January 1, 2020, the Wyndham management agreements guaranteed minimum levels of annual net operating income at each of the Wyndham-managed hotels. In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee effective December 31, 2019 and received termination payments totaling $36.0 million from Wyndham. In addition, during the year ended December 31, 2021, the Company extended certain Wyndham management agreements to December 31, 2022. For the years ended December 31, 2021 and 2020, the Company recognized approximately $14.1 million and $17.8 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments over the remaining terms of the management agreements. Other

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 Common Shares authorized for issuance. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million, of which $26.0 million was repurchased under a share repurchase program that expired February 29, 2020 and $36.6 million was repurchased under a share repurchase program that expired on February 28, 2021. During the year ended December 31, 2019, the Company repurchased and retired 4,575,170 common shares for approximately $77.8 million. During each of the years ended December 31, 2021 and 2020, the Company declared a cash dividend of $0.04 per Common Share. During the year ended December 31, 2019, the Company declared a cash dividend of $1.32 per Common Share. Series A Preferred Share Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. During each of the years ended December 31, 2021, 2020 and 2019, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidated the joint venture that owned the DoubleTree Metropolitan Hotel New York City hotel property, which has a third-party partner that owns a noncontrolling 1.7% ownership interest in the joint venture. This hotel property was sold in December 2021. In addition, the Company consolidates the joint venture that owns The Knickerbocker hotel property, 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. As of December 31, 2021, the Operating Partnership had 167,274,893 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2021, the limited partners owned 771,831 OP units. 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. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets. Consolidated Joint Venture Preferred Equity The Company's joint venture that redeveloped The Knickerbocker raised $45.0 million ($44.4 million net of issuance costs) through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. The purchasers received a 3.25% annual return, plus a 0.25% non-compounding annual return that was paid upon redemption. On February 15, 2019, the Company redeemed the preferred equity in full.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan Pursuant to the terms of the 2021 Plan, the Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2021 Plan. 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 under the 2021 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares is as follows: 2021 2020 2019 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 1,252,228 $ 15.17 940,202 $ 20.21 740,792 $ 21.89 Granted 1,739,327 15.92 801,463 11.95 530,436 18.69 Vested (513,342) 16.51 (480,444) 19.59 (312,131) 21.63 Forfeited (97,930) 15.22 (8,993) 18.80 (18,895) 20.03 Unvested at December 31, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21 For the years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $11.9 million, $8.7 million and $8.6 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2021, there was $27.1 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 2.2 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2021, 2020 and 2019 was approximately $7.8 million, $5.2 million and $5.5 million, respectively. Performance Units From time to time, the Company may award performance units under the 2021 Plan as compensation to officers and employees. The performance units granted prior to 2021 vest over a four years 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 restricted shares will vest immediately. The remaining 50% will vest one year later. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units was 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, if 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. The fair value of the performance units was determined using a Monte Carlo simulation. 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 years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $5.2 million, $3.5 million and $2.9 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2021, there was $9.3 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 1.9 years.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per Common Share is calculated by dividing net (loss) 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 (loss) 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 (loss) 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 years ended December 31, 2021, 2020 and 2019, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per Common Share is as follows (in thousands, except share and per share data): For the year ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to RLJ $ (305,168) $ (404,441) $ 127,842 Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (85) (55) (1,342) Less: Undistributed earnings attributable to unvested restricted shares — — — Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (330,368) $ (429,611) $ 101,385 Denominator: Weighted-average number of Common Shares - basic 163,998,390 164,503,661 171,287,086 Unvested restricted shares — — 101,390 Weighted-average number of Common Shares - diluted 163,998,390 164,503,661 171,388,476 Net (loss) income per share attributable to common shareholders - basic $ (2.01) $ (2.61) $ 0.59 Net (loss) income per share attributable to common shareholders - diluted $ (2.01) $ (2.61) $ 0.59

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. The deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. 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 net 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. The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ — State (1,228) (484) (3,067) Deferred: Federal 30 (45,438) 3,987 State 10 (6,048) 2,831 Income tax (expense) benefit $ (1,188) $ (51,970) $ 3,751 The provision for income taxes is different from the amount of income tax (expense) benefit that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2021 2020 2019 Expected U.S. federal tax benefit (expense) at statutory rate $ 65,079 $ 90,143 $ (26,382) Tax impact of REIT election (60,856) (85,140) 24,129 Expected tax benefit (expense) at TRS 4,223 5,003 (2,253) Change in valuation allowance (6,489) (59,321) (297) State income tax (expense) benefit, net of federal benefit (650) 1,174 (2,367) Reassessment of acquired NOLs — — 9,973 Other items 1,728 1,174 (1,305) Income tax (expense) benefit $ (1,188) $ (51,970) $ 3,751 Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2021 December 31, 2020 Deferred tax liabilities: Partnership basis $ (2,739) $ (2,453) Prepaid expenses (781) (1,157) Deferred tax liabilities $ (3,520) $ (3,610) Deferred tax assets: Property and equipment $ 4,378 $ 2,619 Incentive and vacation accrual 3,021 2,339 Deferred revenue - key money 910 966 Allowance for doubtful accounts 69 76 Other 179 202 Net operating loss carryforwards 81,299 71,831 Federal historic tax credit 824 824 Wyndham guarantee — 5,384 Valuation allowance (87,159) (80,670) Deferred tax assets $ 3,521 $ 3,571 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the 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 would record a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. Based upon the available objective evidence at December 31, 2020, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of its primary TRS would not be utilized in future periods. The Company considered all available evidence, both positive and negative, including cumulative losses in recent years and its current forecast of future income in its analysis. As of December 31, 2021 and 2020, the Company had a valuation allowance of approximately $87.2 million and $80.7 million, respectively, related to NOL carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2021 to 2040 for state tax purposes. The Company's historic tax credits begin to expire in 2035. The annual utilization of these NOLs and tax credits is limited pursuant to federal and state tax laws. The Company is subject to examination by U.S. federal and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2021, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2017 and before.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment InformationThe Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2021 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 3,984 $ 5,353 $ 43,504 $ 48,857 $ 17,052 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,144 92 114,593 114,685 40,100 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,105 4,496 35,809 40,305 13,835 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 3,247 4,719 35,525 40,244 13,715 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 8,126 4,876 43,609 48,485 15,167 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile 31,000 8,140 59,696 9,589 8,148 69,277 77,425 26,054 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,137 2,635 22,191 24,826 7,887 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,715 2,197 18,617 20,814 7,930 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 5,197 6,049 49,558 55,607 16,856 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,095 2,674 22,635 25,309 9,029 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 4,798 2,670 24,386 27,056 8,573 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,321 595 5,693 6,288 2,283 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,191 1,815 16,499 18,314 5,449 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,390 3,804 31,979 35,783 10,462 2007 15 - 40 years SpringHill Suites Denver North Westminster — 2,409 17,670 1,869 2,409 19,539 21,948 7,536 2006 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 1,630 1,203 10,453 11,656 4,113 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,811 1,853 23,086 24,939 8,978 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,056 1,447 12,483 13,930 4,880 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,071 2,793 23,168 25,961 9,109 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,622 3,000 23,442 26,442 9,173 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,881 1,211 10,577 11,788 4,430 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,169 1,902 16,883 18,785 6,226 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 951 851 7,068 7,919 2,649 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,082 5,736 25,801 31,537 9,012 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,395 3,069 24,903 27,972 8,744 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 11,374 4,969 41,205 46,174 13,688 2008 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2021 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 14,945 2,427 85,696 88,123 24,149 2010 15 - 40 years Fairfield Inn & Suites Washington DC Downtown 34,000 16,214 22,265 7,833 16,447 29,865 46,312 10,017 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 1,886 2,926 9,638 12,564 3,461 2010 15 - 40 years Homewood Suites Washington DC Downtown — 23,139 34,188 5,181 23,150 39,358 62,508 11,653 2010 15 - 40 years Hotel Indigo New Orleans Garden District — 1,901 2,793 12,767 2,082 15,379 17,461 8,002 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,120 7,480 39,143 46,623 11,238 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 9,313 3,483 29,985 33,468 9,301 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 10,830 5,696 29,573 35,269 9,770 2010 15 - 40 years Renaissance Pittsburgh Hotel 34,000 3,274 39,934 11,184 3,397 50,995 54,392 14,354 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 3,929 2,875 25,582 28,457 7,654 2011 15 - 40 years Marriott Denver Airport Gateway Park — 3,083 38,356 5,044 3,180 43,303 46,483 13,023 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 8,064 3,877 17,457 21,334 6,798 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,335 2,382 27,418 29,800 9,964 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 4,584 3,534 39,592 43,126 10,413 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 6,926 8,287 59,542 67,829 15,342 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 8,611 21,269 68,219 89,488 17,529 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 16,762 12,188 39,234 51,422 7,986 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 4,942 6,386 60,848 67,234 15,255 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 5,770 6,071 34,451 40,522 8,070 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,032 4,875 29,744 34,619 7,048 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,828 2,567 25,399 27,966 8,217 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 13,703 803 92,490 93,293 21,384 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 28,807 11,291 46,991 58,282 13,127 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 7,639 2,969 13,526 16,495 3,604 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,499 3,518 19,752 23,270 4,375 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 7,346 25,318 47,818 73,136 9,353 2014 15 - 40 years Hyatt House Charlotte Center City 18,000 3,029 26,193 2,216 3,029 28,409 31,438 5,633 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 3,964 4,354 12,769 17,123 3,660 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2021 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House Emeryville San Francisco Bay Area 36,000 7,425 29,137 7,132 7,517 36,177 43,694 8,482 2014 15 - 40 years Hyatt House San Diego Sorrento Mesa — 10,420 21,288 1,492 10,624 22,576 33,200 5,025 2014 15 - 40 years Hyatt House San Jose Silicon Valley — 6,820 31,682 2,624 6,942 34,184 41,126 6,598 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 2,834 5,717 14,681 20,398 3,584 2014 15 - 40 years Hyatt House Santa Clara 34,000 8,044 27,703 3,161 8,045 30,863 38,908 6,603 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,618 5,977 19,473 25,450 3,698 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,621 6,271 15,289 21,560 3,485 2014 15 - 40 years Hyatt Place Madison Downtown 13,000 6,701 25,478 1,505 6,701 26,983 33,684 5,171 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,007 15,187 41,930 57,117 9,515 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,622 8,021 54,644 62,665 10,662 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 1,183 3,740 42,911 46,651 8,229 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 8,476 48,266 36,172 84,438 8,028 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,060 10,763 57,285 68,048 9,463 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 276 4,001 31,157 35,158 5,257 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 847 17,100 46,529 63,629 7,957 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 1,277 7,269 51,907 59,176 5,735 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 1,176 1,010 45,570 46,580 5,240 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 16,585 31,544 62,335 93,879 6,475 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 717 10,512 34,268 44,780 3,948 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 1,872 6,413 36,561 42,974 4,061 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 3,985 7,824 59,816 67,640 6,779 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 3,843 31,306 58,062 89,368 6,831 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 1,961 13,168 96,636 109,804 10,687 2017 15 - 40 years Embassy Suites Mandalay Beach - Hotel & Resort — 35,769 53,280 13,073 35,886 66,236 102,122 6,827 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 3,812 15,057 21,619 36,676 2,869 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,267 43,369 39,454 82,823 5,215 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 17,119 9,673 55,896 65,569 8,039 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,521 5,011 38,940 43,951 4,495 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 3,104 24,784 27,487 52,271 3,320 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2021 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 15,385 39,692 70,472 110,164 8,207 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 4,260 4,073 89,155 93,228 10,881 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,242 46,882 120,974 167,856 14,290 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 2,082 113,622 121,526 235,148 13,179 2017 15 - 40 years The Mills House Wyndham Grand Hotel — 9,599 68,932 1,477 9,625 70,383 80,008 7,685 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 1,576 178 53,506 53,684 20,769 2017 9 years Wyndham Houston - Medical Center Hotel & Suites — 7,776 43,475 417 7,868 43,800 51,668 4,848 2017 15 - 40 years Wyndham New Orleans - French Quarter — 300 72,686 1,273 300 73,959 74,259 8,098 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 803 8,406 52,678 61,084 5,810 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 378 158 31,999 32,157 3,517 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 6,166 1,128 35,467 36,595 11,594 2017 10 years Wyndham Santa Monica At The Pier — 27,054 45,866 1,417 27,081 47,256 74,337 5,181 2017 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 — 5,990 48,321 54,311 516 2021 15 - 40 years AC Hotel Boston Downtown — 26,560 53,354 — 26,560 53,354 79,914 475 2021 15 - 40 years Moxy Denver Cherry Creek 27,554 — 48,725 — — 48,725 48,725 103 2021 15 - 40 years $ 408,554 $ 962,322 $ 3,484,985 $ 530,256 $ 975,688 $ 4,001,875 $ 4,977,563 $ 870,741 The change in the total cost of the hotel properties is as follows: 2021 2020 2019 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 5,174,309 $ 5,127,448 $ 5,903,906 Add: Acquisitions 182,950 — — Add: Improvements 34,511 52,936 91,129 Less: Sale of hotel properties (269,362) (6,075) (854,087) Less: Impairment losses (144,845) — (13,500) Balance at end of period $ 4,977,563 $ 5,174,309 $ 5,127,448 The change in the accumulated depreciation of the real estate assets is as follows: 2021 2020 2019 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (827,808) $ (706,040) $ (759,643) Add: Depreciation for the period (126,759) (125,494) (131,442) Less: Sale of hotel properties 83,826 3,726 185,045 Balance at end of period $ (870,741) $ (827,808) $ (706,040)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and 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 one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.
Revenue Recognition	Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive (loss) income when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three five years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive (loss) income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive (loss) income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss.
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture.
Intangible Assets
Cash and Cash Equivalents	ash and Cash EquivalentsCash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive (loss) income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Term Loans (as defined in Note 8) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its unsecured revolving credit facility (the "Revolver") on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Transaction Costs	Transaction CostsThe Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive (loss) income. Transaction costs related to successful dispositions are included in (loss) gain on sale of hotel properties, net, in the consolidated statements of operations and comprehensive (loss) income. All transaction costs incurred in connection with unsuccessful transactions are expensed.
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive (loss) income and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Leases	As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) the frequency to which the leased asset is used; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive (loss) income. The variable lease expense incurred by the Company was not based on an index or rate.
Leases	As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2021 and 2020, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive (loss) income.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by
Share-based Compensation	Share-based Compensation The Company may issue share-based awards as compensation 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 vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the 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 based upon the fair market value of the shares on the date of issuance.
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. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expires on December 31, 2022. Based on the Company's assessment, there was no material impact arising from this guidance and the Company did not elect to apply any of the optional expedients.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): December 31, 2021 December 31, 2020 Land and improvements $ 975,688 $ 1,089,597 Buildings and improvements 4,001,875 4,084,712 Furniture, fixtures and equipment 691,057 697,404 5,668,620 5,871,713 Accumulated depreciation (1,449,504) (1,385,297) Investment in hotel properties, net $ 4,219,116 $ 4,486,416

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Hotel Acquisition	During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: 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 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 $ 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 $ 51,250 561 $ 198,250
Asset Acquisition, Transaction Costs	The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Properties disposed	The following hotel properties were sold during the year ended December 31, 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 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341 The following hotel properties were sold during the year ended December 31, 2019: Hotel Property Name Location Sale Date Rooms Courtyard Boulder Longmont Longmont, CO June 25, 2019 78 Courtyard Salt Lake City Airport Salt Lake City, UT June 25, 2019 154 Courtyard Fort Lauderdale SW Miramar Miramar, FL June 25, 2019 128 Courtyard Austin Airport Austin, TX June 25, 2019 150 Fairfield Inn & Suites San Antonio Downtown Market San Antonio, TX June 25, 2019 110 Hampton Inn & Suites Clearwater St. Petersburg Clearwater, FL June 25, 2019 128 Hampton Inn Fort Walton Beach Fort Walton, FL June 25, 2019 100 Hampton Inn & Suites Denver Tech Center Denver, CO June 25, 2019 123 Hampton Inn West Palm Beach Airport Central West Palm Beach, FL June 25, 2019 105 Hilton Garden Inn Bloomington Bloomington, IN June 25, 2019 168 Hilton Garden Inn West Palm Beach Airport West Palm Beach, FL June 25, 2019 100 Hilton Garden Inn Durham Raleigh Research Triangle Park Durham, NC June 25, 2019 177 Residence Inn Longmont Boulder Longmont, CO June 25, 2019 84 Residence Inn Detroit Novi Novi, MI June 25, 2019 107 Residence Inn Chicago Oak Brook Oak Brook, IL June 25, 2019 156 Residence Inn Fort Lauderdale Plantation Plantation, FL June 25, 2019 138 Residence Inn Salt Lake City Airport Salt Lake City, UT June 25, 2019 104 Residence Inn San Antonio Downtown Market Square San Antonio, TX June 25, 2019 95 Residence Inn Fort Lauderdale SW Miramar Miramar, FL June 25, 2019 130 Residence Inn Silver Spring Silver Spring, MD June 25, 2019 130 SpringHill Suites Boulder Longmont Longmont, CO June 25, 2019 90 Embassy Suites Myrtle Beach Oceanfront Resort Myrtle Beach, SC June 27, 2019 255 Hilton Myrtle Beach Resort Myrtle Beach, SC June 27, 2019 385 Courtyard Austin Northwest Arboretum Austin, TX August 14, 2019 102 Courtyard Denver West Golden Golden, CO August 14, 2019 110 Courtyard Boulder Louisville Louisville, CO August 14, 2019 154 Courtyard Louisville Northeast Louisville, KY August 14, 2019 114 Courtyard South Bend Mishawaka Mishawaka, IN August 14, 2019 78 Hampton Inn Houston Galleria Houston, TX August 14, 2019 176 Hyatt House Houston Galleria Houston, TX August 14, 2019 147 Hyatt House Austin Arboretum Austin, TX August 14, 2019 131 Hyatt House Dallas Lincoln Park Dallas, TX August 14, 2019 155 Hyatt House Dallas Uptown Dallas, TX August 14, 2019 141 Residence Inn Austin Northwest Arboretum Austin, TX August 14, 2019 84 Residence Inn Austin North Parmer Lane Austin, TX August 14, 2019 88 Residence Inn Denver West Golden Golden, CO August 14, 2019 88 Residence Inn Boulder Louisville Louisville, CO August 14, 2019 88 Residence Inn Louisville Northeast Louisville, KY August 14, 2019 102 SpringHill Suites Austin North Parmer Lane Austin, TX August 14, 2019 132 SpringHill Suites Louisville Hurstbourne North Louisville, KY August 14, 2019 142 SpringHill Suites South Bend Mishawaka Mishawaka, IN August 14, 2019 87 Residence Inn Columbia Columbia, MD September 12, 2019 108 Courtyard Austin South Austin, TX November 22, 2019 110 Fairfield Inn & Suites Austin South Airport Austin, TX November 22, 2019 63 Marriott Austin South Austin, TX November 22, 2019 211 Residence Inn Austin South Austin, TX November 22, 2019 66 SpringHill Suites Austin South Austin, TX November 22, 2019 152 6,024

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2021
Investment in Unconsolidated 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): December 31, 2021 December 31, 2020 Equity basis of the joint venture investments $ (6,341) $ (6,687) Cost of the joint venture investments in excess of the joint venture book value 12,863 13,485 Investment in unconsolidated joint ventures $ 6,522 $ 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 year ended December 31, 2021 2020 2019 Operating income (loss) $ 145 $ (913) $ 1,667 Depreciation of cost in excess of book value (622) (995) (1,265) Impairment loss — (6,546) — Loss on sale — — (2,075) Equity in loss from unconsolidated joint ventures $ (477) $ (8,454) $ (1,673)

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087 For the year ended December 31, 2019 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 201,667 $ 19,752 $ 5,875 $ 227,294 Southern California 126,959 15,306 10,030 152,295 New York City 130,702 16,410 4,759 151,871 South Florida 117,252 19,720 8,112 145,084 Austin 76,438 9,453 3,772 89,663 Chicago 70,469 13,102 2,139 85,710 Denver 55,063 12,224 1,351 68,638 Houston 55,955 3,763 4,355 64,073 Washington, DC 59,257 1,703 2,343 63,303 Louisville 40,627 18,246 2,373 61,246 Other 382,696 47,820 26,499 457,015 Total $ 1,317,085 $ 177,499 $ 71,608 $ 1,566,192

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's debt consisted of the following (in thousands): December 31, 2021 December 31, 2020 Senior Notes, net $ 986,942 $ 495,759 Revolver 200,000 400,000 Term Loans, net 815,004 1,168,304 Mortgage loans, net 407,492 523,668 Debt, net $ 2,409,438 $ 2,587,731
Schedule of Senior Notes	The Company's senior notes consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2021 Maturity Date December 31, 2021 December 31, 2020 2029 Senior Notes 4.00% September 2029 $ 500,000 $ — 2026 Senior Notes 3.75% July 2026 500,000 — 2025 Senior Notes 6.00% June 2025 — 495,759 1,000,000 495,759 Deferred financing costs, net (13,058) — Total senior notes, net $ 986,942 $ 495,759
Schedule of Debt Covenants	A summary of the various restrictive covenants for the 2029 Senior Notes and 2026 Senior Notes are as follows: Covenant Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Interest Coverage Ratio > 1.5x 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) ≤ 7.0x N/A (3) Fixed charge coverage ratio (2) ≥ 1.5x N/A (3) Secured indebtedness ratio ≤ 45.0% N/A (3) Unencumbered indebtedness ratio ≤ 60.0% N/A (3) Unencumbered debt service coverage ratio ≥ 2.0x 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 unsecured credit agreements	The Company's unsecured credit agreements consisted of the following (in thousands): Outstanding Borrowings at Interest Rate at December 31, 2021 (1) Maturity Date December 31, 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) (3,658) (6,696) Total Revolver and Term Loans, net $ 1,015,004 $ 1,568,304 (1) Interest rate at December 31, 2021 gives effect to interest rate hedges. (2) At December 31, 2021 and 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. 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. In February 2022, the Company paid off the outstanding balance on the Revolver. (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 $2.9 million and $4.1 million as of December 31, 2021 and 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.
Schedule of mortgage loans	The Company's mortgage loans consisted of the following (in thousands): Principal balance at Number of Assets Encumbered Interest Rate at December 31, 2021 (1) Maturity Date December 31, 2021 December 31, 2020 Mortgage loan (2) 7 3.30% April 2022 (7) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (7) 96,000 96,000 Mortgage loan (2) 4 2.84% April 2024 (7) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,554 — Mortgage loan (4) 1 —% June 2022 (8) — 30,332 Mortgage loan (5) 3 —% October 2022 (8) — 86,775 Mortgage loan (6) 1 —% October 2022 (9) — 27,972 20 408,554 526,079 Deferred financing costs, net (1,062) (2,411) Total mortgage loans, net $ 407,492 $ 523,668 (1) Interest rate at December 31, 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 $2.6 million at December 31, 2021 related to a fair value adjustment on a mortgage loan that was assumed in connection with a hotel property acquisition in December 2021. (4) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan. (5) Includes $0.9 million at December 31, 2020 related to a fair value adjustments on the mortgage loans. (6) Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan. (7) The mortgage loan provides two one year extension options. (8) 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.
Components of interest expense	The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2021 2020 2019 Senior Notes $ 34,079 $ 23,767 $ 23,793 Revolver and Term Loans 53,097 55,413 42,272 Mortgage loans 13,306 16,949 20,754 Amortization of deferred financing costs 5,884 4,416 4,100 Undesignated interest rate swaps — (376) 376 Total interest expense $ 106,366 $ 100,169 $ 91,295
Future minimum principal payments	As of December 31, 2021, the future minimum principal payments were as follows (in thousands): 2022 $ 200,000 2023 418,662 2024 381,000 2025 400,000 2026 500,000 Thereafter 525,000 Total (1) $ 2,424,662

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Maturity December 31, 2021 December 31, 2020 December 31, 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 1.28% September 2022 100,000 100,000 (759) (2,035) Swap-cash flow (1) 2.29% December 2022 200,000 200,000 (4,077) (9,044) Swap-cash flow (2) 2.29% December 2022 125,000 125,000 (2,545) (5,648) Swap-cash flow (3) 2.38% December 2022 87,780 200,000 (1,879) (9,436) Swap-cash flow (4) 2.38% December 2022 36,875 100,000 (789) (4,716) Swap-cash flow 2.75% November 2023 100,000 100,000 (3,893) (7,635) Swap-cash flow 2.51% December 2023 75,000 75,000 (2,692) (5,284) Swap-cash flow 2.39% December 2023 75,000 75,000 (2,504) (5,012) Swap-cash flow 1.24% September 2025 150,000 150,000 (860) (5,508) Swap-cash flow 1.16% April 2024 50,000 50,000 (338) (1,464) Swap-cash flow 1.20% April 2024 50,000 50,000 (387) (1,526) Swap-cash flow 1.15% April 2024 50,000 50,000 (327) (1,450) Swap-cash flow 1.10% April 2024 50,000 50,000 (267) (1,374) Swap-cash flow 0.98% April 2024 25,000 25,000 (61) (596) Swap-cash flow 0.95% April 2024 25,000 25,000 (43) (573) Swap-cash flow 0.93% April 2024 25,000 25,000 (31) (558) Swap-cash flow 0.90% April 2024 25,000 25,000 (13) (535) Swap-cash flow 0.85% December 2024 50,000 50,000 221 (1,249) Swap-cash flow 0.75% December 2024 50,000 50,000 372 (1,047) Swap-cash flow 0.65% January 2026 50,000 50,000 955 (662) $ 1,399,655 $ 2,124,000 $ (19,917) $ (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) income. 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) income. 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

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 986,942 $ 999,060 $ 495,759 $ 484,229 Revolver and Term Loans, net 1,015,004 1,006,647 1,568,304 1,543,636 Mortgage loans, net 407,492 401,387 523,668 512,118 Debt, net $ 2,409,438 $ 2,407,094 $ 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 December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917) 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)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2021 2020 2019 Wyndham Boston Beacon Hill 2028 — $ 556 $ 400 $ 900 Wyndham San Diego Bayside 2029 — 4,042 4,100 4,800 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 666 300 900 Residence Inn Palo Alto Los Altos 2033 — 86 100 100 Wyndham Pittsburgh University Center 2038 2083 726 700 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,239 1,200 2,400 Wyndham New Orleans French Quarter 2065 — 487 500 500 Courtyard Charleston Historic District 2096 — 1,019 950 1,000 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 555 449 800 Courtyard Waikiki Beach 2112 — 3,742 3,700 3,600 Moxy Denver Cherry Creek (2) 2115 — 5 — — $ 13,123 $ 12,399 $ 15,700 (1) The lease may be extended up to four twenty-five year terms at the Company's option.
Schedule of future minimum ground lease payments	The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2021 2022 $ 11,521 2023 11,617 2024 11,677 2025 11,728 2026 11,003 Thereafter 542,537 Total future lease payments 600,083 Imputed interest (477,052) Lease liabilities $ 123,031
Assets And Liabilities, Lessee	The following table presents certain information related to the Company's operating leases as of December 31, 2021: Weighted average remaining lease term 63 years Weighted average discount rate 7.03 %
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies	As of December 31, 2021, 97 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Aimbridge Hospitality 30 Colwen Management, Inc. 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 19 HEI Hotels and Resorts 1 Highgate Hotels 4 Hyatt Corporation and affiliates 11 InnVentures 3 Marriott International, Inc. 3 Sage Hospitality 6 Urgo Hotels 3 White Lodging Services 8 Wyndham 5 97

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of the unvested restricted shares	A summary of the unvested restricted shares is as follows: 2021 2020 2019 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 1,252,228 $ 15.17 940,202 $ 20.21 740,792 $ 21.89 Granted 1,739,327 15.92 801,463 11.95 530,436 18.69 Vested (513,342) 16.51 (480,444) 19.59 (312,131) 21.63 Forfeited (97,930) 15.22 (8,993) 18.80 (18,895) 20.03 Unvested at December 31, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest	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.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to RLJ $ (305,168) $ (404,441) $ 127,842 Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (85) (55) (1,342) Less: Undistributed earnings attributable to unvested restricted shares — — — Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (330,368) $ (429,611) $ 101,385 Denominator: Weighted-average number of Common Shares - basic 163,998,390 164,503,661 171,287,086 Unvested restricted shares — — 101,390 Weighted-average number of Common Shares - diluted 163,998,390 164,503,661 171,388,476 Net (loss) income per share attributable to common shareholders - basic $ (2.01) $ (2.61) $ 0.59 Net (loss) income per share attributable to common shareholders - diluted $ (2.01) $ (2.61) $ 0.59

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of the income tax provision from continuing operations	The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ — $ — $ — State (1,228) (484) (3,067) Deferred: Federal 30 (45,438) 3,987 State 10 (6,048) 2,831 Income tax (expense) benefit $ (1,188) $ (51,970) $ 3,751
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible	The provision for income taxes is different from the amount of income tax (expense) benefit that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2021 2020 2019 Expected U.S. federal tax benefit (expense) at statutory rate $ 65,079 $ 90,143 $ (26,382) Tax impact of REIT election (60,856) (85,140) 24,129 Expected tax benefit (expense) at TRS 4,223 5,003 (2,253) Change in valuation allowance (6,489) (59,321) (297) State income tax (expense) benefit, net of federal benefit (650) 1,174 (2,367) Reassessment of acquired NOLs — — 9,973 Other items 1,728 1,174 (1,305) Income tax (expense) benefit $ (1,188) $ (51,970) $ 3,751
Schedule of deferred tax assets (liabilities)	Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2021 December 31, 2020 Deferred tax liabilities: Partnership basis $ (2,739) $ (2,453) Prepaid expenses (781) (1,157) Deferred tax liabilities $ (3,520) $ (3,610) Deferred tax assets: Property and equipment $ 4,378 $ 2,619 Incentive and vacation accrual 3,021 2,339 Deferred revenue - key money 910 966 Allowance for doubtful accounts 69 76 Other 179 202 Net operating loss carryforwards 81,299 71,831 Federal historic tax credit 824 824 Wyndham guarantee — 5,384 Valuation allowance (87,159) (80,670) Deferred tax assets $ 3,521 $ 3,571

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the year ended December 31, 2021 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 665,341 $ 899,813 $ 882,474 Restricted cash reserves 48,528 34,977 44,686 Cash, cash equivalents, and restricted cash reserves $ 713,869 $ 934,790 $ 927,160 Interest paid $ 92,729 $ 98,511 $ 97,259 Income taxes paid $ 477 $ 1,501 $ 4,090 Operating cash flow lease payments for operating leases $ 12,371 $ 11,813 $ 15,270 Right-of-use asset obtained in exchange for lease obligation due to remeasurement $ — $ 4,100 $ — Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 198,250 $ — $ — Transaction costs 2,014 — — Operating prorations (589) — — Mortgage debt assumed (non-cash financing activity) (25,000) — — Acquisition of hotel properties, net $ 174,675 $ — $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 208,507 $ 4,883 $ 705,681 Transaction costs (8,118) (133) (10,482) Operating prorations (1,747) (98) (9,329) Receipt of forfeited deposit — 517 — Proceeds from the sale of hotel properties, net $ 198,642 $ 5,169 $ 685,870 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 41,279 $ (49,536) $ (33,459) Accrued capital expenditures $ 10,049 $ 7,313 $ 14,234 Distributions payable $ 8,347 $ 8,752 $ 64,165

General (Details)

General (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)property$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2021shares	Dec. 31, 2021property	Dec. 31, 2021room	Dec. 31, 2021state	Dec. 31, 2021	Jun. 30, 2019property	Dec. 31, 2018USD ($)
Sale of Stock
Number of OP units outstanding (in shares) | shares				167,274,893
Company's ownership interest in the Operating Partnership	99.50%
Number of real estate properties					98			29
Common stock, dividends, per share | $ / shares	$ 0.04	$ 1.32	$ 1.32
Cash, cash equivalents, and restricted cash reserves | $	$ 713,869,000	$ 934,790,000	$ 927,160,000							$ 384,842,000
Number of hotel rooms owned | room						21,700
Number of states in which hotels owned by the entity are located | state							22
The Revolver | The Revolver
Sale of Stock
Maximum borrowing capacity | $	$ 600,000,000
Partially Owned Properties | 50 Percent Owned
Sale of Stock
Number of real estate properties									2
Real estate properties, ownership interest, percentage	50.00%		50.00%
Partially Owned Properties | 95 Percent Owned | The Knickerbocker New York
Sale of Stock
Real estate properties, ownership interest, percentage	95.00%
Unconsolidated Properties
Sale of Stock
Number of real estate properties		2			1
Real estate properties, ownership interest, percentage	50.00%
Wholly Owned Properties
Sale of Stock
Number of real estate properties					96
Real estate properties, ownership interest, percentage	100.00%
Consolidated Properties
Sale of Stock
Number of real estate properties					97
Leased Hotel Properties
Sale of Stock
Number of real estate properties					97

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Summary of Significant Accounting Policies
Number of joint ventures	1
Equity method investment, ownership percentage	50.00%
Amortization of deferred financing costs	$ 5,884	$ 4,416	$ 4,100
Limited Partner's ownership interest in the Operating Partnership	99.50%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	1.70%
The Knickerbocker New York
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	5.00%
Embassy Suites Secaucus
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	49.00%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years

Investment in Hotel Propertie_2

Investment in Hotel Properties - Investment in Hotel Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Hotels	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Abstract]
Land and improvements	$ 975,688	$ 1,089,597
Buildings and improvements	4,001,875	4,084,712
Furniture, fixtures and equipment	691,057	697,404
Total	5,668,620	5,871,713
Accumulated depreciation	(1,449,504)	(1,385,297)
Investment in hotel properties, net	4,219,116	4,486,416
Sale of Hotel Properties
Proceeds from the sale of hotel properties, net	198,642	5,169	$ 685,870
Impairment losses	$ 144,845	$ 0	$ 13,500
Rooms | Hotels	561
Doubletree Metropolitan Hotel New York City
Sale of Hotel Properties
Impairment losses	$ 138,900
Residence Inn Indianapolis Fishers [Member]
Sale of Hotel Properties
Impairment losses	$ 5,900

Investment in Hotel Propertie_3

Investment in Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to investment in hotel properties	$ 187,200	$ 193,300	$ 209,600
Impairment losses	$ 144,845	$ 0	$ 13,500

Acquisition of Hotel Properti_3

Acquisition of Hotel Properties -Hotel Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Hotels	Dec. 23, 2021USD ($)
Property, Plant and Equipment [Line Items]
Rooms | Hotels	561
Purchase price	$ 198,250
Asset Acquisition, Percentage of Shares Acquired	100.00%
Hampton Inn and Suites Atlanta Midtown
Property, Plant and Equipment [Line Items]
Rooms | Hotels	186
Purchase price	$ 58,000
AC Hotel Boston Downtown
Property, Plant and Equipment [Line Items]
Rooms | Hotels	205
Purchase price	$ 89,000
Moxy Denver Cherry Creek
Property, Plant and Equipment [Line Items]
Rooms | Hotels	170
Purchase price	$ 51,250
Assumed mortgage loan		$ 25,000
Fair value of assumed mortgage loan		$ 27,600

Acquisition of Hotel Properti_4

Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination and Asset Acquisition [Abstract]
Fair value adjustment on mortgage debt assumed	$ 2,554
Favorable lease asset	4,294
Asset Acquisition, Other liability Assumed	898
Total purchase price	200,264
Transaction costs	2,014	$ 0	$ 0
Asset Acquisition, Land and improvements	32,550
Asset Acquisition, building and improvements	150,400
Assets acquired	$ 16,472

Sale of Hotel Properties - Prop

Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)room	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)roomincrementhotel
Sale of Hotel Properties
(Loss) gain on sale of hotel properties, net | $	$ (2,378)	$ 2,703	$ (9,300)
Proceeds from the sale of hotel properties, net | $	198,642	5,169	685,870
Sale of hotel properties | $	$ 208,507	4,883	$ 705,681
Asset Acquisition, Percentage of Shares Acquired	100.00%
Disposals 2020 [Domain]
Sale of Hotel Properties
Proceeds from the sale of hotel properties, net | $		$ 4,900
Courtyard Boulder Longmont
Sale of Hotel Properties
Rooms			78
Courtyard Salt Lake City Airport
Sale of Hotel Properties
Rooms			154
Courtyard Fort Lauderdale SW Miramar
Sale of Hotel Properties
Rooms			128
Courtyard Austin Airport
Sale of Hotel Properties
Rooms			150
Fairfield Inn & Suites San Antonio Downtown Market
Sale of Hotel Properties
Rooms			110
Hampton Inn & Suites Clearwater St. Petersburg
Sale of Hotel Properties
Rooms			128
Hampton Inn Fort Walton Beach
Sale of Hotel Properties
Rooms			100
Hampton Inn & Suites Denver Tech Center
Sale of Hotel Properties
Rooms			123
Hampton Inn West Palm Beach Airport Central
Sale of Hotel Properties
Rooms			105
Hilton Garden Inn Bloomington
Sale of Hotel Properties
Rooms			168
Hilton Garden Inn West Palm Beach Airport
Sale of Hotel Properties
Rooms			100
Hilton Garden Inn Durham Raleigh Research Triangle Park
Sale of Hotel Properties
Rooms			177
Residence Inn Longmont Boulder
Sale of Hotel Properties
Rooms			84
Residence Inn Detroit Novi
Sale of Hotel Properties
Rooms			107
Residence Inn Chicago Oak Brook
Sale of Hotel Properties
Rooms			156
Residence Inn Fort Lauderdale Plantation
Sale of Hotel Properties
Rooms			138
Residence Inn Salt Lake City Airport
Sale of Hotel Properties
Rooms			104
Residence Inn San Antonio Downtown Market Square
Sale of Hotel Properties
Rooms			95
Residence Inn Fort Lauderdale SW Miramar
Sale of Hotel Properties
Rooms			130
Residence Inn Silver Spring
Sale of Hotel Properties
Rooms			130
SpringHill Suites Boulder Longmont
Sale of Hotel Properties
Rooms			90
Embassy Suites Myrtle Beach Oceanfront Resort
Sale of Hotel Properties
Rooms			255
Hilton Myrtle Beach Resort
Sale of Hotel Properties
Rooms			385
Courtyard Austin Northwest Arboretum
Sale of Hotel Properties
Rooms			102
Courtyard Denver West Golden
Sale of Hotel Properties
Rooms			110
Courtyard Boulder Louisville
Sale of Hotel Properties
Rooms			154
Courtyard Louisville Northeast
Sale of Hotel Properties
Rooms			114
Courtyard South Bend Mishawaka
Sale of Hotel Properties
Rooms			78
Hampton Inn Houston Galleria
Sale of Hotel Properties
Rooms			176
Hyatt House Houston Galleria
Sale of Hotel Properties
Rooms			147
Hyatt House Austin Arboretum
Sale of Hotel Properties
Rooms			131
Hyatt House Dallas Lincoln Park
Sale of Hotel Properties
Rooms			155
Hyatt House Dallas Uptown
Sale of Hotel Properties
Rooms			141
Residence Inn Austin Northwest Arboretum
Sale of Hotel Properties
Rooms			84
Residence Inn Austin North Parmer Lane
Sale of Hotel Properties
Rooms			88
Residence Inn Denver West Golden
Sale of Hotel Properties
Rooms			88
Residence Inn Boulder Louisville
Sale of Hotel Properties
Rooms			88
Residence Inn Louisville Northeast
Sale of Hotel Properties
Rooms			102
SpringHill Suites Austin North Parmer Lane
Sale of Hotel Properties
Rooms			132
SpringHill Suites Louisville Hurstbourne North
Sale of Hotel Properties
Rooms			142
SpringHill Suites South Bend Mishawaka
Sale of Hotel Properties
Rooms			87
Residence Inn Columbia
Sale of Hotel Properties
Rooms			108
Courtyard Austin South
Sale of Hotel Properties
Rooms			110
Fairfield Inn & Suites Austin South Airport
Sale of Hotel Properties
Rooms			63
Marriott Austin South
Sale of Hotel Properties
Rooms			211
Residence Inn Austin South
Sale of Hotel Properties
Rooms			66
SpringHill Suites Austin South
Sale of Hotel Properties
Rooms			152
Disposals 2019
Sale of Hotel Properties
Number of properties disposed | hotel			47
Rooms			6,024
Disposal group, number of transactions | increment			5
Proceeds from the sale of hotel properties, net | $			$ 721,000
Disposals 2021
Sale of Hotel Properties
Rooms	1,341
Proceeds from the sale of hotel properties, net | $	$ 208,500
Courtyard Houston Sugarland [Member]
Sale of Hotel Properties
Rooms	112
Residence Inn Indianapolis Fishers
Sale of Hotel Properties
Rooms	78
Residence Inn Chicago Naperville [Member]
Sale of Hotel Properties
Rooms	130
Fairfield Inn Hammond [Member]
Sale of Hotel Properties
Rooms	94
Residence Inn Chicago Southeast Hammond [Member]
Sale of Hotel Properties
Rooms	78
Courtyard Chicago Southeast Hammond [Member]
Sale of Hotel Properties
Rooms	85
Doubletree Metropolitan Hotel New York City
Sale of Hotel Properties
Rooms	764

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2021property	Dec. 31, 2021	Jun. 30, 2019property
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%
Number of real estate properties				98	29
(Loss) gain on sale of hotel properties, net	$ (2,378,000)	$ 2,703,000	$ (9,300,000)
Equity Method Investments	6,522,000	6,798,000
Equity in loss from unconsolidated joint ventures	$ 477,000	$ 8,454,000	1,673,000
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%
Number of real estate properties | property		2		1
Real estate properties, ownership interest, percentage	50.00%
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ (6,341,000)	$ (6,687,000)
Equity in loss from unconsolidated joint ventures	(145,000)	913,000	(1,667,000)
Cost of the joint venture investments in excess of the joint venture book value
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	12,863,000	13,485,000
Equity in loss from unconsolidated joint ventures	622,000	995,000	1,265,000
Impairment loss
Schedule of Equity Method Investments [Line Items]
Equity in loss from unconsolidated joint ventures	0	(6,546,000)	0
Loss on sale
Schedule of Equity Method Investments [Line Items]
Equity in loss from unconsolidated joint ventures	$ 0	$ 0	$ 2,075,000
50 Percent Owned | Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property						2
Real estate properties, ownership interest, percentage	50.00%		50.00%
(Loss) gain on sale of hotel properties, net			$ (2,100,000)

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 785,664	$ 473,087	$ 1,566,192
South Florida
Disaggregation of Revenue [Line Items]
Total revenues	116,029	63,630	145,084
Southern California
Disaggregation of Revenue [Line Items]
Total revenues	103,883	63,417	152,295
Northern California
Disaggregation of Revenue [Line Items]
Total revenues	73,742	58,471	227,294
New York City
Disaggregation of Revenue [Line Items]
Total revenues	35,596	28,712	151,871
Charleston
Disaggregation of Revenue [Line Items]
Total revenues	28,446		89,663
Chicago
Disaggregation of Revenue [Line Items]
Total revenues	51,490	29,647	85,710
Austin
Disaggregation of Revenue [Line Items]
Total revenues		16,097	68,638
Houston
Disaggregation of Revenue [Line Items]
Total revenues	32,749	22,159	64,073
Washington, DC
Disaggregation of Revenue [Line Items]
Total revenues	28,979	19,479	63,303
Pittsburgh
Disaggregation of Revenue [Line Items]
Total revenues	28,413	15,927
Pittsburgh
Disaggregation of Revenue [Line Items]
Total revenues			61,246
Other
Disaggregation of Revenue [Line Items]
Total revenues	253,467	139,554	457,015
Charleston, SC
Disaggregation of Revenue [Line Items]
Total revenues	32,870	15,994
Room revenue
Disaggregation of Revenue [Line Items]
Revenue	667,853	397,754	1,317,085
Room revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	95,612	52,213	117,252
Room revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	88,653	53,814	126,959
Room revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	66,068	51,107	201,667
Room revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	30,547	25,292	130,702
Room revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	24,059		76,438
Room revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	43,277	24,267	70,469
Room revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		12,285	55,063
Room revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	28,078	19,401	55,955
Room revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	26,706	17,843	59,257
Room revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	23,605	13,815
Room revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			40,627
Room revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	214,028	115,056	382,696
Room revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue	27,220	12,661
Food and beverage revenue
Disaggregation of Revenue [Line Items]
Revenue	58,994	40,384	177,499
Food and beverage revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	12,430	7,058	19,720
Food and beverage revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	5,959	4,013	15,306
Food and beverage revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	3,219	4,160	19,752
Food and beverage revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	3,505	2,189	16,410
Food and beverage revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	1,417		9,453
Food and beverage revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	5,931	4,187	13,102
Food and beverage revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		2,948	12,224
Food and beverage revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	1,196	827	3,763
Food and beverage revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	415	416	1,703
Food and beverage revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	3,670	1,481
Food and beverage revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			18,246
Food and beverage revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	17,595	10,960	47,820
Food and beverage revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue	3,657	2,145
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	58,817	34,949	71,608
Other revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	7,987	4,359	8,112
Other revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	9,271	5,590	10,030
Other revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	4,455	3,204	5,875
Other revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	1,544	1,231	4,759
Other revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	2,970		3,772
Other revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	2,282	1,193	2,139
Other revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		864	1,351
Other revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	3,475	1,931	4,355
Other revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	1,858	1,220	2,343
Other revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	1,138	631
Other revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			2,373
Other revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	21,844	13,538	$ 26,499
Other revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue	$ 1,993	$ 1,188

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - USD ($)	3 Months Ended			6 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Additional maturity term									$ 750,000,000	$ 750,000,000
Debt Instrument, Fair Value Adjustment, Net									2,600,000
Early Repayment of Senior Secured Notes									484,402,000	0	$ 112,000
Gain (loss) on extinguishment of indebtedness, net									893,000	0	(214,000)
Unamortized debt issuance costs on term loans									(3,658,000)	(6,696,000)
Unsecured Debt, Gross									1,018,662,000	1,575,000,000
Debt, net									2,409,438,000	2,587,731,000
Accrued capital expenditures									$ 10,049,000	7,313,000	$ 14,234,000
Revolver and Term Loans, net | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									1.35%
Revolver and Term Loans, net | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									2.50%
The Revolver | debt instrument, covenant, period five
Debt Instrument [Line Items]
Payments to Acquire Businesses, Gross									$ 300,000,000
$400 Million Term Loan Maturing 2019 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Repayments of Debt									29,200,000
$150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Debt Instrument, Term Loan Extension									$ 100,000,000
$150 Million Term Loan Maturing 2022 | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									2.00%
$150 Million Term Loan Maturing 2022 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									3.00%
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross									$ 986,942,000	495,759,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Repayments of Debt									196,100,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Repayments of Debt									$ 110,300,000
Senior Notes, net | $500 Million Term Loan Maturing 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									4.00%
Senior Notes, net | $500 Million Senior Notes Due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									3.75%
Senior Notes									$ 500,000,000
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage									100.00%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage									101.875%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage									100.938%
Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt									$ 1,015,004,000	1,568,304,000
Secured Debt [Member] | Level 3
Debt Instrument [Line Items]
Debt, net									407,492,000	523,668,000
Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Covenant, Minimum Liquidity Level									$ 150,000,000
Revolver and Term Loans, net | Forecast
Debt Instrument [Line Items]
Debt Covenant, Maximum Leverage Ratio	700.00%	750.00%		800.00%		850.00%
Debt covenant, unencumbered indebtedness ratio			60.00%		65.00%
Debt Covenant, Debt Service Coverage Ratio							150.00%
Revolver and Term Loans, net | Maximum
Debt Instrument [Line Items]
Common Stock, Dividends, Per Share, Cash Paid									$ 0.01
Accrued capital expenditures									$ 150,000,000
Payments to Acquire Businesses, Gross									$ 450,000,000
Revolver and Term Loans, net | The Revolver
Debt Instrument [Line Items]
Interest Rate									3.53%
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 400,000,000
Interest Rate									4.73%
Unsecured Debt									$ 203,944,000	400,000,000
Debt Instrument, Term Loan Extension									151,700,000
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 225,000,000
Interest Rate									4.72%
Unsecured Debt									$ 114,718,000	225,000,000
Debt Instrument, Term Loan Extension									73,000,000
Revolver and Term Loans, net | $150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 150,000,000
Interest Rate									4.18%
Unsecured Debt									$ 100,000,000	150,000,000
Repayments of Debt									20,800,000
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2025 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 400,000,000
Interest Rate									4.45%
Unsecured Debt									$ 400,000,000	400,000,000
The Revolver | Conventional Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt									815,004,000	$ 1,168,304,000
The Revolver | The Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 600,000,000
Debt Instrument, Additional Maturity Term								1 year	1 year	1 year
Line of Credit Facility, Remaining Borrowing Capacity									$ 400,000,000	$ 200,000,000
Unsecured Debt									$ 200,000,000	400,000,000
The Revolver | The Revolver | Minimum
Debt Instrument [Line Items]
Unused facility fee percentage									0.20%
The Revolver | The Revolver | Maximum
Debt Instrument [Line Items]
Unused facility fee percentage									0.25%
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Unamortized deferred financing costs on the Revolver									$ 2,900,000	4,100,000
Senior Unsecured Notes [Member] | Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Instrument, Fair Value Adjustment, Net										$ 20,900,000

Debt - Mortgage Loans (Details)

Debt - Mortgage Loans (Details)	1 Months Ended
	Apr. 30, 2019	Feb. 28, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021property	Dec. 31, 2021	Dec. 31, 2021asset	Dec. 31, 2021loan	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Secured Debt, Gross			$ 408,554,000					$ 526,079,000
Unamortized debt issuance costs on mortgage loans			(1,062,000)					(2,411,000)
Number of real estate properties				98	29
Fair value adjustment			2,600,000
Mortgage Laon in Cash Trap Event | loan							2
Debt Instrument, Lender [Domain]
Debt Instrument [Line Items]
Restricted Cash			22,400,000
Lender | Subsequent Event [Member]
Debt Instrument [Line Items]
Decrease in Restricted Cash		$ 10,800,000
Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						20
Mortgage loans | Wells Fargo 3
Debt Instrument [Line Items]
Fair value adjustment								300,000
Mortgage loans | Moxy Mortgage Loan
Debt Instrument [Line Items]
Fair value adjustment			2,600,000
Mortgage loans, net | Level 3
Debt Instrument [Line Items]
Secured Debt			407,492,000					523,668,000
Three Point Three Three Percent Due April 2022 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						7
Interest Rate					3.30%
Secured Debt			200,000,000					200,000,000
Five Point Two Five Percent Due June 2022 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						1
Interest Rate					0.00%
Secured Debt			0					30,332,000
Four Point Nine Five Percent Due October 2022 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						3
Debt Instrument, Interest Rate, Stated Percentage					0.00%
Secured Debt			0					86,775,000
Fair value adjustment								900,000
Four Point Nine Four Percent Due October 2022 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						1
Debt Instrument, Interest Rate, Stated Percentage					0.00%
Secured Debt			0					27,972,000
Fair value adjustment								300,000
Three Point Three Eight Percent Due April 2024 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						4
Interest Rate					2.84%
Secured Debt			85,000,000					85,000,000
Two Point Eight Eight Percent Due April 2024 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						3
Interest Rate					2.53%
Secured Debt			96,000,000					96,000,000
LIBOR Plus One Point Five Two Percent [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of additional maturity terms	2
Debt Instrument, Additional Maturity Term	1 year
Five point zero six due 2029 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset						1
Interest Rate					5.06%
Secured Debt			27,554,000					$ 0
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Termination Costs			5,700,000
$500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Termination Costs			$ 1,300,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 5,884	$ 4,416	$ 4,100
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	0	(376)	376
Total interest expense	106,366	100,169	91,295
Senior Notes, net
Debt Instrument [Line Items]
Interest expense	34,079	23,767	23,793
Revolver and Term Loans
Debt Instrument [Line Items]
Interest expense	53,097	55,413	42,272
Mortgage loans
Debt Instrument [Line Items]
Interest expense	$ 13,306	$ 16,949	$ 20,754

Debt - Future Minimum Rental Pa

Debt - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 200,000
2023	418,662
2024	381,000
2025	400,000
2026	500,000
Thereafter	525,000
Long term debt, total future minimum principal payments	2,424,662
Fair value adjustment	$ 2,600

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs on bonds	$ (13,058)	$ 0
Amortization of deferred financing costs	5,884	4,416	$ 4,100
Senior Notes, net | Level 1
Debt Instrument [Line Items]
Long-term Debt, Gross	1,000,000	495,759
$475 Million Senior Notes Due 2025 | Level 1
Debt Instrument [Line Items]
Long-term Debt, Gross	0	495,759
$500 Million Senior Notes Due 2026 | Level 1
Debt Instrument [Line Items]
Long-term Debt, Gross	500,000	0
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross	986,942	$ 495,759
$475 Million Senior Notes Due 2025 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Instrument, Redemption Premium	$ 9,500
$475 Million Senior Notes Due 2025 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
$500 Million Senior Notes Due 2026
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 8,100
$500 Million Senior Notes Due 2026 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Senior Notes	$ 500,000
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.875%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.938%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.75%
$500 Million Term Loan Maturing 2029 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
$500 Million Senior Notes due 2029
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 6,100
$500 Million Senior Notes due 2029 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Senior Notes	$ 500,000
$500 Million Senior Notes due 2029 | Senior Notes, net | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
$500 Million Senior Notes due 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.00%
$500 Million Senior Notes due 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.00%
$500 Million Senior Notes due 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
$500 Million Senior Notes due 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	104.00%

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments: Derivatives and Hedging
Notional value		$ 1,399,655,000	$ 2,124,000,000
Interest rate swaps, net		(19,917,000)	69,050,000
Amount of hedge ineffectiveness		0	0
Reclassification of unrealized losses on discontinued cash flow hedges to other (expense) income, net		10,658,000		$ (2,250,000)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		16,700,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)		$ 19,900,000	(69,100,000)
Designated as Hedging Instrument | Swap-cash flow 13
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.15%
Notional value		$ 0	100,000,000
Interest rate swaps, fair value, liabilities			(398,000)
Interest rate swaps, fair value, assets		$ 0
Designated as Hedging Instrument | Swap-cash flow 14
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.20%
Notional value		$ 0	100,000,000
Interest rate swaps, fair value, liabilities			(418,000)
Interest rate swaps, fair value, assets		$ 0
Designated as Hedging Instrument | Swap-cash flow 15
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.15%
Notional value		$ 0	75,000,000
Interest rate swaps, fair value, liabilities		$ 0	(594,000)
Designated as Hedging Instrument | Swap-cash flow 16
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.91%
Notional value		$ 0	75,000,000
Interest rate swaps, fair value, liabilities		$ 0	(523,000)
Designated as Hedging Instrument | Swap-cash flow 17
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.61%
Notional value		$ 0	50,000,000
Interest rate swaps, fair value, liabilities		$ 0	(433,000)
Designated as Hedging Instrument | Swap-cash flow 18
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.56%
Notional value		$ 0	50,000,000
Interest rate swaps, fair value, liabilities			(416,000)
Interest rate swaps, fair value, assets		$ 0
Designated as Hedging Instrument | Swap-cash flow 19
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.71%
Notional value		$ 0	50,000,000
Interest rate swaps, fair value, liabilities		$ 0	(462,000)
Designated as Hedging Instrument | Swap-cash flow 20
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.29%
Notional value		$ 200,000,000	200,000,000
Interest rate swaps, fair value, liabilities		$ (4,077,000)	(9,044,000)
Designated as Hedging Instrument | Swap-cash flow 24
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.29%
Notional value		$ 125,000,000	125,000,000
Interest rate swaps, fair value, liabilities		$ (2,545,000)	(5,648,000)
Designated as Hedging Instrument | Swap-cash flow 25
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.38%
Notional value		$ 87,780,000	200,000,000
Interest rate swaps, fair value, liabilities		$ (1,879,000)	(9,436,000)
Designated as Hedging Instrument | Swap-cash flow 26
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.38%
Notional value		$ 36,875,000	100,000,000
Interest rate swaps, fair value, liabilities		$ (789,000)	(4,716,000)
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Seven [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.75%
Notional value		$ 100,000,000	100,000,000
Interest rate swaps, fair value, liabilities		$ (3,893,000)
Interest rate swaps, fair value, assets			7,635,000
Designated as Hedging Instrument | Swap-cash flow 21
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.51%
Notional value		$ 75,000,000	75,000,000
Interest rate swaps, fair value, liabilities		$ (2,692,000)
Interest rate swaps, fair value, assets			5,284,000
Designated as Hedging Instrument | Swap-cash flow 22
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.39%
Notional value		$ 75,000,000	75,000,000
Interest rate swaps, fair value, liabilities		$ (2,504,000)
Interest rate swaps, fair value, assets			5,012,000
Designated as Hedging Instrument | Swap-cash flow 23
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.35%
Notional value		$ 0	49,000,000
Interest rate swaps, fair value, assets		$ 0	454,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Eight [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.28%
Notional value		$ 100,000,000	100,000,000
Interest rate swaps, fair value, liabilities			(2,035,000)
Interest rate swaps, fair value, assets		$ 759,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Nine [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.24%
Notional value		$ 150,000,000	150,000,000
Interest rate swaps, fair value, liabilities			(5,508,000)
Interest rate swaps, fair value, assets		$ 860,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.16%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,464,000)
Interest rate swaps, fair value, assets		$ 338,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty One [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.20%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,526,000)
Interest rate swaps, fair value, assets		$ 387,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Two [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.15%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,450,000)
Interest rate swaps, fair value, assets		$ 327,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Three [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.10%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,374,000)
Interest rate swaps, fair value, assets		$ 267,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Four [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.98%
Notional value		$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities			(596,000)
Interest rate swaps, fair value, assets		$ 61,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Five [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.95%
Notional value		$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities			(573,000)
Interest rate swaps, fair value, assets		$ 43,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Six [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.93%
Notional value		$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities			(558,000)
Interest rate swaps, fair value, assets		$ 31,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Seven [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.90%
Notional value		$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities			(535,000)
Interest rate swaps, fair value, assets		$ 13,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Eight [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.85%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,249,000)
Interest rate swaps, fair value, assets		$ 221,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Nine [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.75%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(1,047,000)
Interest rate swaps, fair value, assets		$ 372,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Forty [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.65%
Notional value		$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities			(662,000)
Interest rate swaps, fair value, assets		955,000
Designated as Hedging Instrument | Interest Rate Swap, 2.29%
Financial Instruments: Derivatives and Hedging
Notional value		200,000,000
Derivative Liability, Notional Amount, Dedesignated Amount	$ 83,800,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	2,800,000
Designated as Hedging Instrument | Interest Rate Swap, 2.290%
Financial Instruments: Derivatives and Hedging
Notional value		125,000,000
Derivative Liability, Notional Amount, Dedesignated Amount	47,200,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1,600,000
Designated as Hedging Instrument | Interest Rate Swap, 2.38%
Financial Instruments: Derivatives and Hedging
Notional value		200,000,000
Derivative Liability, Notional Amount, Dedesignated Amount	112,200,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	2,200,000
Designated as Hedging Instrument | Interest Rate Swap, 2.380%
Financial Instruments: Derivatives and Hedging
Notional value		100,000,000
Derivative Liability, Notional Amount, Dedesignated Amount	63,100,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 4,000,000
Accounts Payable and Accrued Liabilities | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, liabilities		(21,500,000)	(69,100,000)
Prepaid Expenses and Other Current Assets | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, assets		1,500,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Reclassification of unrealized losses on discontinued cash flow hedges to other (expense) income, net		$ (24,100,000)	$ (19,700,000)

Fair Value (Details)

Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	$ 2,409,438,000	$ 2,587,731,000
Total	19,917,000	(69,050,000)
Impairment losses	144,845,000	0	$ 13,500,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	2,407,094,000	2,539,983,000
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	1,548,000
Interest rate swap liability	(21,465,000)	(69,050,000)
Total	(19,917,000)	(69,050,000)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0
Interest rate swap liability	0	0
Total	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	1,548,000
Interest rate swap liability	(21,465,000)	(69,050,000)
Total	(19,917,000)	(69,050,000)
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0
Interest rate swap liability	0	0
Total	0	0
Senior Notes, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	1,000,000,000	495,759,000
Senior Notes, net | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	999,060,000	484,229,000
Revolver and Term Loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	1,015,004,000	1,568,304,000
Revolver and Term Loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,006,647,000	1,543,636,000
Mortgage loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	407,492,000	523,668,000
Long-term Debt, Fair Value	$ 401,387,000	$ 512,118,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021property	Dec. 31, 2021hotel	Dec. 31, 2021
Ground Leases
Number of properties subject to ground lease | hotel						13
Operating Lease, Expense	$ 13,123	$ 12,399	$ 15,700
Cash required for reserve, as a percentage of hotel revenue, minimum	3.00%
Cash required for reserve, as a percentage of hotel revenue, maximum	5.00%
Restricted cash reserves		34,977	44,686	$ 48,528
Number of real estate properties					98		29
Incremental Borrowing Rate for New Lease							6.90%
Imputed interest				(477,052)
Weighted average remaining lease term	63 years
Weighted average discount rate							7.03%
Right of use asset				7,400
Asset Acquisition, Liability Assumed, Lease Obligation				$ 3,100
Wyndham Boston Beacon Hill
Ground Leases
Operating Lease, Expense	$ 556	400	900
Wyndham San Diego Bayside
Ground Leases
Operating Lease, Expense	4,042	4,100	4,800
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Ground Leases
Operating Lease, Expense	666	300	900
Residence Inn Palo Alto Los Altos
Ground Leases
Operating Lease, Expense	86	100	100
Wyndham Pittsburgh University Center
Ground Leases
Operating Lease, Expense	726	700	700
Marriott Louisville Downtown
Ground Leases
Operating Lease, Expense	0	0	0
Embassy Suites San Francisco Airport Waterfront
Ground Leases
Operating Lease, Expense	1,239	1,200	2,400
Wyndham New Orleans French Quarter
Ground Leases
Operating Lease, Expense	487	500	500
Courtyard Charleston Historic District
Ground Leases
Operating Lease, Expense	1,019	950	1,000
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center
Ground Leases
Operating Lease, Expense	555	449	800
Courtyard Waikiki Beach
Ground Leases
Operating Lease, Expense	3,742	3,700	3,600
Moxy Denver Cherry Creek
Ground Leases
Operating Lease, Expense	5	0	0
Fixed Operating Lease Expense
Ground Leases
Operating Lease, Expense	11,600	11,600	11,600
Variable Operating Lease Expense
Ground Leases
Operating Lease, Expense	$ 1,500	$ 800	$ 4,100

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Minimum ground rent
2022	$ 11,521
2023	11,617
2024	11,677
2025	11,728
2026	11,003
Thereafter	542,537
Total future lease payments	600,083
Imputed interest	(477,052)
Lease liabilities	$ 123,031	$ 122,593

Commitments and Contingencies_3

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)propertyagreement	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021hotel	Dec. 31, 2021
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				97
Number of hotel management companies | agreement	14
Number of real estate properties	98				29
COVID-19
Operating Leased Assets [Line Items]
Severance Costs | $		$ 8.7
COVID-19 | NEW YORK
Operating Leased Assets [Line Items]
Severance Costs | $		6.7
Minimum
Operating Leased Assets [Line Items]
Management agreement term	1 year
Base management fee percentage	1.75%
Management agreement with franchise agreement, base management fee percentage	2.00%
Term of franchise agreements	1 year
Royalty fee as a percentage of room revenue	3.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1.00%
Royalty fee as a percentage of food and beverage revenues	1.50%
Maximum
Operating Leased Assets [Line Items]
Management agreement term	25 years
Base management fee percentage	3.50%
Management agreement with franchise agreement, base management fee percentage	7.00%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3.00%
Aimbridge Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				30
Crestline Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Davidson Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				2
Hilton Management and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				19
HEI Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Highgate Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				4
Hyatt Corporation and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				11
InnVentures
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
Marriott International, Inc.
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
Sage Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				6
Urgo Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
White Lodging Services
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				8
Wyndham
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				5
Termination Payments | $		36
Increase (Decrease) in Management and Franchise Fee Expense | $	$ 14.1	17.8
Colwen Management
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Management Service
Operating Leased Assets [Line Items]
Cost of Goods and Services Sold | $	24.2	13.2	$ 45.5
Franchise
Operating Leased Assets [Line Items]
Number of real estate properties					67
Cost of Goods and Services Sold | $	$ 43.2	$ 25.6	$ 75.3

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 30, 2015	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000			450,000,000
Number of shares acquired as part of a share repurchase program (in shares)		5,489,335	4,575,170
Shares acquired as part of a share repurchase program		$ 62,604	$ 77,834
Common stock, dividends, per share	$ 0.04	$ 1.32	$ 1.32
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000			50,000,000
Number of OP units outstanding (in shares)	167,274,893
Limited Partner's ownership interest in the Operating Partnership	99.50%
Proceeds from Issuance of Redeemable Convertible Preferred Stock			$ 45,000
Proceeds net of issuance costs on the issuance of preferred equity in a consolidated joint venture			$ 44,400
The Knickerbocker New York
Equity
Noncontrolling ownership interest in joint venture	5.00%
DBT Met Hotel Venture, LP
Equity
Noncontrolling ownership interest in joint venture	1.70%
Common Shares of beneficial interest, par value $0.01 per share
Equity
Number of shares acquired as part of a share repurchase program (in shares)		5,489,335	4,575,170
Shares acquired as part of a share repurchase program		$ 55	$ 45
Limited Partners
Equity
Limited Partner's ownership interest in the Operating Partnership	0.50%
Number of OP units outstanding (in shares)	771,831
Series A Cumulative Preferred Stock
Equity
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred stock, dividends per share, declared	$ 1.95	$ 1.95	$ 1.95
Corporate Joint Venture
Equity
Preferred stock, dividend rate, percentage			3.25%
Preferred stock, dividend rate, non-compounding rate payable at redemption, percentage			0.25%
2020 Share Repurchase Program
Equity
Shares acquired as part of a share repurchase program		$ 36,600
Share repurchase program, authorized amount				$ 26,000

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	May 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				6,828,527
Common shares available for future grant (in shares)				4,130,607
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares				2,380,283	1,252,228	940,202	740,792
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value				$ 15.43	$ 15.17	$ 20.21	$ 21.89
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				1,739,327	801,463	530,436
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 15.92	$ 11.95	$ 18.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				(513,342)	(480,444)	(312,131)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				$ 16.51	$ 19.59	$ 21.63
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				(97,930)	(8,993)	(18,895)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 15.22	$ 18.80	$ 20.03
Share-based compensation expense				$ 11.9	$ 8.7	$ 8.6
Total unrecognized compensation costs				$ 27.1
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 2 months 12 days
Total fair value of shares vested				$ 7.8	5.2	5.5
2018 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							264,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 13.99
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							2.42%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate							27.44%
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				5.2	$ 3.5	$ 2.9
Total unrecognized compensation costs				$ 9.3
Weighted-average period of recognition of unrecognized share-based compensation expense				1 year 10 months 24 days
2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value						$ 19.16
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						2.52%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						27.19%
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period	3 years
Share Based Compensation Arrangement by Share Based Payment Award, Time Based Vesting Period	1 year		1 year
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately	50.00%
Share-based compensation arrangement, by share-based payment award vesting rights, percentage after one year	50.00%
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years	50.00%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition	3 years
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition	50.00%
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Cost Not Yet Recognized, Period For Recognition	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%
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately	100.00%
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years				100.00%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition				3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return				25.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return				75.00%
2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 11.59
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.08%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					23.46%
2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 20.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				0.23%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				69.47%
Minimum | 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period			25
Minimum | 2017 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period						25
Minimum | 2018 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					25
Minimum | 2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				25
Minimum | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period	0.00%
Minimum | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period	0.00%
Maximum | 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period			150
Maximum | 2017 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period						150
Maximum | 2018 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					150
Maximum | 2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				200
Maximum | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period	200.00%
Maximum | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period	200.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net (loss) income attributable to RLJ	$ (305,168)	$ (404,441)	$ 127,842
Numerator:
Preferred dividends	(25,115)	(25,115)	(25,115)
Less: Dividends paid on unvested restricted shares	(85)	(55)	(1,342)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	0
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (330,368)	$ (429,611)	$ 101,385
Denominator:
Weighted-average number of common shares - basic (in shares)	163,998,390	164,503,661	171,287,086
Unvested restricted shares	0	0	101,390
Weighted-average number of common shares - diluted (in shares)	163,998,390	164,503,661	171,388,476
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (2.01)	$ (2.61)	$ 0.59
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (2.01)	$ (2.61)	$ 0.59

Income Taxes - Cash Distributio

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	(1,228)	(484)	(3,067)
Deferred:
Federal	30	(45,438)	3,987
State	10	(6,048)	2,831
Income tax (expense) benefit	(1,188)	(51,970)	3,751
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected U.S. federal tax benefit (expense) at statutory rate	65,079	90,143	(26,382)
Tax impact of REIT election	(60,856)	(85,140)	24,129
Expected tax benefit (expense) at TRS	4,223	5,003	(2,253)
Change in valuation allowance	(6,489)	(59,321)	(297)
State income tax (expense) benefit, net of federal benefit	(650)	1,174	(2,367)
State income tax (expense) benefit, net of federal benefit	0	0	9,973
Other items	1,728	1,174	(1,305)
Income tax (expense) benefit	$ (1,188)	$ (51,970)	$ 3,751

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Partnership basis	$ (2,739)	$ (2,453)
Prepaid expenses	(781)	(1,157)
Deferred tax liabilities	(3,520)	(3,610)
Deferred tax assets:
Property and equipment	4,378	2,619
Incentive and vacation accrual	3,021	2,339
Deferred revenue - key money	910	966
Allowance for doubtful accounts	69	76
Other	179	202
Net operating loss carryforwards	81,299	71,831
Deferred Tax Assets, Historic Tax Credits	824	824
Wyndham guarantee	0	5,384
Valuation allowance	(87,159)	(80,670)
Deferred tax assets	$ 3,521	$ 3,571

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Change in valuation allowance	$ 6,489	$ 59,321	$ 297
Income tax (expense) benefit	(1,188)	(51,970)	$ 3,751
Valuation allowance	$ 87,159	$ 80,670

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	$ 665,341	$ 899,813	$ 882,474
Restricted cash reserves	48,528	34,977	44,686
Cash, cash equivalents, and restricted cash reserves	713,869	934,790	927,160	$ 384,842
Interest Paid, Excluding Capitalized Interest, Operating Activities	92,729	98,511	97,259
Income taxes paid	477	1,501	4,090
Operating cash flow lease payments for operating leases	12,371	11,813	15,270
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	0	4,100	0
In conjunction with the acquisitions of hotel properties, the Company recorded the following:
Purchase of hotel properties	198,250	0	0
Transaction costs	2,014	0	0
Operating prorations	(589)
Mortgage debt assumed (non-cash financing activity)	(25,000)	0	0
Acquisition of hotel properties, net	174,675	0	0
In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	208,507	4,883	705,681
Transaction costs	(8,118)	(133)	(10,482)
Operating prorations	(1,747)	(98)	(9,329)
Receipt of forfeited deposit	0	517	0
Proceeds from the sale of hotel properties, net	198,642	5,169	685,870
Supplemental non-cash transactions
Accrued capital expenditures	10,049	7,313	14,234
Distributions payable	$ 8,347	8,752	64,165
Accumulated Other Comprehensive Loss
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps		$ (49,536)	$ (33,459)

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Debt	$ 408,554
Initial Costs
Land & Improvements	962,322
Building & Improvements	3,484,985
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	530,256
Gross Amount
Land & Improvements	975,688
Buildings & Improvements	4,001,875
Total	4,977,563	$ 5,174,309	$ 5,127,448	$ 5,903,906
Accumulated Depreciation	870,741	$ 827,808	$ 706,040	$ 759,643
Aggregate cost of real estate for federal income tax purposes	4,800,000
Marriott Denver South @ Park Meadow [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,984
Gross Amount
Land & Improvements	5,353
Buildings & Improvements	43,504
Total	48,857
Accumulated Depreciation	$ 17,052
Marriott Denver South @ Park Meadow [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver South @ Park Meadow [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	0
Building & Improvements	89,541
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	25,144
Gross Amount
Land & Improvements	92
Buildings & Improvements	114,593
Total	114,685
Accumulated Depreciation	$ 40,100
Marriott Louisville Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Louisville Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,105
Gross Amount
Land & Improvements	4,496
Buildings & Improvements	35,809
Total	40,305
Accumulated Depreciation	$ 13,835
Marriott Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,247
Gross Amount
Land & Improvements	4,719
Buildings & Improvements	35,525
Total	40,244
Accumulated Depreciation	$ 13,715
Renaissance Boulder Flatiron Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Fort Lauderdale Plantation Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,126
Gross Amount
Land & Improvements	4,876
Buildings & Improvements	43,609
Total	48,485
Accumulated Depreciation	$ 15,167
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,589
Gross Amount
Land & Improvements	8,148
Buildings & Improvements	69,277
Total	77,425
Accumulated Depreciation	$ 26,054
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,137
Gross Amount
Land & Improvements	2,635
Buildings & Improvements	22,191
Total	24,826
Accumulated Depreciation	$ 7,887
Courtyard Indianapolis @ The Capitol [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,172
Building & Improvements	15,927
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,715
Gross Amount
Land & Improvements	2,197
Buildings & Improvements	18,617
Total	20,814
Accumulated Depreciation	$ 7,930
Courtyard Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,049
Building & Improvements	44,361
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,197
Gross Amount
Land & Improvements	6,049
Buildings & Improvements	49,558
Total	55,607
Accumulated Depreciation	$ 16,856
Courtyard Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,095
Gross Amount
Land & Improvements	2,674
Buildings & Improvements	22,635
Total	25,309
Accumulated Depreciation	$ 9,029
Residence Inn Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,798
Gross Amount
Land & Improvements	2,670
Buildings & Improvements	24,386
Total	27,056
Accumulated Depreciation	$ 8,573
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Merrillville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,321
Gross Amount
Land & Improvements	595
Buildings & Improvements	5,693
Total	6,288
Accumulated Depreciation	$ 2,283
Residence Inn Merrillville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Merrillville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,815
Building & Improvements	13,308
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,191
Gross Amount
Land & Improvements	1,815
Buildings & Improvements	16,499
Total	18,314
Accumulated Depreciation	$ 5,449
Residence Inn Louisville Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,767
Building & Improvements	27,626
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,390
Gross Amount
Land & Improvements	3,804
Buildings & Improvements	31,979
Total	35,783
Accumulated Depreciation	$ 10,462
Residence Inn Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Denver North Westminster [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,409
Building & Improvements	17,670
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,869
Gross Amount
Land & Improvements	2,409
Buildings & Improvements	19,539
Total	21,948
Accumulated Depreciation	$ 7,536
SpringHill Suites Denver North Westminster [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Denver North Westminster [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn and Suites Cherry Creek [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,203
Building & Improvements	8,823
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,630
Gross Amount
Land & Improvements	1,203
Buildings & Improvements	10,453
Total	11,656
Accumulated Depreciation	$ 4,113
Fairfield Inn and Suites Cherry Creek [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn and Suites Cherry Creek [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn and Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,803
Building & Improvements	19,325
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,811
Gross Amount
Land & Improvements	1,853
Buildings & Improvements	23,086
Total	24,939
Accumulated Depreciation	$ 8,978
Fairfield Inn and Suites Key West [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn and Suites Key West [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,056
Gross Amount
Land & Improvements	1,447
Buildings & Improvements	12,483
Total	13,930
Accumulated Depreciation	$ 4,880
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,071
Gross Amount
Land & Improvements	2,793
Buildings & Improvements	23,168
Total	25,961
Accumulated Depreciation	$ 9,109
Hampton Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,622
Gross Amount
Land & Improvements	3,000
Buildings & Improvements	23,442
Total	26,442
Accumulated Depreciation	$ 9,173
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,881
Gross Amount
Land & Improvements	1,211
Buildings & Improvements	10,577
Total	11,788
Accumulated Depreciation	$ 4,430
Sleep Inn Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,169
Gross Amount
Land & Improvements	1,902
Buildings & Improvements	16,883
Total	18,785
Accumulated Depreciation	$ 6,226
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	951
Gross Amount
Land & Improvements	851
Buildings & Improvements	7,068
Total	7,919
Accumulated Depreciation	$ 2,649
TGI Friday's Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,691
Building & Improvements	22,764
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,082
Gross Amount
Land & Improvements	5,736
Buildings & Improvements	25,801
Total	31,537
Accumulated Depreciation	$ 9,012
Hampton Inn Garden City [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Garden City [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Initial Costs
Land & Improvements	3,069
Building & Improvements	22,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,395
Gross Amount
Land & Improvements	3,069
Buildings & Improvements	24,903
Total	27,972
Accumulated Depreciation	$ 8,744
Courtyard Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Initial Costs
Land & Improvements	4,857
Building & Improvements	29,943
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,374
Gross Amount
Land & Improvements	4,969
Buildings & Improvements	41,205
Total	46,174
Accumulated Depreciation	$ 13,688
Embassy Suites Los Angeles Downey [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,161
Building & Improvements	71,017
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	14,945
Gross Amount
Land & Improvements	2,427
Buildings & Improvements	85,696
Total	88,123
Accumulated Depreciation	$ 24,149
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	16,214
Building & Improvements	22,265
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,833
Gross Amount
Land & Improvements	16,447
Buildings & Improvements	29,865
Total	46,312
Accumulated Depreciation	$ 10,017
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,816
Building & Improvements	7,862
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,886
Gross Amount
Land & Improvements	2,926
Buildings & Improvements	9,638
Total	12,564
Accumulated Depreciation	$ 3,461
Embassy Suites Fort Myers Estero [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	23,139
Building & Improvements	34,188
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,181
Gross Amount
Land & Improvements	23,150
Buildings & Improvements	39,358
Total	62,508
Accumulated Depreciation	$ 11,653
Homewood Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hotel Indigo New Orleans Garden District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,901
Building & Improvements	2,793
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	12,767
Gross Amount
Land & Improvements	2,082
Buildings & Improvements	15,379
Total	17,461
Accumulated Depreciation	$ 8,002
Hotel Indigo New Orleans Garden District [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hotel Indigo New Orleans Garden District [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,457
Building & Improvements	37,046
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,120
Gross Amount
Land & Improvements	7,480
Buildings & Improvements	39,143
Total	46,623
Accumulated Depreciation	$ 11,238
Residence Inn National Harbor Washington DC [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,405
Building & Improvements	20,750
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,313
Gross Amount
Land & Improvements	3,483
Buildings & Improvements	29,985
Total	33,468
Accumulated Depreciation	$ 9,301
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,303
Building & Improvements	19,136
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	10,830
Gross Amount
Land & Improvements	5,696
Buildings & Improvements	29,573
Total	35,269
Accumulated Depreciation	$ 9,770
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	3,274
Building & Improvements	39,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,184
Gross Amount
Land & Improvements	3,397
Buildings & Improvements	50,995
Total	54,392
Accumulated Depreciation	$ 14,354
Renaissance Pittsburgh Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,860
Building & Improvements	21,668
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,929
Gross Amount
Land & Improvements	2,875
Buildings & Improvements	25,582
Total	28,457
Accumulated Depreciation	$ 7,654
Courtyard Atlanta Buckhead [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver Airport @ Gateway Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,083
Building & Improvements	38,356
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,044
Gross Amount
Land & Improvements	3,180
Buildings & Improvements	43,303
Total	46,483
Accumulated Depreciation	$ 13,023
Marriott Denver Airport @ Gateway Park [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver Airport @ Gateway Park [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,656
Building & Improvements	9,614
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,064
Gross Amount
Land & Improvements	3,877
Buildings & Improvements	17,457
Total	21,334
Accumulated Depreciation	$ 6,798
Embassy Suites West Palm Beach Central [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,975
Building & Improvements	18,490
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,335
Gross Amount
Land & Improvements	2,382
Buildings & Improvements	27,418
Total	29,800
Accumulated Depreciation	$ 9,964
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,714
Building & Improvements	35,828
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,584
Gross Amount
Land & Improvements	3,534
Buildings & Improvements	39,592
Total	43,126
Accumulated Depreciation	$ 10,413
Courtyard Charleston Historic District | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Charleston Historic District | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,154
Building & Improvements	52,749
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,926
Gross Amount
Land & Improvements	8,287
Buildings & Improvements	59,542
Total	67,829
Accumulated Depreciation	$ 15,342
Residence Inn Bethesda Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	20,655
Building & Improvements	60,222
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,611
Gross Amount
Land & Improvements	21,269
Buildings & Improvements	68,219
Total	89,488
Accumulated Depreciation	$ 17,529
Courtyard New York Manhattan Upper East Side [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,903
Building & Improvements	22,757
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	16,762
Gross Amount
Land & Improvements	12,188
Buildings & Improvements	39,234
Total	51,422
Accumulated Depreciation	$ 7,986
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,268
Building & Improvements	56,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,942
Gross Amount
Land & Improvements	6,386
Buildings & Improvements	60,848
Total	67,234
Accumulated Depreciation	$ 15,255
Embassy Suites Boston Waltham [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,799
Building & Improvements	28,953
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,770
Gross Amount
Land & Improvements	6,071
Buildings & Improvements	34,451
Total	40,522
Accumulated Depreciation	$ 8,070
Courtyard Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,674
Building & Improvements	24,913
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,032
Gross Amount
Land & Improvements	4,875
Buildings & Improvements	29,744
Total	34,619
Accumulated Depreciation	$ 7,048
Residence Inn Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,382
Building & Improvements	12,756
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	12,828
Gross Amount
Land & Improvements	2,567
Buildings & Improvements	25,399
Total	27,966
Accumulated Depreciation	$ 8,217
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	557
Building & Improvements	79,033
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,703
Gross Amount
Land & Improvements	803
Buildings & Improvements	92,490
Total	93,293
Accumulated Depreciation	$ 21,384
Courtyard Waikiki Beach | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Waikiki Beach | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,277
Building & Improvements	18,198
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	28,807
Gross Amount
Land & Improvements	11,291
Buildings & Improvements	46,991
Total	58,282
Accumulated Depreciation	$ 13,127
Courtyard San Francisco [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Francisco [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,812
Building & Improvements	6,044
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,639
Gross Amount
Land & Improvements	2,969
Buildings & Improvements	13,526
Total	16,495
Accumulated Depreciation	$ 3,604
Residence Inn Atlanta Midtown Historic [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,488
Building & Improvements	18,283
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,499
Gross Amount
Land & Improvements	3,518
Buildings & Improvements	19,752
Total	23,270
Accumulated Depreciation	$ 4,375
SpringHill Suites Portland Hillsboro [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	25,083
Building & Improvements	40,707
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,346
Gross Amount
Land & Improvements	25,318
Buildings & Improvements	47,818
Total	73,136
Accumulated Depreciation	$ 9,353
Hilton Cabana Miami Beach | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Cabana Miami Beach | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 18,000
Initial Costs
Land & Improvements	3,029
Building & Improvements	26,193
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,216
Gross Amount
Land & Improvements	3,029
Buildings & Improvements	28,409
Total	31,438
Accumulated Depreciation	$ 5,633
Hyatt House Charlotte Center City | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Charlotte Center City | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 16,000
Initial Costs
Land & Improvements	3,995
Building & Improvements	9,164
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,964
Gross Amount
Land & Improvements	4,354
Buildings & Improvements	12,769
Total	17,123
Accumulated Depreciation	$ 3,660
Hyatt House Cypress Anaheim | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Cypress Anaheim | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 36,000
Initial Costs
Land & Improvements	7,425
Building & Improvements	29,137
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,132
Gross Amount
Land & Improvements	7,517
Buildings & Improvements	36,177
Total	43,694
Accumulated Depreciation	$ 8,482
Hyatt House Emeryville San Francisco Bay Area | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,420
Building & Improvements	21,288
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,492
Gross Amount
Land & Improvements	10,624
Buildings & Improvements	22,576
Total	33,200
Accumulated Depreciation	$ 5,025
Hyatt House San Diego Sorrento Mesa | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,820
Building & Improvements	31,682
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,624
Gross Amount
Land & Improvements	6,942
Buildings & Improvements	34,184
Total	41,126
Accumulated Depreciation	$ 6,598
Hyatt House San Jose Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,712
Building & Improvements	11,852
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,834
Gross Amount
Land & Improvements	5,717
Buildings & Improvements	14,681
Total	20,398
Accumulated Depreciation	$ 3,584
Hyatt House San Ramon | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Ramon | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	8,044
Building & Improvements	27,703
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,161
Gross Amount
Land & Improvements	8,045
Buildings & Improvements	30,863
Total	38,908
Accumulated Depreciation	$ 6,603
Hyatt House Santa Clara | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Santa Clara | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Centric The Woodlands
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,950
Building & Improvements	16,882
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,618
Gross Amount
Land & Improvements	5,977
Buildings & Improvements	19,473
Total	25,450
Accumulated Depreciation	$ 3,698
Hyatt Centric The Woodlands | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Centric The Woodlands | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,209
Building & Improvements	13,730
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,621
Gross Amount
Land & Improvements	6,271
Buildings & Improvements	15,289
Total	21,560
Accumulated Depreciation	$ 3,485
Hyatt Place Fremont Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Initial Costs
Land & Improvements	6,701
Building & Improvements	25,478
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,505
Gross Amount
Land & Improvements	6,701
Buildings & Improvements	26,983
Total	33,684
Accumulated Depreciation	$ 5,171
Hyatt Place Madison Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Madison Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	15,062
Building & Improvements	33,048
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,007
Gross Amount
Land & Improvements	15,187
Buildings & Improvements	41,930
Total	57,117
Accumulated Depreciation	$ 9,515
Embassy Suites Irvine Orange County | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Irvine Orange County | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,019
Building & Improvements	53,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,622
Gross Amount
Land & Improvements	8,021
Buildings & Improvements	54,644
Total	62,665
Accumulated Depreciation	$ 10,662
Courtyard Portland City Center | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Portland City Center | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,737
Building & Improvements	41,731
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,183
Gross Amount
Land & Improvements	3,740
Buildings & Improvements	42,911
Total	46,651
Accumulated Depreciation	$ 8,229
Hyatt Atlanta Midtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Atlanta Midtown | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	48,192
Building & Improvements	27,770
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,476
Gross Amount
Land & Improvements	48,266
Buildings & Improvements	36,172
Total	84,438
Accumulated Depreciation	$ 8,028
DoubleTree Grand Key Resort | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Grand Key Resort | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,763
Building & Improvements	55,225
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,060
Gross Amount
Land & Improvements	10,763
Buildings & Improvements	57,285
Total	68,048
Accumulated Depreciation	$ 9,463
Hyatt Place Washington DC Downtown K Street | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Initial Costs
Land & Improvements	3,933
Building & Improvements	30,949
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	276
Gross Amount
Land & Improvements	4,001
Buildings & Improvements	31,157
Total	35,158
Accumulated Depreciation	$ 5,257
Homewood Suites Seattle Lynnwood | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	16,996
Building & Improvements	45,786
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	847
Gross Amount
Land & Improvements	17,100
Buildings & Improvements	46,529
Total	63,629
Accumulated Depreciation	$ 7,957
Residence Inn Palo Alto Los Altos | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Suites by Hilton Austin [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,072
Building & Improvements	50,827
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,277
Gross Amount
Land & Improvements	7,269
Buildings & Improvements	51,907
Total	59,176
Accumulated Depreciation	$ 5,735
DoubleTree Suites by Hilton Austin [Member] | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Suites by Hilton Austin [Member] | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	896
Building & Improvements	44,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,176
Gross Amount
Land & Improvements	1,010
Buildings & Improvements	45,570
Total	46,580
Accumulated Depreciation	$ 5,240
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	31,279
Building & Improvements	46,015
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	16,585
Gross Amount
Land & Improvements	31,544
Buildings & Improvements	62,335
Total	93,879
Accumulated Depreciation	$ 6,475
Embassy Suites Atlanta Buckhead [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Atlanta Buckhead [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Birmingham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,495
Building & Improvements	33,568
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	717
Gross Amount
Land & Improvements	10,512
Buildings & Improvements	34,268
Total	44,780
Accumulated Depreciation	$ 3,948
Embassy Suites Birmingham [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Birmingham [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Dallas Love Field [Member]
Real Estate and Accumulated Depreciation
Debt	$ 25,000
Initial Costs
Land & Improvements	6,408
Building & Improvements	34,694
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,872
Gross Amount
Land & Improvements	6,413
Buildings & Improvements	36,561
Total	42,974
Accumulated Depreciation	$ 4,061
Embassy Suites Dallas Love Field [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Dallas Love Field [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Deerfield Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,527
Building & Improvements	56,128
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,985
Gross Amount
Land & Improvements	7,824
Buildings & Improvements	59,816
Total	67,640
Accumulated Depreciation	$ 6,779
Embassy Suites Deerfield Beach [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Deerfield Beach [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Lauderdale 17th Street [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	30,933
Building & Improvements	54,592
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,843
Gross Amount
Land & Improvements	31,306
Buildings & Improvements	58,062
Total	89,368
Accumulated Depreciation	$ 6,831
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles International Airport South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 50,000
Initial Costs
Land & Improvements	13,110
Building & Improvements	94,733
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,961
Gross Amount
Land & Improvements	13,168
Buildings & Improvements	96,636
Total	109,804
Accumulated Depreciation	$ 10,687
Embassy Suites Los Angeles International Airport South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles International Airport South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Mandalay Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	35,769
Building & Improvements	53,280
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,073
Gross Amount
Land & Improvements	35,886
Buildings & Improvements	66,236
Total	102,122
Accumulated Depreciation	$ 6,827
Embassy Suites Mandalay Beach [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Mandalay Beach [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Miami International Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	14,765
Building & Improvements	18,099
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,812
Gross Amount
Land & Improvements	15,057
Buildings & Improvements	21,619
Total	36,676
Accumulated Depreciation	$ 2,869
Embassy Suites Miami International Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Miami International Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Milpitas Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	43,157
Building & Improvements	26,399
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,267
Gross Amount
Land & Improvements	43,369
Buildings & Improvements	39,454
Total	82,823
Accumulated Depreciation	$ 5,215
Embassy Suites Milpitas Silicon Valley [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Milpitas Silicon Valley [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Minneapolis Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,248
Building & Improvements	41,202
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	17,119
Gross Amount
Land & Improvements	9,673
Buildings & Improvements	55,896
Total	65,569
Accumulated Depreciation	$ 8,039
Embassy Suites Minneapolis Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Minneapolis Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Orlando International Drive [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,743
Building & Improvements	37,687
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,521
Gross Amount
Land & Improvements	5,011
Buildings & Improvements	38,940
Total	43,951
Accumulated Depreciation	$ 4,495
Embassy Suites Orlando International Drive [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Orlando International Drive [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Phoenix Biltmore [Member]
Real Estate and Accumulated Depreciation
Debt	$ 21,000
Initial Costs
Land & Improvements	24,680
Building & Improvements	24,487
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,104
Gross Amount
Land & Improvements	24,784
Buildings & Improvements	27,487
Total	52,271
Accumulated Depreciation	$ 3,320
Embassy Suites Phoenix Biltmore [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Phoenix Biltmore [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites San Francisco Airport South San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	39,616
Building & Improvements	55,163
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	15,385
Gross Amount
Land & Improvements	39,692
Buildings & Improvements	70,472
Total	110,164
Accumulated Depreciation	$ 8,207
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites San Francisco Airport Waterfront
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,698
Building & Improvements	85,270
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,260
Gross Amount
Land & Improvements	4,073
Buildings & Improvements	89,155
Total	93,228
Accumulated Depreciation	$ 10,881
Embassy Suites San Francisco Airport Waterfront | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites San Francisco Airport Waterfront | Maximum
Gross Amount
Depreciation Life	40 years
San Francisco Marriott Union Square [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	46,773
Building & Improvements	107,841
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,242
Gross Amount
Land & Improvements	46,882
Buildings & Improvements	120,974
Total	167,856
Accumulated Depreciation	$ 14,290
San Francisco Marriott Union Square [Member] | Minimum
Gross Amount
Depreciation Life	15 years
San Francisco Marriott Union Square [Member] | Maximum
Gross Amount
Depreciation Life	40 years
The Knickerbocker New York
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	113,613
Building & Improvements	119,453
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,082
Gross Amount
Land & Improvements	113,622
Buildings & Improvements	121,526
Total	235,148
Accumulated Depreciation	$ 13,179
The Knickerbocker New York | Minimum
Gross Amount
Depreciation Life	15 years
The Knickerbocker New York | Maximum
Gross Amount
Depreciation Life	40 years
Mills House Wyndham Grand Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	9,599
Building & Improvements	68,932
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,477
Gross Amount
Land & Improvements	9,625
Buildings & Improvements	70,383
Total	80,008
Accumulated Depreciation	$ 7,685
Mills House Wyndham Grand Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Mills House Wyndham Grand Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Boston Beacon Hill
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	174
Building & Improvements	51,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,576
Gross Amount
Land & Improvements	178
Buildings & Improvements	53,506
Total	53,684
Accumulated Depreciation	$ 20,769
Wyndham Boston Beacon Hill | Minimum
Gross Amount
Depreciation Life	10 years
Wyndham Boston Beacon Hill | Maximum
Gross Amount
Depreciation Life	10 years
Wyndham Houston Medical Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,776
Building & Improvements	43,475
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	417
Gross Amount
Land & Improvements	7,868
Buildings & Improvements	43,800
Total	51,668
Accumulated Depreciation	$ 4,848
Wyndham Houston Medical Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Houston Medical Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham New Orleans French Quarter
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	300
Building & Improvements	72,686
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,273
Gross Amount
Land & Improvements	300
Buildings & Improvements	73,959
Total	74,259
Accumulated Depreciation	$ 8,098
Wyndham New Orleans French Quarter | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham New Orleans French Quarter | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Philadelphia Historic District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,367
Building & Improvements	51,914
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	803
Gross Amount
Land & Improvements	8,406
Buildings & Improvements	52,678
Total	61,084
Accumulated Depreciation	$ 5,810
Wyndham Philadelphia Historic District [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Philadelphia Historic District [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Pittsburgh University Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	154
Building & Improvements	31,625
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	378
Gross Amount
Land & Improvements	158
Buildings & Improvements	31,999
Total	32,157
Accumulated Depreciation	$ 3,517
Wyndham Pittsburgh University Center | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Pittsburgh University Center | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham San Diego Bayside
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	989
Building & Improvements	29,440
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,166
Gross Amount
Land & Improvements	1,128
Buildings & Improvements	35,467
Total	36,595
Accumulated Depreciation	$ 11,594
Wyndham San Diego Bayside | Minimum
Gross Amount
Depreciation Life	11 years
Wyndham San Diego Bayside | Maximum
Gross Amount
Depreciation Life	11 years
Wyndham Santa Monica At The Pier [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	27,054
Building & Improvements	45,866
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,417
Gross Amount
Land & Improvements	27,081
Buildings & Improvements	47,256
Total	74,337
Accumulated Depreciation	$ 5,181
Wyndham Santa Monica At The Pier [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Santa Monica At The Pier [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn and Suites Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,990
Building & Improvements	48,321
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	5,990
Buildings & Improvements	48,321
Total	54,311
Accumulated Depreciation	$ 516
Hampton Inn and Suites Atlanta Midtown | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn and Suites Atlanta Midtown | Maximum
Gross Amount
Depreciation Life	40 years
AC Hotel Boston Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	26,560
Building & Improvements	53,354
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	26,560
Buildings & Improvements	53,354
Total	79,914
Accumulated Depreciation	$ 475
AC Hotel Boston Downtown | Minimum
Gross Amount
Depreciation Life	15 years
AC Hotel Boston Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Moxy Denver Cherry Creek
Real Estate and Accumulated Depreciation
Debt	$ 27,554
Initial Costs
Land & Improvements	0
Building & Improvements	48,725
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	0
Buildings & Improvements	48,725
Total	48,725
Accumulated Depreciation	$ 103
Moxy Denver Cherry Creek | Minimum
Gross Amount
Depreciation Life	15 years
Moxy Denver Cherry Creek | Maximum
Gross Amount
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 5,174,309	$ 5,127,448	$ 5,903,906
Add: Acquisitions	182,950	0	0
Add: Improvements	34,511	52,936	91,129
Less: Disposition of properties	(269,362)	(6,075)	(854,087)
Less: Impairment losses	(144,845)	0	(13,500)
Balance at end of period	4,977,563	5,174,309	5,127,448
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(827,808)	(706,040)	(759,643)
Add: Depreciation for the period	(126,759)	(125,494)	(131,442)
Less: Disposition of properties	83,826	3,726	185,045
Balance at end of period	$ (870,741)	$ (827,808)	$ (706,040)