RLJ Lodging Trust (RLJ) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35169
Entity Registrant Name	RLJ LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-4706509
Entity Address, Address Line One	3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		166,843,586
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Investment in hotel properties, net	$ 4,155,048	$ 4,219,116
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	6,644	6,522
Cash and cash equivalents	479,047	665,341
Restricted cash reserves	43,254	48,528
Hotel and other receivables, net of allowance of $322 and $274, respectively	37,876	31,091
Operating Lease, Right-of-Use Asset	143,606	144,988
Prepaid expense and other assets	56,182	33,390
Total assets	4,921,657	5,148,976
Liabilities and Equity
Debt, net	2,210,725	2,409,438
Accounts payable and other liabilities	129,962	155,136
Contract with Customer, Liability	21,434	20,047
Operating Lease, Liability	122,326	123,031
Accrued interest	8,210	19,110
Distributions payable	8,208	8,347
Total liabilities	2,500,865	2,735,109
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at March 31, 2022 and December 31, 2021	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 166,843,586 and 166,503,062 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,668	1,665
Additional paid-in capital	3,097,166	3,092,883
Accumulated other comprehensive income (loss)	11,214	(17,113)
Retained Earnings	(1,069,769)	(1,046,739)
Total shareholders’ equity	2,407,215	2,397,632
Noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	7,368	9,919
Noncontrolling interest in the Operating Partnership	6,209	6,316
Total noncontrolling interests	13,577	16,235
Total equity	2,420,792	2,413,867
Total liabilities and equity	$ 4,921,657	$ 5,148,976

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Hotel and other receivables, allowance	$ 322	$ 274
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred shares of beneficial interest, shares issued	0	0
Preferred shares of beneficial interest, shares outstanding	0	0
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	166,843,586	166,503,062
Common shares of beneficial interest, shares outstanding	166,843,586	166,503,062
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 242,899,000	$ 119,552,000
Expenses
Operating Costs and Expenses	159,039,000	88,464,000
Depreciation and amortization	46,865,000	46,943,000
Asset Impairment Charges	0	5,946,000
Property tax, insurance and other	22,513,000	20,081,000
General and administrative	14,134,000	10,800,000
Transaction costs	62,000	60,000
Total operating expenses	242,613,000	172,294,000
Other income, net	7,285,000	465,000
Interest income	172,000	384,000
Interest expense	(24,561,000)	(27,895,000)
Gain (loss) on sale of hotel properties, net	1,417,000	1,083,000
Loss before equity in income (loss) from unconsolidated joint ventures	(15,401,000)	(78,705,000)
Equity in income (loss) from unconsolidated joint ventures	122,000	(298,000)
Loss before income tax expense	(15,279,000)	(79,003,000)
Income tax expense	(190,000)	(114,000)
Net loss	(15,469,000)	(79,117,000)
Net loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	118,000	736,000
Noncontrolling interest in the Operating Partnership	104,000	396,000
Net Income (Loss) Attributable to Parent	(15,247,000)	(77,985,000)
Preferred dividends	(6,279,000)	(6,279,000)
Net loss attributable to common shareholders	$ (21,526,000)	$ (84,264,000)
Basic and diluted per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.13)	$ (0.51)
Weighted-average number of common shares - basic (in shares)	164,179,661	163,826,009
Comprehensive income (loss):
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (15,469,000)	$ (79,117,000)
Unrealized gain (loss) on interest rate derivatives	34,193,000	16,720,000
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	(5,866,000)	0
Comprehensive income (loss)	12,858,000	(62,397,000)
Noncontrolling interest in consolidated joint ventures	118,000	736,000
Noncontrolling interest in the Operating Partnership	104,000	396,000
Comprehensive income (loss) attributable to RLJ	13,080,000	(61,265,000)
Accumulated Other Comprehensive Income
Comprehensive income (loss):
Unrealized gain (loss) on interest rate derivatives	34,193,000	16,720,000
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	(5,866,000)
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	205,779,000	102,772,000
Expenses
Operating Costs and Expenses	53,828,000	29,427,000
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	20,901,000	6,242,000
Expenses
Operating Costs and Expenses	16,169,000	4,556,000
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	16,219,000	10,538,000
Expenses
Operating Costs and Expenses	68,654,000	49,120,000
Management And Franchise Fee Expense
Expenses
Operating Costs and Expenses	$ 20,388,000	$ 5,361,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2020		12,879,475	165,002,752
Balance at Dec. 31, 2020	$ 2,687,388	$ 366,936	$ 1,650	$ 3,077,142	$ (710,161)	$ (69,050)	$ 7,869	$ 13,002
Increase (Decrease) in Owners' Equity
Net income (loss)	(79,117)				(77,985)		(396)	(736)
Unrealized gain (loss) on interest rate derivatives	16,720					16,720
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0
Contributions from consolidated joint venture partners	99							99
Amortization of share-based compensation	2,944			2,944
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(83,244)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,263)		$ (1)	(1,262)
Forfeiture of restricted stock (in shares)			(1,382)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,284)				(1,281)		(3)
Balance (in shares) at Mar. 31, 2021		12,879,475	164,918,126
Balance at Mar. 31, 2021	2,619,208	$ 366,936	$ 1,649	3,078,824	(795,706)	(52,330)	7,470	12,365
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
Increase (Decrease) in Owners' Equity
Net income (loss)	(15,469)				(15,247)		(104)	(118)
Unrealized gain (loss) on interest rate derivatives	34,193					34,193
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	(5,866)					(5,866)
Contributions from consolidated joint venture partners	156							156
Distribution to consolidated joint venture partners	(2,589)							(2,589)
Issuance of restricted stock (in shares)			432,779
Issuance of restricted stock	0		$ 4	(4)
Amortization of share-based compensation	5,555			5,555
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(87,626)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,269)		$ (1)	(1,268)
Forfeiture of restricted stock (in shares)			(4,629)
Restricted Stock Award, Forfeitures	0		$ 0	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,507)				(1,504)		(3)
Balance (in shares) at Mar. 31, 2022		12,879,475	166,843,586
Balance at Mar. 31, 2022	$ 2,420,792	$ 366,936	$ 1,668	$ 3,097,166	$ (1,069,769)	$ 11,214	$ 6,209	$ 7,368

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ (15,469,000)	$ (79,117,000)
Adjustments to reconcile net loss to cash flow provided by (used in) operating activities:
Gain on sale of hotel properties, net	(1,417,000)	(1,083,000)
Depreciation and amortization	46,865,000	46,943,000
Amortization of deferred financing costs	1,684,000	1,321,000
Other amortization	403,000	(615,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(5,866,000)	0
Income (Loss) from Equity Method Investments	(122,000)	298,000
Asset Impairment Charges	0	5,946,000
Amortization of share-based compensation	5,184,000	2,752,000
Changes in assets and liabilities:
Hotel and other receivables, net	(6,946,000)	(5,708,000)
Prepaid expense and other assets	(4,254,000)	(4,192,000)
Accounts payable and other liabilities	(320,000)	1,331,000
Advance deposits and deferred revenue	1,449,000	(3,966,000)
Accrued interest	(10,900,000)	7,082,000
Net cash flow provided by (used in) operating activities	10,291,000	(29,008,000)
Cash flows from investing activities
Proceeds from sales of hotel properties, net	34,125,000	3,990,000
Improvements and additions to hotel properties	(24,334,000)	(9,901,000)
Contributions to unconsolidated joint ventures	0	(165,000)
Net cash flow provided by (used in) investing activities	9,791,000	(6,076,000)
Cash flows from financing activities
Repayment of Revolver	(200,000,000)	(200,000,000)
Scheduled mortgage loan principal payments	0	(900,000)
Repayments of Term Loans	0	(8,475,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,269,000)	(1,263,000)
Distributions on preferred shares	(6,279,000)	(6,279,000)
Distributions on common shares	(1,666,000)	(1,650,000)
Distributions on and redemption of Operating Partnership units	(3,000)	(3,000)
Contributions from consolidated joint venture partners	156,000	99,000
Cash paid to a noncontrolling interest	(2,589,000)	0
Net cash flow used in financing activities	(211,650,000)	(218,471,000)
Net change in cash, cash equivalents, and restricted cash reserves	(191,568,000)	(253,555,000)
Cash, cash equivalents, and restricted cash reserves, beginning of year	713,869,000	934,790,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 522,301,000	$ 681,235,000

General

General	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of March 31, 2022, there were 167,615,417 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units. As of March 31, 2022, the Company owned 97 hotel properties with approximately 21,400 rooms, located in 22 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 95 of its hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. The Company consolidates its real estate interests in the 96 hotel properties in which it holds a controlling interest, and the Company records the real estate interest in one hotel property in which it holds an indirect 50% non-controlling interest using the equity method of accounting. The Company leases 96 of the 97 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	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on February 24, 2022 (the "Annual Report"), contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2021. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, included in the Annual Report. 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 interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net loss and comprehensive income (loss), shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): March 31, 2022 December 31, 2021 Land and improvements $ 972,633 $ 975,688 Buildings and improvements 3,964,442 4,001,875 Furniture, fixtures and equipment 689,967 691,057 5,627,042 5,668,620 Accumulated depreciation (1,471,994) (1,449,504) Investment in hotel properties, net $ 4,155,048 $ 4,219,116 For the three months ended March 31, 2022 and 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.7 million and $46.8 million, respectively. Impairments

Sale of Hotel Properties

Sale of Hotel Properties	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties In connection with the sale of hotel properties for the three months ended March 31, 2022 and 2021, the Company recorded a net gain of $1.4 million and $1.1 million, respectively. During the three months ended March 31, 2022, the Company sold the following hotel property for a sales price of approximately $35.5 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 During the three months ended March 31, 2021, the Company sold the following hotel property for a sales price of approximately $4.4 million: Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue For the three months ended March 31, 2022 For the three months ended March 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 37,411 $ 4,739 $ 2,222 $ 44,372 $ 20,827 $ 2,364 $ 1,756 $ 24,947 Southern California 23,591 1,661 2,158 27,410 11,905 339 1,407 13,651 Northern California 20,207 1,613 1,037 22,857 8,844 218 700 9,762 Chicago 8,960 1,622 460 11,042 6,392 683 358 7,433 Houston 8,528 569 867 9,964 5,323 98 668 6,089 Austin 8,382 671 740 9,793 3,607 223 478 4,308 Washington DC 8,326 117 590 9,033 4,135 29 284 4,448 New York City 7,662 789 473 8,924 3,238 17 129 3,384 Atlanta 7,685 385 825 8,895 3,148 68 493 3,709 New Orleans 7,856 164 697 8,717 2,350 — 383 2,733 Denver 6,552 1,727 321 8,600 2,202 398 330 2,930 Charleston 6,738 1,196 502 8,436 3,177 300 402 3,879 Orlando 6,507 595 1,045 8,147 2,847 133 825 3,805 Tampa 6,492 766 606 7,864 2,847 384 313 3,544 Louisville 4,845 1,993 879 7,717 1,781 368 355 2,504 Other 36,037 2,294 2,797 41,128 20,149 620 1,657 22,426 Total $ 205,779 $ 20,901 $ 16,219 $ 242,899 $ 102,772 $ 6,242 $ 10,538 $ 119,552

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023"); • $225.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"); and • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 Million Term Loan Maturing 2023"); and • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"). The $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, $150 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans." The Company's credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at March 31, 2022 (1) Maturity Date March 31, 2022 December 31, 2021 Revolver (2) 2.95% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 4.69% January 2023 (4) 203,944 203,944 $225 Million Term Loan Maturing 2023 4.27% January 2023 (5) 114,718 114,718 $150 Million Term Loan Maturing 2023 4.18% June 2023 (6) 100,000 100,000 $400 Million Term Loan Maturing 2025 4.00% May 2025 400,000 400,000 818,662 1,018,662 Deferred financing costs, net (3) (3,223) (3,658) Total Revolver and Term Loans, net $ 815,439 $ 1,015,004 (1) Interest rate at March 31, 2022 gives effect to interest rate hedges. (2) At March 31, 2022 and December 31, 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $2.6 million and $2.9 million as of March 31, 2022 and December 31, 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (4) This term loan includes 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. (5) This term loan includes 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. (6) The Company has the option to extend the maturity one additional year to June 2024. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is not currently required to comply with these covenants, see details below. The Company's financial maintenance covenants under the Revolver and the Term Loan agreements are waived through the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, certain covenant thresholds have been modified. 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. In April 2022, the Company also amended the Revolver and Term Loans to allow for repurchases of the Company's shares up to $50.0 million with either cash on hand, cash from operations, or disposition proceeds. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at March 31, 2022 Maturity Date March 31, 2022 December 31, 2021 Mortgage loan (1) 7 3.30% (3) April 2022 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 2.53% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 3.43% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,463 27,554 15 408,463 408,554 Deferred financing costs, net (711) (1,062) Total mortgage loans, net $ 407,752 $ 407,492 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.5 million and $2.6 million at March 31, 2022 and December 31, 2021, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at March 31, 2022 gives effect to interest rate hedges. (4) The mortgage loan provides two one year extension options. In April 2022, the Company exercised the first option to extend the maturity to April 2023. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At March 31, 2022 and December 31, 2021, one and two mortgage loans, respectively, were in cash trap events. In addition, the DSCR covenant for one mortgage loan has been waived through December 31, 2022. At March 31, 2022 and December 31, 2021, there was approximately $15.7 million and $22.4 million, respectively, of restricted cash held by lenders due to cash trap events. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2022 2021 Senior Notes $ 9,743 $ 5,942 Revolver and Term Loans 9,968 17,178 Mortgage loans 3,210 3,454 Amortization of deferred financing costs 1,684 1,321 Non-cash interest expense related to interest rate hedges (44) — Total interest expense $ 24,561 $ 27,895 " id="sjs-B4" xml:space="preserve">Debt The Company's debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Senior Notes, net $ 987,534 $ 986,942 Revolver — 200,000 Term Loans, net 815,439 815,004 Mortgage loans, net 407,752 407,492 Debt, net $ 2,210,725 $ 2,409,438 Senior Notes As of March 31, 2022 and December 31, 2021, respectively, the Company's Senior Notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date March 31, 2022 December 31, 2021 Senior Notes due 2029 4.00% September 2029 $ 500,000 $ 500,000 Senior Notes due 2026 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (12,466) (13,058) Total senior notes, net $ 987,534 $ 986,942 The indentures governing the Senior Notes contain customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023"); • $225.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"); and • $150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 Million Term Loan Maturing 2023"); and • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"). The $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, $150 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans." The Company's credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at March 31, 2022 (1) Maturity Date March 31, 2022 December 31, 2021 Revolver (2) 2.95% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 4.69% January 2023 (4) 203,944 203,944 $225 Million Term Loan Maturing 2023 4.27% January 2023 (5) 114,718 114,718 $150 Million Term Loan Maturing 2023 4.18% June 2023 (6) 100,000 100,000 $400 Million Term Loan Maturing 2025 4.00% May 2025 400,000 400,000 818,662 1,018,662 Deferred financing costs, net (3) (3,223) (3,658) Total Revolver and Term Loans, net $ 815,439 $ 1,015,004 (1) Interest rate at March 31, 2022 gives effect to interest rate hedges. (2) At March 31, 2022 and December 31, 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $2.6 million and $2.9 million as of March 31, 2022 and December 31, 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (4) This term loan includes 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. (5) This term loan includes 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. (6) The Company has the option to extend the maturity one additional year to June 2024. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. (3) The Company is not currently required to comply with these covenants, see details below. The Company's financial maintenance covenants under the Revolver and the Term Loan agreements are waived through the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, certain covenant thresholds have been modified. 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. In April 2022, the Company also amended the Revolver and Term Loans to allow for repurchases of the Company's shares up to $50.0 million with either cash on hand, cash from operations, or disposition proceeds. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at March 31, 2022 Maturity Date March 31, 2022 December 31, 2021 Mortgage loan (1) 7 3.30% (3) April 2022 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 2.53% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 3.43% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,463 27,554 15 408,463 408,554 Deferred financing costs, net (711) (1,062) Total mortgage loans, net $ 407,752 $ 407,492 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.5 million and $2.6 million at March 31, 2022 and December 31, 2021, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at March 31, 2022 gives effect to interest rate hedges. (4) The mortgage loan provides two one year extension options. In April 2022, the Company exercised the first option to extend the maturity to April 2023. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At March 31, 2022 and December 31, 2021, one and two mortgage loans, respectively, were in cash trap events. In addition, the DSCR covenant for one mortgage loan has been waived through December 31, 2022. At March 31, 2022 and December 31, 2021, there was approximately $15.7 million and $22.4 million, respectively, of restricted cash held by lenders due to cash trap events. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2022 2021 Senior Notes $ 9,743 $ 5,942 Revolver and Term Loans 9,968 17,178 Mortgage loans 3,210 3,454 Amortization of deferred financing costs 1,684 1,321 Non-cash interest expense related to interest rate hedges (44) — Total interest expense $ 24,561 $ 27,895

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Interest Maturity March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Swap-cash flow (1) 2.29% December 2022 $ 200,000 $ 200,000 $ (1,566) $ (4,077) Swap-cash flow (1) 2.29% December 2022 125,000 125,000 (977) (2,545) Swap-cash flow (2) 2.38% December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% December 2022 — 36,875 — (789) Swap-cash flow 2.39% December 2023 75,000 75,000 (314) (2,504) Swap-cash flow 2.51% December 2023 75,000 75,000 (478) (2,692) Swap-cash flow 2.75% November 2023 100,000 100,000 (1,112) (3,893) Swap-cash flow (3) 1.28% September 2022 24,662 100,000 (47) (759) Swap-cash flow 1.24% September 2025 150,000 150,000 5,703 (860) Swap-cash flow 1.16% April 2024 50,000 50,000 1,167 (338) Swap-cash flow 1.20% April 2024 50,000 50,000 1,123 (387) Swap-cash flow 1.15% April 2024 50,000 50,000 1,176 (327) Swap-cash flow 1.10% April 2024 50,000 50,000 1,230 (267) Swap-cash flow 0.98% April 2024 25,000 25,000 679 (61) Swap-cash flow 0.95% April 2024 25,000 25,000 695 (43) Swap-cash flow (4) 0.93% April 2024 25,000 25,000 705 (31) Swap-cash flow (4) 0.90% April 2024 25,000 25,000 722 (13) Swap-cash flow (4) 0.85% December 2024 50,000 50,000 2,023 221 Swap-cash flow (4) 0.75% December 2024 50,000 50,000 2,159 372 Swap-cash flow (4) 0.65% January 2026 50,000 50,000 3,147 955 $ 1,199,662 $ 1,399,655 $ 16,035 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. As of March 31, 2022 and December 31, 2021, the aggregate fair value of the interest rate swap liabilities of $4.5 million and $21.5 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the aggregate fair value of the interest rate swap assets of $20.5 million and $1.5 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 1 inputs in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The fair value of the Company's debt was as follows (in thousands): March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 987,534 $ 939,100 $ 986,942 $ 999,060 Revolver and Term Loans, net 815,439 806,218 1,015,004 1,006,647 Mortgage loans, net 407,752 403,211 407,492 401,387 Debt, net $ 2,210,725 $ 2,148,529 $ 2,409,438 $ 2,407,094 Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 (in thousands): Fair Value at March 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 20,529 $ — $ 20,529 Interest rate swap liability — (4,494) — (4,494) Total $ — $ 16,035 $ — $ 16,035 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 fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company is still continuing to provide a full valuation allowance against the deferred tax assets. The Company had no accruals for tax uncertainties as of March 31, 2022 and December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents). The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2022 and December 31, 2021, approximately $43.3 million and $48.5 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, insurance and debt obligations where certain lenders held restricted cash due to a cash trap event. 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 March 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the three months ended March 31, 2022 and 2021, the Company incurred management fee expense of approximately $7.9 million and $3.2 million, respectively. Franchise Agreements As of March 31, 2022, 66 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it does not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.5% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the three months ended March 31, 2022 and 2021, the Company incurred franchise fee expense of approximately $13.6 million and $6.7 million, respectively. Wyndham Agreements

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the three months ended March 31, 2022 and 2021, the Company declared a cash dividend of $0.01 per common share. On April 29, 2022, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2022 to May 8, 2023 (the "2022 Share Repurchase Program"). Series A Preferred Shares During the three months ended March 31, 2022 and 2021, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of March 31, 2022, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares as of March 31, 2022 is as follows: 2022 Number of Weighted-Average Unvested at January 1, 2022 2,380,283 $ 15.43 Granted 432,779 15.22 Vested (234,897) 15.63 Forfeited (4,629) 13.34 Unvested at March 31, 2022 2,573,536 $ 15.38 For the three months ended March 31, 2022 and 2021, the Company recognized approximately $3.5 million and $1.9 million, respectively, of share-based compensation expense related to restricted share awards. As of March 31, 2022, there was $29.8 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.2 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the three months ended March 31, 2022 and 2021 was approximately $3.4 million and $3.7 million, respectively. Performance Units From time to time, the Company may award performance units as compensation to officers and employees. The performance units granted prior to 2021 vest over a four year period, including three years of performance-based vesting (the “performance units measurement period”) plus an additional one year of time-based vesting. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (40% of award) and a relative total shareholder return (60% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. If at the end of the performance units measurement period the target criterion is met, then 50% of the performance units that are earned will vest at the end of the measurement period. The remaining 50% convert to restricted shares that will vest on the one year anniversary of the end of the measurement period. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation, and an expected term equal to the requisite service period for the awards of four years. The Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years. The performance units granted in 2021 and 2022 vest at the end of a three year period. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. At the end of the performance units measurement period the target criterion is met, 100% of the performance units that are earned will vest immediately. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. For performance units granted in 2021 and 2022, 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 2019 (1) 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% February 2022 407,024 $21.96 0% to 200% 1.7% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units will convert into approximately 133,000 restricted shares. For the three months ended March 31, 2022 and 2021, the Company recognized approximately $1.7 million and $0.9 million, respectively, of share-based compensation expense related to the performance unit awards. As of March 31, 2022, there was $16.5 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.3 years.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2022 and 2021, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended March 31, 2022 2021 Numerator: Net loss attributable to RLJ $ (15,247) $ (77,985) Less: Preferred dividends (6,279) (6,279) Less: Dividends paid on unvested restricted shares (26) (10) Less: Undistributed earnings attributable to unvested restricted shares — — Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (21,552) $ (84,274) Denominator: Weighted-average number of common shares - basic and diluted 164,179,661 163,826,009 Net loss per share attributable to common shareholders - basic and diluted $ (0.13) $ (0.51)

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the three months ended March 31, 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 479,047 $ 647,844 Restricted cash reserves 43,254 33,391 Cash, cash equivalents, and restricted cash reserves $ 522,301 $ 681,235 Interest paid $ 33,911 $ 20,886 Income taxes paid $ 6 $ 134 Operating cash flow lease payments for operating leases $ 3,629 $ 2,880 Supplemental investing and financing transactions In connection with the sale of hotel properties, the Company recorded the following: Sales price $ 35,450 $ 4,410 Transaction costs (599) (300) Operating prorations (726) (120) Proceeds from the sale of hotel properties, net $ 34,125 $ 3,990 Supplemental non-cash transactions Accrued capital expenditures $ 1,454 $ 9,485

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2022, the Company sold the 164-room SpringHill Suites Denver North Westminster. In April 2022, the Company exercised the first extension option on a mortgage loan to extend the maturity to April 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, included in the Annual Report. 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 interest in one hotel property in which it holds a 50% non-controlling 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. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.
Management Agreements	Management Agreements As of March 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one
Franchise Agreements	Franchise Agreements As of March 31, 2022, 66 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it does not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.5% and 3.0% of food and beverage revenues.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.
Earnings Per Share	Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2022 and 2021, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.
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 loss and comprehensive income (loss), shareholders’ equity or cash flows.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): March 31, 2022 December 31, 2021 Land and improvements $ 972,633 $ 975,688 Buildings and improvements 3,964,442 4,001,875 Furniture, fixtures and equipment 689,967 691,057 5,627,042 5,668,620 Accumulated depreciation (1,471,994) (1,449,504) Investment in hotel properties, net $ 4,155,048 $ 4,219,116

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed of during period	During the three months ended March 31, 2022, the Company sold the following hotel property for a sales price of approximately $35.5 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 During the three months ended March 31, 2021, the Company sold the following hotel property for a sales price of approximately $4.4 million: Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the three months ended March 31, 2022 For the three months ended March 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 37,411 $ 4,739 $ 2,222 $ 44,372 $ 20,827 $ 2,364 $ 1,756 $ 24,947 Southern California 23,591 1,661 2,158 27,410 11,905 339 1,407 13,651 Northern California 20,207 1,613 1,037 22,857 8,844 218 700 9,762 Chicago 8,960 1,622 460 11,042 6,392 683 358 7,433 Houston 8,528 569 867 9,964 5,323 98 668 6,089 Austin 8,382 671 740 9,793 3,607 223 478 4,308 Washington DC 8,326 117 590 9,033 4,135 29 284 4,448 New York City 7,662 789 473 8,924 3,238 17 129 3,384 Atlanta 7,685 385 825 8,895 3,148 68 493 3,709 New Orleans 7,856 164 697 8,717 2,350 — 383 2,733 Denver 6,552 1,727 321 8,600 2,202 398 330 2,930 Charleston 6,738 1,196 502 8,436 3,177 300 402 3,879 Orlando 6,507 595 1,045 8,147 2,847 133 825 3,805 Tampa 6,492 766 606 7,864 2,847 384 313 3,544 Louisville 4,845 1,993 879 7,717 1,781 368 355 2,504 Other 36,037 2,294 2,797 41,128 20,149 620 1,657 22,426 Total $ 205,779 $ 20,901 $ 16,219 $ 242,899 $ 102,772 $ 6,242 $ 10,538 $ 119,552

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Senior Notes, net $ 987,534 $ 986,942 Revolver — 200,000 Term Loans, net 815,439 815,004 Mortgage loans, net 407,752 407,492 Debt, net $ 2,210,725 $ 2,409,438
Schedule of Senior Notes	150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes" id="sjs-B5">As of March 31, 2022 and December 31, 2021, respectively, the Company's Senior Notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date March 31, 2022 December 31, 2021 Senior Notes due 2029 4.00% September 2029 $ 500,000 $ 500,000 Senior Notes due 2026 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (12,466) (13,058) Total senior notes, net $ 987,534 $ 986,942 The indentures governing the Senior Notes contain customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes
Schedule of Revolver and Term Loans	The Company's credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at March 31, 2022 (1) Maturity Date March 31, 2022 December 31, 2021 Revolver (2) 2.95% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 4.69% January 2023 (4) 203,944 203,944 $225 Million Term Loan Maturing 2023 4.27% January 2023 (5) 114,718 114,718 $150 Million Term Loan Maturing 2023 4.18% June 2023 (6) 100,000 100,000 $400 Million Term Loan Maturing 2025 4.00% May 2025 400,000 400,000 818,662 1,018,662 Deferred financing costs, net (3) (3,223) (3,658) Total Revolver and Term Loans, net $ 815,439 $ 1,015,004 (1) Interest rate at March 31, 2022 gives effect to interest rate hedges. (2) At March 31, 2022 and December 31, 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) Excludes $2.6 million and $2.9 million as of March 31, 2022 and December 31, 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. (4) This term loan includes 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. (5) This term loan includes 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 Debt Instrument Covenants	The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x N/A (3) Fixed charge coverage ratio (2) >= 1.50x N/A (3) Secured indebtedness ratio <= 45.0% N/A (3) Unencumbered indebtedness ratio <= 60.0% N/A (3) Unencumbered debt service coverage ratio >= 2.00x N/A (3) Maintain minimum liquidity level >= $150.0 million Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of mortgage loans	The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at March 31, 2022 Maturity Date March 31, 2022 December 31, 2021 Mortgage loan (1) 7 3.30% (3) April 2022 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 2.53% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 3.43% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,463 27,554 15 408,463 408,554 Deferred financing costs, net (711) (1,062) Total mortgage loans, net $ 407,752 $ 407,492 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.5 million and $2.6 million at March 31, 2022 and December 31, 2021, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at March 31, 2022 gives effect to interest rate hedges. (4) The mortgage loan provides two one year extension options. In April 2022, the Company exercised the first option to extend the maturity to April 2023. (5) The mortgage loan provides two one year extension options.
Schedule of Interest Expense Components	The components of the Company's interest expense consisted of the following (in thousands): For the three months ended March 31, 2022 2021 Senior Notes $ 9,743 $ 5,942 Revolver and Term Loans 9,968 17,178 Mortgage loans 3,210 3,454 Amortization of deferred financing costs 1,684 1,321 Non-cash interest expense related to interest rate hedges (44) — Total interest expense $ 24,561 $ 27,895

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Interest Maturity March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Swap-cash flow (1) 2.29% December 2022 $ 200,000 $ 200,000 $ (1,566) $ (4,077) Swap-cash flow (1) 2.29% December 2022 125,000 125,000 (977) (2,545) Swap-cash flow (2) 2.38% December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% December 2022 — 36,875 — (789) Swap-cash flow 2.39% December 2023 75,000 75,000 (314) (2,504) Swap-cash flow 2.51% December 2023 75,000 75,000 (478) (2,692) Swap-cash flow 2.75% November 2023 100,000 100,000 (1,112) (3,893) Swap-cash flow (3) 1.28% September 2022 24,662 100,000 (47) (759) Swap-cash flow 1.24% September 2025 150,000 150,000 5,703 (860) Swap-cash flow 1.16% April 2024 50,000 50,000 1,167 (338) Swap-cash flow 1.20% April 2024 50,000 50,000 1,123 (387) Swap-cash flow 1.15% April 2024 50,000 50,000 1,176 (327) Swap-cash flow 1.10% April 2024 50,000 50,000 1,230 (267) Swap-cash flow 0.98% April 2024 25,000 25,000 679 (61) Swap-cash flow 0.95% April 2024 25,000 25,000 695 (43) Swap-cash flow (4) 0.93% April 2024 25,000 25,000 705 (31) Swap-cash flow (4) 0.90% April 2024 25,000 25,000 722 (13) Swap-cash flow (4) 0.85% December 2024 50,000 50,000 2,023 221 Swap-cash flow (4) 0.75% December 2024 50,000 50,000 2,159 372 Swap-cash flow (4) 0.65% January 2026 50,000 50,000 3,147 955 $ 1,199,662 $ 1,399,655 $ 16,035 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company will reclassify the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in other comprehensive income (loss) to other income, net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 987,534 $ 939,100 $ 986,942 $ 999,060 Revolver and Term Loans, net 815,439 806,218 1,015,004 1,006,647 Mortgage loans, net 407,752 403,211 407,492 401,387 Debt, net $ 2,210,725 $ 2,148,529 $ 2,409,438 $ 2,407,094
Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 (in thousands): Fair Value at March 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 20,529 $ — $ 20,529 Interest rate swap liability — (4,494) — (4,494) Total $ — $ 16,035 $ — $ 16,035 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)

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Incentive Plan
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2019 (1) 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% February 2022 407,024 $21.96 0% to 200% 1.7% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units will convert into approximately 133,000 restricted shares.
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of March 31, 2022 is as follows: 2022 Number of Weighted-Average Unvested at January 1, 2022 2,380,283 $ 15.43 Granted 432,779 15.22 Vested (234,897) 15.63 Forfeited (4,629) 13.34 Unvested at March 31, 2022 2,573,536 $ 15.38

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended March 31, 2022 2021 Numerator: Net loss attributable to RLJ $ (15,247) $ (77,985) Less: Preferred dividends (6,279) (6,279) Less: Dividends paid on unvested restricted shares (26) (10) Less: Undistributed earnings attributable to unvested restricted shares — — Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (21,552) $ (84,274) Denominator: Weighted-average number of common shares - basic and diluted 164,179,661 163,826,009 Net loss per share attributable to common shareholders - basic and diluted $ (0.13) $ (0.51)

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the three months ended March 31, 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 479,047 $ 647,844 Restricted cash reserves 43,254 33,391 Cash, cash equivalents, and restricted cash reserves $ 522,301 $ 681,235 Interest paid $ 33,911 $ 20,886 Income taxes paid $ 6 $ 134 Operating cash flow lease payments for operating leases $ 3,629 $ 2,880 Supplemental investing and financing transactions In connection with the sale of hotel properties, the Company recorded the following: Sales price $ 35,450 $ 4,410 Transaction costs (599) (300) Operating prorations (726) (120) Proceeds from the sale of hotel properties, net $ 34,125 $ 3,990 Supplemental non-cash transactions Accrued capital expenditures $ 1,454 $ 9,485

General (Details)

General (Details)	3 Months Ended
	Mar. 31, 2022USD ($)propertystateroom$ / sharesshares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Mar. 31, 2021USD ($)	Jun. 30, 2018hotel
Sale of Stock
OP units outstanding (in units) | shares	167,615,417
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.50%
Number of Real Estate Properties	97				29
Number of hotel rooms owned | room	21,400
Number of states in which hotels owned by the entity are located | state	22
Equity Method Investment, Ownership Percentage	50.00%
Dividends | $ / shares	$ 0.01	$ 0.01	$ 0.33
Cash and cash equivalents | $	$ 479,047,000	$ 665,341,000		$ 647,844,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $	$ 522,301,000	$ 713,869,000	$ 934,790,000	$ 681,235,000
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	95
Hotel property ownership interest (as a percent)	100.00%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Equity Method Investment, Ownership Percentage	50.00%
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	96
Ninety Five Percent Owned [Member] | Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	95.00%
Fifty Percent Owned [Member] | Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	50.00%
Line of Credit | The Revolver
Sale of Stock
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 600,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Mar. 31, 2022USD ($)joint_venture	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Real Estate Interests, Number of Joint Ventures | joint_venture	1
Equity Method Investment, Ownership Percentage	50.00%
Operating Lease, Right-of-Use Asset	$ 143,606	$ 144,988
Accounts payable and other liabilities	129,962	155,136
Operating Lease, Liability	$ 122,326	$ 123,031

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Land and improvements	$ 972,633		$ 975,688
Buildings and improvements	3,964,442		4,001,875
Furniture, fixtures and equipment	689,967		691,057
Investment in hotel properties, gross	5,627,042		5,668,620
Accumulated depreciation	(1,471,994)		(1,449,504)
Investment in hotel properties, net	4,155,048		$ 4,219,116
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 46,700	$ 46,800
Impairment of Real Estate		$ 5,900

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net	$ 34,125	$ 3,990
Disposals 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net		$ 4,400
Disposals 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net	$ 35,500

Sale of Hotel Properties (Sched

Sale of Hotel Properties (Schedule of Properties Disposed) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)room	Mar. 31, 2021USD ($)room
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net | $	$ 34,125	$ 3,990
Courtyard Houston Sugarland
Discontinued Operations and Disposal Groups [Abstract]
Property disposed, number of rooms		112
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms		112
Marriott Denver Airport
Discontinued Operations and Disposal Groups [Abstract]
Property disposed, number of rooms	238
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms	238
Disposals 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net | $	$ 35,500

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Jun. 30, 2018hotel
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Number of Real Estate Properties	97		29
Equity in income (loss) from unconsolidated joint ventures | $	$ 122	$ (298)
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Number of Real Estate Properties | property	1

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 242,899	$ 119,552
Southern California
Disaggregation of Revenue [Line Items]
Revenues	27,410	13,651
South Florida
Disaggregation of Revenue [Line Items]
Revenues	44,372	24,947
Northern California
Disaggregation of Revenue [Line Items]
Revenues	22,857	9,762
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	11,042	7,433
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	9,033	4,448
New York City
Disaggregation of Revenue [Line Items]
Revenues	8,924	3,384
Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenues	8,600	2,930
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	9,964	6,089
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	9,793	4,308
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	7,717	2,504
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	41,128	22,426
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	8,436	3,879
Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenues	8,147	3,805
Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenues	8,895	3,709
New Orleans
Disaggregation of Revenue [Line Items]
Revenues	8,717	2,733
tampa
Disaggregation of Revenue [Line Items]
Revenues	7,864	3,544
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	205,779	102,772
Room Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,591	11,905
Room Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	37,411	20,827
Room Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20,207	8,844
Room Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,960	6,392
Room Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,326	4,135
Room Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,662	3,238
Room Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,552	2,202
Room Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,528	5,323
Room Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,382	3,607
Room Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,845	1,781
Room Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36,037	20,149
Room Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,492	2,847
Room Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,738	3,177
Room Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,507	2,847
Room Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,685	3,148
Room Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,856	2,350
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20,901	6,242
Food and Beverage Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,661	339
Food and Beverage Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,739	2,364
Food and Beverage Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,613	218
Food and Beverage Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,622	683
Food and Beverage Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	117	29
Food and Beverage Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	789	17
Food and Beverage Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,727	398
Food and Beverage Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	569	98
Food and Beverage Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	671	223
Food and Beverage Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,993	368
Food and Beverage Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,294	620
Food and Beverage Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	766	384
Food and Beverage Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,196	300
Food and Beverage Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	595	133
Food and Beverage Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	385	68
Food and Beverage Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	164	0
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,219	10,538
Other Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,158	1,407
Other Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,222	1,756
Other Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,037	700
Other Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	460	358
Other Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	590	284
Other Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	473	129
Other Revenue | Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	321	330
Other Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	867	668
Other Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	740	478
Other Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	879	355
Other Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,797	1,657
Other Revenue | Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	606	313
Other Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	502	402
Other Revenue | Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,045	825
Other Revenue | Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	825	493
Other Revenue | New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 697	$ 383

Debt (Senior Notes, Term Loans,

Debt (Senior Notes, Term Loans, and Revolver) (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2022USD ($)asset$ / shares	Dec. 31, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2020$ / shares	Apr. 30, 2022USD ($)
Debt
unamortized debt issuance costs on bonds		$ (12,466,000)	$ (13,058,000)
Debt, net		2,210,725,000	2,409,438,000
Unsecured Debt, Gross		818,662,000	1,018,662,000
Unamortized debt issuance costs on term loans		(3,223,000)	$ (3,658,000)
Debt Instrument, Covenant, Minimum Liquidity Level		$ 125,000,000
Dividends | $ / shares		$ 0.01	$ 0.01		$ 0.33
Leverage ratio		0.0700
Amortization of deferred financing costs		$ 1,684,000		$ 1,321,000
Secured Debt [Member]
Debt
Number of Assets Encumbered | asset		15
The Revolver | Line of Credit
Debt
Maximum borrowing capacity		$ 600,000,000
Additional maturity term		1 year
Unsecured Debt		$ 0	$ 200,000,000
Interest Rate		2.95%
Remaining borrowing capacity		$ 600,000,000	400,000,000
$400 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity		400,000,000
Unsecured Debt		$ 203,944,000	203,944,000
Interest Rate		4.69%
Extension Option	$ 151,700,000
Extension period	1 year
$225 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity		$ 225,000,000
Unsecured Debt		$ 114,718,000	114,718,000
Interest Rate		4.27%
Extension Option	$ 73,000,000
Extension period	1 year
$150 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Maximum borrowing capacity		$ 150,000,000
Unsecured Debt		$ 100,000,000	100,000,000
Interest Rate		4.18%
$400 Million Term Loan Maturing 2025 [Member] | Unsecured Debt [Member]
Debt
Maximum borrowing capacity		$ 400,000,000
Unsecured Debt		$ 400,000,000	400,000,000
Interest Rate		4.00%
Conventional Mortgage Loan
Debt
Unsecured Debt		$ 815,439,000	815,004,000
$500 Million Senior Notes Due 2026 | Unsecured Debt [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage		3.75%
Senior Notes [Member]
Debt
Long-term Debt, Gross		$ 987,534,000	986,942,000
$500 Million Senior Notes Due 2029 | Unsecured Debt [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage		4.00%
Revolver And Term Loan Amendment | Line of Credit | Subsequent Event [Member]
Debt
Maximum borrowing capacity						$ 50,000,000
Prepaid expenses and other assets
Debt
Deferred financing costs		$ 2,600,000	2,900,000
Fair Value, Inputs, Level 3 [Member] | Secured Debt [Member]
Debt
Secured Debt		407,752,000	407,492,000
Fair Value, Inputs, Level 3 [Member] | Unsecured Debt [Member]
Debt
Unsecured Debt		815,439,000	1,015,004,000
Level 1 | Senior Notes [Member]
Debt
Long-term Debt, Gross		1,000,000,000	1,000,000,000
Level 1 | $500 Million Senior Notes Due 2029
Debt
Long-term Debt, Gross		500,000,000	500,000,000
Level 1 | $500 Million Senior Notes Due 2026
Debt
Long-term Debt, Gross		$ 500,000,000	$ 500,000,000

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2019increment	Mar. 31, 2022USD ($)assetloan	Dec. 31, 2021USD ($)loan
Debt
Mortgage loans, gross		$ 408,463,000	$ 408,554,000
Unamortized debt issuance costs on mortgage loans		$ (711,000)	$ (1,062,000)
Mortgage Loan in Cash Trap Event | loan		1	2
Lender
Debt
Restricted Cash		$ 15,700,000	$ 22,400,000
Secured Debt [Member]
Debt
Number of Assets Encumbered | asset		15
Secured Debt [Member] | Wells Fargo 3
Debt
Number of Assets Encumbered | asset		1
Interest Rate		5.06%
Mortgage loans, net		$ 27,463,000	27,554,000
Debt Instrument, Fair Value Adjustment, Net		$ 2,500,000	2,600,000
Three Point Four Three Percent Due March 2024 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset		4
Mortgage loans, net		$ 85,000,000	85,000,000
Debt Instrument, Interest Rate, Stated Percentage		3.43%
Three Point Three Two Percent Due April 2022 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset		7
Mortgage loans, net		$ 200,000,000	200,000,000
Debt Instrument, Interest Rate, Stated Percentage		3.30%
The Revolver | Line of Credit
Debt
Interest Rate		2.95%
Unsecured Debt		$ 0	200,000,000
Additional maturity term		1 year
Remaining borrowing capacity		$ 600,000,000	400,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 600,000,000
Four Point Zero Zero Percent Due April 2024 [Member] | Secured Debt [Member]
Debt
Number of Assets Encumbered | asset		3
Mortgage loans, net		$ 96,000,000	96,000,000
Debt Instrument, Interest Rate, Stated Percentage		2.53%
LIBOR Plus One Point Six Zero Percent [Member] | Secured Debt [Member]
Debt
Additional maturity term	1 year
Number of additional maturity terms | increment	2
$225 Million Term Loan Maturing 2023 | Unsecured Debt [Member]
Debt
Interest Rate		4.27%
Unsecured Debt		$ 114,718,000	114,718,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 225,000,000
$400 Million Term Loan Maturing 2025 [Member] | Unsecured Debt [Member]
Debt
Interest Rate		4.00%
Unsecured Debt		$ 400,000,000	$ 400,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 400,000,000
$500 Million Senior Notes Due 2026 | Unsecured Debt [Member]
Debt
Debt Instrument, Interest Rate, Stated Percentage		3.75%

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt
Amortization of deferred financing costs	$ 1,684	$ 1,321
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(44)	0
Total Interest Expense	24,561	27,895
Senior Notes [Member]
Debt
Interest expense	9,743	5,942
Secured Debt [Member]
Debt
Interest expense	3,210	3,454
Revolver and Term Loans
Debt
Interest expense	$ 9,968	$ 17,178

Debt (Covenants) (Details)

Debt (Covenants) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Debt Instrument Covenant [Abstract]
Dividends | $ / shares	$ 0.01	$ 0.01	$ 0.33
Leverage ratio	0.0700
Fixed charge coverage ratio	0.0150
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	45.00%
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60.00%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0200
Debt Instrument, Actual [Abstract]
Leverage ratio	0.0423
Fixed charge coverage ratio	2.52%
Debt Instrument, Actual, Secured Indebtedness Ratio	1.86%
Debt Instrument, Actual, Unsecured Indebtedness Ratio	24.70%
Debt Instrument, Actual, Unsecured Interest Coverage Ratio	0.0169
Debt Instrument, Covenant, Minimum Liquidity Level | $	$ 125
$500 Million Term Loan Maturing 2026 | Senior Notes [Member]
Debt Instrument Covenant [Abstract]
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0150
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio	0.0065
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio	150.00%

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
	Feb. 28, 2022	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2021
Interest Rate Derivatives
Notional value			$ 1,199,662,000				$ 1,399,655,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net			16,035,000				(19,917,000)
Amount of hedge ineffectiveness			0	$ 0	$ 0
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net			(5,866,000)	0
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months			(3,300,000)
Designated as Hedging Instrument | Interest Rate Swap, 2.29% [Member]
Interest Rate Derivatives
Notional value			200,000,000				200,000,000
Interest rate swap liability			$ 1,566,000				4,077,000
Interest rate			2.29%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ 4,400,000
Designated as Hedging Instrument | Interest Rate Swap, 2.290% [Member]
Interest Rate Derivatives
Notional value			$ 125,000,000				125,000,000
Interest rate swap liability			$ 977,000				2,545,000
Interest rate			2.29%
Designated as Hedging Instrument | Interest Rate Swap, 2.38% [Member]
Interest Rate Derivatives
Notional value			$ 0				87,780,000
Interest rate swap liability			$ 0				1,879,000
Interest rate			2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax			$ 1,500,000			$ 6,200,000
Designated as Hedging Instrument | Interest Rate Swap, 2.380% [Member]
Interest Rate Derivatives
Notional value			0				36,875,000
Interest rate swap liability			$ 0				789,000
Interest rate			2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax			$ 200,000
Derivative Liability, Notional Amount, Terminated Amount			75,300,000
Designated as Hedging Instrument | Interest Rate Swap, 2.75% [Member]
Interest Rate Derivatives
Notional value			100,000,000				100,000,000
Interest rate swap liability			$ 1,112,000				3,893,000
Interest rate			2.75%
Designated as Hedging Instrument | Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value			$ 75,000,000				75,000,000
Interest rate swap liability			$ 478,000				2,692,000
Interest rate			2.51%
Designated as Hedging Instrument | Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value			$ 75,000,000				75,000,000
Interest rate swap liability			$ 314,000				2,504,000
Interest rate			2.39%
Designated as Hedging Instrument | Interest Rate Swap, 1.28% [Member]
Interest Rate Derivatives
Notional value			$ 24,662,000				100,000,000
Interest rate swap liability			$ 47,000
Interest Rate Cash Flow Hedge Asset at Fair Value							759,000
Interest rate			1.28%
Designated as Hedging Instrument | Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value			$ 150,000,000				150,000,000
Interest rate swap liability			$ 5,703,000
Interest Rate Cash Flow Hedge Asset at Fair Value							860,000
Interest rate			1.24%
Designated as Hedging Instrument | Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 1,167,000
Interest Rate Cash Flow Hedge Asset at Fair Value							338,000
Interest rate			1.16%
Designated as Hedging Instrument | Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 1,123,000
Interest Rate Cash Flow Hedge Asset at Fair Value							387,000
Interest rate			1.20%
Designated as Hedging Instrument | Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 1,176,000
Interest Rate Cash Flow Hedge Asset at Fair Value							327,000
Interest rate			1.15%
Designated as Hedging Instrument | Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 1,230,000
Interest Rate Cash Flow Hedge Asset at Fair Value							267,000
Interest rate			1.10%
Designated as Hedging Instrument | Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value			$ 25,000,000				25,000,000
Interest rate swap liability			$ 679,000
Interest Rate Cash Flow Hedge Asset at Fair Value							61,000
Interest rate			0.98%
Designated as Hedging Instrument | Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value			$ 25,000,000				25,000,000
Interest rate swap liability			$ 695,000
Interest Rate Cash Flow Hedge Asset at Fair Value							43,000
Interest rate			0.95%
Designated as Hedging Instrument | Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value			$ 25,000,000				25,000,000
Interest rate swap liability			$ 705,000
Interest Rate Cash Flow Hedge Asset at Fair Value							31,000
Interest rate			0.93%
Designated as Hedging Instrument | Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value			$ 25,000,000				25,000,000
Interest rate swap liability			$ 722,000
Interest Rate Cash Flow Hedge Asset at Fair Value							13,000
Interest rate			0.90%
Designated as Hedging Instrument | Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 2,023,000
Interest Rate Cash Flow Hedge Asset at Fair Value							221,000
Interest rate			0.85%
Designated as Hedging Instrument | Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 2,159,000
Interest Rate Cash Flow Hedge Asset at Fair Value							372,000
Interest rate			0.75%
Designated as Hedging Instrument | Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value			$ 50,000,000				50,000,000
Interest rate swap liability			$ 3,147,000
Interest Rate Cash Flow Hedge Asset at Fair Value							955,000
Interest rate			0.65%
Designated as Hedging Instrument | Interest Rate Swap Designated/Redesignated in2022
Interest Rate Derivatives
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 5,900,000
Interest Expense
Interest Rate Derivatives
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net			$ 4,900,000	$ (7,300,000)
Accounts payable and other liabilities | Interest rate swap
Interest Rate Derivatives
Interest rate swap liability			4,500,000				$ 21,500,000
Prepaid expenses and other assets | Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value			$ 20,500,000

Fair Value (Details)

Fair Value (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021room
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ 16,035	$ (19,917)
Debt, net	2,210,725	2,409,438
Courtyard Houston Sugarland
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms | room			112
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,148,529	2,407,094
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	20,529	1,548
Interest rate swap liability	(4,494)	(21,465)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	16,035	(19,917)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Recurring | Fair Value, Inputs, Level 2 [Member] | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	20,529	1,548
Interest rate swap liability	(4,494)	(21,465)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	16,035	(19,917)
Recurring | Fair Value, Inputs, Level 3 [Member] | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Senior Notes [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	1,000,000	1,000,000
Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	806,218	1,006,647
Unsecured Debt	815,439	1,015,004
Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	403,211	401,387
Secured Debt	407,752	407,492
$500 Million Senior Notes Due 2026 | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	500,000	500,000
$500 Million Term Loan Maturing 2029 | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 939,100	$ 999,060

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2018hotel
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 43,254	$ 33,391	$ 48,528
Number of Real Estate Properties	97			29
NOI Guarantee Termination Payment	$ 36,000
Reduction of Management Fee Expense	$ 1,000	$ 4,600

Commitments and Contingencies_2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)hotelproperty	Mar. 31, 2021USD ($)	Jun. 30, 2018hotel
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	96
Number of Real Estate Properties	97		29
Minimum
Other Commitments
Management Agreement Term	1 year
Base Management Fee as Percentage of Hotel Revenues	1.75%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues	2.00%
Maximum
Other Commitments
Management Agreement Term	25 years
Base Management Fee as Percentage of Hotel Revenues	3.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues	7.00%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 7.9	$ 3.2

Commitments and Contingencies_3

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)propertyhotel	Mar. 31, 2021USD ($)	Jun. 30, 2018hotel
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements | hotel	66
Number of Real Estate Properties	97		29
Minimum
Other Commitments
Franchise Agreements Term	1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue	3.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue	1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue	1.50%
Maximum
Other Commitments
Franchise Agreements Term	30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue	6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue	4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue	3.00%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 13.6	$ 6.7

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 29, 2022
Equity, Class of Treasury Stock
Dividends declared per common share	$ 0.01	$ 0.01		$ 0.33
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Limited Partners
Equity, Class of Treasury Stock
Remaining limited partner ownership interest in Operating Partnership units (in shares)	771,831
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Shares Authorized	12,950,000	12,950,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Dividends Per Share, Declared	$ 0.4875		$ 0.04875
2022 Share Repurchase Program | Subsequent Event [Member]
Equity, Class of Treasury Stock
Share repurchase program, authorized amount					$ 250
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)	6,828,527
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)	2,380,283
Granted (in shares)	432,779
Vested (in shares)	(234,897)
Forfeited (in shares)	(4,629)
Unvested at the end of the period (in shares)	2,573,536
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 15.43
Granted (in dollars per share)	15.22
Vested (in dollars per share)	15.63
Forfeited (in dollars per share)	13.34
Unvested at the end of the period (in dollars per share)	$ 15.38
Other Disclosures
Share-based compensation expense	$ 3.5	$ 1.9
Total unrecognized compensation costs	$ 29.8
Weighted-average period of recognition of unrecognized share-based compensation expense	2 years 2 months 12 days
Total fair value of shares vested	$ 3.4	3.7
2015 Share Repurchase Program [Member]
Other Disclosures
Performance-based vesting period	3 years
Time-based vesting period	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return	40.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return	60.00%
Vesting percentage upon satisfaction of performance-based vesting period	50.00%
Vesting percentage upon satisfaction of time-based vesting period	50.00%
Percentage of grant date fair value to be recognized over three years	50.00%
Employee service share based compensation cost period of recognition	3 years
Percentage of grant date fair value to be recognized over four years	50.00%
Employee service share based compensation cost period of recognition	4 years
2019 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)			260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 19.16
Other Disclosures
Fair value assumptions, risk free interest rate			2.52%
Fair value assumptions, expected volatility rate			27.19%
Performance Units
Other Disclosures
Share-based compensation expense	$ 1.7	$ 0.9
Total unrecognized compensation costs	$ 16.5
Weighted-average period of recognition of unrecognized share-based compensation expense	2 years 3 months 18 days
2020 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)		489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 11.59
Other Disclosures
Fair value assumptions, risk free interest rate		1.08%
Fair value assumptions, expected volatility rate		23.46%
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 20.90
Other Disclosures
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return	2500.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return	75.00%
Fair value assumptions, risk free interest rate	0.23%
Fair value assumptions, expected volatility rate	69.47%
Percentage of grant date fair value to be recognized over three years	100.00%
Employee service share based compensation cost period of recognition	3 years
2022 Performance Shares
Summary of non-vested shares/units
Granted (in shares)		407,024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 21.96
Other Disclosures
Fair value assumptions, risk free interest rate	1.70%
Fair value assumptions, expected volatility rate	70.15%
2021 Share Repurchase Program
Other Disclosures
Common shares available for future grant (in shares)	3,493,984
Minimum | 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0.00%
Minimum | 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares	0.00%
Minimum | 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			0.00%
Minimum | 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		0.00%
Minimum | 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range	0.00%
Maximum | 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				150.00%
Maximum | Restricted share awards
Other Disclosures
Vesting period	4 years
Maximum | 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares	200.00%
Maximum | 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			150.00%
Maximum | 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		200.00%
Maximum | 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range	200.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net Income (Loss) Attributable to Parent	$ (15,247)	$ (77,985)
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)
Less: Dividends paid on unvested restricted shares	(26)	(10)
Less: Undistributed Earnings allocated to unvested restricted shares	0	0
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (21,552)	$ (84,274)
Denominator:
Weighted-average number of common shares - basic (in shares)	164,179,661	163,826,009
Weighted-average number of common shares - diluted (in shares)	164,179,661	163,826,009
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.13)	$ (0.51)
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (0.13)	$ (0.51)

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 479,047	$ 647,844	$ 665,341
Restricted cash reserves	43,254	33,391	48,528
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	522,301	681,235	$ 713,869	$ 934,790
Interest paid	33,911	20,886
Income taxes paid	6	134
Operating Lease, Payments	3,629	2,880
In connection with the sale of hotel properties, the Company recorded the following:
Sales price	35,450	4,410
Transaction costs	(599)	(300)
Operating prorations	(726)	(120)
Proceeds from the sale of hotel properties, net	34,125	3,990
Supplemental non-cash transactions
Accrued capital expenditures	$ 1,454	$ 9,485

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 30, 2022USD ($)
Subsequent Event [Member] | Revolver And Term Loan Amendment | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 50